<SEC-DOCUMENT>0001554855-21-000059.txt : 20210330
<SEC-HEADER>0001554855-21-000059.hdr.sgml : 20210330
<ACCEPTANCE-DATETIME>20210330111445
ACCESSION NUMBER:		0001554855-21-000059
CONFORMED SUBMISSION TYPE:	20-F
PUBLIC DOCUMENT COUNT:		215
CONFORMED PERIOD OF REPORT:	20201231
FILED AS OF DATE:		20210330
DATE AS OF CHANGE:		20210330

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TENARIS SA
		CENTRAL INDEX KEY:			0001190723
		STANDARD INDUSTRIAL CLASSIFICATION:	STEEL WORKS, BLAST FURNACES  ROLLING MILLS (COKE OVENS) [3312]
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		20-F
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-31518
		FILM NUMBER:		21784406

	BUSINESS ADDRESS:	
		STREET 1:		26, BOULEVARD ROYAL, 4TH FLOOR
		CITY:			LUXEMBOURG
		STATE:			N4
		ZIP:			L-2449
		BUSINESS PHONE:		1-888-300-5432

	MAIL ADDRESS:	
		STREET 1:		26, BOULEVARD ROYAL, 4TH FLOOR
		CITY:			LUXEMBOURG
		STATE:			N4
		ZIP:			L-2449
</SEC-HEADER>
<DOCUMENT>
<TYPE>20-F
<SEQUENCE>1
<FILENAME>MainDocument.htm
<DESCRIPTION>FORM 20-F
<TEXT>
<html><body><div><div style="font-family: 'times new roman', times; font-size: 10pt;">
<p style="margin-top: 4pt; margin-bottom: 0pt; text-align: center; font-size: 18pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">UNITED STATES</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 18pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">SECURITIES AND EXCHANGE COMMISSION</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 12pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Washington, D.C. <font>20549</font></font></p>
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<p style="margin-top: 8pt; margin-bottom: 0pt; text-align: center; font-size: 18pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">FORM <font>20-F</font></font></p>
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<p style="margin-top: 12pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">(Mark <font>One</font>)</font></p>
<p style="margin-top: 0pt; margin-left: 24.5pt; margin-bottom: 0pt; text-indent: -24.5pt; font-size: 12pt;"><font style="font-family: Wingdings;">&#61608;</font><font style="width: 13.81pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">Registration statement pursuant to Section</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;"><font>12</font>(b) or <font>12</font>(g) of the Securities Exchange Act of <font>1934</font></font></p>
<p style="margin-top: 10pt; margin-bottom: 0pt; text-align: center; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">or </font></p>
<p style="margin-top: 12pt; margin-left: 24.5pt; margin-bottom: 0pt; text-indent: -24.5pt; font-size: 12pt;"><font style="font-family: Wingdings;">&#61560;</font><font style="width: 11.78pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">Annual report pursuant to Section</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;"><font>13</font> or <font>15</font>(d) of the Securities Exchange Act of <font>1934</font></font></p>
<p style="margin-top: 10pt; margin-bottom: 0pt; text-align: center; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">for the fiscal year ended </font><font style="border-right: none; border-left: none;"><font style="font-family: 'Times New Roman'; font-weight: bold;"><font>December 31, 2020</font></font></font></p>
<p style="margin-top: 10pt; margin-bottom: 0pt; text-align: center; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">or </font></p>
<p style="margin-top: 10pt; margin-left: 24.5pt; margin-bottom: 0pt; text-indent: -24.5pt; font-size: 12pt;"><font style="font-family: Wingdings;">&#61608;</font><font style="width: 13.81pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">Transition report pursuant to Section</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;"><font>13</font> or <font>15</font>(d) of the Securities Exchange Act of <font>1934</font></font></p>
<p style="margin-top: 10pt; margin-bottom: 0pt; text-align: center; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">or </font></p>
<p style="margin-top: 12pt; margin-left: 24.5pt; margin-bottom: 0pt; text-indent: -24.5pt; font-size: 12pt;"><font style="font-family: Wingdings;">&#61608;</font><font style="width: 13.81pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">Shell company report pursuant to Section</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;"><font>13</font> or <font>15</font>(d) of the Securities Exchange Act of <font>1934</font></font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-align: center; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Commission file number: <font>001</font>-<font>31518</font></font></p>
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<p style="margin-top: 6pt; margin-bottom: 0pt; text-align: center; font-size: 24pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">TENARIS S.A. </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">(Exact name of Registrant as specified in its charter)</font></p>
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<p style="margin-top: 12pt; margin-bottom: 0pt; text-align: center; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">N/A</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">(Translation of Registrant&#8217;s name into English)</font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-align: center; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Grand Duchy of Luxembourg</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">(Jurisdiction of incorporation or organization)</font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-align: center; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"><font>26</font></font><font style="font-family: 'Times New Roman'; font-weight: bold;">, </font><font style="font-family: 'Times New Roman'; font-weight: bold;">Boulevard Royal</font><font style="font-family: 'Times New Roman'; font-weight: bold;"> &#8211; </font><font style="font-family: 'Times New Roman'; font-weight: bold;"><font>4</font></font><sup><font style="font-family: 'Times New Roman'; font-size: 5.67pt; font-weight: bold; vertical-align: super;">th</font></sup><font style="font-family: 'Times New Roman'; font-weight: bold;"> F</font><font style="font-family: 'Times New Roman'; font-weight: bold;">loor</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">L-<font>2449</font></font><font style="font-family: 'Times New Roman'; font-weight: bold;"> Luxembourg</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">(Address of principal executive offices)</font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-align: center; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Javier Cayzac</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"><font>26</font>, Boulevard Royal</font><font style="font-family: 'Times New Roman'; font-weight: bold;"> &#8211; </font><font style="font-family: 'Times New Roman'; font-weight: bold;"><font>4</font></font><sup><font style="font-family: 'Times New Roman'; font-size: 5.67pt; font-weight: bold; vertical-align: super;">th</font></sup><font style="font-family: 'Times New Roman'; font-weight: bold;"> F</font><font style="font-family: 'Times New Roman'; font-weight: bold;">loor</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">L-<font>2449</font></font><font style="font-family: 'Times New Roman'; font-weight: bold;"> Luxembourg</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Tel. + (<font>352</font>)</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;"><font>26</font> <font>47</font> </font><font style="font-family: 'Times New Roman'; font-weight: bold;"><font>89</font> <font>78</font>, Fax. + (<font>352</font>)</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;"><font>26</font> <font>47</font> <font>89</font> <font>79</font>, e-mail: investors@tenaris.com</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">(Name, Telephone, E-Mail and/or Facsimile number and Address of Company Contact Person)</font></p>
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<p style="margin-top: 12pt; margin-bottom: 0pt; text-align: center; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Securities registered or to be registered pursuant to Section</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;"><font>12</font>(b) of the Act: </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-after: avoid; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Title of Each Class &nbsp; </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Name of Each Exchange On Which Registered &nbsp; </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> American Depositary Shares </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> New York Stock Exchange </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>Ordinary Shares, par value $1.00 per share</font></font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> New York Stock Exchange* </font></p>
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<p style="margin-top: 6pt; margin-left: 12.25pt; margin-bottom: 0pt; text-indent: -12.25pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">*</font><font style="width: 7.25pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">Ordinary shares of Tenaris S.A. are not directly listed for trading but only in connection with the registration of American Depositary Shares which are evidenced by American Depositary Receipts.</font></p>
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<p style="margin-top: 12pt; margin-bottom: 0pt; text-align: center; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Securities registered or to be registered pursuant to Section</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;"><font>12</font>(g) of the Act:</font></p>
<p style="margin-top: 5pt; margin-bottom: 0pt; text-align: center; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">None</font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-align: center; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Securities for which there is a reporting obligation pursuant to Section</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;"><font>15</font>(d) of the Act:</font></p>
<p style="margin-top: 5pt; margin-bottom: 0pt; text-align: center; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">None</font></p>
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<p style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Indicate the number of outstanding shares of each of the issuer&#8217;s classes of capital or common stock as of the close of the period covered by the annual report.</font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-align: center; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"><font>1,180,536,830</font> ordinary shares, par value $<font>1.00</font> per share</font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule <font>405</font> of the Securities Act</font><font style="font-family: 'Times New Roman';">.</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">Yes</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: Wingdings;">&#61560;</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">No</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: Wingdings;">&#61608;</font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';"><font>13</font> or <font>15</font>(d) of the Securities Exchange Act of <font>1934</font>.</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">Yes</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: Wingdings;">&#61608;</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">No</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: Wingdings;">&#61560;</font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Note &#8211; checking the box above will not relieve any registrant required to file reports pursuant to Section</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';"><font>13</font> or <font>15</font>(d) of the Securities Exchange Act of <font>1934</font> from their obligations under those Sections.</font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Indicate by check mark whether the registrant (<font>1</font>)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">has filed all reports required to be filed by Section</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';"><font>13</font> or <font>15</font>(d) of the Securities Exchange Act of <font>1934</font> during the preceding <font>12</font> months (or for such shorter period that the registrant was required to file such reports), and (<font>2</font>)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">has been subject to such filing requirements for the past <font>90</font> days</font><font style="font-family: 'Times New Roman';">.</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">Yes</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: Wingdings;">&#61560;</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">No</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: Wingdings;">&#61608;</font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Website, if any, every Interactive Data File required to be submitted and posted pursuant to Rule <font>405</font> of Regulation S-T (&#167;<font>232.405</font> of this chapter) during the preceding <font>12</font> months (or for such shorter period that the registrant was required to submit and post such files).</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">Yes</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: Wingdings;">&#61560;</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">No</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: Wingdings;">&#61608;</font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth company. See definition of &#8220;large accelerated filer,&#8221; &#8220;accelerated filer,&#8221; and &#8220;emerging growth company&#8221; in Rule <font>12</font>b-<font>2</font> of the Exchange Act (Check <font>one</font>):</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 0.5pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 0.5pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Large accelerated filer&nbsp;&nbsp;&#61560; </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Accelerated Filer&nbsp;&nbsp;&#61608; </font></p>
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<p style="margin: 0px; font-size: 10pt; text-align: right; text-indent: 0px;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-accelerated filer &nbsp;&nbsp;&#61608; </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
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<p style="margin-top: 0pt; margin-bottom: 1pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Emerging growth company&nbsp;&nbsp;&#61608; </font></p>
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<p style="margin-top: 12pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards&#8224; provided pursuant to Sect</font><font style="font-family: 'Times New Roman';">ion <font>13</font>(a) of the Exchange Act.</font><font style="font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: Wingdings;">&#61608;</font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">&#8224; The term &#8220;new or revised financial accounting standard&#8221; refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.</font></p>
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<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
</div>
<p style="margin: 0px; break-after: avoid; font-size: 10pt; text-indent: 0px;"><font style="font-family: 'Times New Roman';"><br></font></p>
<p style="margin: 0px; break-after: avoid; font-size: 10pt; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Indicate by check mark whether the registrant has filed a report on and attestation to its management&#8217;s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. <font style="color: #000000; font-family: Wingdings; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">&#61560;</font></font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 12pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 0.5pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 0.5pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
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<td style="width: 120pt; vertical-align: middle;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 0.5pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; padding-left: 30px;"><font style="font-family: 'Times New Roman';"> U.S.&nbsp;GAAP&nbsp;&nbsp;&#61608; </font></p>
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<td style="vertical-align: top;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> International Financial Reporting Standards as issued by the International Accounting Standards Board&nbsp;&#61560; </font></p>
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<td style="vertical-align: top;">
<p style="margin-top: 0pt; margin-bottom: 1pt; text-align: right; font-size: 10pt;"><font style="width: 97.23pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 120pt;"> &nbsp;Other&nbsp;&nbsp;&#61608;&nbsp; </font></p>
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<p style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">If &#8220;Other&#8221; has been checked in response to the previous question indicate by check mark which financial statement item the registrant has elected to follow.</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">Item <font>17</font></font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: Wingdings;">&#61608;</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">Item <font>18</font></font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: Wingdings;">&#61608;</font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';"><font>12</font>b-<font>2</font> of the Exchange Act).</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">Yes</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: Wingdings;">&#61608;</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">No</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: Wingdings;">&#61560;</font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-align: center; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-style: italic;">Please send copies of notices and communications from the Securities and Exchange Commission to:</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 12pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 0.5pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="width: 46%; vertical-align: middle;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 0.5pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Diego E. Parise</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Mitrani, Caballero &amp; Ruiz Moreno Abogados </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Bouchard <font>680</font>, <font>13</font>th Floor </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">(C<font>1106</font>ABJ) Buenos Aires, Argentina</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> (<font>54</font> <font>11</font>) <font>4590</font>-<font>8600</font> </font></p>
</td>
<td style="vertical-align: top;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Patrick S. Brown, Esq. </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Sullivan &amp; Cromwell LLP</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>1888</font> Century Park East</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Los Angeles, California <font>90067</font>-<font>1725</font> </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;(<font>310</font>) <font>712</font>-<font>6600</font> </font></p>
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<p style="margin-top: 10pt; margin-bottom: 0pt; text-align: center; line-height: 1pt; border-top: 0.75pt solid #000000;"><font style="font-family: 'Times New Roman'; font-size: 4pt;">&nbsp;</font></p>
<p style="margin-top: 1pt; margin-bottom: 0pt; text-align: center; line-height: 1pt; border-top: 1pt solid #000000; padding-top: 1pt;"><font style="font-family: 'Times New Roman'; font-size: 4pt;">&nbsp;</font></p>
<p style="margin-top: 18pt; margin-bottom: 0pt; font-size: 12pt;"><br></p>
<p style="margin-top: 18pt; margin-bottom: 0pt; font-size: 12pt;"><br></p>
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<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
</div>
</div><div style="font-family: 'times new roman', times; font-size: 10pt;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">TABLE OF CONTENTS</font><font style="font-size: 10pt;">&#8203;</font></p>
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<p><font style="font-family: 'times new roman', times; font-size: 10pt;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#" name="TOC"></a></font></p>
<p style="vertical-align: middle; text-align: center;"><br></p>
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<td style="width: 9.97547%; height: 10px;">
<p style="vertical-align: middle; text-align: center; font-family: 'times new roman'; font-size: 10pt;"><br></p>
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<td style="height: 17px; width: 89.861%;" colspan="3"><font style="font-family: 'times new roman', times; font-size: 10pt;"><a href="#BA_KBBOY551HC00000000000000000000">PART I</a></font><br></td>
<td class="bmpageno" style="width: 9.97547%; height: 17px; text-align: right;">4</td>
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<tr style="height: 17px;">
<td style="width: 89.861%; height: 17px;" colspan="3"><br></td>
<td style="width: 9.97547%; height: 17px; text-align: right;"><br></td>
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<td style="width: 8.42192%; height: 17px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><a href="#BB_F0MPTO1JLC00000000000000000000">Item 1.</a></font></td>
<td style="width: 74.9796%; height: 17px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><a href="#BB_F0MPTO1JLC00000000000000000000">Identity of Directors, Senior Management and Advisers</a></font></td>
<td class="bmpageno" style="width: 9.97547%; height: 17px; text-align: right;">4</td>
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<tr style="height: 17px;">
<td style="width: 6.45949%; height: 17px;"><br></td>
<td style="width: 8.42192%; height: 17px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><a href="#BC_6BVDBLT6W000000000000000000000">Item 2.</a></font></td>
<td style="width: 74.9796%; height: 17px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><a href="#BC_6BVDBLT6W000000000000000000000">Offer Statistics and Expected Timetable</a></font></td>
<td class="bmpageno" style="width: 9.97547%; height: 17px; text-align: right;">4</td>
</tr>
<tr style="height: 17px;">
<td style="width: 6.45949%; height: 17px;"><br></td>
<td style="width: 8.42192%; height: 17px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><a href="#BD_W74YK6DR1C00000000000000000000">Item 3.</a></font></td>
<td style="width: 74.9796%; height: 17px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><a href="#BD_W74YK6DR1C00000000000000000000">Key Information</a></font></td>
<td class="bmpageno" style="width: 9.97547%; height: 17px; text-align: right;">5</td>
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<tr style="height: 17px;">
<td style="width: 6.45949%; height: 17px;"><br></td>
<td style="width: 8.42192%; height: 17px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><a href="#BE_WF41541JB400000000000000000000">Item 4.</a></font></td>
<td style="width: 74.9796%; height: 17px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><a href="#BE_WF41541JB400000000000000000000">Information on the Company</a></font></td>
<td class="bmpageno" style="width: 9.97547%; height: 17px; text-align: right;">18</td>
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<tr style="height: 17px;">
<td style="width: 6.45949%; height: 17px;"><br></td>
<td style="width: 8.42192%; height: 17px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><a href="#BF_JOET9BM8ZK00000000000000000000">Item 4A.</a></font></td>
<td style="width: 74.9796%; height: 17px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><a href="#BF_JOET9BM8ZK00000000000000000000">Unresolved Staff Comments</a></font></td>
<td class="bmpageno" style="width: 9.97547%; height: 17px; text-align: right;">47</td>
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<tr style="height: 17px;">
<td style="width: 6.45949%; height: 17px;"><br></td>
<td style="width: 8.42192%; height: 17px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><a href="#BG_Y7GQJWDZZK00000000000000000000">Item 5.</a></font></td>
<td style="width: 74.9796%; height: 17px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><a href="#BG_Y7GQJWDZZK00000000000000000000">Operating and Financial Review and Prospects</a></font></td>
<td class="bmpageno" style="width: 9.97547%; height: 17px; text-align: right;">47</td>
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<tr style="height: 17px;">
<td style="width: 6.45949%; height: 17px;"><br></td>
<td style="width: 8.42192%; height: 17px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><a href="#BH_TKSR5WF0E800000000000000000000">Item 6.</a></font></td>
<td style="width: 74.9796%; height: 17px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><a href="#BH_TKSR5WF0E800000000000000000000">Directors, Senior Management and Employees</a></font></td>
<td class="bmpageno" style="width: 9.97547%; height: 17px; text-align: right;">69</td>
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<tr style="height: 17px;">
<td style="width: 6.45949%; height: 17px;"><br></td>
<td style="width: 8.42192%; height: 17px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><a href="#BI_ZX8D11AN6O00000000000000000000">Item 7.</a></font></td>
<td style="width: 74.9796%; height: 17px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><a href="#BI_ZX8D11AN6O00000000000000000000">Major Shareholders and Related Party Transactions</a></font></td>
<td class="bmpageno" style="width: 9.97547%; height: 17px; text-align: right;">78</td>
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<tr style="height: 17px;">
<td style="width: 6.45949%; height: 17px;"><br></td>
<td style="width: 8.42192%; height: 17px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><a href="#BJ_EWQD1HCC3K00000000000000000000">Item 8.</a></font></td>
<td style="width: 74.9796%; height: 17px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><a href="#BJ_EWQD1HCC3K00000000000000000000">Financial Information</a></font></td>
<td class="bmpageno" style="width: 9.97547%; height: 17px; text-align: right;">81</td>
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<tr style="height: 17px;">
<td style="width: 6.45949%; height: 17px;"><br></td>
<td style="width: 8.42192%; height: 17px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><a href="#BI9_MH9NYN0VCW00000000000000000000">Item 9.</a></font></td>
<td style="width: 74.9796%; height: 17px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><a href="#BI9_MH9NYN0VCW00000000000000000000">The Offer and Listing</a></font></td>
<td class="bmpageno" style="width: 9.97547%; height: 17px; text-align: right;">85</td>
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<tr style="height: 17px;">
<td style="width: 6.45949%; height: 17px;"><br></td>
<td style="width: 8.42192%; height: 17px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><a href="#BI10_N9FH9YAGMO00000000000000000000">Item 10.</a></font></td>
<td style="width: 74.9796%; height: 17px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><a href="#BI10_N9FH9YAGMO00000000000000000000">Additional Information</a></font></td>
<td class="bmpageno" style="width: 9.97547%; height: 17px; text-align: right;">85</td>
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<tr style="height: 17px;">
<td style="width: 6.45949%; height: 17px;"><br></td>
<td style="width: 8.42192%; height: 17px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><a href="#BI11_14SSSZS5GG00000000000000000000">Item 11.</a></font></td>
<td style="width: 74.9796%; height: 17px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><a href="#BI11_14SSSZS5GG00000000000000000000">Quantitative and Qualitative Disclosure about Market Risk</a></font></td>
<td class="bmpageno" style="width: 9.97547%; height: 17px; text-align: right;">97</td>
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<tr style="height: 17px;">
<td style="width: 6.45949%; height: 17px;"><br></td>
<td style="width: 8.42192%; height: 17px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><a href="#BI12_PMYCTO9IDS00000000000000000000">Item 12.</a></font></td>
<td style="width: 74.9796%; height: 17px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><a href="#BI12_PMYCTO9IDS00000000000000000000">Description of Securities Other Than Equity Securities</a></font></td>
<td class="bmpageno" style="width: 9.97547%; height: 17px; text-align: right;">100</td>
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<tr style="height: 17px;">
<td style="width: 89.861%; height: 17px;" colspan="3"><br></td>
<td style="width: 9.97547%; height: 17px; text-align: right;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="height: 17px; width: 89.861%;" colspan="3"><font style="font-family: 'times new roman', times; font-size: 10pt;"><a href="#BP2_63JLK8Y2R400000000000000000000">PART II</a></font><br></td>
<td class="bmpageno" style="width: 9.97547%; height: 17px; text-align: right;">101</td>
</tr>
<tr style="height: 17px;">
<td colspan="3" style="width: 89.861%; height: 17px;"><br></td>
<td style="width: 9.97547%; height: 17px; text-align: right;"><br></td>
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<tr style="height: 17px;">
<td style="width: 6.45949%; height: 17px;"><br></td>
<td style="width: 8.42192%; height: 17px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><a href="#BI13_V5Z53B5E0W00000000000000000000">Item 13.</a></font></td>
<td style="width: 74.9796%; height: 17px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><a href="#BI13_V5Z53B5E0W00000000000000000000">Defaults, Dividend Arrearages and Delinquencies</a></font></td>
<td class="bmpageno" style="width: 9.97547%; height: 17px; text-align: right;">101</td>
</tr>
<tr style="height: 17px;">
<td style="width: 6.45949%; height: 17px;"><br></td>
<td style="width: 8.42192%; height: 17px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><a href="#BI14_WRV2EFTLZK00000000000000000000">Item 14.</a></font></td>
<td style="width: 74.9796%; height: 17px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><a href="#BI14_WRV2EFTLZK00000000000000000000">Material Modifications to the Rights of Security Holders and Use of Proceeds</a></font></td>
<td class="bmpageno" style="width: 9.97547%; height: 17px; text-align: right;">101</td>
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<tr style="height: 17px;">
<td style="width: 6.45949%; height: 17px;"><br></td>
<td style="width: 8.42192%; height: 17px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><a href="#BI15_SL8M8CVBHC00000000000000000000">Item 15.</a></font></td>
<td style="width: 74.9796%; height: 17px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><a href="#BI15_SL8M8CVBHC00000000000000000000">Controls and Procedures</a></font></td>
<td class="bmpageno" style="width: 9.97547%; height: 17px; text-align: right;">101</td>
</tr>
<tr style="height: 17px;">
<td style="width: 6.45949%; height: 17px;"><br></td>
<td style="width: 8.42192%; height: 17px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><a href="#Bi16A_C8Z9QYH7BK00000000000000000000">Item 16A.</a></font></td>
<td style="width: 74.9796%; height: 17px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><a href="#Bi16A_C8Z9QYH7BK00000000000000000000">Audit Committee Financial Expert</a></font></td>
<td class="bmpageno" style="width: 9.97547%; height: 17px; text-align: right;">102</td>
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<tr style="height: 17px;">
<td style="width: 6.45949%; height: 17px;"><br></td>
<td style="width: 8.42192%; height: 17px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><a href="#Bi16B_9TPLZ5SP0W00000000000000000000">Item 16B.</a></font></td>
<td style="width: 74.9796%; height: 17px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><a href="#Bi16B_9TPLZ5SP0W00000000000000000000">Code of Ethics</a></font></td>
<td class="bmpageno" style="width: 9.97547%; height: 17px; text-align: right;">103</td>
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<tr style="height: 17px;">
<td style="width: 6.45949%; height: 17px;"><br></td>
<td style="width: 8.42192%; height: 17px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><a href="#BI16C_ZSCY11S4SW00000000000000000000">Item 16C.</a></font></td>
<td style="width: 74.9796%; height: 17px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><a href="#BI16C_ZSCY11S4SW00000000000000000000">Principal Accountant Fees and Services</a></font></td>
<td class="bmpageno" style="width: 9.97547%; height: 17px; text-align: right;">103</td>
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<tr style="height: 17px;">
<td style="width: 6.45949%; height: 17px;"><br></td>
<td style="width: 8.42192%; height: 17px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><a href="#BI16D_DNIVC92C0000000000000000000000">Item 16D.</a></font></td>
<td style="width: 74.9796%; height: 17px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><a href="#BI16D_DNIVC92C0000000000000000000000">Exemptions from the Listing Standards for Audit Committees</a></font></td>
<td class="bmpageno" style="width: 9.97547%; height: 17px; text-align: right;">104</td>
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<td style="width: 6.45949%; height: 17px;"><br></td>
<td style="width: 8.42192%; height: 17px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><a href="#BI16E_H7ESDRVPA800000000000000000000">Item 16E.</a></font></td>
<td style="width: 74.9796%; height: 17px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><a href="#BI16E_H7ESDRVPA800000000000000000000">Purchases of Equity Securities by the Issuer and Affiliated Purchasers</a></font></td>
<td class="bmpageno" style="width: 9.97547%; height: 17px; text-align: right;">104</td>
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<tr style="height: 17px;">
<td style="width: 6.45949%; height: 17px;"><br></td>
<td style="width: 8.42192%; height: 17px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><a href="#BI16F_FJ14G8J2PC00000000000000000000">Item 16F.</a></font></td>
<td style="width: 74.9796%; height: 17px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><a href="#BI16F_FJ14G8J2PC00000000000000000000">Change in Registrant&#8217;s Certifying Accountant</a></font></td>
<td class="bmpageno" style="width: 9.97547%; height: 17px; text-align: right;">105</td>
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<tr style="height: 17px;">
<td style="width: 6.45949%; height: 17px;"><br></td>
<td style="width: 8.42192%; height: 17px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><a href="#BI16G_J0XKCPFJMO00000000000000000000">Item 16G.</a></font></td>
<td style="width: 74.9796%; height: 17px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><a href="#BI16G_J0XKCPFJMO00000000000000000000">Corporate Governance</a></font></td>
<td class="bmpageno" style="width: 9.97547%; height: 17px; text-align: right;">105</td>
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<tr style="height: 17px;">
<td style="width: 6.45949%; height: 17px;"><br></td>
<td style="width: 8.42192%; height: 17px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><a href="#BI16H_75HWQZ4JG000000000000000000000">Item 16H.</a></font></td>
<td style="width: 74.9796%; height: 17px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><a href="#BI16H_75HWQZ4JG000000000000000000000">Mine Safety Disclosure</a></font></td>
<td class="bmpageno" style="width: 9.97547%; height: 17px; text-align: right;">107</td>
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<td style="width: 89.861%; height: 17px;" colspan="3"><br></td>
<td style="width: 9.97547%; height: 17px; text-align: right;"><br></td>
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<tr style="height: 17px;">
<td style="height: 17px; width: 89.861%;" colspan="3"><font style="font-family: 'times new roman', times; font-size: 10pt;"><a href="#BP3_120YSC2VHC00000000000000000000">PART III</a></font><br></td>
<td class="bmpageno" style="width: 9.97547%; height: 17px; text-align: right;">108</td>
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<tr style="height: 17px;">
<td colspan="3" style="width: 89.861%; height: 17px;"><br></td>
<td style="width: 9.97547%; height: 17px; text-align: right;"><br></td>
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<tr style="height: 17px;">
<td style="width: 6.45949%; height: 17px;"><br></td>
<td style="width: 8.42192%; height: 17px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><a href="#BI17_L0E0ESWYRK00000000000000000000">Item 17.</a></font></td>
<td style="width: 74.9796%; height: 17px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><a href="#BI17_L0E0ESWYRK00000000000000000000">Financial Statements</a></font></td>
<td class="bmpageno" style="width: 9.97547%; height: 17px; text-align: right;">108</td>
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<tr style="height: 17px;">
<td style="width: 6.45949%; height: 17px;"><br></td>
<td style="width: 8.42192%; height: 17px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><a href="#BI18_JHBU7NE9S000000000000000000000">Item 18.</a></font></td>
<td style="width: 74.9796%; height: 17px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><a href="#BI18_JHBU7NE9S000000000000000000000">Financial Statements</a></font></td>
<td class="bmpageno" style="width: 9.97547%; height: 17px; text-align: right;">108</td>
</tr>
<tr style="height: 17px;">
<td style="width: 6.45949%; height: 17px;"><br></td>
<td style="width: 8.42192%; height: 17px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><a href="#BI19_KOENODWP5C00000000000000000000">Item 19.</a></font></td>
<td style="width: 74.9796%; height: 17px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><a href="#BI19_KOENODWP5C00000000000000000000">Exhibits</a></font></td>
<td class="bmpageno" style="width: 9.97547%; height: 17px; text-align: right;">109</td>
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<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>1</font></font></td>
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<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
</div>
</div><div style="font-family: 'times new roman', times; font-size: 10pt;">
<p style="margin: 0px; text-align: center; break-after: avoid; font-size: 10pt; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;"><br></font></p>
<p style="margin-top: 12pt; margin-bottom: 12pt; text-align: center; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">CERTAIN DEFINED TERMS</font></p>
<p style="margin-top: 12pt; margin-bottom: 12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Unless otherwise specified or if the context so requires:</font></p>
<ul type="disc" style="margin: 0pt; padding-left: 0pt;">
<li style="margin-top: 6pt; margin-left: 8.68pt; margin-bottom: 12pt; padding-left: 19.67pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">References in this annual report to &#8220;the Company&#8221; are exclusively to Tenaris S.A., a Luxembourg </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">soci&#233;t&#233; anonyme</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">.</font></li>
<li style="margin-top: 6pt; margin-left: 8.68pt; margin-bottom: 12pt; padding-left: 19.67pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">References in this annual report to &#8220;Tenaris&#8221;, &#8220;we&#8221;, &#8220;us&#8221; or &#8220;our&#8221; are to Tenaris S.A. and its consolidated subsidiaries. See &#8220;II</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Accounting Polic</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ies</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> A. Basis of presentation&#8221; and &#8220;II</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Accounting Polic</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ies</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> B. Group accounting&#8221; to our audited consolidated financial statements included in this annual report.</font></li>
<li style="margin-top: 6pt; margin-left: 8.68pt; margin-bottom: 12pt; padding-left: 19.67pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">References in this annual report to &#8220;San Faustin&#8221; are to San Faustin S.A., a Luxembourg </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">soci&#233;t&#233; anonyme</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> and the Company&#8217;s controlling shareholder.</font></li>
<li style="margin-top: 6pt; margin-left: 8.68pt; margin-bottom: 12pt; padding-left: 19.67pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8220;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">s</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">hares&#8221; refers to ordinary shares, par value $1.00, of the Company.</font></li>
<li style="margin-top: 6pt; margin-left: 8.68pt; margin-bottom: 12pt; padding-left: 19.67pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8220;ADSs&#8221; refers to the American Depositary Shares, which are evidenced by American Depositary Receipts, and represent two </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">shares</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> each.</font></li>
<li style="margin-top: 6pt; margin-left: 8.68pt; margin-bottom: 12pt; padding-left: 19.67pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8220;OCTG&#8221; refers to oil country tubular goods. See Item</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">4.B. &#8220;Information on the Company &#8211; Business Overview &#8211; Our Products&#8221;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">.</font></li>
<li style="margin-top: 6pt; margin-left: 8.68pt; margin-bottom: 12pt; padding-left: 19.67pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8220;tons&#8221; refers to metric tons; one metric ton is equal to 1,000 kilograms, 2,204.62 pounds, or 1.102 U.S. (short) tons.</font></li>
<li style="margin-top: 6pt; margin-left: 8.68pt; margin-bottom: 12pt; padding-left: 19.67pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8220;billion&#8221; refers to one thousand million, or 1,000,000,000.</font></li>
<li style="margin-top: 6pt; margin-left: 8.68pt; margin-bottom: 12pt; padding-left: 19.67pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8220;U.S. dollars&#8221;, &#8220;US$&#8221;, &#8220;USD&#8221; or &#8220;$&#8221; each refe</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">rs to the United States dollar.</font></li>
<li style="margin-top: 6pt; margin-left: 8.68pt; margin-bottom: 12pt; padding-left: 19.67pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8220;EUR&#8221; refers to </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Euro.</font></li>
<li style="margin-top: 6pt; margin-left: 8.68pt; margin-bottom: 12pt; padding-left: 19.67pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8220;BRL&#8221; refers to the Brazilian real.</font></li>
<li style="margin-top: 6pt; margin-left: 8.68pt; margin-bottom: 12pt; padding-left: 19.67pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8220;ARS&#8221; refers to the Argentine peso.<br></font></li>
</ul>
<p style="margin-top: 18pt; margin-bottom: 12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">PRESENTATION OF CERTAIN FINANCIAL AND OTHER INFORMATION</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Accounting Principles</font></p>
<p style="margin-top: 6pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">We prepare our consolidated financial statements in </font><font style="font-family: 'Times New Roman';">accordance</font><font style="font-family: 'Times New Roman';"> with International Financial Reporting Standards</font><font style="font-family: 'Times New Roman';"> (</font><font style="font-family: 'Times New Roman';">&#8220;</font><font style="font-family: 'Times New Roman';">IFRS</font><font style="font-family: 'Times New Roman';">&#8221;</font><font style="font-family: 'Times New Roman';">)</font><font style="font-family: 'Times New Roman';">, </font><font style="font-family: 'Times New Roman';">as issued by the International Accounting Standards Board</font><font style="font-family: 'Times New Roman';"> (</font><font style="font-family: 'Times New Roman';">&#8220;</font><font style="font-family: 'Times New Roman';">IASB</font><font style="font-family: 'Times New Roman';">&#8221;</font><font style="font-family: 'Times New Roman';">)</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> and </font><font style="font-family: 'Times New Roman';">in accordance with IFRS</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">as </font><font style="font-family: 'Times New Roman';">adopted by the European Union. IFRS differs in certain significant </font><font style="font-family: 'Times New Roman';">a</font><font style="font-family: 'Times New Roman';">spects from generally accepted accounting principles in the United States, commonly referred to as U.S. GAAP.</font><font style="font-family: 'Times New Roman';"> Additionally, this annual report includes </font><font style="font-family: 'Times New Roman';">certain </font><font style="font-family: 'Times New Roman';">non-IFRS alternative performance measures such as EBITDA, Net cash/debt position and Free Cash Flow. See Exhibit </font><font style="font-family: 'Times New Roman';">7.2</font><font style="font-family: 'Times New Roman';"> for more details on these alternative performance measures.</font></p>
<p style="margin-top: 12pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">We publish consolidated financial statements presented in increments of a thousand U.S. dollars. This annual report includes our audited consolidated financial statements for the years ended December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">31, </font><font style="font-family: 'Times New Roman';">20</font><font style="font-family: 'Times New Roman';">20</font><font style="font-family: 'Times New Roman';">, </font><font style="font-family: 'Times New Roman';">201</font><font style="font-family: 'Times New Roman';">9</font><font style="font-family: 'Times New Roman';"> and</font><font style="font-family: 'Times New Roman';"> 201</font><font style="font-family: 'Times New Roman';">8</font><font style="font-family: 'Times New Roman';">.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Rounding</font></p>
<p style="margin-top: 6pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Certain monetary amounts, percentages and other figures included in this annual report have been subject to rounding adjustments. Accordingly, figures shown as totals in certain tables may not be the arithmetic aggregation of the figures that precede them, and figures expressed as percentages in the text may not total 100% or, as applicable, when aggregated may not be the arithmetic aggregation of the percentages that precede them.</font><font style="font-family: 'Times New Roman';"> </font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Our Internet Website is Not Part of this Annual Report</font></p>
<p style="margin-top: 6pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">We maintain an Internet website at www.tenaris.com. Information contained in or otherwise accessible through our Internet website is not a part of this annual report. All references in this annual report to this Internet site are inactive textual references to these URLs, or &#8220;uniform resource locators&#8221; and are for informational reference only. We assume no responsibility for the information contained on our Internet website.</font></p>
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<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>2</font></font></td>
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<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
</div>
<p style="margin-top: 0pt; margin-bottom: 12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"><br></font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Industry Data</font></p>
<p style="margin-top: 6pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Unless otherwise indicated, industry data and statistics (including historical information, estimates or forecasts) in this annual report are contained in or derived from internal or industry sources believed by Tenaris to be reliable. Industry data and statistics are inherently predictive and are not necessarily reflective of actual industry conditions. Such statistics are based on market research, which itself is based on sampling and subjective judgments by both the researchers and the respondents, including judgments about what types of products and transactions should be included in the relevant market. In addition, the value of comparisons of statistics for different markets is limited by many factors, including that (i)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">the markets are defined differently, (ii)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">the underlying information was gathered by different methods and (iii)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">different assumptions were applied in compiling the data. Such data and statistics have not been independently verified, and the Company makes no representation as to the accuracy or completeness of such data or any assumptions relied upon therein.</font></p>
<p style="margin-top: 18pt; margin-bottom: 12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">CAUTIONARY STATEMENT CONCERNING FORWARD-LOOKING STATEMENTS</font></p>
<p style="margin-top: 6pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">This annual report and any other oral or written statements made by us to the public may contain &#8220;forward-looking statements&#8221; within the meaning of and subject to the &#8220;safe harbor&#8221; provisions of the Private Securities Litigation Reform Act of 1995. This annual report contains forward-looking statements, including with respect to certain of our plans and current goals and expectations relating to Tenaris&#8217;s future financial condition and performance.</font></p>
<p style="margin-top: 12pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Sections of this annual report that by their nature contain forward-looking statements include, but are not limited to, Item</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">3. &#8220;Key Information&#8221;, Item</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">4. &#8220;Information on the Company&#8221;, Item</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">5. &#8220;Operating and Financial Review and Prospects&#8221;, Item</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">8. &#8220;Financial Information&#8221; and Item</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">11. &#8220;Quantitative and Qualitative Disclosure About Market Risk</font><font style="font-family: 'Times New Roman';">&#8221;</font><font style="font-family: 'Times New Roman';">.</font></p>
<p style="margin-top: 12pt; margin-bottom: 12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">We use words </font><font style="font-family: 'Times New Roman';">and terms </font><font style="font-family: 'Times New Roman';">such as &#8220;aim&#8221;, &#8220;will likely result&#8221;, &#8220;will continue&#8221;, &#8220;contemplate&#8221;, &#8220;seek to&#8221;, &#8220;future&#8221;, &#8220;objective&#8221;, &#8220;goal&#8221;, &#8220;should&#8221;, &#8220;will pursue&#8221;, &#8220;anticipate&#8221;, &#8220;estimate&#8221;, &#8220;expect&#8221;, &#8220;project&#8221;, &#8220;intend&#8221;, &#8220;plan&#8221;, &#8220;believe&#8221; and words and terms of similar substance to identify forward-looking statements, but they are not the only way we identify such statements. All forward-looking statements are management&#8217;s present expectations of future events and are subject to a number of factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. These factors include the risks related to our business </font><font style="font-family: 'Times New Roman';">and industry </font><font style="font-family: 'Times New Roman';">discussed under Item</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">3.D. &#8220;Key Information &#8211; Risk Factors&#8221;,</font><font style="font-family: 'Times New Roman';"> including</font><font style="font-family: 'Times New Roman';"> among them, the following:</font></p>
<ul type="disc" style="margin: 0pt; padding-left: 0pt;">
<li style="margin-top: 6pt; margin-left: 8.68pt; margin-bottom: 12pt; text-align: justify; padding-left: 19.67pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">our ability to implement our business strategy or to grow through acquisitions, joint ventures and other investments;</font></li>
<li style="margin-top: 6pt; margin-left: 8.68pt; margin-bottom: 12pt; text-align: justify; padding-left: 19.67pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">the competitive environment in our business and our industry;</font></li>
<li style="margin-top: 6pt; margin-left: 8.68pt; margin-bottom: 12pt; text-align: justify; padding-left: 19.67pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">the impact of climate change legislations and increasing regulatory requirements aimed at lowering greenhouse gas emissions and severe weather conditions worldwide;</font></li>
<li style="margin-top: 6pt; margin-left: 8.68pt; margin-bottom: 12pt; text-align: justify; padding-left: 19.67pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">our ability to price our products and services in accordance with our strategy;</font></li>
<li style="margin-top: 6pt; margin-left: 8.68pt; margin-bottom: 12pt; text-align: justify; padding-left: 19.67pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">our ability to absorb cost increases and to secure supplies of essential raw materials and energy</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">;</font></li>
<li style="margin-top: 6pt; margin-left: 8.68pt; margin-bottom: 12pt; text-align: justify; padding-left: 19.67pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">our ability to adjust fixed and semi-fixed costs to</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> fluctuations in product demand;</font></li>
<li style="margin-top: 6pt; margin-left: 8.68pt; margin-bottom: 12pt; text-align: justify; padding-left: 19.67pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">trends in the levels of investment in oil and gas exploration and drilling worldwide;</font></li>
<li style="margin-top: 6pt; margin-left: 8.68pt; margin-bottom: 12pt; text-align: justify; padding-left: 19.67pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">the impact of a</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> novel strain of coronavirus (&#8220;COVID-19&#8221;) </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">crisis and other pandemics on the world&#8217;s economy, the energy sector in general, or our business and operations;</font></li>
<li style="margin-top: 6pt; margin-left: 8.68pt; margin-bottom: 12pt; text-align: justify; padding-left: 19.67pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">general macroeconomic</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">,</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> political</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, social and public health</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> conditions and developments in the countries in which we operate or distribute pipes</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">; </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">and</font></li>
<li style="margin-top: 6pt; margin-left: 8.68pt; margin-bottom: 12pt; text-align: justify; padding-left: 19.67pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">changes to applicable laws and regulations, including the imposition of tariffs or quotas or other trade barrier</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">s</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">.</font></li>
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<p style="margin-top: 12pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">By their nature, certain disclosures relating to these and other risks are only estimates and could be materially different from what actually occurs in the future. As a result, actual future gains or losses or other occurrences or developments that may affect our financial condition and results of operations could differ materially from those that have been estimated. You should not place undue reliance on forward-looking statements, which speak only as of the date of this annual report. Except as required by law, we are not under any obligation, and expressly disclaim any obligation to, update or alter any forward-looking statements, whether as a result of new information, future events or otherwise.</font><font style="font-family: 'Times New Roman';"><br></font></p>
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<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
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<div style="margin-top: 18pt; margin-left: 56.7pt; margin-bottom: 12pt; text-indent: -56.7pt; page-break-after: avoid; font-size: 10pt;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#" name="BA_KBBOY551HC00000000000000000000" class="customBookmark"><font style="font-family: 'Times New Roman'; font-weight: bold;">PART I</font></a></div>
<div style="margin-top: 18pt; margin-left: 56.7pt; margin-bottom: 12pt; text-indent: -56.7pt; page-break-after: avoid; font-size: 10pt;">Item<font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">1.</font><font style="width: 26.71pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#" name="BB_F0MPTO1JLC00000000000000000000" class="customBookmark"><font style="font-family: 'Times New Roman'; font-weight: bold;">Identity of Directors, Senior Management and Advisers</font></a></div>
<p style="margin-top: 6pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Not applicable.</font></p>
<div style="margin-top: 18pt; margin-left: 56.7pt; margin-bottom: 12pt; text-indent: -56.7pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Item</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">2.</font><font style="width: 26.71pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#" name="BC_6BVDBLT6W000000000000000000000" class="customBookmark"><font style="font-family: 'Times New Roman'; font-weight: bold;">Offer Statistics and Expected Timetable</font></a></div>
<p style="margin-top: 6pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Not applicable.</font><font style="font-family: 'Times New Roman'; font-size: 1pt;">&nbsp;</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<div style="margin-top: 0pt; margin-bottom: 12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Item</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">3. </font><font style="width: 24.21pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#" name="BD_W74YK6DR1C00000000000000000000" class="customBookmark"><font style="font-family: 'Times New Roman'; font-weight: bold;">Key Information</font></a></div>
<p style="margin-top: 18pt; margin-left: 28.35pt; margin-bottom: 12pt; text-indent: -28.35pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">A.</font><font style="width: 18.63pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">Selected Financial Data </font></p>
<p style="margin-top: 6pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The selected consolidated financial data set forth below have been derived from our audited consolidated financial statements for each of the years and at the dates indicated therein</font><font style="font-family: 'Times New Roman';">. Our consolidated financial statements were prepared in accordance with IFRS, and were audited by PricewaterhouseCoopers</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> Soci&#233;t&#233; </font><font style="font-family: 'Times New Roman';">c</font><font style="font-family: 'Times New Roman';">oop&#233;rative, </font><font style="font-family: 'Times New Roman'; font-style: italic;">Cabinet de r&#233;vision agr&#233;&#233;</font><font style="font-family: 'Times New Roman'; font-style: italic;"> </font><font style="font-family: 'Times New Roman';">(&#8220;PwC Luxembourg&#8221;)</font><font style="font-family: 'Times New Roman';">, an independent registered public accounting firm. PwC</font><font style="font-family: 'Times New Roman';"> Luxembourg</font><font style="font-family: 'Times New Roman';"> is a member firm o</font><font style="font-family: 'Times New Roman';">f PwC International Limited (&#8220;Pw</font><font style="font-family: 'Times New Roman';">C&#8221;). IFRS differs in certain significant </font><font style="font-family: 'Times New Roman';">a</font><font style="font-family: 'Times New Roman';">spects from U.S. GAAP.</font></p>
<p style="margin-top: 14pt; margin-bottom: 14pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">For a discussion of the accounting principles affecting the financial information contained in this annual report, please see &#8220;Presentation of Certain Financial and Other Information &#8211; Accounting Principles</font><font style="font-family: 'Times New Roman';">&#8221;</font><font style="font-family: 'Times New Roman';">.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;">Thousands of U.S. dollars (except number of <br>shares and per share amounts)</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;">For the year ended December 31,</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;">2020</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;">2019</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;">2018</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;">&nbsp;</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Selected consolidated income statement data</font></font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;">Continuing operations</font></p>
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<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff; width: 1.55356%;"><br></td>
<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff; width: 12.5102%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff; width: 1.55356%;"><br></td>
<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff; width: 12.5102%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
</td>
</tr>
<tr style="height: 15px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; width: 57.6451%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Net sales</font></p>
</td>
<td style="padding: 0px 10px 0px 7px; vertical-align: bottom; height: 15px; width: 12.5102%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp;</font><font style="font-family: 'Times New Roman';">5,146,734 </font></font></p>
</td>
<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; width: 1.55356%;"><br></td>
<td style="padding: 0px 10px 0px 7px; vertical-align: bottom; height: 15px; width: 12.5102%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">7,294,055 </font></font></p>
</td>
<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; width: 1.55356%; height: 15px;"><br></td>
<td style="padding: 0px 10px 0px 7px; vertical-align: bottom; height: 15px; width: 12.5102%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">7,658,588 </font></font></p>
</td>
</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; background-color: #cceeff; width: 57.6451%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Cost of sales</font></p>
</td>
<td style="padding: 0px 10px 0px 7px; vertical-align: bottom; height: 15px; border-bottom: 1pt solid #000000; background-color: #cceeff; width: 12.5102%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">(4,087,317) </font></font></p>
</td>
<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff; width: 1.55356%;"><br></td>
<td style="padding: 0px 10px 0px 7px; vertical-align: bottom; height: 15px; border-bottom: 1pt solid #000000; background-color: #cceeff; width: 12.5102%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">(5,107,495) </font></font></p>
</td>
<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff; width: 1.55356%;"><br></td>
<td style="padding: 0px 10px 0px 7px; vertical-align: bottom; height: 15px; border-bottom: 1pt solid #000000; background-color: #cceeff; width: 12.5102%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">(5,279,300) </font></font></p>
</td>
</tr>
<tr style="height: 15px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; width: 57.6451%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;">Gross profit</font></p>
</td>
<td style="padding: 0px 10px 0px 7px; vertical-align: bottom; height: 15px; width: 12.5102%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman'; font-weight: bold;">1,059,417 </font></font></p>
</td>
<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; width: 1.55356%;"><br></td>
<td style="padding: 0px 10px 0px 7px; vertical-align: bottom; height: 15px; width: 12.5102%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman'; font-weight: bold;">2,186,560 </font></font></p>
</td>
<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; width: 1.55356%;"><br></td>
<td style="padding: 0px 10px 0px 7px; vertical-align: bottom; height: 15px; width: 12.5102%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman'; font-weight: bold;">2,379,288 </font></font></p>
</td>
</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; background-color: #cceeff; width: 57.6451%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Selling, general and administrative expenses</font></p>
</td>
<td style="padding: 0px 10px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff; width: 12.5102%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">(1,119,227) </font></font></p>
</td>
<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff; width: 1.55356%;"><br></td>
<td style="padding: 0px 10px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff; width: 12.5102%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">(1,365,974) </font></font></p>
</td>
<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff; width: 1.55356%;"><br></td>
<td style="padding: 0px 10px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff; width: 12.5102%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">(1,509,976) </font></font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 57.6451%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Impairment charge </font><font style="font-family: 'Times New Roman'; vertical-align: super; font-size: 7pt;">(1)</font></font></p>
</td>
<td style="padding: 0px 10px 0px 7px; vertical-align: bottom; height: 17px; width: 12.5102%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">(622,402) </font></font></p>
</td>
<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.55356%;"><br></td>
<td style="padding: 0px 10px 0px 7px; vertical-align: bottom; height: 17px; width: 12.5102%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">- </font></font></p>
</td>
<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.55356%;"><br></td>
<td style="padding: 0px 10px 0px 7px; vertical-align: bottom; height: 17px; width: 12.5102%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">- </font></font></p>
</td>
</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; background-color: #cceeff; width: 57.6451%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Other operating income (expenses), net</font></p>
</td>
<td style="padding: 0px 10px 0px 7px; vertical-align: bottom; height: 15px; border-bottom: 1pt solid #000000; background-color: #cceeff; width: 12.5102%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">19,141 </font></font></p>
</td>
<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff; width: 1.55356%;"><br></td>
<td style="padding: 0px 10px 0px 7px; vertical-align: bottom; height: 15px; border-bottom: 1pt solid #000000; background-color: #cceeff; width: 12.5102%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">11,805 </font></font></p>
</td>
<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff; width: 1.55356%;"><br></td>
<td style="padding: 0px 10px 0px 7px; vertical-align: bottom; height: 15px; border-bottom: 1pt solid #000000; background-color: #cceeff; width: 12.5102%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">2,501 </font></font></p>
</td>
</tr>
<tr style="height: 15px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; width: 57.6451%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;">Operating (loss) income</font></p>
</td>
<td style="padding: 0px 10px 0px 7px; vertical-align: bottom; height: 15px; width: 12.5102%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman'; font-weight: bold;">(663,071) </font></font></p>
</td>
<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; width: 1.55356%;"><br></td>
<td style="padding: 0px 10px 0px 7px; vertical-align: bottom; height: 15px; width: 12.5102%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman'; font-weight: bold;">832,391 </font></font></p>
</td>
<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; width: 1.55356%;"><br></td>
<td style="padding: 0px 10px 0px 7px; vertical-align: bottom; height: 15px; width: 12.5102%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman'; font-weight: bold;">871,813 </font></font></p>
</td>
</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; background-color: #cceeff; width: 57.6451%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Finance income</font></p>
</td>
<td style="padding: 0px 10px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff; width: 12.5102%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">18,387 </font></font></p>
</td>
<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff; width: 1.55356%;"><br></td>
<td style="padding: 0px 10px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff; width: 12.5102%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">47,997 </font></font></p>
</td>
<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff; width: 1.55356%;"><br></td>
<td style="padding: 0px 10px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff; width: 12.5102%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">39,856 </font></font></p>
</td>
</tr>
<tr style="height: 15px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; width: 57.6451%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Finance cost</font></p>
</td>
<td style="padding: 0px 10px 0px 7px; vertical-align: bottom; height: 15px; width: 12.5102%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">(27,014) </font></font></p>
</td>
<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; width: 1.55356%;"><br></td>
<td style="padding: 0px 10px 0px 7px; vertical-align: bottom; height: 15px; width: 12.5102%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">(43,381) </font></font></p>
</td>
<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; width: 1.55356%;"><br></td>
<td style="padding: 0px 10px 0px 7px; vertical-align: bottom; height: 15px; width: 12.5102%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">(36,942) </font></font></p>
</td>
</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; background-color: #cceeff; width: 57.6451%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Other financial results</font></p>
</td>
<td style="padding: 0px 10px 0px 7px; vertical-align: bottom; height: 15px; border-bottom: 1pt solid #000000; background-color: #cceeff; width: 12.5102%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">(56,368) </font></font></p>
</td>
<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff; width: 1.55356%;"><br></td>
<td style="padding: 0px 10px 0px 7px; vertical-align: bottom; height: 15px; border-bottom: 1pt solid #000000; background-color: #cceeff; width: 12.5102%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">14,667 </font></font></p>
</td>
<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff; width: 1.55356%;"><br></td>
<td style="padding: 0px 10px 0px 7px; vertical-align: bottom; height: 15px; border-bottom: 1pt solid #000000; background-color: #cceeff; width: 12.5102%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">34,386 </font></font></p>
</td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px; width: 57.6451%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;">(Loss) income before equity in earnings of non-consolidated companies and income tax</font></p>
</td>
<td style="padding: 0px 10px 0px 7px; vertical-align: bottom; height: 10px; width: 12.5102%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman'; font-weight: bold;">(728,066) </font></font></p>
</td>
<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px; width: 1.55356%;"><br></td>
<td style="padding: 0px 10px 0px 7px; vertical-align: bottom; height: 10px; width: 12.5102%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman'; font-weight: bold;">851,674 </font></font></p>
</td>
<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px; width: 1.55356%;"><br></td>
<td style="padding: 0px 10px 0px 7px; vertical-align: bottom; height: 10px; width: 12.5102%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman'; font-weight: bold;">909,113 </font></font></p>
</td>
</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; background-color: #cceeff; width: 57.6451%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Equity in earnings of non-consolidated companies</font></p>
</td>
<td style="padding: 0px 10px 0px 7px; vertical-align: bottom; height: 15px; border-bottom: 1pt solid #000000; background-color: #cceeff; width: 12.5102%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">108,799 </font></font></p>
</td>
<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff; width: 1.55356%;"><br></td>
<td style="padding: 0px 10px 0px 7px; vertical-align: bottom; height: 15px; border-bottom: 1pt solid #000000; background-color: #cceeff; width: 12.5102%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">82,036 </font></font></p>
</td>
<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff; width: 1.55356%;"><br></td>
<td style="padding: 0px 10px 0px 7px; vertical-align: bottom; height: 15px; border-bottom: 1pt solid #000000; background-color: #cceeff; width: 12.5102%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">193,994 </font></font></p>
</td>
</tr>
<tr style="height: 15px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; width: 57.6451%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;">(Loss) income before income tax</font></p>
</td>
<td style="padding: 0px 10px 0px 7px; vertical-align: bottom; height: 15px; width: 12.5102%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman'; font-weight: bold;">(619,267) </font></font></p>
</td>
<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; width: 1.55356%;"><br></td>
<td style="padding: 0px 10px 0px 7px; vertical-align: bottom; height: 15px; width: 12.5102%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman'; font-weight: bold;">933,710 </font></font></p>
</td>
<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; width: 1.55356%;"><br></td>
<td style="padding: 0px 10px 0px 7px; vertical-align: bottom; height: 15px; width: 12.5102%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman'; font-weight: bold;">1,103,107 </font></font></p>
</td>
</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; background-color: #cceeff; width: 57.6451%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Income tax</font></p>
</td>
<td style="padding: 0px 10px 0px 7px; vertical-align: bottom; height: 15px; border-bottom: 1pt solid #000000; background-color: #cceeff; width: 12.5102%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">(23,150) </font></font></p>
</td>
<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff; width: 1.55356%;"><br></td>
<td style="padding: 0px 10px 0px 7px; vertical-align: bottom; height: 15px; border-bottom: 1pt solid #000000; background-color: #cceeff; width: 12.5102%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">(202,452) </font></font></p>
</td>
<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff; width: 1.55356%;"><br></td>
<td style="padding: 0px 10px 0px 7px; vertical-align: bottom; height: 15px; border-bottom: 1pt solid #000000; background-color: #cceeff; width: 12.5102%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">(229,207) </font></font></p>
</td>
</tr>
<tr style="height: 15px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; width: 57.6451%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;">(Loss) income for the year&nbsp;</font></p>
</td>
<td style="padding: 0px 10px 0px 7px; vertical-align: bottom; height: 15px; width: 12.5102%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman'; font-weight: bold;">(642,417) </font></font></p>
</td>
<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; width: 1.55356%;"><br></td>
<td style="padding: 0px 10px 0px 7px; vertical-align: bottom; height: 15px; width: 12.5102%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman'; font-weight: bold;">731,258 </font></font></p>
</td>
<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; width: 1.55356%;"><br></td>
<td style="padding: 0px 10px 0px 7px; vertical-align: bottom; height: 15px; width: 12.5102%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman'; font-weight: bold;">873,900 </font></font></p>
</td>
</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; background-color: #cceeff; width: 57.6451%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="padding: 0px 10px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff; width: 12.5102%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff; width: 1.55356%;"><br></td>
<td style="padding: 0px 10px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff; width: 12.5102%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff; width: 1.55356%;"><br></td>
<td style="padding: 0px 10px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff; width: 12.5102%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
</td>
</tr>
<tr style="height: 16px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px; width: 57.6451%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">(Loss) income attributable to </font><font style="font-family: 'Times New Roman'; font-weight: bold; vertical-align: super; font-size: 7pt;">(2)</font><font style="font-family: 'Times New Roman'; font-weight: bold;">:</font></font></p>
</td>
<td style="padding: 0px 10px 0px 7px; vertical-align: bottom; height: 16px; width: 12.5102%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 1.55356%;"><br></td>
<td style="padding: 0px 10px 0px 7px; vertical-align: bottom; height: 16px; width: 12.5102%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 1.55356%;"><br></td>
<td style="padding: 0px 10px 0px 7px; vertical-align: bottom; height: 16px; width: 12.5102%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;">&nbsp;</font></p>
</td>
</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; background-color: #cceeff; width: 57.6451%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Owners of the parent</font></p>
</td>
<td style="padding: 0px 10px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff; width: 12.5102%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">(634,418) </font></font></p>
</td>
<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff; width: 1.55356%;"><br></td>
<td style="padding: 0px 10px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff; width: 12.5102%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">742,686 </font></font></p>
</td>
<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff; width: 1.55356%;"><br></td>
<td style="padding: 0px 10px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff; width: 12.5102%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">876,063 </font></font></p>
</td>
</tr>
<tr style="height: 15px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; width: 57.6451%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Non-controlling interests</font></p>
</td>
<td style="padding: 0px 10px 0px 7px; vertical-align: bottom; height: 15px; width: 12.5102%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">(7,999) </font></font></p>
</td>
<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; width: 1.55356%;"><br></td>
<td style="padding: 0px 10px 0px 7px; vertical-align: bottom; height: 15px; width: 12.5102%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">(11,428) </font></font></p>
</td>
<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; width: 1.55356%;"><br></td>
<td style="padding: 0px 10px 0px 7px; vertical-align: bottom; height: 15px; width: 12.5102%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">(2,163) </font></font></p>
</td>
</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 57.6451%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">(Loss) income for the year </font><font style="font-family: 'Times New Roman'; vertical-align: super; font-size: 7pt;">(2)</font></font></p>
</td>
<td style="padding: 0px 10px 0px 7px; vertical-align: bottom; height: 16px; border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; background-color: #cceeff; width: 12.5102%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman'; font-weight: bold;">(642,417) </font></font></p>
</td>
<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 1.55356%;"><br></td>
<td style="padding: 0px 10px 0px 7px; vertical-align: bottom; height: 16px; border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; background-color: #cceeff; width: 12.5102%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman'; font-weight: bold;">731,258 </font></font></p>
</td>
<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 1.55356%;"><br></td>
<td style="padding: 0px 10px 0px 7px; vertical-align: bottom; height: 16px; border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; background-color: #cceeff; width: 12.5102%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman'; font-weight: bold;">873,900 </font></font></p>
</td>
</tr>
<tr style="height: 15px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; width: 57.6451%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="padding: 0px 10px 0px 7px; vertical-align: bottom; height: 15px; width: 12.5102%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; width: 1.55356%;"><br></td>
<td style="padding: 0px 10px 0px 7px; vertical-align: bottom; height: 15px; width: 12.5102%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; width: 1.55356%;"><br></td>
<td style="padding: 0px 10px 0px 7px; vertical-align: bottom; height: 15px; width: 12.5102%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
</td>
</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; background-color: #cceeff; width: 57.6451%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Depreciation and amortization for continuing operations</font></p>
</td>
<td style="padding: 0px 10px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff; width: 12.5102%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">(678,806) </font></font></p>
</td>
<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff; width: 1.55356%;"><br></td>
<td style="padding: 0px 10px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff; width: 12.5102%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">(539,521) </font></font></p>
</td>
<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff; width: 1.55356%;"><br></td>
<td style="padding: 0px 10px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff; width: 12.5102%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">(664,357) </font></font></p>
</td>
</tr>
<tr style="height: 15px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; width: 57.6451%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Weighted average number of shares outstanding</font></p>
</td>
<td style="padding: 0px 10px 0px 7px; vertical-align: bottom; height: 15px; width: 12.5102%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">1,180,536,830 </font></font></p>
</td>
<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; width: 1.55356%;"><br></td>
<td style="padding: 0px 10px 0px 7px; vertical-align: bottom; height: 15px; width: 12.5102%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">1,180,536,830 </font></font></p>
</td>
<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; width: 1.55356%;"><br></td>
<td style="padding: 0px 10px 0px 7px; vertical-align: bottom; height: 15px; width: 12.5102%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">1,180,536,830 </font></font></p>
</td>
</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; background-color: #cceeff; width: 57.6451%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Basic and diluted (losses) earnings per share for continuing operations</font></p>
</td>
<td style="padding: 0px 10px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff; width: 12.5102%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">(0.54) </font></font></p>
</td>
<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff; width: 1.55356%;"><br></td>
<td style="padding: 0px 10px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff; width: 12.5102%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">0.63 </font></font></p>
</td>
<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff; width: 1.55356%;"><br></td>
<td style="padding: 0px 10px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff; width: 12.5102%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">0.74 </font></font></p>
</td>
</tr>
<tr style="height: 15px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; width: 57.6451%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Basic and diluted (losses) earnings per share</font></p>
</td>
<td style="padding: 0px 10px 0px 7px; vertical-align: bottom; height: 15px; width: 12.5102%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">(0.54) </font></font></p>
</td>
<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; width: 1.55356%;"><br></td>
<td style="padding: 0px 10px 0px 7px; vertical-align: bottom; height: 15px; width: 12.5102%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">0.63 </font></font></p>
</td>
<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; width: 1.55356%;"><br></td>
<td style="padding: 0px 10px 0px 7px; vertical-align: bottom; height: 15px; width: 12.5102%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">0.74 </font></font></p>
</td>
</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 57.6451%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Dividends per share </font><font style="font-family: 'Times New Roman'; vertical-align: super; font-size: 7pt;">(3)</font></font></p>
</td>
<td style="padding: 0px 10px 0px 7px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 12.5102%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">0.07 </font></font></p>
</td>
<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 1.55356%;"><br></td>
<td style="padding: 0px 10px 0px 7px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 12.5102%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">0.41 </font></font></p>
</td>
<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 1.55356%;"><br></td>
<td style="padding: 0px 10px 0px 7px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 12.5102%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">0.41 </font></font></p>
</td>
</tr>

</table>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 8pt;"><br></p>
<p style="margin: 0px; line-height: 6pt; border-bottom: 0.75pt solid #000000; padding-bottom: 1pt; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 6pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-left: 15pt; margin-bottom: 0pt; text-indent: -14.2pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 6pt; vertical-align: super;">(1</font><font style="font-family: 'Times New Roman'; font-size: 6pt; vertical-align: super;">)</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp;&nbsp;</font><font style="font-family: 'Times New Roman';">Impairment charge in 2020 represents a charge of $622 million to the carrying value of goodwill of the CGUs OCTG USA, IPSCO and Coiled Tubing in the amounts of $225 million, $357 million and $4 million respectively, and the carrying value of fixed assets of the CGU Rods USA in the amount of $36 million.</font></p>
<p style="margin-top: 0pt; margin-left: 15pt; margin-bottom: 0pt; text-indent: -14.2pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 6pt; vertical-align: super;">(2</font><font style="font-family: 'Times New Roman'; font-size: 6pt; vertical-align: super;">)</font> <font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp;&nbsp;</font><font style="font-family: 'Times New Roman';">International Accounting Standard No.</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">1 (&#8220;IAS 1&#8221;) (revised) requires that income for the year as shown on the income statement does not exclude non-controlling interests. Earnings per share, however, continue to be calculated on the basis of income attributable solely to the owners of the parent (i.e., the</font><font style="font-family: 'Times New Roman';"> Company).</font></p>
<p style="margin-top: 0pt; margin-left: 15pt; margin-bottom: 0pt; text-indent: -14.2pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 6pt; vertical-align: super;">(3</font><font style="font-family: 'Times New Roman'; font-size: 6pt; vertical-align: super;">)</font><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp;&nbsp; </font> <font style="font-family: 'Times New Roman';">Dividends per share correspond to the dividends proposed </font><font style="font-family: 'Times New Roman';">or paid in respect of the year.</font></p>
<p style="margin-top: 0pt; margin-left: 15pt; margin-bottom: 0pt; text-indent: -14.2pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';"><br></font></p>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>5</font></font></td>
</tr>

</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
</div>
<p style="margin-top: 0pt; margin-left: 14.2pt; margin-bottom: 0pt; text-indent: -14.2pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font><a href="#TOC"></a><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
<table cellspacing="0" cellpadding="0" style="height: 353px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px;" width="100%">

<tr style="height: 13px;">
<td rowspan="2" style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 28px; width: 58.5446%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;">Thousands of U.S. dollars (except number of shares)</font></p>
</td>
<td colspan="5" style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 13px; border-bottom: 1pt solid #000000; width: 41.3737%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;">At December 31,</font></p>
</td>
</tr>
<tr style="height: 15px;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; border-bottom: 1pt solid #000000; width: 12.6738%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;">2020</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; border-bottom: 1pt solid #000000; width: 1.55356%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; border-bottom: 1pt solid #000000; width: 12.7555%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;">2019</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; border-bottom: 1pt solid #000000; width: 1.55356%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; border-bottom: 1pt solid #000000; width: 12.8373%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;">2018</font></p>
</td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px; width: 58.5446%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;">Selected consolidated financial position data</font></p>
</td>
<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px; width: 12.6738%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px; width: 1.55356%; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px; width: 12.7555%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px; width: 1.55356%; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px; width: 12.8373%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
</td>
</tr>
<tr style="height: 15px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; width: 58.5446%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; width: 12.6738%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; width: 1.55356%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; width: 12.7555%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; width: 1.55356%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; width: 12.8373%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
</td>
</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; width: 58.5446%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Current assets</font></p>
</td>
<td style="padding: 0px 10px 0px 7px; vertical-align: bottom; height: 15px; width: 12.6738%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">4,287,672 </font></font></p>
</td>
<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; width: 1.55356%; height: 15px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 10px 0px 7px; vertical-align: bottom; height: 15px; width: 12.7555%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">5,670,607 </font></font></p>
</td>
<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; width: 1.55356%; height: 15px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 10px 0px 7px; vertical-align: bottom; height: 15px; width: 12.8373%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">5,464,192 </font></font></p>
</td>
</tr>
<tr style="height: 15px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; width: 58.5446%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Property, plant and equipment, net</font></p>
</td>
<td style="padding: 0px 10px 0px 7px; vertical-align: bottom; height: 15px; width: 12.6738%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">6,193,181 </font></font></p>
</td>
<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; width: 1.55356%;"><br></td>
<td style="padding: 0px 10px 0px 7px; vertical-align: bottom; height: 15px; width: 12.7555%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">6,090,017 </font></font></p>
</td>
<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; width: 1.55356%;"><br></td>
<td style="padding: 0px 10px 0px 7px; vertical-align: bottom; height: 15px; width: 12.8373%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">6,063,908 </font></font></p>
</td>
</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; width: 58.5446%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Other non-current assets</font></p>
</td>
<td style="padding: 0px 10px 0px 7px; vertical-align: bottom; height: 15px; width: 12.6738%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">3,235,336 </font></font></p>
</td>
<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; width: 1.55356%; background-color: #cceeff;"><br></td>
<td style="padding: 0px 10px 0px 7px; vertical-align: bottom; height: 15px; width: 12.7555%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">3,082,367 </font></font></p>
</td>
<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; width: 1.55356%; background-color: #cceeff;"><br></td>
<td style="padding: 0px 10px 0px 7px; vertical-align: bottom; height: 15px; width: 12.8373%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">2,723,199 </font></font></p>
</td>
</tr>
<tr style="height: 15px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; width: 58.5446%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;">Total assets</font></p>
</td>
<td style="padding: 0px 10px 0px 7px; vertical-align: bottom; height: 15px; border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; width: 12.6738%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman'; font-weight: bold;">13,716,189 </font></font></p>
</td>
<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; width: 1.55356%;"><br></td>
<td style="padding: 0px 10px 0px 7px; vertical-align: bottom; height: 15px; border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; width: 12.7555%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman'; font-weight: bold;">14,842,991 </font></font></p>
</td>
<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; width: 1.55356%;"><br></td>
<td style="padding: 0px 10px 0px 7px; vertical-align: bottom; height: 15px; border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; width: 12.8373%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman'; font-weight: bold;">14,251,299 </font></font></p>
</td>
</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; width: 58.5446%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="padding: 0px 10px 0px 7px; vertical-align: bottom; height: 15px; width: 12.6738%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; width: 1.55356%; background-color: #cceeff;"><br></td>
<td style="padding: 0px 10px 0px 7px; vertical-align: bottom; height: 15px; width: 12.7555%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; width: 1.55356%; background-color: #cceeff;"><br></td>
<td style="padding: 0px 10px 0px 7px; vertical-align: bottom; height: 15px; width: 12.8373%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
</td>
</tr>
<tr style="height: 15px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; width: 58.5446%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Current liabilities</font></p>
</td>
<td style="padding: 0px 10px 0px 7px; vertical-align: bottom; height: 15px; width: 12.6738%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">1,166,475 </font></font></p>
</td>
<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; width: 1.55356%;"><br></td>
<td style="padding: 0px 10px 0px 7px; vertical-align: bottom; height: 15px; width: 12.7555%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">1,780,457 </font></font></p>
</td>
<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; width: 1.55356%;"><br></td>
<td style="padding: 0px 10px 0px 7px; vertical-align: bottom; height: 15px; width: 12.8373%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">1,718,363 </font></font></p>
</td>
</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; width: 58.5446%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Non-current borrowings</font></p>
</td>
<td style="padding: 0px 10px 0px 7px; vertical-align: bottom; height: 15px; width: 12.6738%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">315,739 </font></font></p>
</td>
<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; width: 1.55356%; background-color: #cceeff;"><br></td>
<td style="padding: 0px 10px 0px 7px; vertical-align: bottom; height: 15px; width: 12.7555%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">40,880 </font></font></p>
</td>
<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; width: 1.55356%; background-color: #cceeff;"><br></td>
<td style="padding: 0px 10px 0px 7px; vertical-align: bottom; height: 15px; width: 12.8373%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">29,187 </font></font></p>
</td>
</tr>
<tr style="height: 15px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; width: 58.5446%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Deferred tax liabilities</font></p>
</td>
<td style="padding: 0px 10px 0px 7px; vertical-align: bottom; height: 15px; width: 12.6738%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">254,801 </font></font></p>
</td>
<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; width: 1.55356%;"><br></td>
<td style="padding: 0px 10px 0px 7px; vertical-align: bottom; height: 15px; width: 12.7555%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">336,982 </font></font></p>
</td>
<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; width: 1.55356%;"><br></td>
<td style="padding: 0px 10px 0px 7px; vertical-align: bottom; height: 15px; width: 12.8373%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">379,039 </font></font></p>
</td>
</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; width: 58.5446%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Other non-current liabilities</font></p>
</td>
<td style="padding: 0px 10px 0px 7px; vertical-align: bottom; height: 15px; width: 12.6738%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">532,701 </font></font></p>
</td>
<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; width: 1.55356%; background-color: #cceeff;"><br></td>
<td style="padding: 0px 10px 0px 7px; vertical-align: bottom; height: 15px; width: 12.7555%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">498,300 </font></font></p>
</td>
<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; width: 1.55356%; background-color: #cceeff;"><br></td>
<td style="padding: 0px 10px 0px 7px; vertical-align: bottom; height: 15px; width: 12.8373%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">249,218 </font></font></p>
</td>
</tr>
<tr style="height: 15px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; width: 58.5446%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Total liabilities</font></p>
</td>
<td style="padding: 0px 10px 0px 7px; vertical-align: bottom; height: 15px; border-top: 1pt solid #000000; width: 12.6738%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">2,269,716 </font></font></p>
</td>
<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; width: 1.55356%;"><br></td>
<td style="padding: 0px 10px 0px 7px; vertical-align: bottom; height: 15px; border-top: 1pt solid #000000; width: 12.7555%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">2,656,619 </font></font></p>
</td>
<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; width: 1.55356%;"><br></td>
<td style="padding: 0px 10px 0px 7px; vertical-align: bottom; height: 15px; border-top: 1pt solid #000000; width: 12.8373%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">2,375,807 </font></font></p>
</td>
</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; width: 58.5446%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="padding: 0px 10px 0px 7px; vertical-align: bottom; height: 15px; width: 12.6738%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; width: 1.55356%; background-color: #cceeff;"><br></td>
<td style="padding: 0px 10px 0px 7px; vertical-align: bottom; height: 15px; width: 12.7555%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; width: 1.55356%; background-color: #cceeff;"><br></td>
<td style="padding: 0px 10px 0px 7px; vertical-align: bottom; height: 15px; width: 12.8373%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
</td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px; width: 58.5446%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Capital and reserves attributable to owners of the parent</font></p>
</td>
<td style="padding: 0px 10px 0px 7px; vertical-align: bottom; height: 10px; width: 12.6738%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">11,262,888 </font></font></p>
</td>
<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px; width: 1.55356%;"><br></td>
<td style="padding: 0px 10px 0px 7px; vertical-align: bottom; height: 10px; width: 12.7555%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">11,988,958 </font></font></p>
</td>
<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px; width: 1.55356%;"><br></td>
<td style="padding: 0px 10px 0px 7px; vertical-align: bottom; height: 10px; width: 12.8373%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">11,782,882 </font></font></p>
</td>
</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; width: 58.5446%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Non-controlling interests</font></p>
</td>
<td style="padding: 0px 10px 0px 7px; vertical-align: bottom; height: 15px; width: 12.6738%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">183,585 </font></font></p>
</td>
<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; width: 1.55356%; background-color: #cceeff;"><br></td>
<td style="padding: 0px 10px 0px 7px; vertical-align: bottom; height: 15px; width: 12.7555%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">197,414 </font></font></p>
</td>
<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; width: 1.55356%; background-color: #cceeff;"><br></td>
<td style="padding: 0px 10px 0px 7px; vertical-align: bottom; height: 15px; width: 12.8373%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">92,610 </font></font></p>
</td>
</tr>
<tr style="height: 15px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; width: 58.5446%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Total equity</font></p>
</td>
<td style="padding: 0px 10px 0px 7px; vertical-align: bottom; height: 15px; border-top: 1pt solid #000000; width: 12.6738%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">11,446,473 </font></font></p>
</td>
<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; width: 1.55356%;"><br></td>
<td style="padding: 0px 10px 0px 7px; vertical-align: bottom; height: 15px; border-top: 1pt solid #000000; width: 12.7555%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">12,186,372 </font></font></p>
</td>
<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; width: 1.55356%;"><br></td>
<td style="padding: 0px 10px 0px 7px; vertical-align: bottom; height: 15px; border-top: 1pt solid #000000; width: 12.8373%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">11,875,492 </font></font></p>
</td>
</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; width: 58.5446%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="padding: 0px 10px 0px 7px; vertical-align: bottom; height: 15px; width: 12.6738%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; width: 1.55356%; background-color: #cceeff;"><br></td>
<td style="padding: 0px 10px 0px 7px; vertical-align: bottom; height: 15px; width: 12.7555%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; width: 1.55356%; background-color: #cceeff;"><br></td>
<td style="padding: 0px 10px 0px 7px; vertical-align: bottom; height: 15px; width: 12.8373%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
</td>
</tr>
<tr style="height: 15px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; width: 58.5446%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;">Total liabilities and equity</font></p>
</td>
<td style="padding: 0px 10px 0px 7px; vertical-align: bottom; height: 15px; border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; width: 12.6738%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman'; font-weight: bold;">13,716,189 </font></font></p>
</td>
<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; width: 1.55356%;"><br></td>
<td style="padding: 0px 10px 0px 7px; vertical-align: bottom; height: 15px; border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; width: 12.7555%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman'; font-weight: bold;">14,842,991 </font></font></p>
</td>
<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; width: 1.55356%;"><br></td>
<td style="padding: 0px 10px 0px 7px; vertical-align: bottom; height: 15px; border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; width: 12.8373%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman'; font-weight: bold;">14,251,299 </font></font></p>
</td>
</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; width: 58.5446%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="padding: 0px 10px 0px 7px; vertical-align: bottom; height: 15px; width: 12.6738%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; width: 1.55356%; background-color: #cceeff;"><br></td>
<td style="padding: 0px 10px 0px 7px; vertical-align: bottom; height: 15px; width: 12.7555%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; width: 1.55356%; background-color: #cceeff;"><br></td>
<td style="padding: 0px 10px 0px 7px; vertical-align: bottom; height: 15px; width: 12.8373%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
</td>
</tr>
<tr style="height: 15px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; width: 58.5446%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Share capital</font></p>
</td>
<td style="padding: 0px 10px 0px 7px; vertical-align: bottom; height: 15px; width: 12.6738%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">1,180,537 </font></font></p>
</td>
<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; width: 1.55356%;"><br></td>
<td style="padding: 0px 10px 0px 7px; vertical-align: bottom; height: 15px; width: 12.7555%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">1,180,537 </font></font></p>
</td>
<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; width: 1.55356%;"><br></td>
<td style="padding: 0px 10px 0px 7px; vertical-align: bottom; height: 15px; width: 12.8373%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">1,180,537 </font></font></p>
</td>
</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; width: 58.5446%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Number of shares outstanding</font></p>
</td>
<td style="padding: 0px 10px 0px 7px; vertical-align: bottom; height: 15px; width: 12.6738%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">1,180,536,830 </font></font></p>
</td>
<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; width: 1.55356%; background-color: #cceeff;"><br></td>
<td style="padding: 0px 10px 0px 7px; vertical-align: bottom; height: 15px; width: 12.7555%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">1,180,536,830 </font></font></p>
</td>
<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; width: 1.55356%; background-color: #cceeff;"><br></td>
<td style="padding: 0px 10px 0px 7px; vertical-align: bottom; height: 15px; width: 12.8373%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">1,180,536,830 </font></font></p>
</td>
</tr>

</table>
<p style="margin-top: 0pt; margin-left: 14.2pt; margin-bottom: 0pt; text-indent: -14.2pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font><a href="#TOC"></a></p>
</div>
<div style="font-family: 'times new roman', times; font-size: 10pt;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">B.</font><font style="width: 26.83pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">Capitalization and Indebtedn</font><font style="font-family: 'Times New Roman'; font-weight: bold;">ess</font></p>
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<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Not applicable.</font></p>
<p style="margin-top: 18pt; margin-left: 28.35pt; margin-bottom: 12pt; text-indent: -28.35pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">C.</font><font style="width: 18.63pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">Reasons for the Offer and Use of Proceeds</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Not applicable.</font></p>
<p style="margin-top: 18pt; margin-left: 28.35pt; margin-bottom: 12pt; text-indent: -28.35pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">D.</font><font style="width: 18.63pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">Risk Factors </font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-style: italic;">You should carefully consider the risks and uncertainties described below, together with all other information contained in this annual report, before making any investment decision. Any of these risks and uncertainties could have a material adverse effect on our business, revenues, financial condition and results of operations, which could in turn affect the price of shares and ADSs.</font></p>
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<p style="margin-top: 0pt; margin-bottom: 12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Risks Relating to Our Industry</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Sales and profitability </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">may</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"> fall</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"> as a result of downturns in the international price of oil and gas and other</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"> </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">factors and </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">circumstances affecting the oil and gas industry</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">.</font></p>
<p style="margin-top: 14pt; margin-bottom: 14pt; font-size: 10pt;"><font style="font-family: 'times new roman', times;"> <font lang="EN-US" style="font-size: 10pt;">We are a global steel pipe manufacturer with a strong focus on manufacturing products and providing related services for the oil and gas industry. The oil and gas industry is a major consumer of steel pipe products worldwide, particularly for products manufactured under high quality standards and demanding specifications. 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. The level of exploration, development and production activities of, and the corresponding capital spending by, oil and gas companies, including national oil companies, depends primarily on current and expected future prices of oil and natural gas and is sensitive to the industry&#8217;s view of future economic growth and the resulting impact on demand for oil and natural gas. Several factors, such as the supply and demand for oil and gas, the development and availability of new drilling technology, political and global economic conditions, and government regulations, affect these prices. For example, drilling technology has allowed producers in the United States and Canada to increase production from their reserves of tight oil and shale gas in response to changes in market conditions more rapidly than in the past. In addition, government initiatives to reduce greenhouse gas emissions could also affect oil and gas prices; for example, the introduction of a carbon tax, or other measures to promote the use of renewable energy sources or, electric vehicles, may result in incremental production costs and require additional capital expenditure, or even affect our competitiveness and results of operations. When the price of oil and gas falls, oil and gas companies generally reduce spending on production and exploration activities and, accordingly, make fewer purchases of steel pipe products. Major oil-and gas-producing nations and companies have frequently collaborated to balance the supply (and thus the price) of oil in the international markets. A major vehicle for this collaboration has been the Organization of Petroleum Exporting Countries ("OPEC") and many of our customers are state-owned companies in member countries of OPEC, which has played a significant role in trying to counter falling prices in 2020, when the industry was hit by the effects of the COVID-19 pandemic. For more information on the impact of the COVID-19 pandemic and the oil and gas crisis and OPEC measures, see Item 5. &#8220;Operating and Financial Review and Prospects &#8211; Overview &#8211; The COVID-19 pandemic and the oil &amp; gas crisis and their impact on Tenaris&#8217;s operations and financial condition&#8221;&nbsp;and for more information on risks relating to climate change regulations</font> , see &#8220;Risks Relating to Our Industry -&nbsp;Climate change legislation and increasing regulatory requirements could reduce demand for our products and services and result in unexpected capital expenditures and costs, and negatively affect our reputation.&#8221;&nbsp;&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'times new roman', times;"><font style="font-weight: bold; font-style: italic;">Climate c</font><font style="font-weight: bold; font-style: italic;">hange legislation and increasing regulatory</font><font style="font-weight: bold; font-style: italic;"> </font><font style="font-weight: bold; font-style: italic;">requirements </font><font style="font-weight: bold; font-style: italic;">could </font><font style="font-weight: bold; font-style: italic;">reduce </font><font style="font-weight: bold; font-style: italic;">demand for our products and services</font></font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"><font style="font-family: 'times new roman', times;"> and result in unexpected capital expenditures and costs, and negati</font>vely affect our reputation</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">.</font></p>
<p style="margin-top: 2pt; margin-bottom: 2pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">There is an increased attention on greenhouse gas emissions and climate change from different sectors of society. The Paris Agreement, adopted at the 2015 United Nations Climate Conference, sets out the global framework to limit the rising temperature of the planet and to strengthen the countries&#8217; ability to deal with the effects of climate change. If there is no meaningful progress in lowering emissions in the years ahead, there is an increased likelihood of abrupt policy interventions as governments attempt to meet the goals of the Paris Agreement (or any successor consensus) by adopting policy, legal, technology and market changes in the transition to a low-carbon global economy. We provide products and services to the oil and gas industry, which accounts, directly and indirectly for a significant portion of greenhouse gas emissions. Existing or future legislation and regulations related to greenhouse gas emissions and climate change, as well as government initiatives to promote the use of alternative energy sources (with many jurisdictions implementing tax advantages and other subsidies to promote the development of renewable energy sources, or even requiring minimum thresholds for power generation from renewable sources), may significantly curtail demand for and production of fossil fuels, such as oil and natural gas. These initiatives, together with the growing social awareness regarding climate change and other environmental matters, have resulted in increased investor and consumer demand for renewable energy and additional compliance requirements for fossil energy projects, which are likely to become more stringent over time and to result in substantial increases in costs for the oil and natural gas industry. Furthermore, ongoing technological developments in the renewable energy industry are making renewable energy increasingly competitive with fossil-fuels. If this trend continues, energy demand could shift increasingly towards &#8220;cleaner&#8221; sources such as hydroelectrical, solar, wind and other renewable energies, which would, in turn, reduce demand for oil and natural gas, thus negatively affecting demand for our products and services and, ultimately, our future results of operations. In addition, adoption of new climate change legislation in the countries in which Tenaris operates could result in incremental compliance costs and unexpected capital expenditures and, eventually, affect our competitiveness and reduce our market share. In addition, failure to respond to shareholders&#8217; demand for climate-related measures and environmental standards could harm our reputation, adversely affect the ability or willingness of our customers or suppliers to do business with us, erode stakeholder support and restrict access to financial resources.</font></p>
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<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Climate change</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">, including extreme weather condition</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">s</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">, has in the past and may in the future adversely affect our op</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">erations and financial results.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Our business has been, and in the future </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">could</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> be, affected by severe weather in areas where we operate, which could materially affect our operations and financial results. Extreme weather conditions such as hurricanes</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> or </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">flooding have in the past resulted in, and may in the future result in, the </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">shutdown of our facilities, </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">evacuation of </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">our employees or</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> activit</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">y disruptions at our client's well-sites or </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">in our supply chain. In addition, impacts of climate change, such as sea level rise, coastal storm surge, inland flooding from intense rainfall</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, freeze,</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> and hurricane-strength winds may damage our facilities</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> or disrupt our operations</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">.</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">For example, a recent severe freeze in the United States and Mexico caused gas and power shortages in Texas, resulting in additional costs and production losses.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Any such extreme weather-related events may result in increased operating costs or decreases in revenue which could adversely affect our financial condition, results of operations and cash flows.</font></p>
<p style="margin-top: 14pt; margin-bottom: 14pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">The COVID-19 pandemic significantly reduced demand for our </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">products and </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">services, and </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">could </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">continue to </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">impact our</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"> financial condition, results of operations and cash flows.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">COVID-19 surfaced in China in December 2019 and subsequently spread to the rest of the world in early 2020. The rapid expansion of the virus, the surfacing of new strains of the SARS-CoV-2 virus in several countries, and the containment measures adopted by governmental authorities triggered a severe fall in global economic activity and precipitated a serious crisis in the energy sector. Global oil and gas demand decreased significantly causing a collapse in prices, an acute oversupply, a rapid build-up of excess inventories, and the consequent drop of investments in drilling activity by our oil and gas customers. We took prompt action to mitigate the impact of the crisis and to adapt our operations on a country-by-country basis to comply with applicable rules and requirements. We implemented a worldwide restructuring program and cost-containment plan aimed at preserving our financial resources and overall liquidity position and maintaining the continuity of our operations; we adjusted production levels at our facilities including through the temporary closure of certain facilities or production lines and layoffs in several jurisdictions, and we reduced capital expenditures and working capital. In addition, we introduced remote work and other work arrangements and implemented special operations protocols in order to safeguard the health and safety of our employees, customers and suppliers. Although such measures proved to be successful to mitigate the impact of the crisis on us, if the virus continues to spread and new preventive measures are imposed in the future, our operations could be further affected and adversely impact our results. In addition, although oil prices and demand for oil products started to recover, there remains considerable uncertainty about the future duration and extent of the pandemic with new and more contagious variants of the COVID-19 virus appearing and vaccination programs still on their early stages. In this uncertain environment our results of operations and financial condition could still be severely affected. For more information on the impact of the COVID-19 pandemic and measures adopted in connection therewith, see Item 5. &#8220;Operating and Financial Review and Prospects &#8211; Overview - The COVID-19 pandemic and the oil &amp; gas crisis and their impact on Tenaris&#8217;s operations and financial condition&#8221;.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><br></font></p>
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<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Competition in the global market for steel pipe products may cause us to lose market share and hurt our sales and profitability.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The global market for steel pipe products is highly competitive, with the primary competitive factors being price, quality, service and technology. In recent years, substantial investments have been made, especially in China but also in the United States and the Middle East, to increase production capacity of seamless steel pipe products, and as a result there is significant excess production capacity, particularly for &#8220;commodity&#8221; or standard product grades. Capacity for the production of more specialized product grades has also increased. At the same time, the high cost and long lead times required to develop the most complex projects, particularly deepwater projects, has led to a slowdown in new developments in a context of low and more volatile oil prices. Despite our efforts to develop products and services that differentiate us from our competitors, reduced demand for steel pipe products from these complex projects means that the competitive environment is expected to remain intense in the coming years and effective competitive differentiation will be a key success factor. In addition, there is a risk of unfairly traded steel pipe imports in markets in which Tenaris produces and sells its products and, we can give no assurance with respect to the application of antidumping duties and tariffs or the effectiveness of any such measures. On the other hand, because of the global nature of our operations, we export and import products from several countries and, in many jurisdictions, we supplement domestic production with imported products. Several jurisdictions have begun to impose or expand local content requirements. For example, in recent years Saudi Arabia has implemented various measures aimed at increasing local content particularly from suppliers to state-owned companies such as Saudi Arabian Oil Company (&#8220;Saudi Aramco&#8221;) and we can expect that measures favoring the development of local production will increase as Saudi Arabia seeks to create employment opportunities for its citizens and diversify its economy away from its dependence on oil and gas production. In addition, in July 2020, Saudi Arabia increased import duties for the import of seamless pipe products from 5% to 10% and for the import of welded pipe products from 5% to 15%. If countries impose or expand local content requirements or put in place regulations limiting our ability to import certain products, our competitive position could be negatively affected. Therefore, if any of these risks materialize, we may not continue to compete effectively against existing or potential producers and preserve our current shares of geographic or product markets, and increased competition may have a material impact on the pricing of our products and services, which could in turn adversely affect our revenues, profitability and financial condition.</font></p>
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<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Increases in the cost of raw materials, energy and other costs, limitations or disruptions to the supply of raw materials and energy, and price mismatches between raw materials and our products may hurt our profitability.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The manufacture of seamless steel pipe products requires substantial amounts of steelmaking raw materials and energy; welded steel pipe products, in turn, are processed from steel coils and plates. The availability and pricing of a significant portion of the raw materials and energy we require are subject to supply and demand conditions, which can be volatile, and to tariffs and other government regulations, which can affect continuity of supply and prices. In addition, disruptions, restrictions or limited availability of energy resources in markets where we have significant operations could lead to higher costs of prod</font><font style="font-family: 'Times New Roman';">uction and eventually to production cutbacks at our facilities in such markets. </font><font style="font-family: 'Times New Roman';">For example, we recently suffered gas and power shortages in Texas caused by a severe freeze affecting the United States and Mexico, which resulted in additional costs and production losses</font><font style="font-family: 'Times New Roman';">.</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">At any given time, we may be unable to obtain an adequate supply of critical raw materials with price and other terms acceptable to us. The availability and prices of raw materials may also be negatively affected by new laws and regulations, including import controls, allocation by suppliers, interruptions in production, accidents or natural disasters, changes in exchange rates, worldwide price fluctuations, and the availability and cost of transportation. Raw material prices could also be affected by the introduction of carbon prices or taxes</font><font style="font-family: 'Times New Roman';">, or as a result of</font><font style="font-family: 'Times New Roman';"> changes in production processes</font><font style="font-family: 'Times New Roman';">, such as an increased use of metal scrap, adopted by</font><font style="font-family: 'Times New Roman';"> steelmaking companies</font><font style="font-family: 'Times New Roman';"> seeking to reduce gas</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">emissions. </font><font style="font-family: 'Times New Roman';">In addition, we may not be able to recover, partially or fully, increased costs of raw materials and energy through increased selling prices for our products, or it may take an extended </font><font style="font-family: 'Times New Roman';">period of time to do so, and limited availability could force us to curtail production, which could adversely affect our sales and profitability.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Our results of operations and financial conditions could be adversely affected by low levels of capacity utilization.</font></p>
<p style="margin: 0pt 0px 12pt; color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'Times New Roman';">Like other manufacturers of steel-related products, we have fixed and semi-fixed costs (e.g., labor and other operating and maintenance costs) that cannot adjust rapidly to fluctuations in product demand for several reasons, including operational constraints and regulatory restrictions. If demand for our products falls significantly, or if we are unable to operate due to, for example, governmental measures or unavailability of workforce, these costs may adversely affect our profitability and financial condition. For example, in response to the abrupt and steep downturn of the oil and gas industry, resulting from the oil crisis and the COVID-19 pandemic, we have been required to implement cost-containment measures and liquidity preservation initiatives, including reduction of our operating activities in several jurisdictions, temporary closure of facilities in the United States and review of our capital expenditure plans. Temporary suspensions of operations or closure of facilities generally lead to layoffs of employees, as was our case during the oil crisis and the COVID-19 pandemic, which may in turn give rise to labor conflicts and impact operations. In addition, if demand recovers, we may not be able to reincorporate qualified workforce soon enough. Moreover, cost containment measures may also affect profitability and result in charges for asset impairments.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;">Risks Relating to Our Business</font><br></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Adverse economic or political conditions in the countries where we operate or sell our products and services may decrease our sales or disrupt our manufacturing operations, thereby adversely affecting our revenues, profitability and financial condition.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">We have significant operations in various countries, including Argentina, Brazil, Canada, China, Colombia, Indonesia, Italy, Japan, Mexico, Nigeria, Romania, Saudi Arabia and the United States, and we sell our products and services throughout the world. Additionally, in Russia we have formed a joint venture with PAO Severstal (&#8220;Severstal&#8221;) to build a welded pipe plant, the construction of which is currently on hold. Therefore, like other companies with worldwide operations, our business and operations have been, and could in the future be, affected from time to time to varying degrees by political, economic, social and public health developments and changes in laws and regulations. These developments and changes may include, among others, nationalization, expropriation or forced divestiture of assets; restrictions on production, imports and exports; travel, transportation or trade bans; interruptions in the supply of essential energy inputs; exchange and/or transfer restrictions, inability or increasing difficulties to repatriate income or capital or to make contract payments; inflation; devaluation; war or other armed conflicts (particularly in the Middle East and Africa); civil unrest and local security concerns, including high incidences of crime and violence involving drug trafficking organizations that threaten the safe operation of our facilities and operations; direct and indirect price controls; tax increases and changes (including retroactive) in the interpretation, application or enforcement of tax laws and other claims or challenges; cancellation of contract or property rights; and delays or denials of governmental approvals. Both the likelihood of such occurrences and their overall impact upon us vary greatly from country to country and are not predictable. Realization of these risks could have an adverse impact on the results of operations and financial condition of our subsidiaries located in the affected country and, depending on their materiality, on the results of operations and financial condition of Tenaris as a whole.</font></p>
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<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Argentina and Mexico are countries in which we have significant operations. Our business and operations in Argentina, may be materially and adversely affected by economic, political, social, fiscal and regulatory developments, including the following:</font></p>
<p style="margin-top: 0pt; margin-left: 36pt; margin-bottom: 12pt; text-indent: -18pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">-</font><font style="font: 7pt 'Times New Roman'; -aw-import: spaces;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman';">Macroeconomic and political conditions in Argentina may adversely affect our business and operations. Increased state intervention in the economy, along with the introduction of changes to government policies, could have an adverse effect on our operations and financial results. Similarly, they could also negatively impact the business and operations of our customers -oil and gas companies operating in Argentina- and consequently our revenues and profitability.</font></p>
<p style="margin-top: 0pt; margin-left: 36pt; margin-bottom: 12pt; text-indent: -18pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">-</font><font style="font: 7pt 'Times New Roman'; -aw-import: spaces;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman';">Our business and operations in Argentina may be adversely affected by inflation or by the measures that may be adopted by the government to address inflation. In particular, increases in services and labor costs could negatively affect our results of operations. In addition, an increased level of labor demands in response to spiraling inflation could trigger higher levels of labor conflicts, and eventually result in strikes or work stoppages. Any such disruption of operations could have an adverse effect on our operations and financial results.</font></p>
<p style="margin-top: 0pt; margin-left: 36pt; margin-bottom: 12pt; text-indent: -18pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">-</font><font style="font: 7pt 'Times New Roman'; -aw-import: spaces;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman';">Other events that may have an adverse effect on our operations and financial results include increased taxes, exchange controls, restrictions on capital flows and export and import taxes or restrictions. The Argentine Central Bank has tightened its control on transactions that would represent capital inflows or outflows, forcing Argentine companies to repatriate export proceeds and limiting their ability to transfer funds outside of Argentina. Argentine companies are required to repatriate export proceeds from sales of goods and services (including U.S. dollars obtained through advance payment and pre-financing facilities) and convert such proceeds into Argentine pesos at the official exchange rate. In turn, Argentine companies must obtain prior Central Bank authorization to access the foreign exchange market to pay for imports of services from related parties or to make dividend or royalty payments. Although there are currently no material restrictions to make payments for imports of goods, this may change in the future. These existing controls, and any additional foreign exchange restrictions that may be imposed in the future, could expose us to the risk of losses arising from fluctuations in the ARS/USD exchange rate or affect our ability to finance our investments and operations in Argentina, or impair our ability to convert and transfer outside the country funds generated by Argentine subsidiaries to pay dividends or royalties or make other offshore payments. For additional information on current Argentine exchange controls and restrictions see Item 10.D. &#8220;Additional Information &#8211; Exchange Controls &#8211; Argentina&#8221;.</font></p>
<p style="margin-top: 0pt; margin-left: 36pt; margin-bottom: 12pt; text-indent: -18pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">-</font><font style="font: 7pt 'Times New Roman'; -aw-import: spaces;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman';">In recent years, our operations in Argentina experienced constraints in their electricity and natural gas supply requirements on many occasions. Shortages of energy and natural gas in Argentina have led in the past (and could lead in the future) to production cutbacks negatively affecting our revenues and profitability; we could also face increased costs when using</font><font style="font-family: 'Times New Roman';"> alternative sources of energy.</font><font style="font-family: 'Times New Roman';"><br></font></p>
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<p style="margin-top: 0pt; margin-bottom: 12pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">In Mexico, our business could be materially and adversely affected by economic, political, social, fiscal and regulatory developments, including the fo</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">llowing:</font></p>
<p style="margin-top: 0pt; margin-left: 36pt; margin-bottom: 12pt; text-indent: -18pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">-</font><font style="font: 7pt 'Times New Roman'; -aw-import: spaces;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman';">The Mexican government exercises significant influence over the Mexican economy and, therefore, governmental actions concerning the economy and state-owned enterprises could have a significant impact on Mexico&#8217;s private sector and on our Mexican-related operations. In addition, changes of the United States-Mexico-Canada Agreement (&#8220;USMCA&#8221;) from its predecessor NAFTA Agreement, could adversely affect the investment climate and economic activity in Mexico, Canada and/or in the United States and impact our results of operations and net results.</font></p>
<p style="margin-top: 0pt; margin-left: 36pt; margin-bottom: 12pt; text-indent: -18pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">-</font><font style="font: 7pt 'Times New Roman'; -aw-import: spaces;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman';">We have a growing credit exposure to Petr&#243;leos Mexicanos S.A. de C.V. (&#8220;Pemex&#8221;), a Mexican state-owned entity and our main customer in Mexico. Starting in 2019 and through 2020, we have been building a hefty balance of accounts receivable with Pemex, which decreased slightly in 2020, as a result of our continuous collection efforts during the year and reduced sales. In February 2021, the Mexican government announced its intention to grant Pemex a significant tax break aimed at reordering the company&#8217;s finances. However, if we are not able to further reduce our exposure to Pemex and Pemex defaults on its payments, our revenues and profitability would be adversely affected. </font></p>
<p style="margin-top: 0pt; margin-left: 36pt; margin-bottom: 12pt; text-indent: -18pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">-</font><font style="font: 7pt 'Times New Roman'; -aw-import: spaces;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman';">Our Mexican operations could also be affected by criminal violence, primarily due to the activities of drug cartels and related organized crime that Mexico has experienced and may continue to experience. The city of Veracruz, where our facility is located, has experienced several incidents of violence. Although the Mexican government has implemented various security measures and has strengthened its military and police forces, drug-related crime continues to exist in Mexico. Our business may be materially and adversely affected by these </font><font style="font-family: 'Times New Roman';">activities, their possible escalation and the violence associated with them.</font></p>
<p style="margin-top: 0pt; margin-left: 36pt; margin-bottom: 12pt; text-indent: -18pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">-</font><font style="font: 7pt 'Times New Roman'; -aw-import: spaces;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman';">In March 2021, the Mexican Congress approved a significant reform to the energy market in Mexico. Among other changes, the new Energy Industry Law (&#8220;LIE&#8221;) grants priority to Mexico&#8217;s state-owned electric power generation and distribution company (&#8220;CFE&#8221;) over its competitors in the supply of electric power to the Mexican market and mandates a revision of power generation and transaction agreements between the Federal government and independent electric power suppliers. In addition, the LIE eliminates mandatory power supply auctions for energy supplies requiring the use of CFE&#8217;s distribution network. The new LIE, which remains subject to implementing regulations by the competent authorities has already been challenged in court by affected players. There is uncertainty about the final outcome of court review and the energy reform could negatively affect the operations of Techgen S.A. de C.V. (&#8220;Techgen&#8221;), the power plant in which Tenaris holds a 22% equity interest and which supplies electricity for most of our Mexican operations. At this stage, we cannot fully assess the effects of the energy market reform on our operations and the Mexican economy in general and, consequently, on the results of operations and financial conditions of our businesses in Mexico.</font></p>
<p style="margin-top: 0pt; margin-left: 36pt; margin-bottom: 12pt; text-indent: -18pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">-</font><font style="font: 7pt 'Times New Roman'; -aw-import: spaces;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman';">In past years, our operations in Mexico experienced several days of union-led stoppages due to an internal dispute within the local union. In 2020 our Mexican operations did not experience any disruptions due to these stoppages, but we cannot assure that such events will not cause further disruptions in the near future.</font></p>
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<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">If we do not successfully implement our business strategy, our ability to grow, our competitive position and our sales and profitability may suffer.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">We plan to continue implementing our business strategy of developing integrated product and service solutions designed to differentiate our offerings from those of our competitors and meet the needs of our customers for lower operational costs and reliable performance even in the most demanding environments, as well as continuing to pursue strategic investment opportunities. Any of the components of our overall business strategy could cost more than anticipated, may not be successfully implemented or could be delayed or abandoned. For example, we may fail to create sufficient differentiation in our Rig Direct&#174; services to compensate the added costs of providing such services, or fail to find suitable investment opportunities, including acquisition targets that enable us to continue to grow and improve our competitive position</font><font style="font-family: 'Times New Roman';">. Even if we successfully implement our business strategy, it may not yield the expected results. In 2020,</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">JFE Holdings Inc.</font><font style="font-family: 'Times New Roman';"> (&#8220;</font><font style="font-family: 'Times New Roman';">JFE</font><font style="font-family: 'Times New Roman';">&#8221;)</font><font style="font-family: 'Times New Roman';">, </font><font style="font-family: 'Times New Roman';">our partner in </font><font style="font-family: 'Times New Roman';">NKKTubes K.K. (&#8220;NKKTubes&#8221;),</font><font style="font-family: 'Times New Roman';"> informed Tenaris of its decision</font><font style="font-family: 'Times New Roman';"> to cease </font><font style="font-family: 'Times New Roman';">the operations </font><font style="font-family: 'Times New Roman';">of certain facilities</font><font style="font-family: 'Times New Roman';"> located at the Keihin complex</font><font style="font-family: 'Times New Roman';"> in 2024, which</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">may result in the unavailability of steel bars and other essential inputs or services used in NKKTubes&#8217; manufacturing process, thereby affecting its operations. </font><font style="font-family: 'Times New Roman';">Although the parties will seek a mutually acceptable solution, we cannot predict the outcome of such discussions and the im</font><font style="font-family: 'Times New Roman';">p</font><font style="font-family: 'Times New Roman';">lications to NKKTubes&#8217; operations and results.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">We could be subject to regulatory risks associated with our international operations.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The shipment of goods and services across international borders subjects us to extensive trade laws and regulations. Our import and export activities are governed by customs laws and regulations in each of the countries where we operate. Moreover, the European Union, the United States and other countries control the import and export of certain goods and services and impose related import and export recordkeeping and reporting obligations. Those governments have also imposed economic sanctions against certain countries, persons and other entities, such as sanctions involving sales to Iran, Syria, Venezuela, and Russia that restrict or prohibit transactions involving such countries, persons and entities. Similarly, we are subject to the U.S. anti-boycott laws. These laws and regulations are complex and frequently changing, and they may be enacted, amended, enforced or interpreted in a manner that could materially impact our operations. For example, in March 2018, under Section 232 of the Trade Expansion Act of 1962 (&#8220;Section 232&#8221;), the United States imposed a 25% tariff on steel articles imported from all countries, with the exemption of Canada and Mexico, as member states of the USMCA, and imports of steel tubes from Australia, Argentina, Brazil and South Korea (the latter three with specific quotas per product). The U.S. government has also granted three successive exemptions on imports from Italy, Mexico, Romania and Argentina, of steel billets to be used at our Bay City mill, for an aggregate amount of 1,250,000 tons. The current exemption covers 405,000 tons from Italy and Romania and is valid until August 2021. Exemptions are granted only for a one-year term and future requests might not be granted, thus adversely affecting our operations or revenues. Additionally, countries could impose or expand local content requirements or regulations which could limit our capacity to compete effectively, increase our costs and reduce our profitability. For further information, see &#8220;Risks Relating to our Industry &#8211; Competition in the global market for steel pipe products may cause us to lose market share and hurt our sales and profitability.&#8221; In addition, failure to comply with applicable trade regulations could also result in criminal and civil penalties and sanctions.</font></p>
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<p style="margin-top: 0pt; margin-bottom: 12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Changes in applicable tax regulations and resolutions of tax disputes could negatively affect our financial results.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">We are subject to tax laws in numerous foreign jurisdicti</font><font style="font-family: 'Times New Roman';">ons where we operate. T</font><font style="font-family: 'Times New Roman';">he integrated nature of our worldwide operations can produce conflicting claims from revenue authorities in different countries as to the profits to be taxed in the individual countries, including disputes relating to transfer pricing. Most of the jurisdictions in which we operate have double tax treaties with foreign jurisdictions, which provide a framework for mitigating the impact of </font><font style="font-family: 'Times New Roman';">double taxation on our results. However, mechanisms developed to resolve such conflicting claims are largely untried, and can be expected to be very lengthy.&nbsp;</font><font style="font-family: 'Times New Roman';">In recent years, tax authorities around the world have increased their scrutiny of company tax filings and have become more rigid in exercising any discretion they may have. As part of this, the Organization for Economic Co-operation and Development (&#8220;OECD&#8221;) has proposed a number of tax law changes under its Base Erosion and Profit Shifting (&#8220;BEPS&#8221;) Action Plans to address issues of transparency, coherence and substance. At the EU level, the European Commission has adopted its Anti Tax Avoidance Directive (&#8220;ATAD&#8221;), which seeks to prevent tax avoidance by companies and to ensure that companies pay appropriate taxes in the markets where profits are effectively made and business is effectively performed.&nbsp;</font><font style="font-family: 'Times New Roman';">Changes to tax laws and regulations in the countries where we operate require us to continually assess our organizational structure and could lead to increased risk of international tax disputes. Our interpretation and application of the tax laws could differ from that of the relevant governmental taxing authority, which could result in the payment of additional taxes, penalties or interest, negatively affecting our profitability and financial condition.</font></p>
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<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; font-size: 10pt;">Future acquisitions, strategic partnerships and capital investments may not perform in accordance with expectations or may disrupt our operations and hurt our profits.</font><br></p>
<p style="margin-top: 14pt; margin-bottom: 14pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">One element of our business strategy is to identify and pursue growth-enhancing strategic opportunities. As part of that strategy, we regularly make significant capital investments and acquire interests in, or businesses of, various companies.</font><font style="font-family: 'Times New Roman';"> For example,</font><font style="font-family: 'Times New Roman';"> in </font><font style="font-family: 'Times New Roman';">January 2020, we acquired IPSCO</font><font style="font-family: 'Times New Roman';"> Tubulars Inc. (&#8220;IPSCO&#8221;)</font><font style="font-family: 'Times New Roman';">, a U.S. </font><font style="font-family: 'Times New Roman';">producer of seamless and welded OCTG and line pipe products, for $1.0 billion</font><font style="font-family: 'Times New Roman';">.</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">Consistent with our growth strategy, we intend to continue considering strategic acquisitions, investments and partnerships from time to time to expand our operations and establish a local presence in our markets. We must necessarily base any assessment of potential acquisitions, joint ventures and capital investments on assumptions with respect to timing, profitability, market and customer behavior and other matters that may subsequently prove to be incorrect. </font><font style="font-family: 'Times New Roman';">For example, we negotiated the terms for the acquisition of IPSCO in early 2019 based on assumptions made at that time, but due to the length of the antitrust review process, we were able to complete the acquisition only in 2020 under materially worse market circumstances. </font><font style="font-family: 'Times New Roman';">For more information o</font><font style="font-family: 'Times New Roman';">n IPSCO</font><font style="font-family: 'Times New Roman';">&#8217;s acquisition </font><font style="font-family: 'Times New Roman';">see note 32</font><font style="font-family: 'Times New Roman';"> &#8220;</font><font style="font-family: 'Times New Roman';">Business c</font><font style="font-family: 'Times New Roman';">ombinations</font><font style="font-family: 'Times New Roman';"> &#8211; Acquisition of IPSCO Tubulars, Inc.&#8221; and </font><font style="font-family: 'Times New Roman';">for information on impairment charges on our U.S. operations</font><font style="font-family: 'Times New Roman';"> see</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">note </font><font style="font-family: 'Times New Roman';">5</font><font style="font-family: 'Times New Roman';"> &#8220;</font><font style="font-family: 'Times New Roman';">Impairment charge</font><font style="font-family: 'Times New Roman';">&#8221;</font><font style="font-family: 'Times New Roman';"> both</font><font style="font-family: 'Times New Roman';"> to our audited consolidated financial statements</font><font style="font-family: 'Times New Roman';"> included in this annual report</font><font style="font-family: 'Times New Roman';">. Our past or future acquisitions, significant investments and alliances may not perform in accordance with our expectations and could adversely affect our operations and profitability. In addition, new demands on our existing organization and personnel resulting from the integration of new acquisitions could disrupt our operations and adversely affect our operations and profitability. Moreover, as part of future acquisitions, we may acquire assets that are unrelated to our business, and we may not be able to integrate these assets or sell them under favorable terms and conditions.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; font-style: italic;">Disruptions to our manufacturing processes could adversely affect our operations, customer service levels and financial results.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Our steel pipe manufacturing processes depend on the operation of critical steelmaking equipment, such as electric arc furnaces</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (&#8220;EAF&#8221;)</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, continuous casters, rolling mills, heat treatment and various operations that support them, such as our power generation facilities. Despite the investments we make to maintain critical production equipment, such equipment may incur downtime as a result of unanticipated failures or other events, such as fires, explosions, floods, accidents</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> and severe weather conditions.</font></p>
<p style="margin-top: 2pt; margin-bottom: 2pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Similarly, natural disasters or severe weather conditions, including those related to climate change could significantly damage our production facilities and general infrastructure or affect the normal course of business. For example, our Mexican production facility located in Veracruz is located in a region prone to earthquakes, and our Bay City facility in Texas, United States is located in an area prone to strong winds and hurricanes, and occasional floods. More generally, changing weather patterns and climatic conditions in recent years have added to the unpredictability and frequency of natural disasters. For more information on the risks associated with climate-change, see &#8220;Risks Relating to Our Business &#8211; Climate change, including extreme weather conditions, has in the past and may in the future adversely affect our operations and financial results&#8221;.</font></p>
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<p style="margin-top: 0pt; margin-bottom: 12pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Our operations may also be adversely affected as a result of work stoppages or other labor conflicts. In past years, our operations in Mexico experienced several days of union-led stoppages due to an internal dispute within the local union. Although in 2020 our Mexican operations did not experience any disruptions due to these stoppages, we cannot assure that such events will not cause further disruptions in the near future. In addition, in some of the countries in which we have significant production facilities (e.g., Argentina and Brazil), significant inflationary pressures and higher tax burdens, increase labor demands and could eventually generate higher levels of labor conflicts, which could also trigger operational disruptions.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">In addition, some of our facilities or production lines have been closed or shutdown as a result of the cost containment measures adopted to respond to the recent economic crisis or in response to governmental regulations to prevent the effects of the COVID-19 pandemic or due to th</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">e unavailability of workforce.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">For more </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">information on the status of our operations see </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">I</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">tem 5</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">. &#8220;Operating and Financial Review and Prospects &#8211;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Overview </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8211;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">The COVID-19 pandemic and the oil &amp; gas crisis and their impact on Tenaris&#8217;s operations and financial condition.&#8221;</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Some of the previously described emergency situations could result in damage to property, delays in production or shipments and, in extreme cases, death or injury to persons. Any of the foregoing could create liability for Tenaris. To the extent that lost production or delays in shipments cannot be compensated for by unaffected facilities, such events could have an adverse effect on our profitability and financial condition. Additionally, we do not carry business interruption insurance, and </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">the insurance we maintain for property damage and general liability may not be adequate or available to protect us under such events</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">,</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> its coverage may be limited, or the amount of our insurance may be less than the related loss. For more information on our insurance coverage see Item 4.B. &#8220;Information on the Company &#8211; B. Business overview </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8211;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Insurance&#8221;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">.</font></p>
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<p style="margin-top: 0pt; margin-bottom: 10pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">We may be required to record a significant charge to earnings if we must reassess our goodwill or other assets as a result of changes in assumptions underlying the carrying value of certain assets, particularly as a consequence of deteriorating market conditions. </font></p>
<p style="margin-top: 0pt; margin-bottom: 10pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Assets that are subject to amortization are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Intangible assets with indefinite useful life, including goodwill, are subject to at least an annual impairment test. On December 31, 2020, we had $1,086 million in goodwill corresponding mainly ($920 million) to the acquisition of Hydril Company (&#8220;Hydril&#8221;) in 2007. In addition, we recognized goodwill for approximately $357 million in connection with our acquisition of IPSCO. 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 March 31, 2020, for an aggregate amount of approximately $622 million. For more information on impairment charges on our U.S. operations see note 5 &#8220;Impairment charge&#8221; to our audited consolidated financial statements included in this annual report.</font></p>
<p style="margin-top: 0pt; margin-bottom: 9pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Our results of operations and financial condition could be adversely affected by movements in exchange rates. </font></p>
<p style="margin-top: 0pt; margin-bottom: 10pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">As a global company we manufacture and sell products in a number of countries throughout the world and a portion of our business is carried out in currencies other than the U.S. dollar, which is the Company&#8217;s functional and presentation currency. As a result, we are exposed to foreign exchange rate risk. Changes in currency values and foreign exchange regulations could adversely affect our financial condition and results of operations. For information on our foreign exchange rate risk, please see Item 11. &#8220;Quantitative and Qualitative Disclosure About Market Risk</font><font style="font-family: 'Times New Roman';"> &#8211; Foreign Exchange Rate Risk&#8221;.</font></p>
<p style="margin-top: 0pt; margin-bottom: 9pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">If we do not comply with laws and regulations designed to combat corruption in countries in which we sell our products, we could become subject to governmental investigations, fines, penalties or other sanctions and to private lawsuits and our sales and profitability could suffer. </font></p>
<p style="margin-top: 0pt; margin-bottom: 10pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">We operate globally and conduct business in certain countries known to experience high levels of corruption. Although we are committed to conducting business in a legal and ethical manner in compliance with local and international statutory requirements and standards applicable to our business, there is a risk that our employees, representatives, affiliates, or other persons may take actions that violate applicable laws and regulations that generally prohibit the making of improper payments, including to foreign government officials, for the purpose of obtaining or keeping business, including laws relating to the 1997 OECD Convention on Combating Bribery of Foreign Public Officials in International Business Transactions such as the U.S. Foreign Corrupt Practices Act (&#8220;FCPA&#8221;). Investigations by government authorities may occupy considerable management time and attention and result in significant expenditures, fines, penalties or other sanctions, as well as private lawsuits.&nbsp;</font><font style="font-family: 'Times New Roman';">For information on matters related to an ongoing investigation in connection with certain allegedly improper payments in Brazil, please refer to Item 8. A. &#8220;Consolidated Statements and Other Financial Information &#8211; Legal Proceedings&#8221;.</font></p>
<p style="margin-top: 0pt; margin-bottom: 9pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">The cost of complying with environmental regulations and potential environmental and product liabilities may increase our operating costs and negatively impact our business, financial condition, results of operations and prospects. </font></p>
<p style="margin-top: 0pt; margin-bottom: 10pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">We are subject to a wide range of local,state, provincial and national laws, regulations, permit requirements and decrees relating to the protection of human health and the environment, including laws and regulations relating to hazardous materials and radioactive materials and environmental protection governing air emissions, water discharges and waste management. Laws and regulations protecting the environment have become increasingly complex and more stringent and expensive to implement in recent years. Additionally, international environmental requirements vary. While standards in the European Union, Canada, and Japan are generally comparable to U.S. standards, other nations, particularly developing nations, including China, have substantially fewer or less rigorous requirements that may give competitors in such nations a competitive advantage. It is possible that any international agreement to regulate emissions may provide exemptions and lesser standards for developing nations. In such case, we may be at a competitive disadvantage relative to competitors having more or all of their product</font><font style="font-family: 'Times New Roman';">ion in such developing nations.</font></p>
<p style="margin-top: 0pt; margin-bottom: 9pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Environmental laws and regulations may, in some cases, impose strict liability rendering a person liable for damages to natural resources or threats to public health and safety without regard to negligence or fault. Some environmental laws provide for joint and several strict liability for remediation of spills and releases of hazardous substances. These laws and regulations may expose us to liability for the conduct of or conditions caused by others or for acts that were in compliance with all applicable laws a</font><font style="font-family: 'Times New Roman';">t the time they were performed.</font></p>
<p style="margin-top: 0pt; margin-bottom: 8pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Compliance with applicable requirements and the adoption of new requirements could have a material adverse effect on our consolidated financial condition, results of operations or cash flows. The costs and ultimate impact of complying with environmental laws and regulations are not always clearly known or determinable since regulations under some of these laws have not yet been promulgated or are undergoing revision. The expenditures necessary to remain in compliance with these laws and regulations, including site or other remediation costs, or costs incurred as a result of potential violations of environmental laws could have a material adverse effect on our financial condition and profitability. While we incur and will continue to incur expenditures to comply with applicable laws and regulations, there always remains a risk that environmental incidents or accidents may occur that may negatively affect ou</font><font style="font-family: 'Times New Roman';">r reputation or our operations.</font></p>
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<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Our oil and gas casing, tubing and line pipe products are sold primarily for use in oil and gas drilling, gathering, transportation, processing and power generation facilities, which are subject to inherent risks, including well failures, line pipe leaks, blowouts, bursts and fires, that could result in death, personal injury, property damage, environmental pollution or loss of production. Any of these hazards and risks can result in environmental liabilities, personal injury claims and property damage fr</font><font style="font-family: 'Times New Roman';">om the release of hydrocarbons.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Defects in specialty tubing products could result in death, personal injury, property damage, environmental pollution, damage to equipment and fa</font><font style="font-family: 'Times New Roman';">cilities or loss of production.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">We normally warrant the oilfield products and specialty tubing products we sell or distribute in accordance with customer specifications, but as we pursue our business strategy of providing customers with additional services, such as Rig Direct&#174;, we may be required to warrant that the goods we sell and services we provide are fit for their intended purpose. Actual or claimed defects in our products may give rise to claims against us for losses suffered by our customers and expose us to claims for damages. The insurance we maintain will not be available in cases of gross negligence or willful misconduct, in other cases may not be adequate or available to protect us in the event of a claim, its coverage may be limited, canceled or otherwise terminated, or the amount of our insurance may be less than the related impact on enterprise value after a loss. Similarly, our sales of tubes and components for the automotive industry subject us to potential product liability risks that could extend to being held liable for the costs of the recall of automobiles sold by car manufacturers and their distributors.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Limitations on our ability to protect our intellectual property rights, including our trade secrets, could cause a loss in revenue and any competitive advantage we hold.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Some of our products or services, and the processes we use to produce or provide them, have been granted patent protection, have patent applications pending, or are trade secrets. Our business may be adversely affected if our patents are unenforceable, the claims allowed under our patents are not sufficient to protect our technology, our patent applications are denied or our trade secrets are not adequately protected. Our competitors may be able to </font><font style="font-family: 'Times New Roman';">independently </font><font style="font-family: 'Times New Roman';">develop technology that is similar to ours without infringing on our patents or gaining access to our trade secrets, which could adversely affect our financial condition, results of operations and cash flows.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Cyberattacks could have a material adverse impact on our business and results of operation. </font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">We rely heavily on information systems to conduct our business. Although we devote significant resources to protect our systems and data, we have experienced and will continue to experience varying degrees of cyber incidents in the normal conduct of our business, which may occasionally include sophisticated cybersecurity threats such as unauthorized access to data and systems, loss or destruction of data, computer viruses or other malicious code, phishing, spoofing and/or cyberattacks. These threats often arise from numerous sources, not all of which are within our control, such as fraud or malice from third parties, including fraud involving business email compromises, failures of computer servers or other accidental technological failures, electrical or telecommunication outages or other damage to our property or assets. Cyber-attack attempts, such as ransomware, phishing, spoofing and whaling, increased in 2020 in the context of the COVID-19 pandemic, primarily due to a significant expansion of remote work practices among our employees, customers and suppliers. For example, in 2020, we suffered four spoofing attempts with no impact on results. In this context, we deployed additional controls to upgrade monitoring, detection and response capabilities against hacking, malware infection, cybersecurity compromise and other risks. Given the rapidly evolving nature of cyber threats, there can be no assurance that the systems we have designed to prevent or limit the effects of cyber incidents or attacks will be adequate, and such incidents or attacks could have a material adverse impact on our systems. While we attempt to mitigate these risks, we remain vulnerable to additional known or unknown threats, including theft, misplacement or loss of data, programming errors, employee errors and/or dishonest behavior that could potentially lead to the compromising of sensitive information, improper use of our systems or networks, as well as unauthorized access, use, disclosure, modification or destruction of such information, systems and/or networks. If our systems for protecting against cybersecurity risks are circumvented or breached, this could also result in disruptions to our business operations (including but not limited to, defective products or production downtimes), access to our financial reporting systems, the loss of access to critical data or systems, misuse or corruption of critical data and proprietary information (including our intellectual property and customer data), as well as damage to our reputation with our customers and the market, failure to meet customer requirements, customer dissatisfaction and/or other financial costs and losses. In addition, given that cybersecurity threats continue to evolve, we will be required to devote additional resources in the future to enhance our protective measures or to investigate and/or remediate any cybersecurity vulnerabilities. Moreover, any investigation of a cyberattack would take time before completion, during which we would not necessarily know the extent of the actual or potential harm or how best to remediate it, and certain errors or actions could be repeated or compounded before duly discovered and remediated (all or any of which could further increase the costs and consequences arising out of such cyberattack).</font></p>
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<p style="margin-top: 0pt; margin-bottom: 12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Risks Relating to the Structure of the Company </font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">The Company&#8217;s dividend payments depend on the results of operations and financial condition of its subsidiaries and could be affected by legal, contractual or other limitations or tax changes.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The Company is a holding company and conducts all its operations through subsidiaries. Dividends or other intercompany transfers of funds from those subsidiaries are the Company&#8217;s primary source of funds to pay its expenses, debt service and dividends and to repurchase shares or ADSs.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The ability of the Company&#8217;s subsidiaries to pay dividends and make other payments to us will depend on their results of operations and financial condition and could be restricted by applicable corporate and other laws and regulations, including those imposing foreign exchange controls or restrictions on the repatriation of capital or the making of dividend payments, and agreements and commitments of such subsidiaries. If earnings and cash flows of the Company&#8217;s operating subsidiaries are substantially reduced, including as a result of deteriorating market conditions, the Company may not be in a position to meet its operational needs or to pay dividends. For information concerning potential restrictions on our ability to collect dividends from certain subsidiaries, see &#8220;Risks Relating to Our Business &#8211; Adverse economic or political conditions in the countries where we operate or sell our products and services may decrease our sales or disrupt our manufacturing operations, thereby adversely affecting our revenues, profitability and financial condition&#8221; and </font><font style="font-family: 'Times New Roman';">Item 5</font><font style="font-family: 'Times New Roman';">.</font><font style="font-family: 'Times New Roman';">G. &#8220;Operating and Financial Review and Prospects &#8211;Recent Developments &#8211; Annual Dividend Proposal&#8221;.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The Company&#8217;s ability to pay dividends to shareholders is subject to legal and other requirements and restrictions in effect at the holding company level. For example, the Company may only pay dividends out of net profits, retained earnings and distributable reserves and premiums, each as defined and calculated in accordance with Luxembourg law and regulations. </font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">The Company&#8217;s controlling shareholder may be able to take actions that do not reflect the will or best interests of other shareholders.</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"><br></font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">As of the date of this annual report, San Faustin beneficially owned 60.45% of our outstanding voting shares. Rocca &amp; Partners Stichting Administratiekantoor Aandelen San Faustin (&#8220;RP STAK&#8221;), holds voting rights in San Faustin sufficient to control San Faustin. As a result, RP STAK is indirectly able to elect a substantial majority of the members of the Company&#8217;s board of directors and has the power to determine the outcome of most actions requiring shareholder approval, including, subject to the requirements of Luxembourg law, the payment of dividends. The decisions of the controlling shareholder may not reflect the will or best interest of other shareholders. In addition, the Company&#8217;s articles of association permit the Company&#8217;s board of directors to waive, limit or suppress preemptive rights in certain cases. Accordingly, the Company&#8217;s controlling shareholder may cause its board of directors to approve in certain cases an issuance of shares for consideration without preemptive rights, thereby diluting the minority interest in the Company. See &#8220;Risks Relating to shares and ADSs &#8211; Holders of shares and ADSs in the United States may not be able to exercise preemptive rights in certain cases&#8221;. </font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Risks Relating to shares and ADSs </font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Holders of shares or ADSs may not have access to as much information about us as they would in the case of a domestic issuer.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">There may be less publicly available information about us than is regularly published by or about U.S. domestic issuers. Also, corporate and securities regulations governing Luxembourg companies may not be as extensive as those in effect in other jurisdictions and U.S. securities regulations applicable to foreign private issuers, such as the Company, differ in certain respects from those applicable to U.S. domestic issuers. Furthermore, IFRS, the accounting standards in accordance with which we prepare our consolidated financial statements, differ in certain material aspects from U.S. GAAP.</font></p>
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<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Holders of ADSs may not be able to exercise, or may encounter difficulties in the exercise of, certain rights afforded to shareholders.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Certain shareholders&#8217; rights under Luxembourg law, including the rights to participate and vote at general meetings of shareholders, to include items on the agenda for the general meetings of shareholders, to receive dividends and distributions, to bring actions, to examine our books and records and to exercise appraisal rights may not be available to holders of ADSs, or may be subject to restrictions and special procedures for their exercise, as holders of ADSs only have those rights that are expressly granted to them in the deposit agreement. Deutsche Bank Trust Company Americas, as depositary under the ADS deposit agreement, or the Depositary, through its custodian agent, is the registered shareholder of the deposited shares underlying the ADSs, and therefore only the Depositary can exercise the shareholders&#8217; rights in connection with the deposited shares. For example, if we make a distribution in the form of securities, the Depositary is allowed, at its discretion, to sell the right to acquire those securities on your behalf and instead distribute the net proceeds to you. Also, under certain circumstances, such as our failure to provide the Depositary with properly completed voting instructions on a timely basis, you may not be able to vote at general meetings of shareholders by giving instructions to the Depositary. If the Depositary does not receive voting instructions from the holder of ADSs by the prescribed deadline, or the instructions are not in proper form, then the Depositary shall deem such holder of ADSs to have instructed the Depositary to vote the underlying shares represented by ADSs in favor of any proposals or recommendations of the Company (including any recommendation by the Company to vote such underlying shares on any given issue in accordance with the majority shareholder vote on that issue), for which purposes the Depositary shall issue a proxy to a person appointed by the Company to vote such underlying shares represented by ADSs in favor of any proposals or recommendations of the Company. Under the ADS deposit agreement, no instruction shall be deemed given and no proxy shall be given with respect to any matter as to which the Company informs the Depositary that (i)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">it does not wish such proxy given, (ii)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">it has knowledge that substantial opposition exists with respect to the action to be taken at the meeting, or (iii)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">the matter materially and adversely affects the rights of the holders of ADSs. </font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Holders of shares and ADSs in the United States may not be able to exercise preemptive rights in certain cases.</font></p>
<p style="margin-top: 14pt; margin-bottom: 14pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Pursuant to Luxembourg corporate law, existing shareholders of the Company are generally entitled to preferential subscription rights (preemptive rights) in the event of capital increases and issues of shares against cash contributions. Under the Company&#8217;s articles of association, the board of directors has been authorized to waive, limit or suppress such preemptive subscription rights. Notwithstanding the waiver of any preemptive subscription rights, any issuance of shares for cash within the limits of the authorized share capi</font><font style="font-family: 'Times New Roman';">tal shall be subject to the pre</font><font style="font-family: 'Times New Roman';">emptive subscription rights of existing shareholders, except (i)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">any issuance of shares (including without limitation, the direct issuance of shares or upon the exercise of options, rights convertible into shares, or similar instruments convertible or exchangeable into shares) against a contribution other than in cash; and (ii)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">any issuance of shares (including by way of free shares or at discount), up to an amount of 1.5% of the issued share capital of the Company, to directors, officers, agents, employees of the Company, its direct or indirect subsidiaries or its affiliates (or, collectively, th</font><font style="font-family: 'Times New Roman';">e b</font><font style="font-family: 'Times New Roman';">eneficiaries), including without limitation, the direct issuance of shares or upon the exercise of options, rights convertible into shares or similar instruments convertible or </font><font style="font-family: 'Times New Roman';">exchangeable into shares, issued for the purpose of compensation or incentiv</font><font style="font-family: 'Times New Roman';">e of the b</font><font style="font-family: 'Times New Roman';">eneficiaries or in relation thereto (which the board of directors shall be authorized to issue upon such terms and conditions as it deems fit).</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Holders of ADSs in the United States may, in any event, not be able to exercise any preemptive rights, if granted, for shares underlying their ADSs unless additional shares and ADSs are registered under the U.S. Securities Act of 1933, as amended, (&#8220;Securities Act&#8221;), with respect to those rights, or an exemption from the registration requirements of the Securities Act is available. We intend to evaluate, at the time of any rights offering, the costs and potential liabilities associated with the exercise by holders of shares and ADSs of the preemptive rights for shares, and any other factors we consider appropriate at the time, and then to make a decision as to whether to register additional shares. We may decide not to register any additional shares, requiring a sale by the Depositary of the holders&#8217; rights and a distribution of the proceeds thereof. Should the Depositary not be permitted or otherwise be unable to sell preemptive rights, the rights may be allowed to lapse with no consideration to be received by the holders of the ADSs. </font></p>
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<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">It may be difficult to enforce judgments against us outside Luxembourg.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The Company is a </font><font style="font-family: 'Times New Roman'; font-style: italic;">soci&#233;t&#233; anonyme</font><font style="font-family: 'Times New Roman';"> organized under the laws of Luxembourg, and most of its assets are located in other jurisdictions. Furthermore, most of the Company&#8217;s directors and officers named in this annual report reside in different jurisdictions. As a result, investors may </font><font style="font-family: 'Times New Roman';">not be able</font><font style="font-family: 'Times New Roman';"> to effect service of process upon us or our directors or officers</font><font style="font-family: 'Times New Roman';">. </font><font style="font-family: 'Times New Roman';">Investors may also not be able to enforce against us or our directors or officers in the investors&#8217; domestic courts</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> judgments predicated upon the civil liability provisions of </font><font style="font-family: 'Times New Roman';">the</font><font style="font-family: 'Times New Roman';"> domestic laws of the investors&#8217; home countries. Likewise, it may be difficult for investors not domiciled in Luxembourg to bring an original action in a Luxembourg court predicated upon the civil liability provisions of other securities laws, including U.S. federal securities laws, against the Company, its directors and officers. There is also uncertainty with regard to the enforceability of original actions of civil liabilities predicated upon the civil liability provisions of securities laws, including U.S. federal securities laws, outside the jurisdiction where such judgments have been rendered; and enforceability will be subject to compliance with procedural requirements under applicable local law, including the condition that the judgment does not violate the public policy of the applicable jurisdiction.</font></p>
<div style="margin-top: 18pt; margin-bottom: 12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Item</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">4.</font><font style="width: 6.01pt; display: inline-block;">&nbsp;</font><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#" name="BE_WF41541JB400000000000000000000" class="customBookmark"><font style="font-family: 'Times New Roman'; font-weight: bold;">Information on the Company</font></a></div>
<p style="margin-top: 0pt; margin-bottom: 12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Overview</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">We are the leading manufacturer of pipes and related services for the world's energy industry and certain other industrial applications. Our manufacturing system integrates steelmaking, pipe rolling and forming, heat treatment, threading and finishing acro</font><font style="font-family: 'Times New Roman';">ss 1</font><font style="font-family: 'Times New Roman';">6 </font><font style="font-family: 'Times New Roman';">countries. We also have a research and development</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">(&#8220;</font><font style="font-family: 'Times New Roman';">R&amp;D</font><font style="font-family: 'Times New Roman';">&#8221;)</font><font style="font-family: 'Times New Roman';"> network focused on enhancing our product portfolio and improving our production processes. Our team, based in more than 30 countries worldwide, is united by a passion for excellence in everything we do.</font><font style="font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Through our integrated, worldwide network of seamless and welded manufacturing facilities, service centers and R&amp;D centers, we work with customers to meet their needs, upholding the highest standards of safety, quality and performance.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Our mission is to deliver value to our customers through product and process innovation, manufacturing excellence, supply chain integration, technical assistance and customer service, aiming to reduce risk and costs, increase flexibility and improve time-to-market. Wherever we operate, we are committed to safety and minimizing our impact on the environment, providing opportunities for our people, and contributing to the sustainable development of our communities.</font></p>
<p style="margin-top: 18pt; margin-left: 28.35pt; margin-bottom: 12pt; text-indent: -28.35pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">A. </font><font style="width: 16.13pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">History and Development of the Company</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">The Company</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Our holding company&#8217;s legal and commercial name is Tenaris S.A. The Company was established as a </font><font style="font-family: 'Times New Roman'; font-style: italic;">soci&#233;t&#233; anonyme</font><font style="font-family: 'Times New Roman';"> organized under the laws of the Grand Duchy of Luxembourg on December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">17, 2001. The Company&#8217;s re</font><font style="font-family: 'Times New Roman';">gistered office is located at 26</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">Boulevard Royal, 4</font><font style="font-family: 'Times New Roman'; font-size: 6.67pt; vertical-align: super;">th</font><font style="font-family: 'Times New Roman';"> Floor</font><font style="font-family: 'Times New Roman';">, L-2449</font><font style="font-family: 'Times New Roman';">, Luxembourg, telephone +(352)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">2647-8978. Its agent for U.S. federal securities law purposes is Tenaris Global Services (U.S.A.) Corporation</font><font style="font-family: 'Times New Roman';"> (&#8220;TEUS&#8221;)</font><font style="font-family: 'Times New Roman';">, located at 2200 West Loop South, Suite 800, Houston, TX 77027.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Tenaris</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Tenaris began with the formation of Siderca S.A.I.C. (&#8220;Siderca&#8221;), the sole Argentine producer of seamless steel pipe products, by San Faustin&#8217;s predecessor in Argentina in 1948. We acquired Siat S.A., an Argentine welded steel pipe manufacturer, in 1986. We grew organically in Argentina and then, in the early 1990s, began to evolve beyond this initial base into a global business through a series of strategic investments. As of the date of this annual report, our investments include controlling interests in several manufacturing companies:</font></p>
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<li style="margin-left: 8.68pt; margin-bottom: 12pt; padding-left: 19.67pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Tubos de Acero de M&#233;xico S.A. </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">(&#8220;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Tamsa</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8221;)</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, the sole Mexican producer of seamless steel pipe products;</font></li>
<li style="margin-left: 8.68pt; margin-bottom: 12pt; padding-left: 19.67pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Dalmine S.p.A.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (&#8220;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Dalmine</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8221;)</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, a leading Italian producer of seamless steel pipe products;</font></li>
<li style="margin-left: 8.68pt; margin-bottom: 12pt; padding-left: 19.67pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Confab Industrial S.A.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (&#8220;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Confab</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8221;)</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, the leading Brazilian producer of welded steel pipe products;</font></li>
<li style="margin-left: 8.68pt; margin-bottom: 12pt; padding-left: 19.67pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">NKKTubes</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, a leading Japanese producer of seamless steel pipe products;</font></li>
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<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>18</font></font></td>
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<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
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<li style="margin-left: 8.68pt; margin-bottom: 12pt; padding-left: 19.67pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Algoma Tubes Inc.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (&#8220;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">AlgomaTubes</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8221;)</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, the sole Canadian producer of seamless steel pipe products;</font></li>
<li style="margin-left: 8.68pt; margin-bottom: 12pt; padding-left: 19.67pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">S.C. Silcotub S.A. (&#8220;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Silcotub</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8221;)</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, a leading Romanian producer of seamless steel pipe products;</font></li>
<li style="margin-left: 8.68pt; margin-bottom: 12pt; padding-left: 19.67pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Maverick</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Tube Corporation (&#8220;Maverick&#8221;)</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, a U.S. producer of welded steel pipe products;</font></li>
<li style="margin-left: 8.68pt; margin-bottom: 12pt; padding-left: 19.67pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Prudential Steel Ltd. (&#8220;Prudential&#8221;), a welded pipe mill that produced OCTG, and line pipe products in Canada;</font></li>
<li style="margin-left: 8.68pt; margin-bottom: 12pt; padding-left: 19.67pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Tenaris TuboCaribe Ltda. (&#8220;TuboCaribe&#8221;), a welded pipe mill producing OCTG products including finishing of welded and seamless pipes, line pipe products, and couplings in Colombia;</font></li>
<li style="margin-left: 8.68pt; margin-bottom: 12pt; padding-left: 19.67pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Hydril, a North American manufacturer of premium connection products for oil and gas drilling production;</font></li>
<li style="margin-left: 8.68pt; margin-bottom: 12pt; padding-left: 19.67pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">PT Seamless Pipe Indonesia Jaya </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">(&#8220;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">SPIJ</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8221;)</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, an Indonesian OCTG processing business with heat treatment and premium connection threading facilities;</font></li>
<li style="margin-left: 8.68pt; margin-bottom: 12pt; padding-left: 19.67pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Tenaris Qingdao Steel Pipes Ltd. (&#8220;Tenaris Qingdao&#8221;), a </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">C</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">hinese producer of premium joints and couplings;</font></li>
<li style="margin-left: 8.68pt; margin-bottom: 12pt; padding-left: 19.67pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Pipe Coaters Nigeria Ltd. (&#8220;Pipe Coaters&#8221;) </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">the leading company in the Nigerian coating industry;</font></li>
<li style="margin-left: 8.68pt; margin-bottom: 12pt; padding-left: 19.67pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Tenaris Bay City</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Inc. (&#8220;Tenaris Bay City&#8221;)</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, a state-of-the-art seamle</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ss pip</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">e mill in Bay City, Texas;</font></li>
<li style="margin-left: 8.68pt; margin-bottom: 12pt; padding-left: 19.67pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Saudi Steel Pipe Company (&#8220;SSPC&#8221;), a Saudi produce</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">r of welded steel pipe products;</font></li>
<li style="margin-left: 8.68pt; margin-bottom: 12pt; padding-left: 19.67pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">IPSCO, a North American manufacturer of seamless and welded steel pipes; <font style="font-style: italic;">and</font></font></li>
<li style="margin-left: 8.68pt; margin-bottom: 12pt; padding-left: 19.67pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">sucker rod businesses, in various countries.</font></li>
We also own strategic interests in:
<li style="margin-left: 8.68pt; margin-bottom: 12pt; text-align: justify; padding-left: 19.67pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;'; margin-top: 10PT;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Ternium S.A.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (&#8220;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Ternium</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8221;)</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, one of the leading flat steel producers of the Americas with operating facilities in Mexico, Brazil, Argentina, Colombia, the southern United States and Central America;</font></li>
<li style="margin-left: 8.68pt; margin-bottom: 12pt; padding-left: 19.67pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Usinas Side</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">r&#250;rgicas de Minas Gerais S.A. (&#8220;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Usiminas</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8221;)</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, a Brazilian producer of high quality flat steel products used in the energy, automotive and other industries;&nbsp;<font style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">and</font></font></li>
<li style="margin-left: 8.68pt; margin-bottom: 12pt; padding-left: 19.67pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Techgen, an </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">electric power plant in Mexico;</font></li>
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<p style="break-after: avoid; margin-right: 0cm; margin-left: 0cm; font-size: 12pt; font-family: 'Times New Roman', serif;"><font lang="EN-US" style="font-size: 10pt; font-family: 'times new roman', times;">In 2019, we entered into a joint venture with Severstal to build and operate a welded pipe mill to manufacture OCTG products in Surgut, Western Siberia. Construction activities for the welded pipe mill have been put on hold while the joint venture partners assess changes in the relevant markets and the competitive environment to determine whether adjustments or changes to the project could be necessary. Our share in the joint venture is 49%. </font></p>
<p align="left" style="text-align: left; margin: 0cm 0cm 12pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font lang="EN-US" style="font-family: 'times new roman', times; font-size: 10pt;">In 2020, we also entered into a joint venture with Inner Mongolia Baotou Steel Union Co., Ltd. (&#8220;Baotou Steel&#8221;) to build a premium connection threading facility to finish steel pipe products produced by our joint venture partner in Baotou, China, for sale in the domestic market.</font></p>
<p style="margin: 0cm 0cm 0.0001pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font lang="EN-US">Tenaris&#8217;s Prudential facility, located in Calgary, Alberta, was closed down in 2020, and the pipe manufacturing operations&nbsp;of seamless, welded and premium products in Canada&nbsp;will be consolidated at our AlgomaTubes facility located in Sault Ste. Marie, Ontario with an additional investment of $72 million. This repositioning of the industrial activities, which is estimated to be completed by the end of 2021, is expected to strengthen the competitiveness and increase the domestic production capabilities for the Canadian market.</font><font lang="EN-US"></font></font></p>
<p align="left" style="margin: 0cm 0cm 0.0001pt; text-align: justify; line-height: 12pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font lang="EN-US" style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
<p align="left" style="text-align: left; margin: 0cm 0cm 12pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font lang="EN-US" style="font-family: 'times new roman', times; font-size: 10pt;">In addition, we have established a global network of pipe finishing, distribution and service facilities with a direct presence in most major oil and gas markets and a global network of research and development centers.</font></p>
<p style="/* margin: 0cm 0cm 12pt; */font-size: 12pt; font-family: 'Times New Roman', serif;"><font lang="EN-US" style="font-size: 10.0pt;"><font style="font-family: 'times new roman', times;">For information on Tenaris&#8217;s principal capital expenditures and divestitures, see Item&nbsp;4.B. &#8220;Information on the Company &#8211; Business Overview &#8211; Capital Expenditure Program&#8221;.</font></font></p>
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<p style="margin-top: 18pt; margin-left: 28.35pt; margin-bottom: 12pt; text-indent: -28.35pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">B. </font><font style="width: 16.68pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">Business Overview</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Our business strategy is to consolidate our position as a leading global supplier of integrated product and service solutions to the energy and other industries by:</font></p>
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<li style="margin-left: 8.68pt; margin-bottom: 12pt; padding-left: 19.97pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">pursuing strategic investment opportunities in order to further strengthen our presence in local and global markets;</font></li>
<li style="margin-left: 8.68pt; margin-bottom: 12pt; padding-left: 19.97pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">expanding our comprehensive range of products and developing new products designed to meet the needs of customers operating in challenging environments, including low carbon energy applications, such as hydrogen and carbon capture and storage;</font></li>
<li style="margin-left: 8.68pt; margin-bottom: 12pt; padding-left: 19.97pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">enhancing our offering of technical, digital and supply chain integration services designed to enable customers to optimize well planning and integrity, simplify operations and reduce overall operating costs; and</font></li>
<li style="margin-left: 8.68pt; margin-bottom: 12pt; padding-left: 19.97pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">securing an adequate supply of production inputs and reducing the manufacturing costs of our core products.</font></li>
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<p style="margin-top: 0pt; margin-bottom: 12pt; text-align: justify; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Pursuing strategic investment opportunities and alliances</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">We have a solid record of growth through strategic investments and acquisitions. We pursue selective strategic investments and acquisitions as a means to expand our operations and presence in select markets, enhance our global competitive position and capitalize on potential operational synergies. </font><font style="font-family: 'Times New Roman';">For example</font><font style="font-family: 'Times New Roman';">:</font></p>
<p style="margin-top: 0pt; margin-left: 36pt; margin-bottom: 0pt; text-indent: -18pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">-</font><font style="font: 7pt 'Times New Roman'; -aw-import: spaces;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman';">I</font><font style="font-family: 'Times New Roman';">n January 2019 we acquired </font><font style="font-family: 'Times New Roman';">a 47.79% interest in </font><font style="font-family: 'Times New Roman';">SSPC, a welded steel pipes pr</font><font style="font-family: 'Times New Roman';">oducer located in Saudi Arabia.</font></p>
<p style="margin-top: 0pt; margin-left: 36pt; margin-bottom: 0pt; text-indent: -18pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">-</font><font style="font: 7pt 'Times New Roman'; -aw-import: spaces;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman';">In February 2019, we entered into a joint venture with Severstal to build and operate welded pipe plant in West Siberia, Russian Federation. As indicated above, construction activities for that plant have been put on hold.</font></p>
<p style="margin-top: 0pt; margin-left: 36pt; margin-bottom: 0pt; text-indent: -18pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">-</font><font style="font: 7pt 'Times New Roman'; -aw-import: spaces;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman';">In January 2020, we acquired IPSCO, a North American manufacturer of seamless and welded steel pipes, from PAO TMK (&#8220;TMK&#8221;), with facilities located mainly in the midwestern and northeastern regions of the United States, and a steel shop in Koppel, Pennsylvania. For more information on IPSCO&#8217; acquisition see note 32 &#8220;Business combinations &#8211; Acquisition of IPSCO Tubulars, Inc.&#8221; to our audited consolidated financial statements included in this annual report.</font></p>
<p style="margin-top: 0pt; margin-left: 36pt; margin-bottom: 12pt; text-indent: -18pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">-</font><font style="font: 7pt 'Times New Roman'; -aw-import: spaces;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman';">In December 2020 we entered into a joint venture with Baotou Steel to build a premium connection threading facility to finish steel pipes produced by our joint venture partner in Baotou, China, for sale to the domestic market.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Our track record on companies&#8217; acquisitions is described above (see &#8220;History and Development of the Company &#8211; </font><font style="font-family: 'Times New Roman';">Tenaris&#8221;).</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Expanding our range of products</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">We have developed an extensive range of high-value products suitable for most of our customers&#8217; operations using our network of specialized R&amp;D facilities and by investing in our manufacturing facilities. As our customers expand their operations, we seek to supply high-value products that reduce costs and enable them to operate safely in challenging environments, including those for low-carbon applications associated with the energy transition.</font></p>
<p style="margin: 0cm 0cm 12pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><b style="mso-bidi-font-weight: normal;"><i style="mso-bidi-font-style: normal;"><font lang="EN-US" style="font-size: 10.0pt; mso-fareast-font-family: SimSun;">Enhancing our offering of technical, digital and supply chain integration services - Rig Direct&#174; - and extending their global deployment</font></i></b></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">We continue to enhance our offering of Rig Direct&#174; services and extend their deployment worldwide. For many years, we have provided these services, managing customer inventories and directly supplying pipes to their rigs on a just-in-time basis, complemented by technical advice and assistance on the selection of materials and their use in the field, in markets like Mexico and Argentina. In response to changes in market conditions and the increased focus of customers on reducing costs and improving the efficiency of their operations, the extent and deployment of our Rig Direct&#174; services has been extended throughout North America and in other markets around the world (e.g., North Sea, Romania, Indonesia and, most recently, the United Arab Emirates) and now include digital and more extensive supply chain integration services. Through the provision of Rig Direct&#174; services, we seek to integrate our operations with those of our customers using digital technologies to shorten the supply chain and simplify operational and administrative processes, as well as technical services for well planning and well integrity, to reduce costs, improve safety and minimize environmental impact. They are also intended to differentiate us from our competitors and further strengthen our relationships with customers worldwide through long-term agreements.</font></p>
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<p style="margin-top: 0pt; margin-bottom: 12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Securing inputs for our manufacturing operations</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">We seek to secure our existing sources of raw material and energy inputs, and to gain access to new sources of low-cost inputs which can help us maintain or reduce the cost of manufacturing our core products and, in the future, reduce the carbon emissions intensity of our operations over the long term. We aim to achieve a vertically integrated value chain for our production. To this end, we purchase most of our supplies through Exiros, a specialized procurement company the ownership of which we share with Ternium. Exiros offers us integral procurement solutions, supplier sourcing activities; category organized purchasing; suppliers&#8217; performance administration; and inventory management. In addition, through IPSCO&#8217;s acquisition, we have secured a steel shop in Koppel, Pennsylvania, which is our first steel shop in the United States and provides vertical integration through domestic production of a significant part of our steel bar needs in the United States. </font></p>
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<p style="margin-top: 0pt; margin-bottom: 12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Our Competitive Strengths</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">We believe our main</font><font style="font-family: 'Times New Roman';"> competitive strengths include:</font></p>
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<li style="margin-left: 8.68pt; margin-bottom: 12pt; padding-left: 19.67pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">our global production, commercial and distribution capabilities, offering a full product range with flexible supply options backed up by local service capabilities in important oil and gas producing and indus</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">trial regions around the world;</font></li>
<li style="margin-left: 8.68pt; margin-bottom: 12pt; padding-left: 19.67pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">our ability to develop, design and manufacture tec</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">hnologically advanced products;</font></li>
<li style="margin-left: 8.68pt; margin-bottom: 12pt; padding-left: 19.67pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">our solid and diversified customer base and historic relationships with major international oil and gas companies around the world, and our strong and stable market shares in</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> most of</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> the countries in which we</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> have manufacturing operations;</font></li>
<li style="margin-left: 8.68pt; margin-bottom: 12pt; padding-left: 19.67pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">our proximity to our customers;</font></li>
<li style="margin-left: 8.68pt; margin-bottom: 12pt; padding-left: 19.67pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">our human resources around the world with their diverse</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> knowledge and skills;</font></li>
<li style="margin-left: 8.68pt; margin-bottom: 12pt; padding-left: 19.67pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">our low-cost operations, primarily at state-of-the-art, strategically located production facilities with favorable access to raw materials, energy and labor, and more than 60 years of operating experience; </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">and</font></li>
<li style="margin-left: 8.68pt; margin-bottom: 12pt; padding-left: 19.67pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">our strong financial</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> condition.</font></li>
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<p style="margin-top: 0pt; margin-bottom: 12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Business Segments</font></p>
<p style="margin-top: 14pt; margin-bottom: 14pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Tenaris has one major business segment, </font><font style="font-family: 'Times New Roman';">&#8220;</font><font style="font-family: 'Times New Roman';">Tubes</font><font style="font-family: 'Times New Roman';">&#8221;</font><font style="font-family: 'Times New Roman';">, which is also t</font><font style="font-family: 'Times New Roman';">he reportable operating segment.</font></p>
<p style="margin-top: 14pt; margin-bottom: 14pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">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 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 casing, tubing and line pipe products used in drilling and transportation activities. Demand for steel pipe products from the energy 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 such wells. As the energy transition advances, demand is also expected to grow in low-carbon energy applications such as geothermal, hydrogen and carbon capture and storage. Sales are generally made to end users, with exports being done through a centrally managed global distribution network and domestic sales made through local subsidiaries. Corporate general and administrative expenses have been allocated to the Tubes segment.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The </font><font style="font-family: 'Times New Roman';">&#8220;</font><font style="font-family: 'Times New Roman';">Others</font><font style="font-family: 'Times New Roman';">&#8221;</font><font style="font-family: 'Times New Roman';"> segment include</font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';"> all other business activities and operating segments that are not required to be separately reported, including the production and selling of sucker rods, industrial equipment, coiled tubing, </font><font style="font-family: 'Times New Roman';">heat exchangers,</font><font style="font-family: 'Times New Roman';"> utility conduits for building</font><font style="font-family: 'Times New Roman';">s and</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">the sale of </font><font style="font-family: 'Times New Roman';">energy and raw materials that exceed internal requirements.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">For more information on our business segments, see &#8220;II C. Accounting Policies &#8211; Segment information&#8221; to our audited consolidated financial statements </font><font style="font-family: 'Times New Roman';">included in this annual report.</font></p>
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<p style="margin-top: 0pt; margin-bottom: 10pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Our Products</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Our principal finished products are seamless and welded steel casing and tubing, line pipe and various other mechanical and structural steel pipes for different uses. Casing and tubing are also known as oil country tubular goods (&#8220;OCTG&#8221;). We manufacture our steel pipe products in a wide range of specifications, which vary in diameter, length, thickness, finishing, steel grades, coating, threading and coupling. For more complex applications, including high pressure and high temperature applications, seamless steel pipes are usually specified and, for some standard applications, welded steel pipes can also be used. In addition to oil and gas applications, many of our products can also be used in low-carbon energy applications, such as geothermal, hydrogen and carbon capture and storage.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-style: italic;">Casing</font><font style="font-family: 'Times New Roman';">. Steel casing is used to sustain the walls of oil and gas w</font><font style="font-family: 'Times New Roman';">ells during and after drilling.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-style: italic;">Tubing</font><font style="font-family: 'Times New Roman';">. Steel tubing is used to conduct crude oil and natural gas to the surface after drilling has been</font><font style="font-family: 'Times New Roman';"> completed.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-style: italic;">Line pipe</font><font style="font-family: 'Times New Roman';">. Steel line pipe</font><font style="font-family: 'Times New Roman';"> is</font><font style="font-family: 'Times New Roman';"> used to transport crude oil and natural gas from wells to refineries, storage tanks and lo</font><font style="font-family: 'Times New Roman';">ading and distribution centers.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-style: italic;">Mechanical and structural pipes</font><font style="font-family: 'Times New Roman';">. Mechanical and structural pipes are used by general industry for various applications, including the transportation of other forms of gas a</font><font style="font-family: 'Times New Roman';">nd liquids under high pressure.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-style: italic;">Cold-drawn pipe</font><font style="font-family: 'Times New Roman';">. The cold-drawing process permits the production of pipes with the diameter and wall thickness required for use in boilers, superheaters, condensers, heat exchangers, automobile production and several</font><font style="font-family: 'Times New Roman';"> other industrial applications.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-style: italic;">Premium joints and couplings.</font><font style="font-family: 'Times New Roman';">Premium joints and couplings are specially designed connections used to join lengths of steel casing and tubing for use in high temperature or high pressure environments. A significant portion of our steel casing and tubing products are supplied with premium joints and couplings. We own an extensive range of premium connections, and following the integration of the premium connections business of Hydril, we have marketed our premium connection products under the &#8220;TenarisHydril&#8221; brand name. In addition, we hold licensing rights to manufacture and sell the Atlas Bradford range of premium connections outside the United States and, since our acquisition of IPSCO in January 2020, we now own the &#8220;Ultra&#8221; and &#8220;TORQ&#8221; ranges of premium connections, which are used mainly in U.S. onshore applications.</font></p>
<p style="margin-top: 0pt; margin-bottom: 10pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-style: italic;">Coiled tubing.</font><font style="font-family: 'Times New Roman';"> Coiled tubing is used for oil and gas drilling and well work</font><font style="font-family: 'Times New Roman';">overs and for subsea pipelines.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-style: italic;">Other p</font><font style="font-family: 'Times New Roman'; font-style: italic;">roducts. </font><font style="font-family: 'Times New Roman';">We also manufacture sucker rods used in oil extraction activities</font><font style="font-family: 'Times New Roman';"> and</font><font style="font-family: 'Times New Roman';"> industrial equipment of various specifications and diverse applications, including liquid and gas storage equipment. In addition,</font><font style="font-family: 'Times New Roman';"> we produce shell and tube heat exchangers for various applications, and</font><font style="font-family: 'Times New Roman';"> we sell energy and raw materials that exceed our internal requirements. </font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Production Process and Facilities </font></p>
<p style="margin-top: 10pt; margin-bottom: 10pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">We operate relatively low-cost production facilities, which we believe is the result of:</font></p>
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<li style="margin-left: 8.68pt; margin-bottom: 8pt; page-break-after: avoid; padding-left: 19.67pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">state-of-the-art, strategically located plants;</font></li>
<li style="margin-left: 8.68pt; margin-bottom: 8pt; page-break-after: avoid; padding-left: 19.67pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">favorable access to high quality raw materials, energy and labor at competitive costs;</font></li>
<li style="margin-left: 8.68pt; margin-bottom: 8pt; page-break-after: avoid; padding-left: 19.67pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">operating history of more than 60 years, which translates into solid industrial know-how;</font></li>
<li style="margin-left: 8.68pt; margin-bottom: 8pt; page-break-after: avoid; padding-left: 19.67pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">constant benchmarking and best-practices sharing among the different facilities;</font></li>
<li style="margin-left: 8.68pt; margin-bottom: 8pt; page-break-after: avoid; padding-left: 19.67pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">increasing specialization of each of our facilities in specific product ranges; </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">and</font></li>
<li style="margin-left: 8.68pt; margin-bottom: 8pt; page-break-after: avoid; padding-left: 19.67pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">extensive use of digital technologies in our production processes.</font></li>
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<p style="margin-top: 10pt; margin-bottom: 10pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Our seamless pipes production facilities are located in North and South America, Europe and Asia and our welded pipes production facilities are located in North and South America</font><font style="font-family: 'Times New Roman';"> and</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">in Saudi Arabia</font><font style="font-family: 'Times New Roman';">. In addition, we have tubular accessories facilities, such as sucker rods, in Argentina, Brazil, Mexico, Romania, and the United States. We produce couplings in Argentina, China, Colombia, Indonesia, Mexico and Romania, and pipe fittings in Mexico. In addition to our pipe threading and finishing facilities at our integrated pipe production facilities, we have pipe threading facilities for steel pipes manufactured in accordance with the specifications of the American Petroleum Institute </font><font style="font-family: 'Times New Roman';">(&#8220;</font><font style="font-family: 'Times New Roman';">API</font><font style="font-family: 'Times New Roman';">&#8221;)</font><font style="font-family: 'Times New Roman';">, </font><font style="font-family: 'Times New Roman';">and premium joints in the United</font><font style="font-family: 'Times New Roman';"> States, Canada, China,</font><font style="font-family: 'Times New Roman';"> Ecuador, Kazakhstan, Indonesia, Nigeria, the U</font><font style="font-family: 'Times New Roman';">nited Kingdom, </font><font style="font-family: 'Times New Roman';">Saudi Arabia</font><font style="font-family: 'Times New Roman';"> and until recently in Denmark</font><font style="font-family: 'Times New Roman';">.</font></p>
<p style="margin-top: 0pt; margin-bottom: 10pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The following table shows our aggregate installed production capacity of seamless and welded steel pipes and steel bars at the dates indicated as well as the aggregate actual production vol</font><font style="font-family: 'Times New Roman';">umes for the periods indicated.</font></p>
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<p style="margin-top: 0pt; margin-bottom: 12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In 2020, our production capacity for steel bars, seamless and welded pipes increased mainly as a result of IPSCO&#8217;s acquisition. Capacity of welded tubes in 2019 increased compared to 2018, due to the acquisition of a controlling interest in SSPC.</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">At</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">or</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">for</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">the</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">year</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">ended</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">December</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">31, </font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-bottom: 1pt solid #000000; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">2020</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-bottom: 1pt solid #000000; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">2019</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-bottom: 1pt solid #000000; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">2018</font></p>
</td>
</tr>
<tr style="background-color: #cceeff; height: 17px;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-style: italic;">Thousands of tons</font></p>
</td>
<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
</td>
<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
</td>
<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Steel Bars</font></p>
</td>
<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
</td>
<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
</td>
<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
</td>
</tr>
<tr style="background-color: #cceeff; height: 17px;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 51%; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 18pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Effective Capacity (annual) </font><font style="font-family: 'Times New Roman'; font-size: 6pt; vertical-align: super;">(1)</font></p>
</td>
<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 15%; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">4,485 </font></p>
</td>
<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 2%; height: 17px;"><br></td>
<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 15%; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">3,985 </font></p>
</td>
<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 2%; height: 17px;"><br></td>
<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 15%; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">3,935 </font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 18pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Actual Production </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman';">1,749 </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">2,835 </font></p>
</td>
<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">3,167 </font></p>
</td>
</tr>
<tr style="background-color: #cceeff; height: 17px;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Tubes &#8211; Seamless</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
</td>
<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 18pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Effective Capacity (annual) </font><font style="font-family: 'Times New Roman'; font-size: 6pt; vertical-align: super;">(1)</font></p>
</td>
<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">4,680 </font></p>
</td>
<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">4,300 </font></p>
</td>
<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">4,300 </font></p>
</td>
</tr>
<tr style="background-color: #cceeff; height: 17px;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 18pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Actual Production </font></p>
</td>
<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">1,914 </font></p>
</td>
<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">2,629 </font></p>
</td>
<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">2,798 </font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Tubes &#8211; Welded</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
</td>
<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
</td>
</tr>
<tr style="background-color: #cceeff; height: 17px;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 18pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Effective Capacity (annual) </font><font style="font-family: 'Times New Roman'; font-size: 6pt; vertical-align: super;">(1)</font></p>
</td>
<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">3,780 </font></p>
</td>
<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">2,980 </font></p>
</td>
<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">2,620 </font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 18pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Actual Production </font></p>
</td>
<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman';">268 </font></p>
</td>
<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">671 </font></p>
</td>
<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">799 </font></p>
</td>
</tr>

</table>
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-after: avoid; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">____</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">_______________________________________________________________________</font></p>
<p style="margin-top: 0pt; margin-left: 14.2pt; margin-bottom: 12pt; text-indent: -14.2pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 5.33pt; vertical-align: super;">(1)</font><font style="width: 4.87pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman';">Effective annual production capacity is calculated based on standard productivity of production lines, theoretical product mix allocations, the maximum number of possible working shifts and a continued flow of supp</font><font style="font-family: 'Times New Roman';">lies to the production process.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Production Facilities &#8211; Tubes</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">North America</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In North America, we have a fully integrated seamless pipe manufacturing facility, a threading plant and a pipe fittings facility in Mexico; one steel shop, two seamless pipe rolling mills, five welded pipe manufacturing facilities and seven threading plants in the United States; and a seamless pipe rolling mill and a threading plant in Canada. We have recently closed a welded pipe manufacturing facility in Canada, and expect integrate seamless and welded pipe production in our remaining pipe producing plant. </font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-style: italic;">Mexico</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In Mexico, our fully integrated seamless pipe manufacturing facility is located near the major exploration and drilling operations of Pemex, about 13 kilometers from the port of Veracruz on the Gulf of Mexico. Situated on an area of 650 hectares, the plant includes two state-of-the-art seamless pipe mills and has an installed annual production capacity of approximately 1,230,000 tons of seamless steel pipes (with an outside diameter </font><font style="font-family: 'Times New Roman';">range of 2 to 20 inches) and 1,20</font><font style="font-family: 'Times New Roman';">0,000 tons of steel bars. The plant is served by two highways and a railroad and is close to the port of Veracruz, which reduces transportation costs and facilitates product shipments to export markets.</font></p>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>23</font></font></td>
</tr>

</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
</div>
<p style="margin-top: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"><br></font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The Veracruz facility comprises:</font></p>
<ul type="disc" style="margin: 0pt; padding-left: 0pt;">
<li style="margin-left: 8.68pt; margin-bottom: 8pt; padding-left: 19.67pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">a steel shop, including an electric arc furnace, refining equipment, vacuum degassing, five-strand continuous caster and a cooling bed;</font></li>
<li style="margin-left: 8.68pt; margin-bottom: 8pt; padding-left: 19.67pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">a multi-stand pipe mill, including a rotary furnace, direct piercing equipment, mandrel mill with retained mandrel, sizing mill and a cooling bed;</font></li>
<li style="margin-left: 8.68pt; margin-bottom: 8pt; padding-left: 19.67pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">a premium quality finishing</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (&#8220;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">PQF</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8221;)</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, technology mill (2</font><font style="font-family: 'Times New Roman'; font-size: 6.67pt; vertical-align: super;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 6.67pt; vertical-align: super;">3</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8260;</font><font style="font-family: 'Times New Roman'; font-size: 6.67pt; vertical-align: sub;">8</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> to 7 inches), including a rotary furnace, direct piercing equipment, mandrel mill with retained mandrel, sizing mill and a cooling bed;</font></li>
<li style="margin-left: 8.68pt; margin-bottom: 8pt; padding-left: 19.67pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">a pilger pipe mill, including a rotary furnace, direct piercing equipment, a reheating furnace, sizing mill and a cooling bed;</font></li>
<li style="margin-left: 8.68pt; margin-bottom: 8pt; padding-left: 19.67pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">six finishing lines, including heat treatment </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">lines</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, upsetting machines and threading and inspection equipment;</font></li>
<li style="margin-left: 8.68pt; margin-bottom: 8pt; padding-left: 19.67pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">a cold-drawing mill; </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">and</font></li>
<li style="margin-left: 8.68pt; margin-bottom: 8pt; padding-left: 19.67pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">an </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">automotive components production </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">center</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">.</font></li>
</ul>
<p style="margin-top: 0pt; margin-bottom: 12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The major operational units at the Veracruz facility and the corresponding effective annual production capacity (in thousands of tons per year, except for the auto components facility, which is in millions of parts) as of December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">31, 20</font><font style="font-family: 'Times New Roman';">20</font><font style="font-family: 'Times New Roman';">, are as follows:</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
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<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Effective</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">Annual Production</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">Capacity</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;">&nbsp;</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">(thousands</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">of</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">tons) </font><font style="font-family: 'Times New Roman'; font-size: 6pt; font-weight: bold; vertical-align: super;">(1)</font></p>
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<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #cceeff; width: 72%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Steel Shop </font></p>
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<td style="border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 28%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">1,200 </font></p>
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<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Pipe Production</font></p>
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<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 9pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
</td>
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<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 9pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Multi-Stand Pipe Mill </font></p>
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<td style="border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">700 </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 9pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">PQF Mill </font></p>
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<td style="border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">450 </font></p>
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<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 9pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Pilger Mill </font></p>
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<td style="border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">80 </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 9pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Cold-Drawing Mill </font></p>
</td>
<td style="border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">35 </font></p>
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<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 9pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Auto Components Facility </font></p>
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<td style="border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">30 </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">________</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">_____________________________________</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">__________</font><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-left: 14.2pt; margin-bottom: 12pt; text-indent: -14.2pt; page-break-after: avoid; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 5.33pt; vertical-align: super;">(1)</font><font style="width: 4.87pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman';">Effective annual production capacity is calculated based on standard productivity of production lines, theoretical product mix allocations, the maximum number of possible working shifts and a continued flow of supp</font><font style="font-family: 'Times New Roman';">lies to the production process.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In Veracruz, located near our fully integrated seamless pipe manufacturing facility, we have a threading plant, which produces premi</font><font style="font-family: 'Times New Roman';">um connections and accessories.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In addition to the Veracruz facilities, we operate a manufacturing facility near Monterrey in the state of Nuevo Le&#243;n, Mexico, for the production of weldable pipe fittings. This facility has an annual production capacit</font><font style="font-family: 'Times New Roman';">y of approximately 15,000 tons.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In Mexico, beginning in April 2020, Tenaris&#8217;s plants operated at reduced levels due to the mandatory lockdowns and significant drop in demand for our products; however, activity started to increase by the end of 2020.</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">For further information on the status of our operations see</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">Item 5. &#8220;Operating and Financial Review and Prospects &#8211; Overview &#8211;</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">The COVID-19 pandemic and the oil &amp; gas crisis and their impact on Tenaris&#8217;s operations and financial condition.&#8221;</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-style: italic;">United States</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In the United States we have the f</font><font style="font-family: 'Times New Roman';">ollowing production facilities:</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-style: italic;">Koppel, Pennsylvania</font><font style="font-family: 'Times New Roman';">: Tenaris&#8217;s first steel shop in the United States, located on an area of 89 hectares with an annual production capacity of approximately 430,000 tons. An $11 million investment is ongoing to expand the plant&#8217;s size range capabilities, allowing it to produce bars in a wider range of sizes and securing a reliable source of billets to supply both our Bay City and Ambridge rolling mills. With the completion of this investment, the facility will provide vertical integration through domestic production of a significant part of Tenaris&#8217;s steel bar needs in the United States. The facility also includes a heat treatment line.&nbsp;</font></p>
<p style="margin-top: 14pt; margin-bottom: 14pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-style: italic;">Bay City, Texas:</font><font style="font-family: 'Times New Roman';"> Our 1.2 million square feet greenfield seamless mill was inaugurated in December 2017</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> and is</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">located on an area of 552 hectares</font><font style="font-family: 'Times New Roman';">.</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">The facility is the result of an investment of $1.8 billion and includes a state-of-the-art rolling mill with a capacity of approximately 600,000 tons per year (with an outside diameter range of 4 &#189; to 9 </font><font style="font-family: 'Times New Roman'; font-size: 6.67pt; vertical-align: super;">5</font><font style="font-family: 'Times New Roman';">/</font><font style="font-family: 'Times New Roman'; font-size: 6.67pt; vertical-align: sub;">8</font><font style="font-family: 'Times New Roman';"> inches), as well as finishing and heat treatment lines and a logistics center.</font></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>24</font></font></td>
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<p style="margin-top: 14pt; margin-bottom: 14pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The Bay City facility comprises:</font></p>
<p style="margin-top: 14pt; margin-bottom: 14pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">&#8226;</font><font style="width: 32.5pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman';">a retained mandrel mill premium quality finishing (&#8220;PQF&#8221;);</font></p>
<p style="margin-top: 14pt; margin-bottom: 14pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">&#8226;</font><font style="width: 32.5pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman';">a fully automated intermediate warehouse;</font></p>
<p style="margin-top: 14pt; margin-bottom: 14pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">&#8226;</font><font style="width: 32.5pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman';">a heat treatment line; and</font></p>
<p style="margin-top: 14pt; margin-bottom: 14pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">&#8226;</font><font style="width: 32.5pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman';">a finishing line.</font></p>
<p style="margin-top: 2pt; margin-bottom: 2pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-style: italic;">Ambridge, Pennsylvania</font><font style="font-family: 'Times New Roman';">: a seamless rolling mill located on an area of 19 hectares,</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">with a capacity of approximately 380,000 tons per year (with an outside diameter rang</font><font style="font-family: 'Times New Roman';">e of </font><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp;</font><font style="font-family: 'Times New Roman';">2</font><font style="font-family: 'Times New Roman'; font-size: 6.67pt; vertical-align: super;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 6.67pt; vertical-align: super;">3</font><font style="font-family: 'Times New Roman';">&#8260;</font><font style="font-family: 'Times New Roman'; font-size: 6.67pt; vertical-align: sub;">8</font><font style="font-family: 'Times New Roman';"> through 5</font><font style="font-family: 'Times New Roman'; font-size: 6.67pt; vertical-align: super;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 6.67pt; vertical-align: super;">1</font><font style="font-family: 'Times New Roman';">&#8260;</font><font style="font-family: 'Times New Roman'; font-size: 6.67pt; vertical-align: sub;">2</font><font style="font-family: 'Times New Roman';"> inches</font><font style="font-family: 'Times New Roman';">).</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-after: avoid; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-style: italic;">Hickman, Arkansas</font><font style="font-family: 'Times New Roman';">: This facility, which is our main U.S. welded production facility and covers an area of 78 hectares, processes steel coils to produce electric resistance welded (&#8220;ERW&#8221;), OCTG and line pipe with an outside diameter range from 2</font><font style="font-family: 'Times New Roman'; font-size: 6.67pt; vertical-align: super;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 6.67pt; vertical-align: super;">3</font><font style="font-family: 'Times New Roman';">&#8260;</font><font style="font-family: 'Times New Roman'; font-size: 6.67pt; vertical-align: sub;">8</font><font style="font-family: 'Times New Roman';"> to 16 inches and has an annual production capacity of approximately 900,000 tons. It includes:</font></p>
<ul type="disc" style="margin: 0pt; padding-left: 0pt;">
<li style="margin-left: 8.68pt; margin-bottom: 12pt; padding-left: 19.67pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">a plant comprising two mills producing 2</font><font style="font-family: 'Times New Roman'; font-size: 6.67pt; vertical-align: super;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 6.67pt; vertical-align: super;">3</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8260;</font><font style="font-family: 'Times New Roman'; font-size: 6.67pt; vertical-align: sub;">8</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> through 5</font><font style="font-family: 'Times New Roman'; font-size: 6.67pt; vertical-align: super;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 6.67pt; vertical-align: super;">1</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8260;</font><font style="font-family: 'Times New Roman'; font-size: 6.67pt; vertical-align: sub;">2</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> inches API products with two finishing lines and two heat treatment lines;</font></li>
<li style="margin-left: 8.68pt; margin-bottom: 12pt; padding-left: 19.67pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">a plant comprising two mills producing 4</font><font style="font-family: 'Times New Roman'; font-size: 6.67pt; vertical-align: super;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 6.67pt; vertical-align: super;">1</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8260;</font><font style="font-family: 'Times New Roman'; font-size: 6.67pt; vertical-align: sub;">2</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> through 16 inches API products with two finishing lines; </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">and</font></li>
<li style="margin-left: 8.68pt; margin-bottom: 12pt; padding-left: 19.67pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">a coating facility coating sizes up to 16 inches.</font></li>
</ul>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Additionally we have several facilities processing steel coils to produce ERW OCTG in various states, with a combined capacity of approximately 1 million tons with an outside diameter range of</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> 2</font><font style="font-family: 'Times New Roman'; font-size: 6.67pt; vertical-align: super;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 6.67pt; vertical-align: super;">3</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8260;</font><font style="font-family: 'Times New Roman'; font-size: 6.67pt; vertical-align: sub;">8</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">to 16 inches.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">These</font><font style="font-family: 'Times New Roman';"> facilities are complemented by various threading </font><font style="font-family: 'Times New Roman';">facilities</font><font style="font-family: 'Times New Roman';"> in different states</font><font style="font-family: 'Times New Roman';">, which are mainly dedicated to the finishing of </font><font style="font-family: 'Times New Roman';">tubes with premium connections.</font></p>
<p style="margin-top: 2pt; margin-bottom: 2pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In response to the abrupt and steep decline in product demand, most of our U.S. based facilities were temporarily closed during 2020; however, some of them are expected to resume operations during 2021 as market conditions continue to improve.</font></p>
<p style="margin: 0px; font-size: 12pt; text-indent: 0px;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-style: italic;">Canada</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In Canada, we have a seamless steel pipe manufacturing facility located in Sault Ste. Marie, near the mouth of Lake Superior in the province of Ontario. The facility includes a retained mandrel mill, a stretch reducing mill and heat treatment and finishing facilities producing seamless pipe products with an outside diameter range of </font><font style="font-family: 'Times New Roman';">3 </font><font style="font-family: 'Times New Roman'; font-size: 6.67pt; vertical-align: super;">1</font><font style="font-family: 'Times New Roman';">/</font><font style="font-family: 'Times New Roman'; font-size: 6.67pt; vertical-align: sub;">2</font><font style="font-family: 'Times New Roman';"> to 9</font><font style="font-family: 'Times New Roman'; font-size: 6.67pt; vertical-align: super;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 6.67pt; vertical-align: super;">7</font><font style="font-family: 'Times New Roman';">&#8260;</font><font style="font-family: 'Times New Roman'; font-size: 6.67pt; vertical-align: sub;">8</font><font style="font-family: 'Times New Roman';"> inches. The effective annual production capacity of the facility is approximately 300,000 tons. </font><font style="font-family: 'Times New Roman';">We mainly use steel bars produced by our integrated facilities in Romani</font><font style="font-family: 'Times New Roman';">a, Italy, Mexico and Argentina.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Until recently, we also owned a welded steel pipe manufacturing facility located in Calgary, Alberta, which processed steel coils into ERW OCTG and line pipe with an outside diameter range of 2 3&#8260;8 to 12 3&#8260;4 inches. The facility included a slitter, three welding lines and four threading lines. The effective annual production capacity of this plant for 2020 was approximately 400,000 tons. This facility has been shut down during 2020. Some of its equipment is being relocated to our Sault Ste. Marie facility in Ontario, as part of a repositioning plan for our industrial activities, which is estimated to be completed by the end of 2021, and is expected to strengthen the competitiveness and increase the domestic production capabilities of the Canadian market.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In addition, we have a threading facility in Nisku, Alberta, near the center of Western Canadian drilling area. The facility</font><font style="font-family: 'Times New Roman';"> has </font><font style="font-family: 'Times New Roman';">ten</font><font style="font-family: 'Times New Roman';"> computer numerical control</font><font style="font-family: 'Times New Roman';"> (</font><font style="font-family: 'Times New Roman';">&#8220;</font><font style="font-family: 'Times New Roman';">CNC</font><font style="font-family: 'Times New Roman';">&#8221;</font><font style="font-family: 'Times New Roman';">)</font><font style="font-family: 'Times New Roman';">&nbsp;lathes</font><font style="font-family: 'Times New Roman';"> dedicated to premium connections and accesso</font><font style="font-family: 'Times New Roman';">ries including related repairs.</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">South America</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In South America, we have a fully integrated seamless pipe facility in Argentina. In addition, we have welded pipe manufacturing facilities in </font><font style="font-family: 'Times New Roman';">Argentina, Brazil and Colombia.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-style: italic;">Argentina</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Our principal manufacturing facility in South America is a fully integrated plant on the banks of the Paran&#225; river near the </font><font style="font-family: 'Times New Roman';">city</font><font style="font-family: 'Times New Roman';"> of Campana, approximately 80 kilometers</font><font style="font-family: 'Times New Roman';"> north from the c</font><font style="font-family: 'Times New Roman';">ity of Buenos Aires, Argentina. Situated on over 300 hectares, the plant includes a state-of-the-art seamless pipe facility and has an effective annual production capacity of approximately 900,000 tons of seamless steel pipe (with an outside diameter range of 1</font><font style="font-family: 'Times New Roman'; font-size: 6.67pt; vertical-align: super;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 6.67pt; vertical-align: super;">1</font><font style="font-family: 'Times New Roman';">&#8260;</font><font style="font-family: 'Times New Roman'; font-size: 6.67pt; vertical-align: sub;">4</font><font style="font-family: 'Times New Roman';"> to 10</font><font style="font-family: 'Times New Roman'; font-size: 6.67pt; vertical-align: super;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 6.67pt; vertical-align: super;">3</font><font style="font-family: 'Times New Roman';">&#8260;</font><font style="font-family: 'Times New Roman'; font-size: 6.67pt; vertical-align: sub;">4</font><font style="font-family: 'Times New Roman';"> inches) an</font><font style="font-family: 'Times New Roman';">d 1,300,000 tons of steel bars.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The Campana facility comprises:</font></p>
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<li style="margin-left: 8.68pt; margin-bottom: 12pt; padding-left: 19.82pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">a direct reduced iron (&#8220;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">DRI</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8221;)</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> production plant;</font></li>
<li style="margin-left: 8.68pt; margin-bottom: 12pt; padding-left: 19.82pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">a steel shop with two production lines, each including an electric arc furnace, refining equipment, four-strand conti</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">nuous caster and a cooling bed;</font></li>
<li style="margin-left: 8.68pt; margin-bottom: 12pt; padding-left: 19.82pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">two continuous mandrel mills, each including a rotary furnace, direct piercing equipment and a cooling bed and</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">,</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> one of them</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">,</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> also inc</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">luding a stretch reducing mill;</font></li>
<li style="margin-left: 8.68pt; margin-bottom: 12pt; padding-left: 19.82pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">seven finishing lines, including heat treatment </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">lines</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, upsetting machines, threading and inspection eq</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">uipment and make-up facilities;</font></li>
<li style="margin-left: 8.68pt; margin-bottom: 12pt; padding-left: 19.82pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">a cold-drawing mill; </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">and</font></li>
<li style="margin-left: 8.68pt; margin-bottom: 12pt; padding-left: 19.82pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">a port on the Paran&#225; river for the supply of raw materials and the</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> shipment of finished products.</font></li>
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<p style="margin-top: 0pt; margin-bottom: 12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Our local electric energy requirements are satisfied through purchases in the local market and by a 35 megawatts thermo-electric power generating plant located within the Campana facility.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The major operational units at the Campana facility and corresponding effective annual production capacity (in thousands of tons per year) as of December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">31, 20</font><font style="font-family: 'Times New Roman';">20</font><font style="font-family: 'Times New Roman';">, are as follows:</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Effective</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">Annual Production</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">Capacity</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;">&nbsp;</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">(thousands</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">of</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">tons) </font><font style="font-family: 'Times New Roman'; font-size: 6pt; font-weight: bold; vertical-align: super;">(1)</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">DRI </font></p>
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<td style="border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 28%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">960 </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Steel Shop</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 9pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
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<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 9pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Continuous Casting I </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">530 </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 9pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Continuous Casting II </font></p>
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<td style="border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">770 </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Pipe Production</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 9pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 9pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Mandrel Mill I </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">330 </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 9pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Mandrel Mill II </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">570 </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 9pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Cold-Drawing Mill </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">20 </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">____</font><font style="font-family: 'Times New Roman';">_______________________________________</font></p>
<p style="margin-top: 0pt; margin-left: 14.2pt; margin-bottom: 0pt; text-indent: -14.2pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 5.33pt; vertical-align: super;">(1)</font><font style="width: 4.87pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman';">Effective annual production capacity is calculated based on standard productivity of production lines, theoretical product mix allocations, the maximum number of possible working shifts and a continued flow of supp</font><font style="font-family: 'Times New Roman';">lies to the production process.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In addition to our main integrated seamless pipe facility, we also have two welded pipe manufacturing facilities in Argentina. One is</font><font style="font-family: 'Times New Roman';"> located at Valent&#237;n Alsina,</font><font style="font-family: 'Times New Roman';"> south </font><font style="font-family: 'Times New Roman';">of the city of Buenos Aires. This</font><font style="font-family: 'Times New Roman';"> facility includes</font><font style="font-family: 'Times New Roman';"> ERW and submerged arc welding (&#8220;</font><font style="font-family: 'Times New Roman';">SAW</font><font style="font-family: 'Times New Roman';">&#8221;)</font><font style="font-family: 'Times New Roman';">, rolling mills with one spiral line. The facility was originally opened in 1948 and processes steel coils and plates to produce welded steel pipes with an outside diameter range of 4</font><font style="font-family: 'Times New Roman'; font-size: 5.67pt; vertical-align: super;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 6.67pt; vertical-align: super;">1</font><font style="font-family: 'Times New Roman';">&#8260;</font><font style="font-family: 'Times New Roman'; font-size: 6.67pt; vertical-align: sub;">2 </font><font style="font-family: 'Times New Roman';">to 80 inches, which are used for the conveying of fluids at low, medium and high pressure and for mechanical and structural purposes. The facility has an annual production capacity of approximately 350,000 to</font><font style="font-family: 'Times New Roman';">ns. The other welded facility,</font><font style="font-family: 'Times New Roman';"> located at Villa Constituc</font><font style="font-family: 'Times New Roman';">i&#243;n in the province of Santa Fe,</font><font style="font-family: 'Times New Roman';"> has an annual production capacity of approximately 80,000 tons of welded pipes with an outside diameter range of 1 to </font><font style="font-family: 'Times New Roman';">8</font><font style="font-family: 'Times New Roman';"> inches.</font></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>26</font></font></td>
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<p style="margin-top: 7pt; margin-bottom: 7pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Our plants in Argentina operated at technical minimums in response to mandatory lockdown measures implemented in March 2020; activity resumed gradually as most restrictions have been lifted. For further information on the status of our operations see Item 5. &#8220;Operating and Financial Review and Prospects &#8211; Overview &#8211; The COVID-19 pandemic and the oil &amp; gas crisis and their impact on Tenaris&#8217;s operations and financial condition.&#8221;</font></p>
<p style="margin: 0cm 0cm 7pt; font-size: 10pt; font-family: 'Times New Roman', serif;"><font lang="EN-US" style="font-size: 10.0pt;">In March 2021, Tenaris acquired fracking equipment from U.S.-based oil services company Baker Hughes in Argentina, allowing it to step up its services in the Vaca Muerta shale deposit on an expected rise in activity. The deal includes a pressure pumping fleet, a coiled tubing unit and related equipment.&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 7pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 1pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-style: italic;">Brazil</font></p>
<p style="margin-top: 0pt; margin-bottom: 7pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In Brazil we have the Confab welded pipe manufacturing facility, located at Pindamonhangaba, 160 kilometers northeast from the city of S&#227;o Paulo. This facility includes an ERW rolling mill and a SAW longitudinal rolling mill. The facility, which was originally opened in 1974, processes steel coils and plates to produce welded steel pipes with an outside diameter range from 5</font><font style="font-family: 'Times New Roman'; font-size: 6.67pt; vertical-align: super;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 6.67pt; vertical-align: super;">1</font><font style="font-family: 'Times New Roman';">&#8260;</font><font style="font-family: 'Times New Roman'; font-size: 6.67pt; vertical-align: sub;">2</font><font style="font-family: 'Times New Roman';"> to </font><font style="font-family: 'Times New Roman';">48</font><font style="font-family: 'Times New Roman';"> inches for various applications, including OCTG and line pipe for oil, petrochemical and gas applications. The facility also supplies anticorrosion pipe coating made of extruded polyethylene or polypropylene, external and internal fusion bonded epoxy, thermal insulation, concrete weight coating and paint for internal pipe coating. </font><font style="font-family: 'Times New Roman';">In 2020 we shut down and disassembled one</font><font style="font-family: 'Times New Roman';"> minor</font><font style="font-family: 'Times New Roman';"> production line and therefore </font><font style="font-family: 'Times New Roman';">slightly </font><font style="font-family: 'Times New Roman';">reduced the <font lang="EN-US" style="font-size: 10.0pt; font-family: 'Times New Roman','serif'; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;">facilitiy&#8217;s </font> annual production capacity which remains at approximately 500,000 tons.</font></p>
<p style="margin-top: 0pt; margin-bottom: 7pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-style: italic;">Colombia</font><font style="font-family: 'Times New Roman'; font-style: italic;"> and Ecuador</font></p>
<p style="margin-top: 0pt; margin-bottom: 7pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In Colombia we have Tubo</font><font style="font-family: 'Times New Roman';">C</font><font style="font-family: 'Times New Roman';">aribe, </font><font style="font-family: 'Times New Roman';">a </font><font style="font-family: 'Times New Roman';">pipe manufacturing facility in Cartagena, on an area of </font><font style="font-family: 'Times New Roman';">60 </font><font style="font-family: 'Times New Roman';">hectares</font><font style="font-family: 'Times New Roman';">, including a state-of-the-art finishing plant for seamless pipes. The</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">total estimated annual </font><font style="font-family: 'Times New Roman';">finishing </font><font style="font-family: 'Times New Roman';">capacity </font><font style="font-family: 'Times New Roman';">is</font><font style="font-family: 'Times New Roman';"> approximately</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">25</font><font style="font-family: 'Times New Roman';">0,000 tons</font><font style="font-family: 'Times New Roman';">, with an estimated annual ERW production capacity of approximately 140,000 tons</font><font style="font-family: 'Times New Roman';">. </font><font style="font-family: 'Times New Roman';">This facility</font><font style="font-family: 'Times New Roman';"> produces OCTG and line pipe products </font><font style="font-family: 'Times New Roman';">with an outside diameter range of 2</font><font style="font-family: 'Times New Roman'; font-size: 6.67pt; vertical-align: super;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 6.67pt; vertical-align: super;">3</font><font style="font-family: 'Times New Roman';">&#8260;</font><font style="font-family: 'Times New Roman'; font-size: 6.67pt; vertical-align: sub;">8</font><font style="font-family: 'Times New Roman';"> to 9</font><font style="font-family: 'Times New Roman'; font-size: 6.67pt; vertical-align: super;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 6.67pt; vertical-align: super;">5</font><font style="font-family: 'Times New Roman';">&#8260;</font><font style="font-family: 'Times New Roman'; font-size: 6.67pt; vertical-align: sub;">8</font><font style="font-family: 'Times New Roman';"> inches, </font><font style="font-family: 'Times New Roman';">and includes</font><font style="font-family: 'Times New Roman';"> three&nbsp;</font><font style="font-family: 'Times New Roman';">ERW </font><font style="font-family: 'Times New Roman';">mills</font><font style="font-family: 'Times New Roman';">, one heat treatment line</font><font style="font-family: 'Times New Roman';">, one slotting line</font><font style="font-family: 'Times New Roman';"> and three threading lines, including premium connections capacity</font><font style="font-family: 'Times New Roman';">.</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">Inspection lines and </font><font style="font-family: 'Times New Roman';">materials testing laboratories </font><font style="font-family: 'Times New Roman';">complete the production facility. </font><font style="font-family: 'Times New Roman';">A 2 to 42 inches diameter multilayer coating facility complements our line pipe production facilities.</font></p>
<p style="margin-top: 0pt; margin-bottom: 7pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In addition, we have a coupling shop with </font><font style="font-family: 'Times New Roman';">fifty-four</font><font style="font-family: 'Times New Roman';"> lathes, </font><font style="font-family: 'Times New Roman';">ten</font><font style="font-family: 'Times New Roman';"> cutting machines, and </font><font style="font-family: 'Times New Roman';">two</font><font style="font-family: 'Times New Roman';"> phosphatizing lines. Inspection and finishing lines complete this facility. </font><font style="font-family: 'Times New Roman';">The shop </font><font style="font-family: 'Times New Roman';">has</font><font style="font-family: 'Times New Roman';"> an estimated annual production capacity of 2</font><font style="font-family: 'Times New Roman';">.</font><font style="font-family: 'Times New Roman';">3 million pieces, including API and premium threads.</font></p>
<p style="margin-bottom: 7pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In Colombia, Tenaris reduced its activity in 2020 following the imposition of mandatory lockdowns, experiencing a partial recovery in recent months, but still operating at reduced levels.</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">For further information on the status of our operations, see</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">Item 5. &#8220;Operating and Financial Review and Prospects &#8211;</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">Overview</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">&#8211;</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">The COVID-19 pandemic and the oil &amp; gas crisis and their impact on Tenaris&#8217;s operations and financial condition.&#8221; </font></p>
<p style="margin-bottom: 7pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In Ecuador we have a threading and finishing facility with an annual capacity of 35,000 tons, and a service center which is designed to support our RigDirect&#174; strategy, both situated in Machachi.</font></p>
<p style="margin-top: 0pt; margin-bottom: 7pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Europe</font></p>
<p style="margin-top: 0pt; margin-bottom: 7pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In Europe, we have several seamless pipe manufacturing facilities in Italy and one in Romania, and a premium connection threading facility in the United Kingdom. We have recently dismantled a threading facility in Denmark.</font></p>
<p style="margin: 0cm 0cm 7pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font lang="EN-US" style="font-size: 10.0pt;">In 2019, we entered into a joint venture agreement with Severstal to build and operate a welded pipe mill to manufacture OCTG products in Surgut, Western Siberia. Construction activities for the welded pipe mill are currently on hold while the joint venture partners assess changes in the relevant markets and the competitive environment to determine whether adjustments or changes to the project could be necessary. Our share in the joint venture is 49%.</font></p>
<p style="margin-top: 0pt; margin-bottom: 7pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-style: italic;">Italy</font></p>
<p style="margin-top: 0pt; margin-bottom: 7pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Our principal manufacturing facility in Europe is an integrated plant located in the town of Dalmine</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> in the industrial </font><font style="font-family: 'Times New Roman';">area</font><font style="font-family: 'Times New Roman';"> of Bergamo, about 40 kilometers from Milan in northern Italy. Situated on an area of 150 hectares, the plant includes a state-of-the-art seamless pipe mill and has an annual production capacity of approximately </font><font style="font-family: 'Times New Roman';">650</font><font style="font-family: 'Times New Roman';">,000 tons of seamless steel pipes and 935,000 tons of steel bars.</font></p>
<p style="margin-top: 0pt; margin-bottom: 7pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The Dalmine facility comprises:</font></p>
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<li style="margin-left: 8.68pt; margin-bottom: 6pt; padding-left: 19.67pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">a steel shop, including an electric arc furnace, two ladle furnaces, </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">two</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> vacuum degassing</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> and</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> two continuous casters with their own cooling beds;</font></li>
<li style="margin-left: 8.68pt; margin-bottom: 6pt; padding-left: 19.67pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">a continuous floating mandrel mill (the operations of which have been recently suspended);</font></li>
<li style="margin-left: 8.68pt; margin-bottom: 6pt; padding-left: 19.67pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">a retained mandrel mill with two in-line-high-productivity finishing lines including one heat treatment</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">;</font></li>
<li style="margin-left: 8.68pt; margin-bottom: 6pt; padding-left: 19.67pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">a rotary expander with a finishing </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">line including a heat </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">treatment</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">and</font></li>
<li style="margin-left: 8.68pt; margin-bottom: 0pt; padding-left: 19.67pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">two premium connection threading lines</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">.</font></li>
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<p style="margin-top: 12pt; margin-bottom: 12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The major operational units at the Dalmine facility and corresponding effective annual production capacity (in thousands of tons per year) as of December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">31, 20</font><font style="font-family: 'Times New Roman';">20</font><font style="font-family: 'Times New Roman';">, are as follows:</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Effective</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">Annual Production</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">Capacity</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;">&nbsp;</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">(thousands</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">of</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">tons) </font><font style="font-family: 'Times New Roman'; font-size: 6pt; font-weight: bold; vertical-align: super;">(1)</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Steel Shop </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">935 </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Pipe Production</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 9pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 18pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Retained Mandrel Mill Medium Diameter (plus Rotary Expander for Large Diameter) </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">650 </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">__________________________________________</font><font style="font-family: 'Times New Roman';">_____________</font><font style="font-family: 'Times New Roman';">_______</font></p>
<p style="margin-top: 0pt; margin-left: 14.2pt; margin-bottom: 12pt; text-indent: -14.2pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 5.33pt; vertical-align: super;">(1)</font><font style="width: 4.87pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman';">Effective annual production capacity is calculated based on standard productivity of production lines, theoretical product mix allocations, the maximum number of possible working shifts and a continued flow of supp</font><font style="font-family: 'Times New Roman';">lies to the production process.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The Dalmine facility manufactures seamless steel pipes with</font><font style="font-family: 'Times New Roman';"> an outside diameter range of 146 to 711 mm (5.70</font><font style="font-family: 'Times New Roman';"> to 28.00 inches), mainly from carbon, low alloy and high alloy steels for diverse applications. The Dalmine facility also manufactures steel bars for processing at</font><font style="font-family: 'Times New Roman';"> our facilities in Italy and </font><font style="font-family: 'Times New Roman';">elsewhere</font><font style="font-family: 'Times New Roman';">.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Our production facilities located in Italy have a collective annual production capacity of approximately </font><font style="font-family: 'Times New Roman';">800</font><font style="font-family: 'Times New Roman';">,000 tons of seamless steel pipes. </font><font style="font-family: 'Times New Roman';">In addition to</font><font style="font-family: 'Times New Roman';"> the main facility mentioned above, they include:</font></p>
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<li style="margin-left: 8.68pt; margin-bottom: 8pt; padding-left: 19.67pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">the Costa Volpino facility, which covers an area of approximately 31 hectares and comprises a cold-drawing mill and an auto components facility producing cold-drawn carbon, low alloy and high alloy steel pipes with an outside </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">diameter range of 12 to 380 mm (0.47 to 15 inches), mainly for automotive, mechanical and machinery companies in Europe. The Costa Volpino facility has an annual production capacity of approximately 80,000 tons;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">and</font></li>
<li style="margin-left: 8.68pt; margin-bottom: 8pt; padding-left: 19.67pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">the Arcore facility, which covers an area of approximately 26 hectares and comprises a Diescher mill with associated finishing lines. Production is concentrated in heavy-wall mechanical pipes with an outside diameter range of 48 to 219 mm (1.89 to 8.62 inches). The Arcore facility has an annual production capacity of approximately 150,000 tons</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">.</font></li>
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<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In addition to these facilities, we operate a m</font><font style="font-family: 'Times New Roman';">anufacturing facility at Sabbio</font><font style="font-family: 'Times New Roman';"> which manufactures gas cylinders with an annual production capacity of approximately 14,000 tons or 270,000 pieces, and a large vessels pla</font><font style="font-family: 'Times New Roman';">nt inside the Dalmine facility, </font><font style="font-family: 'Times New Roman';">with a production capacity of around </font><font style="font-family: 'Times New Roman';">2,500</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">finished </font><font style="font-family: 'Times New Roman';">pieces per year.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In order to reduce the cost of electrical energy at our operations in Dalmine, we constructed a gas-fired, combined heat and power station wit</font><font style="font-family: 'Times New Roman';">h a capacity of 120 megawatts in</font><font style="font-family: 'Times New Roman';"> Dalmine. </font><font style="font-family: 'Times New Roman';">Our operations in Dalmine consume a share of the power generated at the power station</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> which </font><font style="font-family: 'Times New Roman';">has </font><font style="font-family: 'Times New Roman';">sufficient capacity to meet almost the whole electric power requirements of these operations. The additional energy needed to cover </font><font style="font-family: 'Times New Roman';">consumption peaks</font><font style="font-family: 'Times New Roman';"> and the excess energy produced are purchased and sold to the market while heat is sold for district heating.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In Italy, Tenaris reduced its activity following the imposition of mandatory lockdowns imposed in March 2020, and for a limited period of time our Dalmine facility was used exclusively for the manufacturing of oxygen tanks to aid local hospitals and health centers. Over time, however, the facility gradually resumed operations. For further information on the status of our operations, see Item 5. &#8220;Operating and Financial Review and Prospects &#8211; Overview &#8211; The COVID-19 pandemic and the oil &amp; gas crisis and their impact on Tenaris&#8217;s operations and financial condition.&#8221;</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-style: italic;">Romania</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">We have a seamless steel pipe manufacturing facility in northwest Romania, located in the city of Zalau, 530 kilometers from Bucharest. The facility includes a hot rolling mill and has an annual production capacity of approximately 250,000 tons of hot rolled pipes and 210,000 tons of finished products, of which 25,000 tons are cold drawn. The plant produces carbon and alloy steel tubes with an outside diameter range of 21.3 to 159 mm (0.839 to 6.26 inches) for hot rolled tubes and 8 to 120 mm (0.315 to 4.724 inches) for cold drawn tubes. We also have a steelmaking facility in southern Romania, located in the city of Calarasi, with an an</font><font style="font-family: 'Times New Roman';">nual steelmaking capacity of 620</font><font style="font-family: 'Times New Roman';">,000 tons, supplying steel bars for European operations as well as to other rolling mills in our industrial system. The industrial center in Romania comprise</font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';">:</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<ul type="disc" style="margin: 0pt; padding-left: 0pt;">
<li style="margin-left: 8.68pt; margin-bottom: 8pt; padding-left: 19.82pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">a steel shop including an electric arc furnace, a ladle furnace and a continuous caster;</font></li>
<li style="margin-left: 8.68pt; margin-bottom: 8pt; padding-left: 19.82pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">a floating mandrel mill;</font></li>
<li style="margin-left: 8.68pt; margin-bottom: 8pt; padding-left: 19.82pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">four finishing lines, including heat treatment lines, upsetting machine, line pipe, threading, make-up and inspection equipment facilities;</font></li>
<li style="margin-left: 8.68pt; margin-bottom: 8pt; padding-left: 19.82pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">a coupling shop;</font></li>
<li style="margin-left: 8.68pt; margin-bottom: 8pt; padding-left: 19.82pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">an accessories line;</font></li>
<li style="margin-left: 8.68pt; margin-bottom: 8pt; page-break-after: avoid; padding-left: 19.82pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">a cold-drawing plant with finishing area; </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">and</font></li>
<li style="margin-left: 8.68pt; margin-bottom: 8pt; page-break-after: avoid; padding-left: 19.82pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">automotive and hydraulic cylinders components&#8217; production machinery.</font></li>
</ul>
<p style="margin-top: 10pt; margin-bottom: 12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-style: italic;">United Kingdom</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In Aberdeen, we have a premium connection threading, manufacturing and repair facility, which works as a hub to service our customers working in the North Sea region. The facility has an annual production capacity of approximately 20,000 pieces, with a production range of 2 3/8 to 20 inches.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-style: italic;">Denmark</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">We had a facility for the manufacturing of casing and tubing accessories and the provision of casing and tubing repairs in Esbjerg. In November 2020, the facility was dismantled and the assets were transferred to other Tenaris production facilities.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Middle East and Africa</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">We have a controlling participation in SSPC, a welded steel pipe producer, which operates five production lines and produces welded pipes for the local oil &amp; gas industry (OCTG and Line Pipe) and for the industrial and construction sectors. Annual capacity is 360,000 tons covering a diameter range from &#189; to 20 inches. We also have a threading facility for the production of premium joints and accessories in Saudi Arabia, with an annual production capacity of 120,000 tons. </font><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Additionally, we have a premium threading facility in Kazakhstan. The state-of-the-art facility has the capacity to produce 45,000 tons of OCTG</font><font style="font-family: 'Times New Roman';"> annually</font><font style="font-family: 'Times New Roman';"> for threading seamless pipes an</font><font style="font-family: 'Times New Roman';">d gas-tight premium connections to serve the local market.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In Nigeria we have a facility dedicated to the production of premium joints and couplings </font><font style="font-family: 'Times New Roman';">located </font><font style="font-family: 'Times New Roman';">in Onne. This plant comprises a threading facility for both API and premium connections with an annual production capacity of approximately 40,000 tons, inspection facilities and a stockyard. </font><font style="font-family: 'Times New Roman';">In addition, we</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">own</font><font style="font-family: 'Times New Roman';"> a</font><font style="font-family: 'Times New Roman';"> 40</font><font style="font-family: 'Times New Roman';">%</font><font style="font-family: 'Times New Roman';"> participation in</font><font style="font-family: 'Times New Roman';"> Pipe Coaters</font><font style="font-family: 'Times New Roman';">, a leading company in the</font><font style="font-family: 'Times New Roman';"> Nigerian pipe coating industry,</font><font style="font-family: 'Times New Roman';"> located in Onne, </font><font style="font-family: 'Times New Roman';">which</font><font style="font-family: 'Times New Roman';"> supplies a wide variety of products and services for the oil and gas industry, such as internal, anticorrosion, concrete and thermal insulation coatings for</font><font style="font-family: 'Times New Roman';"> onshore and offshore (including</font><font style="font-family: 'Times New Roman';"> deepwater</font><font style="font-family: 'Times New Roman';">)</font><font style="font-family: 'Times New Roman';"> applications. </font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Asia Pacific</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Our seamless pipe manufacturing facility in Asia, operated by NKKTubes, is located in Kawasaki, Japan, in the Keihin steel complex owned by JFE. The facility includes a floating mandrel mill, a plug mill and heat treatment and upsetting and threading facilities producing seamless steel pipe products with an outside diameter range of 1 to 17 inches. The NKKTubes facility produces a wide range of carbon, alloy and stainless steel pipes for the local market and high value-added products for export markets. The effective annual production capacity of the facility is approximately 260,000 tons. Steel bars and other essential inputs and services are supplied under a long-term agreement by JFE, which retains a 49% interest in NKKTubes through its subsidiary JFE Steel Corporation. On March 27, 2020, JFE informed Tenaris of its decision to permanently cease as from JFE&#8217;s fiscal year ending March 2024 the operations of certain of its steel manufacturing facilities and other facilities located at the Keihin complex. The closure of JFE&#8217;s Keihin facilities may result in the unavailability of steel bars and other essential inputs or services used in NKKTubes&#8217; manufacturing process, thereby affecting its operations. Tenaris and JFE have engaged in discussions to seek mutually acceptable solutions. In any case, Tenaris believes that it has the technical capability to manufacture the products supplied by NKKTubes in its other facilities.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">We own a facility for the production of premium joints and couplings in Qingdao, on the east coast of China. The facility has an annual production capacity of approximately 40,000 tons of premium joints. Additionally, we have a facility that produces components for the local automotive industry. In December 2020 we entered into an agreement with Baotou Steel to build a steel pipe premium connection threading plant to produce OCTG products in Baotou, China.</font></p>
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<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
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<p style="margin: 12pt 0pt; font-size: 10pt; text-indent: 0pt;"><font style="font-family: 'Times New Roman';">In addition, in Indonesia, we hold 89.17% of SPIJ, an Indonesian OCTG processing business with heat treatment, premium connection threading facilities, coupling shop and a quality-testing laboratory, including an ultrasonic testing machine, which has an annual processing capacity of approximately 120,000 tons. We also have a premium joints accessories threading facility in the state of Batam, which we integrated to our operations following the acquisition of Hydril.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Production Facilities &#8211; Others </font></p>
<p style="margin-top: 14pt; margin-bottom: 14pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">We have facilities for the manufacture of sucker rods in Villa Mercedes (San Luis, Argentina), Moreira Cesar (S&#227;o Paulo, Brazil), Veracruz (Mexico), Campina (Romania) and Conroe (Texas, United States). Our total annual manufacturing capacity of </font><font style="font-family: 'Times New Roman';">sucker rods is approximately 3.3</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million units.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In Moreira Cesar (S&#227;o Paulo, Brazil), we also have facilities for the manufacturing of industrial equipment. In many cases, we also provide the assembly service of this equipment at the client&#8217;s site. </font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In Italy, we have the Piombino facility, which covers an area of approximately 67 hectares and comprises a hot dip galvanizing line and associated finishing facilities. Production is focused on finishing of small diameter seamless pipe</font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';"> for plumbing applications in the domestic ma</font><font style="font-family: 'Times New Roman';">rket, such as residential water, </font><font style="font-family: 'Times New Roman';">gas transport</font><font style="font-family: 'Times New Roman';"> and firefighting</font><font style="font-family: 'Times New Roman';">. The Piombino facility has an annual production capacity of approximately 100,000 tons.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In addition, we have specialized facilities in the Houston area producing coiled tubing and umbilical tubing:</font></p>
<ul type="disc" style="margin: 0pt; padding-left: 0pt;">
<li style="margin-left: 8.68pt; margin-bottom: 12pt; padding-left: 19.67pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">A coiled tubing facility of approximately 150,000 square feet of manufacturing space on 4 hectares. The plant consists of two mills and coating operations capable of producing coiled tubing products in various grades, sizes and wall thicknesses. A new continuous heat treatment line has been recently installed.</font></li>
<li style="margin-left: 8.68pt; margin-bottom: 12pt; padding-left: 19.67pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">An umbilical tubing facility of approximately 85,000 square feet of manufacturing space on 6 hectares. The facility is capable of producing stainless or carbon steel tubing in various grades, sizes and wall thickness.</font></li>
</ul>
<p style="margin-top: 0pt; margin-bottom: 12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Sales and Marketing</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-style: italic;">Net Sales</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Our total net sales amounted to $</font><font style="font-family: 'Times New Roman';">5</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';">147</font><font style="font-family: 'Times New Roman';"> million in 20</font><font style="font-family: 'Times New Roman';">20</font><font style="font-family: 'Times New Roman';">, compared </font><font style="font-family: 'Times New Roman';">to $</font><font style="font-family: 'Times New Roman';">7,</font><font style="font-family: 'Times New Roman';">2</font><font style="font-family: 'Times New Roman';">9</font><font style="font-family: 'Times New Roman';">4</font><font style="font-family: 'Times New Roman';"> million in 201</font><font style="font-family: 'Times New Roman';">9</font><font style="font-family: 'Times New Roman';"> and $</font><font style="font-family: 'Times New Roman';">7</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';">65</font><font style="font-family: 'Times New Roman';">9</font><font style="font-family: 'Times New Roman';"> million in 201</font><font style="font-family: 'Times New Roman';">8</font><font style="font-family: 'Times New Roman';">. For further information on our net sales see Item 5.A. &#8220;Operating and Financial Review and Prospects &#8211; Results of Operations&#8221;</font><font style="font-family: 'Times New Roman';">.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The following table shows our net sales by business segment for the periods indicated therein:</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-style: italic;">Millions of U.S. dollars</font></p>
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<td colspan="6" style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">For the year ended December 31, </font></p>
</td>
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<td style="width: 32.08%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td colspan="2" style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">2020</font></p>
</td>
<td colspan="2" style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">2019</font></p>
</td>
<td colspan="2" style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">2018</font></p>
</td>
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<td style="width: 32.08%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="width: 11.7%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="width: 10.94%; border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
</td>
<td style="width: 11.7%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="width: 10.94%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="width: 11.7%; border-left: 1.5pt solid #ffffff; padding-right: 5.4pt; padding-left: 4.65pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
</td>
<td style="width: 10.94%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
</tr>
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<td style="width: 32.08%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Tubes</font></p>
</td>
<td style="width: 11.7%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">4,844 </font></p>
</td>
<td style="width: 10.94%; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; border-right: 1.5pt solid #ffffff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman';">94%</font></p>
</td>
<td style="width: 11.7%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">6,870 </font></p>
</td>
<td style="width: 10.94%; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; border-right: 1.5pt solid #ffffff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman';">94%</font></p>
</td>
<td style="width: 11.7%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">7,233 </font></p>
</td>
<td style="width: 10.94%; border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman';">94%</font></p>
</td>
</tr>
<tr style="height: 1pt;">
<td style="width: 32.08%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Others</font></p>
</td>
<td style="width: 11.7%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">303 </font></p>
</td>
<td style="width: 10.94%; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; border-right: 1.5pt solid #ffffff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman';">6%</font></p>
</td>
<td style="width: 11.7%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">424 </font></p>
</td>
<td style="width: 10.94%; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; border-right: 1.5pt solid #ffffff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman';">6%</font></p>
</td>
<td style="width: 11.7%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">426 </font></p>
</td>
<td style="width: 10.94%; border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman';">6%</font></p>
</td>
</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="width: 32.08%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Total</font></p>
</td>
<td style="width: 11.7%; border-top: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 4.65pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman'; font-weight: bold;">5,147 </font></p>
</td>
<td style="width: 10.94%; border-top: 0.75pt solid #000000; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; border-right: 1.5pt solid #ffffff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">100%</font></p>
</td>
<td style="width: 11.7%; border-top: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman'; font-weight: bold;">7,294 </font></p>
</td>
<td style="width: 10.94%; border-top: 0.75pt solid #000000; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; border-right: 1.5pt solid #ffffff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">100%</font></p>
</td>
<td style="width: 11.7%; border-top: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman'; font-weight: bold;">7,659 </font></p>
</td>
<td style="width: 10.94%; border-top: 0.75pt solid #000000; border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">100%</font></p>
</td>
</tr>

</table>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt; font-family: 'times new roman', times;" class="pageno"><font class='pageno'>30</font></font></td>
</tr>

</table>
</div>
<div><hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr></div>
<div>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><a href="#TOC">Table of Contents</a></font></div>
</div>
<p><br></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Tubes </font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The following table indicates, for our Tubes business segment, net sales by geographic region:</font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt;" width="100%">

<tr style="height: 1pt;">
<td style="width: 28.98%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td colspan="6" style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">For the year ended December 31, </font></p>
</td>
</tr>
<tr style="height: 1pt;">
<td style="width: 28.98%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-style: italic;">Millions of U.S. dollars</font></p>
</td>
<td colspan="2" style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">2020</font></p>
</td>
<td colspan="2" style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">2019</font></p>
</td>
<td colspan="2" style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">2018</font></p>
</td>
</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="width: 28.98%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Tubes</font></p>
</td>
<td style="width: 11.82%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="width: 11.84%; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
</td>
<td style="width: 11.84%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="width: 11.82%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="width: 11.84%; padding-right: 5.4pt; padding-left: 4.65pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
</td>
<td style="width: 11.84%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
</tr>
<tr style="height: 1pt;">
<td style="width: 28.98%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">- North America</font></p>
</td>
<td style="width: 11.82%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">2,108 </font></p>
</td>
<td style="width: 11.84%; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; border-right: 1.5pt solid #ffffff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman';">44%</font></p>
</td>
<td style="width: 11.84%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">3,307 </font></p>
</td>
<td style="width: 11.82%; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; border-right: 1.5pt solid #ffffff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman';">48%</font></p>
</td>
<td style="width: 11.84%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">3,488 </font></p>
</td>
<td style="width: 11.84%; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman';">48%</font></p>
</td>
</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="width: 28.98%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">- South America</font></p>
</td>
<td style="width: 11.82%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">660 </font></p>
</td>
<td style="width: 11.84%; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; border-right: 1.5pt solid #ffffff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman';">14%</font></p>
</td>
<td style="width: 11.84%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">1,240 </font></p>
</td>
<td style="width: 11.82%; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; border-right: 1.5pt solid #ffffff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman';">18%</font></p>
</td>
<td style="width: 11.84%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">1,284 </font></p>
</td>
<td style="width: 11.84%; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman';">18%</font></p>
</td>
</tr>
<tr style="height: 1pt;">
<td style="width: 28.98%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">- Europe</font></p>
</td>
<td style="width: 11.82%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">566 </font></p>
</td>
<td style="width: 11.84%; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; border-right: 1.5pt solid #ffffff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman';">12%</font></p>
</td>
<td style="width: 11.84%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">641 </font></p>
</td>
<td style="width: 11.82%; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; border-right: 1.5pt solid #ffffff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman';">9%</font></p>
</td>
<td style="width: 11.84%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">628 </font></p>
</td>
<td style="width: 11.84%; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman';">9%</font></p>
</td>
</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="width: 28.98%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">- Middle East &amp; Africa</font></p>
</td>
<td style="width: 11.82%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">1,194 </font></p>
</td>
<td style="width: 11.84%; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; border-right: 1.5pt solid #ffffff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman';">25%</font></p>
</td>
<td style="width: 11.84%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">1,337 </font></p>
</td>
<td style="width: 11.82%; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; border-right: 1.5pt solid #ffffff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman';">19%</font></p>
</td>
<td style="width: 11.84%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">1,541 </font></p>
</td>
<td style="width: 11.84%; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman';">21%</font></p>
</td>
</tr>
<tr style="height: 1pt;">
<td style="width: 28.98%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">- Asia Pacific</font></p>
</td>
<td style="width: 11.82%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">315 </font></p>
</td>
<td style="width: 11.84%; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; border-right: 1.5pt solid #ffffff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman';">7%</font></p>
</td>
<td style="width: 11.84%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">345 </font></p>
</td>
<td style="width: 11.82%; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; border-right: 1.5pt solid #ffffff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman';">5%</font></p>
</td>
<td style="width: 11.84%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">292 </font></p>
</td>
<td style="width: 11.84%; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman';">4%</font></p>
</td>
</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="width: 28.98%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Total Tubes</font></p>
</td>
<td style="width: 11.82%; border-top: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman'; font-weight: bold;">4,844 </font></p>
</td>
<td style="width: 11.84%; border-top: 0.75pt solid #000000; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; border-right: 1.5pt solid #ffffff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">100%</font></p>
</td>
<td style="width: 11.84%; border-top: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman'; font-weight: bold;">6,870 </font></p>
</td>
<td style="width: 11.82%; border-top: 0.75pt solid #000000; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; border-right: 1.5pt solid #ffffff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">100%</font></p>
</td>
<td style="width: 11.84%; border-top: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman'; font-weight: bold;">7,233 </font></p>
</td>
<td style="width: 11.84%; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">100%</font></p>
</td>
</tr>

</table>
<p style="margin: 0px; break-after: avoid; font-size: 10pt; text-indent: 0px;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-style: italic;">North America</font></p>
<p style="margin-top: 14pt; margin-bottom: 14pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Sales to customers in North America accounted for </font><font style="font-family: 'Times New Roman';">44</font><font style="font-family: 'Times New Roman';">% of our sales of tubular products and services in 20</font><font style="font-family: 'Times New Roman';">20</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> compared to 48%</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">in </font><font style="font-family: 'Times New Roman';">201</font><font style="font-family: 'Times New Roman';">9</font><font style="font-family: 'Times New Roman';"> and 201</font><font style="font-family: 'Times New Roman';">8</font><font style="font-family: 'Times New Roman';">. </font></p>
<p style="margin-top: 14pt; margin-bottom: 14pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">We have significant sales and production facilities in each of the United States, Canada and Mexico, where we provide customers with an integrated product and service offering based on local production capabilities supported by our global industrial system. In the past few years, we have extended our integrated product and service model, which we call Rig Direct&#174;, throughout North America, and </font><font style="font-family: 'Times New Roman';">we operate a </font><font style="font-family: 'Times New Roman';">seamless pipe mill at Bay City, Texas, which is strategically located to serve the Eagle Ford and Permian regions. On January 2, 2020, we completed the acquisition of IPSCO, which </font><font style="font-family: 'Times New Roman';">has </font><font style="font-family: 'Times New Roman';">further strengthen</font><font style="font-family: 'Times New Roman';">ed</font><font style="font-family: 'Times New Roman';"> our local production capabilities and capacity to provide Rig Direct&#174; services in the United States.</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">Under Rig Direct&#174;, we manage the whole supply chain from the mill to the rig for customers under long-term agreements, integrating mill production with customer drilling programs, reducing overall inventory levels and simplifying operational processes. We first introduced the Rig Direct&#174; model to Pemex in Mexico in 1994, and since then we have supplied them with pipes on a just-in-time basis. </font><font style="font-family: 'Times New Roman';">Today</font><font style="font-family: 'Times New Roman';">, we suppl</font><font style="font-family: 'Times New Roman';">y</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">a large</font><font style="font-family: 'Times New Roman';"> majority of our U.S. and Canadian customers for OCTG products with Rig Direct&#174; services. </font></p>
<p style="margin-top: 14pt; margin-bottom: 14pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Sales to our oil and gas customers in the United States and Canada are highly sensitive to oil prices and regional natural gas prices. In the past few years, the drilling of productive shale gas and tight oil reserves, made possible by new drilling technology, has transformed drilling activity and oil and gas production in the United States and Canada. Following 25 years of declining production, U.S. crude oil production began to increase in 2009 and rose significantly, from 5.6 million b/d in 2011 to 12.8 million b/d at the end of 2019. Due to the COVID-19 pandemic and collapse in oil prices, production fell back to 10.8 million b/d at the end of 2020. Production of natural gas liquids (&#8220;NGLs&#8221;) has also increased significantly in the past few years in North America. This rapid increase in production, however, contributed to an excess of supply in the global oil market in 2014 and a consequent collapse in the price of oil, as other producers, were for a time unwilling to adjust their production levels to balance the market. Further rapid increases in production in 2018 and 2019 led to OPEC member country producers and other producers agreeing to cut production to balance the market and support oil prices. In 2020, however, the impact of the COVID-19 pandemic led to a sudden and substantial reduction in global oil demand in the first half of 2020 and a collapse in oil prices. Global oil demand and prices are now recovering, as COVID-19 vaccination programs begin to be rolled out, economic activity recovers, and OPEC and other producer countries, including Russia, have implemented substantial production cuts to lower supply below demand and consequently reduce the level of excess inventories that had been built up. At the same time, U.S. shale producers are now restraining increases in investments in response to the post COVID-19 recovery of oil prices as they are finding it more difficult to access financial markets to finance production growth and are having to deleverage their balance sheets.</font></p>
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<p style="margin: 0px; font-size: 10pt; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Natural gas production has risen rapidly ov</font><font style="font-family: 'Times New Roman';">er the past few years and the United States</font><font style="font-family: 'Times New Roman';"> became a net exporter of natural gas for the first time in 2017 and has now become a significant exporter of </font><font style="font-family: 'Times New Roman';">liquefied natural gas (&#8220;</font><font style="font-family: 'Times New Roman';">LNG</font><font style="font-family: 'Times New Roman';">&#8221;)</font><font style="font-family: 'Times New Roman';"> to global markets. In Canada, there has been a similar shift towards drilling of sh</font><font style="font-family: 'Times New Roman';">ale gas and tight oil reserves.</font></p>
<p style="margin-top: 10pt; margin-bottom: 10pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The drop in oil prices in the second half of 2014 led to a drastic reduction in drilling activity throughout North America until the second half of 2016 when activity began to recover in the United States and Canada as a result of sharply lower production costs and more stable oil prices. In 2017 and 2018, drilling activity recovered and oil and gas production increased in the United States and Canada but declined throughout 2019, </font><font style="font-family: 'Times New Roman';">before collapsing along with oil prices with the onset of the COVID-19 pandemic in the first half of 2020</font><font style="font-family: 'Times New Roman';">.</font><font style="font-family: 'Times New Roman';"> Activity has now started to recover but remains significantly below the level at the end of 2019.</font></p>
<p style="margin-top: 10pt; margin-bottom: 10pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The level of drilling activity in North America, and consequently demand for our products and services, could also be affected by actions taken by the governments of the region to accelerate energy transition. For example, the new Biden administration in the United States has temporarily halted leases for drilling rights on Federal lands and halted the</font><font style="font-family: 'Times New Roman';"> Keystone pipeline development.</font></p>
<p style="margin-top: 10pt; margin-bottom: 10pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Demand for, and our sales of, OCTG products in the United States and Canada plummeted in 2015 and 2016, to less than a quarter of the level reached in 2014, affected by high inventory levels as well as the collapse of drilling activity. In 2017 and 2018, however, demand and sales recovered strongly as drilling activity increased and inventory levels returned to more normal levels. In 2019, demand and sales declined, as U.S. rigs decreased by approximately 25% in the year. During 2020</font><font style="font-family: 'Times New Roman';">, the&nbsp;</font><font style="font-family: 'Times New Roman';">U.S. rig count </font><font style="font-family: 'Times New Roman';">plummeted to a record low but began to recover in the fourth quarter</font><font style="font-family: 'Times New Roman';">.</font></p>
<p style="margin-top: 10pt; margin-bottom: 10pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">During 2018, the U.S. government introduced Section 232 tariffs and quotas on the imports of steel products, including steel pipes, with the objective of strengthening domestic production capacity utilization and investment. The proportion of the OCTG market supplied by imports has declined from around 60% prior to the imposition of tariffs and quotas to around </font><font style="font-family: 'Times New Roman';">40</font><font style="font-family: 'Times New Roman';">% at the end of 20</font><font style="font-family: 'Times New Roman';">20</font><font style="font-family: 'Times New Roman';">.</font></p>
<p style="margin-top: 10pt; margin-bottom: 10pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Our sales in the United States are also affected by the level of investment of oil and gas companies in exploration and production in offshore projects. The blow-out at the Macondo well in the Gulf of Mexico and the subsequent spillage of substantial quantities of oil resulted in a moratorium that halted drilling activity. The drilling moratorium was lifted in October 2010, when new regulations affecting offshore exploration and development activities were announced. Since then, drilling activity recovered but</font><font style="font-family: 'Times New Roman';">, in addition to oil price movements, could be affected by actions taken by the government to restrict drilling activity on Federal lands, which include the Gulf of Mexico</font><font style="font-family: 'Times New Roman';">.</font></p>
<p style="margin-top: 10pt; margin-bottom: 10pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Oil and gas drilling in Canada is subject to strong seasonality, with the peak drilling season in Western Canada being during the winter months when the ground is frozen. During the spring, as the ice melts, drilling activity is severely restricted by the difficulty of moving equipment in muddy terrain.</font></p>
<p style="margin-top: 10pt; margin-bottom: 10pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In Mexico, we have enjoyed a long and mutually beneficial relationship with Pemex, the Mexican state-owned oil company, and one of the world&#8217;s largest crude oil and condensates producers. In 1994, we began supplying Pemex with Rig Direct&#174; services. In early 2018, we renewed our just in time agreement with Pemex for an additional five-year period.</font></p>
<p style="margin-top: 0pt; margin-bottom: 10pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">At the end of 2013,</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">Mexico reformed its constitution to allow increased private and foreign investment in the energy industry. Pursuant to these reforms, foreign and private investors are allowed to participate in profit and production sharing contracts and licenses and Pemex has been transformed into a state-owned production company, but ceased having a monopoly on production. In addition, a new regulatory framework</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">was</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">developed and contracts with foreign and private investors</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">were</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">awarded.</font><font style="font-family: 'Times New Roman';"> More recently, the government has taken steps to strengthen the role and primacy of Pemex in oil and gas production in the country in a partial reversal of these reforms.</font></p>
<p style="margin-top: 0pt; margin-bottom: 10pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Following the 2014 decline in oil prices, drilling activity in Mexico and demand for our OCTG products plummeted as the financial condition of Pemex has deteriorated and the impact of investments from the energy reform process in Mexico had yet to take effect. In 2019, however, drilling activity at Pemex recovered as the Mexican government </font><font style="font-family: 'Times New Roman';">increased funding available for the company as part of a policy of arresting and reversing production decline and investments from the reform process have proceeded. The government, however, has halted further progress on the energy reform process and the financial condition of Pemex remains under stress.</font></p>
<p style="margin-top: 0pt; margin-bottom: 10pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-style: italic;">South America </font></p>
<p style="margin-top: 10pt; margin-bottom: 10pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Sales to customers in South America accounted for </font><font style="font-family: 'Times New Roman';">14</font><font style="font-family: 'Times New Roman';">% of our sales of tubular products and services in 20</font><font style="font-family: 'Times New Roman';">20</font><font style="font-family: 'Times New Roman';">, compared to 18% in 201</font><font style="font-family: 'Times New Roman';">9 </font><font style="font-family: 'Times New Roman';">and 201</font><font style="font-family: 'Times New Roman';">8</font><font style="font-family: 'Times New Roman';">. </font></p>
<p style="margin-top: 10pt; margin-bottom: 10pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Our largest market in South America is Argentina. We also have significant sales in Brazil and Colombia. </font><font style="font-family: 'Times New Roman';">We have manufacturing subsidiaries in each of these countries.</font></p>
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<p style="margin-top: 14pt; margin-bottom: 14pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Our sales in South America are sensitive to the international price of oil and its impact on the drilling activity of participants in the oil and gas sectors, as well as to general economic conditions in these countries. In addition, sales in Argentina, as well as export sales from our manufacturing facilities in Argentina, are affected by governmental actions and policies, such as the taxation of oil and gas exports, measures affecting gas prices in the domestic market and other matters affecting the investment climate. Sales in Brazil are also affected by governmental actions and policies and their consequences, such as measures relating to the taxation and ownership of oil and gas production activities and the operations of Petr&#243;leo Brasileiro S.A. (&#8220;Petrobras&#8221;). </font></p>
<p style="margin-top: 14pt; margin-bottom: 14pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">A principal component of our marketing strategy in South American markets is the establishment of long-term supply agreements and Rig Direct&#174; services with national and international oil and gas companies operating in those markets. </font></p>
<p style="margin-top: 14pt; margin-bottom: 14pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In Argentina, we have a significant share of the market for OCTG products. We have longstanding business relationships with YPF S.A. (&#8220;YPF&#8221;), the Argentine state-controlled company, and with other operators in the oil and gas sector. We strengthened our relationship with YPF in 2013 through a long-term business alliance, which we renewed for an additional five-year term at the beginning of 2018, under which we provide Rig Direct&#174; services with the objective of reducing YPF&#8217;s operational costs as it aims to increase production through investments in Argentina&#8217;s shale oil and gas reserves. Drilling activity fell significantly during 2019 after the electoral process in Argentina. In 2020, our sales were affected by ongoing uncertainties regarding the energy policies that would be adopted by the new government as well as the onset of the COVID-19 pandemic which led to the suspension of all drilling activity during a couple of months in the year. Activity began to resume towards the end of the year.</font></p>
<p style="margin-top: 14pt; margin-bottom: 14pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In Brazil, we have a longstanding business relationship with Petrobras. We supply Petrobras with casing (including premium connections) and line pipe products, most of which are produced in our Brazilian welded pipe facility, for both offshore and onshore applications. With the development of Brazil&#8217;s deepwater pre-salt complex, our mix of products sold in Brazil has evolved from one including mainly line pipe for onshore pipeline projects to one which includes large diameter conductor and surface casing and line pipe for use in deepwater applications. In 2020, the onset of the COVID-19 pandemic and collapse in oil prices have postponed mainly onshore drilling with some postponements also in offshore. Nevertheless, consumption of OCTG products in Brazil stabilized over the past four years, after falling in the period 2014-2016 as Petrobras had reduced its investments in response to budgetary constraints, concentrating on developing its most productive reserves in the pre-salt fields and halting other investments. Demand for line pipe for pipeline projects has declined to very low levels with only one major project implemented in the past six years. In response to market-opening measures and the attractiveness of the deepwater reserves, major oil companies have increased their investments in Brazil in the past years, while Petrobras is planning to focus investments in world class assets in deepwater, which could lead to increased activity in future years. Our sales in the local market are currently mostly concentrated on large diameter conductors and surface casing with connectors for the pre-salt and other offshore developments, as well as smaller diameter casing for use in offshore and in the remaining onshore exploration and production activity.</font></p>
<p style="margin-top: 14pt; margin-bottom: 14pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In Colombia, we have established a leading position in the market for OCTG products since 2006, following our acquisition of TuboCaribe, a welded pipe manufacturing facility located in Cartagena. Although the market grew rapidly when oil prices were high as the country encouraged investment in its hydrocarbon industry and opened its national oil company to private investment, drilling activity in Colombia was deeply affected by the 2014 collapse in oil prices and fell to a very low level in 2016. However, activity </font><font style="font-family: 'Times New Roman';">subsequently</font><font style="font-family: 'Times New Roman';"> recovered in response to higher oil prices</font><font style="font-family: 'Times New Roman';">, but was again deeply affected with the onset of the COVID-19 pandemic and collapse in oil prices. As oil prices have now risen, drilling activity in Colombia is also recovering</font><font style="font-family: 'Times New Roman';">. Our principal customer in Colombia is Ecopetrol S.A., which we supply with Rig Direct&#174; services and with whom we renewed a long-term agreement in the beginning of 2018. We have recently strengthened our industrial position in Colombia through investing in the installation of modern heat treatment, pipe threading and processing facilities which enables us to serve this market with more local industrial content and our customers with more efficient Rig Direct&#174; services.</font></p>
<p style="margin-top: 14pt; margin-bottom: 14pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In Guyana, we have been providing casing for the development wells in the new Lisa deepwater offshore play since 2018 under Rig Direct&#174; conditions. </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">We also have sales in Ecuador, supplying Petroamazonas</font><font style="font-family: 'Times New Roman';"> Ecuador S.A. (&#8220;Petroamazonas&#8221;)</font><font style="font-family: 'Times New Roman';">, the national oil company, as well as private operators. To increase local content, we have established a local OCTG threading facility in Machachi. </font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">We were present in the Venezuelan OCTG market for many years and we maintained business relationships with Petr&#243;leos de Venezuela S.A. (&#8220;PDVSA&#8221;) and the joint venture operators in the oil and gas sector until the implementation of the OFAC sanctions. Additionally, we maintained business relationships with Chevron in Venezuela until April 22, 2020, when their general License 8E of the sanctions expired. Our sales in Venezuela, however, have declined to a low level and we do not foresee any significant recovery at this time.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-style: italic;">Europe </font></p>
<p style="margin-top: 14pt; margin-bottom: 14pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Sales to customers in Europe accounted for </font><font style="font-family: 'Times New Roman';">12</font><font style="font-family: 'Times New Roman';">% of our sales of tubular products and services in 20</font><font style="font-family: 'Times New Roman';">20</font><font style="font-family: 'Times New Roman';">, compared to 9% in 201</font><font style="font-family: 'Times New Roman';">9</font><font style="font-family: 'Times New Roman';"> and 201</font><font style="font-family: 'Times New Roman';">8</font><font style="font-family: 'Times New Roman';">. </font></p>
<p style="margin-top: 14pt; margin-bottom: 14pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Our single largest country market in Europe is Italy. The market for steel pipes in Italy (as in much of the European Union) is affected by general industrial production trends, especially in the mechanical and automotive industry, and by investment in power generation, petrochemical and oil refining facilities. Sales to the mechanical and automotive industries and for HPI and power generation projects in Italy and the rest of Europe over the past three years have been affected by lower prices reflecting increased competitive pressures, but volumes have been relatively stable.</font><font style="font-family: 'Times New Roman';"> </font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In Europe we also have significant sales to the oil and gas sector, particularly in the North Sea. Demand from this market is affected by oil and gas prices in the international markets and their consequent impact on oil and gas drilling activities in the North Sea and other areas, like Romania. In addition, U.S. and European sanctions are affecting demand for our premium pipe products in Russia. </font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Europe is also a region which we expect will be at the forefront of developments in low-carbon energy, including hydrogen storage and transportation, carbon capture use and sequestration and waste-to-energy power generation. We are participating in these market segments where we expect to see growth in sales in the coming years.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-style: italic;">Middle East and Africa </font></p>
<p style="margin-top: 14pt; margin-bottom: 14pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Sales to customers in the Middle East and Africa accounted for </font><font style="font-family: 'Times New Roman';">25</font><font style="font-family: 'Times New Roman';">% of our sales of tubular products and services in 20</font><font style="font-family: 'Times New Roman';">20</font><font style="font-family: 'Times New Roman';">, compared to 1</font><font style="font-family: 'Times New Roman';">9</font><font style="font-family: 'Times New Roman';">% in 201</font><font style="font-family: 'Times New Roman';">9</font><font style="font-family: 'Times New Roman';"> and </font><font style="font-family: 'Times New Roman';">2</font><font style="font-family: 'Times New Roman';">1% in 201</font><font style="font-family: 'Times New Roman';">8</font><font style="font-family: 'Times New Roman';">. </font></p>
<p style="margin-top: 14pt; margin-bottom: 14pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Our sales in the region remain sensitive to international prices of oil and gas and their impact on drilling activities as well as to the production policies pursued by OPEC, and, more recently, OPEC+ countries, many of whose members are located in this region. In the past few years, oil and gas producing countries in the Middle East, led by Saudi Arabia, have increased investments to develop gas reserves to fuel regional gas-based industrial development, which have positively affected their consumption of premium OCTG products. Saudi Arabia, in particular, has shown strong growth in sour and high pressure gas field drilling activity. They have also maintained and, in some cases, increased investments to offset decline and add oil production capacity. Additionally, in the eastern Mediterranean, vast reserves of natural gas have been discovered, some of which have been targeted for fast track development. </font></p>
<p style="margin-top: 14pt; margin-bottom: 14pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In Africa, international oil companies increased investments in exploration and production in offshore projects in 2012 and 2013 but began to postpone or reduce their investment commitments in 2014 due to the high cost of offshore project developments and a lower success rate in exploration activity. Since 2015, following the oil price collapse, exploration activity has been cut back and major project commitments have been postponed. The effect on demand was compounded by the high inventory levels held in the region.</font></p>
<p style="margin-top: 14pt; margin-bottom: 14pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In the Caspian, major oil companies operating in Kazakhstan and Azerbaijan increased their investments and drilling activity following the recovery of oil prices in 2017 and we opened a premium threading facility in Kazakhstan in 2019. More recently, however, our sales have been affected by the impact of the COVID-19 virus on the operations of our </font><font style="font-family: 'Times New Roman';">customers and the impact on drilling activity of adherence to the production cuts agreed by the OPEC+ countries in response to collapse of oil demand due to the pandemic.</font></p>
<p style="margin-top: 14pt; margin-bottom: 14pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In the past few years, uprisings affected drilling activity in countries such as Syria, Libya and Yemen and, in the case of Libya, the oil and gas industry was effectively shut down in 2011. In addition, in recent years, U.S. and E.U. sanctions have affected production and exports in Iran.&nbsp;</font></p>
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<p style="margin-top: 14pt; margin-bottom: 14pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Our sales in the Middle East and Africa could be adversely affected by political and other events in the region, such as armed conflicts, terrorist attacks and social unrest, which could materially impact the operations of companies active in the region&#8217;s oil and gas industry. Our sales in the region can also be affected by the levels of inventories held by the principal national oil companies in the region and their effect on purchasing requirements. </font></p>
<p style="margin-top: 14pt; margin-bottom: 14pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In 2018, we had a pe</font><font style="font-family: 'Times New Roman';">ak of sales in the Middle East and</font><font style="font-family: 'Times New Roman';"> Africa region, </font><font style="font-family: 'Times New Roman';">boosted by sales of line </font><font style="font-family: 'Times New Roman';">pi</font><font style="font-family: 'Times New Roman';">pe for offshore gas projects in the Eastern Mediterranean.</font><font style="font-family: 'Times New Roman';"> In 2019 and 2020, sales in the Middle East rose while sales in Africa (including the East Mediterranean) were affected by the slowdown in drilling activity and investments in deepwater projects. We expect sales in the region to decline in 2021 as a result of various factors</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> including the slowdown in investments in drilling activity pursuant to the pandemic and reduction in oil demand and&nbsp;</font><font lang="EN-US" style="font-size: 10.0pt;">prices and ongoing inventory reductions at some of the region&#8217;s largest consumers like Saudi Arabia and the United Arab Emirates.</font></p>
<p style="margin-top: 14pt; margin-bottom: 14pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In January 2019, we completed the acquisition of 47.79% of SSPC, a listed welded steel pipe producer in Saudi Arabia. SSPC produces OCTG, line pipe and commercial pipe products mainly for the local market. It is qualified to supply Saudi Aramco for certain products. Through this investment, Tenaris has increased its local industrial presence in an important oil and gas market where policies are being implemented to diversify the economy and increase local manufacturing. Saudi Arabia continues to reinforce measures in favor of local content and, in July 2020, increased import duties on seamless pipe products from 5% to 10% and on welded pipe products from 5% to 15%. In August 2019 we were awarded a long-term agreement with Rig Direct&#174; conditions, valued at $1.9 billion, to supply approximately half of the OCTG requirements of Abu Dhabi National Oil Company&#8217;s (&#8220;ADNOC&#8221;) in Abu Dhabi over the next five to seven years. In order to serve this market, we intend to expand our local service base and construct a new premium OCTG threading facility. </font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-style: italic;">Asia Pacific </font></p>
<p style="margin-top: 14pt; margin-bottom: 14pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Sales to customers in the Asia Pacific accounted for </font><font style="font-family: 'Times New Roman';">7</font><font style="font-family: 'Times New Roman';">% of our sales of tubular products and services in 20</font><font style="font-family: 'Times New Roman';">20</font><font style="font-family: 'Times New Roman';">, compared to </font><font style="font-family: 'Times New Roman';">5</font><font style="font-family: 'Times New Roman';">% in 201</font><font style="font-family: 'Times New Roman';">9</font><font style="font-family: 'Times New Roman';"> and 4% in 201</font><font style="font-family: 'Times New Roman';">8</font><font style="font-family: 'Times New Roman';">.</font></p>
<p style="margin-top: 14pt; margin-bottom: 14pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">We have a significant presence in the region with local production facilities in Indonesia, China and Japan and, in recent years, we established service centers in Australia and Thailand</font><font style="font-family: 'Times New Roman';">, </font><font style="font-family: 'Times New Roman';">but have recently closed the service center</font><font style="font-family: 'Times New Roman';"> in Thailand</font><font style="font-family: 'Times New Roman';">. </font></p>
<p style="margin-top: 14pt; margin-bottom: 14pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Sales to Indonesia and other markets in South East Asia and Oceania are mainly affected by the level of oil and gas drilling activity, particularly offshore drilling activity. The </font><font style="font-family: 'Times New Roman';">recent </font><font style="font-family: 'Times New Roman';">collapse</font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';"> in the price of oil ha</font><font style="font-family: 'Times New Roman';">ve</font><font style="font-family: 'Times New Roman';"> deeply affected drilling activity and our sales throughout the region, where drilling is mainly onshore. In 2016, however, we won a significant long-term agreement to provide pipes with Rig Direct&#174; services in Thailand which </font><font style="font-family: 'Times New Roman';">briefly </font><font style="font-family: 'Times New Roman';">made Thailand our largest market in the region</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> until </font><font style="font-family: 'Times New Roman';">this long-term agreement</font><font style="font-family: 'Times New Roman';"> was concluded in 2020, anticipating changes</font><font style="font-family: 'Times New Roman';"> in the ownership of oil and gas development concessions.</font></p>
<p style="margin-top: 14pt; margin-bottom: 14pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Our sales in China are concentrated on premium OCTG products used in oil and gas drilling activities. Over the past years, China has significantly reduced its imports of OCTG products as local producers compete ferociously in an oversupplied market. We continue, however, to seek new markets in niche applications and in 2016 we opened a components facility for processing pipes for use in airbags for automo</font><font style="font-family: 'Times New Roman';">biles. More recently</font><font style="font-family: 'Times New Roman';">, we have begun to supply pipes under a Rig Direct&#174; contract for a shale gas operation</font><font style="font-family: 'Times New Roman';">. In 2020, we established a joint venture with Baotou</font><font style="font-family: 'Times New Roman';"> Steel</font><font style="font-family: 'Times New Roman';">, a major domestic supplier of seamless pipes to the onshore oil and gas fields, for the construction of a premium threading facility located within our partner&#8217;s steelmaking facilities in Inner Mongolia</font><font style="font-family: 'Times New Roman';">.</font><font style="font-family: 'Times New Roman';"> The new facility, which will finish pipes produced mainly by our joint venture partner, is expected to startup at the end of 2021. Our participation in the joint venture is 60%.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In Japan, our subsidiary, NKKTubes, competes against other domestic producers. The market for steel pipe products in Japan is mostly industrial and depends on general factors affecting domestic investment, including production activity.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Others </font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Our other products and services include sucker rods used in oil extraction activities, coiled tubes used in oil and gas extraction activities, industrial equipment of various specifications and for diverse applications, sales of pipe for construction activities from our Italian Piombino </font><font style="font-family: 'Times New Roman';">and U</font><font style="font-family: 'Times New Roman';">.</font><font style="font-family: 'Times New Roman';">S</font><font style="font-family: 'Times New Roman';">.</font><font style="font-family: 'Times New Roman';"> Geneva (former-IPSCO) </font><font style="font-family: 'Times New Roman';">mill</font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';">, </font><font style="font-family: 'Times New Roman';">and </font><font style="font-family: 'Times New Roman';">sales of raw materials and energy that exceed our internal requirements. </font><font style="font-family: 'Times New Roman';">Net sales of other products and services amounted to 6% of total net sales in 2020, 2019 and 2018.</font></p>
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<p style="margin-top: 0pt; margin-bottom: 12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Competition</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The global market for steel pipe products is highly competitive. Seamless steel pipe products, which are used extensively in the </font><font style="font-family: 'Times New Roman';">energy</font><font style="font-family: 'Times New Roman';"> industry particularly for offshore, high pressure, high stress</font><font style="font-family: 'Times New Roman';">, corrosive</font><font style="font-family: 'Times New Roman';"> and other complex applications, are produced in specialized mills using round steel billets and specially produced ingots. Welded steel pipe products are produced in mills which process steel coils and plates into steel pipes. Steel companies that manufacture steel coils and other steel products but do not operate specialized seamless steel mills are generally not competitors in the market for seamless steel pipe products, although they often produce welded steel pipes or sell steel coils and plates used to produce welded steel pipes.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The production of steel pipe products following the stringent requirements of major oil and gas companies operating in offshore and other complex operations requires the development of specific skills and significant investments in manufacturing facilities. By contrast, steel pipe products for standard applications can be produced in most seamless pipe mills worldwide and sometimes compete with welded pipe products for such applications including OCTG applications. Welded pipe, however, is not generally considered a satisfactory substitute for seamless steel pipe in high-pressure or high-stress applications. </font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Over the past decade, substantial investments have been made, especially in China but also in other regions around the world, to increase production capacity of seamless steel pipe products. Production capacity for more specialized product grades has also increased. With the downturn between 2014 and 2016 in the price of oil and demand for tubes for oil and gas drilling, the overcapacity in steel pipe and seamless steel pipe production worldwide bec</font><font style="font-family: 'Times New Roman';">a</font><font style="font-family: 'Times New Roman';">me acute, extend</font><font style="font-family: 'Times New Roman';">ing</font><font style="font-family: 'Times New Roman';"> beyond commodity grades. </font><font style="font-family: 'Times New Roman';">This situation has been accentuated by the more recent COVID-19 induced collapse in demand and the prospect of an accelerated energy transition. </font><font style="font-family: 'Times New Roman';">The competitive environment </font><font style="font-family: 'Times New Roman';">is</font><font style="font-family: 'Times New Roman';">, as a result, intense, and we expect that this </font><font style="font-family: 'Times New Roman';">can only </font><font style="font-family: 'Times New Roman';">continue </font><font style="font-family: 'Times New Roman';">without substantial capacity reductions</font><font style="font-family: 'Times New Roman';">. Effective competitive differentiation </font><font style="font-family: 'Times New Roman';">and industry consolidation </font><font style="font-family: 'Times New Roman';">will be key factor</font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';"> for Tenaris.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Our principal competitors in steel pipe markets worldwide are described below.</font></p>
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<li style="margin-left: 8.68pt; margin-bottom: 12pt; padding-left: 19.67pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Vallourec S.A. (&#8220;Vallourec&#8221;), a French company, has mills in Brazil, China, Germany and the United States. Vallourec has a strong presence in the European market for seamless pipes for industrial use and a significant market share in the international market with customers primarily in Europe, the United States, Brazil, China, the Middle East and Africa. Vallourec is an important competitor in the international OCTG market, particularly for high-value premium joint products, where it operates a technology partnership for VAM</font><font style="font-family: 'Times New Roman'; font-size: 6.67pt; vertical-align: super;">&#174;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> premium connections with Nippon Steel &amp; Sumitomo Metal Corporation (&#8220;NSSMC&#8221;). Prior to the collapse in oil prices in 2014 to 2016, Vallourec increased its production capacity by building mills in Brazil (jointly with NSSMC) and, Youngstown, Ohio, acquiring three tubular businesses in the United States and Saudi Arabia, </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">and </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">concluding an agreement with a Chinese seamless steel producer, Tianda Oil Pipe Company (&#8220;Tianda&#8221;) to distribute products from Tianda in markets outside China. In early 2016, in response to accumulating losses, Vallourec announced a $1 billion capital increase, more than half of which was provided by a French government fund and NSSMC, who each agreed to increase their equity participation to 15%. At the same time, an industrial restructuring program was announced under which Vallourec reduced capacity in Europe, closing its rolling mills in France, combined its operations in Brazil with that of the new mill held with NSSMC, acquired a majority position in Tianda and bought out the remaining minority interest, and strengthened its cooperation with NSSMC for the development and testing of premium connection products and technology. Despite this restructuring program, Vallourec&#8217;s losses continued</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> and its equity position has turned negative.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Vallourec</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;has recently announced a further financial restructuring, in which its current shareholders will be severely diluted and its creditors, including private equity investors, will assume effective control. This restructuring is expected to be completed in June 2021. Under this restructuring, NSSMC will exit its investment in the Brazilian mill and have its position in Vallourec diluted to around 3%.</font></li>
<li style="margin-left: 8.68pt; margin-bottom: 12pt; padding-left: 19.67pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Japanese players NSSMC and</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, to a lesser extent,</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> JFE together enjoy a significant share of the international market, having established strong positions in markets in the Far East and the Middle East. They are internationally recognized for their supply of high-alloy grade pipe products. In recent years, NSSMC increased </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">its capacity to serve international markets through the construction with Vallourec of a new seamless pipe mill in Brazil, and further strengthened its ties with Vallourec through participating in Vallourec&#8217;s 2016 capital increase and combining their respective Brazilian operations</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">. As&nbsp;part of the latest financial restructuring of Vallourec, NSSMC will relinquish its participation in the Brazilian operation and cede its reference shareholder position in Vallourec</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">. </font></li>
<li style="margin-left: 8.68pt; margin-bottom: 12pt; padding-left: 19.67pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">In recent years, TMK, a Russian company, has led the consolidation of the Russian steel pipe industry, invested to modernize and expand its production capacity in Russia and expanded internationally through acquisitions into Eastern Europe and the United States. TMK also expanded in the Middle East through the acquisition of a controlling interest in Gulf International Pipe Industry LLC (&#8220;Gulf International Pipe&#8221;), a welded pipe producer in Oman. More recently, however, TMK adopted a strategy of monetizing its international assets by reducing its participation in Gulf International Pipe and selling IPSCO to Tenaris.</font></li>
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<li style="margin-left: 8.68pt; margin-bottom: 12pt; padding-left: 19.67pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;'; margin-top: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Over the past two decades, Chinese producers increased production capacity substantially and strongly increased their exports of steel pipe products around the world. Due to unfair trading practices, many countries, including the United States, the European Union, Canada, Mexico and Colombia, have imposed anti-dumping restrictions on Chinese imports to those regions. In 2009, the largest Chinese producer of seamless steel pipes, Tianjin Pipe (Group) Corporation Limited (&#8220;TPCO&#8221;), announced a plan to build a new seamless pipe facility in the United States in Corpus Christi, Texas; heat treatment and pipe finishing facilities have been constructed but steelmaking and hot rolling facilities have not been completed. As part of a financial restructuring, a 51% shareholding in TPCO was sold to Shanghai Electric Group. Although producers from China compete primarily in the &#8220;commodity&#8221; sector of the market, several of these producers, including Baosteel Group (&#8220;Baosteel&#8221;) and TPCO, have developed and are selling more sophisticated products, particularly in the domestic market. </font></li>
<li style="margin-left: 8.68pt; margin-bottom: 12pt; padding-left: 19.67pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The tubes and pipes business in the United States and Canada has experienced significant consolidation over the years, while new players have also emerged. Following the acquisitions of Maverick and Hydril by Tenaris and the earlier acquisition of North Star Steel by Vallourec, U.S. Steel Corporation acquired Lone Star Steel Technologies. In 2008, Evraz Group S.A. (&#8220;Evraz&#8221;) and TMK, two Russian companies, acquired IPSCO&#8217;s Tubular division, with Evraz retaining IPSCO&#8217;s operations in Canada and TMK acquiring IPSCO&#8217;s operations in the United States. Subsequently, Tenaris constructed a greenfield seamless pipe mill at Bay City, Texas and acquired IPSCO from TMK in January 2020, becoming the leading seamless pipe producer in the U.S., while US Steel integrated its seamless pipe business by building an EAF steel shop in Fairfield, Alabama, which started up in late 2020. At the same time, many new players have built, or announced plans to build, pipe mills in the United States. These include, in addition to TPCO, Boomerang LLC, a company formed by a former Maverick executive that opened a welded pipe mill in Liberty, Texas, in 2010; Benteler International A.G. (&#8220;Benteler&#8221;), a European seamless pipe producer that built a new seamless pipe mill in Louisiana, which opened in September 2015; and a plethora of welded pipe mills established by subsidiaries of foreign pipe producers, such as SeAH Steel (&#8220;SeAH&#8221;), of Korea and JSW Group (&#8220;JSW&#8221;), of India. North American pipe producers are largely focused on supplying the U.S. and Canadian markets, where they have their production facilities. In Canada, Tenaris recently closed its Prudential welded pipe mill in Calgary and announced an investment plan to concentrate production of seamless and welded pipes at its seamless pipe mill in Sault Ste Marie, Ontario.</font></li>
<li style="margin-left: 8.68pt; margin-bottom: 12pt; padding-left: 19.67pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Korean welded pipe producers, who have a limited domestic market, have expanded capacity in recent years and targeted the U.S. market for standard applications. They have gained a significant market position, despite the application of anti-dumping duties for unfair trading practices and being subject to Section 232 quotas. One of them, SeAH, has acquired and built local welded pipe production facilities in the U.S.</font></li>
<li style="margin-left: 8.68pt; margin-bottom: 12pt; padding-left: 19.67pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Tubos Reunidos S.A. (&#8220;Tubos Reunidos&#8221;) of Spain, Benteler International A.G. of Germany and Voest Alpine A.G. of Austria each have a significant presence in the European market for seamless steel pipes for industrial applications, while the latter also has a relevant presence in the U.S. and international OCTG markets, and in 2016, Tubos Reunidos opened an OCTG threading facility targeting international markets. In 2006, ArcelorMittal S.A. (&#8220;ArcelorMittal&#8221;) created a tubes division through several acquisitions and has mills in North America, Eastern Europe, Venezuela, Algeria and South Africa and has built a seamless pipe mill in Saudi Arabia.</font></li>
<li style="margin-left: 8.68pt; margin-bottom: 12pt; padding-left: 19.67pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">In the Middle East, particularly in Saudi Arabia, which has implemented policies to encourage local production for its oil and gas industry, several pipe mills have been established, including a seamless pipe mill built by Jubail Energy Services Company (&#8220;JESCO&#8221;), a company established with majority participation from a state-backed industrial development company, and a seamless pipe mill originally built by a joint venture of ArcelorMittal and local shareholders (&#8220;AMTJ&#8221;). These local players have been strengthening their capabilities and are taking an increasing share of the pipes supplied to Saudi Aramco as well as exporting to other countries in the Middle East and the rest of the world. In January 2019, Tenaris acquired a controlling 47.79% participation in SSPC, a local welded pipe producer. In December 2020, the controlling shareholder of JESCO announced that it had signed an agreement to sell its 72% participation in JESCO to AMTJ. This transaction would be part of AMTJ&#8217;s proposed acquisition of 100% of JESCO. </font></li>
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<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Producers of steel pipe products can maintain strong competitive positions in markets where they have their pipe manufacturing facilities due to logistical and other advantages that permit them to offer value-added services and maintain strong relationships with domestic customers, particularly in the oil and gas sectors. Our subsidiaries have established strong ties with major consumers of steel pipe products in their home markets, reinforced by Rig Direct&#174; services, as discussed above.</font></p>
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<p style="margin-top: 10pt; margin-bottom: 10pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Capital Expenditure Program</font></p>
<p style="margin: 0cm 0cm 0.0001pt; break-after: avoid; font-size: 12pt; font-family: 'Times New Roman', serif;"><font lang="EN-US" style="font-size: 10.0pt;">During 2020, our capital expenditures, including investments at our plants and information systems (&#8220;IT&#8221;), amounted to $193 million, compared to $350 million in 2019 and $349 million in 2018. Of all capital expenditures made during 2020, $168 million were invested in tangible assets, compared to $314 million in 2019 and $318 million in 2018.</font></p>
<p style="margin: 0cm 0cm 0.0001pt; break-after: avoid; font-size: 12pt; font-family: 'Times New Roman', serif;"><font lang="EN-US" style="font-size: 10.0pt;">&nbsp;</font></p>
<p style="margin: 0cm 0cm 0.0001pt; break-after: avoid; font-size: 12pt; font-family: 'Times New Roman', serif;"><font lang="EN-US" style="font-size: 10.0pt;">In 2020, we focused on enhancing automation and digitalization of our industrial processes, improvements on safety and environmental issues, product differentiation, and competitiveness. </font></p>
<p style="break-after: avoid; margin-right: 0cm; margin-left: 0cm; font-size: 12pt; font-family: 'Times New Roman', serif;"><font lang="EN-US" style="font-size: 10.0pt;">The major highlights of our capital spending program during 2020 included: </font></p>
<p style="margin: 0cm 0cm 0cm 36pt; text-indent: -36pt; line-height: 12pt; break-after: avoid; font-size: 12pt; font-family: 'Times New Roman', serif;"><font lang="EN-US" style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; mso-bidi-font-family: Symbol;"><font style="mso-list: Ignore;">&#183;<font style="font: 7.0pt 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font></font><font lang="EN-US" style="font-size: 10.0pt;">investments in our automation three year global plan covering all of our industrial system worldwide; new equipment and related infrastructure to improve safety conditions at our entire industrial system;</font></p>
<p style="margin: 0cm 0cm 0cm 36pt; line-height: 12pt; break-after: avoid; font-size: 12pt; font-family: 'Times New Roman', serif;"><font lang="EN-US" style="font-size: 10.0pt;">&nbsp;</font></p>
<p style="margin: 0cm 0cm 0cm 36pt; text-indent: -36pt; line-height: 12pt; break-after: avoid; font-size: 12pt; font-family: 'Times New Roman', serif;"><font lang="EN-US" style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; mso-bidi-font-family: Symbol;"><font style="mso-list: Ignore;">&#183;<font style="font: 7.0pt 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font></font><font lang="EN-US" style="font-size: 10.0pt;">the revamping of the electric energy (&#8220;EE&#8221;) substation and the upgrade of non-destructive test (&#8220;NDT&#8221;) inspection technology in heat treatments and ultrasonic test (&#8220;UT&#8221;) line at our Campana facility in Argentina; </font></p>
<p style="margin: 0cm 0cm 0cm 36pt; line-height: 12pt; break-after: avoid; font-size: 12pt; font-family: 'Times New Roman', serif;"><font lang="EN-US" style="font-size: 10.0pt;">&nbsp;</font></p>
<p style="margin: 0cm 0cm 0cm 36pt; text-indent: -36pt; line-height: 12pt; break-after: avoid; font-size: 12pt; font-family: 'Times New Roman', serif;"><font lang="EN-US" style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; mso-bidi-font-family: Symbol;"><font style="mso-list: Ignore;">&#183;<font style="font: 7.0pt 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font></font><font lang="EN-US" style="font-size: 10.0pt;">a new corrosion laboratory and the installation of a new 43/71 mega volt ampere (&#8220;MVA&#8221;) transformer in substation 21 at our Veracruz facility in Mexico; </font></p>
<p style="margin: 0cm 0cm 0cm 36pt; line-height: 12pt; break-after: avoid; font-size: 12pt; font-family: 'Times New Roman', serif;"><font lang="EN-US" style="font-size: 10.0pt;">&nbsp;</font></p>
<p style="margin: 0cm 0cm 0cm 36pt; text-indent: -36pt; line-height: 12pt; break-after: avoid; font-size: 12pt; font-family: 'Times New Roman', serif;"><font lang="EN-US" style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; mso-bidi-font-family: Symbol;"><font style="mso-list: Ignore;">&#183;<font style="font: 7.0pt 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font></font><font lang="EN-US" style="font-size: 10.0pt;">general improvements of McCarty premium plant in Houston, Texas, including the revamping of phosphate process, new lathes, new automatic handling, full revamping of level 2 and pipe traceability implementation; </font></p>
<p style="margin: 0cm 0cm 0cm 36pt; line-height: 12pt; break-after: avoid; font-size: 12pt; font-family: 'Times New Roman', serif;"><font lang="EN-US" style="font-size: 10.0pt;">&nbsp;</font></p>
<p style="margin: 0cm 0cm 0cm 36pt; text-indent: -36pt; line-height: 12pt; break-after: avoid; font-size: 12pt; font-family: 'Times New Roman', serif;"><font lang="EN-US" style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; mso-bidi-font-family: Symbol;"><font style="mso-list: Ignore;">&#183;<font style="font: 7.0pt 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font></font><font lang="EN-US" style="font-size: 10.0pt;">completion of construction of logistic yards in Houston, Texas.; </font></p>
<p style="margin: 0cm 0cm 0cm 36pt; line-height: 12pt; break-after: avoid; font-size: 12pt; font-family: 'Times New Roman', serif;"><font lang="EN-US" style="font-size: 10.0pt;">&nbsp;</font></p>
<p style="margin: 0cm 0cm 0cm 36pt; text-indent: -36pt; line-height: 12pt; break-after: avoid; font-size: 12pt; font-family: 'Times New Roman', serif;"><font lang="EN-US" style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; mso-bidi-font-family: Symbol;"><font style="mso-list: Ignore;">&#183;<font style="font: 7.0pt 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font></font><font lang="EN-US" style="font-size: 10.0pt;">the increase of capacity in the steel shop at our Calarasi plant, Romania; <i style="mso-bidi-font-style: normal;">and </i></font></p>
<p style="margin: 0cm 0cm 0cm 36pt; line-height: 12pt; break-after: avoid; font-size: 12pt; font-family: 'Times New Roman', serif;"><font lang="EN-US" style="font-size: 10.0pt;">&nbsp;</font></p>
<p style="margin: 0cm 0cm 0cm 36pt; text-indent: -36pt; line-height: 12pt; break-after: avoid; font-size: 12pt; font-family: 'Times New Roman', serif;"><font lang="EN-US" style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; mso-bidi-font-family: Symbol;"><font style="mso-list: Ignore;">&#183;<font style="font: 7.0pt 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font></font><font lang="EN-US" style="font-size: 10.0pt;">improvements in thermal coating line and the revamping of the edge press in the large outside diameter (&#8220;LOD&#8221;) facility in Pindamonhangaba, Brazil.</font></p>
<p style="break-after: avoid; margin: 10pt 0pt; font-size: 12pt; font-family: 'Times New Roman', serif; text-indent: 0pt;"><font lang="EN-US" style="font-size: 10.0pt;">Capital expenditures in 2021 are expected to remain in line with the level of 2020 including the completion of certain main projects started in 2020. Some ongoing investments include:</font></p>
<p style="margin: 0cm 0cm 0cm 36pt; text-indent: -36pt; line-height: 12pt; break-after: avoid; font-size: 12pt; font-family: 'Times New Roman', serif;"><font lang="EN-US" style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; mso-bidi-font-family: Symbol;"><font style="mso-list: Ignore;">&#183;<font style="font: 7.0pt 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font></font><font lang="EN-US" style="font-size: 10.0pt;">the revamping of the steel shop at our Koppel facility in the United States;</font></p>
<p style="margin: 0cm 0cm 0cm 36pt; text-indent: -36pt; line-height: 12pt; break-after: avoid; font-size: 12pt; font-family: 'Times New Roman', serif;"><font lang="EN-US" style="font-size: 10.0pt;">&nbsp;</font></p>
<p style="margin: 0cm 0cm 0cm 36pt; text-indent: -36pt; line-height: 12pt; break-after: avoid; font-size: 12pt; font-family: 'Times New Roman', serif;"><font lang="EN-US" style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; mso-bidi-font-family: Symbol;"><font style="mso-list: Ignore;">&#183;<font style="font: 7.0pt 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font></font><font lang="EN-US" style="font-size: 10.0pt;">the industrial transformation of AlgomaTubes in Canada (new ERW forming and premium threading lines);</font></p>
<p style="margin: 0cm 0cm 0cm 36pt; text-indent: -36pt; line-height: 12pt; break-after: avoid; font-size: 12pt; font-family: 'Times New Roman', serif;"><font lang="EN-US" style="font-size: 10.0pt;">&nbsp;</font></p>
<p style="margin: 0cm 0cm 0cm 36pt; text-indent: -36pt; line-height: 12pt; break-after: avoid; font-size: 12pt; font-family: 'Times New Roman', serif;"><font lang="EN-US" style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; mso-bidi-font-family: Symbol;"><font style="mso-list: Ignore;">&#183;<font style="font: 7.0pt 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font></font><font lang="EN-US" style="font-size: 10.0pt;">a new premium threading plant in China in joint venture with Baotou Steel;</font></p>
<p style="margin: 0cm 0cm 0cm 36pt; text-indent: -36pt; line-height: 12pt; break-after: avoid; font-size: 12pt; font-family: 'Times New Roman', serif;"><font lang="EN-US" style="font-size: 10.0pt;">&nbsp;</font></p>
<p style="margin: 0cm 0cm 0cm 36pt; text-indent: -36pt; line-height: 12pt; break-after: avoid; font-size: 12pt; font-family: 'Times New Roman', serif;"><font lang="EN-US" style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; mso-bidi-font-family: Symbol;"><font style="mso-list: Ignore;">&#183;<font style="font: 7.0pt 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font></font><font lang="EN-US" style="font-size: 10.0pt;">a new yard and service center in Abu Dhabi; <i style="mso-bidi-font-style: normal;">and</i></font></p>
<p style="margin: 0cm 0cm 0cm 36pt; text-indent: -36pt; line-height: 12pt; break-after: avoid; font-size: 12pt; font-family: 'Times New Roman', serif;"><font lang="EN-US" style="font-size: 10.0pt;">&nbsp;</font></p>
<p style="margin: 0cm 0cm 0cm 36pt; text-indent: -36pt; line-height: 12pt; break-after: avoid; font-size: 12pt; font-family: 'Times New Roman', serif;"><font lang="EN-US" style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; mso-bidi-font-family: Symbol;"><font style="mso-list: Ignore;">&#183;<font style="font: 7.0pt 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font></font><font lang="EN-US" style="font-size: 10.0pt;">initial actions to achieve the medium term target of reducing carbon emissions intensity by 30%.</font></p>
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<p style="break-after: avoid; margin: 0pt 0pt 12pt; font-size: 12pt; font-family: 'Times New Roman', serif; text-indent: 0pt;"><font lang="EN-US" style="font-size: 10.0pt;">In addition to capital expenditures at our plants, we have invested in digital information systems. Despite the crisis in the oil industry and the pandemic, we have ensured the connectivity of those of our people who have transitioned to remote working. Our focus has been on our industrial system through the execution of the Integrated Scheduling System Project which has been transforming the way we operate and make decisions, and on our commercial relationships through the integration with our customer/vendors which has enabled us to be faster, more flexible and more efficient.</font></p>
<p style="break-after: avoid; margin: 0pt 0pt 12pt; font-size: 12pt; font-family: 'Times New Roman', serif; text-indent: 0pt;"><font lang="EN-US" style="font-size: 10.0pt;">Additionally, we have continued strengthening the protection of our information with our cybersecurity project and are integrating the former IPSCO operations with our systems.</font></p>
<p style="break-after: avoid; margin: 0pt 0pt 12pt; font-size: 12pt; font-family: 'Times New Roman', serif; text-indent: 0pt;"><font lang="EN-US" style="font-size: 10.0pt;">Investments in information systems and other intangible assets totaled $26 million in 2020, compared to $36 million in 2019 and $32 million in 2018.</font></p>
<p style="margin-top: 0pt; margin-bottom: 10pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Raw Materials and Energy </font></p>
<p style="margin: 0cm 0cm 12pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font lang="EN-US" style="font-size: 10.0pt;">The majority of our seamless steel pipe products are manufactured in integrated steelmaking operations using the electric arc furnace route, with the principal raw materials being steel scrap, DRI, hot briquetted iron (&#8220;HBI&#8221;), pig iron and ferroalloys. In Argentina we produce our own DRI from iron ore using natural gas as a reductant. Our integrated steelmaking operations consume significant quantities of electric energy, purchased from the local market. Our welded steel pipe products are processed from purchased steel coils and plates.</font></p>
<p style="margin: 0cm 0cm 12pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font lang="EN-US" style="font-size: 10.0pt;">Although the weight of the different steelmaking raw materials and steel vary among the different production facilities in our industrial system, depending on the specifications of the final products and other factors, on average steel scrap, pig iron, HBI and DRI represent approximately 20% of our steel pipe products&#8217; costs, while steel in the form of billets or coils represents approximately 16%, with direct energy accounting for approximately 4%.</font><font lang="EN-US"></font></p>
<p style="margin-top: 0pt; margin-bottom: 10pt; font-size: 10pt;"><font lang="EN-US" style="font-size: 10.0pt; font-family: 'Times New Roman','serif'; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;">The above raw material inputs are subject to price volatility caused by supply, political and economic situations, financial variables and other unpredictable factors. For further information on price volatility, see Item&nbsp;3.D. &#8220;Key Information &#8211; Risk Factors &#8211; Risks Relating to Our Industry &#8211; Increases in the cost of raw materials, energy and other costs, limitations or disruptions to the supply of raw materials and energy, and price mismatches between raw materials and our products may hurt our profitability&#8221;. </font><font lang="EN-US" style="font-size: 10.0pt; font-family: 'Times New Roman','serif'; mso-fareast-font-family: 'MS Mincho'; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;">The costs of steelmaking raw materials and of steel coils and plates, decreased on average in 2020 compared to 2019 and continued with high levels of volatility; prices of raw materials increased sharply during the last months of 2020.</font> <br></p>
<p style="margin-top: 0pt; margin-bottom: 10pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-style: italic;">Steel scrap, pig iron and HB</font><font style="font-family: 'Times New Roman'; font-style: italic;">I</font></p>
<p style="margin-top: 0pt; margin-bottom: 10pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Steel scrap, pig iron and HBI for our steelmaking operations are sourced from local, regional and international sources. In Argentina we produce our own DRI and source ferrous scrap domestically through a wholly owned scrap collecting and processing subsidiary. In Italy we purchase pig iron and ferrous scrap from local and regional markets. In Mexico we import our pig iron and HBI requirements and purchase scrap from domestic and international markets. In Romania we source ferrous scrap mainly from the domestic market and we import pig iron. In the United States, we expect to source scrap from the local market once we reopen our newly acquired Koppel steelmaking facility.</font></p>
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<p style="margin-top: 10pt; margin-bottom: 10pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">International prices for steel scrap, pig iron and HBI can vary substantially in accordance with supply and demand conditions in the international steel industry. </font><font style="font-family: 'Times New Roman';">Overall costs </font><font style="font-family: 'Times New Roman';">for</font><font style="font-family: 'Times New Roman';"> these materials </font><font style="font-family: 'Times New Roman';">were highly volatile during 2020, decreasing during the first half of the year, mainly driven by low consumption, and increasing by the end of the year along with steel prices.</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">As a reference, prices for Scrap Shredded U.S. East Coast, published by CRU, averaged $274 per ton i</font><font style="font-family: 'Times New Roman';">n 2019 and $260</font><font style="font-family: 'Times New Roman';"> per ton in 2020 &#8211; descending to values around $220 and ascending to around $355 per ton through the year.</font></p>
<p style="margin-top: 0pt; margin-bottom: 10pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-style: italic;">Iron ore</font></p>
<p style="margin-top: 10pt; margin-bottom: 10pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">We consume iron ore in the form of pellets, for the production of DRI in Argentina. Siderca&#8217;s annual consumption of iron ore during 2020 was approximately 115,000 tons, supplied mainly from Br</font><font style="font-family: 'Times New Roman';">azil by</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">Vale International S.A.</font><font style="font-family: 'Times New Roman';"> (&#8220;Vale&#8221;).</font></p>
<p style="margin-top: 0pt; margin-bottom: 10pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Iron ore prices at the beginning of 2020 were relatively stable around $90 per ton as global demand was subdued by the COVID-19 pandemic outbreak. However, as steel production in China reached historically high levels, demand and prices for iron ore have risen since the middle of last year to their current levels of around $170 per ton. </font></p>
<p style="margin-top: 0pt; margin-bottom: 10pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The DRI pellet market in 2020 saw a downturn in demand as world steel production outside China </font><font style="font-family: 'Times New Roman';">declined, particularly in Europe, where the main consumers of this material are based.</font><font style="font-family: 'Times New Roman';"> Pellet premiums averaged </font><font style="font-family: 'Times New Roman';">$36 per ton</font><font style="font-family: 'Times New Roman';"> in 2020, 42% below 2019 levels. However, as the industry begins to recover worldwide the market is becoming very tight and prices are expected to rise considerably in 2021. </font></p>
<p style="margin-top: 0pt; margin-bottom: 10pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-style: italic;">Round steel bars</font></p>
<p style="margin-top: 10pt; margin-bottom: 10pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">We mainly satisfy our steel bars and ingots requirements with materials produced in our steelmaking facilities in Romani</font><font style="font-family: 'Times New Roman';">a, Italy, Mexico and Argentina. </font><font style="font-family: 'Times New Roman';">We complement this internal supply with purchases of steel bars and ingots from third parties as required, and particularly for use in our seamless steel pipe facilities in Japan, Canada, Mexico and the U.S.</font></p>
<p style="margin-top: 10pt; margin-bottom: 10pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In Japan, we purchase these materials from JFE, our partner in NKKTubes. These purchases are made under a supply arrangement pursuant to which the purchase price varies in relation to changes in the cost of production. As a result of their location within a larger production complex operated by the supplier, our operations in Japan are substantially dependent on these contracts for the supply of raw materials and energy. JFE uses imported iron ore, coal and ferroalloys as principal raw materials for producing steel bars at Keihin. In March 2020, JFE, informed Tenaris of its decision to permanently cease the operations of certain facilities located at the Keihin complex in 2024. The closure of JFE&#8217;s Keihin facilities may result in the unavailability of the currently supplied steel bars and other essential inputs or services used in NKKTubes&#8217; manufacturing process, thereby affecting its operations. Tenaris and JFE have engaged in discussions to reach a mutually acceptable solution. In any case, Tenaris believes that it has the technical capability to manufacture the products supplied by NKKTubes in its other facilities.</font></p>
<p style="margin-top: 10pt; margin-bottom: 10pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In Canada, we mainly source our steel bars requirements from our integrated facilities in Romania, Italy, Mexico and Argentina.</font></p>
<p style="margin-top: 10pt; margin-bottom: 10pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In Mexico, we source steel bars from Ternium&#8217;s Mexican facilities under an agreement which will be in effect until March 2022 and is renewable for another 12 months, granting us the right to purchase approximately 180,000 tons of steel bars.</font></p>
<p style="margin-top: 0pt; margin-bottom: 10pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In the United States, we currently use steel bars produced in our integrated facilities in Romania, Italy and Mexico and have been granted an exclusion from Section 232 tariffs for the imports of these steel bars. Additionally, we have a contract in place with Nucor Steel to purchase a portion of the steel bars requirements in our Tenaris Bay City mill. With the acquisition of IPSCO in 2020, we own our first steel shop facility in the United States in Koppel, Pennsylvania. After certain investments expected to be completed by the middle of 2021, this facility will also provide steel bars to our Tenaris Bay City mill.</font></p>
<p style="margin-top: 0pt; margin-bottom: 10pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-style: italic;">Steel coils and plates</font></p>
<p style="margin-top: 0pt; margin-bottom: 10pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">For the production of welded steel pipe products, we purchase steel coils and steel plates principally from domestic producers for processing into welded steel pipes. We have welded pipe operations in Argentina, Brazil, Canada, Colombia</font><font style="font-family: 'Times New Roman';">, Saudi Arabia</font><font style="font-family: 'Times New Roman';"> and the United States.</font></p>
<p style="margin-top: 0pt; margin-bottom: 10pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Steel coil market prices decrease</font><font style="font-family: 'Times New Roman';">d</font><font style="font-family: 'Times New Roman';"> in 2020</font><font style="font-family: 'Times New Roman';">. As a reference, prices for hot rolled coils, HRC Midwest USA Mill,</font><font style="font-family: 'Times New Roman';"> published by CRU, </font><font style="font-family: 'Times New Roman';">averaged $632 per metric ton in 2020 and $670 per metric ton in 2019</font><font style="font-family: 'Times New Roman';">. However, prices increased sharply in the last months of 2020, reaching $931 per metric ton in December, $1,278 per metric ton in February and continue to increase as of the date of this annual report.</font></p>
<p style="margin-top: 0pt; margin-bottom: 10pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">For our welded pipe operations in the United States, a significant part of our requirements for steel coils are supplied by Nucor Steel which is our principal supplier in the United States. Nucor Steel has a steel coil manufacturing facility in Hickman, Arkansas, near to our principal welded pipe facility in the United States. To secure a supply of steel coils for our </font><font style="font-family: 'Times New Roman';">U.S. facilities, during 2020</font><font style="font-family: 'Times New Roman';"> we renewed a long-term purchase agreement with Nucor Steel which is </font><font style="font-family: 'Times New Roman';">due to expire at the end of 2021</font><font style="font-family: 'Times New Roman';">.</font></p>
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<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In Canada, we had long-term agreements with our main steel suppliers for our welded pipe operations with prices referenced to market levels in U.S. dollars (i.e., CRU HRC index), which terminated at the end of 2020 after we shut down our Prudential mill. Among such suppliers were ArcelorMittal Dofasco, which has steel coil manufacturing facilities in Hamilton, Ontario, and Algoma Steel, which has steel coil manufacturing facilities in Sault Ste Marie, Ontario. We maintain contact with these suppliers, planning for when we resume welded pipe operations after integrating welded pipe manufacturing equipment in our mill in Sault Ste. Marie.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">We also purchase steel coils and plates for our welded pipe operations in South America (Colombia, Brazil and Argentina) principally from Usiminas and </font><font style="font-family: 'Times New Roman';">Gerdau</font><font style="font-family: 'Times New Roman';"> S.A. (&#8220;Gerdau&#8221;)</font><font style="font-family: 'Times New Roman';"> in Brazil, from </font><font style="font-family: 'Times New Roman';">Ternium Argentina</font><font style="font-family: 'Times New Roman';"> S.A. (&#8220;</font><font style="font-family: 'Times New Roman';">Ternium Argentina</font><font style="font-family: 'Times New Roman';">&#8221;), a subsidiary of Ternium </font><font style="font-family: 'Times New Roman';">in Argentina, and from Ternium&#8217;s facilities in Mexico. In addition, in Brazil we also source plates and coils from international suppliers</font><font style="font-family: 'Times New Roman';"> when not produced domestically</font><font style="font-family: 'Times New Roman';">.</font><font style="font-family: 'Times New Roman';"> In Saudi Arabia, we mainly purchase steel coils and plates from the local market.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-style: italic;">Energy</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">We consume substantial quantities of electric energy at our electric steel shops in Argentina, Italy, Mexico, Romania and starting in 2021 in Koppel, Pennsylvania.</font></p>
<p style="margin: 0cm 0cm 12pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font lang="EN-US" style="font-size: 10.0pt;">In Argentina, our local electric energy requirements are satisfied through purchases in the local market and by a 35-megawatt thermo-electric power generating plant located within the Campana facility. In Dalmine, Italy, we have a 120-megawatt power generation facility which is designed to have sufficient capacity to meet most of the electric power requirements of the operations. The additional energy needed to cover the peaks of consumption and the excess energy produced are purchased and sold to the market while heat is sold for district heating. In Mexico, our electric power requirements are mainly satisfied by Techgen, a natural gas-fired combined cycle electric power plant in the Pesquer&#237;a area of the State of Nuevo Le&#243;n, while a small portion of our energy requirements are furnished by the Mexican government-owned Comisi&#243;n Federal de Electricidad, or the Federal Electric Power Commission. In Romania, we source electric energy from the local market.<font style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;"></font></font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">We consume substantial volumes of natural gas in Argentina, particularly in the generation of DRI and to operate our power generation facilities. However, 2020 showed a reduction in gas consumption, due to adjusted levels of production. Tecpetrol, a San Faustin subsidiary, is our main natural gas supplier in Argentina under market conditions and according to local regulations.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">We have transportation capacity agreements with Transportadora de Gas del Norte S.A.</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">(&#8220;TGN&#8221;), a company in which San Faustin holds a significant but non-controlling interest, corresponding to capacity of 1,000,000 cubic meters per day until April 2027. In order to meet our transportation requirements for natural gas above volumes contracted with TGN, we also have agreements with Naturgy S.A. (formerly Gas Natural Ban S.A.), for a maximum transportation capacity corresponding to approximately 970,000 cubic meters per day. For the final transportation phase, we have a supply contract with Naturgy</font><font style="font-family: 'Times New Roman';"> S.A.</font><font style="font-family: 'Times New Roman';"> Both contracts with Naturgy S.A</font><font style="font-family: 'Times New Roman';"> are in place</font><font style="font-family: 'Times New Roman';"> until April 2021</font><font style="font-family: 'Times New Roman';"> and are expected to be renewed</font><font style="font-family: 'Times New Roman';">.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In addition to the normal amount of gas consumed at our Italian plants, we also </font><font style="font-family: 'Times New Roman';">require a</font><font style="font-family: 'Times New Roman';"> substantial </font><font style="font-family: 'Times New Roman';">volume</font><font style="font-family: 'Times New Roman';"> of natural gas in connection with the operation of our power generation facility in Italy. Our natural gas requirements in Italy are </font><font style="font-family: 'Times New Roman';">currently supplied by Eni S.p.A.</font><font style="font-family: 'Times New Roman';"> </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Our costs for electric energy and natural gas vary from country to country. In the last few years energy costs have remained generally flat due to the increasing availability of natural gas from shale plays and additional renewable energy generation at more competitive prices. In a context of uncertainty regarding future energy prices, the Argentine government launched in December 2020 a new gas plan to increase natural gas supply following a drop from the maximum levels reached in 2019. Because winter demand for natural gas continues to outpace supply, Argentina is required to import natural gas from Bolivia, Chile and LNG from the international market, in addition to using liquid fuel to generate electricity. See Item 3.D. &#8220;Key Information &#8211; Risk Factors &#8211; Risks Relating to Our Industry &#8211; Increases in the cost of raw materials, energy and other costs, limitations or disruptions to the supply of raw materials and energy; and price mismatches between raw materials and our products may hurt our profitability&#8221; and Item 3.D. &#8220;Key Information &#8211; Risk Factors &#8211; Risks Relating to Our Business &#8211; Adverse economic or political conditions in the countries where we operate or sell our products and services may decrease our sales or disrupt our manufacturing operations, thereby adversely affecting our revenues, profitability and financial condition&#8221;.</font></p>
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<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-style: italic;">Ferroalloys</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">For each of our steel shops we coordinate our purchases of ferroalloys worldwide. The international costs of ferroalloys can vary substantially within a short period. Prices for the main ferroalloys consumed by Tenaris decreased significantly during 2020, compared to 2019, mainly due to the effects of the COVID-19 pandemic, including lockdowns, economic recession, logistics limitations, etc. Ferroalloy prices have since moved to levels that are significantly higher than the average of the last four years as global demand for steel products has recovered rapidly, particularly in China.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Product Quality Standards</font></p>
<p style="margin-top: 14pt; margin-bottom: 14pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Our steel products (tubular products, accessories and sucker rods) are manufactured in accordance with the specifications of the </font><font style="font-family: 'Times New Roman';">API</font><font style="font-family: 'Times New Roman';">, the American Society for Testing and Materials (</font><font style="font-family: 'Times New Roman';">&#8220;</font><font style="font-family: 'Times New Roman';">ASTM</font><font style="font-family: 'Times New Roman';">&#8221;</font><font style="font-family: 'Times New Roman';">), the International Standardization Organization (</font><font style="font-family: 'Times New Roman';">&#8220;</font><font style="font-family: 'Times New Roman';">ISO</font><font style="font-family: 'Times New Roman';">&#8221;</font><font style="font-family: 'Times New Roman';">), the Japan Industrial Standards (</font><font style="font-family: 'Times New Roman';">&#8220;</font><font style="font-family: 'Times New Roman';">JIS</font><font style="font-family: 'Times New Roman';">&#8221;</font><font style="font-family: 'Times New Roman';">), and European Standards (</font><font style="font-family: 'Times New Roman';">&#8220;</font><font style="font-family: 'Times New Roman';">EN</font><font style="font-family: 'Times New Roman';">&#8221;</font><font style="font-family: 'Times New Roman';">), among other standards. The products must also satisfy our proprietary standards as well as our customers&#8217; requirements. We maintain an extensive quality assurance and control program to ensure that our products and services continue to satisfy proprietary and industry standards and are competitive from a product quality standpoint with products offered by our competitors. </font></p>
<p style="margin-top: 14pt; margin-bottom: 14pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">We currently maintain, for all our manufacturing facilities and services centers, a Quality Management System Certified to ISO 9001 by Lloyd&#8217;s Register Quality Assurance and API product licenses granted by API, which are requirements for selling to the major oil and gas companies, which have rigorous quality standards. In addition, the majority of our testing laboratories are certified to ISO 17025. Our Quality Management System (</font><font style="font-family: 'Times New Roman';">&#8220;</font><font style="font-family: 'Times New Roman';">QMS</font><font style="font-family: 'Times New Roman';">&#8221;</font><font style="font-family: 'Times New Roman';">), based on the ISO 9001 and API Q1 specifications assures that products and services comply with customer requirements from the acquisition of raw materials to the delivery of the final product and services. The QMS is designed to ensure the reliability and improvement of the product and the manufacturing operations processes as well as the associated services. Additionally, we are in the process of certifying the QMS to API Q2 at some locations, a certification specifically developed for companies which offer services in the oil and gas industry. </font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">All of our mills involved in the manufacturing of material for the automotive market are certified according to the standard IATF 16949 by Lloyd&#8217;s Register Quality Assurance.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Research and Development </font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Research and development, or R&amp;D, of new products and processes to meet the increasingly stringent requirements of our customers is an important aspect of our business.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">R&amp;D activities are carried out primarily at our global R&amp;D network with its main office in Amsterdam, the Netherlands and specialized research and testing facilities located in Campana, Argentina, in Veracruz, Mexico, and Dalmine, Italy. Additionally, we have a Technology Center in Houston, Texas, where we develop our TenarisHydril Wedge technology. We strive to engage some of the world&#8217;s leading industrial research institutions to solve the problems posed by the complexities of oil and gas projects with innovative applications. In addition, our global technical sales team is made up of experienced engineers who work with our customers to identify solutions for each particular oil and gas drilling environment.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Product R&amp;D currently being undertaken are focused on the increasingly challenging energy markets and include:</font></p>
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<li style="margin-left: 8.68pt; margin-bottom: 12pt; padding-left: 16.07pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">proprietary premium joint products (OCTG) including Dopeless&#174; technology;</font></li>
<li style="margin-left: 8.68pt; margin-bottom: 12pt; padding-left: 16.07pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">proprietary steels for various applications (oil and gas drilling and transportation, hydrogen transportation and storage, carbon dioxide transportation and injection, automotive, etc.);</font></li>
<li style="margin-left: 8.68pt; margin-bottom: 12pt; padding-left: 16.07pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">heavy-wall d</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">eepwater line pipe, risers and welding technology;</font></li>
<li style="margin-left: 8.68pt; margin-bottom: 12pt; padding-left: 16.07pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">t</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ubes and components for the automotive industry and other mechanical applications;</font></li>
<li style="margin-left: 8.68pt; margin-bottom: 12pt; padding-left: 16.07pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">l</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">arge vessels for hydrogen storage and refueling stations<font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">;</font></font></li>
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<li style="margin-left: 8.68pt; margin-bottom: 12pt; padding-left: 16.07pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">t</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ubes for boilers;</font></li>
<li style="margin-left: 8.68pt; margin-bottom: 12pt; padding-left: 16.07pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">w</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">elded pipes for oil and gas and other applications;</font></li>
<li style="margin-left: 8.68pt; margin-bottom: 12pt; padding-left: 16.07pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">s</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ucker rods;</font></li>
<li style="margin-left: 8.68pt; margin-bottom: 12pt; padding-left: 16.07pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">c</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">oiled tubing </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">and</font></li>
<li style="margin-left: 8.68pt; margin-bottom: 12pt; padding-left: 16.07pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">c</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">oatings.</font></li>
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<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In addition to R&amp;D aimed at new or improved products, we continuously study opportunities to optimize our manufacturing processes. Recent projects in this area include modeling of </font><font style="font-family: 'Times New Roman';">rolling, heat treatment, non destructive testing and f</font><font style="font-family: 'Times New Roman';">inishing processes and the development of different process controls, with the goal of improving product quality and productivity at our facilities.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">We seek to protect our innovation, through the use of patents, trade secrets, trademarks and other intellectual property tools that allow us to differentiate ourselves from our competitors.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">We spent $</font><font style="font-family: 'Times New Roman';">41.8</font><font style="font-family: 'Times New Roman';"> million in R&amp;D in 20</font><font style="font-family: 'Times New Roman';">20</font><font style="font-family: 'Times New Roman';">, compared to $6</font><font style="font-family: 'Times New Roman';">1</font><font style="font-family: 'Times New Roman';">.1</font><font style="font-family: 'Times New Roman';"> million in 201</font><font style="font-family: 'Times New Roman';">9</font><font style="font-family: 'Times New Roman';"> and $</font><font style="font-family: 'Times New Roman';">6</font><font style="font-family: 'Times New Roman';">3</font><font style="font-family: 'Times New Roman';">.4</font><font style="font-family: 'Times New Roman';"> million in 201</font><font style="font-family: 'Times New Roman';">8</font><font style="font-family: 'Times New Roman';">.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Capitalized costs were not material for the years</font><font style="font-family: 'Times New Roman';"> 2020,</font><font style="font-family: 'Times New Roman';"> 2019</font><font style="font-family: 'Times New Roman';"> and</font><font style="font-family: 'Times New Roman';"> 2018.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Environmental Regulation </font></p>
<p style="margin-top: 14pt; margin-bottom: 14pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">We are subject to a wide range of local, provincial and national laws, regulations, permit requirements and decrees relating to the protection of human health and the environment, including laws and regulations relating to hazardous materials and radioactive materials and environmental protection governing air emissions, water discharges and waste management. Laws and regulations protecting the environment have become increasingly complex and more stringent and expensive to implement in recent years. Environmental requirements vary from one jurisdiction to another adding complexity to the operations of global companies, such as Tenaris. </font></p>
<p style="margin-top: 14pt; margin-bottom: 14pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The Paris Agreement, adopted at the 2015 United Nations Climate Conference, sets out the global framework to limit the rising temperature of the planet and to strengthen the countries&#8217; ability to deal with the effects of climate change. If there is no meaningful progress in lowering emissions in the years ahead, there is an increased likelihood of abrupt policy interventions as governments attempt to meet the goals of the Paris Agreement by adopting policy, legal, technology and market changes in the transition to a low-carbon global economy. For more information on risks related to climate change regulation, see Item 3.D. &#8220;Key Information &#8211; Risk Factors - Risks Relating to Our Industry &#8211; Climate change legislation and increasing regulatory requirements could reduce demand for our products and services and result in unexpected capital expenditures and costs, and negatively affect our reputation.&#8221;</font></p>
<p style="margin-top: 14pt; margin-bottom: 14pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The ultimate impact of complying with applicable environmental regulation is not always clearly known or determinable because certain laws and regulations have been evolving in the past years or are under constant review by competent authorities. The expenditures required to comply with these laws and regulations, including site or other remediation costs, or costs incurred from potential environmental liabilities, could have a material adverse effect on our financial condition and profitability. While we incur, and will continue to incur, in expenditures to comply with applicable laws and regulations, there always remains a risk that environmental incidents or accidents may occur that may negatively affect our reputation or our operations. For more information on risks related to compliance with environmental regulation and product liability, see Item 3.D. &#8220;Key Information &#8211; Risk Factors - Risks Relating to Our Business&#8211; The cost of complying with environmental regulations and potential environmental and product liabilities may increase our operating costs and negatively impact our business, financial condition, results of operations and prospects.&#8221;</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Compliance with applicable environmental laws and regulations is of utmost importance to the Company and a significant factor in our industry and business. We have not been subject to any significant penalty for any material environmental violation of applicable environmental laws and regulations in the last five years, and we are not aware of </font><font style="font-family: 'Times New Roman';">any current material legal or administrative proceedings pending against us with respect to environmental matters, which could have an adverse material impact on our financial condition or results of operations.</font><font style="font-family: 'Times New Roman'; font-weight: bold;"> </font></p>
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<p style="margin-top: 0pt; margin-bottom: 12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Insurance </font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">We carry property damage, general liability and certain other insurance coverage in line with industry practice.</font><font style="font-family: 'Times New Roman';"> However, we do not carry business interruption insurance.</font><font style="font-family: 'Times New Roman';"> Our current general liability coverage includes third party, employers, sudden and accidental seepage and pollution and product liability, up to a limit of $300 million. Our current property insurance has indemnification caps up to $250 million for direct damage, depending on the different plants; and a deductible of $100 million.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; text-align: justify; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Disclosure Pursuant to Section</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">13(r) of the Exchange Act </font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; text-align: justify; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-style: italic;">Tenaris </font></p>
<p style="margin-top: 14pt; margin-bottom: 14pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The Iran Threat Reduction and Syria Human Rights Act of 2012 (&#8220;ITRA&#8221;), created a new subsection (r)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">in Section</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">13 of the U.S. Securities Exchange Act of 1934, as amended (the &#8220;Exchange Act&#8221;), which requires a reporting issuer to provide disclosure if the issuer or any of its affiliates knowingly engaged in certain enumerated activities relating to Iran, including activities involving the Government of Iran. Tenaris is providing the following disclosure pursuant to Section</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">13(r) of the Exchange Act.</font></p>
<p style="margin-top: 14pt; margin-bottom: 14pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In July 2015, the Islamic Republic of Iran entered into the Joint Comprehensive Plan of Action </font><font style="font-family: 'Times New Roman';">(&#8220;</font><font style="font-family: 'Times New Roman';">JCPOA</font><font style="font-family: 'Times New Roman';">&#8221;)</font><font style="font-family: 'Times New Roman';"> with China, France, Germany, Russia, the United Kingdom and the U.S., which resulted in the partial lifting in January 2016 of certain sanctions and restrictions against Iran, including most U.S. secondary sanctions against such country. On May 8, 2018, the U.S. announced that it would cease participation in the JCPOA and would begin re-imposing nuclear-related sanctions against Iran after a wind-down period. Following the U.S. withdrawal</font><font style="font-family: 'Times New Roman';"> from the JCPOA</font><font style="font-family: 'Times New Roman';">, the European Union updated Council Regulation (EC) No. 2271/96 of 22 November 1996 (the &#8220;EU Blocking Statute&#8221;), to expand its scope to cover the re-imposed U.S. nuclear-related sanctions. The EU Blocking Statute aims to counteract the effects of</font><font style="font-family: 'Times New Roman';"> the U.S. secondary sanctions.</font></p>
<p style="margin-top: 14pt; margin-bottom: 14pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman';">As previously reported, Tenaris ceased all deliveries of products and services to Iran by the end of October 2018, that is, during the wind-down period and before the</font><font style="font-family: 'Times New Roman';"> full</font><font style="font-family: 'Times New Roman';"> reinstatemen</font><font style="font-family: 'Times New Roman';">t of U.S. secondary sanctions</font><font style="font-family: 'Times New Roman';"> on November 5, 2018</font><font style="font-family: 'Times New Roman';">. </font><font style="font-family: 'Times New Roman';">Tenaris has not, directly or indirectly, </font><font style="font-family: 'Times New Roman';">delivered any goods or services to Iran or Iranian</font><font style="font-family: 'Times New Roman';"> companies during 2019</font><font style="font-family: 'Times New Roman';"> and 2020</font><font style="font-family: 'Times New Roman';"> and does not intend to explore any commercial opportunities in Iran, nor does it intend to participate in tender offers by, or issue offers to provide products or services to, Iranian companies or their subsidiaries.</font></p>
<p style="margin-top: 14pt; margin-bottom: 14pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman';">As of December 31, 2020, the Company&#8217;s subsidiary, TGS, maintains an open balance for an advance made by Toos Pa</font><font style="font-family: 'Times New Roman';">yvand Co. for approximately EUR</font><font style="font-family: 'Times New Roman';">0.04 million (approximately $0.04 million) for goods that remained undelivered following the reinstatement of U.</font><font style="font-family: 'Times New Roman';">S. secondary sanctions.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">All revenue and profit derived from Tenaris&#8217;s sales to Iran was recorded in the fiscal year in which such sales were performed and, therefore, no revenue and profit has been reported in connection with commercial activities related to Iran for the year ended December 31, 2020.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Tenaris has procedures in place designed to ensure that its activities comply with all applicable U.S. and other international export control and economic sanctions laws and regulations.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-style: italic;">Tenaris&#8217;s Affiliates </font></p>
<p style="margin-top: 14pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Pursuant to Section 13(r) of the Exchange Act, Tenaris is also required to disclose whether any of its affiliates have engaged in certain Iran-related activities and transactions. </font><font style="font-family: 'Times New Roman';">No affiliated reported any Iran related activity for the year ended December 31, 2020. </font></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>44</font></font></td>
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<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
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<p style="margin-left: 28.35pt; margin-bottom: 10pt; text-indent: -28.35pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"><br></font></p>
<p style="margin-left: 28.35pt; margin-bottom: 10pt; text-indent: -28.35pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">C. </font><font style="width: 16.13pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">Organizational Structure and Subsidiaries</font></p>
<p style="margin-top: 0pt; margin-bottom: 10pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">We conduct all our operations through subsidiaries. The following table shows the </font><font style="font-family: 'Times New Roman';">principal</font><font style="font-family: 'Times New Roman';"> subsidiaries of the Company and its direct and indirect ownership in each subsidiary as of December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">31, 20</font><font style="font-family: 'Times New Roman';">20</font><font style="font-family: 'Times New Roman';">, 201</font><font style="font-family: 'Times New Roman';">9</font><font style="font-family: 'Times New Roman';"> and 201</font><font style="font-family: 'Times New Roman';">8</font><font style="font-family: 'Times New Roman';">.</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Company</font></p>
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<td rowspan="2" style="width: 53pt; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 26px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Country of Incorporation</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Main activity</font></p>
</td>
<td colspan="3" style="width: 95.55pt; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Percentage of ownership at December 31, (*)</font></p>
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<tr style="height: 13px;">
<td style="width: 24.65pt; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">2020</font></p>
</td>
<td style="width: 24.65pt; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">2019</font></p>
</td>
<td style="width: 24.65pt; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">2018</font></p>
</td>
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<td style="width: 194.75pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">ALGOMA TUBES INC.</font></p>
</td>
<td style="width: 53pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">Canada</font></p>
</td>
<td style="width: 122.75pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">Manufacturing of seamless steel pipes</font></p>
</td>
<td style="width: 24.65pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman';">100%</font></p>
</td>
<td style="width: 24.65pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman';">100%</font></p>
</td>
<td style="width: 24.65pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman';">100%</font></p>
</td>
</tr>
<tr style="height: 13px;">
<td style="width: 194.75pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">CONFAB INDUSTRIAL S.A. and subsidiaries</font></p>
</td>
<td style="width: 53pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">Brazil</font></p>
</td>
<td style="width: 122.75pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">Manufacturing of welded steel pipes and capital goods</font></p>
</td>
<td style="width: 24.65pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman';">100%</font></p>
</td>
<td style="width: 24.65pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman';">100%</font></p>
</td>
<td style="width: 24.65pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman';">100%</font></p>
</td>
</tr>
<tr style="height: 13px; background-color: #cceeff;">
<td style="width: 194.75pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">DALMINE S.p.A.</font></p>
</td>
<td style="width: 53pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">Italy</font></p>
</td>
<td style="width: 122.75pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">Manufacturing of seamless steel pipes</font></p>
</td>
<td style="width: 24.65pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman';">100%</font></p>
</td>
<td style="width: 24.65pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman';">100%</font></p>
</td>
<td style="width: 24.65pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman';">100%</font></p>
</td>
</tr>
<tr style="height: 13px;">
<td style="width: 194.75pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">HYDRIL COMPANY and subsidiaries (except detailed) (a)</font></p>
</td>
<td style="width: 53pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">USA</font></p>
</td>
<td style="width: 122.75pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">Manufacture and marketing of premium connections</font></p>
</td>
<td style="width: 24.65pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman';">100%</font></p>
</td>
<td style="width: 24.65pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman';">100%</font></p>
</td>
<td style="width: 24.65pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman';">100%</font></p>
</td>
</tr>
<tr style="height: 13px; background-color: #cceeff;">
<td style="width: 194.75pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">IPSCO TUBULARS INC. and subsidiaries</font></p>
</td>
<td style="width: 53pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">USA</font></p>
</td>
<td style="width: 122.75pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">Manufacturing of welded and seamless steel pipes </font></p>
</td>
<td style="width: 24.65pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman';">100%</font></p>
</td>
<td style="width: 24.65pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman';">NA</font></p>
</td>
<td style="width: 24.65pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman';">NA</font></p>
</td>
</tr>
<tr style="height: 13px;">
<td style="width: 194.75pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">KAZAKHSTAN PIPE THREADERS LIMITED LIABILITY PARTNERSHIP</font></p>
</td>
<td style="width: 53pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">Kazakhstan</font></p>
</td>
<td style="width: 122.75pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">Threading of premium products</font></p>
</td>
<td style="width: 24.65pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman';">100%</font></p>
</td>
<td style="width: 24.65pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman';">100%</font></p>
</td>
<td style="width: 24.65pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman';">100%</font></p>
</td>
</tr>
<tr style="height: 13px; background-color: #cceeff;">
<td style="width: 194.75pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">MAVERICK TUBE CORPORATION and subsidiaries</font></p>
</td>
<td style="width: 53pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">USA</font></p>
</td>
<td style="width: 122.75pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">Manufacturing of welded steel pipes </font></p>
</td>
<td style="width: 24.65pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman';">100%</font></p>
</td>
<td style="width: 24.65pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman';">100%</font></p>
</td>
<td style="width: 24.65pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman';">100%</font></p>
</td>
</tr>
<tr style="height: 13px;">
<td style="width: 194.75pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">NKKTUBES</font></p>
</td>
<td style="width: 53pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">Japan</font></p>
</td>
<td style="width: 122.75pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">Manufacturing of seamless steel pipes</font></p>
</td>
<td style="width: 24.65pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman';">51%</font></p>
</td>
<td style="width: 24.65pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman';">51%</font></p>
</td>
<td style="width: 24.65pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman';">51%</font></p>
</td>
</tr>
<tr style="height: 13px; background-color: #cceeff;">
<td style="width: 194.75pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">P.T. SEAMLESS PIPE INDONESIA JAYA</font></p>
</td>
<td style="width: 53pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">Indonesia</font></p>
</td>
<td style="width: 122.75pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">Manufacturing of seamless steel products</font></p>
</td>
<td style="width: 24.65pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman';">89%</font></p>
</td>
<td style="width: 24.65pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman';">89%</font></p>
</td>
<td style="width: 24.65pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman';">89%</font></p>
</td>
</tr>
<tr style="height: 13px;">
<td style="width: 194.75pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">PRUDENTIAL STEEL LTD. (</font><font style="font-family: 'Times New Roman';">b</font><font style="font-family: 'Times New Roman';">)</font></p>
</td>
<td style="width: 53pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">Canada</font></p>
</td>
<td style="width: 122.75pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">Manufacturing of welded steel pipes </font></p>
</td>
<td style="width: 24.65pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman';">100%</font></p>
</td>
<td style="width: 24.65pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman';">100%</font></p>
</td>
<td style="width: 24.65pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman';">100%</font></p>
</td>
</tr>
<tr style="height: 13px; background-color: #cceeff;">
<td style="width: 194.75pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">S.C. SILCOTUB S.A.</font></p>
</td>
<td style="width: 53pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">Romania</font></p>
</td>
<td style="width: 122.75pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">Manufacturing of seamless steel pipes</font></p>
</td>
<td style="width: 24.65pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman';">100%</font></p>
</td>
<td style="width: 24.65pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman';">100%</font></p>
</td>
<td style="width: 24.65pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman';">100%</font></p>
</td>
</tr>
<tr style="height: 13px;">
<td style="width: 194.75pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">SAUDI STEEL PIPE CO.</font></p>
</td>
<td style="width: 53pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">Saudi Arabia</font></p>
</td>
<td style="width: 122.75pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">Manufacturing of welded steel pipes </font></p>
</td>
<td style="width: 24.65pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman';">48%</font></p>
</td>
<td style="width: 24.65pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman';">48%</font></p>
</td>
<td style="width: 24.65pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman';">NA</font></p>
</td>
</tr>
<tr style="height: 13px; background-color: #cceeff;">
<td style="width: 194.75pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">SIAT SOCIEDAD ANONIMA</font></p>
</td>
<td style="width: 53pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">Argentina</font></p>
</td>
<td style="width: 122.75pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">Manufacturing of welded and seamless steel pipes </font></p>
</td>
<td style="width: 24.65pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman';">100%</font></p>
</td>
<td style="width: 24.65pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman';">100%</font></p>
</td>
<td style="width: 24.65pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman';">100%</font></p>
</td>
</tr>
<tr style="height: 13px;">
<td style="width: 194.75pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">SIDERCA SOCIEDAD ANONIMA INDUSTRIAL Y COMERCIAL and subsidiaries</font></p>
</td>
<td style="width: 53pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">Argentina</font></p>
</td>
<td style="width: 122.75pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">Manufacturing of seamless steel pipes</font></p>
</td>
<td style="width: 24.65pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman';">100%</font></p>
</td>
<td style="width: 24.65pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman';">100%</font></p>
</td>
<td style="width: 24.65pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman';">100%</font></p>
</td>
</tr>
<tr style="height: 13px; background-color: #cceeff;">
<td style="width: 194.75pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">TALTA - TRADING E MARKETING SOCIEDADE UNIPESSOAL LDA.</font></p>
</td>
<td style="width: 53pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">Portugal</font></p>
</td>
<td style="width: 122.75pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">Holding Company</font></p>
</td>
<td style="width: 24.65pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman';">100%</font></p>
</td>
<td style="width: 24.65pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman';">100%</font></p>
</td>
<td style="width: 24.65pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman';">100%</font></p>
</td>
</tr>
<tr style="height: 13px;">
<td style="width: 194.75pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">TENARIS BAY CITY, INC.</font></p>
</td>
<td style="width: 53pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">USA</font></p>
</td>
<td style="width: 122.75pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">Manufacturing of seamless steel pipes</font></p>
</td>
<td style="width: 24.65pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman';">100%</font></p>
</td>
<td style="width: 24.65pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman';">100%</font></p>
</td>
<td style="width: 24.65pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman';">100%</font></p>
</td>
</tr>
<tr style="height: 13px; background-color: #cceeff;">
<td style="width: 194.75pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">TENARIS CONNECTIONS BV</font></p>
</td>
<td style="width: 53pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">Netherlands</font></p>
</td>
<td style="width: 122.75pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">Development, management and licensing of intellectual property</font></p>
</td>
<td style="width: 24.65pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman';">100%</font></p>
</td>
<td style="width: 24.65pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman';">100%</font></p>
</td>
<td style="width: 24.65pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman';">100%</font></p>
</td>
</tr>
<tr style="height: 13px;">
<td style="width: 194.75pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">TENARIS FINANCIAL SERVICES S.A.</font></p>
</td>
<td style="width: 53pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">Uruguay</font></p>
</td>
<td style="width: 122.75pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">Financial company</font></p>
</td>
<td style="width: 24.65pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman';">100%</font></p>
</td>
<td style="width: 24.65pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman';">100%</font></p>
</td>
<td style="width: 24.65pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman';">100%</font></p>
</td>
</tr>
<tr style="height: 13px; background-color: #cceeff;">
<td style="width: 194.75pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">TENARIS GLOBAL SERVICES (CANADA) INC.</font></p>
</td>
<td style="width: 53pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">Canada</font></p>
</td>
<td style="width: 122.75pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">Marketing of steel products</font></p>
</td>
<td style="width: 24.65pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman';">100%</font></p>
</td>
<td style="width: 24.65pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman';">100%</font></p>
</td>
<td style="width: 24.65pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman';">100%</font></p>
</td>
</tr>
<tr style="height: 13px;">
<td style="width: 194.75pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">TENARIS GLOBAL SERVICES (U.S.A.) CORPORATION</font></p>
</td>
<td style="width: 53pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">USA</font></p>
</td>
<td style="width: 122.75pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">Marketing of steel products</font></p>
</td>
<td style="width: 24.65pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman';">100%</font></p>
</td>
<td style="width: 24.65pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman';">100%</font></p>
</td>
<td style="width: 24.65pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman';">100%</font></p>
</td>
</tr>
<tr style="height: 13px; background-color: #cceeff;">
<td style="width: 194.75pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">TENARIS GLOBAL SERVICES (UK) LTD</font></p>
</td>
<td style="width: 53pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">United Kingdom</font></p>
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<td style="width: 122.75pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">Holding company and marketing of steel products</font></p>
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<td style="width: 24.65pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman';">100%</font></p>
</td>
<td style="width: 24.65pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman';">100%</font></p>
</td>
<td style="width: 24.65pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman';">100%</font></p>
</td>
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<td style="width: 194.75pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">TENARIS GLOBAL SERVICES S.A. and subsidiaries (e</font><font style="font-family: 'Times New Roman';">xcept detailed) (c</font><font style="font-family: 'Times New Roman';">)</font></p>
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<td style="width: 53pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">Uruguay</font></p>
</td>
<td style="width: 122.75pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">Holding company and marketing of steel products</font></p>
</td>
<td style="width: 24.65pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman';">100%</font></p>
</td>
<td style="width: 24.65pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman';">100%</font></p>
</td>
<td style="width: 24.65pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman';">100%</font></p>
</td>
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<td style="width: 194.75pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">TENARIS INVESTMENTS (NL) B.V. and subsidiaries</font></p>
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<td style="width: 53pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">Netherlands</font></p>
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<td style="width: 122.75pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">Holding company</font></p>
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<td style="width: 24.65pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman';">100%</font></p>
</td>
<td style="width: 24.65pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman';">100%</font></p>
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<td style="width: 24.65pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman';">NA</font></p>
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<td style="width: 194.75pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">TENARIS INVESTMENTS S.&#224;r.l.</font></p>
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<td style="width: 53pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">Luxembourg</font></p>
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<td style="width: 122.75pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">Holding company</font></p>
</td>
<td style="width: 24.65pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman';">100%</font></p>
</td>
<td style="width: 24.65pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman';">100%</font></p>
</td>
<td style="width: 24.65pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman';">100%</font></p>
</td>
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<td style="width: 194.75pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">TENARIS TUBOCARIBE LTDA.</font></p>
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<td style="width: 53pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">Colombia</font></p>
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<td style="width: 122.75pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">Manufacturing of welded and seamless steel pipes</font></p>
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<td style="width: 24.65pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman';">100%</font></p>
</td>
<td style="width: 24.65pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman';">100%</font></p>
</td>
<td style="width: 24.65pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman';">100%</font></p>
</td>
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<td style="width: 194.75pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">TUBOS DE ACERO DE MEXICO, S.A.</font></p>
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<td style="width: 53pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">Mexico</font></p>
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<td style="width: 122.75pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">Manufacturing of seamless steel pipes</font></p>
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<td style="width: 24.65pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman';">100%</font></p>
</td>
<td style="width: 24.65pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman';">100%</font></p>
</td>
<td style="width: 24.65pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman';">100%</font></p>
</td>
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<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;">(*) All percentages rounded.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;">(a) Tenaris Investments S.a.r.l. holds 100% of Hydril's subsidiaries shares except for Technical Drilling &amp; Production Services Nigeria. Ltd where it held 80% for 2019 and 2018.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;">(</font><font style="font-family: 'Times New Roman'; font-size: 8pt;">b</font><font style="font-family: 'Times New Roman'; font-size: 8pt;">) </font><font style="font-family: 'Times New Roman'; font-size: 8pt;">Prudential Steel Ltd. has been closed down and the pipe manufacturing operations of seamless, welded and premium products in Canada will be </font><font style="font-family: 'Times New Roman'; font-size: 8pt;">consolidated at the facility of</font><font style="font-family: 'Times New Roman'; font-size: 8pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 8pt;">A</font><font style="font-family: 'Times New Roman'; font-size: 8pt;">lgoma Tubes Inc.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;">(c</font><font style="font-family: 'Times New Roman'; font-size: 8pt;">) </font><font style="font-family: 'Times New Roman'; font-size: 8pt;">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% of Tubular Services Angola Lda and 60% of Tenaris Baogang Baotou Steel Pipes Ltd.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; font-style: italic; -aw-import: ignore;">&nbsp;</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><br></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Other Investments</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Ternium</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">We have a significant investment in Ternium, a Luxembourg company controlled by San Faustin, whose securities are listed on t</font><font style="font-family: 'Times New Roman';">he NYSE. As of December 31, 20</font><font style="font-family: 'Times New Roman';">20</font><font style="font-family: 'Times New Roman';">, the Company held 11.46% of Ternium&#8217;s share capital (including treasury shares).</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The Company is a party to a shareholders&#8217; agreement with Techint Holdings S.&#224;.r.l. (&#8220;Techint Holdings&#8221;), a wholly owned subsidiary of San Faustin and Ternium&#8217;s main shareholder, dated January 9, 2006, pursuant to which Techint Holdings is required to take actions within its power to cause one of the members of Ternium&#8217;s board of directors to be nominated by the Company and any directors nominated by the Company to be removed only pursuant to previous written instructions from the Company. The Company and Techint Holdings also agreed to cause any vacancies on Ternium&#8217;s board of directors to be filled with new directors nominated by either the Company or Techint Holdings, as applicable. The shareholders&#8217; agreement will remain in effect so long as each of the parties holds at least 5% of the shares of Ternium or until it is terminated by either the Company or Techint Holdings pursuant to its terms. Carlos Condorelli was nominated by the Company as a director of Ternium pursuant to this shareholders&#8217; agreement.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Usiminas</font></p>
<p style="margin-top: 14pt; margin-bottom: 14pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">At December 31, 2020, Tenaris held, through its Brazilian subsidiary Confab, 36.5 million ordinary shares and 1.3 million preferred shares of Usiminas, representing 5.19% of its shares with voting rights and 3.07% of its total share capital. </font></p>
<p style="margin-top: 14pt; margin-bottom: 14pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Confab&#8217;s acquisition of the Usiminas shares was part of a larger transaction performed on January 16, 2012, pursuant to which Tenaris&#8217;s affiliate Ternium (through certain of its subsidiaries) and Confab acquired a large block of Usiminas ordinary shares and joined Usiminas&#8217; existing control group. Subsequently, in 2016, Ternium and Confab subscribed to additional ordinary shares and to preferred shares.</font><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp;&nbsp; </font></p>
<p style="margin-top: 14pt; margin-bottom: 14pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">At December 31, 2020, the Usiminas control group held, in the aggregate, 483.6 million ordinary shares bound to the Usiminas shareholders&#8217; agreement, representing approximately 68.6% of Usiminas&#8217; voting capital. The Usiminas control group, which is bound by a long-term shareholders&#8217; agreement that governs the rights and obligations of Usiminas&#8217; control group members, is currently composed of three sub-groups: the T/T Group, comprising Confab and certain Ternium entities; the NSC Group, comprising Nippon Steel Corporation (&#8220;NSC&#8221;), Metal One Corporation and Mitsubishi Corporation; and Usiminas&#8217; pension fund Previd&#234;ncia Usiminas. The T/T Group holds approximately 47.1% of the total shares held by the control group (39.5% corresponding to the Ternium entities and the other 7.6% corresponding to Confab); the NSC Group holds approximately 45.9% of the total shares held by the control group; and Previd&#234;ncia Usiminas holds the remaining 7%.</font></p>
<p style="margin-top: 14pt; margin-bottom: 14pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The corporate governance rules reflected in the Usiminas shareholders&#8217; agreement include, among others, an alternation mechanism for the nomination of each of the chief executive officer (&#8220;CEO&#8221;) and the chairperson of the board of directors of Usiminas, as well as a mechanism for the nomination of other members of Usiminas&#8217; executive board. The Usiminas shareholders&#8217; agreement also provides for an exit mechanism consisting of a buy-and-sell procedure, exercisable at any time after November 16, 2022, and applicable with respect to shares held by NSC and the T/T Group, which would allow either Ternium or NSC to purchase all or a majority of the Usiminas&#8217; shares held by the other shareholder. </font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Confab and the Ternium entities party to the Usiminas shareholders&#8217; agreement have a separate shareholders agreement governing their respective rights and obligations as members of the T/T Group. Such separate agreement includes, among others, provisions granting Confab certain rights relating to the T/T Group&#8217;s nomination of Usiminas&#8217; officers and directors under the Usiminas shareholders&#8217; agreement. Those circumstances evidence that Tenaris has significant influence over Usiminas, and consequently, Tenaris accounts for its investment in Usiminas under the equity method (as defined by IAS 28).</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Techgen</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Techgen is a Mexican joint venture company owned 48% by Ternium, 30% by Tecpetrol and 22% by Tenaris. Techgen operates a natural gas-fired combined cycle electric power plant in the Pesquer&#237;a area of the State of Nuevo Le&#243;n, Mexico. Tenaris, Ternium and Tecpetrol are parties to a shareholders&#8217; agreement relating to the governance of Techgen.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In</font><font style="font-family: 'Times New Roman';"> 2019</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> Techgen entered into a $640 million syndicated loan agreement with several banks to refinance an existing loan, resulting in the release of certain corporate guarantee i</font><font style="font-family: 'Times New Roman';">ssued by Techgen&#8217;s shareholders, including Tenaris.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Techgen&#8217;s obligations</font><font style="font-family: 'Times New Roman';"> under the current facility, whi</font><font style="font-family: 'Times New Roman';">c</font><font style="font-family: 'Times New Roman';">h is &#8220;non-recourse&#8221; on the sponsors, are guaranteed by a Mexican security trust covering Techgen&#8217;s shares</font><font style="font-family: 'Times New Roman';">, assets and accounts as well as Techgen&#8217;s affiliates rights under certain </font><font style="font-family: 'Times New Roman';">contracts.</font></p>
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<p style="margin: 0px; font-size: 10pt; text-indent: 0px;"><font style="font-family: 'Times New Roman';"><br></font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In March 2021, the Mexican Congress approved a significant reform to the energy market in Mexico, which could negatively affect Techgen&#8217;s operations and our energy requirements in Mexico.</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">For more information on the risks associated with the energy reform in Mexico see Item 3.D. &#8220;Key Information &#8211; Risk Factors &#8211; Risks Relating to Our Business &#8211; Adverse economic or political conditions in the countries where we operate or sell our products and services may decrease our sales or disrupt our manufacturing operations, thereby adversely affecting our revenues, profitabi</font><font style="font-family: 'Times New Roman';">lity and financial condition&#8221;.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Global Pipe Company (&#8220;GPC&#8221;)</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Global Pipe Company (&#8220;GPC&#8221;)</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">is a joint venture company, established in 2010 and located in Jubail</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">,</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Saudi Arabia</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, which manufactures LSAW pipes. Tenaris, through its subsidiary SSPC, currently owns 35% of the share capital of GPC. </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Through </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">the shareholders agreement, SSPC is entitled to choose </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">one of the five members of the board of d</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">irectors of GPC. In addition, SSPC has the ability to block any shareholder resolution.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><br></font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">TenarisSeverstal</font></p>
<p style="text-align: justify; line-height: 12pt; margin: 0cm 0cm 0.0001pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font lang="EN-US" style="font-size: 10.0pt;">In 2019, Tenaris entered into an agreement with Severstal to build a welded pipe plant to produce OCTG products in the Surgut area, West Siberia, Russian Federation. Tenaris holds a 49% interest in the company, while Severstal owns the remaining 51%. The plant, which is estimated to require a total investment of $280 million is planned to have an annual production capacity of 300,000 tons.</font></p>
<p style="text-align: justify; line-height: 12pt; margin: 0cm 0cm 0.0001pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font lang="EN-US" style="font-size: 10.0pt;">&nbsp;</font></p>
<p style="text-align: justify; line-height: 12pt; margin: 0cm 0cm 0.0001pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font lang="EN-US" style="font-size: 10.0pt;">During 2019, we invested $19.6 million in the project. In 2020, the parties completed all the engineering to get the construction permit but on-site activities faced some delays due to the COVID-19 pandemic. Therefore, no additional contributions were made during 2020.</font></p>
<p style="text-align: justify; line-height: 12pt; margin: 0cm 0cm 0.0001pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font lang="EN-US" style="font-size: 10.0pt;">&nbsp;</font></p>
<p style="text-align: justify; line-height: 12pt; margin: 0cm 0cm 0.0001pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font lang="EN-US" style="font-size: 10.0pt;">In March 2021, the joint venture parties put on hold the construction activities, while they assess the impact of the changes in the relevant markets and competitive environment and determine whether any adjustments or changes to the project could be necessary.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin: 2pt 0cm; font-size: 12pt; font-family: 'Times New Roman', serif;"><b><i><font lang="EN-US" style="font-size: 10.0pt;">Tenaris Baogang Baotou Steel Pipes Ltd. (&#8220;Tenaris Baotou&#8221;)</font></i></b><font lang="EN-US" style="font-size: 11.0pt; mso-bidi-font-size: 10.0pt;"></font></p>
<p style="margin-top: 2pt; margin-bottom: 2pt; font-size: 10pt;"><br></p>
<p style="margin-top: 2pt; margin-bottom: 2pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In 2020, Tenaris entered into a joint venture with Baotou Steel to build a premium connection threading facility to finish steel pipes produced by our joint venture partner in Baotou, China, for sale to the domestic market. Under the agreement, Tenaris will hold 60% of shares in the new joint-venture company, while Baotou Steel will own the remaining 40%.</font></p>
<p style="margin-top: 2pt; margin-bottom: 2pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 2pt; margin-bottom: 2pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The plant, which is estimated to require a total investment of $32.6 million, is planned to have a total annual production capacity of 70,000 tons. An initial investment of $29.8 million, which will enable the facility to produce 45,000 tons annually, is estimated to be completed during 2021 and to start operations at the end of the year. During 2020, Tenaris contributed approximately $2.3 million in the project.</font></p>
<p style="margin-top: 18pt; margin-left: 28.35pt; margin-bottom: 12pt; text-indent: -28.35pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">D. </font><font style="width: 16.13pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">Property, Plants and Equipment</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">For a description of our property, plants and equipment, please see B. &#8220;&#8211; Business Overview &#8211; Production Process and Facilities&#8221; and &#8220;&#8211; Business Overview &#8211; Capital Expenditure Program</font><font style="font-family: 'Times New Roman';">&#8221;</font><font style="font-family: 'Times New Roman';">.</font></p>
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<div style="margin-top: 18pt; margin-left: 56.7pt; margin-bottom: 12pt; text-indent: -56.7pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Ite</font><font style="font-family: 'Times New Roman'; font-weight: bold;">m</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">4A.</font><font style="width: 19.49pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#" name="BF_JOET9BM8ZK00000000000000000000" class="customBookmark"><font style="font-family: 'Times New Roman'; font-weight: bold;">Unresolved Staff Comments</font></a></div>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">None.</font></p>
<div style="margin-top: 18pt; margin-left: 56.7pt; margin-bottom: 12pt; text-indent: -56.7pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Item</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">5. </font><font style="width: 24.21pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#" name="BG_Y7GQJWDZZK00000000000000000000" class="customBookmark"><font style="font-family: 'Times New Roman'; font-weight: bold;">Operating and Financial Review and Prospects</font></a></div>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The following discussion and analysis of our financial condition and results of operations are based on, and should be read in conjunction with, our audited consolidated financial statements and the related notes included elsewhere in this annual report. This discussion and analysis presents our financial condition and results of operations on a consolidated basis. We prepare our consolidated financial statements in conformity with IFRS. IFRS differ in certain significant respects from U.S. GAAP.</font></p>
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<p style="margin-top: 10pt; margin-bottom: 10pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Certain information contained in this discussion and analysis and presented elsewhere in this annual report, including information with respect to our plans and strategy for our business, includes forward-looking statements that involve risks and uncertainties. See &#8220;Cautionary Statement Concerning Forward-Looking Statements</font><font style="font-family: 'Times New Roman';">&#8221;</font><font style="font-family: 'Times New Roman';">.</font><font style="font-family: 'Times New Roman';"> In evaluating this discussion and analysis, you should specifically consider the various risk factors identified in Item</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">3.D. &#8220;Key Information &#8211; Risk Factors&#8221;, other risk factors identified elsewhere in this annual report and other factors that could cause results to differ materially from those expressed in such forward-looking statements.</font></p>
<p style="margin-top: 0pt; margin-bottom: 10pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Overview</font></p>
<p style="margin-top: 0pt; margin-bottom: 10pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-style: italic;">We are a leading global manufacturer and supplier of steel pipe products and related services for the energy industry and other industries.</font></p>
<p style="margin-top: 0pt; margin-bottom: 10pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">We are a leading global manufacturer and supplier of steel pipe products and related services for the world&#8217;s energy industry as well as for other industrial applications. Our customers include many of the world&#8217;s leading oil and gas companies, engineering companies engaged in constructing oil and gas gathering and processing and power facilities, and industrial companies operating in a range of industries. We operate an integrated worldwide network of steel pipe manufacturing, research, finishing and service facilities with industrial operations in the Americas, Europe, Asia and Africa and a direct presence in most major oil and gas markets.</font></p>
<p style="margin-top: 0pt; margin-bottom: 10pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-style: italic;">Our 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.</font></p>
<p style="margin-top: 0pt; margin-bottom: 10pt; widows: 0; orphans: 0; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Demand for our products and services from the global oil and gas industry, particularly for tubular products and services used in drilling operations, represents a substantial majority of our total Tubes sales. Our sales, therefore, depend on the condition of the oil and gas industry and our customers&#8217; willingness to invest capital in oil and gas exploration and development as well as in associated downstream processing activities. The level of these expenditures is sensitive to oil and gas prices as well as the oil and gas industry&#8217;s view of such prices in the future. Crude oil prices fell from over $100 per barrel in June 2014 to less than $30 per barrel in February 2016, before recovering to around $80 per barrel in the third quarter of 2018, but subsequently fell 40% in the fourth quarter of 2018 before recovering in 2019. Prices </font><font style="font-family: 'Times New Roman';">fell</font><font style="font-family: 'Times New Roman';"> again to historically low levels in the wake of the COVID-19 pandemic</font><font style="font-family: 'Times New Roman';"> and the accompanying collapse in global oil consumption, but began to recover in the fourth quarter of 2020</font><font style="font-family: 'Times New Roman';">. North American natural gas prices (Henry Hub), which were around $4 per million BTU in 2014, also briefly fell below $2 per million BTU at the beginning of 2016, before recovering to average levels of $3 per million BTU, </font><font style="font-family: 'Times New Roman';">again falling</font><font style="font-family: 'Times New Roman';"> back below $2 per million BTU</font><font style="font-family: 'Times New Roman';"> in 2019 and are currently closer to $3 per million BTU</font><font style="font-family: 'Times New Roman';">. </font></p>
<p style="margin-top: 0pt; margin-bottom: 10pt; widows: 0; orphans: 0; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In 20</font><font style="font-family: 'Times New Roman';">20</font><font style="font-family: 'Times New Roman';">, worldwide drilling activity, as represented in the number of active drilling rigs published by Baker Hughes, </font><font style="font-family: 'Times New Roman';">reflecting the collapse in oil consumption and prices in the wake of the COVID-19 pandemic, </font><font style="font-family: 'Times New Roman';">decreased </font><font style="font-family: 'Times New Roman';">38</font><font style="font-family: 'Times New Roman';">% compared to the level of 201</font><font style="font-family: 'Times New Roman';">9</font><font style="font-family: 'Times New Roman';">. In the United States</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> the rig count in 20</font><font style="font-family: 'Times New Roman';">20</font><font style="font-family: 'Times New Roman';"> decreased by </font><font style="font-family: 'Times New Roman';">54</font><font style="font-family: 'Times New Roman';">%, with an average of </font><font style="font-family: 'Times New Roman';">4</font><font style="font-family: 'Times New Roman';">3</font><font style="font-family: 'Times New Roman';">3 active rigs, </font><font style="font-family: 'Times New Roman';">falling to a record low below 250 rigs in July and ending </font><font style="font-family: 'Times New Roman';">the year </font><font style="font-family: 'Times New Roman';">on a rising trend </font><font style="font-family: 'Times New Roman';">with</font><font style="font-family: 'Times New Roman';"> more than</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">350</font><font style="font-family: 'Times New Roman';"> active rigs. In Canada, the rig count in 20</font><font style="font-family: 'Times New Roman';">20</font><font style="font-family: 'Times New Roman';"> declined by 3</font><font style="font-family: 'Times New Roman';">3</font><font style="font-family: 'Times New Roman';">% compared to 201</font><font style="font-family: 'Times New Roman';">9</font><font style="font-family: 'Times New Roman';">, while in the rest of the world, it </font><font style="font-family: 'Times New Roman';">fell 25</font><font style="font-family: 'Times New Roman';">%</font><font style="font-family: 'Times New Roman';">, falling more gradually through the year</font><font style="font-family: 'Times New Roman';">.</font></p>
<p style="margin-top: 0pt; margin-bottom: 10pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Prior to the 2014 downturn in oil prices, a growing proportion of exploration and production spending by oil and gas companies had been directed at offshore, deep drilling and non-conventional drilling operations in which high-value tubular products, including special steel grades and premium connections, are usually specified. The success, however, of shale drilling operators, with their inherently short investment cycles, in adapting to lower oil and gas costs and increasing production, and the increasing share of oil produced in shale plays as a proportion of global supply, has led to a slowdown in new developments of complex offshore projects with long investment lead times in a context of low and more volatile oil prices, consequently affecting the level of product differentiation. </font></p>
<p style="margin-top: 0pt; margin-bottom: 10pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-style: italic;">Our business is highly competitive.</font></p>
<p style="margin-top: 0pt; margin-bottom: 10pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The global market for steel pipes is highly competitive, with the primary competitive factors being price, quality, service and technology. We sell our products in a large number of countries worldwide and compete primarily against European and Japanese producers in most markets outside North America. In the United States and Canada, we compete against a wide range of local and foreign producers. Over the past decade, substantial investments have been made, especially in China but also in other regions around the world, to increase production capacity of seamless steel pipe products. Production capacity for more specialized product grades has also increased. With the downturn between 2014 and 2016 in the price of oil and demand for tubes for oil and gas drilling, the overcapacity in steel pipe and seamless steel pipe production worldwide </font><font style="font-family: 'Times New Roman';">became</font><font style="font-family: 'Times New Roman';"> acute, extend</font><font style="font-family: 'Times New Roman';">ing</font><font style="font-family: 'Times New Roman';"> beyond commodity grades. </font><font style="font-family: 'Times New Roman';">This situation has been accentuated by the more recent COVID-19 induced collapse in demand and the prospect of an accelerated energy transition. </font><font style="font-family: 'Times New Roman';">The competitive environment </font><font style="font-family: 'Times New Roman';">is</font><font style="font-family: 'Times New Roman';">, as a result, intense, and we expect that this </font><font style="font-family: 'Times New Roman';">can only </font><font style="font-family: 'Times New Roman';">continue </font><font style="font-family: 'Times New Roman';">without substantial capacity reductions. </font><font style="font-family: 'Times New Roman';">Effective competitive differentiation will be a key factor for Tenaris.</font></p>
<p style="margin-top: 0pt; margin-bottom: 10pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In addition, there is an increased risk of unfairly traded steel pipe imports in markets in which we produce and sell our products. In September 2014, the United States imposed anti-dumping duties on OCTG imports from various countries, including South Korea. Despite the duties imposed, imports from South Korea continued at a very high level. As a result, U.S. domestic producers have requested successive reviews of South Korea&#8217;s exports, which are ongoing. At the same time South Korean producers have appealed the duties imposed. Similarly, in Canada, the Canada Border Services Agency introduced anti-dumping duties on OCTG imports from South Korea and other countries in April 2015.</font></p>
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<p style="margin-top: 9pt; margin-bottom: 9pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">During 2018, in addition to anti-dumping duties, the U.S. government introduced tariffs and quotas pursuant Section 232 on the imports of steel products, including steel pipes, with the objective of strengthening domestic production capacity utilization and investment. Quotas were imposed on the imports of steel products from South Korea, Brazil and Argentina, while 25% tariffs were imposed on imports from most other countries, except Australia. The proportion of the OCTG market supplied by imports has declined from around 60% prior to the imposition of tariffs and quotas to around 40% at the end of 2020. This included, as a direct result of the fixed quota imposed on the imports of steel pipes from South Korea, that South Korean imports halved in 2019 compared to prior levels, but they have continued through 2020, despite the collapse in demand.</font></p>
<p style="margin-top: 0pt; margin-bottom: 9pt; text-align: justify; font-size: 10pt; background-color: #ffffff;"><font style="font-family: 'Times New Roman'; font-style: italic;">Our production costs are sensitive to prices of steelmaking raw mat</font><font style="font-family: 'Times New Roman'; font-style: italic;">erials and other steel products.</font></p>
<p style="margin-top: 0pt; margin-bottom: 9pt; font-size: 10pt; background-color: #ffffff;"><font style="font-family: 'Times New Roman';">We purchase substantial quantities of steelmaking raw materials, including ferrous steel scrap, </font><font style="font-family: 'Times New Roman';">DRI,</font><font style="font-family: 'Times New Roman';">&nbsp;pig iron, iron ore and ferroalloys, for use in the production of our seamless pipe products. In addition, we purchase substantial quantities of steel coils and plates for use in the production of our welded pipe products. Our production costs, therefore, are sensitive to prices of steelmaking raw materials and certain steel products, which reflect supply and demand factors in the global steel industry and in the countries where we have our manufacturing facilities. </font></p>
<p style="margin-top: 0pt; margin-bottom: 9pt; font-size: 10pt; background-color: #ffffff;"><font style="font-family: 'Times New Roman';">The costs of steelmaking raw materials and of steel coils and plates </font><font style="font-family: 'Times New Roman';">decreased</font><font style="font-family: 'Times New Roman';"> during 201</font><font style="font-family: 'Times New Roman';">9</font><font style="font-family: 'Times New Roman';">. As a reference, prices for hot rolled coils, HRC Midwest USA Mill, published by C</font><font style="font-family: 'Times New Roman';">RU, averaged $632 per metric ton in 2020 and $670 per metric ton in 2019. However, prices increased sharply in the last months of 2020, reaching $931 per metric ton in December, $1,278 per metric ton in February and continue to increase as of the date of this annual report.</font></p>
<p style="margin-top: 0pt; margin-bottom: 9pt; font-size: 10pt; background-color: #ffffff;"><font style="font-family: 'Times New Roman'; font-style: italic;">The COVID-19 pandemic and the oil &amp; gas crisis and their impact on Tenaris&#8217;s operations and financial condition</font></p>
<p style="margin-top: 0pt; margin-bottom: 9pt; font-size: 10pt; background-color: #ffffff;"><font style="font-family: 'Times New Roman';">A novel strain of coronavirus (&#8220;SARS-CoV-2&#8221;) surfaced in China in December 2019 and subsequently spread to the rest of the world in early 2020. In March 2020, the World Health Organization declared COVID-19, the disease caused by the SARS-CoV-2 virus, a global pandemic. In response to the COVID-19 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, Saudi Arabia and the United States). The rapid expansion of the virus, the surfacing of new strains of the virus in several countries, and the measures taken to contain it triggered a severe fall in global economic activity and precipitated a serious crisis in the energy sector.</font></p>
<p style="margin-top: 0pt; margin-bottom: 9pt; font-size: 10pt; background-color: #ffffff;"><font style="font-family: 'Times New Roman';">While the extent of the effects of COVID-19 on the global economy and oil demand were still unclear, in March 2020, the members of OPEC+ (OPEC plus other major oil producers including Russia) did not agree to extend their agreement to cut oil production and Saudi Arabia launched a wave of additional supply on the market triggering a collapse in oil prices below $30 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 agreement to cut production by as much as 9.7 million barrels per day, the situation of acute oversupply continued, causing oil prices to hit record lows. By the end of trading on April 20, 2020, the West Texas Intermediate (&#8220;WTI&#8221;) forward price for delivery in May, which had to be closed out the following day, fell to a negative value for the first time in history, as oil storage facilities were completely committed, and producers were forced to pay buyers to take their barrels. Since then, the price of oil has been </font><font style="font-family: 'Times New Roman';">recovering and currently stands above the level of $55 per barrel, bolstered by the actions to cut production taken by OPEC+ and the recovery of oil demand, as the global economy, especially industrial production, recovers and COVID-19 vaccination programs begin. With consumption exceeding production excess oil inventories built up in the first half of 2020 are being gradually reduced. The worldwide demand for oil, which stood at 100 million barrels per day in December 2019, fell to around 75-80 million barrels per day in April 2020 before recovering to around 94 million barrels per day in December 2020. Drilling activity in the United States and Canada, where it was most affected, has begun to recover but remains well below the level it was prior to the pandemic, while, in the rest of the world, any recovery will take longer following the reductions in investment plans made by oil and gas companies in response to the pandemic. There remains considerable uncertainty about the future duration and extent of the pandemic with new and more contagious variants of the COVID-19 virus appearing and the vaccination programs still in their early stages.</font></p>
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<p style="margin-top: 0pt; margin-bottom: 9pt; font-size: 10pt; background-color: #ffffff;"><font style="font-family: 'Times New Roman';">Although restrictions imposed in connection with the COVID-19 pandemic have been lifted in some countries where Tenaris operates, it is currently not possible to predict whether such measures will be relaxed further, reinstated or made more stringent. In addition, Tenaris has adjusted production levels at its facilities, which are operating with reduced volumes in line with market demand, and may undertake additional adjustments.</font></p>
<p style="margin-top: 0pt; margin-bottom: 9pt; font-size: 10pt; background-color: #ffffff;"><font style="font-family: 'Times New Roman';">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 professional 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 em</font><font style="font-family: 'Times New Roman';">ployees. As of the date of this</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">annual report</font><font style="font-family: 'Times New Roman';">, remote work and other work arrangements have not materially adversely affected Tenaris&#8217;s ability to conduct operations. In addition, these alternative working arrangements have not adversely affected our financial reporting systems, internal control over financial reporting or disclosure controls and procedures.</font></p>
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<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt; background-color: #ffffff;"><font style="font-family: 'Times New Roman';">The COVID-19 pandemic and the ongoing oil &amp; gas crisis poses the following main risks and challenges to Tenaris:</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt; background-color: #ffffff;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp;</font><font style="font-family: 'Times New Roman';">&#8226;</font><font style="width: 30pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman';">Global oil demand may fail to recover its former level 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 drilli</font><font style="font-family: 'Times New Roman';">ng activities (in the United </font><font style="font-family: 'Times New Roman';">S</font><font style="font-family: 'Times New Roman';">tates</font><font style="font-family: 'Times New Roman';"> or elsewhere) and, as a result, materially adversely affecting our sales and financial position.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt; background-color: #ffffff;"><font style="font-family: 'Times New Roman';">&#8226;</font><font style="width: 32.5pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman';">Tenaris or its employees, contractors, suppliers, customers and other business partners may 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, may refuse to work due to health concerns while the COVID-19 outbreak is ongoing, If that happens, the continuity of our future operations may be severely affected.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt; background-color: #ffffff;"><font style="font-family: 'Times New Roman';">&#8226;</font><font style="width: 32.5pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman';">A continuing spread of COVID-19 and new strains of the virus may 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&#8217;s profitability.</font></p>
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<li style="margin-left: 27.6pt; margin-bottom: 12pt; padding-left: 8.4pt; font-family: serif; font-size: 10pt; background-color: #ffffff; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman';">Mitigating actions</font></li>
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<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt; background-color: #ffffff;"><font style="font-family: 'Times New Roman';">In order to mitigate the impact of expected lower sales, starting from the first quarter 2020, Tenaris implemented a worldwide restructuring program and cost containment plan aimed at preserving its financial resources and overall liquidity position and maintaining the continuity of its operations. These actions included:</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt; background-color: #ffffff;"><font style="font-family: 'Times New Roman';">&#8226;</font><font style="width: 32.5pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman';">adjusting the level of our operations and workforce around the world, including through the temporary closure of certain facilities or production lines;</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt; background-color: #ffffff;"><font style="font-family: 'Times New Roman';">&#8226;</font><font style="width: 32.5pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman';">introducing efficiency and productivity improvements throughout Tenaris&#8217;s industrial system;</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt; background-color: #ffffff;"><font style="font-family: 'Times New Roman';">&#8226;</font><font style="width: 32.5pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman';">reducing our fixed cost structure, including through pay reductions for senior management and board members, as well as R&amp;D expenses, for a total annual savings of approximately $230 million on a yearly basis;</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt; background-color: #ffffff;"><font style="font-family: 'Times New Roman';">&#8226;</font><font style="width: 32.5pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman';">reducing capital expenditures by $157 million in comparison to 2019 levels;</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt; background-color: #ffffff;"><font style="font-family: 'Times New Roman';">&#8226;</font><font style="width: 32.5pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman';">reducing working capital, especially inventories, in accordance with the expected levels of activity; and</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt; background-color: #ffffff;"><font style="font-family: 'Times New Roman';">&#8226;</font><font style="width: 32.5pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman';">increasing our focus on managing customer credit conditions.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt; background-color: #ffffff;"><font style="font-family: 'Times New Roman';">As of the date of thi</font><font style="font-family: 'Times New Roman';">s </font><font style="font-family: 'Times New Roman';">annual r</font><font style="font-family: 'Times New Roman';">eport</font><font style="font-family: 'Times New Roman';">, these restructuring and cost containment initiatives are largely complete and the principal objectives have been achieved; some residual actions are still ongoing. </font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt; background-color: #ffffff;"><font style="font-family: 'Times New Roman';">As part of these liquidity preservation initiatives, on June 2, 2020, the Annual Shareholders Meeting approved a proposal that no further dividends be distributed in respect of fiscal year 2019 beyond the interim dividend of approximately $153 million already paid in November 2019. However, as quarterly results started to recover, on November 4, 2020, the Company&#8217;s </font><font style="font-family: 'Times New Roman';">board of d</font><font style="font-family: 'Times New Roman';">irectors approved the payment of an interim dividend of $0.07 per share ($0.14 per ADS), or approximately $8</font><font style="font-family: 'Times New Roman';">3</font><font style="font-family: 'Times New Roman';"> million, which was paid on November 25, 2020.</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">On February 24, 2021, the Company&#8217;s board of directors approved a proposal for the payment of an interim dividend.</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">If the annual dividend is approved by the shareholders, a dividend of $0.14 per share ($0.28 per ADS), or approximately $165 million will be paid on May 26, 2021, with an ex-dividend date of May 24, 2021.</font></p>
<p style="margin: 0px; font-size: 10pt; background-color: #ffffff; text-indent: 0px;"><font style="font-family: 'Times New Roman';">As of the date of thi</font><font style="font-family: 'Times New Roman';">s </font><font style="font-family: 'Times New Roman';">annual r</font><font style="font-family: 'Times New Roman';">eport</font><font style="font-family: 'Times New Roman';">, our capital and financial resources, and overall liquidity position, have not been materially affected by the COVID-19 pandemic. Tenaris has in place non-committed credit facilities and management believes Tenaris&nbsp;has adequate access to credit markets. In addition, Tenaris has a net cash position<font style="font-size: 8pt;"><sup>1</sup></font> of approximately $1,085 million as of the end of December 2020 and a manageable debt amortization schedule.</font></p>
<p style="margin: 0px; font-size: 10pt; background-color: #ffffff; text-indent: 0px;"><font style="text-decoration: underline;"><font style="font-family: 'Times New Roman';">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 9pt; font-size: 10pt; background-color: #ffffff;"><font style="font-family: 'Times New Roman';"><font style="font-size: 8pt;"><sup>1</sup> Net cash position is a non-IFRS alternative performance measure&#8212;please see Exhibit 7.2 for more information on this measure.</font></font></p>
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<p style="/* margin-top: 10pt; */margin-bottom: 6pt; font-size: 10pt; background-color: #ffffff;"><font style="font-family: 'Times New Roman';">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 for the next 12 months.</font></p>
<p style="margin-top: 0pt; margin-bottom: 6pt; font-size: 10pt; background-color: #ffffff;"><font style="font-family: 'Times New Roman';">Considering the global situation, the Company has renegotiated and continues to renegotiate existing contractual obligations with its counterparties to modify its commitments in light of the decrease in activity.</font></p>
<p style="margin-top: 0pt; margin-bottom: 6pt; font-size: 10pt; background-color: #ffffff;"><font style="font-family: 'Times New Roman';">Management does not expect to disclose or incur in any material COVID-19-related contingency, and it considers its allowance for doubtful accounts sufficient to cover risks that could arise from credits with customers in accordance with IFRS 9.</font></p>
<p style="margin-top: 0pt; margin-bottom: 7pt; font-size: 10pt; background-color: #ffffff;"><font style="font-family: 'Times New Roman'; font-style: italic;">Summary of results</font></p>
<p style="margin-top: 0pt; margin-bottom: 6pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Our sales and results in 2020 were severely affected by the COVID-19 pandemic, the measures taken around the world to contain it, the impact this had on global oil demand which caused a collapse in prices and rapid build up of excess inventories, and the consequent drop in investments in drilling activity by our oil and gas customers. While sales held up relatively well in the Eastern Hemisphere regions, they plunged, along with drilling activity, in the Americas, where, in Argentina for example, drilling activity was halted for several months. Overall, sales declined 29% year on year and EBITDA<font style="font-size: 8pt;"><sup>1</sup></font>, which included $142 million of restructuring charges fell 53% to $638 million, reflecting the lower absorption of fixed costs as well as lower sales, while we met our target for a reduction in our fixed cost structure of $230 million annualized by the end of the year.</font></p>
<p style="margin-top: 0pt; margin-bottom: 6pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">For the year, we recorded a net loss attributable to owners of the parent company of $634 million, or ($1.07) per ADS. This included an impairment charge of $622 million on the carrying value of goodwill and other assets in the United States, mainly related to the former IPSCO business and our welded pipe operations.</font></p>
<p style="margin-top: 0pt; margin-bottom: 6pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Cash flow provided by operating activities amounted to $1.5 billion during 2020, as we exceeded our target for reductions in working capital. Capital expenditures were also reduced in line with our target of $193 million in 2020, compared to the $350 million invested in 2019. Free cash flow<font style="font-size: 8pt;"><sup>2</sup></font>, which amounted to $1.3 billion (26% of revenues) in 2020, exceeded the $1.2 billion (16%) we generated in 2019.</font></p>
<p style="margin-top: 0pt; margin-bottom: 6pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Our financial position at December 31, 2020 amounted to a net cash position<font style="font-size: 8pt;"><sup>3</sup></font> of $1.1 billion ($1.7 billion of liquid assets less $0.6 billion of debt), after having paid $1.0 billion for the acquisition of IPSCO in January 2020.</font></p>
<p style="margin-top: 0pt; margin-bottom: 6pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-style: italic;">Climate change</font></p>
<p style="margin-top: 0pt; margin-bottom: 6pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The Company&#8217;s board of d</font><font style="font-family: 'Times New Roman';">irectors approved a medium-term target to reduce the carbon emissions intensity rate of its operations by 2030 by 30%, compared to its level in 2018, considering scope 1, 2 and 3 emissions. We aim to achieve this target by using a higher proportion of recycled steel scrap in the metallic mix, investments to increase energy efficiency and the use of renewable energy for part of our energy requirements.</font></p>
<p style="margin-top: 0pt; margin-bottom: 6pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">This target forms part of a broader long-term objective of reaching carbon neutrality. Our ability to achieve this objective will depend on the development of emerging technologies and market and regulatory conditions, including carbon pricing and customer support. To further this objective, we plan to actively pursue the development of technologies involving the use of hydrogen and carbon capture, </font><font style="font-family: 'Times New Roman';">with partners, including our affiliated company Tenova, and participate in pilot projects such as the one we recently announced to use hydrogen in our Dalmine steel shop in Italy.</font></p>
<p style="margin-top: 0pt; margin-bottom: 6pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman';">To accelerate the fulfilment of these targets, we will implement the use of an internal carbon price at a minimum of $80/ton for evaluating investments and more generally in our operations.</font></p>
<p style="margin-top: 0pt; margin-bottom: 6pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The Company&#8217;s board of d</font><font style="font-family: 'Times New Roman';">irectors nominated its Vice-Chairman, Germ&#225;n Cur&#225;, to oversee the development and implementation of the Company&#8217;s strategy for addressing climate change going forward.</font></p>
<p style="margin-top: 0pt; margin-bottom: 7pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-style: italic;">Outlook</font></p>
<p style="margin-top: 7pt; margin-bottom: 6pt; nt-size: 10pt;"><font style="font-family: 'Times New Roman';">With vaccination programs starting to be rolled out in many countries, economic activity is recovering in many sectors, though lockdowns are still being implemented to contain the spread of new and more infectious variants of the original COVID-19 strain. Global oil consumption is increasing along with industrial production and mobility, while OPEC+ countries continue to contain production levels and Saudi Arabia is implementing an additional production cut during February and March. Oil prices have returned to levels where selective investment activity could move forward and natural gas prices have also increased following temporary market shortages due to weather events and production outages.</font></p>
<p style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Drilling activity in the U</font><font style="font-family: 'Times New Roman';">nited </font><font style="font-family: 'Times New Roman';">S</font><font style="font-family: 'Times New Roman';">tates</font><font style="font-family: 'Times New Roman';"> and Canada has risen over the past three months, as it has in Latin America, and may continue to rise further through the year. In the Eastern Hemisphere, drilling activity may be close to bottoming out but we do not expect any significant recovery this year.</font></p>
<p style="margin: 0px; font-size: 7pt; background-color: #ffffff; text-indent: 0px;"><font style="text-decoration: underline;"><font style="font-family: 'Times New Roman';">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</font></font></p>
<p style="margin: 0px; font-size: 10pt; background-color: #ffffff; text-indent: 0px;"><font style="font-family: 'Times New Roman';"><font style="font-size: 8pt;"><sup>1</sup> EBITDA is a non-IFRS alternative performance measure&#8212;please see Exhibit 7.2 for more information on this measure.</font></font></p>
<p style="margin: 0px; font-size: 10pt; background-color: #ffffff; text-indent: 0px;"><font style="font-family: 'Times New Roman';"><font style="font-size: 8pt;"><sup>2</sup> Free cash flow is a non-IFRS alternative performance measure&#8212;please see Exhibit 7.2 for more information on this measure.</font></font></p>
<p style="margin: 0px; font-size: 10pt; background-color: #ffffff; text-indent: 0px;"><font style="font-family: 'Times New Roman';"><font style="font-size: 8pt;"><sup>3</sup> Net cash position is a non-IFRS alternative performance measure&#8212;please see Exhibit 7.2 for more information on this measure.</font></font></p>
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<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In this still uncertain environment, we anticipate a gradual recovery in sales through most of the year. In the first quarter, however, our EBITDA<font style="font-size: 8pt;"><sup>4</sup></font> will be impacted by approximately $20 million in additional costs and production losses in</font><font style="font-family: 'Times New Roman';"> the United States</font><font style="font-family: 'Times New Roman';"> and Mexico associated to this month&#8217;s Texas gas and power shortages. After a first quarter EBITDA similar to that of the fourth quarter 2020, from the second quarter, EBITDA is expected to increase with margins stabilizing around 20% as price increases compensate for higher raw material costs.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Functional and presentation currency</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">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&#8217;s global operations.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">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:</font></p>
<ul type="disc" style="margin: 0pt; padding-left: 0pt;">
<li style="margin-left: 8.68pt; margin-bottom: 12pt; padding-left: 19.67pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">s</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ales are mainly negotiated, denominated and settled in U.S. dollars. If priced in a currency other than the U.S. dollar, the sales price </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">may </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">consider exposure to fluctuation in the exchange rate versus the U.S. dollar;</font></li>
<li style="margin-left: 8.68pt; margin-bottom: 12pt; padding-left: 19.67pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">p</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">rices of their critical raw materials and inputs are priced and settled in U.S. dollars;</font></li>
<li style="margin-left: 8.68pt; margin-bottom: 12pt; padding-left: 19.67pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">t</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ransaction and operational environment and the cash flow of these operations have the U.S. dollars as reference currency;</font></li>
<li style="margin-left: 8.68pt; margin-bottom: 12pt; padding-left: 19.67pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">s</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ignificant level of integration of local operations within Tenaris&#8217;s international global distribution network;</font></li>
<li style="margin-left: 8.68pt; margin-bottom: 12pt; padding-left: 19.67pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">n</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">et financial assets and liabilities are mainly received and maintained in U.S. dollars; </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">and</font></li>
<li style="margin-left: 8.68pt; margin-bottom: 12pt; padding-left: 19.67pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">t</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">he exchange rate of certain legal currencies has long been affected by recurring and severe economic crises.</font></li>
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<p style="margin-top: 0pt; margin-bottom: 12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Critical Accounting Estimates</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">This discussion and analysis of our financial condition and results of operations are based on our audited consolidated financial statements, which have been prepared in accordance with IFRS. IFRS differs in certain signi</font><font style="font-family: 'Times New Roman';">ficant </font><font style="font-family: 'Times New Roman';">aspects</font><font style="font-family: 'Times New Roman';"> from U.S. GAAP.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The preparation of our audited consolidated financial statements and related disclosures in conformity with IFRS requires us to make estimates and assumptions that might affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities and the reported amounts of revenue and expenses. Management evaluates its accounting estimates and assumpti</font><font style="font-family: 'Times New Roman';">ons, including those related to</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">accounting for business combinations; </font><font style="font-family: 'Times New Roman';">impairment of long-lived </font><font style="font-family: 'Times New Roman';">tangible and intangible assets; assets useful lives; deferred income tax; obsolescence of inventory; doubtful accounts</font><font style="font-family: 'Times New Roman';">; post-employment benefits;</font><font style="font-family: 'Times New Roman';"> and loss contingencies, and revises them when appropriate. Management bases its estimates on historical experience and on various other assumptions it believes to be reasonable under the circumstances. These estimates form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Although management believes that these estimates and assumptions are reasonable, they are based upon information available at the time they are made. Actual results may differ significantly from these estimates under diffe</font><font style="font-family: 'Times New Roman';">rent assumptions or conditions.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Our most critical accounting estimates are those that are most important to the portrayal of our financial condition and results of operations, and which require us to make our most difficult and subjective judgments, often as a result of the need to make estimates of matters that are inherently uncertain. Our most critical accounting estimates and judgments are the following:</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Accounting for business combinations</font></p>
<p style="margin: 0px; font-size: 10pt; text-indent: 0px;"><font style="font-family: 'Times New Roman';">To account for our business combinations we use the acquisition method, which requires the acquired assets and assumed liabilities to be recorded at their respective fair value as of the acquisition date. The determination of fair values of assets acquired, liabilities and contingent liabilities assumed and determination of useful lives, requires us to make estimates and use valuation techniques, including the use of independent valuators, when market value is not readily available. 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 income statement.</font></p>
<p style="margin: 0px; font-size: 10pt; background-color: #ffffff; text-indent: 0px;"><font style="text-decoration: underline;"><font style="font-family: 'Times New Roman';">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</font></font></p>
<p style="margin-top: 0pt; font-size: 10pt; background-color: #ffffff;"><font style="font-family: 'Times New Roman';"><font style="font-size: 8pt;"><sup>1</sup> EBITDA is a non-IFRS alternative performance measures&#8212;please see Exhibit 7.2 for more information on this measure.</font></font></p>
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<p style="margin-top: 10pt; margin-bottom: 10pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Impairment and recoverability of goodwill and other assets</font></p>
<p style="margin-top: 0pt; margin-bottom: 10pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Long-lived assets including identifiable intangible assets are reviewed for impairment at the lowest level for which there are separately identifiable cash flows</font><font style="font-family: 'Times New Roman';">, or cash generating units</font><font style="font-family: 'Times New Roman';"> (</font><font style="font-family: 'Times New Roman';">&#8220;</font><font style="font-family: 'Times New Roman';">CGU</font><font style="font-family: 'Times New Roman';">&#8221;</font><font style="font-family: 'Times New Roman';">). Most of the Company&#8217;s principal subsidiaries that constitute a CGU have a single main production facility and, accordingly, each </font><font style="font-family: 'Times New Roman';">of </font><font style="font-family: 'Times New Roman';">such subsidiary represents the lowest level of asset aggregation that generates largely independent cash inflows.</font></p>
<p style="margin-top: 0pt; margin-bottom: 10pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Assets that are subject to amortization </font><font style="font-family: 'Times New Roman';">or depreciation </font><font style="font-family: 'Times New Roman';">are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Intangible asse</font><font style="font-family: 'Times New Roman';">ts with indefinite useful liv</font><font style="font-family: 'Times New Roman';">e</font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';">, including goodwill, are subject to at least an annual impairment test.</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">I</font><font style="font-family: 'Times New Roman';">f events or circumstances indicate that the carryi</font><font style="font-family: 'Times New Roman';">ng amount value may be impaired, impairment tests are performed more frequently.</font></p>
<p style="margin-top: 0pt; margin-bottom: 10pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In assessing whether there is any indication that a CGU may be impaired, external and internal sources of information are analyzed. Material facts and circumstances specifically considered in the analysis usually include the </font><font style="font-family: 'Times New Roman';">discount rate used in Tenaris&#8217;s</font><font style="font-family: 'Times New Roman';"> cash flow projections and the business condition in terms of competitive and economic factors, such as the cost of ra</font><font style="font-family: 'Times New Roman';">w materials, oil and gas prices</font><font style="font-family: 'Times New Roman';">, capital expenditure programs </font><font style="font-family: 'Times New Roman';">for Tenaris&#8217;s</font><font style="font-family: 'Times New Roman';"> customers and the evolution of the rig count.</font></p>
<p style="margin-top: 0pt; margin-bottom: 10pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">An impairment loss is recognized for the amount by which the asset&#8217;s carrying amount exceeds its recoverable amount. The recoverable amount is the higher between the asset&#8217;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:</font></p>
<p style="margin-top: 0pt; margin-left: 28.35pt; margin-bottom: 10pt; text-indent: -14.15pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">(a) first, to reduce the carrying amount of any goodwill allocated to the CGU; and</font></p>
<p style="margin-top: 0pt; margin-left: 28.35pt; margin-bottom: 10pt; text-indent: -14.15pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">(b) then, to the other assets o</font><font style="font-family: 'Times New Roman';">f the unit (group of units) pro-</font><font style="font-family: 'Times New Roman';">rata on the basis of the carrying amount of each asset in the unit (group of units), considering not to reduce the carrying amount of the asset below the highest of its fair value less cost </font><font style="font-family: 'Times New Roman';">of disposal</font><font style="font-family: 'Times New Roman';">, its value in use or zero.</font></p>
<p style="margin-top: 0pt; margin-bottom: 10pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">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.</font></p>
<p style="margin-top: 0pt; margin-bottom: 10pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">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.</font></p>
<p style="margin-top: 0pt; margin-bottom: 10pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Non-financial assets other than goodwill that suffered an impairment are reviewed for possible reversal at</font><font style="font-family: 'Times New Roman';"> each reporting date.</font></p>
<p style="margin-top: 0pt; margin-bottom: 10pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In March 2020, as a result of the deterioration of business conditions and in light of the presence of impairment indicators for its assets in the United States, Tenaris&nbsp;wrote down goodwill and other</font><font style="font-family: 'Times New Roman';"> long lived</font><font style="font-family: 'Times New Roman';"> assets recording an impairment charge of approximately $622 million, impacting the carrying value of the goodwill associated with the CGUs </font><font style="font-family: 'Times New Roman';">OCTG USA, IPSCO and Coiled Tubing in the amount of $225 million, $357 million and $4 million</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">respectively, and the carrying value of fixed assets of the CGU Rods USA for $36 million. Out of the total amount, $582 million was&nbsp;</font><font style="font-family: 'Times New Roman';">allocated to the Tubes segment</font><font style="font-family: 'Times New Roman';">. </font><font style="font-family: 'Times New Roman';">No impairment charges were recorded for the years 2019 and 2018. </font><font style="font-family: 'Times New Roman';">For more information on impairment and recoverability of goodwill and other assets, see &#8220;II. Accounting Policies </font><font style="font-family: 'Times New Roman';">H</font><font style="font-family: 'Times New Roman';">. Impairment of non-financial assets&#8221; to our audited consolidated financial statements included in this annual report. For information on impairment charges on our U.S. operations, see n</font><font style="font-family: 'Times New Roman';">ote 5 &#8220;Impairment Charge&#8221;</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">to our audited consolidated financial statements included in this annual report.</font></p>
<p style="margin-top: 0pt; margin-bottom: 10pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Reassessment of Property, Plant and Equipment Assets Useful Lives</font></p>
<p style="margin-top: 0pt; margin-bottom: 10pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Property, plant and equipment are stated at directly attributable historical acquisition or construction cost less accumulated depreciation and impairment losses, if any. Property, plant and equipment acquired through acquisitions accounted for as business combinations are valued initially at fair market value of the assets acquired. Depreciation of the cost of the asset (apart from land, which is not depreciated) to its residual value over its estimated useful life, is done using the straight</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">line method. The depreciation method is reviewed at each year end. Estimating useful lives for depreciation is particularly difficult as the service lives of assets are also impacted by maintenance and changes in technology, and our ability to adapt technological innovation to the existing asset base. In accordance with IAS</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">16</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> &#8220;</font><font style="font-family: 'Times New Roman';">Property, Plant and Equipment&#8221;</font><font style="font-family: 'Times New Roman';">, the depreciation method, the residual value and the useful life of an asset must be reviewed at least at each financial year-end, and, if expectations differ from previous estimates, the change must be treated as a change in an accounting estimate. </font><font style="font-family: 'Times New Roman';">Management&#8217;s re-estimation of assets useful lives, performed in accordance with IAS 16, &#8220;Property, Plant and Equipment&#8221;, resulted in additional depre</font><font style="font-family: 'Times New Roman';">ciation expenses for 2020 of $45</font><font style="font-family: 'Times New Roman';">.0 million and did not materially affect depreciation expenses for 2019 and 2018.</font><font style="font-family: 'Times New Roman';"> However, if management&#8217;s estimates prove incorrect, the carrying value of plant and equipment and its useful lives may be required to be reduced from amounts currently recorded. Any such reductions may materially affect asset values and results of operations.</font></p>
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<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Reassessment of Useful Lives of Customer Relationships</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In accordance with IFRS 3, "Business Combinations" and IAS 38, &#8220;Intangible Assets&#8221; 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</font><font style="font-family: 'Times New Roman';"> SSPC</font><font style="font-family: 'Times New Roman';"> and IPSCO</font><font style="font-family: 'Times New Roman';">.</font></p>
<p style="margin-top: 0pt; margin-right: 0.9pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; letter-spacing: -0.1pt;">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 14 years for Maverick, 10 y</font><font style="font-family: 'Times New Roman'; letter-spacing: -0.1pt;">ears for Hydril, 9 years for </font><font style="font-family: 'Times New Roman'; letter-spacing: -0.1pt;">SSP</font><font style="font-family: 'Times New Roman'; letter-spacing: -0.1pt;">C </font><font style="font-family: 'Times New Roman'; letter-spacing: -0.1pt;">and 3 years</font><font style="font-family: 'Times New Roman'; letter-spacing: -0.1pt;"> for IPSCO</font><font style="font-family: 'Times New Roman'; letter-spacing: -0.1pt;">.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In 2018 the Company reviewed the useful life of Maverick Tubes' customer relationships and decided to reduce the remaining useful life from 2 years to zero, consequently a higher amortization charge of approximately $109 million was recorded in the Consolidated Income Statement under Selling, general and administrative expenses for the year ended December 31, 2018.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; letter-spacing: -0.1pt;">As o</font><font style="font-family: 'Times New Roman'; letter-spacing: -0.1pt;">f December 31, 2020 the net book</font><font style="font-family: 'Times New Roman'; letter-spacing: -0.1pt;"> value of </font><font style="font-family: 'Times New Roman'; letter-spacing: -0.1pt;">IPSCO&#8217;s customer relationships&nbsp;</font><font style="font-family: 'Times New Roman'; letter-spacing: -0.1pt;">amounted to $51.3 million with a residual</font><font style="font-family: 'Times New Roman'; letter-spacing: -0.1pt;"> useful</font><font style="font-family: 'Times New Roman'; letter-spacing: -0.1pt;"> life of 2 years and&nbsp;SSPC&#8217;s customer relationships amounted to $63.8 million, with a residual useful life of 7 years</font><font style="font-family: 'Times New Roman'; letter-spacing: -0.1pt;">, w</font><font style="font-family: 'Times New Roman'; letter-spacing: -0.1pt;">hile Maverick&#8217;s and Hydril&#8217;s customer relationships are fully amortized.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New (W1)';">Management&#8217;s re-estimation of assets useful lives, performed in accordance with IAS 38, did not materially affect</font><font style="font-family: 'Times New (W1)';"> amortization expenses for 2020 and</font><font style="font-family: 'Times New (W1)';"> 2019.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Allowance for Obsolescence of Supplies and Spare Parts and Slow-Moving Inventory</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">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&#8217;s invoice cost.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">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&#8217;s analysis of product aging. An allowance for obsolete and slow-moving inventory of supplies and spare </font><font style="font-family: 'Times New Roman';">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.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Allowances for Doubtful Accounts</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">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 of collecting 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. </font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; letter-spacing: -0.1pt;">Tenaris applies the IFRS 9 &#8220;Financial Instruments&#8221; 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 three</font><font style="font-family: 'Times New Roman'; letter-spacing: -0.1pt;"> </font><font style="font-family: 'Times New Roman'; letter-spacing: -0.1pt;">years and the corresponding historical credit losses experienced within this period. The expected loss allowance also reflects current and forward-looking information on macroeconomic factors affecting the ability of each customer to settle the receivables.</font></p>
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<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Deferred income tax</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">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 </font><font style="font-family: 'Times New Roman';">consolidated </font><font style="font-family: 'Times New Roman';">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</font><font style="font-family: 'Times New Roman';"> enacted at the reporting date.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Management periodically evaluates positions taken</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">in tax returns with respect to situations in which applicable tax regulation is subject to interpretation and</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">considers whethe</font><font style="font-family: 'Times New Roman';">r it is probable that a tax</font><font style="font-family: 'Times New Roman';"> authority </font><font style="font-family: 'Times New Roman';">would</font><font style="font-family: 'Times New Roman';"> accept an uncertain tax treatment. The</font><font style="font-family: 'Times New Roman';"> Company</font><font style="font-family: 'Times New Roman';"> measures its tax balances either based on the most likely amount or the expected value,</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">depending on which method provides a better prediction of the resolution of the uncertainty.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">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.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Deferred tax liabilities and assets are not 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 not reverse in the foreseeable future.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">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.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">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 Other comprehensive income for the year in the Consolidated Statement of Comprehensive Income, depending on the account to which the original </font><font style="font-family: 'Times New Roman';">amount was charged or credited.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Post-employment benefits</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; letter-spacing: -0.1pt;">The Company estimates at each year-end the provi</font><font style="font-family: 'Times New Roman'; letter-spacing: -0.1pt;">sion necessary to meet its post </font><font style="font-family: 'Times New Roman'; letter-spacing: -0.1pt;">employment obligations in accordance with the advice from independent actuaries. The calculation of post</font><font style="font-family: 'Times New Roman'; letter-spacing: -0.1pt;"> </font><font style="font-family: 'Times New Roman'; letter-spacing: -0.1pt;">employment and other employee obligations requires the application of various assumptions</font><font style="font-family: 'Times New Roman'; letter-spacing: -0.1pt;">. The main assumptions for post </font><font style="font-family: 'Times New Roman'; letter-spacing: -0.1pt;">employment and other employee obligations include discount rates, compensation growth rates, pension growth rates and life expectancy. Changes in the assumptions could give </font><font style="font-family: 'Times New Roman'; letter-spacing: -0.1pt;">rise to adjustments in the results and liabilities recorded and m</font><font style="font-family: 'Times New Roman'; letter-spacing: -0.1pt;">ight have an impact on the post </font><font style="font-family: 'Times New Roman'; letter-spacing: -0.1pt;">employment and other employee obligations recognized in the future.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Contingencies</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">We are from time to time subject to various claims, lawsuits and other legal proceedings, including customer</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman'; letter-spacing: -0.1pt;"> employee, tax and environmental-related </font><font style="font-family: 'Times New Roman';">claims, in which third parties are seeking payment for alleged damages, reimbursement for losses</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> or indemnity. Management with the assistance of legal counsel periodically reviews the status of each significant matter and assesses potential financial exposure. Our potential liability with respect to such claims, lawsuits and other legal proceedings cann</font><font style="font-family: 'Times New Roman';">ot be estimated with certainty.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">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 not accrued a provision for the potential outcome of these cases. 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 </font><font style="font-family: 'Times New Roman';">consolidated </font><font style="font-family: 'Times New Roman';">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&#8217;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 not disclosed its estimate </font><font style="font-family: 'Times New Roman';">of the range of potential loss.</font></p>
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<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">These estimates are primarily constructed with the assistance of legal counsel, and management believes that the aggregate provisions recorded for potential losses in the consolidated financial statements are adequate based upon currently available information. However, if management&#8217;s estimates prove incorrect, current reserves could be inadequate and we could incur a charge to earnings which could have a material adverse effect on our results of operations, financial condition, net worth and cash flows. As the scope of liabilities becomes better defined, there may be changes in the estimates of future costs which could have a material adverse effect on our results of operations, financial cond</font><font style="font-family: 'Times New Roman';">ition, net worth and cash flows.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">A.</font><font style="width: 26.28pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">Results of Operations</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The following discussion and analysis of our financial condition and results of operations are based on our audited consolidated financial statements included elsewhere in this annual report. Accordingly, this discussion and analysis present our financial condition and results of operations</font><font style="font-family: 'Times New Roman';"> on a consolidated basis. See &#8220;</font><font style="font-family: 'Times New Roman';">Presentation of Certain Financial and Other Information </font><font style="font-family: 'Times New Roman';">-</font><font style="font-family: 'Times New Roman';"> Accounting Principles&#8221; and </font><font style="font-family: 'Times New Roman';">&#8220;</font><font style="font-family: 'Times New Roman';">II. Accounting Policies A.</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">Basis of presentation&#8221; and </font><font style="font-family: 'Times New Roman';">&#8220;</font><font style="font-family: 'Times New Roman';">B. Group accounting&#8221; to our audited consolidated financial statements included in this annual report. The following discussion should be read in conjunction with our audited consolidated financial statements and the related notes </font><font style="font-family: 'Times New Roman';">included in this annual report.</font></p>
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<tr style="height: 1pt;">
<td rowspan="2" style="width: 58.72%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-style: italic;">Thousands of U.S. dollars (except number of shares and per share amounts)</font></p>
</td>
<td colspan="3" style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">For the year ended December 31,</font></p>
</td>
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<td style="width: 13.76%; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">2020</font></p>
</td>
<td style="width: 13.76%; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">2019</font></p>
</td>
<td style="width: 13.76%; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">2018</font></p>
</td>
</tr>
<tr style="height: 1pt;">
<td style="width: 58.72%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="width: 13.76%; border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
</td>
<td style="width: 13.76%; border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
</td>
<td style="width: 13.76%; border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
</td>
</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="width: 58.72%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Selected consolidated income statement data</font></p>
</td>
<td style="width: 13.76%; border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
</td>
<td style="width: 13.76%; border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
</td>
<td style="width: 13.76%; border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
</td>
</tr>
<tr style="height: 1pt;">
<td style="width: 58.72%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="width: 13.76%; border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
</td>
<td style="width: 13.76%; border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
</td>
<td style="width: 13.76%; border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
</td>
</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="width: 58.72%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Continuing operations</font></p>
</td>
<td style="width: 13.76%; border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
</td>
<td style="width: 13.76%; border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
</td>
<td style="width: 13.76%; border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
</td>
</tr>
<tr style="height: 1pt;">
<td style="width: 58.72%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Net sales</font></p>
</td>
<td style="width: 13.76%; border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">5,146,734 </font></p>
</td>
<td style="width: 13.76%; border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">7,294,055 </font></p>
</td>
<td style="width: 13.76%; border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">7,658,588 </font></p>
</td>
</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="width: 58.72%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Cost of sales</font></p>
</td>
<td style="width: 13.76%; border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">(4,087,317) </font></p>
</td>
<td style="width: 13.76%; border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">(5,107,495) </font></p>
</td>
<td style="width: 13.76%; border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">(5,279,300) </font></p>
</td>
</tr>
<tr style="height: 1pt;">
<td style="width: 58.72%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Gross profit</font></p>
</td>
<td style="width: 13.76%; border-top: 0.75pt solid #000000; border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman'; font-weight: bold;">1,059,417 </font></p>
</td>
<td style="width: 13.76%; border-top: 0.75pt solid #000000; border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman'; font-weight: bold;">2,186,560 </font></p>
</td>
<td style="width: 13.76%; border-top: 0.75pt solid #000000; border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman'; font-weight: bold;">2,379,288 </font></p>
</td>
</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="width: 58.72%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Selling, general and administrative expenses</font></p>
</td>
<td style="width: 13.76%; border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">(1,119,227) </font></p>
</td>
<td style="width: 13.76%; border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">(1,365,974) </font></p>
</td>
<td style="width: 13.76%; border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">(1,509,976) </font></p>
</td>
</tr>
<tr style="height: 1pt;">
<td style="width: 58.72%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Impairment charge </font><font style="font-family: 'Times New Roman'; font-size: 6pt; vertical-align: super;">(1)</font></p>
</td>
<td style="width: 13.76%; border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">(622,402) </font></p>
</td>
<td style="width: 13.76%; border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">- </font></p>
</td>
<td style="width: 13.76%; border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">- </font></p>
</td>
</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="width: 58.72%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Other operating income (expenses), net</font></p>
</td>
<td style="width: 13.76%; border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">19,141 </font></p>
</td>
<td style="width: 13.76%; border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">11,805 </font></p>
</td>
<td style="width: 13.76%; border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">2,501 </font></p>
</td>
</tr>
<tr style="height: 1pt;">
<td style="width: 58.72%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Operating (loss) income</font></p>
</td>
<td style="width: 13.76%; border-top: 0.75pt solid #000000; border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman'; font-weight: bold;">(663,071) </font></p>
</td>
<td style="width: 13.76%; border-top: 0.75pt solid #000000; border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman'; font-weight: bold;">832,391 </font></p>
</td>
<td style="width: 13.76%; border-top: 0.75pt solid #000000; border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman'; font-weight: bold;">871,813 </font></p>
</td>
</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="width: 58.72%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Finance income</font></p>
</td>
<td style="width: 13.76%; border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">18,387 </font></p>
</td>
<td style="width: 13.76%; border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">47,997 </font></p>
</td>
<td style="width: 13.76%; border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">39,856 </font></p>
</td>
</tr>
<tr style="height: 1pt;">
<td style="width: 58.72%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Finance cost</font></p>
</td>
<td style="width: 13.76%; border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">(27,014) </font></p>
</td>
<td style="width: 13.76%; border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">(43,381) </font></p>
</td>
<td style="width: 13.76%; border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">(36,942) </font></p>
</td>
</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="width: 58.72%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Other financial results</font></p>
</td>
<td style="width: 13.76%; border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">(56,368) </font></p>
</td>
<td style="width: 13.76%; border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">14,667 </font></p>
</td>
<td style="width: 13.76%; border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">34,386 </font></p>
</td>
</tr>
<tr style="height: 1pt;">
<td style="width: 58.72%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">(Loss) income before equity in earnings of non-consolidated companies and income tax</font></p>
</td>
<td style="width: 13.76%; border-top: 0.75pt solid #000000; border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman'; font-weight: bold;">(728,066) </font></p>
</td>
<td style="width: 13.76%; border-top: 0.75pt solid #000000; border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman'; font-weight: bold;">851,674 </font></p>
</td>
<td style="width: 13.76%; border-top: 0.75pt solid #000000; border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman'; font-weight: bold;">909,113 </font></p>
</td>
</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="width: 58.72%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Equity in earnings of non-consolidated companies </font></p>
</td>
<td style="width: 13.76%; border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">108,799 </font></p>
</td>
<td style="width: 13.76%; border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">82,036 </font></p>
</td>
<td style="width: 13.76%; border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">193,994 </font></p>
</td>
</tr>
<tr style="height: 1pt;">
<td style="width: 58.72%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">(Loss) income before income tax</font></p>
</td>
<td style="width: 13.76%; border-top: 0.75pt solid #000000; border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman'; font-weight: bold;">(619,267) </font></p>
</td>
<td style="width: 13.76%; border-top: 0.75pt solid #000000; border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman'; font-weight: bold;">933,710 </font></p>
</td>
<td style="width: 13.76%; border-top: 0.75pt solid #000000; border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman'; font-weight: bold;">1,103,107 </font></p>
</td>
</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="width: 58.72%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Income tax</font></p>
</td>
<td style="width: 13.76%; border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">(23,150) </font></p>
</td>
<td style="width: 13.76%; border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">(202,452) </font></p>
</td>
<td style="width: 13.76%; border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">(229,207) </font></p>
</td>
</tr>
<tr style="height: 1pt;">
<td style="width: 58.72%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">(Loss) income for the year for continuing operations</font></p>
</td>
<td style="width: 13.76%; border-top: 0.75pt solid #000000; border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman'; font-weight: bold;">(642,417) </font></p>
</td>
<td style="width: 13.76%; border-top: 0.75pt solid #000000; border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman'; font-weight: bold;">731,258 </font></p>
</td>
<td style="width: 13.76%; border-top: 0.75pt solid #000000; border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman'; font-weight: bold;">873,900 </font></p>
</td>
</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="width: 58.72%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="width: 13.76%; border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
</td>
<td style="width: 13.76%; border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
</td>
<td style="width: 13.76%; border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
</td>
</tr>
<tr style="height: 1pt;">
<td style="width: 58.72%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">(Loss) income attributable to </font><font style="font-family: 'Times New Roman'; font-size: 6pt; vertical-align: super;">(2)</font><font style="font-family: 'Times New Roman';">:</font></p>
</td>
<td style="width: 13.76%; border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
</td>
<td style="width: 13.76%; border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
</td>
<td style="width: 13.76%; border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
</td>
</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="width: 58.72%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Owners of the parent</font></p>
</td>
<td style="width: 13.76%; border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">(634,418) </font></p>
</td>
<td style="width: 13.76%; border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">742,686 </font></p>
</td>
<td style="width: 13.76%; border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">876,063 </font></p>
</td>
</tr>
<tr style="height: 1pt;">
<td style="width: 58.72%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Non-controlling interests</font></p>
</td>
<td style="width: 13.76%; border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">(7,999) </font></p>
</td>
<td style="width: 13.76%; border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">(11,428) </font></p>
</td>
<td style="width: 13.76%; border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">(2,163) </font></p>
</td>
</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="width: 58.72%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">(Loss) income for the year </font><font style="font-family: 'Times New Roman'; font-size: 6pt; vertical-align: super;">(2)</font></p>
</td>
<td style="width: 13.76%; border-top: 0.75pt solid #000000; border-right: 1.5pt solid #ffffff; border-bottom: 1pt solid #000000; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman'; font-weight: bold;">(642,417) </font></p>
</td>
<td style="width: 13.76%; border-top: 0.75pt solid #000000; border-right: 1.5pt solid #ffffff; border-bottom: 1pt solid #000000; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman'; font-weight: bold;">731,258 </font></p>
</td>
<td style="width: 13.76%; border-top: 0.75pt solid #000000; border-right: 1.5pt solid #ffffff; border-bottom: 1pt solid #000000; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman'; font-weight: bold;">873,900 </font></p>
</td>
</tr>
<tr style="height: 1pt;">
<td style="width: 58.72%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="width: 13.76%; border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
</td>
<td style="width: 13.76%; border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
</td>
<td style="width: 13.76%; border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
</td>
</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="width: 58.72%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Depreciation and amortization</font></p>
</td>
<td style="width: 13.76%; border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">(678,806) </font></p>
</td>
<td style="width: 13.76%; border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">(539,521) </font></p>
</td>
<td style="width: 13.76%; border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">(664,357) </font></p>
</td>
</tr>
<tr style="height: 1pt;">
<td style="width: 58.72%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Weighted average number of shares outstanding</font></p>
</td>
<td style="width: 13.76%; border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">1,180,536,830 </font></p>
</td>
<td style="width: 13.76%; border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">1,180,536,830 </font></p>
</td>
<td style="width: 13.76%; border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">1,180,536,830 </font></p>
</td>
</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="width: 58.72%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Basic and diluted (losses) earnings per share</font></p>
</td>
<td style="width: 13.76%; border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">(0.54) </font></p>
</td>
<td style="width: 13.76%; border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">0.63 </font></p>
</td>
<td style="width: 13.76%; border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">0.74 </font></p>
</td>
</tr>
<tr style="height: 1pt;">
<td style="width: 58.72%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Dividends per share </font><font style="font-family: 'Times New Roman'; font-size: 6pt; vertical-align: super;">(3)</font></p>
</td>
<td style="width: 13.76%; border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">0.07 </font></p>
</td>
<td style="width: 13.76%; border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">0.41 </font></p>
</td>
<td style="width: 13.76%; border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">0.41 </font></p>
</td>
</tr>

</table>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; -aw-import: ignore;"><br></font></p>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>56</font></font></td>
</tr>

</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 6pt; border-bottom: 0.75pt solid #000000; padding-bottom: 1pt;"><font style="font-family: 'Times New Roman'; font-size: 6pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-left: 14.2pt; margin-bottom: 0pt; text-indent: -14.2pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 5.33pt; vertical-align: super;">(1)</font><font style="font: 7pt 'Times New Roman'; -aw-import: spaces;">&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman';">Impairment charge in 2020 represents a charge of $622 million to the carrying value of goodwill of the CGUs OCTG USA, IPSCO and Coiled Tubing in the amounts of $225 million, $357 million and $4 million respectively, and the carrying value of fixed assets of the CGU Rods USA in the amount of $36 million.</font></p>
<p style="margin-top: 0pt; margin-left: 14.2pt; margin-bottom: 0pt; text-indent: -14.2pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 5.33pt; vertical-align: super;">(2)</font><font style="font: 7pt 'Times New Roman'; -aw-import: spaces;">&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman';">IAS 1 (revised), requires that income for the year as shown on the income statement does not exclude non-controlling interests. Earnings per share, however, continue to be calculated on the basis of income attributable sole</font><font style="font-family: 'Times New Roman';">ly to the owners of the parent.</font></p>
<p style="margin-top: 0pt; margin-left: 14.2pt; margin-bottom: 0pt; text-indent: -14.2pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 5.33pt; vertical-align: super;">(3)</font><font style="font: 7pt 'Times New Roman'; -aw-import: spaces;">&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman';">Dividends per share correspond to the dividends proposed or paid in respect of the year.</font></p>
<p style="margin-top: 0pt; margin-left: 18pt; margin-bottom: 3pt; text-indent: -18pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; height: 360px; width: 100%;" width="100%">

<tr style="height: 15px;">
<td rowspan="2" style="width: 261.4pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 30px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-style: italic;">Thousands of U.S. dollars (except number of shares)</font></p>
</td>
<td colspan="3" style="width: 206pt; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">At December 31,</font></p>
</td>
</tr>
<tr style="height: 15px;">
<td style="width: 60.9pt; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">2020</font></p>
</td>
<td style="width: 61.75pt; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">2019</font></p>
</td>
<td style="width: 61.75pt; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">2018</font></p>
</td>
</tr>
<tr style="height: 15px;">
<td style="width: 261.4pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="width: 60.9pt; border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
</td>
<td style="width: 61.75pt; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; border-right: 1.5pt solid #ffffff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
</td>
<td style="width: 61.75pt; border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
</td>
</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="width: 261.4pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Selected consolidated financial position data</font></p>
</td>
<td style="width: 60.9pt; border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
</td>
<td style="width: 61.75pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px; border-right: 1.5pt solid #ffffff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="width: 61.75pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
</tr>
<tr style="height: 15px;">
<td style="width: 261.4pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="width: 60.9pt; border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
</td>
<td style="width: 61.75pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; border-right: 1.5pt solid #ffffff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="width: 61.75pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="width: 261.4pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Current assets</font></p>
</td>
<td style="width: 60.9pt; border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">4,287,672 </font></p>
</td>
<td style="width: 61.75pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px; border-right: 1.5pt solid #ffffff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">5,670,607 </font></p>
</td>
<td style="width: 61.75pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">5,464,192 </font></p>
</td>
</tr>
<tr style="height: 15px;">
<td style="width: 261.4pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Property, plant and equipment, net</font></p>
</td>
<td style="width: 60.9pt; border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">6,193,181 </font></p>
</td>
<td style="width: 61.75pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; border-right: 1.5pt solid #ffffff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">6,090,017 </font></p>
</td>
<td style="width: 61.75pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">6,063,908 </font></p>
</td>
</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="width: 261.4pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Other non-current assets</font></p>
</td>
<td style="width: 60.9pt; border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">3,235,336 </font></p>
</td>
<td style="width: 61.75pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px; border-right: 1.5pt solid #ffffff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">3,082,367 </font></p>
</td>
<td style="width: 61.75pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">2,723,199 </font></p>
</td>
</tr>
<tr style="height: 15px;">
<td style="width: 261.4pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Total assets</font></p>
</td>
<td style="width: 60.9pt; border-top: 0.75pt solid #000000; border-right: 1.5pt solid #ffffff; border-bottom: 1pt solid #000000; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman'; font-weight: bold;">13,716,189 </font></p>
</td>
<td style="width: 61.75pt; border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; border-right: 1.5pt solid #ffffff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman'; font-weight: bold;">14,842,991 </font></p>
</td>
<td style="width: 61.75pt; border-top: 0.75pt solid #000000; border-right: 1.5pt solid #ffffff; border-bottom: 1pt solid #000000; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman'; font-weight: bold;">14,251,299 </font></p>
</td>
</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="width: 261.4pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="width: 60.9pt; border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
</td>
<td style="width: 61.75pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px; border-right: 1.5pt solid #ffffff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="width: 61.75pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
</tr>
<tr style="height: 15px;">
<td style="width: 261.4pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Current liabilities</font></p>
</td>
<td style="width: 60.9pt; border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">1,166,475 </font></p>
</td>
<td style="width: 61.75pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; border-right: 1.5pt solid #ffffff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">1,780,457 </font></p>
</td>
<td style="width: 61.75pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">1,718,363 </font></p>
</td>
</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="width: 261.4pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Non-current borrowings</font></p>
</td>
<td style="width: 60.9pt; border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">315,739 </font></p>
</td>
<td style="width: 61.75pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px; border-right: 1.5pt solid #ffffff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">40,880 </font></p>
</td>
<td style="width: 61.75pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">29,187 </font></p>
</td>
</tr>
<tr style="height: 15px;">
<td style="width: 261.4pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Deferred tax liabilities</font></p>
</td>
<td style="width: 60.9pt; border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">254,801 </font></p>
</td>
<td style="width: 61.75pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; border-right: 1.5pt solid #ffffff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">336,982 </font></p>
</td>
<td style="width: 61.75pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">379,039 </font></p>
</td>
</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="width: 261.4pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Other non-current liabilities</font></p>
</td>
<td style="width: 60.9pt; border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">532,701 </font></p>
</td>
<td style="width: 61.75pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px; border-right: 1.5pt solid #ffffff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">498,300 </font></p>
</td>
<td style="width: 61.75pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">249,218 </font></p>
</td>
</tr>
<tr style="height: 15px;">
<td style="width: 261.4pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Total liabilities</font></p>
</td>
<td style="width: 60.9pt; border-top: 0.75pt solid #000000; border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">2,269,716 </font></p>
</td>
<td style="width: 61.75pt; border-top: 0.75pt solid #000000; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; border-right: 1.5pt solid #ffffff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">2,656,619 </font></p>
</td>
<td style="width: 61.75pt; border-top: 0.75pt solid #000000; border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">2,375,807 </font></p>
</td>
</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="width: 261.4pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="width: 60.9pt; border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
</td>
<td style="width: 61.75pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px; border-right: 1.5pt solid #ffffff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="width: 61.75pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
</tr>
<tr style="height: 15px;">
<td style="width: 261.4pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Capital and reserves attributable to the owners of the parent</font></p>
</td>
<td style="width: 60.9pt; border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">11,262,888 </font></p>
</td>
<td style="width: 61.75pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; border-right: 1.5pt solid #ffffff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">11,988,958 </font></p>
</td>
<td style="width: 61.75pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">11,782,882 </font></p>
</td>
</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="width: 261.4pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Non-controlling interests</font></p>
</td>
<td style="width: 60.9pt; border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">183,585 </font></p>
</td>
<td style="width: 61.75pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px; border-right: 1.5pt solid #ffffff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">197,414 </font></p>
</td>
<td style="width: 61.75pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">92,610 </font></p>
</td>
</tr>
<tr style="height: 15px;">
<td style="width: 261.4pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Total equity</font></p>
</td>
<td style="width: 60.9pt; border-top: 0.75pt solid #000000; border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">11,446,473 </font></p>
</td>
<td style="width: 61.75pt; border-top: 0.75pt solid #000000; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; border-right: 1.5pt solid #ffffff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">12,186,372 </font></p>
</td>
<td style="width: 61.75pt; border-top: 0.75pt solid #000000; border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">11,875,492 </font></p>
</td>
</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="width: 261.4pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="width: 60.9pt; border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
</td>
<td style="width: 61.75pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px; border-right: 1.5pt solid #ffffff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="width: 61.75pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
</tr>
<tr style="height: 15px;">
<td style="width: 261.4pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Total liabilities and equity</font></p>
</td>
<td style="width: 60.9pt; border-top: 0.75pt solid #000000; border-right: 1.5pt solid #ffffff; border-bottom: 1pt solid #000000; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman'; font-weight: bold;">13,716,189 </font></p>
</td>
<td style="width: 61.75pt; border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; border-right: 1.5pt solid #ffffff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman'; font-weight: bold;">14,842,991 </font></p>
</td>
<td style="width: 61.75pt; border-top: 0.75pt solid #000000; border-right: 1.5pt solid #ffffff; border-bottom: 1pt solid #000000; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman'; font-weight: bold;">14,251,299 </font></p>
</td>
</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="width: 261.4pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="width: 60.9pt; border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
</td>
<td style="width: 61.75pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px; border-right: 1.5pt solid #ffffff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="width: 61.75pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
</tr>
<tr style="height: 15px;">
<td style="width: 261.4pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Share capital</font></p>
</td>
<td style="width: 60.9pt; border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">1,180,537 </font></p>
</td>
<td style="width: 61.75pt; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; border-right: 1.5pt solid #ffffff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">1,180,537 </font></p>
</td>
<td style="width: 61.75pt; border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">1,180,537 </font></p>
</td>
</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="width: 261.4pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Number of shares outstanding</font></p>
</td>
<td style="width: 60.9pt; border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">1,180,536,830 </font></p>
</td>
<td style="width: 61.75pt; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px; border-right: 1.5pt solid #ffffff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">1,180,536,830 </font></p>
</td>
<td style="width: 61.75pt; border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">1,180,536,830 </font></p>
</td>
</tr>

</table>
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 12pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>57</font></font></td>
</tr>

</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
</div>
<p style="margin-top: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"><br></font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The following table sets forth our operating and other costs and expenses as a percentage of net s</font><font style="font-family: 'Times New Roman';">ales for the periods indicated.</font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt;" width="100%">

<tr style="height: 1pt;">
<td style="width: 262.2pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-style: italic;">Percentage of net sales</font></p>
</td>
<td colspan="3" style="width: 205.2pt; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">For the year ended December 31, </font></p>
</td>
</tr>
<tr style="height: 1pt;">
<td style="width: 262.2pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="width: 60pt; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">2020</font></p>
</td>
<td style="width: 61.8pt; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">2019</font></p>
</td>
<td style="width: 61.8pt; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">2018</font></p>
</td>
</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="width: 262.2pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Continuing operations</font></p>
</td>
<td style="width: 60pt; border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
</td>
<td style="width: 61.8pt; border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
</td>
<td style="width: 61.8pt; border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
</td>
</tr>
<tr style="height: 1pt;">
<td style="width: 262.2pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Net sales</font></p>
</td>
<td style="width: 60pt; border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">100.0 </font></p>
</td>
<td style="width: 61.8pt; border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">100.0 </font></p>
</td>
<td style="width: 61.8pt; border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">100.0 </font></p>
</td>
</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="width: 262.2pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Cost of sales</font></p>
</td>
<td style="width: 60pt; border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">(79.4) </font></p>
</td>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">(70.0) </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">(68.9) </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Gross profit</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman'; font-weight: bold;">20.6 </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman'; font-weight: bold;">30.0 </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman'; font-weight: bold;">31.1 </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Selling, general and administrative expenses</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">(21.7) </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">(18.7) </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">(19.7) </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Impairment charge</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">(12.1) </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">- </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">- </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Other operating </font><font style="font-family: 'Times New Roman';">income (expenses), net</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman'; font-weight: bold;">0.4 </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman'; font-weight: bold;">0.2 </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman'; font-weight: bold;">0.0 </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Operating (loss</font><font style="font-family: 'Times New Roman'; font-weight: bold;">) income</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">(12.9)</font><font style="font-family: 'Times New Roman'; font-weight: bold;"> </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">11.4 </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">11.4 </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Finance income</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">0.4 </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">0.7 </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">0.5 </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Finance cost</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">(0.5) </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">(0.6) </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">(0.5) </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Other financial results</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman'; font-weight: bold;">(1.1)</font><font style="font-family: 'Times New Roman';"> </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman'; font-weight: bold;">0.2 </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman'; font-weight: bold;">0.4 </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">(Loss) income before equity in earnings</font><font style="font-family: 'Times New Roman'; font-weight: bold;"> of non-consolidated companies and income tax</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">(14.1)</font><font style="font-family: 'Times New Roman'; font-weight: bold;"> </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">11.7 </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">11.9 </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Equity in earnings of </font><font style="font-family: 'Times New Roman';">non-consolidated companies </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman'; font-weight: bold;">2.1 </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman'; font-weight: bold;">1.1 </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman'; font-weight: bold;">2.5 </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">(Loss) </font><font style="font-family: 'Times New Roman'; font-weight: bold;">income before income tax</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">(12.0) </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">12.8 </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">14.4 </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Income tax</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman'; font-weight: bold;">(0.4)</font><font style="font-family: 'Times New Roman';"> </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman'; font-weight: bold;">(2.8)</font><font style="font-family: 'Times New Roman';"> </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman'; font-weight: bold;">(3.0)</font><font style="font-family: 'Times New Roman';"> </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">(Loss) income for the year for continuing operations</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman'; font-weight: bold;">(12.5) </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman'; font-weight: bold;">10.0 </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman'; font-weight: bold;">11.4 </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;">&nbsp;</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
</td>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
</td>
<td style="width: 61.8pt; border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
</td>
</tr>
<tr style="height: 1pt;">
<td style="width: 262.2pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">(Loss) income attributable to:</font></p>
</td>
<td style="width: 60pt; border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
</td>
<td style="width: 61.8pt; border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
</td>
<td style="width: 61.8pt; border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
</td>
</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="width: 262.2pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Owners of the parent</font></p>
</td>
<td style="width: 60pt; border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman'; font-weight: bold;">(12.3)</font><font style="font-family: 'Times New Roman';"> </font></p>
</td>
<td style="width: 61.8pt; border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman'; font-weight: bold;">10.2 </font></p>
</td>
<td style="width: 61.8pt; border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman'; font-weight: bold;">11.4 </font></p>
</td>
</tr>
<tr style="height: 1pt;">
<td style="width: 262.2pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Non-controlling</font><font style="font-family: 'Times New Roman';"> interests</font></p>
</td>
<td style="width: 60pt; border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman'; font-weight: bold;">(</font><font style="font-family: 'Times New Roman';">0.2) </font></p>
</td>
<td style="width: 61.8pt; border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman'; font-weight: bold;">(</font><font style="font-family: 'Times New Roman';">0.2) </font></p>
</td>
<td style="width: 61.8pt; border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman'; font-weight: bold;">(</font><font style="font-family: 'Times New Roman';">0.0) </font></p>
</td>
</tr>

</table>
<p style="margin-top: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Fiscal Year Ended December 31, </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">20</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">20</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">,</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"> Compared to Fiscal Year Ended December 31, </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">201</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">9</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The following table shows our net sales by business segment for the periods indicated below:</font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt;" width="100%">

<tr>
<td style="width: 31.08%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-style: italic;">Millions of U.S. dollars</font></p>
</td>
<td colspan="4" style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">For the year ended December 31, </font></p>
</td>
<td rowspan="2" style="width: 13.52%; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">Increase / (Decrease) </font></p>
</td>
</tr>
<tr>
<td style="width: 31.08%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td colspan="2" style="border-right: 1.5pt solid #ffffff; border-bottom: 0.75pt solid #000000; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">2020</font></p>
</td>
<td colspan="2" style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">2019</font></p>
</td>
</tr>
<tr style="background-color: #cceeff;">
<td style="width: 31.08%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Tubes</font></p>
</td>
<td style="width: 14.5%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">4,844 </font></p>
</td>
<td style="width: 13.2%; border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman';">94%</font></p>
</td>
<td style="width: 14.5%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">6,870 </font></p>
</td>
<td style="width: 13.2%; border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman';">94%</font></p>
</td>
<td style="width: 13.52%; border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman';">(29%)</font></p>
</td>
</tr>
<tr>
<td style="width: 31.08%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Others</font></p>
</td>
<td style="width: 14.5%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">303 </font></p>
</td>
<td style="width: 13.2%; border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman';">6%</font></p>
</td>
<td style="width: 14.5%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">424 </font></p>
</td>
<td style="width: 13.2%; border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman';">6%</font></p>
</td>
<td style="width: 13.52%; border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman';">(29%)</font></p>
</td>
</tr>
<tr style="background-color: #cceeff;">
<td style="width: 31.08%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Total</font></p>
</td>
<td style="width: 14.5%; border-top: 0.75pt solid #000000; border-left: 1.5pt solid #ffffff; padding-right: 5.4pt; padding-left: 4.65pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman'; font-weight: bold;">5,147 </font></p>
</td>
<td style="width: 13.2%; border-top: 0.75pt solid #000000; border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">100%</font></p>
</td>
<td style="width: 14.5%; border-top: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman'; font-weight: bold;">7,294 </font></p>
</td>
<td style="width: 13.2%; border-top: 0.75pt solid #000000; border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">100%</font></p>
</td>
<td style="width: 13.52%; border-top: 0.75pt solid #000000; border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">(29%)</font></p>
</td>
</tr>

</table>
<p style="margin-top: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-style: italic;">Tubes</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-style: italic; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The following table indicates, for our Tubes business segment, sales volumes of seamless and welded pipes for the periods indicated below:</font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt;" width="100%">

<tr style="height: 1pt;">
<td style="width: 28.32%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-style: italic;">Thousands of tons</font></p>
</td>
<td colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">For the year ended December 31,</font></p>
</td>
<td rowspan="2" style="width: 20%; border-left: 1.5pt solid #ffffff; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 4.65pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">Increase / (Decrease) </font></p>
</td>
</tr>
<tr style="height: 1pt;">
<td style="width: 28.32%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="width: 25.84%; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">2020</font></p>
</td>
<td style="width: 25.84%; border-left: 1.5pt solid #ffffff; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 4.65pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">2019</font></p>
</td>
</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="width: 28.32%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Seamless</font></p>
</td>
<td style="width: 25.84%; border-left: 1.5pt solid #ffffff; padding-right: 5.4pt; padding-left: 4.65pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">1,918 </font></p>
</td>
<td style="width: 25.84%; border-left: 1.5pt solid #ffffff; padding-right: 5.4pt; padding-left: 4.65pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">2,600 </font></p>
</td>
<td style="width: 20%; border-right: 1.5pt solid #ffffff; border-left: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 4.65pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman';">(26%)</font></p>
</td>
</tr>
<tr style="height: 1pt;">
<td style="width: 28.32%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Welded</font></p>
</td>
<td style="width: 25.84%; border-left: 1.5pt solid #ffffff; padding-right: 5.4pt; padding-left: 4.65pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">480 </font></p>
</td>
<td style="width: 25.84%; border-left: 1.5pt solid #ffffff; padding-right: 5.4pt; padding-left: 4.65pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">671 </font></p>
</td>
<td style="width: 20%; border-left: 1.5pt solid #ffffff; padding-right: 5.4pt; padding-left: 4.65pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman';">(28%)</font></p>
</td>
</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="width: 28.32%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Total</font></p>
</td>
<td style="width: 25.84%; border-top: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman'; font-weight: bold;">2,398 </font></p>
</td>
<td style="width: 25.84%; border-top: 0.75pt solid #000000; border-left: 1.5pt solid #ffffff; padding-right: 5.4pt; padding-left: 4.65pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman'; font-weight: bold;">3,271 </font></p>
</td>
<td style="width: 20%; border-top: 0.75pt solid #000000; border-right: 1.5pt solid #ffffff; border-left: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 4.65pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">(27%)</font></p>
</td>
</tr>

</table>
<p style="margin: 0px; text-align: justify; font-size: 10pt; text-indent: 0px;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>58</font></font></td>
</tr>

</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
</div>
<p style="margin: 0px; text-align: justify; font-size: 10pt; text-indent: 0px;"><br></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The following table indicates, for our Tubes business segment, net sales by geographic region, operating income and operating income as a percentage of net sales for the periods indicated below:</font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt;" width="100%">

<tr style="height: 1pt;">
<td style="width: 43%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-style: italic;">Millions of U.S. dollars</font></p>
</td>
<td colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">For the year ended December 31,</font></p>
</td>
<td rowspan="2" style="width: 19.08%; border-left: 1.5pt solid #ffffff; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 4.65pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">Increase / (Decrease) </font></p>
</td>
</tr>
<tr style="height: 1pt;">
<td style="width: 43%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="width: 18.7%; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">2020</font></p>
</td>
<td style="width: 19.22%; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">2019</font></p>
</td>
</tr>
<tr style="height: 1pt;">
<td style="width: 43%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Net sales</font></p>
</td>
<td style="width: 18.7%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="width: 19.22%; border-left: 1.5pt solid #ffffff; padding-right: 5.4pt; padding-left: 4.65pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
</td>
<td style="width: 19.08%; border-left: 1.5pt solid #ffffff; padding-right: 5.4pt; padding-left: 4.65pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
</td>
</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="width: 43%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">- North America</font></p>
</td>
<td style="width: 18.7%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; border-right: 1.5pt solid #ffffff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">2,108 </font></p>
</td>
<td style="width: 19.22%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">3,307 </font></p>
</td>
<td style="width: 19.08%; border-right: 1.5pt solid #ffffff; border-left: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 4.65pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman';">(36%)</font></p>
</td>
</tr>
<tr style="height: 1pt;">
<td style="width: 43%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">- South America</font></p>
</td>
<td style="width: 18.7%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-right: 1.5pt solid #ffffff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">660 </font></p>
</td>
<td style="width: 19.22%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">1,240 </font></p>
</td>
<td style="width: 19.08%; border-right: 1.5pt solid #ffffff; border-left: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 4.65pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman';">(47%)</font></p>
</td>
</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="width: 43%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">- Europe</font></p>
</td>
<td style="width: 18.7%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; border-right: 1.5pt solid #ffffff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">566 </font></p>
</td>
<td style="width: 19.22%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">641 </font></p>
</td>
<td style="width: 19.08%; border-right: 1.5pt solid #ffffff; border-left: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 4.65pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman';">(12%)</font></p>
</td>
</tr>
<tr style="height: 1pt;">
<td style="width: 43%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">- Middle East &amp; Africa</font></p>
</td>
<td style="width: 18.7%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-right: 1.5pt solid #ffffff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">1,194 </font></p>
</td>
<td style="width: 19.22%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">1,337 </font></p>
</td>
<td style="width: 19.08%; border-right: 1.5pt solid #ffffff; border-left: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 4.65pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman';">(11%)</font></p>
</td>
</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="width: 43%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">- Asia Pacific</font></p>
</td>
<td style="width: 18.7%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; border-right: 1.5pt solid #ffffff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">315 </font></p>
</td>
<td style="width: 19.22%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">345 </font></p>
</td>
<td style="width: 19.08%; border-right: 1.5pt solid #ffffff; border-left: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 4.65pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman';">(9%)</font></p>
</td>
</tr>
<tr style="height: 1pt;">
<td style="width: 43%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Total net sales</font></p>
</td>
<td style="width: 18.7%; border-top: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-right: 1.5pt solid #ffffff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman'; font-weight: bold;">4,844 </font></p>
</td>
<td style="width: 19.22%; border-top: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman'; font-weight: bold;">6,870 </font></p>
</td>
<td style="width: 19.08%; border-top: 0.75pt solid #000000; border-right: 1.5pt solid #ffffff; border-left: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 4.65pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">(29%)</font></p>
</td>
</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="width: 43%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Operating (loss) income</font></p>
</td>
<td style="width: 18.7%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; border-right: 1.5pt solid #ffffff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">(616) </font></p>
</td>
<td style="width: 19.22%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">755 </font></p>
</td>
<td style="width: 19.08%; border-right: 1.5pt solid #ffffff; border-left: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 4.65pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman';">(182%)</font></p>
</td>
</tr>
<tr style="height: 1pt;">
<td style="width: 43%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Operating (loss) income (% of sales)</font></p>
</td>
<td style="width: 18.7%; border-left: 1.5pt solid #ffffff; padding-right: 5.4pt; padding-left: 4.65pt; vertical-align: bottom; border-right: 1.5pt solid #ffffff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman';">(12.7%)</font></p>
</td>
<td style="width: 19.22%; border-left: 1.5pt solid #ffffff; padding-right: 5.4pt; padding-left: 4.65pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman';">11.0%</font></p>
</td>
<td style="width: 19.08%; border-right: 1.5pt solid #ffffff; border-left: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 4.65pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
</td>
</tr>

</table>
<p style="margin-top: 14pt; margin-bottom: 14pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-style: italic;">Net sales of tubular products and services</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">decreased 29% to $4,844 million in 2020, compared to $6,870 million in 2019, reflecting a 27% decline in volumes and a 4% decrease in average selling prices. In North America, we had lower volumes and prices across the region where activity was severely affected by the downturn in oil prices and the pandemic. In South America we also had lower volumes and prices across the region where activity was severely affected by the downturn in oil prices and the pandemic, except in Brazil where offshore drilling activity continued. In Europe, while sales of OCTG in the North Sea and line pipe for downstream processing remained stable, sales of mechanical and other products declined. In the Middle East &amp; Africa, while sales in Saudi Arabia declined, they were compensated by higher OCTG sales in the rest of the Middle East. Line pipe for deepwater product in West Africa and downstream projects through the region declined. In Asia Pacific, our sales declined mainly driven by lower sales in Thailand.</font></p>
<p style="margin-top: 14pt; margin-bottom: 14pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-style: italic;">Operating results from tubular products and services </font><font style="font-family: 'Times New Roman';">amounted to a loss of $616 million in 2020, compared to a gain of $755 million in 2019. In addition to the decline in sales following the drop in drilling activity, our results were negatively impacted by lower absorption of fixed costs and the inefficiencies related to the low level of capacity utilization since March 2020. Additionally, Tubes operating income was affected by $139 million of severance charges, by an impairment charge of $582 million, reflecting the difficult business conditions generated by COVID-19 pandemic, with the collapse </font><font style="font-family: 'Times New Roman';">in oil demand and prices and the impact on drilling activity and on the demand for steel pipe products and by $138 million higher depreciation and amortization charge mainly related to the incorporation of the IPSCO facilities and the accelerated depreciation of the Prudential facility after the decision to close it and consolidate our Canadian pipe manufacturing operations at our facility in Sault Ste. Marie, Ontario</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-style: italic;">Others</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The following table indicates, for our Others business segment, net sales, operating income and operating income as a percentage of net sales for the periods indicated below:</font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt;" width="100%">

<tr style="height: 1pt;">
<td style="width: 33.72%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-style: italic;">Millions of U.S. dollars</font></p>
</td>
<td colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">For the year ended December 31,</font></p>
</td>
<td rowspan="2" style="width: 20.62%; border-left: 1.5pt solid #ffffff; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 4.65pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">Increase / (Decrease) </font></p>
</td>
</tr>
<tr style="height: 1pt;">
<td style="width: 33.72%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="width: 22.84%; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">2020</font></p>
</td>
<td style="width: 22.84%; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">2019</font></p>
</td>
</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="width: 33.72%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Net sales </font></p>
</td>
<td style="width: 22.84%; border-left: 1.5pt solid #ffffff; padding-right: 5.4pt; padding-left: 4.65pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">303 </font></p>
</td>
<td style="width: 22.84%; border-left: 1.5pt solid #ffffff; padding-right: 5.4pt; padding-left: 4.65pt; vertical-align: bottom; background-color: #cceeff; border-right: 1.5pt solid #ffffff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">424 </font></p>
</td>
<td style="width: 20.62%; border-right: 1.5pt solid #ffffff; border-left: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 4.65pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman';">(29%)</font></p>
</td>
</tr>
<tr style="height: 1pt;">
<td style="width: 33.72%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Operating (loss) income </font></p>
</td>
<td style="width: 22.84%; border-left: 1.5pt solid #ffffff; padding-right: 5.4pt; padding-left: 4.65pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">(47) </font></p>
</td>
<td style="width: 22.84%; border-left: 1.5pt solid #ffffff; padding-right: 5.4pt; padding-left: 4.65pt; vertical-align: bottom; border-right: 1.5pt solid #ffffff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">77 </font></p>
</td>
<td style="width: 20.62%; border-right: 1.5pt solid #ffffff; border-left: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 4.65pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman';">(161%)</font></p>
</td>
</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="width: 33.72%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Operating (loss) income (% of sales)</font></p>
</td>
<td style="width: 22.84%; border-left: 1.5pt solid #ffffff; padding-right: 5.4pt; padding-left: 4.65pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman';">(15.6%)</font></p>
</td>
<td style="width: 22.84%; border-left: 1.5pt solid #ffffff; padding-right: 5.4pt; padding-left: 4.65pt; vertical-align: bottom; background-color: #cceeff; border-right: 1.5pt solid #ffffff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman';">18.2%</font></p>
</td>
<td style="width: 20.62%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
</tr>

</table>
<p style="margin-top: 0pt; margin-bottom: 12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-style: italic;">Net sales of other products and services</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">declined 29% from $424 million in 2019 to $303 million in 2020, mainly due to lower sales of energy related products, i.e., sucker rods and coiled tubing.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-style: italic;">Operating results from other products and services</font><font style="font-family: 'Times New Roman';"> amounted to a loss of $47 million in 2020, compared to a gain of $77 million in 2019. Others segment in 2020 includes impairment charges for $40 million, as well as charges for leaving indemnities amounting to $4 million. Additionally, results in 2020 were negatively impacted by lower absorption of fixed costs and the inefficiencies related to the low level of capacity utilization since March 2020.</font></p>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>59</font></font></td>
</tr>

</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
</div>
<p style="margin: 0px; font-size: 10pt; text-indent: 0px;"><br></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Selling, general and administrative expenses</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">or SG&amp;A, </font><font style="font-family: 'Times New Roman';">amounted to $1,119 million (21.7% of net sales), compared to $1,366 million (18.7%) in 2019. SG&amp;A during 2020 included $61 million of leaving indemnities. The $247 million reduction in SG&amp;A was mainly due to lower</font><font style="font-family: 'Times New Roman';"> freights and other</font><font style="font-family: 'Times New Roman';"> selling expenses</font><font style="font-family: 'Times New Roman';"> ($131 million)</font><font style="font-family: 'Times New Roman';"> and fixed</font><font style="font-family: 'Times New Roman';"> and other</font><font style="font-family: 'Times New Roman';"> costs</font><font style="font-family: 'Times New Roman';"> ($167 million)</font><font style="font-family: 'Times New Roman';">, net of higher depreciation and amortization</font><font style="font-family: 'Times New Roman';"> ($51 million)</font><font style="font-family: 'Times New Roman';"> related mainly to the incorporation of IPSCO.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Financial results</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">amounted to a loss of $65 million in 2020, compared to a gain of $19 million in 2019. The loss in 2020 corresponds to a net finance cost of $9 million, reflecting a lower net cash position<font style="font-size: 8pt;"><sup>1</sup></font> and lower yields on the position and $55 million a foreign exchange loss net of derivative results, mainly due to a 9% E</font><font style="font-family: 'Times New Roman';">UR</font><font style="font-family: 'Times New Roman';"> appreciation on E</font><font style="font-family: 'Times New Roman';">UR</font><font style="font-family: 'Times New Roman';"> denominated intercompany liabilities at subsidiaries whose functional currency is the U.S. dollar and a 29% Brazilian Real depreciation on USD denominated intercompany liabilities at subsidiaries in Brazil whose functional currency is the Brazilian Real, both results are to a large extent offset by changes to our currency translation reserve.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Equity in earnings of non-consolidated companies</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">generated a gain of $109 million in 2020, compared to $82 million in 2019. These results were mainly derived from our equity investment in Ternium, Techgen and Usiminas.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Income tax</font><font style="font-family: 'Times New Roman'; font-weight: bold;"> charge</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">amounted to $23 million in 2020, compared to $202 million in 2019. The lower charge in 2020 is explained by deferred tax gains arising from losses since the COVID-19 outbreak around March 2020.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Net </font><font style="font-family: 'Times New Roman'; font-weight: bold;">results</font><font style="font-family: 'Times New Roman'; font-weight: bold;"> for continuing operations</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">amounted to a loss of $642 million in 2020, compared to a gain of $731 million in 2019. The lower results reflect a worse operating environment, include impairment and severance charges, worse financial results, partially compensated by a higher contribution from our non-consolidated investments, mainly Ternium and lower taxes.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Fiscal Year Ended December 31, 201</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">9</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">, Compared to Fiscal Year Ended December 31, 201</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">8</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The following table shows our net sales by business segment for the periods indicated below:</font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt;" width="100%">

<tr>
<td style="width: 31.08%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-style: italic;">Millions of U.S. dollars</font></p>
</td>
<td colspan="4" style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">For the year ended December 31, </font></p>
</td>
<td rowspan="2" style="width: 13.52%; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">Increase / (Decrease) </font></p>
</td>
</tr>
<tr>
<td style="width: 31.08%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td colspan="2" style="border-right: 1.5pt solid #ffffff; border-bottom: 0.75pt solid #000000; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">2019</font></p>
</td>
<td colspan="2" style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">2018</font></p>
</td>
</tr>
<tr style="background-color: #cceeff;">
<td style="width: 31.08%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Tubes</font></p>
</td>
<td style="width: 14.5%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">6,870 </font></p>
</td>
<td style="width: 13.2%; border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman';">94%</font></p>
</td>
<td style="width: 14.5%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">7,233 </font></p>
</td>
<td style="width: 13.2%; border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman';">94%</font></p>
</td>
<td style="width: 13.52%; border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman';">(5%)</font></p>
</td>
</tr>
<tr>
<td style="width: 31.08%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Others</font></p>
</td>
<td style="width: 14.5%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">424 </font></p>
</td>
<td style="width: 13.2%; border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman';">6%</font></p>
</td>
<td style="width: 14.5%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">426 </font></p>
</td>
<td style="width: 13.2%; border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman';">6%</font></p>
</td>
<td style="width: 13.52%; border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman';">(0%)</font></p>
</td>
</tr>
<tr style="background-color: #cceeff;">
<td style="width: 31.08%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Total</font></p>
</td>
<td style="width: 14.5%; border-top: 0.75pt solid #000000; border-left: 1.5pt solid #ffffff; padding-right: 5.4pt; padding-left: 4.65pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman'; font-weight: bold;">7,294 </font></p>
</td>
<td style="width: 13.2%; border-top: 0.75pt solid #000000; border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">100%</font></p>
</td>
<td style="width: 14.5%; border-top: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman'; font-weight: bold;">7,659 </font></p>
</td>
<td style="width: 13.2%; border-top: 0.75pt solid #000000; border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">100%</font></p>
</td>
<td style="width: 13.52%; border-top: 0.75pt solid #000000; border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">(5%)</font></p>
</td>
</tr>

</table>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-style: italic;"><br></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-style: italic;">Tubes</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-style: italic; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The following table indicates, for our Tubes business segment, sales volumes of seamless and welded pipes for the periods indicated below:</font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt;" width="100%">

<tr style="height: 1pt;">
<td style="width: 30.32%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-style: italic;">Thousands of tons</font></p>
</td>
<td colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">For the year ended December 31,</font></p>
</td>
<td rowspan="2" style="width: 13.04%; border-left: 1.5pt solid #ffffff; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 4.65pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">Increase / (Decrease) </font></p>
</td>
</tr>
<tr style="height: 1pt;">
<td style="width: 30.32%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="width: 28.32%; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">2019</font></p>
</td>
<td style="width: 28.32%; border-left: 1.5pt solid #ffffff; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 4.65pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">2018</font></p>
</td>
</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="width: 30.32%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Seamless</font></p>
</td>
<td style="width: 28.32%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">2,600 </font></p>
</td>
<td style="width: 28.32%; border-left: 1.5pt solid #ffffff; padding-right: 5.4pt; padding-left: 4.65pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">2,694 </font></p>
</td>
<td style="width: 13.04%; border-right: 1.5pt solid #ffffff; border-left: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 4.65pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman';">(3%)</font></p>
</td>
</tr>
<tr style="height: 1pt;">
<td style="width: 30.32%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Welded</font></p>
</td>
<td style="width: 28.32%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">671 </font></p>
</td>
<td style="width: 28.32%; border-left: 1.5pt solid #ffffff; padding-right: 5.4pt; padding-left: 4.65pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">877 </font></p>
</td>
<td style="width: 13.04%; border-right: 1.5pt solid #ffffff; border-left: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 4.65pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman';">(23%)</font></p>
</td>
</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="width: 30.32%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Total</font></p>
</td>
<td style="width: 28.32%; border-top: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman'; font-weight: bold;">3,271 </font></p>
</td>
<td style="width: 28.32%; border-top: 0.75pt solid #000000; border-left: 1.5pt solid #ffffff; padding-right: 5.4pt; padding-left: 4.65pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman'; font-weight: bold;">3,571 </font></p>
</td>
<td style="width: 13.04%; border-top: 0.75pt solid #000000; border-right: 1.5pt solid #ffffff; border-left: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 4.65pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">(8%)</font></p>
</td>
</tr>

</table>
<p style="margin: 0px; font-size: 10pt; background-color: #ffffff; text-indent: 0px;"><font style="text-decoration: underline;"><font style="font-family: 'Times New Roman';">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</font></font></p>
<p style="margin-top: 0pt; font-size: 10pt; background-color: #ffffff;"><font style="font-family: 'Times New Roman';"><font style="font-size: 8pt;"><sup>1</sup> Net cash position is a non-IFRS alternative performance measure&#8212;please see Exhibit 7.2 for more information on this measure.</font></font></p>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>60</font></font></td>
</tr>

</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
</div>
<p style="margin: 0px; text-align: justify; font-size: 10pt; text-indent: 0px;"><br></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The following table indicates, for our Tubes business segment, net sales by geographic region, operating income and operating income as a percentage of net sales for the periods indicated below:</font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt;" width="100%">

<tr style="height: 1pt;">
<td style="width: 33.74%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-style: italic;">Millions of U.S. dollars</font></p>
</td>
<td colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">For the year ended December 31,</font></p>
</td>
<td rowspan="2" style="width: 14.48%; border-left: 1.5pt solid #ffffff; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 4.65pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">Increase / (Decrease) </font></p>
</td>
</tr>
<tr style="height: 1pt;">
<td style="width: 33.74%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="width: 25.88%; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">2019</font></p>
</td>
<td style="width: 25.88%; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">2018</font></p>
</td>
</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="width: 33.74%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Net sales</font></p>
</td>
<td style="width: 25.88%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; border-right: 1.5pt solid #ffffff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="width: 25.88%; border-left: 1.5pt solid #ffffff; padding-right: 5.4pt; padding-left: 4.65pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
</td>
<td style="width: 14.48%; border-left: 1.5pt solid #ffffff; padding-right: 5.4pt; padding-left: 4.65pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
</td>
</tr>
<tr style="height: 1pt;">
<td style="width: 33.74%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">- North America</font></p>
</td>
<td style="width: 25.88%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-right: 1.5pt solid #ffffff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">3,307 </font></p>
</td>
<td style="width: 25.88%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">3,488 </font></p>
</td>
<td style="width: 14.48%; border-right: 1.5pt solid #ffffff; border-left: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 4.65pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman';">(5%)</font></p>
</td>
</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="width: 33.74%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">- South America</font></p>
</td>
<td style="width: 25.88%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; border-right: 1.5pt solid #ffffff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">1,240 </font></p>
</td>
<td style="width: 25.88%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">1,284 </font></p>
</td>
<td style="width: 14.48%; border-right: 1.5pt solid #ffffff; border-left: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 4.65pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman';">(3%)</font></p>
</td>
</tr>
<tr style="height: 1pt;">
<td style="width: 33.74%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">- Europe</font></p>
</td>
<td style="width: 25.88%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-right: 1.5pt solid #ffffff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">641 </font></p>
</td>
<td style="width: 25.88%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">628 </font></p>
</td>
<td style="width: 14.48%; border-right: 1.5pt solid #ffffff; border-left: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 4.65pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman';">2%</font></p>
</td>
</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="width: 33.74%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">- Middle East &amp; Africa</font></p>
</td>
<td style="width: 25.88%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; border-right: 1.5pt solid #ffffff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">1,337 </font></p>
</td>
<td style="width: 25.88%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">1,541 </font></p>
</td>
<td style="width: 14.48%; border-right: 1.5pt solid #ffffff; border-left: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 4.65pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman';">(13%)</font></p>
</td>
</tr>
<tr style="height: 1pt;">
<td style="width: 33.74%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">- Asia Pacific</font></p>
</td>
<td style="width: 25.88%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-right: 1.5pt solid #ffffff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">345 </font></p>
</td>
<td style="width: 25.88%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">292 </font></p>
</td>
<td style="width: 14.48%; border-right: 1.5pt solid #ffffff; border-left: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 4.65pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman';">18%</font></p>
</td>
</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="width: 33.74%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Total net sales</font></p>
</td>
<td style="width: 25.88%; border-top: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; border-right: 1.5pt solid #ffffff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman'; font-weight: bold;">6,870 </font></p>
</td>
<td style="width: 25.88%; border-top: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman'; font-weight: bold;">7,233 </font></p>
</td>
<td style="width: 14.48%; border-top: 0.75pt solid #000000; border-right: 1.5pt solid #ffffff; border-left: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 4.65pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">(5%)</font></p>
</td>
</tr>
<tr style="height: 1pt;">
<td style="width: 33.74%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Operating income</font></p>
</td>
<td style="width: 25.88%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-right: 1.5pt solid #ffffff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">755 </font></p>
</td>
<td style="width: 25.88%; border-left: 1.5pt solid #ffffff; padding-right: 5.4pt; padding-left: 4.65pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">777 </font></p>
</td>
<td style="width: 14.48%; border-right: 1.5pt solid #ffffff; border-left: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 4.65pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman';">(3%)</font></p>
</td>
</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="width: 33.74%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Operating income (% of sales)</font></p>
</td>
<td style="width: 25.88%; border-left: 1.5pt solid #ffffff; padding-right: 5.4pt; padding-left: 4.65pt; vertical-align: bottom; background-color: #cceeff; border-right: 1.5pt solid #ffffff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman';">11.0%</font></p>
</td>
<td style="width: 25.88%; border-left: 1.5pt solid #ffffff; padding-right: 5.4pt; padding-left: 4.65pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman';">10.7%</font></p>
</td>
<td style="width: 14.48%; border-right: 1.5pt solid #ffffff; border-left: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 4.65pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
</td>
</tr>

</table>
<p style="margin-top: 0pt; margin-bottom: 12pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 14pt; margin-bottom: 14pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-style: italic;">Net sales of tubular products and services</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">decreased 5% to $6,870 million in 2019, compared to $7,233 million in 2018, reflecting an 8% decline in volumes and a 4% increase in average selling prices. In North America, while sales were higher in Mexico, they declined in Canada and the United States reflecting lower drilling activity. In South America sales declined slightly reflecting a reduction in drilling activity in Argentina towards the end of the year. In Europe sales increased due to higher demand for offshore line pipe and OCTG with lower sales of mechanical pipes and line pipe for hydrocarbon process projects. In the Middle East &amp; Africa, the acquisition of SSPC and an increase in sales in the Middle East outside of Saudi Arabia (where destocking took place) did not compensate for the drop in sales of offshore line pipe following the completion of deliveries for East Mediterranean gas development projects. In Asia Pacific, while sales increased in China, Indonesia and Australia, they declined in Thailand.</font></p>
<p style="margin-top: 14pt; margin-bottom: 14pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-style: italic;">Operating income from tubular products and services</font><font style="font-family: 'Times New Roman';">, amounted to $755 million in 2019, compared to $777 million in 2018 (including a $109 million one-off charge from higher amortization of intangibles).</font></p>
<p style="margin-top: 14pt; margin-bottom: 14pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Operating income during 2019 was negatively affected by lower shipment volumes after the completion of deliveries of offshore line pipe for East Mediterranean gas development projects.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-style: italic;">Others</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The following table indicates, for our Others business segment, net sales, operating income and operating income as a percentage of net sales for the periods indicated below:</font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt;" width="100%">

<tr style="height: 1pt;">
<td style="width: 32.3%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-style: italic;">Millions of U.S. dollars</font></p>
</td>
<td colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">For the year ended December 31,</font></p>
</td>
<td rowspan="2" style="width: 15.36%; border-left: 1.5pt solid #ffffff; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 4.65pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">Increase / (Decrease) </font></p>
</td>
</tr>
<tr style="height: 1pt;">
<td style="width: 32.3%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="width: 26.16%; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">2019</font></p>
</td>
<td style="width: 26.18%; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">2018</font></p>
</td>
</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="width: 32.3%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Net sales </font></p>
</td>
<td style="width: 26.16%; border-left: 1.5pt solid #ffffff; padding-right: 5.4pt; padding-left: 4.65pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">424 </font></p>
</td>
<td style="width: 26.18%; border-left: 1.5pt solid #ffffff; padding-right: 5.4pt; padding-left: 4.65pt; vertical-align: bottom; background-color: #cceeff; border-right: 1.5pt solid #ffffff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">426 </font></p>
</td>
<td style="width: 15.36%; border-right: 1.5pt solid #ffffff; border-left: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 4.65pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman';">(0%)</font></p>
</td>
</tr>
<tr style="height: 1pt;">
<td style="width: 32.3%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Operating income </font></p>
</td>
<td style="width: 26.16%; border-left: 1.5pt solid #ffffff; padding-right: 5.4pt; padding-left: 4.65pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">77 </font></p>
</td>
<td style="width: 26.18%; border-left: 1.5pt solid #ffffff; padding-right: 5.4pt; padding-left: 4.65pt; vertical-align: bottom; border-right: 1.5pt solid #ffffff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">95 </font></p>
</td>
<td style="width: 15.36%; border-right: 1.5pt solid #ffffff; border-left: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 4.65pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman';">(19%)</font></p>
</td>
</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="width: 32.3%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Operating income (% of sales)</font></p>
</td>
<td style="width: 26.16%; border-left: 1.5pt solid #ffffff; padding-right: 5.4pt; padding-left: 4.65pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman';">18.2%</font></p>
</td>
<td style="width: 26.18%; border-left: 1.5pt solid #ffffff; padding-right: 5.4pt; padding-left: 4.65pt; vertical-align: bottom; background-color: #cceeff; border-right: 1.5pt solid #ffffff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman';">22.2%</font></p>
</td>
<td style="width: 15.36%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
</tr>

</table>
<p style="margin-top: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-style: italic;"><br></font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-style: italic;">Net sales of other products and services</font><font style="font-family: 'Times New Roman';"> remained stable as lower sales of energy and excess raw materials and coiled tubing were compensated by higher sales of industrial equipment in Brazil and sucker rods.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Operating income from other products and services, decreased from $95 million in 2018 to $77 million in 2019, mainly due to the lower contribution from our sales of energy and excess raw materials and from our coiled tubing business.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Selling, general and administrative expenses</font><font style="font-family: 'Times New Roman';"> or SG&amp;A, decreased by $144 million in 2019 to $1,366 million in 2019, from $1,510 million in 2018 (in 2018 included a one-off higher amortization charge of $109 million). As a percentage of sales SG&amp;A amounted to 18.7% in 2019 compared to 19.7% in 2018. Apart from the lower amortization and depreciation charge, SG&amp;A declined mainly due to lower logistic costs and allowance for doubtful accounts partially compensated by higher services and fees, labor costs and taxes.</font></p>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>61</font></font></td>
</tr>

</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
</div>
<p style="margin: 0px; font-size: 10pt; text-indent: 0px;"><br></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Financial results</font><font style="font-family: 'Times New Roman';"> amounted to a gain of $19 million in 2019, compared to $37 million in 2018. The 2019 gain corresponds mainly to a foreign exchange gain of $28 million mainly related to the Argentine peso devaluation on peso denominated financial, trade, social and fiscal payables at Argentine subsidiaries which functional currency is the U.S. dollar.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Equity in earnings of non-consolidated companies</font><font style="font-family: 'Times New Roman';"> generated a gain of $82 million in 2019, compared to $194 million in 2018. These results were mainly derived from our equity investment in Ternium.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Income tax charge</font><font style="font-family: 'Times New Roman';"> amounted to $202 million in 2019 (24% over income before equity in earnings of non-consolidated companies and income tax), compared to $229 million in 2018 (25%).</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Net income for continuing operations</font><font style="font-family: 'Times New Roman';"> amounted to $731 million in 2019, compared to $874 million in 2018. The lower results reflect a worse operating environment and a reduction of $112 million in the contribution from our non-consolidated investments, mainly Ternium.</font></p>
<p style="margin-top: 18pt; margin-left: 28.35pt; margin-bottom: 12pt; text-indent: -28.35pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">B.</font><font style="width: 19.18pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">Liquidity and Capital Resources</font></p>
<p style="margin-top: 14pt; margin-bottom: 14pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The following table provides certain information related to our cash generation and changes in our cash and cash equivalents position fo</font><font style="font-family: 'Times New Roman';">r each of the last three years:</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; height: 330px; width: 100%;" width="100%">

<tr style="height: 15px;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-style: italic;">Millions of U.S. dollars</font></p>
</td>
<td colspan="3" style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">For the year ended December 31, </font></p>
</td>
</tr>
<tr style="height: 15px;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">2020</font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">2019</font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">2018</font></p>
</td>
</tr>
<tr style="height: 15px;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-right: 1.5pt solid #ffffff; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-right: 1.5pt solid #ffffff; margin-left: 0.1px; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="border-left: 1.5pt solid #ffffff; padding-right: 5.4pt; padding-left: 4.65pt; vertical-align: bottom; border-right: 1.5pt solid #ffffff; margin-left: 0.1px; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
</td>
<td style="border-left: 1.5pt solid #ffffff; padding-right: 5.4pt; padding-left: 4.65pt; vertical-align: bottom; border-right: 1.5pt solid #ffffff; margin-left: 0.1px; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
</td>
</tr>
<tr style="background-color: #cceeff; height: 15px;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; border-right: 1.5pt solid #ffffff; height: 15px; width: 55%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Net cash provided by operating activities</font></p>
</td>
<td style="border-left: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 4.65pt; vertical-align: bottom; background-color: #cceeff; border-right: 1.5pt solid #ffffff; margin-left: 0.1px; height: 15px; width: 15%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">1,520 </font></p>
</td>
<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; border-right: 1.5pt solid #ffffff; margin-left: 0.1px; height: 15px; width: 15%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">1,528 </font></p>
</td>
<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; border-right: 1.5pt solid #ffffff; margin-left: 0.1px; height: 15px; width: 15%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">611 </font></p>
</td>
</tr>
<tr style="height: 15px;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-right: 1.5pt solid #ffffff; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Net cash (used in) provided by investing activities </font></p>
</td>
<td style="border-left: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 4.65pt; vertical-align: bottom; border-right: 1.5pt solid #ffffff; margin-left: 0.1px; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">(2,092) </font></p>
</td>
<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; border-right: 1.5pt solid #ffffff; margin-left: 0.1px; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">(40) </font></p>
</td>
<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; border-right: 1.5pt solid #ffffff; margin-left: 0.1px; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">399 </font></p>
</td>
</tr>
<tr style="background-color: #cceeff; height: 15px;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; border-right: 1.5pt solid #ffffff; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Net cash used in financing activities</font></p>
</td>
<td style="border-left: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 4.65pt; vertical-align: bottom; background-color: #cceeff; border-right: 1.5pt solid #ffffff; margin-left: 0.1px; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">(375) </font></p>
</td>
<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; border-right: 1.5pt solid #ffffff; margin-left: 0.1px; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">(354) </font></p>
</td>
<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; border-right: 1.5pt solid #ffffff; margin-left: 0.1px; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">(900) </font></p>
</td>
</tr>
<tr style="height: 15px;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-right: 1.5pt solid #ffffff; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">(Decrease) increase in cash and cash equivalents</font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-right: 1.5pt solid #ffffff; margin-left: 0.1px; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman'; font-weight: bold;">(947) </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-right: 1.5pt solid #ffffff; margin-left: 0.1px; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman'; font-weight: bold;">1,134 </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-right: 1.5pt solid #ffffff; margin-left: 0.1px; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman'; font-weight: bold;">109 </font></p>
</td>
</tr>
<tr style="background-color: #cceeff; height: 15px;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; border-right: 1.5pt solid #ffffff; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; border-right: 1.5pt solid #ffffff; margin-left: 0.1px; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="border-left: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 4.65pt; vertical-align: bottom; background-color: #cceeff; border-right: 1.5pt solid #ffffff; margin-left: 0.1px; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
</td>
<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; border-right: 1.5pt solid #ffffff; margin-left: 0.1px; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
</td>
</tr>
<tr style="height: 15px;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-right: 1.5pt solid #ffffff; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Cash and cash equivalents at the beginning of year (excluding overdrafts)</font></p>
</td>
<td style="border-left: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 4.65pt; vertical-align: bottom; border-right: 1.5pt solid #ffffff; margin-left: 0.1px; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">1,554 </font></p>
</td>
<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; border-right: 1.5pt solid #ffffff; margin-left: 0.1px; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">427 </font></p>
</td>
<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; border-right: 1.5pt solid #ffffff; margin-left: 0.1px; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">330 </font></p>
</td>
</tr>
<tr style="background-color: #cceeff; height: 15px;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; border-right: 1.5pt solid #ffffff; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Effect of exchange rate changes </font></p>
</td>
<td style="border-left: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 4.65pt; vertical-align: bottom; background-color: #cceeff; border-right: 1.5pt solid #ffffff; margin-left: 0.1px; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">(22) </font></p>
</td>
<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; border-right: 1.5pt solid #ffffff; margin-left: 0.1px; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">(6) </font></p>
</td>
<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; border-right: 1.5pt solid #ffffff; margin-left: 0.1px; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">(13) </font></p>
</td>
</tr>
<tr style="height: 15px;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-right: 1.5pt solid #ffffff; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">(Decrease) increase in cash and cash equivalents</font></p>
</td>
<td style="border-left: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 4.65pt; vertical-align: bottom; border-right: 1.5pt solid #ffffff; margin-left: 0.1px; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">(947) </font></p>
</td>
<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; border-right: 1.5pt solid #ffffff; margin-left: 0.1px; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">1,134 </font></p>
</td>
<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; border-right: 1.5pt solid #ffffff; margin-left: 0.1px; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">109 </font></p>
</td>
</tr>
<tr style="background-color: #cceeff; height: 30px;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; border-right: 1.5pt solid #ffffff; height: 30px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Cash and cash equivalents at the end of year</font><br><font style="font-family: 'Times New Roman'; font-weight: bold;">(excluding overdrafts)</font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; border-right: 1.5pt solid #ffffff; margin-left: 0.1px; height: 30px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman'; font-weight: bold;">585 </font></p>
</td>
<td style="border-width: 0.75pt 1.5pt 1pt; border-style: solid; border-color: #000000 #ffffff; padding-right: 4.65pt; padding-left: 4.65pt; vertical-align: bottom; background-color: #cceeff; margin-left: 0.1px; height: 30px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman'; font-weight: bold;">1,554 </font></p>
</td>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman'; font-weight: bold;">427 </font></p>
</td>
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<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-right: 1.5pt solid #ffffff; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;">&nbsp;</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
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<td style="border-left: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 4.65pt; vertical-align: bottom; border-right: 1.5pt solid #ffffff; margin-left: 0.1px; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
</td>
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<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; border-right: 1.5pt solid #ffffff; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Cash and cash equivalents at the end of year (excluding overdrafts)</font></p>
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<td style="border-left: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 4.65pt; vertical-align: bottom; background-color: #cceeff; border-right: 1.5pt solid #ffffff; margin-left: 0.1px; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">585 </font></p>
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<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; border-right: 1.5pt solid #ffffff; margin-left: 0.1px; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">1,554 </font></p>
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<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; border-right: 1.5pt solid #ffffff; margin-left: 0.1px; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">427 </font></p>
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<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-right: 1.5pt solid #ffffff; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Bank overdrafts</font></p>
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<td style="border-left: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 4.65pt; vertical-align: bottom; border-right: 1.5pt solid #ffffff; margin-left: 0.1px; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">0 </font></p>
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<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; border-right: 1.5pt solid #ffffff; margin-left: 0.1px; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">0 </font></p>
</td>
<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; border-right: 1.5pt solid #ffffff; margin-left: 0.1px; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">2 </font></p>
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<tr style="background-color: #cceeff; height: 15px;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; border-right: 1.5pt solid #ffffff; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Other current investments</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">872 </font></p>
</td>
<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; border-right: 1.5pt solid #ffffff; margin-left: 0.1px; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">210 </font></p>
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<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; border-right: 1.5pt solid #ffffff; margin-left: 0.1px; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">488 </font></p>
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<tr style="height: 15px;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-right: 1.5pt solid #ffffff; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Non-current investments</font></p>
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<td style="border-left: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 4.65pt; vertical-align: bottom; border-right: 1.5pt solid #ffffff; margin-left: 0.1px; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">239 </font></p>
</td>
<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; border-right: 1.5pt solid #ffffff; margin-left: 0.1px; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">18 </font></p>
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<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; border-right: 1.5pt solid #ffffff; margin-left: 0.1px; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">114 </font></p>
</td>
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<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; border-right: 1.5pt solid #ffffff; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Derivatives hedging borrowings and investments</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">8 </font></p>
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<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; border-right: 1.5pt solid #ffffff; margin-left: 0.1px; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">19 </font></p>
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<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; border-right: 1.5pt solid #ffffff; margin-left: 0.1px; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">(6) </font></p>
</td>
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<tr style="height: 15px;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-right: 1.5pt solid #ffffff; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Current borrowings</font></p>
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<td style="border-left: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 4.65pt; vertical-align: bottom; border-right: 1.5pt solid #ffffff; margin-left: 0.1px; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">(303) </font></p>
</td>
<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; border-right: 1.5pt solid #ffffff; margin-left: 0.1px; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">(781) </font></p>
</td>
<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; border-right: 1.5pt solid #ffffff; margin-left: 0.1px; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">(510) </font></p>
</td>
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<tr style="background-color: #cceeff; height: 15px;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; border-right: 1.5pt solid #ffffff; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Non-current borrowings</font></p>
</td>
<td style="border-left: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 4.65pt; vertical-align: bottom; background-color: #cceeff; border-right: 1.5pt solid #ffffff; margin-left: 0.1px; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">(316) </font></p>
</td>
<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; border-right: 1.5pt solid #ffffff; margin-left: 0.1px; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">(41) </font></p>
</td>
<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; border-right: 1.5pt solid #ffffff; margin-left: 0.1px; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">(29) </font></p>
</td>
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<tr style="height: 15px;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-right: 1.5pt solid #ffffff; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Net cash at the end of the year</font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-right: 1.5pt solid #ffffff; margin-left: 0.1px; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman'; font-weight: bold;">1,085 </font></p>
</td>
<td style="border-width: 0.75pt 1.5pt 1pt; border-style: solid; border-color: #000000 #ffffff; padding-right: 4.65pt; padding-left: 4.65pt; vertical-align: bottom; margin-left: 0.1px; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman'; font-weight: bold;">980 </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; border-right: 1.5pt solid #ffffff; margin-left: 0.1px; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman'; font-weight: bold;">485 </font></p>
</td>
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</table>
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
<p style="page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Our financing strategy aims to maintain adequate financial resources and access to additional liquidity. During 20</font><font style="font-family: 'Times New Roman';">20</font><font style="font-family: 'Times New Roman';"> cash flow </font><font style="font-family: 'Times New Roman';">provided</font><font style="font-family: 'Times New Roman';"> by</font><font style="font-family: 'Times New Roman';"> operating activities amounted to $</font><font style="font-family: 'Times New Roman';">1</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';">520</font><font style="font-family: 'Times New Roman';"> million (including a decrease</font><font style="font-family: 'Times New Roman';"> in working capital of $</font><font style="font-family: 'Times New Roman';">1,059</font><font style="font-family: 'Times New Roman';"> million), our capital expenditures amounted to $</font><font style="font-family: 'Times New Roman';">193</font><font style="font-family: 'Times New Roman';"> million and we paid dividends amounting to $</font><font style="font-family: 'Times New Roman';">83</font><font style="font-family: 'Times New Roman';"> million. At the end of the year we had a net cash position<font style="font-size: 8pt;"><sup>1</sup></font> of $</font><font style="font-family: 'Times New Roman';">1,085</font><font style="font-family: 'Times New Roman';"> million, compared to $</font><font style="font-family: 'Times New Roman';">9</font><font style="font-family: 'Times New Roman';">8</font><font style="font-family: 'Times New Roman';">0</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">m</font><font style="font-family: 'Times New Roman';">illion at the beginning of the year</font><font style="font-family: 'Times New Roman';">.</font></p>
<p style="margin: 0px; font-size: 10pt; background-color: #ffffff; text-indent: 0px;"><font style="text-decoration: underline;"><font style="font-family: 'Times New Roman';">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</font></font></p>
<p style="margin-top: 0pt; font-size: 10pt; background-color: #ffffff;"><font style="font-family: 'Times New Roman';"><font style="font-size: 8pt;"><sup>1</sup> Net cash position is a non-IFRS alternative performance measure&#8212;please see Exhibit 7.2 for more information on this measure.</font></font></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>62</font></font></td>
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<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
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<p style="margin: 0px; break-after: avoid; font-size: 10pt; text-indent: 0px;"><br></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">We believe that funds from operations, the availability of liquid financial assets and our access to external borrowing through the financial markets will be sufficient to satisfy our working capital needs, to finance our planned capital spending program and to service our debt in the future</font><font style="font-family: 'Times New Roman';"> twelve months</font><font style="font-family: 'Times New Roman';"> and to address short-term c</font><font style="font-family: 'Times New Roman';">hanges in business conditions.</font><font style="font-family: 'Times New Roman';"> For more information see Item 5. &#8220;Operating and Financial Review and Prospects &#8211;</font><font style="font-family: 'Times New Roman';"> Overview </font><font style="font-family: 'Times New Roman';">&#8211;</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">The COVID-19 pandemic and the oil &amp; gas crisis and their impact on Tenaris&#8217;s operations and financial condition.&#8221;</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">We have a </font><font style="font-family: 'Times New Roman';">conservative approach to the management of </font><font style="font-family: 'Times New Roman';">our</font><font style="font-family: 'Times New Roman';"> liquidity, which consists of </font><font style="font-family: 'Times New Roman';">(</font><font style="font-family: 'Times New Roman';">i) cash and cash equivalents (cash in banks, liquidity funds and investments with a maturity of less than three months at the date of purchase), and </font><font style="font-family: 'Times New Roman';">(</font><font style="font-family: 'Times New Roman';">ii) other investments (fixed income securities, time deposits, and fund investments).</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">At December 31, 20</font><font style="font-family: 'Times New Roman';">20</font><font style="font-family: 'Times New Roman';">, </font><font style="font-family: 'Times New Roman';">liquid financial assets</font><font style="font-family: 'Times New Roman';"> as a whole (comprising cash and cash equivalents and other investments) were </font><font style="font-family: 'Times New Roman';">12</font><font style="font-family: 'Times New Roman';">% of total assets compared to </font><font style="font-family: 'Times New Roman';">12</font><font style="font-family: 'Times New Roman';">% at the end of 201</font><font style="font-family: 'Times New Roman';">9</font><font style="font-family: 'Times New Roman';">.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">We hold investments primarily in liquidity funds and variable or fixed-rate securities from investment grade issuers. We hold our cash and cash equivalents primarily in U.S. dollars and in major financial </font><font style="font-family: 'Times New Roman';">centers. As of December 31, 20</font><font style="font-family: 'Times New Roman';">20</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">and December 31, 2019, </font><font style="font-family: 'Times New Roman';">U.S. dollar denominated liquid assets represented </font><font style="font-family: 'Times New Roman';">95</font><font style="font-family: 'Times New Roman';">% of total liquid financial assets.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Fiscal Year Ended December</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">31, 20</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">20</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">, Compared to Fiscal Year Ended December</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">31, 201</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">9</font></p>
<p style="margin-top: 0pt; margin-bottom: 6pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-style: italic;">Operating activities</font></p>
<p style="margin-top: 0pt; margin-bottom: 6pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Net cash provided by operations during 20</font><font style="font-family: 'Times New Roman';">20</font><font style="font-family: 'Times New Roman';"> was $</font><font style="font-family: 'Times New Roman';">1,520</font><font style="font-family: 'Times New Roman';"> million, compared to $</font><font style="font-family: 'Times New Roman';">1,528</font><font style="font-family: 'Times New Roman';"> million during 201</font><font style="font-family: 'Times New Roman';">9</font><font style="font-family: 'Times New Roman';">. This </font><font style="font-family: 'Times New Roman';">decrease</font><font style="font-family: 'Times New Roman';"> was mainly attributable to a $</font><font style="font-family: 'Times New Roman';">1,059</font><font style="font-family: 'Times New Roman';"> million decrease in working capital in 20</font><font style="font-family: 'Times New Roman';">20</font><font style="font-family: 'Times New Roman';">, while in 201</font><font style="font-family: 'Times New Roman';">9</font><font style="font-family: 'Times New Roman';"> the </font><font style="font-family: 'Times New Roman';">decrease</font><font style="font-family: 'Times New Roman';"> i</font><font style="font-family: 'Times New Roman';">n working capital amounted to $52</font><font style="font-family: 'Times New Roman';">3 million, offset by an impairment charge of $622 million in 2020.</font><font style="font-family: 'Times New Roman';"> The annual variation</font><font style="font-family: 'Times New Roman';"> in working capital</font><font style="font-family: 'Times New Roman';"> was mainly attributed to a decrease of $</font><font style="font-family: 'Times New Roman';">829</font><font style="font-family: 'Times New Roman';"> million in </font><font style="font-family: 'Times New Roman';">inventories</font><font style="font-family: 'Times New Roman';">, compared </font><font style="font-family: 'Times New Roman';">to a</font><font style="font-family: 'Times New Roman';"> decrease of $311</font><font style="font-family: 'Times New Roman';"> million in 201</font><font style="font-family: 'Times New Roman';">9</font><font style="font-family: 'Times New Roman';">. For more information on cash flow disclosures and changes to working capital, see note 28 &#8220;Cash flow disclosures&#8221; to our audited consolidated financial statements included in this annual report.</font></p>
<p style="margin-top: 0pt; margin-bottom: 6pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-style: italic;">Investing activities</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Net cash </font><font style="font-family: 'Times New Roman';">used in</font><font style="font-family: 'Times New Roman';"> investing activities was</font><font style="font-family: 'Times New Roman';"> $</font><font style="font-family: 'Times New Roman';">2,092</font><font style="font-family: 'Times New Roman';"> million in 20</font><font style="font-family: 'Times New Roman';">20</font><font style="font-family: 'Times New Roman';">, compared to</font><font style="font-family: 'Times New Roman';"> a net cash </font><font style="font-family: 'Times New Roman';">used in</font><font style="font-family: 'Times New Roman';"> investing activities of $</font><font style="font-family: 'Times New Roman';">40</font><font style="font-family: 'Times New Roman';"> million in 201</font><font style="font-family: 'Times New Roman';">9</font><font style="font-family: 'Times New Roman';">. W</font><font style="font-family: 'Times New Roman';">e </font><font style="font-family: 'Times New Roman';">increased</font><font style="font-family: 'Times New Roman';"> o</font><font style="font-family: 'Times New Roman';">ur financial investments by $</font><font style="font-family: 'Times New Roman';">887</font><font style="font-family: 'Times New Roman';"> million in 20</font><font style="font-family: 'Times New Roman';">20</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">compared to a reduction of $</font><font style="font-family: 'Times New Roman';">390</font><font style="font-family: 'Times New Roman';"> million in 201</font><font style="font-family: 'Times New Roman';">9</font><font style="font-family: 'Times New Roman';">.</font><font style="font-family: 'Times New Roman';"> Additionally, during </font><font style="font-family: 'Times New Roman';">20</font><font style="font-family: 'Times New Roman';">20</font><font style="font-family: 'Times New Roman';"> we spent $</font><font style="font-family: 'Times New Roman';">1,025</font><font style="font-family: 'Times New Roman';"> million in acquisition of subsidiaries</font><font style="font-family: 'Times New Roman';">.</font></p>
<p style="margin-top: 0pt; margin-bottom: 6pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-style: italic;">Financing activities</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Net cash used in financing activities, including dividends paid, proceeds and repayments of borrowings and acquisitions of non</font><font style="font-family: 'Times New Roman';">-controlling interests, was $</font><font style="font-family: 'Times New Roman';">375</font><font style="font-family: 'Times New Roman';"> million in 20</font><font style="font-family: 'Times New Roman';">20</font><font style="font-family: 'Times New Roman';">, compared to $</font><font style="font-family: 'Times New Roman';">354</font><font style="font-family: 'Times New Roman';"> million in 201</font><font style="font-family: 'Times New Roman';">9</font><font style="font-family: 'Times New Roman';">.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">During 20</font><font style="font-family: 'Times New Roman';">20</font><font style="font-family: 'Times New Roman';"> we had net </font><font style="font-family: 'Times New Roman';">repayments</font><font style="font-family: 'Times New Roman';"> from borrowings of $</font><font style="font-family: 'Times New Roman';">239</font><font style="font-family: 'Times New Roman';"> million, while in </font><font style="font-family: 'Times New Roman';">2019 we had net proceeds from borrowings of $174 million. </font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Dividends paid during 20</font><font style="font-family: 'Times New Roman';">20 amounted to $83</font><font style="font-family: 'Times New Roman';"> million </font><font style="font-family: 'Times New Roman';">and </font><font style="font-family: 'Times New Roman';">during </font><font style="font-family: 'Times New Roman';">20</font><font style="font-family: 'Times New Roman';">19</font><font style="font-family: 'Times New Roman';"> amou</font><font style="font-family: 'Times New Roman';">nted to $484 million.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Our total liabilitie</font><font style="font-family: 'Times New Roman';">s to total assets ratio was 0.</font><font style="font-family: 'Times New Roman';">17</font><font style="font-family: 'Times New Roman';">:1 </font><font style="font-family: 'Times New Roman';">as of December 31, 20</font><font style="font-family: 'Times New Roman';">20</font><font style="font-family: 'Times New Roman';"> and 0.1</font><font style="font-family: 'Times New Roman';">8</font><font style="font-family: 'Times New Roman';">:1 as of December 31, 201</font><font style="font-family: 'Times New Roman';">9</font><font style="font-family: 'Times New Roman';">.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Fiscal Year Ended December</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">31, 2019, Compared to Fiscal Year Ended December</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">31, 2018</font></p>
<p style="margin-top: 0pt; margin-bottom: 6pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-style: italic;">Operating activities</font></p>
<p style="margin-top: 0pt; margin-bottom: 6pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Net cash provided by operations during 2019 was $1,528 million, compared to $611 million during 2018. This increase was mainly attributable to a $523 million decrease in working capital in 2019, while in 2018 the increase in working capital amounted to $738 million. The annual variation was mainly attributed to a decrease of $428 million in trade receivables, compared to an increase of $518 million in 2018. Additionally, during 2019 inventories decreased $311 million which compares with an increase in inventory of $176 million in 2018. For more information on cash flow disclosures and changes to working capital, see note 28 &#8220;Cash flow disclosures&#8221; to our audited consolidated financial statements included in this annual report.</font></p>
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<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
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<p style="margin-top: 0pt; margin-bottom: 6pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-style: italic;">Investing activities</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Net cash used in investing activities was $40 million in 2019, compared to a net cash provided by investing activities of $399 million in 2018. We reduced our financial investments by $390 million in 2019 compared to a reduction of $717 million in 2018. Additionally, during 2019 we spent $133 million in acquisition of subsidiaries.</font></p>
<p style="margin-top: 0pt; margin-bottom: 6pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-style: italic;">Financing activities</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Net cash used in financing activities, including dividends paid, proceeds and repayments of borrowings and acquisitions of non-controlling interests, was $354 million in 2019, compared to $900 million in 2018.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">During 2019 we had net proceeds from borrowings of $174 million, while in 2018 we had net repayments of borrowings of $413 million.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Dividends paid during 2019 and 2018 amounted to $484 million in each year.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Our total liabilities to total assets ratio was 0.18:1 as of December 31, 2019 and 0.17:1 as of December 31, 2018.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Principal Sources of Funding</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">During 20</font><font style="font-family: 'Times New Roman';">20</font><font style="font-family: 'Times New Roman';">, we funded our operations with operating cash flows, bank financing and available liquid financial assets. Short-term bank borrowings were used as needed throughout the year.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-style: italic;">Financial liabilities</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">During 20</font><font style="font-family: 'Times New Roman';">20</font><font style="font-family: 'Times New Roman';"> borrowings </font><font style="font-family: 'Times New Roman';">decreased</font><font style="font-family: 'Times New Roman';"> by $</font><font style="font-family: 'Times New Roman';">203</font><font style="font-family: 'Times New Roman';"> million</font><font style="font-family: 'Times New Roman';"> to $</font><font style="font-family: 'Times New Roman';">61</font><font style="font-family: 'Times New Roman';">9</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">million at December 31, 20</font><font style="font-family: 'Times New Roman';">20</font><font style="font-family: 'Times New Roman';">, from $</font><font style="font-family: 'Times New Roman';">822</font><font style="font-family: 'Times New Roman';"> million at December 31, 201</font><font style="font-family: 'Times New Roman';">9</font><font style="font-family: 'Times New Roman';">.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Borrowings consist mainly of ba</font><font style="font-family: 'Times New Roman';">nk loans. As of December 31, 2020</font><font style="font-family: 'Times New Roman';">, U.S. dollar-denominated borrowings plus borrowings denominated in other currencies swapped to the U.S. dollar represented </font><font style="font-family: 'Times New Roman';">82</font><font style="font-family: 'Times New Roman';">% of total borrowings.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">For further information about our financial debt, please see </font><font style="font-family: 'Times New Roman';">note </font><font style="font-family: 'Times New Roman';">20</font><font style="font-family: 'Times New Roman';"> &#8220;Borrowings&#8221; to our audited consolidated financial statements included in this annual report.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The following table shows the composition of our financial debt at Dec</font><font style="font-family: 'Times New Roman';">ember 31, 2020</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> 201</font><font style="font-family: 'Times New Roman';">9</font><font style="font-family: 'Times New Roman';"> and 201</font><font style="font-family: 'Times New Roman';">8</font><font style="font-family: 'Times New Roman';">:</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-style: italic;">Millions of U.S. dollars</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">2020</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">2019</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">2018</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Bank borrowings</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">619 </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">822 </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">537 </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">0 </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">0 </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">2 </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Total borrowings</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman'; font-weight: bold;">619 </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman'; font-weight: bold;">822 </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman'; font-weight: bold;">539 </font></p>
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<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Our weighted average interest rates before tax</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">(considering hedge accounting), amount</font><font style="font-family: 'Times New Roman';">ed to </font><font style="font-family: 'Times New Roman';">2</font><font style="font-family: 'Times New Roman';">.</font><font style="font-family: 'Times New Roman';">51</font><font style="font-family: 'Times New Roman';">% at December 31, 20</font><font style="font-family: 'Times New Roman';">20</font><font style="font-family: 'Times New Roman';"> and to </font><font style="font-family: 'Times New Roman';">3.</font><font style="font-family: 'Times New Roman';">1</font><font style="font-family: 'Times New Roman';">8</font><font style="font-family: 'Times New Roman';">% at December 31, 201</font><font style="font-family: 'Times New Roman';">9</font><font style="font-family: 'Times New Roman';">.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The maturity of our financial debt is as follows:</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-style: italic;">Millions of U.S. dollars</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-style: italic; -aw-import: ignore;">&nbsp;</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">At December 31, 2020</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">1 year or less</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">1 - 2 years</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">2 - 3 years</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">3 - 4 years </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">4 - 5 years </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Over 5 years </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Total</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;">&nbsp;</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Borrowings</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">303 </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">104 </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">208 </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">4 </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">- </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">- </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">619 </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Interest to be accrued (*)</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">10 </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">5 </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">1 </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">0 </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">- </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">- </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">16 </font></p>
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<td style="width: 22.86%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Total </font></p>
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<td style="width: 13.44%; border-width: 0.75pt 1.5pt 1pt; border-style: solid; border-color: #000000 #ffffff; padding-right: 4.65pt; padding-left: 4.65pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman'; font-weight: bold;">313 </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman'; font-weight: bold;">109 </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman'; font-weight: bold;">209 </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman'; font-weight: bold;">4 </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman'; font-weight: bold;">- </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman'; font-weight: bold;">- </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman'; font-weight: bold;">635 </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 12pt;"><font style="font-family: 'Times New Roman';">_________</font><font style="font-family: 'Times New Roman';">_______________</font></p>
<p style="margin-top: 0pt; margin-left: 14.2pt; margin-bottom: 12pt; text-indent: -14.2pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 5.33pt; vertical-align: super; -aw-import: spaces;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 5.33pt; vertical-align: super;">(*)</font><font style="width: 2.87pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman';">Includes the effect of hedge accounting. </font></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>64</font></font></td>
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<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
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<p style="margin: 0px; font-size: 10pt; text-indent: 0px;"><br></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Our current borrowings to total borrowings ratio </font><font style="font-family: 'Times New Roman';">amounted to</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">0.</font><font style="font-family: 'Times New Roman';">49</font><font style="font-family: 'Times New Roman';">:1 as of December 31, 20</font><font style="font-family: 'Times New Roman';">20</font><font style="font-family: 'Times New Roman';"> and</font><font style="font-family: 'Times New Roman';"> to 0.95:1 as</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">December 31, 201</font><font style="font-family: 'Times New Roman';">9</font><font style="font-family: 'Times New Roman';">. </font><font style="font-family: 'Times New Roman';">Our liquid financial assets exceeded our total borrowings, we had a net cash position<font style="font-size: 8pt;"><sup>1</sup></font> (cash and cash equivalents, other current</font><font style="font-family: 'Times New Roman';"> and non-current</font><font style="font-family: 'Times New Roman';"> investments</font><font style="font-family: 'Times New Roman';">, derivatives hedging borrowin</font><font style="font-family: 'Times New Roman';">g</font><font style="font-family: 'Times New Roman';">s and investments,</font><font style="font-family: 'Times New Roman';"> less total borrowings) of $</font><font style="font-family: 'Times New Roman';">1,085</font><font style="font-family: 'Times New Roman';"> million at December 31, 20</font><font style="font-family: 'Times New Roman';">20</font><font style="font-family: 'Times New Roman';">, compared to $</font><font style="font-family: 'Times New Roman';">9</font><font style="font-family: 'Times New Roman';">8</font><font style="font-family: 'Times New Roman';">0</font><font style="font-family: 'Times New Roman';"> million at December 31, 201</font><font style="font-family: 'Times New Roman';">9</font><font style="font-family: 'Times New Roman';">.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">For information on our derivative financial instruments, please see </font><font style="font-family: 'Times New Roman';">Item 11. </font><font style="font-family: 'Times New Roman';">&#8220;Quantitative and Qualitative Disclosure about Market Risk &#8211; Accounting for Derivative Financial Instruments and Hedging Activities&#8221; and </font><font style="font-family: 'Times New Roman';">n</font><font style="font-family: 'Times New Roman';">ote 2</font><font style="font-family: 'Times New Roman';">5</font><font style="font-family: 'Times New Roman';"> &#8220;Derivative financial instruments&#8221; to our audited consolidated financial statements </font><font style="font-family: 'Times New Roman';">included in this annual report</font><font style="font-family: 'Times New Roman';">.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">For information regarding the extent to which borrowings are at fixed rates, please see </font><font style="font-family: 'Times New Roman';">Item 11</font><font style="font-family: 'Times New Roman';">.</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">&#8220;Quantitative and Qualitative Disclosure </font><font style="font-family: 'Times New Roman';">A</font><font style="font-family: 'Times New Roman';">bout Market Risk</font><font style="font-family: 'Times New Roman';">&#8221;</font><font style="font-family: 'Times New Roman';">.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-style: italic;">Significant Borrowings</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Our most significant borrowings as of December 31, 20</font><font style="font-family: 'Times New Roman';">20</font><font style="font-family: 'Times New Roman';"> were as follows:</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-style: italic;">Millions of U.S. dollars</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Borrower</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Type</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Original &amp; Outstanding</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Final maturity</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Disbursement date</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">2020</font></p>
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<td style="width: 12.68%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Maverick</font></p>
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<td style="width: 17.48%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Bilateral</font></p>
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<td style="width: 27.14%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">50</font></p>
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<td style="width: 17.6%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">2021</font></p>
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<td style="width: 25.1%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">2020</font></p>
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<td style="width: 12.68%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Maverick</font></p>
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<td style="width: 17.48%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Bilateral</font></p>
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<td style="width: 27.14%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">75</font></p>
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<td style="width: 17.6%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">2022</font></p>
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<td style="width: 25.1%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">2020</font></p>
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<td style="width: 12.68%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Tamsa</font></p>
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<td style="width: 17.48%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Bilateral</font></p>
</td>
<td style="width: 27.14%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">60</font></p>
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<td style="width: 17.6%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">2023</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">2020</font></p>
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<td style="width: 12.68%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Tamsa</font></p>
</td>
<td style="width: 17.48%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Bilateral</font></p>
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<td style="width: 27.14%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">80</font></p>
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<td style="width: 17.6%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">2023</font></p>
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<td style="width: 25.1%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">2020</font></p>
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<td style="width: 12.68%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Tamsa</font></p>
</td>
<td style="width: 17.48%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Bilateral</font></p>
</td>
<td style="width: 27.14%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">60</font></p>
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<td style="width: 17.6%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">2023</font></p>
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<td style="width: 25.1%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">2020</font></p>
</td>
<td style="width: 12.68%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">SSPC</font></p>
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<td style="width: 17.48%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Multiple Banks</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">81</font></p>
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<td style="width: 17.6%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">2021 - 2024</font></p>
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<p style="margin: 0px; text-align: justify; font-size: 10pt; text-indent: 0px;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman';">As of December 31, 20</font><font style="font-family: 'Times New Roman';">20</font><font style="font-family: 'Times New Roman';">, Tenaris was in compliance with all of its covenants</font><font style="font-family: 'Times New Roman';"> under its significant borrowings, including financial covenants on leverage ratio.</font></p>
<p style="margin-top: 18pt; margin-left: 28.35pt; margin-bottom: 12pt; text-indent: -28.35pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">C.</font><font style="width: 18.63pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">Research and Development, Patents and Licenses, Etc.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">See Item</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">4.B. &#8220;Information on the Company &#8211; Business Overview &#8211; Research and Development</font><font style="font-family: 'Times New Roman';">&#8221;</font><font style="font-family: 'Times New Roman';">.</font></p>
<p style="margin-top: 18pt; margin-left: 28.35pt; margin-bottom: 12pt; text-indent: -28.35pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">D.</font><font style="width: 18.63pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">Trend Information</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Principal Factors Affecting Oil and Gas Prices and Demand for Steel Pipes from </font><font style="font-family: 'Times New Roman'; font-weight: bold;">the Global Oil and Gas Industry</font></p>
<p style="margin-top: 14pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Sales to the oil and gas industry worldwide represent a high percentage of our total sales, and demand for steel pipes from the global oil and gas industry is a significant factor affecting the general level of volumes and prices for our products. Downward pressures on oil and gas prices usually result in lower oil and gas drilling activity and investment throughout the oil and gas industry with consequently lower demand for our steel pipe products and, in some circumstances, upward pressures can result in higher demand from our oil and gas customers. </font></p>
<p style="margin-top: 14pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Whereas oil prices are similar in most parts of the world because oil is a fully tradable commodity, gas prices are influenced by regional factors. In North America, where gas production is extensively developed and there is an extensive regional pipeline system, these factors include available gas storage capacity and seasonal weather patterns, particularly winter temperatures in the United States. LNG prices were traditionally established in relation to international oil prices, particularly in the largest LNG markets in Asia. However, as the market for LNG becomes more global and the U.S. becomes a relevant source of LNG, LNG prices are now being set increasingly in relation to gas prices prevailing at regional gas hubs. </font></p>
<p style="margin-top: 10pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">International oil prices depend on diverse factors. On the supply side, major oil-and-gas-producing nations and companies have frequently collaborated to balance the supply (and thus the price) of oil in the international markets. A major vehicle for this collaboration has been OPEC</font><font style="font-family: 'Times New Roman';">, and more recently what has become known as OPEC+, which includes OPEC members, plus Russia and certain other countries</font><font style="font-family: 'Times New Roman';">. Many of our customers are state-owned companies in member countries of OPEC</font><font style="font-family: 'Times New Roman';"> and OPEC+</font><font style="font-family: 'Times New Roman';">. Another factor that has affected the international price level of oil is the political and socioeconomic conditions of oil-producing countries, such as Libya, Nigeria and Venezuela and the persistence of geo-political and armed conflicts affecting the Middle East region, which is home to a substantial proportion of the world&#8217;s known oil reserves.</font></p>
<p style="margin: 0px; font-size: 10pt; background-color: #ffffff; text-indent: 0px;"><font style="text-decoration: underline;"><font style="font-family: 'Times New Roman';">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</font></font></p>
<p style="margin-top: 0pt; font-size: 10pt; background-color: #ffffff;"><font style="font-family: 'Times New Roman';"><font style="font-size: 8pt;"><sup>1</sup> Net cash position is a non-IFRS alternative performance measure&#8212;please see Exhibit 7.2 for more information on this measure.</font></font></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>65</font></font></td>
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<p style="margin-top: 0pt; margin-bottom: 6pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">On the demand side, economic conditions</font><font style="font-family: 'Times New Roman';"> and </font><font style="font-family: 'Times New Roman';">the level of oil inventories</font><font style="font-family: 'Times New Roman';"> have traditionally played a role in oil prices and will continue to do so. Increasingly, however, the rate of substitution of oil and gas by alternative, cleaner fuel sources such as renewables, as well as policies adopted by governments and financing entities worldwide to accelerate the energy transition and by oil and gas companies to adapt their strategies to the energy transition, will </font><font style="font-family: 'Times New Roman';">also play a significant role in oil prices. </font></p>
<p style="margin-bottom: 6pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">A</font><font style="font-family: 'Times New Roman';">nother</font><font style="font-family: 'Times New Roman';"> factor affecting oil and gas prices has been the ability of producers in the United States and Canada to rapidly increase production from their reserves of tight oil and shale gas in response to changes in market conditions. Production from U.S. tight oil reserves has grown in recent years to represent </font><font style="font-family: 'Times New Roman';">over</font><font style="font-family: 'Times New Roman';"> 10% of global liquids production, and production from shale gas plays </font><font style="font-family: 'Times New Roman';">has</font><font style="font-family: 'Times New Roman';"> convert</font><font style="font-family: 'Times New Roman';">ed</font><font style="font-family: 'Times New Roman';"> the United States into a net exporter of natural gas and a significant player in the LNG market.</font></p>
<p style="margin-bottom: 6pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Following three years of relatively stable oil prices of around $100 per barrel, prices started to decline in the middle of 2014 as the rate of U.S. production increase began to exceed the increase in global demand and OPEC confirmed at its November 2014 meeting that it would not cut production to balance demand. As a consequence, prices reached levels below $30 per barrel in January 2016. Prices then recovered to around $80 per barrel during 2018 once OPEC and other producers agreed to cut production levels to accelerate the market rebalancing process. By this time, OPEC and other producers had lifted their production cuts and U.S. oil production was increasing at a rate greater than the increase in global demand. Oil prices declined 40% in the fourth quarter of 2018 before partially recovering in 2019. In 2020, the COVID-19 pandemic </font><font style="font-family: 'Times New Roman';">caused a sudden and precipitous drop in</font><font style="font-family: 'Times New Roman';"> global oil demand</font><font style="font-family: 'Times New Roman';"> and oil prices collapsed even entering negative territory at one point</font><font style="font-family: 'Times New Roman';">. </font><font style="font-family: 'Times New Roman';">Since then, prices have recovered to around $60/bbl along with the recovery in demand and actions by</font><font style="font-family: 'Times New Roman';"> OPEC member countries and other producers (principally Russia) to cut production levels. </font></p>
<p style="margin-bottom: 6pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The 2014 collapse in oil prices</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> led oil and gas operators to substantially reduce their exploration and production investments</font><font style="font-family: 'Times New Roman';">.</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">T</font><font style="font-family: 'Times New Roman';">his, in turn, resulted in a severe contraction in demand and pressure on pricing for steel pipes used in oil and gas drilling and associated operations. During 2017, however, oil and gas operators in North America, who </font><font style="font-family: 'Times New Roman';">were</font><font style="font-family: 'Times New Roman';"> very successful in reducing production costs in their shale plays, increased investments in response to more favorable market conditions, and U.S. operators continued to do so in 2018. However, </font><font style="font-family: 'Times New Roman';">from</font><font style="font-family: 'Times New Roman';"> 2019, operators have been reducing investment in the shales as they reacted to financial market pressures in order to achieve positive cash flow returns. With the collapse of oil prices in March 2020 and continuing pressure from financial markets to generate positive free cash flows<font style="font-size: 8pt;"><sup>1</sup></font>, </font><font style="font-family: 'Times New Roman';">oil and gas operators around the world have made</font><font style="font-family: 'Times New Roman';"> further substantial reductions in their </font><font style="font-family: 'Times New Roman';">exploration and production </font><font style="font-family: 'Times New Roman';">investments</font><font style="font-family: 'Times New Roman';">, and they now stand at</font><font style="font-family: 'Times New Roman';"> a level around </font><font style="font-family: 'Times New Roman';">4</font><font style="font-family: 'Times New Roman';">0% of the average of the 2012-14 period</font><font style="font-family: 'Times New Roman';">.</font></p>
<p style="margin-bottom: 6pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Since the development of the </font><font style="font-family: 'Times New Roman';">prolific </font><font style="font-family: 'Times New Roman';">Marcellus shale gas play, North American gas prices have remained at low levels compared to previous decades. Over the past three years, average prices have fluctuated in the range of $2.00-3.00 per million BTU, significantly below prices in many other major gas-consuming regions. For several years, production increases, primarily from productive shale gas deposits, have exceeded demand increases, reducing the need for imports, to the extent that, in 2017, the U.S. became a net exporter of natural gas. Low prices have encouraged investment in gas consuming industrial facilities and LNG export facilities as well as switching from coal to gas for electric power production, particularly with the adoption of new regulations which could force the retirement of older coal-based generating units. With continuing investments in LNG export facilities, the U.S. has become a major global LNG exporter. </font></p>
<p style="margin-bottom: 6pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">LNG prices increasingly reflect supply and demand conditions in Asia, the major LNG consuming region. Prices show seasonal fluctuations, increasing in the North Asian winter period and declining in the summer months in accordance with demand patterns. As new capacity, particularly from Australia and the United States, has entered the market in the past three years, prices declined in 2019. With the onset of the pandemic prices reached record lows below $3 per million BTU. In January 2021, however, the combination of a cold Asian winter and supply outages led to a spike in spot prices which exceeded $20 per million BTU, which has since dissipated.</font></p>
<p style="margin-bottom: 6pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Drilling activity in the United States and Canada, following several years of high activity, fell sharply through 2015 and the first half of 2016 before beginning a recovery which ended at the end of 2018. Drilling activity declined throughout 2019 in response to a fall in oil prices at the end of 2018 and financial market pressures to produce positive cash flow returns. </font><font style="font-family: 'Times New Roman';">This decline turned into a collapse with the onset of the COVID-19 pandemic in 2020, but a recovery is now underway. Despite lower prices, p</font><font style="font-family: 'Times New Roman';">roduction levels today are higher than before the 2014 collapse in oil prices but rig counts are </font><font style="font-family: 'Times New Roman';">much lower</font><font style="font-family: 'Times New Roman';">, reflecting the strong productivity gains made by the U.S. oil and gas drilling industry. In the rest of the world, drilling activity began to decline in the second half of 2014, continued to decline during 2015, 2016 and 2017 before a gradual recovery in the second half of 2018</font><font style="font-family: 'Times New Roman';"> and 2019</font><font style="font-family: 'Times New Roman';">. </font><font style="font-family: 'Times New Roman';">With the onset of the COVID-19 pandemic, drilling activity, particularly in Latin America, declined. Although drilling activity in Latin America has since begun to recover, in the Eastern Hemisphere it continued to decline through January 2021, though it is expected to recover later this year.</font><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font></p>
<p style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Prior to the 2014 downturn in oil prices, a growing proportion of exploration and production spending by oil and gas companies had been directed at offshore, deep drilling and non-conventional drilling operations in which high-value tubular products, including special steel grades and premium connections, are usually specified. The success, however, of shale drilling operators, with their inherently short investment cycles, in adapting to lower oil and gas costs and increasing production, led to a slowdown in new developments of complex offshore projects with long investment lead times in a context of low and more volatile oil prices, consequently affecting the level of product differentiation.</font></p>
<p style="margin: 0px; font-size: 8pt; background-color: #ffffff; text-indent: 0px;"><font style="text-decoration: underline;"><font style="font-family: 'Times New Roman';">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</font></font></p>
<p style="margin-top: 0pt; font-size: 10pt; background-color: #ffffff;"><font style="font-family: 'Times New Roman';"><font style="font-size: 8pt;"><sup>1</sup> Free cash flow is a non-IFRS alternative performance measure&#8212;please see Exhibit 7.2 for more information on this measure.</font></font></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>66</font></font></td>
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<p style="margin: 0px; font-size: 10pt; text-indent: 0px;"><br></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In addition, the increasing cost competitiveness and use of alternative renewable sources of energy </font><font style="font-family: 'Times New Roman';">will</font><font style="font-family: 'Times New Roman';"> limit growth in demand for oil and gas and put downward pressure on oil and gas prices in the longer term. This trend </font><font style="font-family: 'Times New Roman';">will</font><font style="font-family: 'Times New Roman';"> accelerate if carbon taxes or carbon pricing instruments resulting in high prices for carbon emissions are implemented around the world.</font><font style="font-family: 'Times New Roman';"> In 2020</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> during the pandemic, there has been an increase in the number of commitments to reduce carbon emissions from governments and public companies, including those operating in the oil and gas industry, and increased calls on governments and financial entities to introduce regulations and policies to accelerate the energy transition away from fossil fuels to cleaner sources of energy. Major oil and gas companies have been adapting their strategies to address the energy transition and some are even setting out commitments to significantly reduce production as early as 2030. On the other hand, the energy transition will create new markets for the use of our products and services including in the transportation and storage of hydrogen and for carbon capture and sequestration systems.</font><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp;&nbsp; </font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The tables below show the annual average number of active oil and gas drilling rigs, or rig count, in the United States, Canada, International (worldwide other than the United States and Canada and excluding Iran, Sudan, onshore China, Russia and Syria) and Worldwide, as published by Baker Hughes, for the years indicated and the percentage increase or decrease over the previous year. Baker Hughes, a leading oil service company, has published its rig counts on a monthly basis since 1975 as a general indicator of activity in the oil and gas sector.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Rig count</font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt;" width="100%">

<tr style="height: 1pt;">
<td style="width: 27.96%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="width: 14.4%; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">2020</font></p>
</td>
<td style="width: 14.4%; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">2019</font></p>
</td>
<td style="width: 14.42%; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">2018</font></p>
</td>
<td style="width: 14.4%; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">2017</font></p>
</td>
<td style="width: 14.4%; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">2016</font></p>
</td>
</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="width: 27.96%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">International </font><font style="font-family: 'Times New Roman'; font-size: 6pt; vertical-align: super;">(*)</font></p>
</td>
<td style="width: 14.4%; border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">825 </font></p>
</td>
<td style="width: 14.4%; border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">1,098 </font></p>
</td>
<td style="width: 14.42%; border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">988 </font></p>
</td>
<td style="width: 14.4%; border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">948 </font></p>
</td>
<td style="width: 14.4%; border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">955 </font></p>
</td>
</tr>
<tr style="height: 1pt;">
<td style="width: 27.96%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Canada </font></p>
</td>
<td style="width: 14.4%; border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">89 </font></p>
</td>
<td style="width: 14.4%; border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">134 </font></p>
</td>
<td style="width: 14.42%; border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">191 </font></p>
</td>
<td style="width: 14.4%; border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">207 </font></p>
</td>
<td style="width: 14.4%; border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">128 </font></p>
</td>
</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="width: 27.96%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">United States </font></p>
</td>
<td style="width: 14.4%; border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">433 </font></p>
</td>
<td style="width: 14.4%; border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">943 </font></p>
</td>
<td style="width: 14.42%; border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">1,032 </font></p>
</td>
<td style="width: 14.4%; border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">875 </font></p>
</td>
<td style="width: 14.4%; border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">510 </font></p>
</td>
</tr>
<tr style="height: 1pt;">
<td style="width: 27.96%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Worldwide </font></p>
</td>
<td style="width: 14.4%; border-top: 0.75pt solid #000000; border-right: 1.5pt solid #ffffff; border-left: 1.5pt solid #ffffff; border-bottom: 1pt solid #000000; padding-right: 4.65pt; padding-left: 4.65pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman'; font-weight: bold;">1,347 </font></p>
</td>
<td style="width: 14.4%; border-top: 0.75pt solid #000000; border-right: 1.5pt solid #ffffff; border-bottom: 1pt solid #000000; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman'; font-weight: bold;">2,175 </font></p>
</td>
<td style="width: 14.42%; border-top: 0.75pt solid #000000; border-right: 1.5pt solid #ffffff; border-bottom: 1pt solid #000000; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman'; font-weight: bold;">2,211 </font></p>
</td>
<td style="width: 14.4%; border-top: 0.75pt solid #000000; border-right: 1.5pt solid #ffffff; border-bottom: 1pt solid #000000; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman'; font-weight: bold;">2,029 </font></p>
</td>
<td style="width: 14.4%; border-top: 0.75pt solid #000000; border-right: 1.5pt solid #ffffff; border-bottom: 1pt solid #000000; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman'; font-weight: bold;">1,593 </font></p>
</td>
</tr>

</table>
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">___</font><font style="font-family: 'Times New Roman';">_______</font></p>
<p style="margin-top: 0pt; margin-left: 14.2pt; margin-bottom: 12pt; text-indent: -14.2pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 5.33pt; vertical-align: super; -aw-import: spaces;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 5.33pt; vertical-align: super;">(*)</font><font style="width: 2.87pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman';">International rig count excludes</font><font style="font-family: 'Times New Roman';"> Iran, Sudan, onshore China, Russia and</font><font style="font-family: 'Times New Roman';"> Syria (</font><font style="font-family: 'Times New Roman';">discontinued in February 2013).</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-after: avoid; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Percentage increase (decrease) over the previous year</font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt;" width="100%">

<tr style="height: 1pt;">
<td style="width: 140pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="width: 56pt; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">2020</font></p>
</td>
<td style="width: 56pt; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">2019</font></p>
</td>
<td style="width: 56pt; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">2018</font></p>
</td>
<td style="width: 56pt; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">2017</font></p>
</td>
</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="width: 140pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">International </font><font style="font-family: 'Times New Roman'; font-size: 6pt; vertical-align: super;">(*)</font></p>
</td>
<td style="width: 56pt; border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 9pt;">(25%</font><font style="font-family: 'Times New Roman';">)</font></p>
</td>
<td style="width: 56pt; border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman';">11%</font></p>
</td>
<td style="width: 56pt; border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman';">4%</font></p>
</td>
<td style="width: 56pt; border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman';">(1%)</font></p>
</td>
</tr>
<tr style="height: 1pt;">
<td style="width: 140pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Canada </font></p>
</td>
<td style="width: 56pt; border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 9pt;">(33%</font><font style="font-family: 'Times New Roman';">)</font></p>
</td>
<td style="width: 56pt; border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman';">(30%)</font></p>
</td>
<td style="width: 56pt; border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman';">(7%)</font></p>
</td>
<td style="width: 56pt; border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman';">62%</font></p>
</td>
</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="width: 140pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">United States </font></p>
</td>
<td style="width: 56pt; border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 9pt;">(54%</font><font style="font-family: 'Times New Roman';">)</font></p>
</td>
<td style="width: 56pt; border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman';">(9%)</font></p>
</td>
<td style="width: 56pt; border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman';">18%</font></p>
</td>
<td style="width: 56pt; border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman';">72%</font></p>
</td>
</tr>
<tr style="height: 1pt;">
<td style="width: 140pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Worldwide </font></p>
</td>
<td style="width: 56pt; border-top: 0.75pt solid #000000; border-right: 1.5pt solid #ffffff; border-bottom: 1pt solid #000000; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 9pt;">(38%</font><font style="font-family: 'Times New Roman';">)</font></p>
</td>
<td style="width: 56pt; border-top: 0.75pt solid #000000; border-right: 1.5pt solid #ffffff; border-bottom: 1pt solid #000000; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman';">(2%)</font></p>
</td>
<td style="width: 56pt; border-top: 0.75pt solid #000000; border-right: 1.5pt solid #ffffff; border-bottom: 1pt solid #000000; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman';">9%</font></p>
</td>
<td style="width: 56pt; border-top: 0.75pt solid #000000; border-right: 1.5pt solid #ffffff; border-bottom: 1pt solid #000000; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman';">27%</font></p>
</td>
</tr>

</table>
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">__________</font></p>
<p style="margin-top: 0pt; margin-left: 14.2pt; margin-bottom: 12pt; text-indent: -14.2pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 5.33pt; vertical-align: super; -aw-import: spaces;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 5.33pt; vertical-align: super;">(*)</font><font style="width: 2.87pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman';">International rig count excludes Iran, Sudan, onshore China, Russia and Syria (discontinued in February 2013). </font></p>
<p style="margin-top: 0pt; margin-bottom: 6pt; page-break-after: avoid; font-size: 8pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-left: 14.2pt; margin-bottom: 12pt; text-indent: -14.2pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">E.</font><font style="width: 5.03pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">Off-Balance Sheet Arrangements</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">As of December 31, 20</font><font style="font-family: 'Times New Roman';">20</font><font style="font-family: 'Times New Roman';">, Tenaris&nbsp;had the following financial commitments, consisting of guarantees in connection to its participation in the non-consolidated company Techgen:</font></p>
<ul type="disc" style="margin: 0pt; padding-left: 0pt;">
<li style="margin-left: 44.68pt; padding-left: 9.32pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">On February 13, 2019, Techgen entered into a $640 million syndicated loan agreement with several banks to refinance an existing loan, resulting in the release of certain corporate guarantee issued by Techgen&#8217;s shareholders to secure the replaced facility.</font></li>
</ul>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-left: 54pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Techgen&#8217;s obligations under the current facility, which is &#8220;non-recourse&#8221; on the sponsors, are guaranteed by a Mexican security trust covering Techgen&#8217;s shares, assets and accounts as well as Techgen&#8217;s affiliates rights under certain contracts. In addition, Techgen&#8217;s collection and payment accounts not subject to the trust have been pledged in favor of the lenders under the new loan agreement, and certain direct agreements &#8211;customary for these type of transactions&#8211; have been entered into with third 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 Tamsa, of 22% of the energy generated by the project remain unchanged.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-left: 54pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Under the loan agreement, Techgen is committed to maintain a debt service reserve account covering debt service becoming due during two consecutive quarters; such account is funded by stand-by letters of credit issued for the account of Techgen&#8217;s sponsors in proportion to their respective participations in Techgen. Accordingly, the Company and its subsidiary based in Switzerland, Tenaris Investments Switzerland AG, applied for stand-by letters of credit covering 22% of the debt service coverage ratio, which as of December 31, 2020 amounted to $9.8 million.</font></p>
<p style="margin-top: 0pt; margin-left: 54pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"><br></font></p>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>67</font></font></td>
</tr>

</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
</div>
<p style="margin: 0px; font-size: 10pt; text-indent: 0px;"><br></p>
<p style="margin-top: 0pt; margin-left: 54pt; margin-bottom: 0pt; font-size: 10pt;"><br></p>
<ul type="disc" style="margin: 0pt; padding-left: 0pt;">
<li style="margin-left: 44.68pt; text-align: justify; line-height: 12pt; padding-left: 9.32pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Techgen entered into certain transportation capacity agreements, a contract for the purchase of power generation equipment and other services related to the equipment, and an agreement for the purchase of clean energy certificates. As of December 31, 2020, Tenaris&#8217;s exposure under these agreements amounted to $48.8 million, $0.9 million and $17.6 million respectively.</font></li>
</ul>
<p style="margin-top: 0pt; margin-left: 54pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<ul type="disc" style="margin: 0pt; padding-left: 0pt;">
<li style="margin-left: 44.68pt; text-align: justify; line-height: 12pt; padding-left: 9.32pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">SSPC and the other three owners of GPC have issued corporate guarantees to secure repayment of loan agreements entered into by GPC, with the Saudi Investment Development Fund, the Saudi British Bank, the National Commercial Bank and Banque Saudi Fransi to finance GPC&#8217;s capital expenditures and working capital. As of December 31, 2020, SSPC&#8217;s exposure under the guarantees amounted to $131.5 million.</font></li>
</ul>
<p style="margin-top: 0pt; margin-left: 36pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-left: 54pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In addition, we have various off-balance sheet commitments, as described in </font><font style="font-family: 'Times New Roman';">n</font><font style="font-family: 'Times New Roman';">ote 2</font><font style="font-family: 'Times New Roman';">6</font><font style="font-family: 'Times New Roman';"> &#8220;Contingencies, commitments and restrictions on the distribution of profits &#8211; (ii) Commitmen</font><font style="font-family: 'Times New Roman';">t</font><font style="font-family: 'Times New Roman';">s and </font><font style="font-family: 'Times New Roman';">guarantees</font><font style="font-family: 'Times New Roman';">&#8221; to our audited consolidated financial statements included in this annual report.</font></p>
<p style="margin-top: 18pt; margin-left: 28.35pt; margin-bottom: 12pt; text-indent: -28.35pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">F.</font><font style="width: 19.74pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">Contractual Obligations</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The following table summarizes our contractual obligations at December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">31, 20</font><font style="font-family: 'Times New Roman';">20</font><font style="font-family: 'Times New Roman';">, and the effect such obligations are expected to have on our liquidity a</font><font style="font-family: 'Times New Roman';">nd cash flow in future periods:</font></p>
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<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-style: italic;">Millions of U.S. dollars</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-style: italic; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
</tr>
<tr>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">At December 31, 2020</font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-right: 1.5pt solid #ffffff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">1 year or less</font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-right: 1.5pt solid #ffffff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">1 - 2 years</font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-right: 1.5pt solid #ffffff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">2 - 3 years</font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-right: 1.5pt solid #ffffff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">3 - 4 years </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-right: 1.5pt solid #ffffff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">4 - 5 years </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-right: 1.5pt solid #ffffff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Over 5 years </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-right: 1.5pt solid #ffffff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Total</font></p>
</td>
</tr>
<tr>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-right: 1.5pt solid #ffffff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-right: 1.5pt solid #ffffff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-right: 1.5pt solid #ffffff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-right: 1.5pt solid #ffffff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-right: 1.5pt solid #ffffff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-right: 1.5pt solid #ffffff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-right: 1.5pt solid #ffffff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
</tr>
<tr style="background-color: #cceeff;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Borrowings</font></p>
</td>
<td style="border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">303 </font></p>
</td>
<td style="border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">104 </font></p>
</td>
<td style="border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">208 </font></p>
</td>
<td style="border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">4 </font></p>
</td>
<td style="border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">- </font></p>
</td>
<td style="border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">- </font></p>
</td>
<td style="border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">619 </font></p>
</td>
</tr>
<tr>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Interests to be accrued </font><font style="font-family: 'Times New Roman'; font-size: 6pt; vertical-align: super;">(*)</font></p>
</td>
<td style="border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">10 </font></p>
</td>
<td style="border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">5 </font></p>
</td>
<td style="border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">1 </font></p>
</td>
<td style="border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">0 </font></p>
</td>
<td style="border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">- </font></p>
</td>
<td style="border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">- </font></p>
</td>
<td style="border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">16 </font></p>
</td>
</tr>
<tr style="background-color: #cceeff;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Purchase commitments (**)</font></p>
</td>
<td style="border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">106 </font></p>
</td>
<td style="border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">128 </font></p>
</td>
<td style="border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">148 </font></p>
</td>
<td style="border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">123 </font></p>
</td>
<td style="border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">153 </font></p>
</td>
<td style="border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">33 </font></p>
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<td style="border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">690 </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Lease Liabilities</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">43 </font></p>
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<td style="border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">34 </font></p>
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<td style="border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">27 </font></p>
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<td style="border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">24 </font></p>
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<td style="border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">20 </font></p>
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<td style="border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">110 </font></p>
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<td style="border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">257 </font></p>
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<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Total contractual obligations and commitments</font></p>
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<td style="border-width: 0.75pt 1.5pt 1pt; border-style: solid; border-color: #000000 #ffffff; padding-right: 4.65pt; padding-left: 4.65pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman'; font-weight: bold;">462 </font></p>
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<td style="border-top: 0.75pt solid #000000; border-right: 1.5pt solid #ffffff; border-bottom: 1pt solid #000000; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman'; font-weight: bold;">271 </font></p>
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<td style="border-top: 0.75pt solid #000000; border-right: 1.5pt solid #ffffff; border-bottom: 1pt solid #000000; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman'; font-weight: bold;">383 </font></p>
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<td style="border-top: 0.75pt solid #000000; border-right: 1.5pt solid #ffffff; border-bottom: 1pt solid #000000; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman'; font-weight: bold;">151 </font></p>
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<td style="border-top: 0.75pt solid #000000; border-right: 1.5pt solid #ffffff; border-bottom: 1pt solid #000000; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman'; font-weight: bold;">173 </font></p>
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<td style="border-top: 0.75pt solid #000000; border-right: 1.5pt solid #ffffff; border-bottom: 1pt solid #000000; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman'; font-weight: bold;">143 </font></p>
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<td style="border-top: 0.75pt solid #000000; border-right: 1.5pt solid #ffffff; border-bottom: 1pt solid #000000; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman'; font-weight: bold;">1,582 </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 12pt;"><font style="font-family: 'Times New Roman';">_________</font></p>
<p style="margin-top: 0pt; margin-left: 14.2pt; margin-bottom: 0pt; text-indent: -14.2pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 5.33pt; vertical-align: super; -aw-import: spaces;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 5.33pt; vertical-align: super;">(*)</font><font style="width: 2.87pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman';">Includes the effect o</font><font style="font-family: 'Times New Roman';">f hedge accounting.</font></p>
<p style="margin-top: 0pt; margin-left: 14.2pt; margin-bottom: 0pt; text-indent: -14.2pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 5.33pt; vertical-align: super;">(**)</font><font style="width: 0.87pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman';">Only includes material commitments</font><font style="font-family: 'Times New Roman';">.</font></p>
<p style="margin-top: 0pt; margin-left: 14.2pt; margin-bottom: 0pt; text-indent: -14.2pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Purchase commitments as of December 31, 20</font><font style="font-family: 'Times New Roman';">20</font><font style="font-family: 'Times New Roman';">, disclosed in the table above, consist </font><font style="font-family: 'Times New Roman';">mainly </font><font style="font-family: 'Times New Roman';">of</font><font style="font-family: 'Times New Roman';"> a commitment </font><font style="font-family: 'Times New Roman';">to purchase specified volumes of TMK-manufactured OCTG and line pipe products in the U</font><font style="font-family: 'Times New Roman';">nited States</font><font style="font-family: 'Times New Roman';"> related to the acquisition of IPSCO</font><font style="font-family: 'Times New Roman';"> amounting to $498.3</font><font style="font-family: 'Times New Roman';"> million</font><font style="font-family: 'Times New Roman';">;</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">a commitment </font><font style="font-family: 'Times New Roman';">to purchase steel bars in the U</font><font style="font-family: 'Times New Roman';">nited </font><font style="font-family: 'Times New Roman';">S</font><font style="font-family: 'Times New Roman';">tates</font><font style="font-family: 'Times New Roman';"> amounting to $</font><font style="font-family: 'Times New Roman';">113.4</font><font style="font-family: 'Times New Roman';"> million</font><font style="font-family: 'Times New Roman';">;</font><font style="font-family: 'Times New Roman';"> a contract for the service of natural gas transportation in Argentin</font><font style="font-family: 'Times New Roman';">a for an aggregate amount of $</font><font style="font-family: 'Times New Roman';">16.8</font><font style="font-family: 'Times New Roman';"> million; a contract </font><font style="font-family: 'Times New Roman';">for the service of oxygen and </font><font style="font-family: 'Times New Roman';">nitrogen supply amounting to $</font><font style="font-family: 'Times New Roman';">31</font><font style="font-family: 'Times New Roman';"> million, </font><font style="font-family: 'Times New Roman';">contracts for the supply of grap</font><font style="font-family: 'Times New Roman';">hite electrodes amounting to $</font><font style="font-family: 'Times New Roman';">10.9</font><font style="font-family: 'Times New Roman';"> million</font><font style="font-family: 'Times New Roman';">;</font><font style="font-family: 'Times New Roman';"> and a contract for the supply of argon gas in Mexico amounting to </font><font style="font-family: 'Times New Roman';">$</font><font style="font-family: 'Times New Roman';">19</font><font style="font-family: 'Times New Roman';"> million.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In addition, a Tenaris </font><font style="font-family: 'Times New Roman';">subsidiary</font><font style="font-family: 'Times New Roman';"> entered into a 25-year contract (effective as of December 1, 2016, through December 1, 2041) with Techgen for the supply of 197 MW (which represents 22% of Techgen&#8217;s capacity). Monthly payments are determined on the basis of capacity charges, operation costs, back-up power charges, and transmission charges. As of the seventh contract year (as long as Techgen&#8217;s existing or replacing bank facility has been repaid in full), the </font><font style="font-family: 'Times New Roman';">Company&#8217;s</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">subsidiary</font><font style="font-family: 'Times New Roman';"> 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&#243;n Federal de Electricidad (&#8220;CFE&#8221;) or its successors. The </font><font style="font-family: 'Times New Roman';">Company&#8217;s</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">subsidiary</font><font style="font-family: 'Times New Roman';"> may instruct Techgen to sell to any affiliate, to CFE, or to any other third party all or any part of unused contracted energy under the agreement and the </font><font style="font-family: 'Times New Roman';">Company&#8217;s</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">subsidiary</font><font style="font-family: 'Times New Roman';"> will benefit from the proceeds of such sale.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">For more information on our purchase com</font><font style="font-family: 'Times New Roman';">mitments as of December 31, 20</font><font style="font-family: 'Times New Roman';">20</font><font style="font-family: 'Times New Roman';">, see </font><font style="font-family: 'Times New Roman';">n</font><font style="font-family: 'Times New Roman';">ote 2</font><font style="font-family: 'Times New Roman';">6</font><font style="font-family: 'Times New Roman';"> &#8220;Contingencies, commitments and restrictions on the distribution of profits &#8211; (ii) Commitmen</font><font style="font-family: 'Times New Roman';">t</font><font style="font-family: 'Times New Roman';">s and </font><font style="font-family: 'Times New Roman';">guarantees</font><font style="font-family: 'Times New Roman';">&#8221; to our audited consolidated financial statements included in this annual report.</font></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>68</font></font></td>
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<p style="margin-top: 10pt; margin-left: 28.35pt; margin-bottom: 12pt; text-indent: -28.35pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">G.</font><font style="width: 18.07pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">Recent Developments</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; letter-spacing: -0.1pt;">Annual Dividend Proposal </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; letter-spacing: -0.1pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">On February 24, 2021, the Company&#8217;s board of directors proposed, for the approval of the annual general shareholders&#8217; meeting scheduled be held on May 3, 2021, the payment of an annual dividend of $0.21 per share ($0.42 per ADS), or approximately $248 million, which includes the interim dividend of $0.07 per share ($0.14 per ADS) or approximately $83 million, paid on November 25, 2020. If the annual dividend is approved by the shareholders, a dividend of $0.14 per share ($0.28 per ADS), or approximately $165 million will be paid on May 26, 2021, with an ex-dividend date of May 24, 2021.</font></p>
</div><div style="font-family: 'times new roman', times; font-size: 10pt;">
<div style="margin-top: 18pt; margin-left: 56.7pt; margin-bottom: 12pt; text-indent: -56.7pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Item</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">6. </font><font style="width: 24.21pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#" name="BH_TKSR5WF0E800000000000000000000" class="customBookmark"><font style="font-family: 'Times New Roman'; font-weight: bold;">Directors, Senior Management</font><font style="font-family: 'Times New Roman'; font-weight: bold;"> and Employees</font></a></div>
<p style="margin-top: 18pt; margin-left: 28.35pt; margin-bottom: 12pt; text-indent: -28.35pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">A.</font><font style="width: 18.63pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">Directors and Senior Management</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Board of Directors</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Management of the Company is vested in a board of directors</font><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp;</font><font style="font-family: 'Times New Roman';">with the broadest power to act on behalf of the Company and accomplish or authorize all acts and transactions of management and disposal that are within its corporate purpose and not specifically reserved in the articles of association or by applicable law to the general shareholders&#8217; meeting</font><font style="font-family: 'Times New Roman'; font-weight: bold;">. </font><font style="font-family: 'Times New Roman';">The Company&#8217;s articles of association provide for a board of directors consisting of </font><font style="font-family: 'Times New Roman';">a minimum of</font><font style="font-family: 'Times New Roman';"> three and a </font><font style="font-family: 'Times New Roman';">maximum of</font><font style="font-family: 'Times New Roman';"> fifteen directors; however, for as long as the Company&#8217;s shares are listed on at least one regulated market, the minimum number of directors must be five. The Company&#8217;s current board of directors is composed of </font><font style="font-family: 'Times New Roman';">twelve</font><font style="font-family: 'Times New Roman';"> directors.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The board of directors is required to meet as often as required by the interests of the Company and at least four times per year. </font><font style="font-family: 'Times New Roman';">In 2020</font><font style="font-family: 'Times New Roman';">, the Company&#8217;s board of directors met </font><font style="font-family: 'Times New Roman';">thirteen</font><font style="font-family: 'Times New Roman';"> times. </font><font style="font-family: 'Times New Roman';">A majority of the members of the board </font><font style="font-family: 'Times New Roman';">of directors </font><font style="font-family: 'Times New Roman';">in office present or represented at the board of directors&#8217; meeting constitutes a quorum, and resolutions may be adopted by the vote of a majority of the directors present</font><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp;</font><font style="font-family: 'Times New Roman';">or represented</font><font style="font-family: 'Times New Roman';">. In the case of a tie, the Chairman is entitled to cast the deciding vote.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Directors are elected at the annual ordinary general shareholders&#8217; meeting to serve one-year renewable terms, as </font><font style="font-family: 'Times New Roman';">determined</font><font style="font-family: 'Times New Roman';"> by the general shareholders&#8217; meeting. </font><font style="font-family: 'Times New Roman';">The general shareholders&#8217; meeting also determines the number of directors that will constitute the board and their compensation. The general shareholders&#8217; meeting may dismiss all or any </font><font style="font-family: 'Times New Roman';">one member of the board of directors at any time, with or without cause, by resolution passed by a simple majority vote, irrespective of the number of shares represented at the meeting.</font></p>
<p style="margin-top: 14pt; margin-bottom: 14pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The Company&#8217;s articles of association provide that the board of directors of the Company may within the limits of applicable law, (a) delegate to one or more persons, whether or not members of the board of directors, the powers necessary to carry out its decisions and to provide day-to-day management (except for approval of material transactions with related parties, which may not be delegated and shall be approved by the board of directors prior opinion of the audit committee), (b) confer to one or more persons, whether or not members of the board of directors the powers deemed to be appropriate for the general technical administrative and commercial management of the Company, (c) constitute an audit committee formed by directors, determining its function and authority, and (d) constitute any other committee, whose members may or may not be members of the board of directors and determine their functions and authority. On </font><font style="font-family: 'Times New Roman';">June 3, 2020</font><font style="font-family: 'Times New Roman';">, the board of directors appointed the Company&#8217;s chief executive officer as </font><font style="font-family: 'Times New Roman'; font-style: italic;">administrateur d&#233;l&#233;gu&#233;</font><font style="font-family: 'Times New Roman';"> and delegated to him the power to manage the Company&#8217;s affairs within the ordinary course of business, to the full extent permitted by Luxembourg law, to direct and supervise the business activities of the Company&#8217;s subsidiaries and to represent the Company in relation to such matters.</font></p>
<p style="margin-top: 14pt; margin-bottom: 14pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">On June 2, 2020, the Company&#8217;s annual general shareholders&#8217; meeting appointed Mr. Simon Ayat to the board of directors and re-appointed Mr. Roberto Bonatti, Mr. Carlos Condorelli, Mr. Germ&#225;n Cur&#225;, Mr. Roberto Monti, Mr. Gianfelice Mario Rocca, Mr. Paolo Rocca, Mr. Jaime Jos&#233; Serra Puche, Mr. Yves Speeckaert, Ms. M&#243;nica Tiuba, Mr. Amadeo V&#225;zquez y V&#225;zquez and Mr. Guillermo Vogel, as members of its board of directors, each </font><font style="font-family: 'Times New Roman';">board member</font><font style="font-family: 'Times New Roman';"> to serve until the next annual shareholders&#8217; meeting that will be convened to decide on the Company&#8217;s 2020 annual accounts. The board of directors subsequently reappointed Paolo Rocca as chairman and chief executive officer and Guillermo Vogel and Germ&#225;n Cur&#225; as vice-chairmen of the Company. The following table sets forth the name of the Company&#8217;s current directors, their respective positions on the board, their principal occupation, their years of service as board members and their age.</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Name</font></p>
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<td style="width: 8.64%; border-right: 1.5pt solid #ffffff; border-left: 1.5pt solid #ffffff; border-bottom: 0.75pt solid #000000; padding-right: 4.65pt; padding-left: 4.65pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Position</font></p>
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<td style="width: 44.84%; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Principal Occupation</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Years as Board Member</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Age at </font><br><font style="font-family: 'Times New Roman'; font-weight: bold;">December 31, 2020</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;">&nbsp;</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
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<td style="width: 44.84%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
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<td style="width: 11.06%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
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<td style="width: 26.76%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Mr. Simon Ayat</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Director</font></p>
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<td style="width: 44.84%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Director of Tenaris</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">1 </font></p>
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<td style="width: 11.06%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">66 </font></p>
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<tr style="height: 1pt;">
<td style="width: 26.76%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Mr. Roberto Bonatti </font><font style="font-family: 'Times New Roman'; font-size: 6pt; vertical-align: super;">(1)</font></p>
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<td style="width: 8.64%; border-right: 1.5pt solid #ffffff; border-left: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 4.65pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Director</font></p>
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<td style="width: 44.84%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Director of San Faustin</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">18 </font></p>
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<td style="width: 11.06%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">71 </font></p>
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<td style="width: 26.76%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Mr. Carlos Condorelli</font></p>
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<td style="width: 8.64%; border-right: 1.5pt solid #ffffff; border-left: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 4.65pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Director</font></p>
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<td style="width: 44.84%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Director of Tenaris and Ternium</font></p>
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<td style="width: 8.72%; border-right: 1.5pt solid #ffffff; border-left: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 4.65pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">14 </font></p>
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<td style="width: 11.06%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">69 </font></p>
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<tr style="height: 1pt;">
<td style="width: 26.76%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Mr. Germ&#225;n Cur&#225;</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Director</font></p>
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<td style="width: 44.84%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Director and Vice Chairman of the Board of Tenaris</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">3 </font></p>
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<td style="width: 11.06%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">58 </font></p>
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<td style="width: 26.76%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Mr. Roberto Monti</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Director</font></p>
</td>
<td style="width: 44.84%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Director</font><font style="font-family: 'Times New Roman';"> of</font><font style="font-family: 'Times New Roman';"> YPF S.A.</font></p>
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<td style="width: 8.72%; border-right: 1.5pt solid #ffffff; border-left: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 4.65pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">16 </font></p>
</td>
<td style="width: 11.06%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">81 </font></p>
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<tr style="height: 1pt;">
<td style="width: 26.76%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Mr. Gianfelice Mario Rocca </font><font style="font-family: 'Times New Roman'; font-size: 6pt; vertical-align: super;">(1)</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Director</font></p>
</td>
<td style="width: 44.84%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Chairman of the board of directors of San Faustin</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">18 </font></p>
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<td style="width: 11.06%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">72 </font></p>
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<tr style="height: 1pt; background-color: #cceeff;">
<td style="width: 26.76%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Mr. Paolo Rocca </font><font style="font-family: 'Times New Roman'; font-size: 6pt; vertical-align: super;">(1)</font></p>
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<td style="width: 8.64%; border-right: 1.5pt solid #ffffff; border-left: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 4.65pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Director</font></p>
</td>
<td style="width: 44.84%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Chairman and Chief Executive Officer of Tenaris </font></p>
</td>
<td style="width: 8.72%; border-right: 1.5pt solid #ffffff; border-left: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 4.65pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">19 </font></p>
</td>
<td style="width: 11.06%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">68 </font></p>
</td>
</tr>
<tr style="height: 1pt;">
<td style="width: 26.76%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Mr. Jaime Jos&#233; Serra Puche</font></p>
</td>
<td style="width: 8.64%; border-right: 1.5pt solid #ffffff; border-left: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 4.65pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Director</font></p>
</td>
<td style="width: 44.84%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Chairman of S.A.I. Derecho &amp; Econom&#237;a</font></p>
</td>
<td style="width: 8.72%; border-right: 1.5pt solid #ffffff; border-left: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 4.65pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">18 </font></p>
</td>
<td style="width: 11.06%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">69 </font></p>
</td>
</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="width: 26.76%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Mr. Yves Speeckaert</font></p>
</td>
<td style="width: 8.64%; border-right: 1.5pt solid #ffffff; border-left: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 4.65pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Director</font></p>
</td>
<td style="width: 44.84%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Director of Tenaris</font></p>
</td>
<td style="width: 8.72%; border-right: 1.5pt solid #ffffff; border-left: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 4.65pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">4 </font></p>
</td>
<td style="width: 11.06%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">60 </font></p>
</td>
</tr>
<tr style="height: 1pt;">
<td style="width: 26.76%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Ms. M&#243;nica Tiuba</font></p>
</td>
<td style="width: 8.64%; border-right: 1.5pt solid #ffffff; border-left: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 4.65pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Director</font></p>
</td>
<td style="width: 44.84%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Director of Tenaris and Chairperson of Tenaris Audit Committee</font></p>
</td>
<td style="width: 8.72%; border-right: 1.5pt solid #ffffff; border-left: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 4.65pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">3 </font></p>
</td>
<td style="width: 11.06%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">42 </font></p>
</td>
</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="width: 26.76%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Mr. Amadeo V&#225;zquez y V&#225;zquez</font></p>
</td>
<td style="width: 8.64%; border-right: 1.5pt solid #ffffff; border-left: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 4.65pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Director</font></p>
</td>
<td style="width: 44.84%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Director of Tenaris</font></p>
</td>
<td style="width: 8.72%; border-right: 1.5pt solid #ffffff; border-left: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 4.65pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">18 </font></p>
</td>
<td style="width: 11.06%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">78 </font></p>
</td>
</tr>
<tr style="height: 1pt;">
<td style="width: 26.76%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Mr. Guillermo Vogel</font></p>
</td>
<td style="width: 8.64%; border-right: 1.5pt solid #ffffff; border-left: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 4.65pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Director</font></p>
</td>
<td style="width: 44.84%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Director and Vice Chairman of the Board of Tenaris</font></p>
</td>
<td style="width: 8.72%; border-right: 1.5pt solid #ffffff; border-left: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 4.65pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">18 </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">70 </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">__________</font></p>
<p style="margin-top: 0pt; margin-left: 14.2pt; margin-bottom: 0pt; text-indent: -14.2pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 5.33pt; vertical-align: super;">(1)</font><font style="font: 7pt 'Times New Roman'; -aw-import: spaces;">&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; font-size: 8pt;">Paolo Rocca and Gianfelice</font><font style="font-family: 'Times New Roman'; font-size: 8pt;"> Mario</font><font style="font-family: 'Times New Roman'; font-size: 8pt;"> Rocca are brothers, and Roberto Bonatti is Paolo and G</font><font style="font-family: 'Times New Roman'; font-size: 8pt;">ianfelice</font><font style="font-family: 'Times New Roman'; font-size: 8pt;"> Mario</font><font style="font-family: 'Times New Roman'; font-size: 8pt;"> Rocca&#8217;s first cousin.</font></p>
<p style="margin: 0px; font-size: 10pt; text-indent: 0px;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; text-decoration: underline;">Simon Ayat.</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">Mr. Ayat is a member of the Company&#8217;s board of directors. He served as Schlumberger&#8217;s executive vice president and chief financial officer from 2007 until early 2020 and he is currently a </font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';">enior </font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';">trategic </font><font style="font-family: 'Times New Roman';">a</font><font style="font-family: 'Times New Roman';">dvisor to the chief executive officer of Schlumberger. Mr. Ayat has held several financial and operational positions in Schlumberger, where he commenced his career in 1982. He was based in Paris, Houston and Dallas, as well as in the Middle East and Far East regions, serving as group treasurer, controller, Geomarket manager for Indonesia and drilling regional vice president for Asia Pacific. Mr. Ayat is also a member of the board of directors of Liberty Oilfied Services, a leading provider of hydraulic fracturing and wireline services to E&amp;P companies in North America, and Eurasia Drilling Company, the largest provider of drilling services in Russia. He is a French and Lebanese citizen.</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; text-decoration: underline;">Roberto Bonatti</font><font style="font-family: 'Times New Roman';">.</font><font style="font-family: 'Times New Roman'; font-weight: bold;"> </font><font style="font-family: 'Times New Roman';">Mr. Bonatti is a member of the Company&#8217;s board of directors. He is a grandson of Agostino Rocca, founder of the Techint </font><font style="font-family: 'Times New Roman';">G</font><font style="font-family: 'Times New Roman';">roup, a group of companies controlled by San Faustin. Throughout his career in the Techint </font><font style="font-family: 'Times New Roman';">G</font><font style="font-family: 'Times New Roman';">r</font><font style="font-family: 'Times New Roman';">oup he has been involved specifically in the engineering and construction and corporate sectors. He was</font><font style="font-family: 'Times New Roman';"> first employed by the Techint G</font><font style="font-family: 'Times New Roman';">roup in 1976, as deputy resident engineer in Venezuela. In 1984, he became a director of San Faustin, and </font><font style="font-family: 'Times New Roman';">from </font><font style="font-family: 'Times New Roman';">2001 </font><font style="font-family: 'Times New Roman';">until 2020 </font><font style="font-family: 'Times New Roman';">he has served as its president. He is also a member of the board of directors of Ternium. Mr. Bonatti is an Italian citizen.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; text-decoration: underline;">Carlos Condorelli</font><font style="font-family: 'Times New Roman';">.</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">Mr. Condorelli is a member of the Company&#8217;s board of directors.</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">He served as the Company&#8217;s </font><font style="font-family: 'Times New Roman';">c</font><font style="font-family: 'Times New Roman';">hief </font><font style="font-family: 'Times New Roman';">f</font><font style="font-family: 'Times New Roman';">inancial </font><font style="font-family: 'Times New Roman';">o</font><font style="font-family: 'Times New Roman';">fficer from October 2002 until September 2007. He is also a board member of Ternium.</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">He has held several </font><font style="font-family: 'Times New Roman';">positions within Tenaris, including also the </font><font style="font-family: 'Times New Roman';">c</font><font style="font-family: 'Times New Roman';">hief </font><font style="font-family: 'Times New Roman';">f</font><font style="font-family: 'Times New Roman';">inancial </font><font style="font-family: 'Times New Roman';">o</font><font style="font-family: 'Times New Roman';">fficer position in some of the principal Tenaris </font><font style="font-family: 'Times New Roman';">G</font><font style="font-family: 'Times New Roman';">roup companies and member of the</font><font style="font-family: 'Times New Roman';"> Company&#8217;s</font><font style="font-family: 'Times New Roman';"> audit committee between November 1, 2017 and May 2, 2018. He also served as president of the board of directors of Empr</font><font style="font-family: 'Times New Roman';">esa Distribuidora La Plata S.A. (&#8220;</font><font style="font-family: 'Times New Roman';">Edelap</font><font style="font-family: 'Times New Roman';">&#8221;)</font><font style="font-family: 'Times New Roman';">, an Argentine utilities company. Mr. Cond</font><font style="font-family: 'Times New Roman';">orelli is an Argentine citizen.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; text-decoration: underline;">Germ&#225;n Cur&#225;</font><font style="font-family: 'Times New Roman';">. Mr. Cur&#225; is a member of the Company&#8217;s board of directors and also holds the position of Vice Chairman of the Board. He served as president of our operations in North America until May 2, 2018, a position held</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">since 2006. He was first employed by Siderca in </font><font style="font-family: 'Times New Roman';">1</font><font style="font-family: 'Times New Roman';">988. Previously, he served as Siderca&#8217;s exports director, Tamsa&#8217;s exports director and commercial director, sales and marketing manager of our Middle East subsidiary, president of Algoma Tubes, president and </font><font style="font-family: 'Times New Roman';">c</font><font style="font-family: 'Times New Roman';">hief </font><font style="font-family: 'Times New Roman';">e</font><font style="font-family: 'Times New Roman';">xecutive </font><font style="font-family: 'Times New Roman';">o</font><font style="font-family: 'Times New Roman';">fficer of Maverick Tubulars and president and </font><font style="font-family: 'Times New Roman';">c</font><font style="font-family: 'Times New Roman';">hief </font><font style="font-family: 'Times New Roman';">e</font><font style="font-family: 'Times New Roman';">xecutive </font><font style="font-family: 'Times New Roman';">o</font><font style="font-family: 'Times New Roman';">fficer of Hydril, director of our Oilfield Services global business unit and Tenaris commercial director. He was also a member of the board of directors of API and currently serves as a member of the board of directors of the American Iron and Steel Institute (</font><font style="font-family: 'Times New Roman';">&#8220;</font><font style="font-family: 'Times New Roman';">AISI</font><font style="font-family: 'Times New Roman';">&#8221;</font><font style="font-family: 'Times New Roman';">) and of </font><font style="font-family: 'Times New Roman';">Alussa Energy LLC</font><font style="font-family: 'Times New Roman';">. He is a </font><font style="font-family: 'Times New Roman';">marine e</font><font style="font-family: 'Times New Roman';">ngineer from the Instituto Tecnol&#243;gico de Buenos Aires and a</font><font style="font-family: 'Times New Roman';">n</font><font style="font-family: 'Times New Roman';"> MBA graduated from the Massachusetts Institute of Technology. Mr. Cur&#225; is an U.S. citizen.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; text-decoration: underline;">Roberto Monti</font><font style="font-family: 'Times New Roman';">.</font><font style="font-family: 'Times New Roman'; font-weight: bold;"> </font><font style="font-family: 'Times New Roman';">Mr. Monti is a member of the Company&#8217;s board of directors and of </font><font style="font-family: 'Times New Roman';">its</font><font style="font-family: 'Times New Roman';"> audit committee. He </font><font style="font-family: 'Times New Roman';">is a member of the board of directors of YPF S.A. He </font><font style="font-family: 'Times New Roman';">has served as vice presid</font><font style="font-family: 'Times New Roman';">ent of exploration and p</font><font style="font-family: 'Times New Roman';">roduction of </font><font style="font-family: 'Times New Roman';">Repsol YPF and as chairman and </font><font style="font-family: 'Times New Roman';">c</font><font style="font-family: 'Times New Roman';">hief </font><font style="font-family: 'Times New Roman';">e</font><font style="font-family: 'Times New Roman';">xecutive </font><font style="font-family: 'Times New Roman';">o</font><font style="font-family: 'Times New Roman';">fficer of YPF.</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">He was also the president of Dowell, a subsidiary of Schlumberger and</font><font style="font-family: 'Times New Roman';"> the president of Schlumberger wire &amp; t</font><font style="font-family: 'Times New Roman';">esting division for East Hemisphere Latin America. Mr. Monti is an Argentine </font><font style="font-family: 'Times New Roman';">citizen.</font></p>
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<p style="margin-top: 9pt; margin-bottom: 9pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; text-decoration: underline;">Gianfelice Mario Rocca</font><font style="font-family: 'Times New Roman';">. </font><font style="font-family: 'Times New Roman';">Mr. Rocca is a member of the Company&#8217;s board of directors. He is a grandson of Agost</font><font style="font-family: 'Times New Roman';">ino Rocca. He is c</font><font style="font-family: 'Times New Roman';">hairman of the board of directors of San Faustin, member of the board of directors of Ternium, president of the Humanitas Group and president of the board of directors of Tenova S.p.A.</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">Moreover,</font><font style="font-family: 'Times New Roman';"> in Italy, he is member of the b</font><font style="font-family: 'Times New Roman';">oard of</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">Bocconi University,</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">of the </font><font style="font-family: 'Times New Roman';">a</font><font style="font-family: 'Times New Roman';">dvisory </font><font style="font-family: 'Times New Roman';">b</font><font style="font-family: 'Times New Roman';">oard of Politecnico di Milano. At international level, he is member of</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">the Harvard Business School Advisory Board</font><font style="font-family: 'Times New Roman';"> and member of the European Round Table of Industrialists (&#8220;ERT&#8221;)</font><font style="font-family: 'Times New Roman';">. Mr. Rocca is an Italian citizen.</font></p>
<p style="margin-top: 0pt; margin-bottom: 9pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; text-decoration: underline;">Paolo Rocca</font><font style="font-family: 'Times New Roman';">. </font><font style="font-family: 'Times New Roman';">Mr. Rocca is the c</font><font style="font-family: 'Times New Roman';">hairman of the Compan</font><font style="font-family: 'Times New Roman';">y&#8217;s board of directors and our </font><font style="font-family: 'Times New Roman';">c</font><font style="font-family: 'Times New Roman';">hief </font><font style="font-family: 'Times New Roman';">e</font><font style="font-family: 'Times New Roman';">xecutive </font><font style="font-family: 'Times New Roman';">o</font><font style="font-family: 'Times New Roman';">fficer. He is a grandson of Agostino Rocca. He is also the chairman of th</font><font style="font-family: 'Times New Roman';">e board of directors of Ternium and</font><font style="font-family: 'Times New Roman';"> a director and President of San Faustin</font><font style="font-family: 'Times New Roman';">. He is a member of the executive c</font><font style="font-family: 'Times New Roman';">ommittee of the World Steel Association. Mr. Rocca is an Italian citizen.</font></p>
<p style="margin-top: 0pt; margin-bottom: 9pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; text-decoration: underline;">Jaime </font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Jos&#233; </font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Serra Puche</font><font style="font-family: 'Times New Roman';">.</font><font style="font-family: 'Times New Roman'; font-weight: bold;"> </font><font style="font-family: 'Times New Roman';">Mr. Serra Puche is a member of the Company&#8217;s board of directors and of </font><font style="font-family: 'Times New Roman';">its</font><font style="font-family: 'Times New Roman';"> audit committee.</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">He is the chairman of SAI </font><font style="font-family: 'Times New Roman';">Derecho &amp; Economia</font><font style="font-family: 'Times New Roman';">, a Mexican consulting firm, and a member of the board of directors of the Mexico Fund, Grupo Vitro, </font><font style="font-family: 'Times New Roman';">and chairman of the board of BBVA Bancomer</font><font style="font-family: 'Times New Roman';">. Mr. Serra Puche served as Mexico&#8217;s Undersecretary of Revenue, Secretary of Trade and Industry, and Secretary of Finance. He led the negotiation and implementation of NAFTA. Mr. Serra Puche is a Mexican citizen.</font></p>
<p style="margin-top: 0pt; margin-bottom: 9pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; text-decoration: underline;">Yves Speeckaert</font><font style="font-family: 'Times New Roman';">.</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">Mr. Speeckaert is a member of the Company&#8217;s board of directors. He served as director of KPMG Consulting in London, United Kingdom and Sao Paulo, Brazil, where he led various high-profile engagements in the telecom, energy and agri-business industries. He was also director of structured finance of Banca Intesa-Sanpaolo (London). Since 2010 he is a Luxembourg-based independent director of regulated investment funds (mostly private equity, RE, and UCITS funds, as well as impact funds) and he is a member of the board of directors of several industrial holdings. He is also active in carbon offsetting and climate change mitigation strategies with funds, governments and corporations particularly as related to </font><font style="font-family: 'Times New Roman';">c</font><font style="font-family: 'Times New Roman';">orporate </font><font style="font-family: 'Times New Roman';">e</font><font style="font-family: 'Times New Roman';">nvironmental and </font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';">ocial </font><font style="font-family: 'Times New Roman';">r</font><font style="font-family: 'Times New Roman';">esponsibility (</font><font style="font-family: 'Times New Roman';">&#8220;</font><font style="font-family: 'Times New Roman';">ESR</font><font style="font-family: 'Times New Roman';">&#8221;</font><font style="font-family: 'Times New Roman';">). He is a member of the Luxembourg Institute of Administrators (</font><font style="font-family: 'Times New Roman';">&#8220;</font><font style="font-family: 'Times New Roman';">ILA</font><font style="font-family: 'Times New Roman';">&#8221;</font><font style="font-family: 'Times New Roman';">). He holds an MBA from the University of California at Berkeley and a B.A</font><font style="font-family: 'Times New Roman';">.</font><font style="font-family: 'Times New Roman';"> in Philosophy from the University of Louvain and is a contributing and active member of the Alumni association of UC Berkeley. Mr. Speeckaert is a Belgian citizen.</font></p>
<p style="margin-top: 0pt; margin-bottom: 9pt; font-size: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; text-decoration: underline;">M&#243;nica Tiuba</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">.</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Ms. Tiuba is a member of Tenaris&#8217;s board of directors and chairperson of the audit committee. She is a Brazilian qualified lawyer and accountant with 20 years of professional experience in Brazil and Luxembourg. She started her career at Barbosa, Mussnich &amp; Arag&#227;o law firm in Rio de Janeiro, Brazil, where she practiced corporate law, M&amp;A and tax litigation. She worked in EY and PwC, in the Brazil and Luxembourg offices, advising multinational clients, private equity houses and family offices. She gained banking experience working as international senior wealth planner at Banque Edmond de Rothschild, in Luxembourg. She currently serves as member of the board of directors of Investing for Development SICAV, a Luxembourg social impact fund and is a member of its Forest and Climate Change Fund. She holds a Master of Laws in International and Comparative Law at the Vrije Universiteit Brussel, a specialization in EU tax law from Leiden University and a Master of Laws in international taxation from Vienna University of Economics. Ms. Tiuba is a Brazilian and Luxembourgish citizen.</font></p>
<p style="margin-top: 0pt; margin-bottom: 9pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; text-decoration: underline;">Amadeo V&#225;zquez y V&#225;zquez</font><font style="font-family: 'Times New Roman';">. </font><font style="font-family: 'Times New Roman';">Mr. V&#225;zquez y V&#225;zquez is a member of the Company&#8217;s board of directors and of </font><font style="font-family: 'Times New Roman';">its</font><font style="font-family: 'Times New Roman';"> audit committee. He is a member of the advisory board of the Fundaci&#243;n de Investigaciones Econ&#243;micas Latinoamericanas and member of the Asociaci&#243;n Empresaria Argentina. He is a business consultant and previously served as </font><font style="font-family: 'Times New Roman';">c</font><font style="font-family: 'Times New Roman';">hief </font><font style="font-family: 'Times New Roman';">e</font><font style="font-family: 'Times New Roman';">xecutive </font><font style="font-family: 'Times New Roman';">o</font><font style="font-family: 'Times New Roman';">fficer of Banco R&#237;o de la Plata S.A. until August 1997, independent director and chairman of the audit committee of </font><font style="font-family: 'Times New Roman';">BBVA </font><font style="font-family: 'Times New Roman';">Banco Franc&#233;s S.A. until 2003, c</font><font style="font-family: 'Times New Roman';">hairman of the board of directors of Telecom Argentina S.A. until April 2007</font><font style="font-family: 'Times New Roman';"> and independent alternate director of Gas Natural Ban, S.A, of Grupo Gas Natural Fenosa until April 2018</font><font style="font-family: 'Times New Roman';">. </font><font style="font-family: 'Times New Roman';">He is also independent alternate director of Naturgy BAN S.A, a gas distribution company in Argentina. </font><font style="font-family: 'Times New Roman';">Mr. V&#225;zquez y V&#225;zquez is a Spanish and Argentine citizen.</font></p>
<p style="margin-top: 0pt; margin-bottom: 9pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; text-decoration: underline;">Guillermo Vogel</font><font style="font-family: 'Times New Roman';">. </font><font style="font-family: 'Times New Roman';">Mr. Vogel is a member of the Company&#8217;s board of directors </font><font style="font-family: 'Times New Roman';">and also holds the position of vice c</font><font style="font-family: 'Times New Roman';">hairman of the Board. He is the chairman of G Collado</font><font style="font-family: 'Times New Roman';"> SAB de C.V.</font><font style="font-family: 'Times New Roman';"> and Exportaciones IM Promoci&#243;n</font><font style="font-family: 'Times New Roman';"> S.A. de C.V.</font><font style="font-family: 'Times New Roman';">, and served as president of</font><font style="font-family: 'Times New Roman';"> C&#225;mara Nacional de la Industria del Hierro y el Acero (&#8220;</font><font style="font-family: 'Times New Roman';">C</font><font style="font-family: 'Times New Roman';">ANACERO&#8221;)</font><font style="font-family: 'Times New Roman';"> until April 16, 2018</font><font style="font-family: 'Times New Roman';">, where he is currently a member of the Executive Commission</font><font style="font-family: 'Times New Roman';">. Mr. Vogel is also a member of the board of directors of each</font><font style="font-family: 'Times New Roman';"> of Techint, S.A. de C.V., Alfa S.A. de C.V.,</font><font style="font-family: 'Times New Roman';"> Banco Santander (M&#233;xico) S.A, the Universidad Panamericana &#8211; </font><font style="font-family: 'Times New Roman';">IPADE</font><font style="font-family: 'Times New Roman';">, Corporaci&#243;n Mexicana de Inversiones de Capital</font><font style="font-family: 'Times New Roman';"> S.A.</font><font style="font-family: 'Times New Roman';">, Innovare</font><font style="font-family: 'Times New Roman';"> R&amp;D S.A. de C.V.</font><font style="font-family: 'Times New Roman';"> In addition, he is a member of The Trilateral Commission and member of the International Board of The Manhattan School of Music. Mr. Vogel is a Mexican citizen.</font></p>
<p style="margin-top: 0pt; margin-bottom: 9pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Board members </font><font style="font-family: 'Times New Roman';">Ayat, </font><font style="font-family: 'Times New Roman';">Monti, Serra Puche, Speeckaert, Tiuba, V&#225;zquez y V&#225;zquez qualify as independent directors under the U.S. Securities Exchange Act Rule 10A-3(b)(1) and the Company&#8217;s articles of association</font><font style="font-family: 'Times New Roman';">.</font></p>
<p style="margin-top: 0pt; margin-bottom: 9pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Director</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">s&#8217;</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"> Liability</font></p>
<p style="margin-bottom: 9pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Each director must act in the interest of the Company, in accordance with applicable laws, regulations, and the Company&#8217;s articles of association. Directors are also bound by a general duty of care owed to the Company.</font></p>
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<p style="margin: 10pt 0pt; break-after: avoid; font-size: 10pt; text-indent: 0pt;"><font style="font-family: 'Times New Roman';">Under the Luxembourg law of August 10, 1915 on commercial companies, as amended, (the &#8220;</font><font style="font-family: 'Times New Roman'; font-style: italic;">Luxembourg Company Law</font><font style="font-family: 'Times New Roman';">&#8221;), directors may be liable to the Company in accordance with the general law for the execution of their mandate and for any misconduct in the management of the Company&#8217;s affairs. Directors are jointly and severally liable towards either the Company or any third parties from damages resulting from the violation of the Luxembourg Company Law or the Company&#8217;s articles of association. Directors shall be discharged from such liability in the case of a violation to which they were not a party provided no misconduct is attributable to them and such violation has been reported to the first general meeting of shareholders after they have acquired knowledge thereof.</font></p>
<p style="margin-top: 14pt; margin-bottom: 14pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Causes of action against directors for damages may be initiated by the Company upon a resolution of the general shareholders&#8217; meeting passed by a simple majority vote, irrespective of the number of shares represented at the meeting. Causes of action against directors who misappropriate corporate assets or commit a breach of trust may be brought by any shareholder for personal losses different from those of the Company.</font></p>
<p style="margin-top: 14pt; margin-bottom: 14pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">An action may also be brought against the directors on behalf of the Company by shareholders who, at the general meeting which decided </font><font style="font-family: 'Times New Roman';">to</font><font style="font-family: 'Times New Roman';"> discharge such directors or members, owned voting securities representing at least ten percent of the votes attaching to all such securities.</font></p>
<p style="margin-top: 14pt; margin-bottom: 14pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">It is customary in Luxembourg that the shareholders expressly discharge the members of the board of directors from any liability arising out of or in connection with the exercise of their mandate when approving the annual accounts of the Company at the annual general shareholders meeting. However, any such discharge will not release the directors from liability for any damage caused by unrevealed acts of mismanagement or unrevealed breaches of the Luxembourg Company Law or the Company&#8217;s articles of association, nor will it release directors from liability for any personal loss of the shareholders independent and separate from losses suffered by the Company due to a breach either revealed </font><font style="font-family: 'Times New Roman';">or</font><font style="font-family: 'Times New Roman';"> unrevealed of the Luxembourg Company Law or the Company&#8217;s articles of association.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Under Luxembourg law, unless the decision of the board of directors relates to ordinary business entered into under normal conditions, any director having a direct or indirect financial interest conflicting with that of the Company in a transaction which has to be considered by the board of directors, must advise the board thereof and cause a record of her/his statement to be included in the minutes of the meeting and may not take part in the deliberations. At the next following general meeting, before any other resolution is put to vote, a special report must be made on any transactions in which any of the directors may have had an interest conflicting with that of the Company.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Auditors</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The Company&#8217;s articles of association require the appointment of an independent audit firm in accordance with applicable law. The primary responsibility of the auditor is to audit the Company&#8217;s annual accounts and consolidated financial statements and to submit a report on the accounts to shareholders at the annual shareholders&#8217; meeting. In accordance with applicable law, auditors are chosen from among the members of the Luxembourg Institute of Independent Auditors (</font><font style="font-family: 'Times New Roman'; font-style: italic;">Institut des r&#233;viseurs d&#8217;entreprises</font><font style="font-family: 'Times New Roman';">).</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Auditors are appointed by the general shareholders&#8217; meeting upon recommendation from the Company&#8217;s audit committee through a resolution passed by a simple majority vote, irrespective of the number of shares represented at the meeting, to serve one-year renewable terms. Auditors may be dismissed for reasonable cause by the general shareholders&#8217; meeting at any time. Luxembourg law does not allow directors to serve concurrently as external auditors. As part of their duties, auditors report directly to the audit committee.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Pursuant to its charter, the Company&#8217;s audit committee is responsible for, among other things, the oversight of the independence and performance of the Company&#8217;s external auditors. The audit committee is also responsible to consider and make recommendations to the board of directors, to be put to shareholders for approval at the annual general meeting of shareholders, regarding the appointment, re-appointment or removal of the Company&#8217;s external auditors.</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">In addition, the audit committee is responsible to review the appropriateness and provision of permitted non-audit fees and to review and approve any fees (whether for audit, audit-related and non-audit services) payable to the Company&#8217;s external auditors. On a yearly basis, in the performance of its functions, the audit committee considers the appointment of the Company&#8217;s external auditors and reviews, together with management and the external auditor, the audit plan, audit related services and other non-audit services. The audit committee requests the board of directors to submit the audit committee&#8217;s recommendation for the appointment of the Company&#8217;s external</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">auditor</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">for</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">each</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">fiscal year and the</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">payment of applicable</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">fees, for final approval by</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">the general shareholders&#8217; meeting. The general shareholders&#8217; meeting regularly approves audit fees and authorizes the audit committee to approve any increase or reallocation of such audit fees as may be necessary, appropriate or desirable under the circumstances. No services outside the scope of the audit committee&#8217;s approval can be undertaken by the external auditor.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The shareholders&#8217; meeting held on </font><font style="font-family: 'Times New Roman';">June</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">2</font><font style="font-family: 'Times New Roman';">, 20</font><font style="font-family: 'Times New Roman';">20</font><font style="font-family: 'Times New Roman';">, re-appointed PwC Luxembourg as the Company&#8217;s independent approved </font><font style="font-family: 'Times New Roman';">statutory auditor for the fiscal year ended December 31, 20</font><font style="font-family: 'Times New Roman';">20</font><font style="font-family: 'Times New Roman';">. At the next annua</font><font style="font-family: 'Times New Roman';">l general shareholders&#8217; meeting</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">scheduled to be held on May 3, 2021, </font><font style="font-family: 'Times New Roman';">it will be proposed that PwC Luxembourg be re-appointed as the Company&#8217;s independent approved statutory auditors for the fiscal year ending December 31, 202</font><font style="font-family: 'Times New Roman';">1</font><font style="font-family: 'Times New Roman';">.</font></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>72</font></font></td>
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<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
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<p style="margin-top: 0pt; margin-bottom: 12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Senior Management</font></p>
<p style="margin-top: 0pt; margin-left: 17.85pt; margin-bottom: 0pt; text-indent: -17.85pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Our current senior management as of the date of this annual report consists of:</font></p>
<p style="margin-top: 0pt; margin-left: 17.85pt; margin-bottom: 0pt; text-indent: -17.85pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Name</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Position</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Age at </font><br><font style="font-family: 'Times New Roman'; font-weight: bold;">December 31, 2020</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;">&nbsp;</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Mr. Paolo Rocca</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Chairman and Chief Executive Officer</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">68 </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Ms. Alicia M&#243;ndolo</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Chief Financial Officer</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">62 </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Mr. Antonio Caprera</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Chief Industrial Officer</font></p>
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<td style="width: 26.86%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">60 </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Mr. Gabriel Casanova</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Chief Supply Chain Officer</font></p>
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<td style="width: 26.86%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">62 </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Mr. Alejandro Lammertyn</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Chief Digital and Information Officer</font></p>
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<td style="width: 26.86%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">55 </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Ms. Paola Mazzoleni</font></p>
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<td style="width: 38.56%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Chief Human Resources Officer</font></p>
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<td style="width: 26.86%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">44 </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Mr. Marcelo Ramos</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Chief Technology Officer</font></p>
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<td style="width: 26.86%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">57 </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Mr. Vicente Manjarrez</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">President, Andean</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 9pt; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman'; font-size: 9pt;">42</font><font style="font-family: 'Times New Roman';"> </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Mr. Luca Zanotti</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">President, United States</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">53 </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Mr. Sergio de la Maza</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">President, Mexico</font></p>
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<td style="width: 26.86%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">64 </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Mr. Ricardo Prosperi</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">President, Canada</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">58 </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Mr. Renato Catallini</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">President, Brazil</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">54 </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Mr. Javier Mart&#237;nez Alvarez</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">President, Southern Cone</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">54 </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Mr. Gabriel Podskubka</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">President, Eastern Hemisphere</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">47 </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Mr. Michele Della Briotta</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">President, Europe</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">48 </font></p>
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<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; text-decoration: underline;">Paolo Rocca</font><font style="font-family: 'Times New Roman';">. </font><font style="font-family: 'Times New Roman';">Mr. Rocca is the Chairman of the Company&#8217;s board of directors and our Chief Executive Officer. He is a grandson of Agostino Rocca. He is also the chairman of the board of directors of Ternium and a director and President of San Faustin. He is a member of the executive committee of the World Steel Association. Mr. Rocca is an Italian citizen.</font></p>
<p style="margin-top: 14pt; margin-bottom: 14pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; text-decoration: underline;">Alicia M</font><font style="font-family: 'Times New Roman'; text-decoration: underline;">&#243;</font><font style="font-family: 'Times New Roman'; text-decoration: underline;">ndolo</font><font style="font-family: 'Times New Roman';">. Ms. M</font><font style="font-family: 'Times New Roman';">&#243;</font><font style="font-family: 'Times New Roman';">ndolo currently serves as our Chief Financial Officer, a position she assumed in August 2019. Ms. M</font><font style="font-family: 'Times New Roman';">&#243;</font><font style="font-family: 'Times New Roman';">ndolo joined the Techint Group in 1984 and has more than 35 years of experience in accounting and reporting, audit and finance. From 2010 to 2016, she served as </font><font style="font-family: 'Times New Roman';">C</font><font style="font-family: 'Times New Roman';">hief </font><font style="font-family: 'Times New Roman';">A</font><font style="font-family: 'Times New Roman';">udit </font><font style="font-family: 'Times New Roman';">E</font><font style="font-family: 'Times New Roman';">xecutive of Tenaris. Previously and from 2016 to 2019, she served as financial officer in several companies in the Techint Group. Ms. M</font><font style="font-family: 'Times New Roman';">&#243;</font><font style="font-family: 'Times New Roman';">ndolo is an Argentine</font><font style="font-family: 'Times New Roman';"> and Italian</font><font style="font-family: 'Times New Roman';"> citizen.</font></p>
<p style="margin-top: 14pt; margin-bottom: 14pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; text-decoration: underline;">Antonio Caprera</font><font style="font-family: 'Times New Roman';">. Mr. Caprera currently serves as </font><font style="font-family: 'Times New Roman';">our Chief Industrial O</font><font style="font-family: 'Times New Roman';">fficer, a position he assumed in April 2017. He joined the company in 1990. From 2000 to 2006 he served as quality director at Dalmine in Italy, where he later assumed responsibilities as production director until 2012. From that year and until 2015 he served as production director at Siderca in Argentina, after which he assumed responsibilities as global industrial coordinator based in Mexico until March 2017.</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">Mr. Caprera is an Italian citizen.</font></p>
<p style="margin-top: 14pt; margin-bottom: 14pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; text-decoration: underline;">Gabriel Casanova</font><font style="font-family: 'Times New Roman';">. Mr. Casanova currentl</font><font style="font-family: 'Times New Roman';">y serves as our C</font><font style="font-family: 'Times New Roman';">hief </font><font style="font-family: 'Times New Roman';">S</font><font style="font-family: 'Times New Roman';">upply </font><font style="font-family: 'Times New Roman';">C</font><font style="font-family: 'Times New Roman';">hain </font><font style="font-family: 'Times New Roman';">O</font><font style="font-family: 'Times New Roman';">fficer, with responsibility for the execution of all contractual deliveries to customers. After graduating as a marine and mechanical engineer, he joined Siderca&#8217;s export department in 1987. In 1995 he became Siderca&#8217;s Chief Representative in China and from 1997 to 2009 he held several positions in the commercial area in Dalmine. In 2009 he became the head of our supply chain network and in October 2012 he assumed his current position. Mr. Casanova is an Argentine citizen.</font></p>
<p style="margin-top: 14pt; margin-bottom: 14pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; text-decoration: underline;">Alejandro Lammertyn</font><font style="font-family: 'Times New Roman';">. </font><font style="font-family: 'Times New Roman';">Mr. Lammertyn currently serves as our Chief Digital and </font><font style="font-family: 'Times New Roman';">Information</font><font style="font-family: 'Times New Roman';"> Officer. He has served as our Chief Planning and Commercial Coordination Officer since 2013 and assumed additional responsibility for digital strategy and implementation in January 2019. Mr. Lammertyn began his career with Tenaris in 1990. Previously, he served as assistant to the </font><font style="font-family: 'Times New Roman';">c</font><font style="font-family: 'Times New Roman';">hief </font><font style="font-family: 'Times New Roman';">e</font><font style="font-family: 'Times New Roman';">xecutive </font><font style="font-family: 'Times New Roman';">o</font><font style="font-family: 'Times New Roman';">fficer for marketing, organization and mill allocation, </font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';">upply </font><font style="font-family: 'Times New Roman';">c</font><font style="font-family: 'Times New Roman';">hain </font><font style="font-family: 'Times New Roman';">d</font><font style="font-family: 'Times New Roman';">irector, </font><font style="font-family: 'Times New Roman';">c</font><font style="font-family: 'Times New Roman';">ommercial </font><font style="font-family: 'Times New Roman';">d</font><font style="font-family: 'Times New Roman';">irector and Eastern Hemisphere </font><font style="font-family: 'Times New Roman';">a</font><font style="font-family: 'Times New Roman';">rea </font><font style="font-family: 'Times New Roman';">m</font><font style="font-family: 'Times New Roman';">anager. Mr. Lammertyn is an Argentine citizen.</font></p>
<p style="margin-top: 14pt; margin-bottom: 14pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; text-decoration: underline;">Paola Mazzoleni</font><font style="font-family: 'Times New Roman';">. Ms. Mazzoleni currently serves as our </font><font style="font-family: 'Times New Roman';">C</font><font style="font-family: 'Times New Roman';">hief </font><font style="font-family: 'Times New Roman';">H</font><font style="font-family: 'Times New Roman';">uman </font><font style="font-family: 'Times New Roman';">R</font><font style="font-family: 'Times New Roman';">esources </font><font style="font-family: 'Times New Roman';">O</font><font style="font-family: 'Times New Roman';">fficer, a position she assumed on January 1, 2016. After receiving a degree in Philosophy, she started her career in Dalmine in 2001 in the human resources department, working in recruitment and selection. She next coordinated Tenaris&#8217; Global Trainee Program and then served as the regional head in Italy of Tenaris University. Ms. Mazzoleni was appointed as human resources director in Romania in 2008, in Italy in 2012 and in the United States in 2014. Ms. Mazzoleni is an Italian citizen.</font></p>
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<p style="margin-top: 10pt; margin-bottom: 10pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; text-decoration: underline;">Marcelo Ramos</font><font style="font-family: 'Times New Roman';">. Mr.</font><font style="font-family: 'Times New Roman';"> Ramos currently serves as our C</font><font style="font-family: 'Times New Roman';">hief </font><font style="font-family: 'Times New Roman';">T</font><font style="font-family: 'Times New Roman';">echnology </font><font style="font-family: 'Times New Roman';">O</font><font style="font-family: 'Times New Roman';">fficer, with responsibility over technology and quality. Previously he served as corporate quality director and managing director of NKKTubes. He joined the Techint </font><font style="font-family: 'Times New Roman';">G</font><font style="font-family: 'Times New Roman';">roup in 1987 and has held various positions within Tenaris. He assumed his current position in April 2010, when the quality and technology departments were combined. Mr. Ramos is an Argentine citizen.</font></p>
<p style="margin-bottom: 10pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; text-decoration: underline;">Vicente Manjarrez</font><font style="font-family: 'Times New Roman';">. Mr. Manjarrez is currently president of our operations in the Andean Region, Central America and the Caribbean, based in Colombia. He began his career at our Tamsa mill in Veracruz, Mexico in 2003 as part of the maintenance team and eventually adopted a leading role in the expansion of the plant in 2009 as manager of the new rolling mill. In 2015 he moved to Romania to lead the technical sales team before returning to Colombia to take on the role of senior commercial director in 2017. Mr. Manjarrez is a Mexican citizen.</font></p>
<p style="margin-bottom: 10pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; text-decoration: underline;">Luca Zanotti</font><font style="font-family: 'Times New Roman';">. Mr. Zanotti currently serves as president of our operations in the United States. In 2002, he joined Exiros, the procurement company for the Techint Group, as planning and administration director. He was later promoted to raw materials director and in July 2007 became managing director of Exiros, a position he held until 2010. He served as regional manager Europe, and managing director of Dalmine from 2011 to 2015, when he assumed his current position. Before joining the Techint Group, he was a senior manager at A.T. Kearney in Milan, where he worked from 1998 to 2002, and prior to that he held various business development positions in the Far East for Lovato Electric. Mr. Zanotti is an Italian citizen.</font></p>
<p style="margin-bottom: 10pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; text-decoration: underline;">Sergio de la Maza</font><font style="font-family: 'Times New Roman';">. Mr. de la Maza currently serves as our president, Mexico and also serves as managing director and executive vice-president of Tamsa. He first joined Tamsa in 1980. From 1983 to 1988, Mr. de la Maza worked in several positions in Tamsa. He then became manager of Tamsa&#8217;s new pipe factory and later served as manufacturing manager and quality director of Tamsa. Subsequently, he was named manufacturing director of Siderca. He assumed his current position in 2003. </font><font style="font-family: 'Times New Roman';">Mr. de la Maza is a Mexican citizen.</font></p>
<p style="margin-top: 0pt; margin-bottom: 10pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; text-decoration: underline;">Ricardo Prosperi</font><font style="font-family: 'Times New Roman';">. </font><font style="font-family: 'Times New Roman';">Mr. Prosperi currently serves as president of our operations in Canada. He joined the Techint Group in 1985, working in the Siderar planning department. From 1985 to 1998, Mr. Prosperi held several positions in Siderar before becoming the exports general manager of Sidor. He later went on to be the commercial director in Siderar. After a period as president of Ternium Sidor in Venezuela and then International Area Manager for Ternium, he joined Tenaris in 2010, where he has served as president of our operations in the Andean Region, Central America and the Caribbean, based in Colombia. Mr. Prosperi is an Argentine citizen.</font></p>
<p style="margin-bottom: 10pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; text-decoration: underline;">Renato Catallini</font><font style="font-family: 'Times New Roman';">. Mr. Catallini currently serves as president of our operations in Brazil, a position that he assumed in October 2012, after having served as our supply chain director since August 2007. He joined Tenaris in 2001 in the supply management area, as a general manager of Exiros Argentina. In July 2002, he was appointed operations director and subsequently, in January 2005, became managing director of Exiros. Before joining Tenaris, he worked for ten years in the energy sector, wo</font><font style="font-family: 'Times New Roman';">rking for TGN, Nova Gas Internat</font><font style="font-family: 'Times New Roman';">ional, TransCanada Pipelines and TotalFinaElf, among others. Mr. Catallini is an Argentine and Italian citizen.</font></p>
<p style="margin-bottom: 10pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; text-decoration: underline;">Javier Mart&#237;nez </font><font style="font-family: 'Times New Roman'; text-decoration: underline;">&#193;</font><font style="font-family: 'Times New Roman'; text-decoration: underline;">lvarez</font><font style="font-family: 'Times New Roman';">. Mr. Mart&#237;nez &#193;</font><font style="font-family: 'Times New Roman';">lvarez currently serves as president of our operations in the Southern Cone, a position he assumed in June 2010, having previously served as our Andean area manager. He began his career in the </font><font style="font-family: 'Times New Roman';">Techint </font><font style="font-family: 'Times New Roman';">G</font><font style="font-family: 'Times New Roman';">roup in 1990, holding several positions including planning manager of Siderar and commercial director of Ternium-Sidor. In 2006, he joined Tenaris as our Venezuela area manager. Mr. Mart&#237;nez Alvarez is an Argentine citizen.</font></p>
<p style="margin-bottom: 10pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; text-decoration: underline;">Gabriel Podskubka</font><font style="font-family: 'Times New Roman';">. Mr. Podskubka currently serves as president of our operations in the Eastern Hemisphere, based in Dubai. He assumed his current position in April 2013 after serving as the head of our operations in Eastern Europe for four years. After graduating as an industrial engineer Mr. Podskubka joined the Techint </font><font style="font-family: 'Times New Roman';">G</font><font style="font-family: 'Times New Roman';">roup in 1995 in the marketing department of Siderca. He held various positions in the marketing, commercial, and industrial areas until he was appointed as oil &amp; gas sales director in the United States in 2006. Mr. Podskubka is an Argentine citizen.</font></p>
<p style="margin-bottom: 10pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; text-decoration: underline;">Michele Della Briotta</font><font style="font-family: 'Times New Roman';">. Mr. Della Briotta currently serves as president of our operations in Europe, a position he assumed in July 2016. He first joined Tenaris in 1997 and has worked in areas such as industrial planning, operations, supply chain and commercial in Italy, Mexico, Argentina and the United States. Most recently he served as Tenaris&#8217;s area manager for Romania. Mr. Della Briotta is an Italian citizen.</font></p>
<p style="margin-bottom: 10pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">B.</font><font style="width: 26.83pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">Compensation</font></p>
<p style="margin-top: 0pt; margin-bottom: 10pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The compensation payable to the members of the Company&#8217;s board of directors for their performance of their services to the Company is determined at the annual ordinary general shareholders&#8217; meeting. The general meeting of shareholders held on </font><font style="font-family: 'Times New Roman';">June 2, 2020,</font><font style="font-family: 'Times New Roman';">&nbsp;approved the compensation paid to directors for the performance of their du</font><font style="font-family: 'Times New Roman';">ties during the fiscal year 2020</font><font style="font-family: 'Times New Roman';">&nbsp;and resolved that (i) each director receive a fixed co</font><font style="font-family: 'Times New Roman';">mpensation for an amount of $97,</font><font style="font-family: 'Times New Roman';">7</font><font style="font-family: 'Times New Roman';">50</font><font style="font-family: 'Times New Roman';">; (ii) each director who is also a member of the Company&#8217;s audit committee receives an additional fee of $</font><font style="font-family: 'Times New Roman';">46,75</font><font style="font-family: 'Times New Roman';">0</font><font style="font-family: 'Times New Roman';">; and</font><font style="font-family: 'Times New Roman';"> (iii) the chair</font><font style="font-family: 'Times New Roman';">person</font><font style="font-family: 'Times New Roman';"> of the Company&#8217;s audit committee </font><font style="font-family: 'Times New Roman';">receives</font><font style="font-family: 'Times New Roman';"> an additional fee of $8,5</font><font style="font-family: 'Times New Roman';">00. No variable compensation has been paid or shall be payable to directors for servic</font><font style="font-family: 'Times New Roman';">es rendered during the year 2020</font><font style="font-family: 'Times New Roman';"> and no long-term incentive or pension plan is available to directors.</font></p>
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<p><br></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The compensation paid to the Company&#8217;s </font><font style="font-family: 'Times New Roman';">managing director or chief executive officer </font><font style="font-family: 'Times New Roman';">is determined by the board of directors. The </font><font style="font-family: 'Times New Roman';">cash compensation paid or payable to chief executive officer for the performance of</font><font style="font-family: 'Times New Roman';"> his duties during the year 2020 amounts to $5.6</font><font style="font-family: 'Times New Roman';"> million, of which $3 million correspo</font><font style="font-family: 'Times New Roman';">nds to fixed compensation and $2.6</font><font style="font-family: 'Times New Roman';"> million corresponds to variable compensation. No long-term incentive or pension plan is awarded to the chief executive officer</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The aggregate cash compensation paid to all directors and senior managers </font><font style="font-family: 'Times New Roman';">of the Company for the year 2020 amounted to $27.4</font><font style="font-family: 'Times New Roman';"> million. This amount includes cash benefits paid to certain senior managers in connection with pre-existing retirement plans. In addition, senior man</font><font style="font-family: 'Times New Roman';">agers received for the year 2020, 522</font><font style="font-family: 'Times New Roman';">,000</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">units for a total amount of $5.0</font><font style="font-family: 'Times New Roman';"> million in connection wit</font><font style="font-family: 'Times New Roman';">h the e</font><font style="font-family: 'Times New Roman';">mployee retention and long-term incentive program described in note </font><font style="font-family: 'Times New Roman';">II.P.</font><font style="font-family: 'Times New Roman';">3 &#8220;Employee benefits - Other long</font><font style="font-family: 'Times New Roman';">-</font><font style="font-family: 'Times New Roman';">term benefits&#8221; to our audited consolidated financial statements included in this annual report.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The Luxembourg Parliament enacted the Luxembourg Law of August 1, 2019 (amending the Luxembourg Law of May 24, 2011) (the &#8220;Shareholders&#8217; Rights Law&#8221;) on the exercise of certain rights of shareholders in general meetings of listed companies, which transposes EU Directive 2017/828 of the European Parliament and of the Council of May 17, 2017 (amending Directive 2007/36/EC) regarding the encouragement of long-term shareholder engagement in listed companies within the Membe</font><font style="font-family: 'Times New Roman';">r States of the European Union.</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">The Shareholders&#8217; Rights Law requires EU listed companies to adopt a Compensation Policy setting forth the principles and guidelines for purposes of determining the compensation payable to the members of the Company&#8217;s board of directors and the managing director or chief executive officer and annual Compensation Reports describing the annual compensation paid to directors and the chief executive officer for the performance of their duties.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The Company&#8217;s board of directors approved, at its meeting held on April 29, 2020, the Compensation Policy of the Company, which was submitted to an advisory non-binding vote at the shareholders meeting held on June 2, 2020, and approved by majority vote. The Compensation Policy is available on the Company&#8217;s website and will be submitted to the non-binding vote of the shareholders every four years, to the extent required by Luxembourg law, or in the event of a material amendment thereto.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In addition, on March 29, 2021, the Company&#8217;s board of directors approved the 2020 Compensation Report, which is available on the Company&#8217;s website and will be submitted to the non-binding vote of the shareholders at the next general meeting of shareholders scheduled to be held on May 3, 2021.</font></p>
<p style="margin-top: 18pt; margin-left: 28.35pt; margin-bottom: 12pt; text-indent: -28.35pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">C.</font><font style="width: 18.63pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">Board Practices</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">See A. &#8220;&#8211; Directors and Senior Management &#8211; Board of Directors</font><font style="font-family: 'Times New Roman';">&#8221;</font><font style="font-family: 'Times New Roman';">.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-style: italic;">Audit Committee</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Pursuant to the Company&#8217;s articles of association, as supplemented by the audit committee&#8217;s charter, for as long as </font><font style="font-family: 'Times New Roman';">the Company&#8217;s</font><font style="font-family: 'Times New Roman';"> shares are listed on at least one regulated market, the Company must have an audit committee composed of at least three members, the majority of whom must qualify as </font><font style="font-family: 'Times New Roman';">independent</font><font style="font-family: 'Times New Roman';"> directors, provided, however, that the composition and membership of the audit committee shall satisfy such requirements as are applicable to, and mandatory for, audit committees of issuers such as the Company under any law, rule or regulation applicable to the Company (including, without limitation, the applicable laws, rules and regulations of such regulated market or markets).</font></p>
<p style="margin-top: 0pt; margin-bottom: 10pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Under the Company&#8217;s articles of association, an independ</font><font style="font-family: 'Times New Roman';">ent director is a director who:</font></p>
<ul type="disc" style="margin: 0pt; padding-left: 0pt;">
<li style="margin-left: 8.68pt; margin-bottom: 10pt; padding-left: 19.67pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">is not and has not been employed by us or our subsidiaries in an executive capacity f</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">or the preceding five years;</font></li>
<li style="margin-left: 8.68pt; margin-bottom: 10pt; padding-left: 19.67pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">is not a person that controls us, directly or indirectly, and is not a member of the board of directors of a company controlling us, directly or indirectly;</font></li>
<li style="margin-left: 8.68pt; margin-bottom: 10pt; padding-left: 19.67pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">does not have (and is not affiliated with a company or a firm that has) a significant business relationship with us, our subsidiaries </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">or our controlling shareholder;</font></li>
<li style="margin-left: 8.68pt; margin-bottom: 10pt; padding-left: 19.67pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">is not and has not been affiliated with or employed by a present or former auditor of us, our subsidiaries or our controlling shareholder for the preceding five years; </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">and</font></li>
<li style="margin-left: 8.68pt; margin-bottom: 10pt; padding-left: 19.67pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">is not a spouse, parent, sibling or relative up to the third degree of any of the above persons.</font></li>
</ul>
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<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>75</font></font></td>
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<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
</div>
<p style="margin: 0px; font-size: 10pt; text-indent: 0px;"><font style="font-family: 'Times New Roman';"><br></font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The audit committee of the Company&#8217;s board of directors currently consists of four members: Mr. Roberto Monti, Mr. Jaime Jos&#233; Serra Puche, Ms. M&#243;nica Tiuba and Mr. Amadeo V&#225;zquez y V&#225;zquez, who were appointed to the audit committee by the Company&#8217;s board of directors on June 3, 2020. As of the date of this annual report, all members of the audit committee qualify as independent directors both for purposes of the U.S. Securities Exchange Act Rule 10A-3(b)(1), and under the Company&#8217;s articles of association. The board of directors of the Company has determined that Ms. Tiuba qualifies as &#8220;audit committee financial expert&#8221; under applicable SEC rules and has competence in accounting or auditing matters, as required by applicable Luxembourg law. In addition, the membership of the audit committee as a whole has sufficient relevant knowledge of the business and financial experience to properly discharge its functions.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The audit committee operates under a charter which has been amended and restated by the board of directors on </font><font style="font-family: 'Times New Roman';">October</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">3</font><font style="font-family: 'Times New Roman';">1, 201</font><font style="font-family: 'Times New Roman';">8</font><font style="font-family: 'Times New Roman';">, to implement adequate procedures to discharge the audit committee&#8217;s duties and responsibilities under applicable law, including the </font><font style="font-family: 'Times New Roman';">Luxembourg </font><font style="font-family: 'Times New Roman';">L</font><font style="font-family: 'Times New Roman';">aw of July 23, 2016, concerning the audit </font><font style="font-family: 'Times New Roman';">profession (&#8220;Audit Reform Law&#8221;).</font><font style="font-family: 'Times New Roman';"> The audit committee assists the board of directors in its oversight responsibilities relating to (i) the integrity of the</font><font style="font-family: 'Times New Roman';"> Company&#8217;s financial statements; (ii) the effectiveness of the Company&#8217;s systems of internal control, risk management and internal audit over financial reporting; and (iii) the independence and performance of the Company&#8217;s external auditors. The audit committee also performs other duties entrusted to it by the Company&#8217;s board of directors or required to be performed by it under applicable laws and regulations.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In addition, the au</font><font style="font-family: 'Times New Roman';">dit committee is required by the Company&#8217;s articles of association to review &#8220;material transactions&#8221;, as such term is defined under the Company&#8217;s articles of association</font><font style="font-family: 'Times New Roman';"> and audit committee&#8217;s charter, between </font><font style="font-family: 'Times New Roman';">the Company or its subsidiaries </font><font style="font-family: 'Times New Roman';">and</font><font style="font-family: 'Times New Roman';"> &#8220;related parties&#8221;, as such term is defined in the Company&#8217;s articles of association, in order to determine whether their terms are consistent with market conditions or are otherwise fair to the Company and/or its subsidiaries. In the case of material transactions entered into by the Company&#8217;s subsidiaries with related parties, the Company&#8217;s audit committee </font><font style="font-family: 'Times New Roman';">is only required to</font><font style="font-family: 'Times New Roman';"> review transactions entered into by those subsidiaries whose boards of directors do not have independent members.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Under the Company&#8217;s articles of association, as supplemented by the audit committee&#8217;s charter, a "material transaction" is:</font></p>
<ul type="disc" style="margin: 0pt; padding-left: 0pt;">
<li style="margin-left: 8.68pt; margin-bottom: 12pt; padding-left: 19.67pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">any transaction between the Company or its subsidiaries with related parties (</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">i</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">) with an individual value equal to or greater than $10 million, or (</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ii</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">) with an individual value lower than $10 million, when the aggregate sum &#8211; as reflected in the financial statements of the four fiscal quarters of the Company preceding the date of determination- of any series of transactions for such lower value that can be deemed to be parts of a unique or single transaction (but excluding any transactions that were reviewed and approved by Company&#8217;s audit committee or board of directors, as applicable, or the independent members of the board of directors of any of its subsidiaries) exceeds 1.5% of the Company&#8217;s consolidated net sales made in the fiscal year preceding the year on w</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">hich the determination is made;</font></li>
<li style="margin-left: 8.68pt; margin-bottom: 12pt; padding-left: 19.67pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">any corporate reorganization transaction (including a merger, spin-off or bulk transfer of a business) affecting the Company for the benefit of, or involving, a related party; </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">and</font></li>
<li style="margin-left: 8.68pt; margin-bottom: 12pt; padding-left: 19.67pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">any corporate reorganization transaction (including a merger, spin-off or bulk transfer of a business) not reviewed and approved by the independent members of the board of directors of any of the Company&#8217;s direct or indirect subsidiaries, affecting any of the Company&#8217;s direct or indirect subsidiaries for the benefit of, or involving, a related party.</font></li>
</ul>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">A &#8220;related party&#8221; is, in relation to the Company or its direct or indirect subsidiaries, any of the following persons: (i) a member of the board of directors of the Company or of the board of directors or other governing body of any of the Company&#8217;s subsidiaries; (ii) any company or person that controls directly or indirectly the Company or is a member of the board of directors or other governing body of an entity that controls directly or indirectly the Company; (iii) any entity that directly or indirectly controls or is under common control with the Company (other than the Company&#8217;s subsidiaries); (iv) any entity directly or indirectly controlled by any member of the board of directors of the Company, or of the board of directors or other governing body of any subsidiary of the Company; and (v) any spouses, parents, siblings or relatives up to the third degree of, and any person that shares a home with, any person referred to in (i) or (ii).</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The audit committee has the power (to the maximum extent permitted by applicable laws) to request that the Company or </font><font style="font-family: 'Times New Roman';">relevant</font><font style="font-family: 'Times New Roman';"> subsidiary promptly provide all information necessary for the audit committee to assess the material transactions with related parties that it is required to review. A material related party transaction shall not be entered into without prior review by the Company&#8217;s audit committee and subsequent approval by the board of directors unless (i) the circumstances underlying the proposed transaction justify that it be entered into before the time it can actually be reviewed by the Company&#8217;s audit committee or approved by the board of directors and (ii) the related party agrees to unwind the transaction if the Company&#8217;s board of</font><font style="font-family: 'Times New Roman';"> directors does not approve it.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The audit committee has the authority to conduct any investigation appropriate to the fulfillment of its responsibilities and has direct access to the Company&#8217;s external auditors as well as anyone in the Company and, subject to applicable laws and regulations, its subsidiaries. In addition, the audit committee may engage, at the Company&#8217;s expense, independent counsel and other internal or external advisors to review, investigate or otherwise advise on, any matter as the committee may determine to be necessary to carry out its purposes and responsibilities.</font></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>76</font></font></td>
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<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
</div>
<p style="margin-top: 14pt; margin-bottom: 14pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In addition, the Company has established at management-level a critical risk committee (&#8220;CRC&#8221;) that assists the Company&#8217;s board of directors, the audit committee and the Chief Executive Officer in connection with the monitoring, assessment and review of risks to which Tenaris is exposed and in the oversight of the risk management framework and processes, with a focus on critical risks (including cybersecurity, environmental, health and safety, product liability, intellectual property, financial reporting and regulatory risks), the development of mitigating actions, and the monitoring of action plans. The critical risk committee periodically reports to the board of directors, the audit committee and the Chief Execu</font><font style="font-family: 'Times New Roman';">tive Officer on its activities.</font></p>
<p style="margin-top: 2pt; margin-bottom: 2pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">More recently, the CRC has focused its attention on the preventive measures and mitigating actions in response to the COVID-19 outbreak and global economic crisis and on preventive measures to protect the Company from potential cyberattacks.</font></p>
<p style="margin-top: 18pt; margin-left: 28.35pt; margin-bottom: 12pt; text-indent: -28.35pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">D.</font><font style="width: 18.63pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">Employees</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The following table shows the number of persons employed by Tenaris</font><font style="font-family: 'Times New Roman';"> as of December 31</font><font style="font-family: 'Times New Roman';">:</font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; height: 227px; width: 100%;" width="100%">

<tr style="height: 15px;">
<td style="width: 163.2pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="width: 60.2pt; border-left: 1.5pt solid #ffffff; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 4.65pt; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">2020</font></p>
</td>
<td style="width: 60.2pt; border-left: 1.5pt solid #ffffff; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 4.65pt; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">2019</font></p>
</td>
<td style="width: 60.2pt; border-left: 1.5pt solid #ffffff; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 4.65pt; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">2018</font></p>
</td>
</tr>
<tr style="height: 15px;">
<td style="width: 163.2pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="width: 60.2pt; border-left: 1.5pt solid #ffffff; padding-right: 5.4pt; padding-left: 4.65pt; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
</td>
<td style="width: 60.2pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="width: 60.2pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 9pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="width: 163.2pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><font style="font-size: 9pt;">Mexico</font></td>
<td style="width: 60.2pt; border-right: 1.5pt solid #ffffff; border-left: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 4.65pt; vertical-align: bottom; text-align: right; height: 17px; background-color: #cceeff;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 9pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">4,501</font></td>
<td style="width: 60.2pt; border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; text-align: right; height: 17px; background-color: #cceeff;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 9pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">5,370</font></td>
<td style="width: 60.2pt; border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; text-align: right; height: 17px; background-color: #cceeff;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 9pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">5,595</font></td>
</tr>
<tr style="height: 15px;">
<td style="width: 163.2pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Argentina</font></p>
</td>
<td style="width: 60.2pt; border-right: 1.5pt solid #ffffff; border-left: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 4.65pt; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">4,376 </font></p>
</td>
<td style="width: 60.2pt; border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">5,405 </font></p>
</td>
<td style="width: 60.2pt; border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">5,427 </font></p>
</td>
</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="width: 163.2pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Italy</font></p>
</td>
<td style="width: 60.2pt; border-right: 1.5pt solid #ffffff; border-left: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 4.65pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">2,039 </font></p>
</td>
<td style="width: 60.2pt; border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">2,144 </font></p>
</td>
<td style="width: 60.2pt; border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">2,155 </font></p>
</td>
</tr>
<tr style="height: 15px;">
<td style="width: 163.2pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">USA</font></p>
</td>
<td style="width: 60.2pt; border-right: 1.5pt solid #ffffff; border-left: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 4.65pt; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">1,596 </font></p>
</td>
<td style="width: 60.2pt; border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">2,255 </font></p>
</td>
<td style="width: 60.2pt; border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">2,382 </font></p>
</td>
</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="width: 163.2pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Romania</font></p>
</td>
<td style="width: 60.2pt; border-right: 1.5pt solid #ffffff; border-left: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 4.65pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">1,552 </font></p>
</td>
<td style="width: 60.2pt; border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">1,815 </font></p>
</td>
<td style="width: 60.2pt; border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">1,852 </font></p>
</td>
</tr>
<tr style="height: 15px;">
<td style="width: 163.2pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Brazil</font></p>
</td>
<td style="width: 60.2pt; border-right: 1.5pt solid #ffffff; border-left: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 4.65pt; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">1,360 </font></p>
</td>
<td style="width: 60.2pt; border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">1,360 </font></p>
</td>
<td style="width: 60.2pt; border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">1,287 </font></p>
</td>
</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="width: 163.2pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Colombia</font></p>
</td>
<td style="width: 60.2pt; border-right: 1.5pt solid #ffffff; border-left: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 4.65pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">746 </font></p>
</td>
<td style="width: 60.2pt; border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">1,040 </font></p>
</td>
<td style="width: 60.2pt; border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">1,082 </font></p>
</td>
</tr>
<tr style="height: 15px;">
<td style="width: 163.2pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Canada</font></p>
</td>
<td style="width: 60.2pt; border-right: 1.5pt solid #ffffff; border-left: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 4.65pt; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">561 </font></p>
</td>
<td style="width: 60.2pt; border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">772 </font></p>
</td>
<td style="width: 60.2pt; border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">1,030 </font></p>
</td>
</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="width: 163.2pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Indonesia</font></p>
</td>
<td style="width: 60.2pt; border-right: 1.5pt solid #ffffff; border-left: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 4.65pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">521 </font></p>
</td>
<td style="width: 60.2pt; border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">616 </font></p>
</td>
<td style="width: 60.2pt; border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">554 </font></p>
</td>
</tr>
<tr style="height: 15px;">
<td style="width: 163.2pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Japan</font></p>
</td>
<td style="width: 60.2pt; border-right: 1.5pt solid #ffffff; border-left: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 4.65pt; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">399 </font></p>
</td>
<td style="width: 60.2pt; border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">400 </font></p>
</td>
<td style="width: 60.2pt; border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">399 </font></p>
</td>
</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="width: 163.2pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Other Countries</font></p>
</td>
<td style="width: 60.2pt; border-right: 1.5pt solid #ffffff; border-left: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 4.65pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">1,377 </font></p>
</td>
<td style="width: 60.2pt; border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">2,023 </font></p>
</td>
<td style="width: 60.2pt; border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">1,204 </font></p>
</td>
</tr>
<tr style="height: 15px;">
<td style="width: 163.2pt; border-top: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font></p>
</td>
<td style="width: 60.2pt; border-top: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman'; font-weight: bold;">19,028 </font></p>
</td>
<td style="width: 60.2pt; border-top: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman'; font-weight: bold;">23,200 </font></p>
</td>
<td style="width: 60.2pt; border-top: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman'; font-weight: bold;">22,967 </font></p>
</td>
</tr>

</table>
<p style="margin: 0px; font-size: 10pt; text-indent: 0px;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"><br></font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In order to mitigate the impact of expected lower sales, caused by the COVID-19 pandemic and the oil and gas crisis,&nbsp;Tenaris implemented a worldwide restructuring program and cost containment plan aimed at preserving its financial resources and overall liquidity position and maintaining the continuity of its operations.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The actions included, among others: adjusting the level of our operations and workforce around the world -including the temporary closure of certain facilities or production lines- and reducing our fixed cost structure, including pay reductions for senior management and board members.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Approximately two-thirds of our employees are unionized. In all the countries we have presence, we operate in full respect of the institutional rules and local norms, generating recognized agreements among all the parties involved. We forge our relations with the unions based on the premise of an open dialogue and a rich interchange of proposals.</font></p>
<p style="margin-top: 18pt; margin-left: 28.35pt; margin-bottom: 12pt; text-indent: -28.35pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">E.</font><font style="width: 19.18pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">Share Ownership</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">To our knowledge, the total number of </font><font style="font-family: 'Times New Roman';">shares</font><font style="font-family: 'Times New Roman';"> (in the form of ordinary shares or ADSs) beneficially owned by our directors and senior management as of the date of this annual report was </font><font style="font-family: 'Times New Roman';">921</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';">603</font><font style="font-family: 'Times New Roman';">, which represents 0.</font><font style="font-family: 'Times New Roman';">0</font><font style="font-family: 'Times New Roman';">8</font><font style="font-family: 'Times New Roman';">% of our outstanding </font><font style="font-family: 'Times New Roman';">shares</font><font style="font-family: 'Times New Roman';">.</font></p>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>77</font></font></td>
</tr>

</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
</div>
<p style="margin: 0px; font-size: 10pt; text-indent: 0px;"><font style="font-family: 'Times New Roman';"><br></font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The </font><font style="font-family: 'Times New Roman';">following</font><font style="font-family: 'Times New Roman';"> table provides information regarding share ownership by our directors and senior management:</font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; height: 90px; width: 100%;" width="100%">

<tr style="height: 15px;">
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Director or Officer</font></p>
</td>
<td style="border-left: 1.5pt solid #ffffff; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 4.65pt; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Number of Shares Held</font></p>
</td>
</tr>
<tr style="height: 15px;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="border-left: 1.5pt solid #ffffff; padding-right: 5.4pt; padding-left: 4.65pt; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
</td>
</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Guillermo Vogel</font></p>
</td>
<td style="border-left: 1.5pt solid #ffffff; padding-right: 5.4pt; padding-left: 4.65pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">850,446 </font></p>
</td>
</tr>
<tr style="height: 15px;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Carlos Condorelli</font></p>
</td>
<td style="border-left: 1.5pt solid #ffffff; padding-right: 5.4pt; padding-left: 4.65pt; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">67,211 </font></p>
</td>
</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Gabriel Podskubka</font></p>
</td>
<td style="border-left: 1.5pt solid #ffffff; padding-right: 5.4pt; padding-left: 4.65pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">3,946 </font></p>
</td>
</tr>
<tr style="height: 15px;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Total</font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-left: 1.5pt solid #ffffff; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 4.65pt; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman'; font-weight: bold;">921,603 </font></p>
</td>
</tr>

</table>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><br></p>
<div style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Item</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">7.</font><font style="width: 6.01pt; display: inline-block;">&nbsp;</font><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#" name="BI_ZX8D11AN6O00000000000000000000" class="customBookmark"><font style="font-family: 'Times New Roman'; font-weight: bold;">Major Shareholders and Related Party Transactions</font></a></div>
<p style="margin-top: 18pt; margin-left: 28.35pt; margin-bottom: 18pt; text-indent: -28.35pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">A.</font><font style="width: 18.63pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">Major Shareholders</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The following table shows the beneficial ownership of </font><font style="font-family: 'Times New Roman';">our securities (in the form of </font><font style="font-family: 'Times New Roman';">shares</font><font style="font-family: 'Times New Roman';"> or ADSs)</font><font style="font-family: 'Times New Roman';"> by (1) the Company&#8217;s major shareholders (persons or entities that have notified the Company of holdings in excess of 5% of the Company&#8217;s share capital), non-affiliated public shareholders, and (2) the Company&#8217;s directors and senior management as a group. The information below is based on the most recent information provided to the Company.</font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; height: 91px; width: 100%;" width="100%">

<tr style="height: 15px;">
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Identity of Person or Group</font></p>
</td>
<td style="border-right: 1.5pt solid #ffffff; border-left: 1.5pt solid #ffffff; border-bottom: 0.75pt solid #000000; padding-right: 4.65pt; padding-left: 4.65pt; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Number</font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Percent</font></p>
</td>
</tr>
<tr style="height: 15px;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="border-left: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 4.65pt; vertical-align: bottom; height: 15px; border-right: 1.5pt solid #ffffff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 60%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-family: 'Times New Roman';">San Faustin</font><font style="font-family: 'Times New Roman'; font-size: 6pt; vertical-align: super;"> (1)</font><font style="font-family: 'Times New Roman';"> </font></p>
</td>
<td style="border-left: 1.5pt solid #ffffff; padding-right: 5.4pt; padding-left: 4.65pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 20%; border-right: 1.5pt solid #ffffff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">713,605,187 </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 20%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman';">60.45%</font></p>
</td>
</tr>
<tr style="height: 15px;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Directors and senior management as a group</font></p>
</td>
<td style="border-left: 1.5pt solid #ffffff; padding-right: 5.4pt; padding-left: 4.65pt; vertical-align: bottom; height: 15px; border-right: 1.5pt solid #ffffff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">921,603 </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman';">0.08%</font></p>
</td>
</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Public </font></p>
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<td style="border-left: 1.5pt solid #ffffff; padding-right: 5.4pt; padding-left: 4.65pt; vertical-align: bottom; height: 15px; background-color: #cceeff; border-right: 1.5pt solid #ffffff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">466,010,040 </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman';">39.47%</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Total</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman'; font-weight: bold;">1,180,536,830 </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">100.00%</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">__________</font></p>
<p style="margin-top: 0pt; margin-left: 14.2pt; margin-bottom: 12pt; text-indent: -14.2pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 5.33pt; vertical-align: super;">(1)</font><font style="width: 4.87pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman';">San Faustin owns all of its shares in the Company through its wholly-owned subsidiary Techint Holdings </font><font style="font-family: 'Times New Roman';">S.&#224; r.l.</font><font style="font-family: 'Times New Roman';"> The private foundation </font><font style="font-family: 'Times New Roman';">located in the Netherlands </font><font style="font-family: 'Times New Roman';">RP STAK holds voting rights in San Faustin sufficient</font><font style="font-family: 'Times New Roman';"> in number</font><font style="font-family: 'Times New Roman';"> to control San Faustin. No person or group of persons controls RP STAK.</font></p>
<p style="margin-top: 14pt; margin-bottom: 14pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The voting rights of the Company&#8217;s major shareholders do not differ from the voting rights of other shareholders. None of its outstanding shares have any special control rights. There are no restrictions on voting rights, nor are there, to the Company&#8217;s knowledge, any agreements among shareholders of the Company that might result in restrictions on the transfer of securities or the exercise of voting rights.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The Company does not know of any significant agreements or other arrangements to which the Company is a party and which take effect, alter or terminate in the event of a change of control of the Company. The Company does not know of any arrangements, the operation o</font><font style="font-family: 'Times New Roman';">f which may at a later</font><font style="font-family: 'Times New Roman';"> date result in a change of control of the Company.</font></p>
<p style="margin-top: 18pt; margin-left: 28.35pt; margin-bottom: 12pt; text-indent: -28.35pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">B.</font><font style="width: 19.18pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">Related Party Transactions</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Tenaris is a party to several related party transactions as described </font><font style="font-family: 'Times New Roman';">in Note </font><font style="font-family: 'Times New Roman';">29</font><font style="font-family: 'Times New Roman';"> &#8220;Related party transactions&#8221; to our Consolidated Financial Statements included in this annual report. </font><font style="font-family: 'Times New Roman';">Material related party transactions are subject to the review of the audit committee of the Company&#8217;s board of directors and the requirements of Luxembourg law. For further </font><font style="font-family: 'Times New Roman';">details on the approval process for related party transactions, see Item</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">6.C. &#8220;Directors, Senior Management and Employees &#8211; Board Practices &#8211; Audit Committee</font><font style="font-family: 'Times New Roman';">&#8221;</font><font style="font-family: 'Times New Roman';">.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Purchases of Steel Products and Raw Materials</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In the ordinary course of business, we purchase round steel bars, flat steel products and other raw materials from Ternium or its subsidiaries. These purchases are made on similar terms and conditions as sales made by these companies to unrelated third parties. These transactions include:</font></p>
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<p style="margin: 0px; break-after: avoid; font-size: 10pt; text-indent: 0px;"><font style="font-family: 'Times New Roman';"><br></font></p>
<ul type="disc" style="margin: 0pt; padding-left: 0pt;">
<li style="margin-left: 8.68pt; margin-bottom: 12pt; padding-left: 19.67pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Purchases of round steel bars made under a long-term agreement, for use in our seamless steel pipe operations in Mexico, which </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">amounted to $51 million in 2019 and</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> $102 million in </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">2018.</font></li>
<li style="margin-left: 8.68pt; margin-bottom: 12pt; padding-left: 19.67pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Purchases of flat steel products for use in the production of welded pipes and accessories, which amounted to </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">$13 million in 2020, $20 million in 2019 and</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> $38 million in 2018</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font></li>
<li style="margin-left: 8.68pt; margin-bottom: 12pt; padding-left: 19.67pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Purchases of scrap and other raw materials for use in the production of seamless pipes, which amou</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">nted to</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">$2 million in 2020, $4 </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">million in 2019 and $2 million in 2018.</font></li>
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<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In the ordinary course of business, we purchase flat steel products for use in our welded steel pipe operations, from Usiminas. These purchases, which are made on similar terms and conditions as sales made by this company to unrelated third parties, amounted to </font><font style="font-family: 'Times New Roman';">$20 million in 2020, $59 million in 2019 and</font><font style="font-family: 'Times New Roman';"> $68 million in 2018</font><font style="font-family: 'Times New Roman';">.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Sales of Raw Materials</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In the ordinary course of business, we sell raw materials and other production inputs to Ternium or its subsidiaries. These sales are made on similar terms and conditions as purchases made by these companies from unrelated third parties. These transactions include:</font></p>
<ul type="disc" style="margin: 0pt; padding-left: 0pt;">
<li style="margin-left: 8.68pt; margin-bottom: 12pt; padding-left: 19.67pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Sales of ferrous scrap, and other raw materials, which amounted to </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">$15</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> million in 20</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">20</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">$17 million in 2019 and </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">$11 million in 2018</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">.</font></li>
<li style="margin-left: 8.68pt; margin-bottom: 12pt; padding-left: 19.67pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Sales of steam and operational services from our Argentine electric power generating facility in San Nicol&#225;s. These sales amounted to $1 million in 2019</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> and</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> $13 million in 2018</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">.</font><font style="font-family: 'Times New Roman'; font-size: 12pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">On January 29, 2019, the electric power generation facility was shut down.</font></li>
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<p style="margin-top: 0pt; margin-bottom: 12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Purchase Agency Services and Sales of Materials</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Exiros B.V. (&#8220;Exiros&#8221;), in which we have 50% share ownership and Ternium has the remaining 50% share ownership, provides purchase agency services and raw materials and other products to various&nbsp;companies controlled by or under the significant influence of San Faustin. Pursuant to the Exiros shareholders&#8217; agreement, Tenaris recognizes Exiros&#8217; assets, liabilities, revenue and expenses in relation to its interest in the joint operation. Exiros&#8217; total sales to companies controlled by San Faustin totaled </font><font style="font-family: 'Times New Roman';">$9</font><font style="font-family: 'Times New Roman';"> million in 2020,</font><font style="font-family: 'Times New Roman';"> $16 million in 2019 and $16 million in 2018.</font></p>
<p style="margin-top: 14pt; margin-bottom: 14pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Supply of Electric Energy</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Techgen, which is currently owned 48% by Ternium, 30% by Tecpetrol and 22% by Tenaris, operates an electric power plant in Pesquer&#237;a, Mexico. Techgen became fully operational on December 1, 2016. Ternium and Tenaris currently contract 78% and 22%, respectively, of Techgen&#8217;s power capacity. Techgen sells to third parties on behalf of Tenaris the unused electricity that Tenaris purchased from Techgen.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Techgen net sales of electricity to Tenaris amounted to $4</font><font style="font-family: 'Times New Roman';">8</font><font style="font-family: 'Times New Roman';"> million in 2020</font><font style="font-family: 'Times New Roman';">, $40 million in 2019 and $36 million in 2018.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Supply of Natural Gas</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">We are party to contracts with Tecpetrol, TGN, Litoral Gas and Energy Consulting Services relating to the supply of natural gas to our operations in Argentina. Tecpetrol is a company controlled by San Faustin, engaged in oil and gas exploration and production and has rights to various oil and gas fields in Argentina and elsewhere in Latin America. TGN, a company in which San Faustin has joint control since October 2019, operates two major pipelines in Argentina connecting the major gas basins of Neuqu&#233;n and Noroeste-Bolivia to the major consumption centers in Argentina, Litoral Gas is a company that holds the regional license for gas and distribution in the Province of Santa Fe and in the northeastern section of the Province of Buenos Aires. Energy Consulting Services is a company engaged in energy and management consulting, representing one of the major natural gas traders in Argentina. San Faustin holds significant but </font><font style="font-family: 'Times New Roman';">non-controlling interests in Litoral Gas and Energy Consulting Services and also held significant but non-controlling interests in TGN until October 2019.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Tecpetrol supplies Siderca with natural gas requirements under market conditions and according to local regulations. Tecpetrol</font><font style="font-family: 'Times New Roman';">&#8217;s sales to Tenaris amounted to</font><font style="font-family: 'Times New Roman';"> $</font><font style="font-family: 'Times New Roman';">12</font><font style="font-family: 'Times New Roman';"> million in 20</font><font style="font-family: 'Times New Roman';">20</font><font style="font-family: 'Times New Roman';">, </font><font style="font-family: 'Times New Roman';">$49 million in 2019 and </font><font style="font-family: 'Times New Roman';">$95 million in 2018</font><font style="font-family: 'Times New Roman';">.</font></p>
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<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">TGN charges Siderca a price to transport its natural gas supplies that is equivalent on a comparable basis to prices paid by other industrial users. The Argentine government regulates the general framework under which TGN operates and prices its services. TGN&#8217;s sales to Tenaris amounted to</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">$</font><font style="font-family: 'Times New Roman';">3 million in 2020, $4 million in 2019 and $8 million in 2018.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Litoral Gas&#8217;s sales to Tena</font><font style="font-family: 'Times New Roman';">ris totaled $1 million in 2019 and </font><font style="font-family: 'Times New Roman';">$3 million in 2018</font><font style="font-family: 'Times New Roman';">.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Energy Consulting Services&#8217;s sales to Te</font><font style="font-family: 'Times New Roman';">naris totaled $2 million in 2018</font><font style="font-family: 'Times New Roman';">.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Provision of Engineering and Labor Services</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Tenaris contracts with certain companies controlled by San Faustin specialized in supplying engineering services and non-specialist manual labor services, such as industrial cleaning, general maintenance, handling of by-products and construction services. Fees accrued for these services</font><font style="font-family: 'Times New Roman';"> in the aggregate amounted to $13 million in 2020</font><font style="font-family: 'Times New Roman';">, $</font><font style="font-family: 'Times New Roman';">47</font><font style="font-family: 'Times New Roman';"> million in 201</font><font style="font-family: 'Times New Roman';">9</font><font style="font-family: 'Times New Roman';"> and $</font><font style="font-family: 'Times New Roman';">33</font><font style="font-family: 'Times New Roman';"> million in 201</font><font style="font-family: 'Times New Roman';">8</font><font style="font-family: 'Times New Roman';">.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Sales of Steel Pipes and Sucker Rods</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In the ordinary course of business, we sell steel pipes, sucker rods and related services to other companies controlled or under the significant influence of San Faustin. These sales, which are made principally to companies involved in the construction of gas pipelines and to Tecpetrol and joint ventures in which Tecpetrol participates, for its oil and gas drilling operations, are made on similar terms and conditions as sales to unrelated third parties. Our sales of steel pipes and sucker rods as well as logistical and certain other services to other companies controlled or under significant influence of San Faustin amounted to $</font><font style="font-family: 'Times New Roman';">22</font><font style="font-family: 'Times New Roman';"> million in 20</font><font style="font-family: 'Times New Roman';">20</font><font style="font-family: 'Times New Roman';">, </font><font style="font-family: 'Times New Roman';">$66 million in 2019 and</font><font style="font-family: 'Times New Roman';"> $129 million in 2018</font><font style="font-family: 'Times New Roman';">.</font><font style="font-family: 'Times New Roman';"> </font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Sales of Other Products and Services</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">We provide information technology services to companies controlled by San Faustin. Sales of these services amounted to $2 million per year in 20</font><font style="font-family: 'Times New Roman';">20</font><font style="font-family: 'Times New Roman';">, 201</font><font style="font-family: 'Times New Roman';">9</font><font style="font-family: 'Times New Roman';"> and 201</font><font style="font-family: 'Times New Roman';">8</font><font style="font-family: 'Times New Roman';">.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Administrative Services, Legal and Other Support Services</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Finma S.A. (&#8220;Finma&#8221;), Arhsa S.A. (&#8220;Arhsa&#8221;) and Techinst S.A. (&#8220;Techinst&#8221;) a group of companies controlled by San Faustin in which the Company has a 33% share ownership and other affiliates of San Faustin have the remaining share ownership, provide administrative, and legal support services to San Faustin&#8217;s affiliates in Argentina, including Tenaris.</font><font style="font-family: 'Times New Roman';"> During 2018 Arhsa merged with<font>&nbsp;</font>Finma, with </font><font style="font-family: 'Times New Roman';">Finma continuing to render the services previously provided by Arhsa. Fees accrued for these services amounted to $</font><font style="font-family: 'Times New Roman';">7</font><font style="font-family: 'Times New Roman';"> million in 20</font><font style="font-family: 'Times New Roman';">20, $9 million in 2019 and</font><font style="font-family: 'Times New Roman';"> $10 million in 2018</font><font style="font-family: 'Times New Roman';">.</font><font style="font-family: 'Times New Roman';"> </font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">On January 1, 2</font><font style="font-family: 'Times New Roman';">021 Techinst merged with Finma.</font></p>
<p style="margin-top: 14pt; margin-bottom: 14pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Loans to Related Parties</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Tenaris financed the construction and operation of Techgen&#8217;s Pesquer&#237;a project primarily in the form of subordinated loans to Techgen. Outstanding principal amount of loans to Techgen as of December 31, 2020</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> amount</font><font style="font-family: 'Times New Roman';">ed to</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">$</font><font style="font-family: 'Times New Roman';">58 million; as of December 31, 2019</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> amounted to $58 million and as of December 31, 2018</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> amounted to $99 million. These loans generated interest gains in favor of Tenaris in an amount of $3 million in 2020, $4 million in 2019 and $5 million in 2018.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Other Transactions</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">We entered into various contracts with Tenova (and subsidiaries), a company controlled by San Faustin, for the provision of furnaces, spare parts, accessories and related services for our facilities. Supplies received</font><font style="font-family: 'Times New Roman';"> amounted to $2 million in 2019 and</font><font style="font-family: 'Times New Roman';"> $9 million in 2018</font><font style="font-family: 'Times New Roman';">.</font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In addition, in the ordinary course of business, from time to time, we carry out other transactions and enter into other arrangements with other related parties, </font><font style="font-family: 'Times New Roman';">none of which are considered to </font><font style="font-family: 'Times New Roman';">be material.</font></p>
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<p style="margin-top: 12pt; margin-left: 28.35pt; margin-bottom: 12pt; text-indent: -28.35pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">C.</font><font style="width: 18.63pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">Interest of Experts and Counsel</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Not applicable.</font></p>
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<div style="margin-top: 18pt; margin-left: 56.7pt; margin-bottom: 12pt; text-indent: -56.7pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Item</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">8. </font><font style="width: 24.21pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#" name="BJ_EWQD1HCC3K00000000000000000000" class="customBookmark"><font style="font-family: 'Times New Roman'; font-weight: bold;">Financial Information</font></a></div>
<p style="margin-top: 18pt; margin-left: 28.35pt; margin-bottom: 12pt; text-indent: -28.35pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">A.</font><font style="width: 18.63pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">Consolidated Statements and Other Financial Information</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">See Item</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">18 and pages F-1 through F-72</font><font style="font-family: 'Times New Roman';">&nbsp;for our audited consolidated financial statements.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Legal Proceedings</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">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 third 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 assesse</font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">s potential financial exposure.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">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 not accrued a provision for the potential outcome of these cases.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">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 </font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">consolidated </font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">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&#8217;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 not disclosed its estimate of the range of potential loss.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The Company believes that the aggregate provisions recorded for potential losses in </font><font style="font-family: 'Times New Roman';">its</font><font style="font-family: 'Times New Roman';"> consolidated financial statements (</font><font style="font-family: 'Times New Roman';">see n</font><font style="font-family: 'Times New Roman';">otes 2</font><font style="font-family: 'Times New Roman';">3</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">&#8220;Non-current allowances and provisions&#8221; </font><font style="font-family: 'Times New Roman';">and 2</font><font style="font-family: 'Times New Roman';">4</font><font style="font-family: 'Times New Roman';"> &#8220;Current allowances and provisions&#8221; to our </font><font style="font-family: 'Times New Roman';">audited </font><font style="font-family: 'Times New Roman';">consolidated </font><font style="font-family: 'Times New Roman';">finan</font><font style="font-family: 'Times New Roman';">cial statements included</font><font style="font-family: 'Times New Roman';"> in this annual report</font><font style="font-family: 'Times New Roman';">) </font><font style="font-family: 'Times New Roman';">are adequate based upon currently available information. However, if management&#8217;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&#8217;s results of operations, financial condition, net worth and cash flows.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Material</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"> Legal Proceedings</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Below is a summary description of Tenaris&#8217;s material legal proceedings for </font><font style="font-family: 'Times New Roman';">the year ended December 31, 20</font><font style="font-family: 'Times New Roman';">20.</font><font style="font-family: 'Times New Roman';"> In addition, Tenaris is subject to other legal proceedings, none of which is believed to be material.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-after: avoid; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; font-style: italic;">CSN claims relating to the January 2012 acquisition of Usiminas shares</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-after: avoid; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; font-style: italic; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-after: avoid; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Confab, a Brazilian subsidiary of the Company, is one of the defendants in a lawsuit filed in Brazil by Companhia Sider&#250;rgica Nacional (&#8220;CSN&#8221;) and various entities affiliated with CSN against Confab and several Ternium subsidiaries that acquired a participation in Usiminas&#8217; control group in January 2012.&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">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&#8217; ordinary shares for a price per share equal to 80% of the price per share paid in such acquisition, or BRL28.8, 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 182,609,851 ordinary shares of Usiminas not belonging to Usiminas&#8217; control group, and Confab would have a 17.9% share in that offer.</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-after: avoid; line-height: 12pt;"><br></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-after: avoid; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">On September 23, 2013, the first instance court dismissed the CSN lawsuit, and on February 8, 2017, the court of appeals maintained the understanding of the first instance court. On March 6, 2017, CSN filed a motion for clarification against </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">the decision of the Court of Appeals of S&#227;o Paulo, which was rejected on July 19, 2017. On August 18, 2017, 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 March 5, 2018, the court of appeals ruled that CSN&#8217;s appeal did not meet the requirements for submission to the Superior Court of Justice and rejected the appeal. On May 8, 2018, CSN appealed against such ruling and on January 22, 2019, the court of appeals rejected it and ordered that the case be submitted to the Superior Court of Justice. On September 10, 2019, the Superior Court of Justice declared CSN&#8217;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.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-after: avoid; line-height: 12pt;"><font style="width: 36pt; display: inline-block;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-after: avoid; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The Company continues to believe that all of CSN&#8217;s claims and allegations are groundless and without merit, as confirmed by several opinions of Brazilian legal counsel, two decisions issued by the Brazilian securities regulator (&#8220;CVM&#8221;) in February 2012 and December 2016, and the first and second instance court decisions referred to above.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-after: avoid; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-after: avoid; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; font-style: italic;">Veracel celulose accident litigation</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-after: avoid; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-after: avoid; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">On September 21, 2007, an accident occurred in the premises of Veracel Celulose S.A. (&#8220;Veracel&#8221;) in connection with a rupture in one of the tanks used in an evaporation system manufactured by Confab. The Veracel accident allegedly resulted in material damages to Veracel. Ita&#250; Seguros S.A. (&#8220;Ita&#250;&#8221;), Veracel&#8217;s insurer at the time of the Veracel accident and then replaced by Chubb Seguros Brasil S/A (&#8220;Chubb&#8221;), initiated a lawsuit against Confab seeking reimbursement of damages paid to Veracel in connection with the Veracel accident. Veracel initiated a second lawsuit against Confab seeking reimbursement of the amount paid as insurance deductible with respect to the Veracel accident and other amounts not covered by insurance. Ita&#250; 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&#8217;s personnel of the equipment supplied by Confab in violation of Confab&#8217;s instructions. The two lawsuits were consolidated and are considered by the 6th Civil Court of S&#227;o Caetano do Sul. However, each lawsuit will be adjudicated separately.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-after: avoid; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-after: avoid; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">On September 28, 2018 Confab and Chubb entered into a settlement agreement pursuant to which on October 9, 2018, Confab paid an amount of approximately $3.5 million to Chubb, without assuming any liability for the accident or the claim. </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-after: avoid; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-after: avoid; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">On October 10, 2018, Confab was notified that the court had issued rulings for both lawsuits. Both decisions were unfavorable to Confab:</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-after: avoid; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-after: avoid; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8226;</font><font style="width: 32.5pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">With respect to Chubb&#8217;s claim, on October 9, 2018, Confab paid an amount of approximately BRL13.1 million (approximately $3.5 million at historical exchange rate), including interest, fees and expenses, settling the Chubb claim in full.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-after: avoid; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-after: avoid; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8226;</font><font style="width: 32.5pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">With respect to Veracel&#8217;s claim, Confab was ordered to pay the insurance deductible and other concepts not covered by insurance, currently estimated to amount to BRL69.9 million (approximately $13.5 million) including interest, fees and expenses. Both parties filed motions for clarification against the court&#8217;s decision, which were partially granted. Although the contract between Confab and Veracel expressly provided that Confab would not be liable for damages arising from lost profits, the court award would appear to include BRL59.9 million (approximately $11.5 million) of damages arising therefrom. Confab has additional defense arguments in respect of a claim for lost profits. On December 18, 2018, Confab filed an appeal against the first instance court decision, and on April 30, 2019, 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.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-after: avoid; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8195;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-after: avoid; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; font-style: italic;">Ongoing investigation</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-after: avoid; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-after: avoid; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The Company is aware that Brazilian, Italian and Swiss authorities have been investigating whether certain payments were made prior to 2014 from accounts of entities presumably associated with affiliates of the Company to accounts allegedly linked to individuals related to Petr&#243;leo Brasileiro S.A. (&#8220;Petrobras&#8221;) and whether any such payments were intended to benefit the Company&#8217;s Brazilian subsidiary Confab. Any such payments could violate certain applicable laws, including the U.S. Foreign Corrupt Practices Act.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-after: avoid; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: spaces;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-after: avoid; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The Company had previously reviewed certain of these matters in connection with an investigation by the Brazilian authorities related to &#8220;Operation Lava Jato,&#8221; and did not uncover any information that corroborated allegations of involvement in these alleged payments by the Company or its subsidiaries. Furthermore, the Company became aware that </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">a Petrobras internal investigation commission reviewed certain contracts with Confab and concluded that they had not found evidence that Petrobras had benefitted Confab or had misused applicable local content rules.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-after: avoid; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: spaces;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-after: avoid; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The audit committee of the Company's board of d</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">irectors engaged external counsel in connection with the Company&#8217;s review of these matters. In addition, the Company voluntarily notified the U.S. Securities and Exchange Commission (&#8220;SEC&#8221;) and the U.S. Department of Justice (&#8220;DOJ&#8221;) in October 2016.</font></p>
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<p style="margin-top: 10pt; margin-bottom: 10pt; page-break-after: avoid; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">In July 2019, the Company learned that the public prosecutors&#8217; office of Milan, Italy, had completed a preliminary investigation into the alleged payments and had included in the investigation, among other persons, the Company&#8217;s Chairman and Chief Executive Officer, two other board members, Gianfelice Rocca and Roberto Bonatti, and the Company&#8217;s controlling shareholder, San Faustin. The Company is not a party to the proceedings. In February 2020, the Company learned that the magistrate overseeing the investigation decided to move the case to trial. The Company&#8217;s outside counsel had previously reviewed the Italian prosecutors&#8217; investigative file and has informed the Board that neither that file nor this magistrate&#8217;s decision sets forth evidence of involvement by any of the three directors in the alleged wrongdoing. Accordingly, the </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">b</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">oard</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> of directors</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> concluded that no particular action was warranted at that time, other than inviting the referred board members to continue discharging their respective responsibilitie</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">s with the full support of the b</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">oard</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> of directors</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> As of the date of this annual report,</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">t</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">he trial has not yet started.</font></p>
<p style="margin-top: 0pt; margin-bottom: 10pt; page-break-after: avoid; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">In June 2020, the Company learned that the Brazilian public prosecutors&#8217; office requested the indictment of several individuals, including three executives or former executives of Confab and a former agent of Confab, charging them with the alleged crimes of corruption in relation to contracts executed between 2007 and 2010, and money laundering in relation to payments between 2009 and 2013. Neither the Company nor Confab is a party to the proceedings.</font><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: spaces;">&nbsp; </font></p>
<p style="margin-top: 0pt; margin-bottom: 10pt; page-break-after: avoid; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The Company continues to respond to requests from and otherwise cooperate with the appropriate authorities. The Company has engaged in discussions with the SEC and the DOJ towards a potential resolution of the investigation. There are no assurances that the discussions with the SEC or the DOJ will result in a final resolution of the investigation or, if a resolution is achieved, the timing, scope and terms of any such resolution. 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 may result from the resolution of these matters.</font></p>
<p style="margin-top: 0pt; margin-bottom: 10pt; page-break-after: avoid; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; font-style: italic;">Putative class actions</font></p>
<p style="margin-top: 0pt; margin-bottom: 10pt; page-break-after: avoid; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Following the Company&#8217;s November 27, 2018 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), two putative class action complaints were filed in the U.S. District Court for the Eastern District of New York. On April 29, 2019, the court consolidated the complaints into a single case, captioned &#8220;In re Tenaris S.A. Securities Litigation&#8221;, and appointed lead plaintiffs and lead counsel. On July 19, 2019, the lead plaintiffs filed an amended complaint purportedly on behalf of purchasers of Tenaris securities during the putative class period of May 1, 2014 through December 5, 2018. The individual defendants named in the complaint are Tenaris&#8217;s Chairman and CEO and Tenaris&#8217;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 the nationalization proceeds received by Ternium (in which the Company held an 11.46% 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 not specify the damages that plaintiff is seeking. On October 9, 2020, the court granted in part and denied in part the defendants&#8217; motions to dismiss. The court partially granted and partially denied the motion to dismiss the claims against the Company and its Chairman and CEO. In addition, the court granted the motions to dismiss as to all claims against San Faustin, Techint, and Tenaris&#8217;s former CFO. The case will now proceed based on the claims that survived the motion to dismiss. Management believes the Company has meritorious defenses to these claims; however, at this stage Tenaris cannot predict the outcome of the claim or the amount or range of loss in case of an unfavorable outcome.</font></p>
<p style="margin-top: 0pt; margin-bottom: 10pt; page-break-after: avoid; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; font-style: italic;">Investigation concerning alleged price overcharges in Brazil</font></p>
<p style="margin-top: 0pt; margin-bottom: 10pt; page-break-after: avoid; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">In 2018, two Brazilian subsidiaries of the Company were notified of formal charges arising from a review by the Tribunal de Contas da Uniao (&#8220;TCU&#8221;) for alleged price overcharges on goods supplied to Petr&#243;leo Brasileiro S.A. - Petrobras under a supply contract. Both companies have already filed their defenses. On September 28, 2020, TCU&#8217;s technical unit, advised TCU that the alleged overprice should be reduced from BRL9 million (approximately $1.7 million) to BRL401 thousand (approximately $77 thousand), and further stated that because of its immateriality, the alleged overcharge should not give rise to any penalties or indemnification obligations and acknowledged that any potential penalties would be barred as a result of the applicable statute of limitations. On November 19, 2020 the Public Prosecutor&#8217;s Office filed an opinion supporting the TCU&#8217;s technical unit&#8217;s views. </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">As of the date of this annual report, T</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">CU&#8217;s final judgment is pending. The estimated amount of this claim is BRL30.6 million (approximately $5.9 million). </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">The Company believes, based on the advice of counsel and external consultants, that the prices charged under the Petrobras contract do not result in overprices and that it is unlikely that the ultimate resolution of this matter will result in a material obligation.</font></p>
<p style="margin-top: 0pt; margin-bottom: 10pt; page-break-after: avoid; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; font-style: italic;">Administrative proceeding concerning Brazilian tax credits</font></p>
<p style="margin-top: 0pt; margin-bottom: 10pt; page-break-after: avoid; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">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 75% of the allegedly undue credits, which was appealed by Confab. On January 21, 2019, Confab was notified of an administrative decision denying Confab&#8217;s appeal, thereby upholding the tax determination and the fine against Confab. On January 28, 2019, Confab challenged such administrative decision and is currently awaiting a resolution. In case of an unfavorable resolution, Confab may still appeal before the courts. The estimated amount of this claim is BRL57.2 million (approximately $11 million). At this stage, the Company cannot predict the outcome of this claim.</font></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>83</font></font></td>
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<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-after: avoid; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; font-style: italic;"><br></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-after: avoid; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; font-style: italic;">U.S. patent infringement litigation</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-after: avoid; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-after: avoid; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Tenaris Coiled Tubes, LLC (&#8220;TCT&#8221;), a U.S. subsidiary of the Company, was sued on 2017 by its competitor Global Tubing, alleging violations to certain intellectual property regulations and seeking a declaration that certain Global Tubing products do not infringe patents held by TCT. TCT filed a counterclaim seeking declaration that certain Global Tubing products infringe patents held by TCT, and Global Tubing responded alleging that such patents should be invalidated. On December 13, 2019, 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. The trial is set for August 2021. At this time, it is not possible to predict the outcome of this matter or estimate the range of potential losses that may result from the resolution of this claim.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-after: avoid; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; font-style: italic;">&#8195;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-after: avoid; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; font-style: italic;">Tax assessment from Italian tax authorities</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-after: avoid; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-after: avoid; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The Company&#8217;s Italian subsidiary, Dalmine, received on December 27, 2019, a tax assessment from the Italian tax authorities related to fiscal year 2014. As of December 31, 2020, the claim amounted to approximately EUR25.7 million (approximately $31.6 million), comprising EUR20.7 million (approximately $25.5 million) in principal and EUR5.0 million (approximately $6.1 million) in interest and penalties. In the report for a tax audit conducted in 2019, the Italian tax inspectors indicated that they also intend to bring claims for fiscal year 2015 with respect to the same matters; as of December 31, 2020, these additional claims would amount to approximately EUR10.5 million (approximately $12.9 million), comprising EUR8.1 million (approximately $10.0 million) in principal and EUR2.4 million (approximately $2.9 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. On July 27, 2020, Dalmine filed a first-instance appeal before the Milan tax court against the 2014 tax assessment. Based on the advice of counsel, the Company believes that it is unlikely that the ultimate resolution of these matters will result in a material obligation.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-after: avoid; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; font-style: italic; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-after: avoid; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; font-style: italic;">Product liability litigation</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-after: avoid; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-after: avoid; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The Company&#8217;s recently acquired U.S. subsidiary, IPSCO, or its subsidiaries, are parties to several product liability claims, which may result in damages for an aggregate amount estimated at approximately $17.6 million. This includes a lawsuit alleging product liability and negligent misrepresentation in which the plaintiff alleges that defects in certain casing provided by IPSCO resulted in three well failures causing damages for an amount of approximately $15 million. Although at this time the Company cannot predict the outcome of any of these matters, the Company believes that provisions have been recorded in an amount sufficient to cover potential exposure under these claims.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Dividend Policy</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The Company does not have, and has no current plans to establish, a formal dividend policy governing the amount and payment of dividends</font><font style="font-family: 'Times New Roman';"> or other distributions</font><font style="font-family: 'Times New Roman';">.</font><font style="font-family: 'Times New Roman';"> For a description of the shareholders&#8217; and holders of ADS&#8217; rights to receive dividends and the conditions to declare and pay dividends, please refer to Item </font><font style="font-family: 'Times New Roman';">10</font><font style="font-family: 'Times New Roman';">. &#8220;</font><font style="font-family: 'Times New Roman';">Additional Information</font><font style="font-family: 'Times New Roman';"> &#8211; B. Memorandum and Articles of Association &#8211; Dividends&#8221;.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The following table shows the dividends approved by the Company&#8217;s shareholders in the last five years:</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Approved dividend</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Dividend payment date</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Shareholders&#8217; meeting date</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Amount (USD</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">million)</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Per</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">share (USD)</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Per</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">ADS (USD)</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Interim</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">Dividend</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Dividend Balance</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 9pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">May 4, 2016</font></p>
</td>
<td style="width: 56.85pt; border-right: 1.5pt solid #ffffff; border-left: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 4.65pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">531 </font></p>
</td>
<td style="width: 56.9pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 9pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman';">0.45</font></p>
</td>
<td colspan="2" style="width: 56.9pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 9pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman';">0.90</font></p>
</td>
<td style="width: 71.95pt; border-left: 1.5pt solid #ffffff; padding-right: 5.4pt; padding-left: 4.65pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman';">November 2015</font></p>
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<td style="width: 71.95pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman';">May 2016</font></p>
</td>
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<td style="width: 60.1pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 9pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">May 3, 2017</font></p>
</td>
<td style="width: 56.85pt; border-right: 1.5pt solid #ffffff; border-left: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 4.65pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">484 </font></p>
</td>
<td style="width: 56.9pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 9pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman';">0.41</font></p>
</td>
<td colspan="2" style="width: 56.9pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 9pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman';">0.82</font></p>
</td>
<td style="width: 71.95pt; border-left: 1.5pt solid #ffffff; padding-right: 5.4pt; padding-left: 4.65pt; vertical-align: middle;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman';">November 2016</font></p>
</td>
<td style="width: 71.95pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman';">May 2017</font></p>
</td>
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<td style="width: 60.1pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 9pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">May 2, 2018</font></p>
</td>
<td style="width: 56.85pt; border-right: 1.5pt solid #ffffff; border-left: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 4.65pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">484 </font></p>
</td>
<td style="width: 56.9pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 9pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman';">0.41</font></p>
</td>
<td colspan="2" style="width: 56.9pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 9pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman';">0.82</font></p>
</td>
<td style="width: 71.95pt; border-left: 1.5pt solid #ffffff; padding-right: 5.4pt; padding-left: 4.65pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman';">November 2017</font></p>
</td>
<td style="width: 71.95pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman';">May 2018</font></p>
</td>
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<td style="width: 60.1pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 9pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">May 6, 2019</font></p>
</td>
<td style="width: 56.85pt; border-right: 1.5pt solid #ffffff; border-left: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 4.65pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">484 </font></p>
</td>
<td style="width: 56.9pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 9pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman';">0.41</font></p>
</td>
<td colspan="2" style="width: 56.9pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 9pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman';">0.82</font></p>
</td>
<td style="width: 71.95pt; border-left: 1.5pt solid #ffffff; padding-right: 5.4pt; padding-left: 4.65pt; vertical-align: middle;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman';">November 2018</font></p>
</td>
<td style="width: 71.95pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman';">May 2019</font></p>
</td>
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<td style="width: 60.1pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 9pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">June 2, 2020</font></p>
</td>
<td style="width: 56.85pt; border-right: 1.5pt solid #ffffff; border-left: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 4.65pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">153 </font></p>
</td>
<td style="width: 56.9pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 9pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman';">0.14</font></p>
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<td colspan="2" style="width: 56.9pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 9pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman';">0.28</font></p>
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<td style="width: 71.95pt; border-left: 1.5pt solid #ffffff; padding-right: 5.4pt; padding-left: 4.65pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman';">November 2019</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman';">N/A</font></p>
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<td style="width: 70.9pt;"></td>
<td style="width: 67.65pt;"></td>
<td style="width: 67.7pt;"></td>
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<td style="width: 82.75pt;"></td>
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<p style="margin: 0px; break-after: avoid; font-size: 10pt; text-indent: 0px;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">On June 2, 2020, the Annual Shareholders Meeting approved a proposal that no further dividends be distributed in respect of fiscal year 2019 beyond the interim dividend of approximately $153 million already paid in November 2019. However, as quarterly results started to recover, on November 4, 2020, the Company&#8217;s board of directors approved the payment of an interim dividend of $0.07 per share ($0.14 per ADS), or approximately $83 million, which was paid on November 25, 2020. On February 24, 2021</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> the Company&#8217;s board of directors proposed, for the approval of the annual general shareholders&#8217; meeting</font><font style="font-family: 'Times New Roman';"> scheduled</font><font style="font-family: 'Times New Roman';"> to be held on May 3, 2021, the payment of an annual dividend of $0.21 per share ($0.42 per ADS), or approximately $248 million, which includes the interim dividend, paid on November 25, 2020. If the annual dividend is approved by the shareholders, a dividend of $0.14 per share ($0.28 per ADS), or approximately $165 million will be paid on May 26, 2021, with an ex-dividend date of May 24, 2021. For more information, see &#8220;Item 5G. Operating and Financial Review and Prospects &#8211;Recent Developments &#8211; Annual Dividend Proposal&#8221;.</font></p>
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<p style="margin-top: 10pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">B.</font><font style="width: 26.83pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">Significant Changes</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Except as otherwise disclosed in this annual report, there has been no undisclosed significant change since the date of the annual consolidated financial statements.</font></p>
</div><div style="font-family: 'times new roman', times; font-size: 10pt;">
<div style="margin-top: 18pt; margin-bottom: 12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Item</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">9.</font><font style="width: 6.01pt; display: inline-block;">&nbsp;</font><a style="text-decoration: none; color: rgb(0, 0, 0); cursor: default; outline: none;" href="#" name="BI9_MH9NYN0VCW00000000000000000000" class="customBookmark"><font style="font-family: 'Times New Roman'; font-weight: bold;">The Offer and Listing</font></a></div>
<p style="margin-top: 18pt; margin-left: 28.35pt; margin-bottom: 12pt; text-indent: -28.35pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">A.</font><font style="width: 18.63pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">Offer and Listing Details</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The </font><font style="font-family: 'Times New Roman';">shares</font><font style="font-family: 'Times New Roman';"> are listed on the Mexican Stock Exchange and its ADSs are listed on the NYSE under the symbol &#8220;TS</font><font style="font-family: 'Times New Roman';">&#8221;</font><font style="font-family: 'Times New Roman';">.</font><font style="font-family: 'Times New Roman';"> The </font><font style="font-family: 'Times New Roman';">shares</font><font style="font-family: 'Times New Roman';"> are also listed on the Italian Stock Exchange under the symbol &#8220;TEN</font><font style="font-family: 'Times New Roman';">&#8221;</font><font style="font-family: 'Times New Roman';"> Trading on the NYSE and</font><font style="font-family: 'Times New Roman';"> the Mexican Stock Exchange began on December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">16, 2002, and trading on the Italian Stock Exchange began on December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">17, 2002.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">As of February 28, 2021, a total of 1,180,536,830 shares were registered in the Company&#8217;s shareholder register. As of February 28, 2021, a total of </font><font style="font-family: 'Times New Roman';">131,535,964 </font><font style="font-family: 'Times New Roman';">shares were registered in the name of the depositary for the Company&#8217;s ADR program.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">B.</font><font style="width: 24.33pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">Plan of Distribution</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Not applicable.</font></p>
<p style="margin-top: 18pt; margin-left: 28.35pt; margin-bottom: 12pt; text-indent: -28.35pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">C.</font><font style="width: 18.63pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">Markets</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">See A. &#8220;</font><font style="font-family: 'Times New Roman';">&#8211; </font><font style="font-family: 'Times New Roman';">The Offer and Listing &#8211; Offer and Listing Details&#8221;</font><font style="font-family: 'Times New Roman';">.</font></p>
<p style="margin-top: 18pt; margin-left: 28.35pt; margin-bottom: 12pt; text-indent: -28.35pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">D.</font><font style="width: 18.63pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">Selling Shareholders</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Not applicable</font><font style="font-family: 'Times New Roman';">.</font></p>
<p style="margin-top: 18pt; margin-left: 28.35pt; margin-bottom: 12pt; text-indent: -28.35pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">E.</font><font style="width: 19.18pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">Dilution</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Not applicable.</font></p>
<p style="margin-top: 18pt; margin-left: 28.35pt; margin-bottom: 12pt; text-indent: -28.35pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">F.</font><font style="width: 19.74pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">Expenses of the Issue</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Not applicable.</font></p>
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<div style="margin-top: 18pt; margin-left: 56.7pt; margin-bottom: 12pt; text-indent: -56.7pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Item</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">10.</font><font style="width: 21.71pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><a style="text-decoration: none; color: rgb(0, 0, 0); cursor: default; outline: none;" href="#" name="BI10_N9FH9YAGMO00000000000000000000" class="customBookmark"><font style="font-family: 'Times New Roman'; font-weight: bold;">Additional Information</font></a></div>
<p style="margin-top: 18pt; margin-left: 28.35pt; margin-bottom: 12pt; text-indent: -28.35pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">A.</font><font style="width: 18.63pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">Share Capital</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Not applicable.</font></p>
<p style="margin-top: 18pt; margin-left: 28.35pt; margin-bottom: 12pt; text-indent: -28.35pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">B.</font><font style="width: 19.18pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">Memorandum and Articles of Association</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">General</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The following is a summary of certain rights of holders of</font><font style="font-family: 'Times New Roman';"> the Company&#8217;s</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">shares</font><font style="font-family: 'Times New Roman';">. These rights are set out in the Company&#8217;s articles of association or are provided by applicable Luxembourg law, and may differ from those typically provided to shareholders of U.S. companies under the corporation laws of some states of the United States. This summary is not exhaustive and does not contain all information that may be important to you. For more complete information, you should read the Company&#8217;s articles of association, which </font><font style="font-family: 'Times New Roman';">are attached as an</font><font style="font-family: 'Times New Roman';"> exhibit to this annual report.</font></p>
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<p style="margin-top: 9pt; margin-bottom: 9pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The Company is a </font><font style="font-family: 'Times New Roman';">public limited liability company (</font><font style="font-family: 'Times New Roman'; font-style: italic;">soci&#233;t&#233; anonyme</font><font style="font-family: 'Times New Roman';">)</font><font style="font-family: 'Times New Roman';"> organized under the laws of Luxembourg. Its object and purpose, as set forth in Article 2 of its articles of association, is the taking of interests, in any form, in corporations or other business entities, and the administration, management, control and development thereof. The Company is registered under the number B85 203 in the Luxembourg </font><font style="font-family: 'Times New Roman'; font-style: italic;">Registre d</font><font style="font-family: 'Times New Roman'; font-style: italic;">e</font><font style="font-family: 'Times New Roman'; font-style: italic;"> Commerce et des Soci&#233;t&#233;s</font><font style="font-family: 'Times New Roman';">.</font></p>
<p style="margin-top: 0pt; margin-bottom: 9pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The Company</font><font style="font-family: 'Times New Roman';">&#8217;s</font><font style="font-family: 'Times New Roman';"> authorized share capital is fixed by the Company&#8217;s articles of association as amended from time to time with the approval of shareholders </font><font style="font-family: 'Times New Roman';">at</font><font style="font-family: 'Times New Roman';"> an extraordinary </font><font style="font-family: 'Times New Roman';">general </font><font style="font-family: 'Times New Roman';">shareholders&#8217; meeting. </font><font style="font-family: 'Times New Roman';">The Company has an authorized share capital of a single class of 2,500,000,000 shares having a nominal value of USD1.00 per share. </font><font style="font-family: 'Times New Roman';">There were 1,180,536,830 share</font><font style="font-family: 'Times New Roman';">s issued as of </font><font style="font-family: 'Times New Roman';">the date of this annual report</font><font style="font-family: 'Times New Roman';">. All issued shares are fully paid.</font></p>
<p style="margin-top: 0pt; margin-bottom: 9pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The Company&#8217;s articles of association authorize the board of directors, or any delegate(s) duly appointed by the board of directors, to issue shares within the limits of the authorized share capital against contributions in cash, contributions in kind or by way of </font><font style="font-family: 'Times New Roman';">available</font><font style="font-family: 'Times New Roman';"> reserves, at such time and on such terms and conditions, including the issue price, as the board of directors, or its delegate(s), may in its or their discretion resolve. </font></p>
<p style="margin-top: 0pt; margin-bottom: 9pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The Company&#8217;s extraordinary shareholders&#8217; meeting held on June 2, 2020 approved the renewal for an additional five-year period of the authorization granted to the board of directors to waive, suppress or limit any preemptive subscription rights of shareholders provided for by law to the extent it deems such waiver, suppression or limitation advisable for any issue or issues of shares within the authorized share capital; and have waived any preemptive subscription rights provided fo</font><font style="font-family: 'Times New Roman';">r by law and related procedures. </font><font style="font-family: 'Times New Roman';">The validity period of such authorization will expire on June 12, 2025. However, under the Company&#8217;s articles of association, the Company&#8217;s existing shareholders shall have a preferential right to subscribe for any new shares issued pursuant to the authorization granted to its board of directors, except in the following cases (in which cases no preemptive subscription rights shall apply):</font></p>
<ul type="disc" style="margin: 0pt; padding-left: 0pt;">
<li style="margin-left: 8.68pt; margin-bottom: 8pt; padding-left: 19.67pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">any issuance of shares (including, without limitation, the direct issuance of shares or upon the exercise of options, rights convertible into shares, or similar instruments convertible or exchangeable into shares) against a contribution other than in cash; </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">and</font></li>
<li style="margin-left: 8.68pt; margin-bottom: 8pt; padding-left: 19.67pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">any issuance of shares (including by way of free shares or at discount), up to an amount </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">equal to</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> 1.5% of the issued share capital of the Company, to directors, officers, agents or employees of the Company, its direct or indirect subsidiaries, or its affiliates, including, without limitation, the direct issuance of shares or upon the exercise of options, rights convertible into shares, or similar instruments convertible or exchangeable into shares, issued for the purpose of compensation or incentive </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">for any such persons</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> or in relation thereto (which the board of directors shall be authorized to issue upon such terms and conditions as it deems fit).</font></li>
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<p style="margin-top: 0pt; margin-bottom: 9pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Amendment of the Company&#8217;s articles of association requires the approval of shareholders at an extraordinary shareholders&#8217; meeting with a two-thirds majority vote of the shares represented at the meeting.</font></p>
<p style="margin-top: 0pt; margin-bottom: 9pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Dividends</font></p>
<p style="margin-top: 0pt; margin-bottom: 9pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Subject to applicable law, all </font><font style="font-family: 'Times New Roman';">shares</font><font style="font-family: 'Times New Roman';"> (including </font><font style="font-family: 'Times New Roman';">shares</font><font style="font-family: 'Times New Roman';"> underlying ADSs) are entitled to participate equally in dividends when, as and if declared by the shareholders at the annual general shareholders&#8217; meeting, out of funds legally available for such purposes.</font></p>
<p style="margin-top: 0pt; margin-bottom: 9pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Dividends may be lawfully declared and paid if the Company&#8217;s net profits and distributable reserves are sufficient under Luxembourg law. The amount and payment of dividends must be approved by a majority vote at a general shareholders&#8217; meeting, generally, but not necessarily, based on the recommendation of the Company&#8217;s board of directors. Under Article 21 of the Company&#8217;s articles of association, the board of directors has the power to distribute interim dividends out of profits, share premium or any other available reserves, in accordance with applicable law, in particular in accordance with the conditions set forth in Article 461-3 of the Luxembourg Company Law. Such dividend payments must be finally approved by the general shareholders&#8217; meeting. </font><font style="font-family: 'Times New Roman';">On </font><font style="font-family: 'Times New Roman';">February 24, 2021 </font><font style="font-family: 'Times New Roman';">the board of directors announced the proposals to be submitted to the consideration of the Annual General Shareholders&#8217; meeting, including its proposal on divide</font><font style="font-family: 'Times New Roman';">nds. For </font><font style="font-family: 'Times New Roman';">more information, see </font><font style="font-family: 'Times New Roman';">Item 5G. Operating and Financial Review and Prospects &#8211;Recent Developments &#8211; Annual Dividend Proposal&#8221;</font></p>
<p style="margin-top: 0pt; margin-bottom: 9pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">As provided by Article 21 of the Company&#8217;s articles of association, dividends or other distributions declared by the general meeting as well as interim dividends or other distributions declared by the board of directors will be distributed at the times and places determined by the board of directors</font><font style="font-family: 'Times New Roman';">.</font><font style="font-family: 'Times New Roman';"> The Company will make any and all dividend payments and any other distributions in respect of shares registered in the name of any securities settlement system or operator of such a system or in the name of any financial institution or other professional depositary of securities or any other depositary, whether in cash, shares or other assets, only to such registered holder, or otherwise in accordance with such registered holder&#8217;s instructions, and, as provided by Article 21 of the Company&#8217;s articles of association, that payment shall release the Company from any and all obligations for such payment.</font></p>
<p style="margin-bottom: 9pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The Company conducts and will continue to conduct its operations through subsidiaries and, accordingly, its main source of cash to pay dividends, among other possible sources, will be the dividends received from its subsidiaries. </font><font style="font-family: 'Times New Roman';">For further information s</font><font style="font-family: 'Times New Roman';">ee Item 3.D. &#8220;Key Information &#8211; Risk Factors &#8211; Risks Relating to the Structure of the Company &#8211; As a holding company, the Company&#8217;s ability to pay cash dividends depends on the results of operations and financial condition of its subsidiaries and could be restricted by legal, contractual or other limitations&#8221;.</font></p>
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<p style="margin-top: 10pt; margin-bottom: 10pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Under Luxembourg law, claims for dividends will lapse in favor of the Company five years after the date such dividends are declared. However, the Company may elect to pay a declared dividend after such period. Declared and unpaid dividends held by the Company for the account of its shar</font><font style="font-family: 'Times New Roman';">eholders do not bear interest.</font></p>
<p style="margin-top: 0pt; margin-bottom: 10pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Pursuant to Luxembourg law, at least 5% of our net profits per year must be allocated to the creation of a legal reserve until such reserve has reached an amount equal to 10% of our issued share capital. If the legal reserve later falls below the 10% threshold, at least 5% (or such lower amount required to reach the 10% threshold) of net profits again must be allocated toward the reserve. </font><font style="font-family: 'Times New Roman';">As of December 31, 20</font><font style="font-family: 'Times New Roman';">20</font><font style="font-family: 'Times New Roman';">, t</font><font style="font-family: 'Times New Roman';">he Company&#8217;s legal reserve represented 10% of its share capital. The legal reserve is not available for distribution.</font></p>
<p style="margin-top: 0pt; margin-bottom: 10pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Voting Rights; Shareholders&#8217; Meetings; Election of Directors</font></p>
<p style="margin-top: 0pt; margin-bottom: 10pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Each share entitles the holder thereof to one vote at the Company&#8217;s general shareholders&#8217; meetings. Shareholder action by written consent is not permitted, but proxy voting is permitted. Notices of general shareholders&#8217; meetings are governed by t</font><font style="font-family: 'Times New Roman';">he provisions of Luxembourg law and the Company&#8217;s articles of association.</font><font style="font-family: 'Times New Roman';"> Pursuant to applicable Luxembourg law, the Company must give notice of the calling of any general shareholders&#8217; meeting at least 30 days prior to the date for which the meeting is being called, by publishing the relevant convening notice in the </font><font style="font-family: 'Times New Roman'; font-style: italic;">Recueil Electronique des Soci&#233;t&#233;s et Associations</font><font style="font-family: 'Times New Roman';"> (Luxembourg&#8217;s electronic official gazette) and in a leading newspaper having general circulation in Luxembourg and by issuing a press release informing of the calling of such meeting. In case </font><font style="font-family: 'Times New Roman';">the Company&#8217;s </font><font style="font-family: 'Times New Roman';">shares are listed on a foreign regulated market, notices of general shareholders&#8217; meetings shall also comply with the requirements (including as to content and publicity) and follow the customary prac</font><font style="font-family: 'Times New Roman';">tices of such regulated market.</font></p>
<p style="margin-top: 0pt; margin-bottom: 10pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Pursuant to the Company&#8217;s articles of association, for as long as the shares or other securities of the Company are listed on a regulated market within the European Union (as they currently are), and unless otherwise provided by applicable law, only shareholders holding shares as of midnight, central European time, on the day that is fourteen days prior to the day of any given general shareholders&#8217; meeting can attend and vote at such meeting. The board of directors may determine other conditions that must be satisfied by shareholders in order to participate in a general shareholders&#8217; meeting in person or by proxy, including with respect to deadlines for submitting supporting documentation to or for the Company.</font></p>
<p style="margin-top: 0pt; margin-bottom: 10pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">No attendance quorum is required at ordinary general shareholders&#8217; meetings, and resolutions may be adopted by a simple majority </font><font style="font-family: 'Times New Roman';">of the </font><font style="font-family: 'Times New Roman';">vote</font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';"> validly cast</font><font style="font-family: 'Times New Roman';">, irrespective of the number of shares present or represented</font><font style="font-family: 'Times New Roman';">. Unless otherwise provided by applicable law, an extraordinary general shareholders&#8217; meeting may not validly deliberate on proposed amendments to the Company&#8217;s articles of association unless a quorum of at least half of the share</font><font style="font-family: 'Times New Roman';"> capital</font><font style="font-family: 'Times New Roman';"> is represented at the meeting. If a quorum is not reached at the first extraordinary shareholders&#8217; meeting, a second extraordinary shareholders&#8217; meeting may be convened in accordance with the Company&#8217;s articles of association and applicable law and such second extraordinary general shareholders&#8217; meeting shall validly deliberate regardless of the number of shares represented. In both cases, the Luxembourg Compan</font><font style="font-family: 'Times New Roman';">y</font><font style="font-family: 'Times New Roman';"> Law and the Company&#8217;s articles of association require that any resolution of an extraordinary general shareholders&#8217; meeting as to amendments to the Company&#8217;s articles of association be adopted by a two-thirds majority of the votes validly cast at the meeting. If a proposed resolution consists of changing the Company&#8217;s nationality or of increasing the shareholders&#8217; commitments, the unanimous consent of all shareholders is required. </font></p>
<p style="margin-top: 0pt; margin-bottom: 10pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Cumulative voting is not permitted. The Company&#8217;s articles of association do not provide for staggered terms and directors are elected for a maximum of one year </font><font style="font-family: 'Times New Roman';">but</font><font style="font-family: 'Times New Roman';"> may be reappointed or removed </font><font style="font-family: 'Times New Roman';">at any time, with or without cause, </font><font style="font-family: 'Times New Roman';">by the general shareholders&#8217; meeting, by resolution passed by a simple majority vote of the shares validly cast at the meeting. In the case</font><font style="font-family: 'Times New Roman';"> of a vacancy occurring in the board of d</font><font style="font-family: 'Times New Roman';">irectors, the remaining directors </font><font style="font-family: 'Times New Roman';">shall have the right to</font><font style="font-family: 'Times New Roman';"> temporarily fill such vacancy with a temporary director appointed by resolution adopted with the affirmative vote of a majority of the remaining directors; provided that the next general shareholder&#8217;s meeting shall be called upon to ratify such appointment. The term of any such temporary director</font><font style="font-family: 'Times New Roman';"> elected to fill a vacancy</font><font style="font-family: 'Times New Roman';"> shall expire at the end of the term of office of the</font><font style="font-family: 'Times New Roman';"> replaced</font><font style="font-family: 'Times New Roman';"> director.</font></p>
<p style="margin-top: 0pt; margin-bottom: 10pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The next Company&#8217;s annual general shareholders&#8217; meeting, that will consider, among other </font><font style="font-family: 'Times New Roman';">matters</font><font style="font-family: 'Times New Roman';"> our Consolidated Financial Statements and Annual Accounts included in this </font><font style="font-family: 'Times New Roman';">annual </font><font style="font-family: 'Times New Roman';">report, will take place in the Company&#8217;s registered office in Luxembourg, on Monday, May 3, 2021, at </font><font style="font-family: 'Times New Roman';">3</font><font style="font-family: 'Times New Roman';">:</font><font style="font-family: 'Times New Roman';">3</font><font style="font-family: 'Times New Roman';">0 p</font><font style="font-family: 'Times New Roman';">.</font><font style="font-family: 'Times New Roman';">m</font><font style="font-family: 'Times New Roman';">. Central European </font><font style="font-family: 'Times New Roman';">T</font><font style="font-family: 'Times New Roman';">ime. </font></p>
<p style="margin-top: 0pt; margin-bottom: 10pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The </font><font style="font-family: 'Times New Roman';">articles of association provide that annual general shareholders&#8217; meetings</font><font style="font-family: 'Times New Roman';"> shall meet </font><font style="font-family: 'Times New Roman';">in Luxembourg within six months from the end of the previous financial year at the date, place and hour indicated in the convening notice. </font><font style="font-family: 'Times New Roman';">The rights of the shareholders attending the meetings are governed by </font><font style="font-family: 'Times New Roman';">Shareholders&#8217; Rights Law</font><font style="font-family: 'Times New Roman';">.</font></p>
<p style="margin-top: 0pt; margin-bottom: 10pt; font-size: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Holders of </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">shares</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> deposited in fungible securities accounts have the same rights and obligations as holders of </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">shares</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> recorded in the Company&#8217;s share register. However, in order to be able to participate in and vote at shareholders&#8217; meetings of the Company, the former must </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">submit</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, prior to the relevant meeting, reasonably satisfactory evidence to the Company as to the number of </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">shares</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> held on the applicabl</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">e record date for such meeting.</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">For as long as the shares or the other securities of the Company are list</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ed on a regulated market within</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> the European Union, participation in a shareholders&#8217; general meeting shall inter alia be subject to the relevant shareholder holding shares of the Company </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">on the fourteenth day midnight C</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">entral European </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">T</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ime prior to the meeting (unless otherwise provided for by applicable law).</font></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>87</font></font></td>
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<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
</div>
<p style="margin: 0px; font-size: 12pt; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><br></font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Holders of ADSs only have those rights that are expressly granted to them in the deposit agreement. See Item</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">3.D. &#8220;Key Information &#8211; Risk Factors &#8211; Risks Relating to </font><font style="font-family: 'Times New Roman';">shares</font><font style="font-family: 'Times New Roman';"> and ADSs &#8211; Holders of ADSs may not be able to exercise, or may encounter difficulties in the exercise of, certain rights afforded to shareholders&#8221;</font><font style="font-family: 'Times New Roman';">.</font><font style="font-family: 'Times New Roman';"> Holders of record of our ADR</font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';"> as of the relevant ADR holders&#8217; record date set for any given general shareholders&#8217; meeting are entitled to instruct the Depositary as to the exercise of the voting rights in respect of the </font><font style="font-family: 'Times New Roman';">share</font><font style="font-family: 'Times New Roman';">s underlying such holder&#8217;s ADRs at such meeting. Holders of ADRs maintaining non-certificated positions must follow voting instructions given by their broker or custodian bank.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The notice to the annual general shareholders meeting to be held on May 3, 2021, and the Shareholder Meeting Brochure and Proxy Statement for the meetings, describing the procedures for voting at the meetings applicable to holders of ADRs will be made available on the Company&#8217;s website at https://ir.tenaris.com/investor-relations&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">in accordance with applicable rules and regulations, and</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">will be timely filed by the Company in a report of foreign issuer on Form 6-K.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Access to Corporate Records</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Luxembourg law and the Company&#8217;s articles of association do not generally provide for shareholder access to corporate records. Shareholders may inspect the annual accounts and auditors&#8217; reports at our registered office during the fifteen</font><font style="font-family: 'Times New Roman';">-</font><font style="font-family: 'Times New Roman';">day period prior to a general shareholders&#8217; meeting.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Appraisal Rights</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In the event the Company&#8217;s shareholders approve:</font></p>
<ul type="disc" style="margin: 0pt; padding-left: 0pt;">
<li style="margin-left: 8.68pt; margin-bottom: 12pt; padding-left: 19.67pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">the delisting of the </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">shares</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> from all stock exchanges where the </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">shares</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> are listed at that time,</font></li>
<li style="margin-left: 8.68pt; margin-bottom: 12pt; padding-left: 19.67pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">a merger in which the Company is not the surviving entity (unless the </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">shares</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> or other equity securities of such entity are listed on the New York or London stock exchanges),</font></li>
<li style="margin-left: 8.68pt; margin-bottom: 12pt; padding-left: 19.67pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">a sale, lease, exchange or other disposition of all or substantially all of the Company&#8217;s assets,</font></li>
<li style="margin-left: 8.68pt; margin-bottom: 12pt; padding-left: 19.67pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">an amendment of our articles of association that has the effect of materially changing the Company&#8217;s corporate purpose,</font></li>
<li style="margin-left: 8.68pt; margin-bottom: 12pt; padding-left: 19.67pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">the relocation of the Company&#8217;s domicile outside of the Grand Duchy of Luxembourg, </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">or</font></li>
<li style="margin-left: 8.68pt; margin-bottom: 12pt; padding-left: 19.67pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">amendments to the Company&#8217;s articles of association that restrict the rights of the Company&#8217;s shareholders</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">.</font></li>
</ul>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">D</font><font style="font-family: 'Times New Roman';">issenting or absent shareholders have the right to have their </font><font style="font-family: 'Times New Roman';">shares</font><font style="font-family: 'Times New Roman';"> repurchased by the Company at (i)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">the average market value of the </font><font style="font-family: 'Times New Roman';">shares</font><font style="font-family: 'Times New Roman';"> over the 90 calendar days preceding the applicable shareholders&#8217; meeting or (ii)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">in the event </font><font style="font-family: 'Times New Roman';">that the </font><font style="font-family: 'Times New Roman';">shares</font><font style="font-family: 'Times New Roman';"> are not traded on a regulated market, the amount that results from applying the proportion of the Company&#8217;s equity that the </font><font style="font-family: 'Times New Roman';">shares</font><font style="font-family: 'Times New Roman';"> being sold represent over the Company&#8217;s net worth as of the date of the applicable shareholders&#8217; meeting.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Dissenting or absent shareholders must present their claim within one month following the date of the shareholders&#8217; meeting and supply the Company with evidence of their shareholding at the time of such meeting. The Company must (to the extent permitted by applicable laws and regulations and in compliance therewith) repurchase its </font><font style="font-family: 'Times New Roman';">shares</font><font style="font-family: 'Times New Roman';"> within six months following the date of the shareholders&#8217; meeting.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">If delisting from one or more, but not all, of the stock exchanges where the </font><font style="font-family: 'Times New Roman';">shares</font><font style="font-family: 'Times New Roman';"> are listed is approved in the shareholders&#8217; meeting, only dissenting or absent shareholders with </font><font style="font-family: 'Times New Roman';">shares</font><font style="font-family: 'Times New Roman';"> held through participants in the local clearing system for that market or markets can exercise this appraisal right if:</font></p>
<ul type="disc" style="margin: 0pt; padding-left: 0pt;">
<li style="margin-left: 8.68pt; margin-bottom: 12pt; padding-left: 19.67pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">they held the </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">shares</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> as of the date of the announcement by the Company of its intention to delist or as of the date of publication of the first convening notice for the general shareholders&#8217; meeting that approved the delisting; and</font></li>
<li style="margin-left: 8.68pt; margin-bottom: 12pt; padding-left: 19.67pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">they present their claim within one month following the date of the general shareholders&#8217; meeting and supply evidence of their shareholding as of the date of the Company&#8217;s announcement or the publication of the first convening notice to the meeting.</font></li>
</ul>
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<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>88</font></font></td>
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<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
</div>
<p style="margin: 0px; font-size: 10pt; text-indent: 0px;"><font style="font-family: 'Times New Roman';"><br></font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In the event a shareholder exercises its appraisal rights, applicable Luxembourg law provisions shall apply.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Holders of ADSs may not be able to exercise, or may encounter difficulties in the exercise of, certain rights afforded to shareholders, including appraisal rights. See Item</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">3.D. &#8220;Key Information &#8211; Risk Factors &#8211; Risks Relating to </font><font style="font-family: 'Times New Roman';">shares</font><font style="font-family: 'Times New Roman';"> and ADSs &#8211; Holders of ADSs may not be able to exercise, or may encounter difficulties in the exercise of, certain rights afforded to shareholders&#8221;</font><font style="font-family: 'Times New Roman';">.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Distribution of Assets on Winding-Up</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In the event of the Company&#8217;s liquidation, dissolution or winding-up, the net assets remaining after allowing for the payment of all debts and expenses will be paid out to the holders of the </font><font style="font-family: 'Times New Roman';">shares</font><font style="font-family: 'Times New Roman';"> in proportion to their respective holdings.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Transferability and For</font><font style="font-family: 'Times New Roman'; font-weight: bold;">m</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The Company&#8217;s articles of association do not contain any redemption or sinking fund provisions, nor do they impose any restrictions on the transfer of </font><font style="font-family: 'Times New Roman';">shares</font><font style="font-family: 'Times New Roman';">. The </font><font style="font-family: 'Times New Roman';">shares</font><font style="font-family: 'Times New Roman';"> are issuable in registered form only.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The ownership of registered </font><font style="font-family: 'Times New Roman';">shares</font><font style="font-family: 'Times New Roman';"> is evidenced by the inscription of the name of the shareholder, the number of </font><font style="font-family: 'Times New Roman';">shares</font><font style="font-family: 'Times New Roman';"> held by </font><font style="font-family: 'Times New Roman';">such shareholders </font><font style="font-family: 'Times New Roman';">and the amount paid on each share in the Company&#8217;s share register. In addition, the Company&#8217;s </font><font style="font-family: 'Times New Roman';">shares</font><font style="font-family: 'Times New Roman';"> may be held through fungible securities accounts with financial institutions or other professional depositaries.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Shares held through fungible securities accounts may be transferred in accordance with customary procedures for the transfer of securities in book-entry form. Shares that are not held through fungible securities accounts may be transferred by a written statement of transfer signed by both the transferor and the transferee or their respective duly appointed attorney-in-fact and recorded in the Company&#8217;s share register. The transfer of </font><font style="font-family: 'Times New Roman';">shares</font><font style="font-family: 'Times New Roman';"> may also be made in accordance with the provisions of Article 1690 of the Luxembourg Civil Code. As evidence of the transfer of registered </font><font style="font-family: 'Times New Roman';">shares</font><font style="font-family: 'Times New Roman';">, the Company may </font><font style="font-family: 'Times New Roman';">also </font><font style="font-family: 'Times New Roman';">accept any correspondence or other documents evidencing the agreement between transferor and transferee as to the transfer of registered </font><font style="font-family: 'Times New Roman';">shares</font><font style="font-family: 'Times New Roman';">.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Repurchase of Company </font><font style="font-family: 'Times New Roman'; font-weight: bold;">share</font><font style="font-family: 'Times New Roman'; font-weight: bold;">s</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The Company may repurchase its own </font><font style="font-family: 'Times New Roman';">shares</font><font style="font-family: 'Times New Roman';"> in the cases and subject to the conditions set by the Luxembourg Compan</font><font style="font-family: 'Times New Roman';">y</font><font style="font-family: 'Times New Roman';"> Law and, in the case of acquisitions of </font><font style="font-family: 'Times New Roman';">shares</font><font style="font-family: 'Times New Roman';"> or ADSs made through a stock exchange in which </font><font style="font-family: 'Times New Roman';">shares</font><font style="font-family: 'Times New Roman';"> or ADSs are traded, with any applicable laws and regulations of such market. Please see Item</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">16.E. &#8220;Purchase of Equity Securities by the Issuer and Affiliated Purchasers&#8221; for </font><font style="font-family: 'Times New Roman';">further</font><font style="font-family: 'Times New Roman';"> information on the authorization granted </font><font style="font-family: 'Times New Roman';">on </font><font style="font-family: 'Times New Roman';">June 2, 2020</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">by the annual general meeting of shareholders to the Company or its subsidiaries to repurchase </font><font style="font-family: 'Times New Roman';">shares</font><font style="font-family: 'Times New Roman';"> of the Company, including </font><font style="font-family: 'Times New Roman';">shares</font><font style="font-family: 'Times New Roman';"> represented by ADSs.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Limitation on Securities Ownership</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">There are no limitations currently imposed by Luxembourg law or the articles of association on the rights of the Company&#8217;s non-resident or foreign shareholders to hold or vote th</font><font style="font-family: 'Times New Roman';">e Company&#8217;s</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">shares</font><font style="font-family: 'Times New Roman';">.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Change in Control</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">None of our outstanding securities has any special control rights. The Company&#8217;s articles of association do not contain any provision that would have the effect of delaying, deferring or preventing a change in control of the Company and that would operate only with respect to a merger, acquisition or corporate restructuring involving the Company or any of its subsidiaries. In addition, the Company does not know of any significant agreements or other arrangements to which the Company is a party </font><font style="font-family: 'Times New Roman';">and </font><font style="font-family: 'Times New Roman';">which take effect, alter or terminate in the event of a change of control of the Company. There are no agreements between the Company and members of its board of directors or employees providing for compensation if they resign or are made redundant without reason, or if their employment ceases following a change in control of the Company.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">There are no rights associated with the</font><font style="font-family: 'Times New Roman';"> Company&#8217;s</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">shares</font><font style="font-family: 'Times New Roman';"> other than those described above.</font></p>
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<p style="margin-top: 9pt; margin-bottom: 9pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Ownership Disclosure</font></p>
<p style="margin-top: 0pt; margin-bottom: 9pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The Company&#8217;s articles of association do not contain any provision requiring disclosure of share ownership. However, under the Luxembourg Transparency Law investors in the Company&#8217;s securities should notify the Company and the Luxembourg securities commission on an ongoing basis whenever the proportion of voting rights held or controlled by any such investor reaches, exceeds or falls below any of the following thresholds: 5%, 10%, 15%, 20%, 25%, 33.33%, 50% and 66.66%. Failure to notify the Company and the Luxembourg securities commission of the reaching or crossing of any such thresholds may result in the suspension of the voting rights attaching to the </font><font style="font-family: 'Times New Roman';">shares</font><font style="font-family: 'Times New Roman';"> exceeding the threshold which would have had to be notified.</font></p>
<p style="margin-left: 28.35pt; margin-bottom: 9pt; text-indent: -28.35pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">C.</font><font style="width: 18.63pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">Material Contracts</font></p>
<p style="margin-top: 0pt; margin-bottom: 9pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">For a summary of any material contract entered into by us outside the ordinary course of business during the last two years, see Item</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">4.B. &#8220;Information on the Company &#8211; Business Overview&#8221;</font><font style="font-family: 'Times New Roman';">.</font></p>
<p style="margin-left: 28.35pt; margin-bottom: 9pt; text-indent: -28.35pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">D.</font><font style="width: 18.63pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">Exchange Controls</font></p>
<p style="margin-top: 0pt; margin-bottom: 9pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Many of the countries that are important markets for us or in which we have substantial assets have histories of substantial government intervention in currency markets, volatile exchange rates and government-imposed currency controls. These include mainly Argentina, Brazil, Indonesia, Mexico, Nigeria and Romania. </font></p>
<p style="margin-top: 0pt; margin-bottom: 9pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In Argentina, the Argentine peso was subject to a </font><font style="font-family: 'Times New Roman';">devaluation of approximately 41</font><font style="font-family: 'Times New Roman';">% during 2020. In the past, the Argentine authorities took several measures to reduce volatility in the exchange rate between the ARS and the USD and implemented formal and informal restrictions on capital inflows into Argentina and capital outflows from Argentina. Certain foreign exchange restrictions that had been lifted in 2016 were reinstated in 2019. As a result, Tenaris&#8217;s Argentine subsidiaries are currently required to repatriate to Argentina all export proceeds (including U.S. dollars received through advance payments and pre-financing facilities) and convert such proceeds into Argentine pesos at the applicable exchange rate as of the repatriation date. Access to the Argentine foreign exchange market, either to purchase foreign currency or to transfer foreign currency abroad (including import payments, repayment of foreign financial indebtedness, payment of services or dividends abroad, foreign currency-savings by individuals and/or any other purchase or transfer of foreign exchange) is subject to certain conditions. With limited exceptions, prior approval from the Argentine central bank, which is rarely granted, is required to purchase foreign currency to pay dividends to foreign shareholders and to make other payments to affiliates or third parties abroad</font><font style="font-family: 'Times New Roman';">. Throughout 2020, the Argentine central bank</font><font style="font-family: 'Times New Roman';">&nbsp;has imposed foreign exchange restrictions aimed at limiting the purchase of foreign currency. </font></p>
<p style="margin-top: 0pt; margin-bottom: 9pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">As of December 31, 2020, approximately 9% of Tenaris&#8217;s consolidated net assets were located in Argentina. </font></p>
<p style="margin-top: 0pt; margin-bottom: 9pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">For additional information regarding factors affecting the Argentine economy, see Item 3.D. &#8220;Key Information &#8211; Risk Factors &#8211; Risks Relating to our Business &#8211; Adverse economic or political conditions in the countries where we operate or sell our products and services may decrease our sales or disrupt our manufacturing operations, thereby adversely affecting our revenues, profitability and financial condition&#8221;. For additional information on current foreign exchange restrictions in Argentina, see note 27 &#8220;Foreign exchange control measures in Argentina&#8221; of our audited consolidated financial statements included in this annual report. </font></p>
<p style="margin-top: 0pt; margin-bottom: 9pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">E.</font><font style="width: 26.83pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">Taxation </font></p>
<p style="margin-top: 0pt; margin-bottom: 9pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The following discussion of the material Luxembourg and U.S. federal income tax consequences of an investment in our shares and ADSs is based upon laws and relevant interpretations thereof in effect as of the date of this annual report, all </font><font style="font-family: 'Times New Roman';">of which are subject to change. This discussion does not address all possible tax consequences relating to an investment in our shares or ADSs, including the tax consequences under U.S. state and local tax laws. </font></p>
<p style="margin-top: 0pt; margin-bottom: 9pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Grand Duchy of Luxembourg </font></p>
<p style="margin-top: 0pt; margin-bottom: 9pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">This section describes the material Luxembourg tax consequences of owning or disposing of shares or ADSs. </font></p>
<p style="margin-top: 0pt; margin-bottom: 9pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-style: italic;">It is not intended to be, nor should it be construed to be, legal or tax advice. You should, therefore, consult your own tax advisor regarding local or foreign tax consequences, including Luxembourg tax consequences of owning and disposing of shares or ADSs in your particular circumstances.</font></p>
<p style="margin-top: 0pt; margin-bottom: 9pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-style: italic;">As used herein, a &#8220;Luxembourg individual&#8221; means an individual resident in Luxembourg who is subject to personal income tax (imp&#244;t sur le revenu) on his or her worldwide income from Luxembourg or foreign sources, and a &#8220;Luxembourg corporate holder&#8221; means a company (that is, a fully taxable collectivit&#233; within the meaning of Article 159 of the Luxembourg Income Tax Law) resident in Luxembourg subject to Luxembourg corporate income tax (imp&#244;t sur le revenu des collectivit&#233;s) and Luxembourg municipal business tax (imp&#244;t commercial communal) on its worldwide income from Luxembourg or foreign sources. For the purposes of this summary, Luxembourg individuals and Luxembourg corporate holders are collectively referred to as &#8220;Luxembourg Holders&#8221;. A &#8220;non-Luxembourg Holder&#8221; means any investor in shares or ADSs of the Company other than a Luxembourg Holder.</font><font style="font-family: 'Times New Roman'; font-style: italic;"> </font></p>
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<p style="margin-top: 0pt; margin-bottom: 12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Corporate Reorganization </font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">T</font><font style="font-family: 'Times New Roman';">he Company </font><font style="font-family: 'Times New Roman';">was established as a Luxembourg </font><font style="font-family: 'Times New Roman'; font-style: italic;">soci&#233;t&#233; anonyme</font><font style="font-family: 'Times New Roman';"> holding under Luxembourg&#8217;s 1929 holding company regime. Until termination of such regime on December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">31, 2010, holding companies incorporated under the 1929 regime (including the Company) were exempt from Luxembourg corporate income tax, Luxembourg municipal business tax, Luxembourg net wealth tax and Luxembourg withholding tax over dividends distributed to shareholders. </font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">On January</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">1, 2011, the Company became an ordinary public limited liability company (</font><font style="font-family: 'Times New Roman'; font-style: italic;">soci&#233;t&#233; anonyme</font><font style="font-family: 'Times New Roman';">)</font><font style="font-family: 'Times New Roman';"> and, effective as from that date, the Company is subject to all applicable Luxembourg taxes, (including, among others, Luxembourg corporate income tax on its worldwide income). </font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In light of the impending termination of Luxembourg&#8217;s 1929 holding company regime, in the fourth quarter of 2010, the Company carried out a multi-step corporate reorganization, which included, among other transactions, the contribution of most of the Company&#8217;s assets and liabilities to a wholly-owned, newly-incorporated Luxembourg subsidiary and the restructuring of indirect holdings in certain subsidiaries. The first phase of the corporate reorganization</font><font style="font-family: 'Times New Roman';"> was completed in December 2010</font><font style="font-family: 'Times New Roman';"> and resulted in a non-taxable revaluation of the accounting value (under Luxembourg GAAP) of the Company&#8217;s assets.</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">The second phase of the reorganization was completed in 2011. </font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Following the completion of the first phase of the corporate reorganization, and upon its conversion into an ordinary Luxembourg holding company, the Company recorded a special reserve in its tax balance sheet. Dividend distributions for the foreseeable future will be </font><font style="font-family: 'Times New Roman';">charged</font><font style="font-family: 'Times New Roman';"> to the special reserve and therefore should not be subject to Luxembourg withholding tax.</font><font style="font-family: 'Times New Roman';"> </font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Tax regime applicable to realized capital gains </font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Luxembourg Holders </font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-style: italic;">Luxembourg resident individual holders </font></p>
<p style="margin-top: 14pt; margin-bottom: 14pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Capital gains realized by Luxembourg resident individuals who do not hold their shares or ADSs as part of a trade or business (i.e. capital gains on private assets) and who hold (together, directly or indirectly, with his or her spouse or civil partner and underage children) no more than 10% of the share capital of the Company, at any time during the five-year period preceding the disposition will only be taxable (at a progressive rate) if they are realized on a sale of shares or ADSs that takes place before their acquisition or within the first six months following their acquisition (i.e. speculative gain). After the six-months period, capital gains are not taxed unless the resident individual holds (together, directly or </font><font style="font-family: 'Times New Roman';">indirectly, with his or her spouse or civil partner and underage children) more than 10% of the share capital of the Company at any time during the five-year period preceding the disposition.</font></p>
<p style="margin-top: 14pt; margin-bottom: 14pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">If such shares or ADSs are held as part of a commercial or industrial business, capital gains would be taxable in the same manner as income from such business. </font></p>
<p style="margin-top: 14pt; margin-bottom: 14pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Capital gains realized by Luxembourg resident individuals holding (alone or together with the resident&#8217;s spouse or civil partner and underage children) directly or indirectly more than 10% of the capital of the Company at any time during the five years prior to the sale, (or if the Luxembourg resident individuals have received the shares for no consideration within the last five years and the former holder held at least 10% in the capital of the company at any moment during said five years) will be taxable at half of the individual&#8217;s applicable global tax rate (as determined progressively), if a holding period of six months following their a</font><font style="font-family: 'Times New Roman';">cquisition elapsed (21% for 2020</font><font style="font-family: 'Times New Roman';">). Within the six-</font><font style="font-family: 'Times New Roman';">month period, progressive income tax rates apply (ranging from 0 to 42%</font><a href="#_ftn1" style="text-decoration: none;"><font style="font-family: 'Times New Roman'; font-size: 6.67pt; vertical-align: super; color: #000000;">1</font></a><font style="font-family: 'Times New Roman';">&nbsp;in 2020</font><font style="font-family: 'Times New Roman';">).</font></p>
<p style="margin-top: 14pt; margin-bottom: 14pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-style: italic;">Luxembourg resident corporate holders </font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Capital gains, including currency exchange gains, realized upon the disposal of shares or ADSs by a fully taxable resident corporate holder will in principle be subject to Luxembourg corporate income tax and Luxembourg municipal business tax. The combined applicable rate (including an unemployment fund contribution) for a corporate holder established in Luxembourg-City is 24.94% </font><font style="font-family: 'Times New Roman';">for the fiscal year ending 2020</font><font style="font-family: 'Times New Roman';">. An exemption from such taxes may be available to the Luxembourg resident corporate holder pursuant to Article 1 of the Grand Ducal Decree dated December 21, 2001 as amended, in combination with article 166 of the Luxembourg Income Tax Law subject to the fulfillment of the conditions set forth therein.</font></p>
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<td style="width: 16.1488%;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 7pt;"><font style="vertical-align: super;"><font lang="EN-US"><font style="mso-special-character: footnote;">1</font></font></font><font lang="EN-US"><font style="mso-spacerun: yes;">&nbsp; &nbsp;</font>A 7% surcharge for the Employment Fund applies on the income tax due. The surcharge for the Employment Fund amounts to 9% for taxpayer in tax class 1 or 1a with taxable income exceeding EUR 150,000 (EUR 300,000 for taxpayer in tax class 2).</font> </font></td>
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<p style="margin-top: 0pt; margin-bottom: 12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Non-Luxembourg Holders </font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-style: italic;">Non-Luxembourg individual holders</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">An individual who is a non-Luxembourg Holder of shares or ADSs (and who does not have a permanent establishment, a permanent representative or a fixed place of business in Luxembourg) will only be subject to Luxembourg taxation on capital gains arising upon disposal of such shares or ADSs if such holder has (alone or together with his or her spouse, civil partner and underage children) directly or indirectly held more than 10% of the capital of the Company at any time during the past five years preceding the disposal, and either (i)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">such non-Luxembourg Holder has been a resident of Luxembourg for tax purposes for at least 15 years and has become a non-resident within the last five years preceding the realization of the gain, subject to any applicable tax treaty, or (ii)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">the disposal of shares or ADSs occurs within six months from their acquisition (or prior to their actual acquisition), subject, however, to any applicable tax treaty. </font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-style: italic;">Non-Luxembourg corporate holders</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">A corporate non-Luxembourg Holder (that is, a </font><font style="font-family: 'Times New Roman'; font-style: italic;">collectivit&#233;</font><font style="font-family: 'Times New Roman';"> within the meaning of Article 159 of the Luxembourg Income Tax Law), which has a permanent establishment, a permanent representative or a fixed place of business in Luxembourg to which shares or ADSs are attributable, will bear Luxembourg corporate income tax and Luxembourg municipal business tax on a gain realized on a disposal of such shares or ADSs as set forth above for a Luxembourg corporate holder. However, capital gains, including currency exchange gains, realized on the sale of the shares or ADSs may benefit from the full exemption provided for by Article 1 of the Grand Ducal Decree dated December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">21, 2001 as amended, in combination with Article 166 of the Luxembourg Income Tax Law subject in each case to fulfillment of the conditions set out therein. </font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">A corporate non-Luxembourg Holder, which has no permanent establishment, permanent representative or fixed place of business in Luxembourg to which the shares or ADSs are attributable, will bear non-resident capital gains tax on a gain realized on a disposal of such shares or ADSs under the same conditions applicable to an individual non-Luxembourg Holder, as set out above. </font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Tax regime applicable to distributions </font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Withholding tax </font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Distributions to holders are in principle subject to a 15% Luxembourg withholding tax computed on the gross amount distributed. The rate of the withholding tax may be reduced pursuant to double tax treaty existing between Luxembourg </font><font style="font-family: 'Times New Roman';">and the country of residence of the relevant holder, subject to the fulfillment of the conditions set forth therein. However, distributions imputed for tax purposes to the special reserve (please see above paragraph &#8220;corporate reorganization&#8221;) should be exempt from Luxembourg withholding tax under the current tax law.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Nevertheless, a</font><font style="font-family: 'Times New Roman';"> withholding tax</font><font style="font-family: 'Times New Roman';"> exemption may apply</font><font style="font-family: 'Times New Roman';"> if the distribution is made to (as far as relevant in the case at hand): </font></p>
<ul type="disc" style="margin: 0pt; padding-left: 0pt;">
<li style="margin-left: 8.68pt; margin-bottom: 12pt; padding-left: 19.67pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">a Luxembourg resident corporate holder (that is, a fully taxable </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">collectivit&#233;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> within the meaning of article 159 of the Luxembourg Income Tax Law), </font></li>
<li style="margin-left: 8.68pt; margin-bottom: 12pt; padding-left: 19.67pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">an undertaking of collective character which is resident of a Member State of the European Union and is referred to by article 2 of the </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">EU</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Council Directive of November</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">30, 2011 concerning the common fiscal regime applicable to parent and subsidiary companies of different member states (2011/96/UE) as amended, (subject to the general anti-abuse rule provided for by Council Directive 2015/121/EU as implemented into Luxembourg law), </font></li>
<li style="margin-left: 8.68pt; margin-bottom: 12pt; padding-left: 19.67pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">a capital company or a cooperative company resident in Norway, Iceland or Liechtenstein and subject to a tax comparable to corporate income tax as provided by the Luxembourg Income Tax Law, </font></li>
<li style="margin-left: 8.68pt; margin-bottom: 12pt; padding-left: 19.67pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">a capital company resident in Switzerland which is subject to corporate income tax in Switzerland without benefiting from an exemption,</font></li>
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<p><font style="font-family: 'Times New Roman'; font-size: 10pt;"><br></font></p>
<ul type="disc" style="margin: 0pt; padding-left: 0pt;">
<li style="margin-left: 8.68pt; margin-bottom: 12pt; padding-left: 19.67pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">an undertaking with a collective character subject to a tax comparable to corporate income tax as provided by the Luxembourg Income Tax Law which is resident in a country that has concluded a double tax treaty with Luxembourg, </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">and </font></li>
<li style="margin-left: 8.68pt; margin-bottom: 12pt; padding-left: 19.67pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">a Luxembourg permanent establishment of one of the above-mentioned categories, provided each time that at the date of payment, the holder holds or commits to hold directly (or through a company regarded as tax transparent from a Luxembourg tax perspective), during an uninterrupted period of at least twelve months, shares or ADSs representing at least 10% of the share capital of the Company or acquired for an acquisition price of at least EUR 1,200,000. </font></li>
</ul>
<p style="margin-top: 0pt; margin-bottom: 12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Luxembourg Holders </font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">With the exception of Luxembourg corporate holders benefiting from the exemption referred to above, Luxembourg individual holders, and Luxembourg corporate holders fully subject to Luxembourg corporate tax, must include the distributions paid on the shares or ADSs in their taxable income, 50% of the amount of such dividends being exempt from tax. The applicable withholding tax can, under certain conditions, entitle the relevant Luxembourg Holder to a tax credit. </font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Non-Luxembourg Holders </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Non-Luxembourg Holders of </font><font style="font-family: 'Times New Roman';">shares or ADSs and </font><font style="font-family: 'Times New Roman';">who do not have a permanent establishment, a permanent representative or a fixed place of business in Luxembourg to which the </font><font style="font-family: 'Times New Roman';">shares or ADSs</font><font style="font-family: 'Times New Roman';"> would be attributable are not liable for any Luxembourg tax on dividends paid on the shares or ADSs, other than a potential withholding tax as described above.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: Dutch801BT-Roman; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Net wealth tax </font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Luxembourg Holders </font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Luxembourg net wealth tax will not be levied on a Luxembourg Holder with respect to the shares or ADSs held unless (i)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">the Luxembourg Holder is a legal entity subject to net wealth tax in Luxembourg; or (ii)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">the shares or ADSs are attributable to an enterprise or part thereof which is carried on through a permanent establishment, a fixed place of business or a permanent representative in Luxembourg.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Net wealth tax is levied annually at the rate of 0.5% for taxable net wealth not exceeding EUR 500,000,000 and at a rate of 0.05% for the net wealth exceeding EUR 500,000,000, of enterprises resident in Luxembourg, as determined for net wealth tax purposes. The shares or ADSs may be exempt from net wealth tax subject to the conditions set forth by Paragraph 60 of the </font><font style="font-family: 'Times New Roman';">Luxembourg </font><font style="font-family: 'Times New Roman';">Law of October 16, 1934 on the valuation of assets (</font><font style="font-family: 'Times New Roman'; font-style: italic;">Bewertungsgesetz</font><font style="font-family: 'Times New Roman';">), as amended.</font></p>
<p style="margin-top: 14pt; margin-bottom: 14pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">A minimum net wealth tax charge applies as of January 1, 2016 for all corporate entities having their statutory seat or central administration in Luxembourg. Subject to certain conditions, the amount of minimum net wealth tax may vary.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Non-Luxembourg Holders </font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Luxembourg net wealth tax will not be levied on a non-Luxembourg Holder with respect to the shares or ADSs held unless the shares or ADSs are attributable to an enterprise or part thereof which is carried on through a permanent establishment or a permanent representative in Luxembourg. The shares or ADSs may be exempt from net wealth tax subject to the conditions set forth by Paragraph 60 of the </font><font style="font-family: 'Times New Roman';">Luxembourg </font><font style="font-family: 'Times New Roman';">Law of October 16, 1934 on the valuation of assets (</font><font style="font-family: 'Times New Roman'; font-style: italic;">Bewertungsgesetz</font><font style="font-family: 'Times New Roman';">), as amended.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Stamp and registration taxes </font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">No registration tax or stamp duty will be payable by a holder of shares or ADSs in Luxembourg solely upon the disposal of shares or ADSs by sale or exchange.</font></p>
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<p style="margin: 0px; font-size: 10pt; text-indent: 0px;"><font style="font-family: 'Times New Roman';"><br></font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Estate and gift taxes </font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">No estate or inheritance tax is levied on the transfer of shares or ADSs upon the death of a holder of shares or ADSs in cases where the deceased was not a resident of Luxembourg for inheritance tax purposes and no gift tax is levied upon a gift of shares or ADSs if the gift is not passed before a Luxembourg notary or recorded in a deed registered in Luxembourg. </font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Where a holder of shares or ADSs is a resident of Luxembourg for tax purposes at the time of his death, the shares or ADSs are included in its taxable estate for inheritance tax or estate tax purposes.</font><font style="font-family: 'Times New Roman';"> </font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">U</font><font style="font-family: 'Times New Roman'; font-weight: bold;">.</font><font style="font-family: 'Times New Roman'; font-weight: bold;">S</font><font style="font-family: 'Times New Roman'; font-weight: bold;">.</font><font style="font-family: 'Times New Roman'; font-weight: bold;"> federal income taxation </font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">This section describes the material U.S. federal income tax consequences to a U.S. holder (as defined below) of owning shares or ADSs. It applies to you only if you hold your shares or ADSs as capital assets for U.S. federal income tax purposes. This discussion addresses only U.S. federal income taxation and does not discuss all of the tax consequences that may be relevant to you in light of your individual circumstances, including foreign, state or local tax consequences, estate and gift tax consequences, and tax consequences arising under the Medicare contribution tax on net investment income or the alternative minimum tax. This section does not apply to you if you are a member of a special class of holders subject to special rules, including:</font></p>
<ul type="disc" style="margin: 0pt; padding-left: 0pt;">
<li style="margin-left: 8.68pt; margin-bottom: 12pt; padding-left: 19.67pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">a dealer in securities, </font></li>
<li style="margin-left: 8.68pt; margin-bottom: 12pt; padding-left: 19.67pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">a bank, </font></li>
<li style="margin-left: 8.68pt; margin-bottom: 12pt; padding-left: 19.67pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">a trader in securities that elects to use a mark-to-market method of accounting for securities holdings, </font></li>
<li style="margin-left: 8.68pt; margin-bottom: 12pt; padding-left: 19.67pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">a tax-exempt organization, </font></li>
<li style="margin-left: 8.68pt; margin-bottom: 12pt; padding-left: 19.67pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">a person who invests through a pass-through entity, including a partnership, </font></li>
<li style="margin-left: 8.68pt; margin-bottom: 12pt; padding-left: 19.67pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">a life insurance company, </font></li>
<li style="margin-left: 8.68pt; margin-bottom: 12pt; padding-left: 19.67pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">a former citizen or long-term resident of the United States, </font></li>
<li style="margin-left: 8.68pt; margin-bottom: 12pt; padding-left: 19.67pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">a person that actually or constructively owns 10% or more of the combined voting power of our voting stock or of the total value of our stock (including ADSs), </font></li>
<li style="margin-left: 8.68pt; margin-bottom: 12pt; padding-left: 19.67pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">a person that holds shares or ADSs as part of a straddle or a hedging or conversion transaction for U.S. federal income tax purposes, </font></li>
<li style="margin-left: 8.68pt; margin-bottom: 12pt; padding-left: 19.67pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">a person that purchases or sells shares or ADSs as part of a wash sale for U.S. federal income tax purposes, or </font></li>
<li style="margin-left: 8.68pt; margin-bottom: 12pt; padding-left: 19.67pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">a person whose functional currency is not the U.S. dollar.</font></li>
</ul>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">This section is based on the Internal Revenue Code of 1986, as amended, its legislative history, existing and proposed regulations, published rulings and court decisions, all as currently in effect, as well as on the Convention between the Government of the Grand Duchy of Luxembourg and the Government of the United States of America for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to Taxes on Income and Capital (the &#8220;Treaty&#8221;). These laws are subject to change, possibly on a retroactive basis. In addition, this section is based in part upon the </font><font style="font-family: 'Times New Roman';">assumption that each obligation in the ADS deposit agreement and any related agreement will be performed in accordance with its terms. </font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">If an entity or arrangement that is treated as a partnership for U.S. federal income tax purposes holds the shares or ADSs, the U.S. federal income tax treatment of a partner will generally depend upon the status of the partner and the activities of the partnership. Each such partner holding the shares or ADSs is urged to consult his, her or its own tax advisor.</font></p>
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<p style="margin: 0px; break-after: avoid; font-size: 10pt; text-indent: 0px;"><font style="font-family: 'Times New Roman';"><br></font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">You are a U.S. holder if you are a beneficial owner of shares or ADSs and you are, for U.S. federal income tax purposes: </font></p>
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<li style="margin-left: 8.68pt; margin-bottom: 12pt; padding-left: 19.67pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">an individual citizen or resident of the United States, </font></li>
<li style="margin-left: 8.68pt; margin-bottom: 12pt; padding-left: 19.67pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">a domestic corporation (or an entity treated as a domestic corporation), </font></li>
<li style="margin-left: 8.68pt; margin-bottom: 12pt; padding-left: 19.67pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">an estate whose income is subject to U.S. federal income tax regardless of its source, or </font></li>
<li style="margin-left: 8.68pt; margin-bottom: 12pt; padding-left: 19.67pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">a trust if (i)</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">a U.S. court can exercise primary supervision over the trust&#8217;s administration and one or more U.S. persons are authorized to control all substantial decisions of the trust or (ii)</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">the trust has a valid election in effect under applicable U.S. Treasury regulations to be treated as a U.S. person. </font></li>
</ul>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In general, and taking into account the earlier assumptions, for U.S. federal income tax purposes, if you hold ADRs evidencing ADSs, you will be treated as the owner of the shares represented by those ADSs. Exchanges of shares for ADRs, and ADRs for shares, generally will not be subject to U.S. federal income tax. </font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The tax treatment of your shares or ADSs will depend in part on whether or not we are classified as a passive foreign investment company (&#8220;PFIC&#8221;), for United States federal income tax purposes. Except as discussed below under &#8220;PFIC Rules&#8221;, this discussion assumes that we are not classified as a PFIC for United States federal income tax purposes.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-style: italic;">You should consult your own tax advisor regarding the U.S. federal, state and local and other tax consequences of owning and disposing of shares or ADSs in your particular circumstances. </font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Taxation of distributions</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Under the U.S. federal income tax laws, if you are a U.S. holder, the gross amount of any distribution we pay out of our current or accumulated earnings and profits (as determined for U.S. federal income tax purposes), other than certain pro-rata distributions of our shares, including the amount of any Luxembourg tax withheld, will be treated as a dividend that is subject to U.S. federal income taxation. If you are a non-corporate U.S. holder, dividends paid to you that constitute qualified dividend income will be taxable to you at the preferential rates applicable to long-term capital gains provided that you hold shares or ADSs for more than 60 days during the 121-day period beginning 60 days before the ex-dividend date and meet other holding period requirements. Dividends we pay with respect to the shares or ADSs generally will be qualified dividend income, provided that, in the year that you receive the dividend, we are eligible for the benefits of the Treaty. We believe that we are currently eligible for the benefits of the Treaty and therefore expect that dividends on the shares or ADSs will be qualified dividend income, but there can be no assurance that we will continue to be eligible for the benefits of the Treaty.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">You must generally include any Luxembourg tax withheld from the dividend payment in this gross amount even though you do not in fact receive it. The dividend is taxable to you when you receive it, or, in the case of ADSs, when the depositary receives the dividend, actually or constructively. The dividend will not be eligible for the dividends-received deduction generally allowed to U.S. corporations in respect of dividends received from other U.S. corporations. Distributions in excess of current and accumulated earnings and profits, as determined for U.S. federal income tax purposes, will be treated as a non-taxable return of capital to the extent of your basis in the shares or ADSs and thereafter as capital gain. However, we do not expect to calculate earnings and profits in accordance with U.S. federal income tax principles. Therefore, you should expect that a distribution will generally be treated as a dividend (as discussed above). </font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Dividends will</font><font style="font-family: 'Times New Roman';"> generally</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">be income from sources outside the United States and, generally, will be &#8220;passive&#8221; income for purposes of computing the foreign tax credit allowable to you. </font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Subject to certain limitations, the Luxembourg tax withheld in accordance with the Treaty and paid over to Luxembourg will be creditable or deductible against your U.S. federal income tax liability. Special rules apply in determining the foreign tax credit limitation with respect to dividends that are subject to the preferential tax rates. To the extent a refund of the tax withheld is available to you under Luxembourg law or under the Treaty, the amount of tax withheld that is refundable will not be eligible for credit against your U.S. federal income tax liability.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In certain circumstances, if you have held ADSs for less than a specified minimum period during which you are not protected from risk of loss, or are obligated to make payments related to the dividends, you will not be allowed a foreign tax credit for foreign taxes imposed on dividends that we pay.</font></p>
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<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The rules governing the foreign tax credit are complex. You are urged to consult your tax advisors regarding the availability of the foreign tax credit under your particular circumstances. </font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Taxation of capital gains </font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">If you are a U.S. holder and you sell or otherwise dispose of your shares or ADSs, you will recognize capital gain or loss for U.S. federal income tax purposes equal to the difference between the U.S. dollar value of the amount that you realize and your tax basis, determined in U.S. dollars, in your shares or ADSs. Capital gain of a non-corporate U.S. holder is generally taxed at preferential rates where the property is held for more than one year. The gain or loss will generally be income or loss from sources within the United States for foreign tax credit limitation purposes. The deductibility of capital losses is subject to limitations.</font><font style="font-family: 'Times New Roman';"> </font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Additional U.S. Federal Income Tax Considerations </font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-style: italic;">PFIC rules. </font><font style="font-family: 'Times New Roman';">Based on the Company&#8217;s current and expected income and assets, w</font><font style="font-family: 'Times New Roman';">e believe that the shares or ADSs should not currently be treated as stock of a PFIC for U.S. federal income tax purposes, and we do not expect to become a PFIC in the foreseeable future. However, this conclusion is a factual determination that is made annually and thus may be subject to change. It is therefore possible that we could become a PFIC in a future taxable year. If we were to be treated as a PFIC, gain realized on the sale or other disposition of your shares or ADSs would in general not be treated as capital gain. Furthermore, if you are a U.S. holder, unless you are permitted to elect and you do elect to be taxed annually on a mark-to-market basis with respect to the shares or ADSs, upon sale or disposition of your shares or ADSs, you would generally be treated as if you had realized such gain and certain &#8220;excess distributions&#8221; ratably over your holding period for the shares or ADSs and would be taxed at the highest tax rate in effect for each such year to which the gain was allocated, together with an interest charge in respect of the tax attributable to each such year. With certain exceptions, your shares or ADSs will be treated as stock in a PFIC if we were a PFIC at any time during your holding period in your shares or ADSs. Dividends that you receive from us will not be eligible for the special tax rates applicable to qualified dividend income if we are a PFIC (or are treated as a PFIC with respect to you) either in the taxable year of the distribution or the preceding taxable year, but instead will be taxable at rates applicable to ordinary income and subject to the excess distribution regime described above.</font></p>
<p style="margin-top: 18pt; margin-left: 28.35pt; margin-bottom: 12pt; text-indent: -28.35pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">F.</font><font style="width: 19.74pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">Dividends and Paying Agents</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Not applicable.</font></p>
<p style="margin-top: 18pt; margin-left: 28.35pt; margin-bottom: 12pt; text-indent: -28.35pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">G.</font><font style="width: 18.07pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">Statement by Experts</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Not applicable.</font></p>
<p style="margin-top: 18pt; margin-left: 28.35pt; margin-bottom: 12pt; text-indent: -28.35pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">H.</font><font style="width: 18.07pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">Documents on Display</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The Company is subject to the reporting requirements of the U.S. Securities Exchange Act of 1934, as amended, or the Exchange Act, as applied to foreign private issuers. Accordingly, the Company is required to file annual and special reports and other information with the SEC; however, foreign private issuers are not required to deliver proxy statements or to file quarterly reports. We prepare quarterly and annual consolidated financial statements according to IFRS. The Company&#8217;s annual consolidated financial statements are audited by an independent accounting firm. The Company submits quarterly financial information with the SEC on Form 6-K simultaneously with or promptly following the publication of such information in Luxembourg and any other jurisdiction in which the Company&#8217;s securities are listed. In addition, the Company files annual reports on Form 20-F within the time period required by the SEC, which is currently four months from the close of the Company&#8217;s fiscal year on December</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">31. Reports and other information filed electronically with the SEC are available at the SEC&#8217;s Internet website at </font><font style="font-family: 'Times New Roman'; font-size: 10pt; text-decoration: underline; color: #0000ff;">http://www.sec.gov</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">. In addition, such reports and other communications are made available to all shareholders and holders of ADSs on the Company&#8217;s website at: </font><font style="font-family: 'Times New Roman'; font-size: 10pt; text-decoration: underline; color: #0000ff;">https://ir.tenaris.com/investor-relations</font><font style="font-family: 'Times New Roman'; font-size: 10pt; text-decoration: underline; color: #0563c1;">.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">For the year ended December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">31, 2020, the Company&#8217;s Depositary for issuing ADSs evidencing shares was</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">Deutsche Bank Trust Company Americas. During the time there continues to be ADSs deposited with the Depositary, the Company will furnish the Depositary with:</font></p>
<ul type="disc" style="margin: 0pt; padding-left: 0pt;">
<li style="margin-left: 8.68pt; margin-bottom: 12pt; padding-left: 19.67pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">its annual reports, </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">and</font></li>
<li style="margin-left: 8.68pt; margin-bottom: 12pt; padding-left: 19.67pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">copies of all notices of shareholders&#8217; meetings and other reports and communications that are made generally available to the Company&#8217;s shareholders.</font></li>
</ul>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>96</font></font></td>
</tr>

</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
</div>
<p style="margin: 0px; font-size: 10pt; text-indent: 0px;"><font style="font-family: 'Times New Roman';"><br></font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The Depositary will, as provided in the deposit agreement and if requested in writing by the Company, arrange for the mailing of such reports, notices and communications to all record holders of ADSs, on a basis similar to that for holders of shares, or on such other basis as the Company may advise the Depositary may be required by any applicable law or regulation or any requirement of any stock exchange to which the Company may be subject. Any reports and communications, including any proxy solicitation material, shall be furnished in English to the extent such materials are required to be translated into English pursuant to any regulations of the SEC.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Any record holder of ADSs may read the reports, notices, and other communications including any proxy solicitation material at the Depositary&#8217;s office located at 60 Wall Street, New York, New York 10005.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">In addition, such reports, notices and other communications are made available to all shareholders and holders of ADSs on the Company&#8217;s website at: </font><font style="font-family: 'Times New Roman'; font-size: 10pt; text-decoration: underline; color: #0000ff;">https://ir.tenaris.com/investor-relations</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Whenever a reference is made in this annual report to a contract or other document, please be aware that such reference is not necessarily complete and that you should refer to the exhibits that are a part of this annual report for a copy of the contract or other document. </font></p>
<p style="margin-top: 18pt; margin-left: 28.35pt; margin-bottom: 12pt; text-indent: -28.35pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">I.</font><font style="width: 21.96pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">Subsidiary Information</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Not applicable.</font></p>
</div><div style="font-family: 'times new roman', times; font-size: 10pt;">
<div style="margin-top: 18pt; margin-left: 56.7pt; margin-bottom: 12pt; text-indent: -56.7pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Item</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">11.</font><font style="width: 21.71pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><a style="text-decoration: none; color: #000000; cursor: default; outline: none;" href="#" name="BI11_14SSSZS5GG00000000000000000000" class="customBookmark"><font style="font-family: 'Times New Roman'; font-weight: bold;">Quantitative and Qualitative Disclosure </font><font style="font-family: 'Times New Roman'; font-weight: bold;">about</font><font style="font-family: 'Times New Roman'; font-weight: bold;"> Market Risk</font></a></div>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The multinational nature of our operations and customer base expose us to a variety of risks, including the effects of changes in foreign currency exchange rates, interest rates and commodity prices. In order to reduce the impact related to these exposures, management evaluates exposures on a consolidated basis to take advantage of natural exposure netting. For the residual exposures, we may enter into various derivative transactions in order to reduce potential adverse effects on our financial performance. Such derivative transactions are executed in accordance with internal policies and hedging practices. We do not enter into derivative financial instruments for trading or other speculative purposes, other than non-material investments in structured products.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The following information should be read together with section III, &#8220;Financial risk management&#8221; to our audited consolidated financial statements included elsewhere in this annual report.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Debt Structure</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The following tables provide a breakdown of our debt instruments at December 31, 20</font><font style="font-family: 'Times New Roman';">20</font><font style="font-family: 'Times New Roman';"> and 201</font><font style="font-family: 'Times New Roman';">9</font><font style="font-family: 'Times New Roman';"> which included fixed and variable interest rate obligations, detailed by maturity date:</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">At December 31, 2020</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br></td>
<td colspan="7" style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Expected maturity date</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;">&nbsp;</font></p>
</td>
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<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="padding-right: 4.65pt; padding-left: 4.65pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 4.65pt; padding-left: 4.65pt; vertical-align: bottom; height: 17px; border-top: 1pt solid #000000; border-bottom: 1pt solid #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">2021</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; border-top: 1pt solid #000000; border-bottom: 1pt solid #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">2022</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; border-top: 1pt solid #000000; border-bottom: 1pt solid #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">2023</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; border-top: 1pt solid #000000; border-bottom: 1pt solid #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">2024</font></p>
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<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; border-top: 1pt solid #000000; border-bottom: 1pt solid #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">2025</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 4.65pt; vertical-align: bottom; height: 17px; border-top: 1pt solid #000000; border-bottom: 1pt solid #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Thereafter</font></p>
</td>
<td colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; border-bottom: 1pt solid #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Total </font><font style="font-family: 'Times New Roman'; font-size: 6pt; font-weight: bold; vertical-align: super;">(1)</font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 4.65pt; vertical-align: bottom; height: 17px;"><br></td>
<td colspan="8" style="padding-right: 5.4pt; padding-left: 4.65pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">(in millions of U.S. dollars)</font></p>
</td>
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<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 29%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Non-current Debt</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 4.65pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 4.65pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
</td>
<td style="padding-right: 4.65pt; padding-left: 4.65pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="padding-right: 4.65pt; padding-left: 4.65pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
</td>
<td colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
</tr>
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<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Fixed rate</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 4.65pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 4.65pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">- </font></p>
</td>
<td style="padding-right: 4.65pt; padding-left: 4.65pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">29 </font></p>
</td>
<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">8 </font></p>
</td>
<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">4 </font></p>
</td>
<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">- </font></p>
</td>
<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">- </font></p>
</td>
<td colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman'; font-weight: bold;">41 </font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Variable rate</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 4.65pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 4.65pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">- </font></p>
</td>
<td style="padding-right: 4.65pt; padding-left: 4.65pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">75 </font></p>
</td>
<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">200 </font></p>
</td>
<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">- </font></p>
</td>
<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">- </font></p>
</td>
<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">- </font></p>
</td>
<td colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman'; font-weight: bold;">275 </font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 4.65pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 4.65pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
</td>
<td style="padding-right: 4.65pt; padding-left: 4.65pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="padding-right: 4.65pt; padding-left: 4.65pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
</td>
<td colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Current Debt</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 4.65pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 4.65pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
</td>
<td style="padding-right: 4.65pt; padding-left: 4.65pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="padding-right: 4.65pt; padding-left: 4.65pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
</td>
<td colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Fixed rate</font></p>
</td>
<td style="padding-right: 4.65pt; padding-left: 4.65pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 4.65pt; padding-left: 4.65pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">197 </font></p>
</td>
<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">- </font></p>
</td>
<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">- </font></p>
</td>
<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">- </font></p>
</td>
<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">- </font></p>
</td>
<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">- </font></p>
</td>
<td colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman'; font-weight: bold;">197 </font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Variable rate</font></p>
</td>
<td style="padding-right: 4.65pt; padding-left: 4.65pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 4.65pt; padding-left: 4.65pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">107 </font></p>
</td>
<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">- </font></p>
</td>
<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">- </font></p>
</td>
<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">- </font></p>
</td>
<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">- </font></p>
</td>
<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">- </font></p>
</td>
<td colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman'; font-weight: bold;">107 </font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 4.65pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 4.65pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman'; font-weight: bold;">303 </font></p>
</td>
<td style="padding-right: 4.65pt; padding-left: 4.65pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman'; font-weight: bold;">104 </font></p>
</td>
<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman'; font-weight: bold;">208 </font></p>
</td>
<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman'; font-weight: bold;">4 </font></p>
</td>
<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman'; font-weight: bold;">- </font></p>
</td>
<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman'; font-weight: bold;">- </font></p>
</td>
<td colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman'; font-weight: bold;">619 </font></p>
</td>
</tr>

</table>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>97</font></font></td>
</tr>

</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
</div>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; height: 166px; width: 100.034%;" width="100%">

<tr style="height: 15px;">
<td style="border-right: 1.5pt solid #ffffff; border-bottom: 0.75pt solid #000000; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">At December 31, 2019</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br></td>
<td colspan="6" style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Expected maturity date</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;">&nbsp;</font></p>
</td>
</tr>
<tr style="height: 16px;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 4.65pt; vertical-align: bottom; height: 16px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 4.65pt; vertical-align: bottom; height: 16px; border-bottom: 1pt solid #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">2020</font></p>
</td>
<td style="padding-right: 4.65pt; padding-left: 4.65pt; vertical-align: bottom; height: 16px; border-bottom: 1pt solid #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">2021</font></p>
</td>
<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; border-bottom: 1pt solid #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">2022</font></p>
</td>
<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; border-bottom: 1pt solid #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">2023</font></p>
</td>
<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; border-bottom: 1pt solid #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">2024</font></p>
</td>
<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; border-bottom: 1pt solid #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Thereafter</font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Total </font><font style="font-family: 'Times New Roman'; font-size: 6pt; font-weight: bold; vertical-align: super;">(1)</font></p>
</td>
</tr>
<tr style="height: 15px;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 4.65pt; vertical-align: bottom; height: 15px;"><br></td>
<td colspan="7" style="padding-right: 5.4pt; padding-left: 4.65pt; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">(in millions of U.S. dollars)</font></p>
</td>
</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 29%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Non-current Debt</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 4.65pt; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 1%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 4.65pt; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
</td>
<td style="padding-right: 4.65pt; padding-left: 4.65pt; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="padding-right: 4.65pt; padding-left: 4.65pt; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
</tr>
<tr style="height: 15px;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Fixed rate</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 4.65pt; vertical-align: bottom; height: 15px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 4.65pt; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">- </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 4.65pt; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">16 </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 4.65pt; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">23 </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">- </font></p>
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<td style="padding-right: 5.4pt; padding-left: 4.65pt; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">- </font></p>
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<td style="padding-right: 5.4pt; padding-left: 4.65pt; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">- </font></p>
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<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman'; font-weight: bold;">40 </font></p>
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<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Variable rate</font></p>
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<td style="padding-right: 5.4pt; padding-left: 4.65pt; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 4.65pt; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">- </font></p>
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<td style="padding-right: 5.4pt; padding-left: 4.65pt; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">1 </font></p>
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<td style="padding-right: 5.4pt; padding-left: 4.65pt; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">0 </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">- </font></p>
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<td style="padding-right: 5.4pt; padding-left: 4.65pt; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">- </font></p>
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<td style="padding-right: 5.4pt; padding-left: 4.65pt; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">- </font></p>
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<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman'; font-weight: bold;">1 </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;">&nbsp;</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
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<td style="padding-right: 5.4pt; padding-left: 4.65pt; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
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<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Current Debt</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
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<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Fixed rate</font></p>
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<td style="padding-right: 5.4pt; padding-left: 4.65pt; vertical-align: bottom; height: 15px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 4.65pt; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">728 </font></p>
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<td style="padding-right: 5.4pt; padding-left: 4.65pt; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">- </font></p>
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<td style="padding-right: 5.4pt; padding-left: 4.65pt; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">- </font></p>
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<td style="padding-right: 5.4pt; padding-left: 4.65pt; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">- </font></p>
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<td style="padding-right: 5.4pt; padding-left: 4.65pt; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">- </font></p>
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<td style="padding-right: 5.4pt; padding-left: 4.65pt; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">- </font></p>
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<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman'; font-weight: bold;">728 </font></p>
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<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Variable rate</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 4.65pt; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 4.65pt; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">53 </font></p>
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<td style="padding-right: 5.4pt; padding-left: 4.65pt; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">- </font></p>
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<td style="padding-right: 5.4pt; padding-left: 4.65pt; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">- </font></p>
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<td style="padding-right: 5.4pt; padding-left: 4.65pt; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">- </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 4.65pt; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">- </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 4.65pt; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">- </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman'; font-weight: bold;">53 </font></p>
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<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 4.65pt; vertical-align: bottom; height: 15px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 4.65pt; vertical-align: bottom; height: 15px; border-top: 1pt solid #000000; border-bottom: 1pt solid #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman'; font-weight: bold;">781 </font></p>
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<td style="padding-right: 4.65pt; padding-left: 4.65pt; vertical-align: bottom; height: 15px; border-top: 1pt solid #000000; border-bottom: 1pt solid #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman'; font-weight: bold;">17 </font></p>
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<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; border-top: 1pt solid #000000; border-bottom: 1pt solid #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman'; font-weight: bold;">24 </font></p>
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<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; border-top: 1pt solid #000000; border-bottom: 1pt solid #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman'; font-weight: bold;">- </font></p>
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<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; border-top: 1pt solid #000000; border-bottom: 1pt solid #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman'; font-weight: bold;">- </font></p>
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<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; border-top: 1pt solid #000000; border-bottom: 1pt solid #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman'; font-weight: bold;">- </font></p>
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<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; border-top: 1pt solid #000000; border-bottom: 1pt solid #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman'; font-weight: bold;">822 </font></p>
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</table>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 12pt;"><font style="font-family: 'Times New Roman';">_______________</font></p>
<p style="margin-top: 0pt; margin-left: 14.2pt; margin-bottom: 12pt; text-indent: -14.2pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 5.33pt; vertical-align: super;">(1)</font><font style="width: 4.87pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman';">As most borrowings are based on short-term fixed rates, or variable rates that approximate market rates, with interest rate resetting every 3 to 6 months, the fair value of the borrowings approximates its carrying amount a</font><font style="font-family: 'Times New Roman';">nd is not disclosed separately.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Our weighted average interest rates before tax (considering hedge accounting), amounted to </font><font style="font-family: 'Times New Roman';">2</font><font style="font-family: 'Times New Roman';">.</font><font style="font-family: 'Times New Roman';">51</font><font style="font-family: 'Times New Roman';">% at December 31, 20</font><font style="font-family: 'Times New Roman';">20</font><font style="font-family: 'Times New Roman';"> and to </font><font style="font-family: 'Times New Roman';">3</font><font style="font-family: 'Times New Roman';">.</font><font style="font-family: 'Times New Roman';">1</font><font style="font-family: 'Times New Roman';">8</font><font style="font-family: 'Times New Roman';">% at December 31, 201</font><font style="font-family: 'Times New Roman';">9</font><font style="font-family: 'Times New Roman';">.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Our financial liabilities (other than trade payables and derivative financial instruments) consist mainly of bank loans. As of December 31, 20</font><font style="font-family: 'Times New Roman';">20</font><font style="font-family: 'Times New Roman';">, U.S. dollar denominated financial debt plus debt denominated in other currencies swapped to the U.S. dollar represented</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">82</font><font style="font-family: 'Times New Roman';">% of total financial debt.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">For further information about our financial debt, please see note </font><font style="font-family: 'Times New Roman';">20</font><font style="font-family: 'Times New Roman';"> &#8220;Borrowings&#8221; to our audited consolidated financial statements included in this annual report.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; text-align: justify; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Interest Rate Risk</font></p>
<p style="margin-top: 12pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Fluctuations in market interest rates create a degree of risk by affecting the amount of our interest payments. At Dece</font><font style="font-family: 'Times New Roman';">mber 31, 20</font><font style="font-family: 'Times New Roman';">20</font><font style="font-family: 'Times New Roman';">, we had variable interest rate debt of $</font><font style="font-family: 'Times New Roman';">382</font><font style="font-family: 'Times New Roman';"> million and fixed rate debt of $</font><font style="font-family: 'Times New Roman';">237</font><font style="font-family: 'Times New Roman';"> million ($</font><font style="font-family: 'Times New Roman';">197</font><font style="font-family: 'Times New Roman';"> million of the f</font><font style="font-family: 'Times New Roman';">ixed rate debt are short-term).</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Foreign Exchange Rate Risk</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">We manufacture and sell our products in a number of countries throughout the world and consequently we are exposed to foreign exchange rate risk. Since the Company&#8217;s functional currency is the U.S. dollar, the purpose of our 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.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Most of our revenues are determined or influenced by the U.S. dollar. In addition, </font><font style="font-family: 'Times New Roman';">a relevant part</font><font style="font-family: 'Times New Roman';"> of our costs correspond</font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';"> to steelmaking raw materials and steel coils and plates, also determined or influenced by the U.S. dollar. However, outside the United States, a portion of our expenses is incurred in foreign currencies (e.g. labor costs). Therefore, when the U.S. dollar weakens in relation to the foreign currencies of the countries where we manufacture our products, the U.S. dollar-reported expenses increase. Had the U.S. dollar average exchange rate been weaker by 5% against the currencies of the countries where we have labor costs, operating income would have decreased approximately by $</font><font style="font-family: 'Times New Roman';">44</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">million in 20</font><font style="font-family: 'Times New Roman';">20</font><font style="font-family: 'Times New Roman';">, compared to $</font><font style="font-family: 'Times New Roman';">49</font><font style="font-family: 'Times New Roman';"> million in 201</font><font style="font-family: 'Times New Roman';">9</font><font style="font-family: 'Times New Roman';">.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Our consolidated exposure to currency fluctuations is reviewed on a periodic basis. A number of hedging 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 rate contracts.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Because certain subsidiaries have functional currencies other than the U.S. dollar, the results of hedging activities as reported in the income statement under IFRS may not reflect entirely management&#8217;s assessment of its foreign exchange risk hedging needs. Also, intercompany balances between our subsidiaries may generate exchange rate results to the extent that their functional currencies differ.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The value of our financial assets and liabilities is subject to changes arising out of the variation of foreign currency exchange rates. The following table provides a breakdown of our main financial assets and liabilities (including foreign exchange derivative contracts) that impact our profit and </font><font style="font-family: 'Times New Roman';">loss as of December 31, 20</font><font style="font-family: 'Times New Roman';">20</font><font style="font-family: 'Times New Roman';">.</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-style: italic;">All amounts in millions of U.S. dollars</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Currency Exposure</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Functional currency</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Long / (Short) Position </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">U.S. dollar</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">(40) </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">U.S. dollar</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">(291) </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">(126) </font></p>
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<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The main relevant exposures as of December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">31, 20</font><font style="font-family: 'Times New Roman';">20</font><font style="font-family: 'Times New Roman';"> were to Argentine peso-denominated financial, trade, social and fiscal payables at our Argentine subsidiaries, for which the functional currency is the U.S. dollar, </font><font style="font-family: 'Times New Roman';">Euro-denominated intercompany liabilities at certain subsidiaries for which functional currency is the U.S. dollar, and Saudi Arabian Riyal-denominated financial and trade payables.</font><font style="font-family: 'Times New Roman';"> The Saudi Arabian Riyal is tied to the dollar.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-style: italic;">Foreign Currency Derivative Contracts</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The net fair value of our foreign currency derivative contracts amounted to a</font><font style="font-family: 'Times New Roman';">n asset </font><font style="font-family: 'Times New Roman';">of $</font><font style="font-family: 'Times New Roman';">8</font><font style="font-family: 'Times New Roman';">.</font><font style="font-family: 'Times New Roman';">2</font><font style="font-family: 'Times New Roman';"> million at December 31, 20</font><font style="font-family: 'Times New Roman';">20</font><font style="font-family: 'Times New Roman';"> and</font><font style="font-family: 'Times New Roman';"> a</font><font style="font-family: 'Times New Roman';">n asset</font><font style="font-family: 'Times New Roman';"> of</font><font style="font-family: 'Times New Roman';"> $</font><font style="font-family: 'Times New Roman';">18</font><font style="font-family: 'Times New Roman';">.</font><font style="font-family: 'Times New Roman';">1</font><font style="font-family: 'Times New Roman';"> million at December 31, 201</font><font style="font-family: 'Times New Roman';">9</font><font style="font-family: 'Times New Roman';">. </font><font style="font-family: 'Times New Roman';">For further detail on our foreign currency derivative contracts, please see note 2</font><font style="font-family: 'Times New Roman';">5</font><font style="font-family: 'Times New Roman';"> &#8220;Derivative financial instruments &#8211; Foreign exchange derivative contracts and hedge accounting&#8221; to our audited consolidated financial statements included in this annual report.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Accounting for Derivative Financial Instruments and Hedging Activities</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Derivative financial instruments are classified as financial assets (or liabilities) at fair value through profit or loss. Their fair value is calculated using standard pricing techniques and, as a general rule, we recognize the full amount related to the change in its fair value under financial results in the current period.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">We designate for hedge accounting certain derivatives and non-derivative financial liabilities (leasing liabilities</font><font style="font-family: 'Times New Roman';"> denominated in Japanese Yen) to</font><font style="font-family: 'Times New Roman';"> hedge risks associated with recognized assets, liabilities or highly probable forecast transactions. These instruments are classified as cash flow hedges. The effective portion of the fair value of such derivatives is accumulated in a reserve account in equity. Similarly</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> 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 when the offsetting losses and gains on the hedged item are recorded. The gain or loss relating to the ineffective portion is recognized immediately in the income statement. The fair value of our derivative financial instruments (assets or liabilities) continues to be reflected on the consolidated statement of financial position. The lease liability </font><font style="font-family: 'Times New Roman';">is</font><font style="font-family: 'Times New Roman';"> recognized on the balance sheet at each period end at the exchange rate as of the end of each month.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">At December 31, 20</font><font style="font-family: 'Times New Roman';">20</font><font style="font-family: 'Times New Roman';">, the effective portion of designated cash flow hedges, included in other reserves in shareholders&#8217; equity amounted to a </font><font style="font-family: 'Times New Roman';">debit</font><font style="font-family: 'Times New Roman';"> of $</font><font style="font-family: 'Times New Roman';">4</font><font style="font-family: 'Times New Roman';">.</font><font style="font-family: 'Times New Roman';">8</font><font style="font-family: 'Times New Roman';"> million.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Concentration of credit risk</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">There is no significant concentration of credit from customers. No single customer comprised more than 10% of our net sales in 20</font><font style="font-family: 'Times New Roman';">20</font><font style="font-family: 'Times New Roman';">.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Our credit policies related to sales of products and services are designed to identify customers with acceptable credit history, and to allow us to use credit insurance, letters of credit and other instruments designed to minimize credit risk whenever deemed necessary. We maintain allowanc</font><font style="font-family: 'Times New Roman';">es for potential credit losses.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Commodity Price Sensitivity</font></p>
<p style="margin-top: 18pt; margin-bottom: 12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">We use commodities and raw materials that are subject to price volatility caused by supply conditions, political and economic variables and other unpredictable factors. As a consequence, we are exposed to risk resulting from fluctuations in the prices of these commodities and raw materials. Although we fix the prices of such raw materials and commodities for short-term periods, typically not in excess of one year, in general we do not hedge this risk.</font></p>
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<div style="margin-left: 56.7pt; margin-bottom: 12pt; text-indent: -56.7pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Item</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">12.</font><font style="width: 21.71pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><a style="text-decoration: none; color: rgb(0, 0, 0); cursor: default; outline: none;" href="#" name="BI12_PMYCTO9IDS00000000000000000000" class="customBookmark"><font style="font-family: 'Times New Roman'; font-weight: bold;">Description of Securities Other Than Equity Securities</font></a></div>
<p style="margin-top: 18pt; margin-left: 28.35pt; margin-bottom: 12pt; text-indent: -28.35pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">A.</font><font style="width: 18.63pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">Debt securities</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Not applicable.</font></p>
<p style="margin-top: 18pt; margin-left: 28.35pt; margin-bottom: 12pt; text-indent: -28.35pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">B.</font><font style="width: 19.18pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">Warrants and Rights</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Not applicable.</font></p>
<p style="margin-top: 18pt; margin-left: 28.35pt; margin-bottom: 12pt; text-indent: -28.35pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">C.</font><font style="width: 18.63pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">Other securities</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Not applicable.</font></p>
<p style="margin-top: 18pt; margin-left: 28.35pt; margin-bottom: 12pt; text-indent: -28.35pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">D.</font><font style="width: 18.63pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">American Depositary Shares</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">According to our deposit agreement, holders of ADSs may have to pay to the Depositary, either directly or indirectly, fees or charges up to the amounts set forth below:</font></p>
<ul type="disc" style="margin: 0pt; padding-left: 0pt;">
<li style="margin-left: 8.68pt; margin-bottom: 12pt; padding-left: 19.67pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">A fee of $5.00 (or less) per 100 ADSs (or portion of 100 ADSs) for: issuance of ADSs, including issuances resulting from a distribution of shares or rights or other property; and cancellation of ADSs for the purpose of withdrawal, including if the deposit agreement terminates.</font></li>
<li style="margin-left: 8.68pt; margin-bottom: 12pt; padding-left: 19.67pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">A fee of $0.02 (or less) per ADSs for any cash distribution to ADS registered holders, excluding cash dividend.</font></li>
<li style="margin-left: 8.68pt; margin-bottom: 12pt; padding-left: 19.67pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Any charges for taxes and other governmental charges that the Depositary or the custodian may be required to pay on any ADS or share underlying an ADS (e.g., share transfer taxes, stamp duty or withholding taxes); and any charges incurred by the Depositary or its agents for servicing the depositary securities.</font></li>
<li style="margin-left: 8.68pt; margin-bottom: 12pt; padding-left: 19.67pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Registration or transfer fees for transfer and registration of shares on our share register to or from the name of the Depositary or its agent when you deposit or withdraw shares.</font></li>
<li style="margin-left: 8.68pt; margin-bottom: 12pt; padding-left: 19.67pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Expenses of the Depositary for cable, telex and facsimile transmissions (when expressly provided in the deposit agreement) and conversion of foreign currency.</font></li>
<li style="margin-left: 8.68pt; margin-bottom: 12pt; padding-left: 19.67pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">A fee equivalent to the fee that would be payable if securities distributed to ADS holders had been shares and the shares had been deposited for issuance of ADSs for distribution of securities distributed to holders of deposited securities which are distributed by the Depositary to ADS registered holders.</font></li>
<li style="margin-left: 8.68pt; margin-bottom: 12pt; padding-left: 19.67pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">As necessary, charges for any costs incurred by the Depositary or its agents for servicing the deposited securities.</font></li>
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<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The Depositary collects its fees for delivery and surrender of ADSs directly from investors depositing shares or surrendering ADSs for the purpose of withdrawal or from intermediaries acting for them. The Depositary collects fees for making distributions to investors by deducting those fees from the amounts distributed or by selling a portion of distributable property to pay the fees. The Depositary may collect its annual fee for depositary services by deduction from cash distributions or by directly billing investors or by charging the book-entry system accounts of participants acting for them. The Depositary may generally refuse to provide fee-attracting services until its fees for those services are paid.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Under the deposit agreement with the Depositary, the Depositary is not liable to holders of ADSs, except that the Depositary agrees to perform its obligations specifically set forth therein without gross negligence and willful misconduct.</font></p>
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<p style="margin-top: 0pt; margin-bottom: 12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Fees Payable by the Depositary to the Company</font></p>
<p style="margin-top: 14pt; margin-bottom: 14pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-style: italic;">Fees paid in 20</font><font style="font-family: 'Times New Roman'; font-style: italic;">20</font></p>
<p style="margin-top: 18pt; margin-bottom: 12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In 2020, the Company received fees from Deutsche Bank Trust Company Americas, as the Company&#8217;s Depositary, for an amount of $1,260,804, based on the Depositary&#8217;s revenues resulting from issuance and cancellation fees charged to ADR </font><font style="font-family: 'Times New Roman';">holders, net of custody and safe keeping costs. In addition, the Depositary has waived the cost of providing administrative and reporting services, and access charges in connection with the Company&#8217;s ADR Program.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-style: italic;">Fees payable during 20</font><font style="font-family: 'Times New Roman'; font-style: italic;">21</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The Company expects to collect fees from the Depositary during 202</font><font style="font-family: 'Times New Roman';">1</font><font style="font-family: 'Times New Roman';"> for an amount yet to be determined based on the Depositary&#8217;s revenues resulting from issuance and cancellation fees charged to ADR holders, net of custody and safe keeping costs for the period March 1, 20</font><font style="font-family: 'Times New Roman';">20</font><font style="font-family: 'Times New Roman';"> through February 202</font><font style="font-family: 'Times New Roman';">1</font><font style="font-family: 'Times New Roman';">.</font></p>
<div style="margin-top: 18pt; margin-bottom: 12pt; page-break-after: avoid; font-size: 10pt;"><a style="text-decoration: none; color: rgb(0, 0, 0); cursor: default; outline: none;" href="#" name="BP2_63JLK8Y2R400000000000000000000" class="customBookmark"><font style="font-family: 'Times New Roman'; font-weight: bold;">PART II</font></a></div>
<div style="margin-top: 18pt; margin-left: 56.7pt; margin-bottom: 12pt; text-indent: -56.7pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Item</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">13.</font><font style="width: 21.71pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><a style="text-decoration: none; color: rgb(0, 0, 0); cursor: default; outline: none;" href="#" name="BI13_V5Z53B5E0W00000000000000000000" class="customBookmark"><font style="font-family: 'Times New Roman'; font-weight: bold;">Defaults, Dividend Arrearages and Delinquencies</font></a></div>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">None.</font></p>
<div style="margin-top: 18pt; margin-left: 56.7pt; margin-bottom: 12pt; text-indent: -56.7pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Item</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">14.</font><font style="width: 21.71pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><a style="text-decoration: none; color: rgb(0, 0, 0); cursor: default; outline: none;" href="#" name="BI14_WRV2EFTLZK00000000000000000000" class="customBookmark"><font style="font-family: 'Times New Roman'; font-weight: bold;">Material Modifications to the Rights of Security Holders and Use of Proceeds</font></a></div>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">None.</font></p>
<div style="margin-top: 18pt; margin-left: 56.7pt; margin-bottom: 12pt; text-indent: -56.7pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Item</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">15.</font><font style="width: 21.71pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><a style="text-decoration: none; color: rgb(0, 0, 0); cursor: default; outline: none;" href="#" name="BI15_SL8M8CVBHC00000000000000000000" class="customBookmark"><font style="font-family: 'Times New Roman'; font-weight: bold;">Controls and Procedures</font></a></div>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Evaluation of Disclosure Controls and Procedure</font><font style="font-family: 'Times New Roman'; font-weight: bold;">s</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, we have evaluated the effectiveness of the design and operation of our disclosure controls and procedures (as such term is defined in Rules</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">13a-15(e) and 15d-15(e) under the Exchange Act as of December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">31, 20</font><font style="font-family: 'Times New Roman';">20</font><font style="font-family: 'Times New Roman';">).</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Based on that evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that, as of December 31, 20</font><font style="font-family: 'Times New Roman';">20</font><font style="font-family: 'Times New Roman';">, our disclosure controls and procedures are effective to ensure that information required to be disclosed by us in the reports we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC&#8217;s rules and forms and to ensure that such information is accumulated and communicated to management, including our Chief Executive Officer and Chief Financial Officer, to allow timely decisions regarding required disclosure. Our disclosure controls and procedures are designed to provide reasonable assurance of achieving their objectives. Our Chief Executive Officer and Chief Financial Officer have concluded that our disclosure controls and procedures are effective a</font><font style="font-family: 'Times New Roman';">t a reasonable assurance level.</font></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>101</font></font></td>
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<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
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<p style="margin: 0px; font-size: 10pt; text-indent: 0px;"><font style="font-family: 'Times New Roman';"><br></font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Management&#8217;s Report on Internal Control over Financial Reporting</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Management is responsible for establishing and maintaining adequate internal control over financial reporting (as such term is defined in Rules</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">13a-15(f) and 15d-15(f) under the Exchange Act). Our internal control over financial reporting was designed by management to provide reasonable assurance regarding the reliability of financial reporting and the preparation and fair presentation of its financial statements for external purposes in accordance with IFRS.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In addition, under the Company&#8217;s articles of association, as supplemented by the audit committee&#8217;s charter, the audit committee assists the board of directors in fulfilling its oversight responsibilities relating to the effectiveness of the Company&#8217;s systems of internal control, risk management and internal audit over financial reporting. In particular, the audit committee is required to review the scope and results of the activities of the Company&#8217;s external auditors and the internal audit function relating to the Company&#8217;s internal control over financial reporting, and obtain reports on significant findings and recommendations; and is also required to assess, at least annually at the time the annual accounts are approved, the effectiveness of the Company&#8217;s systems of internal control and risk management over financial reporting.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements or omissions. In addition, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">On a yearly basis, management conducts its assessment of the effectiveness of Tenaris&#8217;s internal control over financial reporting based on the framework in </font><font style="font-family: 'Times New Roman'; font-style: italic;">Internal Control- Integrated Framework (2013)</font><font style="font-family: 'Times New Roman';"> issued by the Committee of Sponsoring Organizations of the Treadway Commission.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">On February </font><font style="font-family: 'Times New Roman';">19</font><font style="font-family: 'Times New Roman';">, 202</font><font style="font-family: 'Times New Roman';">1</font><font style="font-family: 'Times New Roman';">, management reported to the audit committee of the Company&#8217;s board of directors that management had conducted its assessment of the effectiveness of the Company&#8217;s internal controls over financial reporting for the year ended December 31, 20</font><font style="font-family: 'Times New Roman';">20</font><font style="font-family: 'Times New Roman';">, and that, based on management&#8217;s evaluation and considering the inherent limitations to the effectiveness of any internal control system, management had concluded that the Company&#8217;s internal controls over financial reporting were effective as of December 31, 20</font><font style="font-family: 'Times New Roman';">20</font><font style="font-family: 'Times New Roman';">.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The effectiveness of Tenaris&#8217;s internal control over financial reporting as of December 31, 20</font><font style="font-family: 'Times New Roman';">20</font><font style="font-family: 'Times New Roman';"> has been audited by PwC Luxembourg, as stated in their report included herein. See &#8220;&#8212;</font><font style="font-family: 'Times New Roman';">Attestation of</font><font style="font-family: 'Times New Roman';"> Registered Public Accounting Firm&#8221;.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Attestation Report of Registered Public Accounting Firm</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">See page F-1 of the audited consolidated financial statements included in this report.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Change in Internal Control over Financial Reporting</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">There were no changes in our internal control over financial reporting (as such term is defined in Rules 13(a)-15(f) and 15(d)-15(f) under the Exchange Act) during the year ended December 31, 20</font><font style="font-family: 'Times New Roman';">20</font><font style="font-family: 'Times New Roman';">, that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.</font></p>
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<div style="margin-top: 18pt; margin-left: 56.7pt; margin-bottom: 12pt; text-indent: -56.7pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Item</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">16A.</font><font style="width: 14.49pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><a style="text-decoration: none; color: rgb(0, 0, 0); cursor: default; outline: none; pointer-events: none;" href="#" name="Bi16A_C8Z9QYH7BK00000000000000000000" class="customBookmark"><font style="font-family: 'Times New Roman'; font-weight: bold;">Audit Committee Financial Expert</font></a></div>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"><font style="color: #000000; font-family: 'Times New Roman', serif; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">The Company&#8217;s board of directors has determined that Ms. M&#243;nica Tiuba, the audit committee&#8217;s chairperson, meets the attributes defined in Item 16A of Form 20-F for an &#8220;audit committee financial expert&#8221; and has competence in accounting or auditing matters, as required by applicable Luxembourg law. In addition, the audit committee, as a whole, has sufficient relevant knowledge of the business and financial experience to properly discharge its functions. The audit committee has the authority to engage, at the Company&#8217;s expense, independent counsel and other internal or external advisors to review, investigate or otherwise advise on, any matter, as the audit committee may determine to be necessary to carry out its purposes and responsibilities.</font></font></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>102</font></font></td>
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<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
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<div style="margin-left: 56.7pt; margin-bottom: 12pt; text-indent: -56.7pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Item</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">16B. </font><font style="width: 12.54pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><a style="text-decoration: none; color: rgb(0, 0, 0); cursor: default; outline: none; pointer-events: none;" href="#" name="Bi16B_9TPLZ5SP0W00000000000000000000" class="customBookmark"><font style="font-family: 'Times New Roman'; font-weight: bold;">Code of Ethics</font></a></div>
<p style="margin-top: 0pt; margin-bottom: 12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The Company has adopted a general code of conduct incorporating guidelines and standards of integrity and transparency applicable to all of our directors, officers and employees. As far as the nature of each relation permits, all principles detailed in the code of conduct also apply to relations with our contractors, subcontractors, suppliers and associated persons. In addition, the Company has adopted a code of ethics for financial officers, which is intended to supplement the Company&#8217;s code of conduct, and applies specifically to the principal executive officer, the principal financial officer, the principal accounting officer or controller, as well as persons performing similar functions.</font></p>
<p style="margin-top: 18pt; margin-left: 56.7pt; margin-bottom: 12pt; text-indent: -56.7pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Our code of conduct and our code of ethics for senior financial officers are posted on our website at:</font><font style="font-family: 'Times New Roman';"> </font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; page-break-after: avoid; font-size: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: spaces;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; text-decoration: underline; color: #0000ff;">https://www.tenaris.com/en/sustainability/governance-and-ethics/</font></p>
<div style="margin-top: 18pt; margin-left: 56.7pt; margin-bottom: 12pt; text-indent: -56.7pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Item</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">16C.</font><font style="width: 14.49pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><a style="text-decoration: none; color: rgb(0, 0, 0); cursor: default; outline: none; pointer-events: none;" href="#" name="BI16C_ZSCY11S4SW00000000000000000000" class="customBookmark"><font style="font-family: 'Times New Roman'; font-weight: bold;">Principal Accountant Fees and Services</font></a></div>
<p style="margin-top: 0pt; margin-bottom: 12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-style: italic;">Fees </font><font style="font-family: 'Times New Roman'; font-style: italic;">p</font><font style="font-family: 'Times New Roman'; font-style: italic;">aid to the Company&#8217;s Principal Accountant</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In 20</font><font style="font-family: 'Times New Roman';">20</font><font style="font-family: 'Times New Roman';"> and 201</font><font style="font-family: 'Times New Roman';">9</font><font style="font-family: 'Times New Roman';">, PwC Luxembourg served as the principal external auditor for the Company. Fees accrued to PwC Luxembourg and other PwC member firms for the years ended December 31, 20</font><font style="font-family: 'Times New Roman';">20</font><font style="font-family: 'Times New Roman';"> and December 31, 201</font><font style="font-family: 'Times New Roman';">9</font><font style="font-family: 'Times New Roman';"> are detailed </font><font style="font-family: 'Times New Roman';">below.</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">For the year ended December 31, </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-style: italic;">Thousands of U.S. dollars</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">2020</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">2019</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;">&nbsp;</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
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<td style="width: 186pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Audit Fees</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">3,781 </font></p>
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<td style="width: 68.8pt; border-left: 1.5pt solid #ffffff; padding-right: 5.4pt; padding-left: 4.65pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">3,846 </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Audit-Related Fees</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">134 </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">50 </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Tax Fees</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">102 </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">7 </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">All Other Fees</font></p>
</td>
<td style="width: 68.8pt; border-left: 1.5pt solid #ffffff; padding-right: 5.4pt; padding-left: 4.65pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">- </font></p>
</td>
<td style="width: 68.8pt; border-left: 1.5pt solid #ffffff; padding-right: 5.4pt; padding-left: 4.65pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">1 </font></p>
</td>
</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="width: 186pt; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Total</font></p>
</td>
<td style="width: 68.8pt; border-top: 0.75pt solid #000000; border-left: 1.5pt solid #ffffff; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 4.65pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman'; font-weight: bold;">4,017 </font></p>
</td>
<td style="width: 68.8pt; border-top: 0.75pt solid #000000; border-left: 1.5pt solid #ffffff; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 4.65pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman'; font-weight: bold;">3,904 </font></p>
</td>
</tr>

</table>
<p style="margin: 0px; font-size: 10pt; text-indent: 0px;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-style: italic;">A</font><font style="font-family: 'Times New Roman'; font-style: italic;">udit Fees</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Audit fees were paid for professional services rendered by the external auditors for the audit of the consolidated financial statements and internal control over financial reporting of the Company, the statutory financial statements of the Company and its subsidiaries, and any other audit services required in connection with the Company&#8217;s&nbsp;filings with the U.S. Securities and Exchange Commission or other regulatory filings.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-style: italic;">Audit-Related Fees</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Audit-related fees are typically services that are reasonably related to the performance of the audit or review of the consolidated financial statements </font><font style="font-family: 'Times New Roman';">of the Company, the statutory financial statements of the Company and its subsidiaries </font><font style="font-family: 'Times New Roman';">and are not reported under the audit fee item above. This item includes, among others, fees for attestation services on financial information of the Company and its subsidiaries included in annual reports filed </font><font style="font-family: 'Times New Roman';">with </font><font style="font-family: 'Times New Roman';">the </font><font style="font-family: 'Times New Roman';">respective</font><font style="font-family: 'Times New Roman';"> regulators. </font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-style: italic;">Tax Fees </font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Tax fees paid for tax compliance and tax advice professional services.</font></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>103</font></font></td>
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</div>
<p style="margin: 0px; break-after: avoid; font-size: 10pt; text-indent: 0px;"><br></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-style: italic;">All Other Fees</font></p>
<p style="margin-top: 14pt; margin-bottom: 14pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Consisted primarily of fees paid for services provided in connection with training courses to Tenaris employees.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-style: italic;">Audit Committee&#8217;s Pre-</font><font style="font-family: 'Times New Roman'; font-style: italic;">approval Policies and Procedures</font><font style="font-family: 'Times New Roman'; font-style: italic;"> </font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The Company&#8217;s audit committee is responsible for, among other things, the oversight of the Company&#8217;s external auditors. The audit committee has adopted in its charter a policy of pre-approval of audit and permissible non-audit services provided by its external auditors.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Under the </font><font style="font-family: 'Times New Roman';">charter</font><font style="font-family: 'Times New Roman';">, the audit committee makes its recommendations to the shareholders&#8217; meeting concerning the continuing appointment or termination of the Company&#8217;s external </font><font style="font-family: 'Times New Roman';">auditors. On a yearly basis, the audit committee reviews together with management and the external auditor, the audit plan, audit related services and other non-audit services and approves, </font><font style="font-family: 'Times New Roman'; font-style: italic;">ad-referendum</font><font style="font-family: 'Times New Roman';"> of the general shareholders&#8217; meeting, the related fees. </font><font style="font-family: 'Times New Roman';">Any changes to the approved fees must be reviewed and approved by the audit committee. </font><font style="font-family: 'Times New Roman';">The general shareholders&#8217; meeting normally approves such audit fees and authorizes the audit committee to approve any increase or reallocation of such audit fees as may be necessary, appropriate or desirable under the circumstances. The audit committee delegates to its Chair</font><font style="font-family: 'Times New Roman';">person</font><font style="font-family: 'Times New Roman';"> the authority to consider and approve, on behalf of the audit committee, additional non-audit services that were not recognized at the time of engagement, which must be reported to the other members of the audit committee at its next meeting. No services outside the scope of the audit committee&#8217;s approval can be undertaken by the external auditor.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">During 20</font><font style="font-family: 'Times New Roman';">20</font><font style="font-family: 'Times New Roman';">, t</font><font style="font-family: 'Times New Roman';">he audit committee did not approve any fees pursuant to the </font><font style="font-family: 'Times New Roman'; font-style: italic;">de minimis</font><font style="font-family: 'Times New Roman';"> exception to the pre-approval requirement provided by paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.</font></p>
<div style="margin-top: 0pt; margin-bottom: 12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Item</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">16D.</font><font style="width: 29.79pt; display: inline-block;">&nbsp;</font><a style="text-decoration: none; color: rgb(0, 0, 0); cursor: default; outline: none; pointer-events: none;" href="#" name="BI16D_DNIVC92C0000000000000000000000" class="customBookmark"><font style="font-family: 'Times New Roman'; font-weight: bold;">Exemptions from the Listing Standards for Audit Committees</font></a></div>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Not applicable.</font></p>
<div style="margin-top: 18pt; margin-left: 56.7pt; margin-bottom: 12pt; text-indent: -56.7pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Item</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">16E.</font><font style="width: 15.04pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><a style="text-decoration: none; color: rgb(0, 0, 0); cursor: default; outline: none; pointer-events: none;" href="#" name="BI16E_H7ESDRVPA800000000000000000000" class="customBookmark"><font style="font-family: 'Times New Roman'; font-weight: bold;">Purchases of Equity Securities by the Issuer and Affiliated Purchasers</font></a></div>
<p style="margin-top: 0pt; margin-bottom: 12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In 2020, there were no purchases of any class of registered equity securities of the Company by the Company or, to our knowledge, by any &#8220;affiliated purchaser&#8221; (as such term is defined in Rule 10b-18(a)(3) under the Exchange Act).</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">On June</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">2, 2020, at the Company&#8217;s general meeting of shareholders, the Company&#8217;s shareholders authorized the Company and the Company&#8217;s subsidiaries to acquire, from time to time, shares, including shares represented by ADSs, on the following terms and conditions:</font></p>
<ul type="disc" style="margin: 0pt; padding-left: 0pt;">
<li style="margin-left: 8.68pt; margin-bottom: 12pt; padding-left: 19.67pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Purchases, acquisitions or receipts of securities may be made in one or more transactions as the board of directors of the Company or the board of directors or other governing bodies of the relevant entity, as applicable, considers advisable.</font></li>
<li style="margin-left: 8.68pt; margin-bottom: 12pt; padding-left: 19.67pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The maximum number of Securities acquired pursuant to this authorization may not exceed 10% of the Company&#8217;s issued and outstanding shares or, in the case of acquisitions made through a stock exchange in which the Securities are traded, such lower amount as may not be exceeded pursuant to any applicable laws or </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">regulations of such market. The number of Securities acquired as a block may amount to the maximum permitted amount of purchases.</font></li>
<li style="margin-left: 8.68pt; margin-bottom: 12pt; padding-left: 19.67pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The purchase price per share to be paid in cash may not exceed 125% (excluding transaction costs and expenses), nor may it be lower than 75% (excluding transaction costs and expenses), in each case of the average of the closing prices of the Company&#8217;s Securities in the stock exchange through which the Company&#8217;s Securities are acquired, during the five trading days in which transactions in the Securities were recorded in such stock exchange preceding (but excluding) the day on which the Company&#8217;s Securities are acquired. For over-the-counter or off-market transactions, the purchase price per ADS to be paid in cash may not exceed 125% (excluding transaction costs and expenses), nor may it be lower than 75% (excluding transaction costs and expenses), in each case of the average of the closing prices of the ADSs in the New York Stock Exchange during the five trading days in which transactions in ADSs were recorded in the New York Stock Exchange preceding (but excluding) the day on which the ADSs are acquired; and, in the case of acquisition of Securities, other than in the form of ADSs, such maximum and minimum per security purchase prices shall be equal to the prices that would have applied in case of an ADS purchase pursuant to the formula above divided by the number of underlying shares represented by an ADS at the time of the relevant purchase. Compliance with maximum and minimum purchase price requirements in any and all acquisitions made pursuant to this authorization (including, without limitation, acquisitions carried out through the use of derivative financial instruments or option strategies) shall be determined on and as of the date on which the relevant transaction is entered into, irrespective of the date on which the transaction is to be settled.</font></li>
</ul>
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<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>104</font></font></td>
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<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
</div>
<p style="margin-top: 0pt; font-size: 10pt;"><br></p>
<ul type="disc" style="margin: 0pt; padding-left: 0pt;">
<li style="margin-left: 8.68pt; margin-bottom: 10pt; padding-left: 19.67pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The above maximum and minimum purchase prices shall, in the event of a change in the par value of the Securities, a capital increase by means of a capitalization of reserves, a distribution of Securities under compensation or similar programs, a stock split or reverse stock split, a distribution of reserves or any other assets, the redemption of capital, or any other transaction impacting on the Company&#8217;s equity, be adapted automatically, so that the impact of any such transaction on the value of the Securities shall be reflected.</font></li>
<li style="margin-left: 8.68pt; margin-bottom: 10pt; padding-left: 19.67pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The acquisitions of Securities may not have the effect of reducing the Company&#8217;s net assets below the sum of the Company&#8217;s share capital plus its undistributable reserves.</font></li>
<li style="margin-left: 8.68pt; margin-bottom: 10pt; padding-left: 19.67pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Only fully paid-up Securities may be acquired pursuant to this authorization.</font></li>
<li style="margin-left: 8.68pt; margin-bottom: 10pt; padding-left: 19.67pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The acquisitions of Securities may be carried out for any purpose, as may be permitted under applicable laws and regulations, including without limitation to reduce the share capital of the Company, to offer such shares to third parties in the context of corporate mergers or acquisitions of other entities or participating interests therein, for distribution to the Company&#8217;s or the Company&#8217;s subsidiaries&#8217; directors, officers or employees or to meet obligations arising from convertible debt instruments.</font></li>
<li style="margin-left: 8.68pt; margin-bottom: 10pt; padding-left: 19.67pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The acquisitions of Securities may be carried out by any and all means, as may be permitted under applicable laws and regulations, including through any stock exchange in which the Company&#8217;s Securities are traded, through public offers to all shareholders of the Company to buy Securities, through the use of derivative financial instruments or option strategies, or in over-the-counter or off-market transactions or in any other manner.</font></li>
<li style="margin-left: 8.68pt; margin-bottom: 10pt; padding-left: 19.67pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The acquisitions of Securities may be carried out at any time, during the duration of the authorization, including during a tender offer period, as may be permitted under applicable laws and regulations.</font></li>
<li style="margin-left: 8.68pt; margin-bottom: 10pt; padding-left: 19.67pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The authorization granted to acquire securities shall be valid for such maximum period as may be provided for under applicable Luxembourg law as in effect from time to time (such maximum period being, as of to date, 5 years). </font></li>
<li style="margin-left: 8.68pt; margin-bottom: 10pt; padding-left: 19.67pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The acquisitions of securities shall be made at such times and on such other terms and conditions as may be determined by the board of directors of the Company or the board of directors or other governing bodies of the relevant subsidiary, provided that, any such purchase shall comply with Article 430-15 et. seq. of the Luxembourg Company Law (or any successor law) and, in the case of acquisitions of securities made through a stock exchange in which the Company&#8217;s securities are traded, with any applicable laws and regulations of such market.</font></li>
</ul>
<p style="margin-top: 0pt; margin-bottom: 10pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In the future, we may, on the terms and subject to the conditions above referred, initiate a share capital repurchase or similar program or engage in other transactions pursuant to which we would repurchase, directly or indirectly, the Company&#8217;s Securities. In addition, we or our subsidiaries may enter into transactions involving sales or purchases of derivatives or other instruments, either settled in cash or through physical delivery of securities, with returns linked to the </font><font style="font-family: 'Times New Roman';">Company&#8217;s Securities. The timing and amount of repurchase transactions under any such program, or sales or purchases of derivatives or other instruments, would depend on market conditions as well as other corporate and regulatory considerations.</font></p>
<div style="margin-left: 56.7pt; margin-bottom: 10pt; text-indent: -56.7pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Item</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">16F.</font><font style="width: 15.6pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><a style="text-decoration: none; color: rgb(0, 0, 0); cursor: default; outline: none; pointer-events: none;" href="#" name="BI16F_FJ14G8J2PC00000000000000000000" class="customBookmark"><font style="font-family: 'Times New Roman'; font-weight: bold;">Change in Registrant&#8217;s Certifying Accountant</font></a></div>
<p style="margin-top: 0pt; margin-bottom: 10pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Not applicable</font></p>
<div style="margin-left: 56.7pt; margin-bottom: 10pt; text-indent: -56.7pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Item</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">16G.</font><font style="width: 13.93pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><a style="text-decoration: none; color: rgb(0, 0, 0); cursor: default; outline: none; pointer-events: none;" href="#" name="BI16G_J0XKCPFJMO00000000000000000000" class="customBookmark"><font style="font-family: 'Times New Roman'; font-weight: bold;">Corporate Governance</font></a></div>
<p style="margin-top: 0pt; margin-bottom: 10pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The Company&#8217;s corporate governance practices are governed by Luxembourg Law (including, among others, the Luxembourg Comp</font><font style="font-family: 'Times New Roman';">any Law, the Luxembourg Law of </font><font style="font-family: 'Times New Roman';">January</font><font style="font-family: 'Times New Roman';"> 11,</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">2008 on transparency requirements for issuers, as amended (which transposes EU Directive 2004/109 of the European Parliament and of the Council of December </font><font style="font-family: 'Times New Roman';">15, </font><font style="font-family: 'Times New Roman';">2004), the Shareholders&#8217; Rights Law and the Audit Reform Law) and by the Company&#8217;s articles of association. As a Luxembourg company listed on the New York Stock Exchange (the NYSE), the Bolsa Mexicana de Valores, S.A. de C.V. (the Mexican Stock Exchange), and the Borsa Italiana S.p.A. (the Italian Stock Exchange), the Company is required to comply with some, but not all, of the corporate governance standards of these exchanges. The Company, however, believes that the Company&#8217;s corporate governance practices meet, in all material respects, the corporate governance standards that are generally required for controlled companies by all of the exchanges on which the Company&#8217;s securities trade.</font></p>
<p style="margin-top: 0pt; margin-bottom: 10pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The following is a summary of the significant ways that the Company&#8217;s corporate governance practices differ from the corporate governance standards required for controlled companies by the NYSE. The Company&#8217;s corporate governance practices may differ in non-material ways from the standards required by the NYSE that are not detailed here.</font></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>105</font></font></td>
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<p style="margin: 0px; font-size: 10pt; text-indent: 0px;"><font style="font-family: 'Times New Roman';"><br></font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Non-management directors&#8217; meetings</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Under NYSE standards, non-management directors must meet at regularly scheduled executive sessions without management present and, if such group includes directors who are not independent, a meeting should be scheduled once per year including only independent directors. Neither Luxembourg law nor the Company&#8217;s articles of association require the holding of such meetings and the Company does not have a set policy for these meetings. For additional information on board meetings, see Item</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">6.A. &#8220;Directors, Senior Management and Employees &#8211; Directors and Senior Management &#8211; Board of Directors&#8221;.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In addition, NYSE-listed companies are required to provide a method for interested parties to communicate directly with the non-management directors as a group. While the Company does not have such a method, it has set up a compliance line for investors and other interested parties to communicate their concerns directly to the members of our audit committee, all of whom are non-management, independent directors.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Audit committee</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Under NYSE standards, listed U.S. companies are required to have an audit committee composed of independent directors that satisfy the requirements of Rule 10A-3 promulgated under the Exchange Act. Pursuant to the Company&#8217;s articles of association, as supplemented by the audit committee&#8217;s charter, for as long as our shares are listed on at least one regulated market, the Company must have an audit committee composed of at least three members, the majority of whom must qualify as independent directors (as defined in the Company&#8217;s articles of association), provided, however, that the composition and membership of the audit committee shall satisfy such requirements as are applicable to, and mandatory for, audit committees of issuers such as the Company under any law, rule or regulation applicable to the Company (including, without limitation, the applicable laws, rules and regulations of such regulated market or markets). The Company&#8217;s audit committee, which currently consists of four members, complies with such requirements. In accordance with NYSE standards, the Company has an audit committee entirely composed of independent directors for purposes of the U.S. Securities Exchange Act Rule 10A-3(b)(1). For more information on the Company&#8217;s audit committee see Item</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">6.C. &#8220;Directors, Senior Management and Employees&#8211; Board Practices &#8211; Audit Committee&#8221;.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Under NYSE standards, all audit committee members of listed U.S. companies are required to be financially literate or must acquire such financial knowledge within a reasonable period and at least one of its members shall have experience in accounting or financial administration. In addition, if a member of the audit committee is simultaneously a member of the audit committee of more than three public companies, and the listed company does not limit the number of audit committees on which its members may serve, then in each case the board must determine whether the simultaneous service would prevent such member from effectively serving on the listed company&#8217;s audit committee and shall publicly disclose its decision. Luxembourg law provisions on audit committee membership require only that at least one member of the audit committee have competence in accounting or auditing matters. The board of directors of the Company has determined that Ms. Tiuba</font><font style="font-family: 'Times New Roman';">, the</font><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp;</font><font style="font-family: 'Times New Roman';">committee&#8217;s chairperson,</font><font style="font-family: 'Times New Roman';"> is competent in accounting or auditing matters. In addition, the membership of the audit committee as a whole has sufficient relevant knowledge of the business and financial experience to properly discharge its functions. The audit committee has the authority, from time to time and as it deems necessary, to </font><font style="font-family: 'Times New Roman';">engage persons that meet all of the attributes of a financial expert as consultants. See Item</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">16.A. &#8220;Audit Committee Financial Expert&#8221;.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Standards for evaluating director independence</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Under the NYSE standards, t</font><font style="font-family: 'Times New Roman';">he board is required, on a case-by-</font><font style="font-family: 'Times New Roman';">case basis, to express an opinion with regard to the independence or lack of independence of each individual director. Neither Luxembourg law nor the Company&#8217;s articles of association requires the board of directors to express such an opinion. In addition, the definition of &#8220;independent&#8221; under the NYSE rules differ in some non-material respects from the definition contained in the Company&#8217;s articles of association. For more information on our independent directors and the definition of &#8220;independent&#8221; under our articles of association see Item</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">6.A. &#8220;Directors, Senior Management and Employees &#8211; Directors and Senior Management &#8211; Board of Directors&#8221; and Item</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">6.C. &#8220;Directors, Senior Management and Employees &#8211; Board Practices &#8211; Audit Committee&#8221;.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Audit committee responsibilities</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Pursuant to the Company&#8217;s articles of association, the audit committee shall assist the board of directors in fulfilling its oversight responsibilities relating to the integrity of its consolidated financial statements, the effectiveness of its systems of internal control, risk management and internal audit over financial reporting and the independence and performance of the external auditors. The audit committee is required to review material transactions (as defined by our articles of association) between the Company or its subsidiaries with related parties and also perform the other duties entrusted to it by the board. The NYSE requires certain matters to be set forth in the audit committee charter of U.S. listed companies.</font></p>
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<p style="margin-top: 0pt; margin-bottom: 12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The Company&#8217;s audit committee charter provides for many of the responsibilities that are expected from such bodies under the NYSE standard and in accordance with applicable Luxembourg law, including the Audit Reform Law; however, due to the Company&#8217;s equity structure and holding company nature, the charter does not contain all such responsibilities, including provisions related to procedures for the receipt and treatment of complaints (although he Company has established such procedures), funding for payment of administrative expenses and compensation to advisors (although the audit committee has the authority to engage outside advisors), setting hiring policies for employees or former employees of external auditors, and an annual performance evaluation of the audit committee. For more information on our audit committee see Item</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">6.C. &#8220;Directors, Senior Management and Employees &#8211; Board Practices &#8211; Audit Committee&#8221;.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Shareholder voting on equity compensation plans</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Under NYSE standards, shareholders must be given the opportunity to vote on equity-compensation plans and material revisions thereto, except for employment inducement awards, certain grants, plans and amendments in the context of mergers and acquisitions, and certain specific types of plans. The Company does not currently offer equity-based compensation to its directors, senior management or employees, and therefore does not have a policy on this matter. For more information on directors&#8217; compensation see Item</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">6.B. &#8220;Directors, Senior Management and Employees &#8211; Compensation&#8221;.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The Shareholders&#8217; Rights Law requires</font><font style="font-family: 'Times New Roman';"> the Company</font><font style="font-family: 'Times New Roman';"> to adopt a Compensation Policy setting forth the principles and guidelines for purposes of determining the compensation payable to the members of the Company&#8217;s board of directors and the managing director or chief executive officer. </font><font style="font-family: 'Times New Roman';">Such Compensation</font><font style="font-family: 'Times New Roman';"> Policy must be submitted to the non-binding vote of the shareholders. In addition, the Shareholders&#8217; Rights Law provides that the Company must prepare an annual report describing the compensation paid to directors and the chief executive officer for the performance of their duties and submit such report to the shareholders</font><font style="font-family: 'Times New Roman';"> for approval</font><font style="font-family: 'Times New Roman';">. The Compensation Policy and Compensation Report must be available on the Company&#8217;s website. For more information on the Compensation Policy and</font><font style="font-family: 'Times New Roman';"> the</font><font style="font-family: 'Times New Roman';"> 20</font><font style="font-family: 'Times New Roman';">20</font><font style="font-family: 'Times New Roman';"> Compensation Report see Item 6.B. &#8220;Directors, Senior Management and Employees &#8211; Compensation&#8221;.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Disclosure of corporate governance guidelines</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">NYSE-listed companies must adopt and disclose corporate governance guidelines. Neither Luxembourg law nor the Company&#8217;s articles of association require the adoption or disclosure of corporate governance guidelines. The Company&#8217;s board of directors follows corporate governance guidelines consistent with its equity structure and holding company nature, but the Company has not codified them and therefore does not disclose them on its website.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Code of business conduct and ethics</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Under NYSE standards, listed companies must adopt and disclose a code of business conduct and ethics for directors, officers and employees, and promptly disclose any waivers of the code for directors or executive officers. Neither Luxembourg law nor the Company&#8217;s articles of association require the adoption or disclosure of such a code of conduct. The Company, however, has adopted a code of conduct that applies to all directors, officers and employees that is posted </font><font style="font-family: 'Times New Roman';">on its website and which complies with the NYSE&#8217;s requirements, except that it does not require the disclosure of waivers of the code for directors and officers. In addition, it has adopted a supplementary code of ethics for senior financial officers, which is also posted on our website. See Item</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">16.B. &#8220;Code of Ethics&#8221;.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Chief Executive Officer certification</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">A Chief Executive Officer of a U.S. company listed on the NYSE must annually certify that he or she is not aware of any violation by the company of NYSE corporate governance standards. In accordance with NYSE rules applicable to foreign private issuers, the Company&#8217;s chief executive officer is not required to provide the NYSE with this annual compliance certification. However, in accordance with NYSE rules applicable to all listed companies, the Company&#8217;s Chief Executive Officer must promptly notify the NYSE in writing after any of our executive officers becomes aware of any noncompliance with any applicable provision of the NYSE&#8217;s corporate governance standards. In addition, the Company must submit an executed written affirmation annually and an interim written affirmation upon the occurrence of any of the events listed in the foreign private issuer interim written affirmation form by the NYSE.</font></p>
<div style="margin-top: 18pt; margin-left: 56.7pt; margin-bottom: 12pt; text-indent: -56.7pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Item</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">16H. </font><font style="width: 11.43pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><a style="text-decoration: none; color: rgb(0, 0, 0); cursor: default; outline: none; pointer-events: none;" href="#" name="BI16H_75HWQZ4JG000000000000000000000" class="customBookmark"><font style="font-family: 'Times New Roman'; font-weight: bold;">Mine Safety Disclosure</font></a></div>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Not applicable.</font></p>
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<div style="margin-top: 18pt; margin-bottom: 12pt; page-break-after: avoid; font-size: 10pt;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#" name="BP3_120YSC2VHC00000000000000000000" class="customBookmark"><font style="font-family: 'Times New Roman'; font-weight: bold;">PART III</font></a></div>
<div style="margin-top: 18pt; margin-left: 56.7pt; margin-bottom: 12pt; text-indent: -56.7pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Item</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">17.</font><font style="width: 21.71pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#" name="BI17_L0E0ESWYRK00000000000000000000" class="customBookmark"><font style="font-family: 'Times New Roman'; font-weight: bold;">Financial Statements</font></a></div>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">We have responded to Item</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">18 in lieu of responding to this Item.</font></p>
<div style="margin-top: 18pt; margin-left: 56.7pt; margin-bottom: 12pt; text-indent: -56.7pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Item</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">18.</font><font style="width: 21.71pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#" name="BI18_JHBU7NE9S000000000000000000000" class="customBookmark"><font style="font-family: 'Times New Roman'; font-weight: bold;">Financial Statements</font></a></div>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">See pages F-1 through F-72</font><font style="font-family: 'Times New Roman';">&nbsp;of this annual report.</font></p>
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<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"><br></font></p>
<div style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -75.6px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; font-weight: bold;">Item</font><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -75.6px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -75.6px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; font-weight: bold;">19.</font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; width: 21.71pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#" name="BI19_KOENODWP5C00000000000000000000" class="customBookmark"><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -75.6px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-family: 'Times New Roman'; font-weight: bold;">Exhibits</font></a></div>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Updated and Consolidated Articles of Association of Tenaris S.A., dated as of </font><font style="font-family: 'Times New Roman';">June</font><font style="font-family: 'Times New Roman';"> 2, 20</font><font style="font-family: 'Times New Roman';">20</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><a href="http://www.sec.gov/Archives/edgar/data/1190723/000119312513072991/d493009dex99a.htm"><font style="font-family: 'Times New Roman';">2.1</font></a></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><a href="http://www.sec.gov/Archives/edgar/data/1190723/000119312513072991/d493009dex99a.htm"><font style="font-family: 'Times New Roman';">Amended and Restated Deposit Agreement entered into between Tenaris S.A. and Deutsche Bank Trust Company Americas *</font></a></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">List of Subsidiaries of Tenaris S.A.</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 6pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 6pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">12.1</font></p>
</td>
<td style="vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 6pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 6pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">12.2</font></p>
</td>
<td style="vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 6pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 6pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">13.1</font></p>
</td>
<td style="vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002</font></p>
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<td style="text-align: center; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 6pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
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<td style="height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 6pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
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<td style="vertical-align: top; text-align: center; border-bottom: 1pt solid #000000; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">13.2</font></p>
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<td style="vertical-align: top; border-bottom: 1pt solid #000000; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002</font></p>
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<p style="margin: 0in 0in 0in 14.2pt; text-indent: -14.2pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font lang="EN-US" style="font-size: 10.0pt;"><font style="font-family: 'times new roman', times;">* <font style="mso-tab-count: 1;">&nbsp;&nbsp; </font>The Amended and Restated Deposit Agreement is incorporated by reference to the Registration Statement on Form F-6 filed by Tenaris S.A. on February&nbsp;25, 2013 (File No.&nbsp;333-186825).</font></font></p>
<p style="margin: 0in 0in 0in 14.2pt; text-indent: -14.2pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font lang="EN-US" style="font-size: 10.0pt;"><font style="font-family: 'times new roman', times;"><br></font></font></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>109</font></font></td>
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<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
</div>
<p style="margin: 0px; text-indent: 0px; font-size: 12pt; font-family: 'Times New Roman', serif;"><font lang="EN-US" style="font-size: 10.0pt;"><font style="font-family: 'times new roman', times;"><br></font></font></p>
</div><div style="font-family: 'times new roman', times; font-size: 10pt;">
<p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; margin: 0pt 0px; font-size: 16pt; text-align: center;"><font style="font-family: 'times new roman', times;"><b>TENARIS S.A.</b></font></p>
<p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; margin: 0pt 0px; font-size: 12pt; text-align: center;"><font style="font-family: 'times new roman', times;"><b>&nbsp;</b></font></p>
<p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; margin: 0pt 0px; font-size: 12pt; text-align: center;"><font style="font-family: 'times new roman', times;"><b>&nbsp;</b></font></p>
<p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; margin: 0pt 0px; font-size: 12pt; text-align: center;"><font style="font-family: 'times new roman', times;"><b>&nbsp;</b><b>&nbsp;</b></font></p>
<p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; margin: 0pt 0px; font-size: 12pt; text-align: center;"><font style="font-family: 'times new roman', times;"><b>&nbsp;</b></font></p>
<p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; margin: 0pt 0px; font-size: 12pt; text-align: center;"><font style="font-family: 'times new roman', times;"><b>&nbsp;</b></font></p>
<p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; margin: 0pt 0px; font-size: 16pt; text-align: center;"><font style="font-family: 'times new roman', times;"><b>CONSOLIDATED</b></font></p>
<p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; margin: 0pt 0px; font-size: 16pt; text-align: center;"><font style="font-family: 'times new roman', times;"><b>FINANCIAL STATEMENTS</b></font></p>
<p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; margin: 0pt 0px; font-size: 22pt; text-align: center;"><font style="font-family: 'times new roman', times;"><b>&nbsp;</b><b>&nbsp;</b><b>&nbsp;</b></font></p>
<p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; margin: 0pt 0px; font-size: 22pt; text-align: center;"><font style="font-family: 'times new roman', times;"><b>&nbsp;</b></font></p>
<p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; margin: 0pt 0px; font-size: 16pt; font-weight: bold; text-align: center;"><font style="font-family: 'times new roman', times;">For the years ended December 31, 2020, 2019 and 2018</font></p>
<p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; margin: 0pt 0px; font-size: 12pt;"><font style="font-family: 'times new roman', times;">&nbsp;</font></p>
<p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; margin: 0pt 0px; font-size: 12pt;"><font style="font-family: 'times new roman', times;">&nbsp;</font></p>
<p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; margin: 0pt 0px; font-size: 12pt;"><font style="font-family: 'times new roman', times;">&nbsp;</font></p>
<p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; margin: 0pt 0px; font-size: 12pt;"><font style="font-family: 'times new roman', times;">&nbsp;</font></p>
<p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; margin: 0pt 0px; font-size: 12pt;"><font style="font-family: 'times new roman', times;">&nbsp;</font></p>
<p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; margin: 0pt 0px; font-size: 12pt;"><font style="font-family: 'times new roman', times;">&nbsp;</font></p>
<p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; margin: 0pt 0px; text-align: justify;"><font style="font-family: 'times new roman', times;">26, Boulevard Royal &#8211; 4th Floor.</font></p>
<p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; margin: 0pt 0px; text-align: justify;"><font style="font-family: 'times new roman', times;">L &#8211; 2449 Luxembourg</font></p>
<p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; margin: 0pt 0px;"><font style="font-family: 'times new roman', times;"><b>R.C.S. Luxembourg: B 85 203</b></font></p>
<p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; margin: 0pt 0px;"><b><br></b></p>
<p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; margin: 0pt 0px;"><b></b><br></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"><img src="img45g3bugsijj05393867.jpg" alt="Graphics"></font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: arial, helvetica, sans-serif; font-size: 10pt; font-weight: bold;">Report of Independent Registered Public Accounting Firm </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: arial, helvetica, sans-serif; font-size: 10pt; font-weight: bold; color: rgb(255, 0, 0);">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: arial, helvetica, sans-serif; font-size: 10pt;">To the Board of Directors and shareholders of</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: arial, helvetica, sans-serif; font-size: 10pt; font-weight: bold;">Tenaris S.A.</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: arial, helvetica, sans-serif; font-size: 10pt; font-weight: bold; font-style: italic;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: arial, helvetica, sans-serif;"><font style="font-size: 10pt; font-weight: bold;">Opinions on the </font><font style="font-size: 10pt; font-weight: bold;">Consolidated </font><font style="font-size: 10pt; font-weight: bold;">Financial Statements and Internal Control over Financial Reporting</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: arial, helvetica, sans-serif; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: arial, helvetica, sans-serif;"><font style="font-size: 10pt;">We have audited the accompanying consolidated statements of financial position of Tenaris S.A. and its subsidiaries (the &#8220;Company&#8221;) as of 31 December 20</font><font style="font-size: 10pt;">20</font><font style="font-size: 10pt;"> and 201</font><font style="font-size: 10pt;">9</font><font style="font-size: 10pt;">, and the related consolidated statements of income, comprehensive income, changes in equity and cash flows for each of the three years in the period ended 31 December 20</font><font style="font-size: 10pt;">20</font><font style="font-size: 10pt;">, including the related notes (collectively referred to as the &#8220;consolidated financial statements&#8221;). We also have audited the Company's internal control over financial reporting as of 31 December 20</font><font style="font-size: 10pt;">20</font><font style="font-size: 10pt;">, based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).</font><font style="font-size: 10pt;">&nbsp; </font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: arial, helvetica, sans-serif; font-size: 10pt; font-weight: bold;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: arial, helvetica, sans-serif;"><font style="font-size: 10pt;">In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Company as of 31 December 20</font><font style="font-size: 10pt;">20</font><font style="font-size: 10pt;"> and 201</font><font style="font-size: 10pt;">9</font><font style="font-size: 10pt;">, and the results of its operations and its cash flows for each of the three years in the period ended 31 December 20</font><font style="font-size: 10pt;">20</font><font style="font-size: 10pt;"> in conformity with International Financial Reporting Standards as issued by the International Accounting Standards Board and</font><font style="font-size: 10pt;">&nbsp; </font><font style="font-size: 10pt;">International Financial Reporting Standards as adopted by the European Union. Also in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of 31 December 20</font><font style="font-size: 10pt;">20</font><font style="font-size: 10pt;">, based on criteria established in Internal Control - Integrated Framework (2013) issued by the COSO.</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: arial, helvetica, sans-serif; font-size: 10pt; font-weight: bold; font-style: italic;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: arial, helvetica, sans-serif; font-size: 10pt; font-weight: bold;">Basis for Opinions</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: arial, helvetica, sans-serif; font-size: 10pt;">The Company's management is responsible for these consolidated financial statements, for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting, included in Management's Report on Internal Control over Financial Reporting appearing under Item 15. Our responsibility is to express opinions on the Company&#8217;s consolidated financial statements and on the Company's internal control over financial reporting based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: arial, helvetica, sans-serif;">We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud, and whether effective internal control over financial reporting was maintained in all material respects.&nbsp;</font></p>
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<p style="margin: 0cm 0cm 0.0001pt; line-height: 1.3; font-size: 8pt; font-family: Arial, sans-serif; font-style: italic;"><font style="font-family: georgia, palatino; font-size: 8pt;"><font lang="FR-CH" style="line-height: inherit;">PricewaterhouseCoopers, Soci&#233;t&#233; coop&#233;rative, 2 rue Gerhard Mercator, B.P. 1443, L-1014 Luxembourg</font><font lang="FR-CH" style="line-height: inherit;"></font></font></p>
<p style="margin: 0cm 0cm 0.0001pt; line-height: 1.3; font-size: 8pt; font-family: Arial, sans-serif; font-style: italic;"><font lang="FR-CH" style="font-family: georgia, palatino; line-height: inherit; font-size: 8pt;">T&nbsp;: +352 494848 1, F&nbsp;: +352 494848 2900, www.pwc.lu</font></p>
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<p style="margin: 0cm 0cm 0.0001pt; line-height: 1.3; font-size: 8pt; font-family: Arial, sans-serif; font-style: italic;"><font lang="FR-CH" style="font-family: georgia, palatino; line-height: inherit; font-size: 8pt;">Cabinet de r&#233;vision agr&#233;&#233;. Expert-comptable (autorisation gouvernementale n&#176;10028256)</font></p>
<p style="line-height: 1.3; margin: 0cm 0cm 0.0001pt; text-align: justify; font-size: 10pt; font-family: Arial, sans-serif;"><font style="font-family: georgia, palatino; font-size: 8pt;"><i style="mso-bidi-font-style: normal;"><font lang="FR-CH" style="line-height: inherit;">R.C.S. Luxembourg B 65 477 - TVA </font></i><i style="mso-bidi-font-style: normal;"><font lang="FR-CH" style="line-height: inherit;">LU25482518</font></i></font><font lang="FR-CH" style="line-height: inherit;"></font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: arial, helvetica, sans-serif; font-size: 10pt;">Our audits of the consolidated financial statements included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audits also included performing such other procedures as we considered necessary in the circumstances. We believe that our audits provide a reasonable basis for our opinions.</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: arial, helvetica, sans-serif; font-size: 10pt; font-weight: bold;">Definition and Limitations of Internal Control over Financial Reporting</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: arial, helvetica, sans-serif;"><font style="font-size: 10pt;">A company&#8217;s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company&#8217;s internal control over financial reporting includes those policies and procedures that (i)</font><font style="font-size: 10pt;">&nbsp;</font><font style="font-size: 10pt;">pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (ii)</font><font style="font-size: 10pt;">&nbsp;</font><font style="font-size: 10pt;">provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authori</font><font style="font-size: 10pt;">z</font><font style="font-size: 10pt;">ations of management and directors of the company; and (iii)</font><font style="font-size: 10pt;">&nbsp;</font><font style="font-size: 10pt;">provide reasonable assurance regarding prevention or timely detection of unauthori</font><font style="font-size: 10pt;">z</font><font style="font-size: 10pt;">ed acquisition, use, or disposition of the company&#8217;s assets that could have a material effect on the financial statements.</font></font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: arial, helvetica, sans-serif; font-size: 10pt;">Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: arial, helvetica, sans-serif; font-size: 10pt; font-weight: bold;">Critical Audit Matters</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: arial, helvetica, sans-serif;"><font style="font-size: 10pt;">The critical audit matter</font><font style="font-size: 10pt;">s</font><font style="font-size: 10pt;"> communicated below </font><font style="font-size: 10pt;">are</font><font style="font-size: 10pt;"> matter</font><font style="font-size: 10pt;">s</font><font style="font-size: 10pt;"> arising from the current period audit of the </font><font style="font-size: 10pt;">consolidated</font><font style="font-size: 10pt;"> financial statements that w</font><font style="font-size: 10pt;">ere</font><font style="font-size: 10pt;"> communicated or required to be communicated to the audit committee and that (i) relate to accounts or disclosures that are material to the</font><font style="font-size: 10pt;"> consolidated</font><font style="font-size: 10pt;"> financial statements and (ii) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the </font><font style="font-size: 10pt;">consolidated </font><font style="font-size: 10pt;">financial statements, taken as a whole, and we are not, by communicating the critical audit matter</font><font style="font-size: 10pt;">s</font><font style="font-size: 10pt;"> below, providing a separate opinion</font><font style="font-size: 10pt;">s</font><font style="font-size: 10pt;"> on the critical audit matter</font><font style="font-size: 10pt;">s</font><font style="font-size: 10pt;"> or on the accounts or disclosures to which </font><font style="font-size: 10pt;">they</font><font style="font-size: 10pt;"> relate.</font></font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: arial, helvetica, sans-serif; font-size: 10pt; font-style: italic;">Business combination &#8211; Acquisition of IPSCO Tubulars, Inc.</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: arial, helvetica, sans-serif;"><font style="font-size: 10pt;">As described in Note 32 to the consolidated financial statements, the Company completed the acquisition of IPSCO Tubulars, Inc. for net consideration of 1,029 million USD in 2020, which resulted in 170 million USD of intangible assets being recorded. Management applied significant judgment in estimating the fair value of intangible assets acquired, which involved the use of significant estimates and assumptions with respect to the timing and amounts of cash flow projections, the revenue growth rates, the customer attrition rates, and the discount rate.</font><font style="font-size: 10pt;">&nbsp; </font></font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: arial, helvetica, sans-serif; font-size: 10pt;">The principal considerations for our determination that performing procedures relating to the acquisition of IPSCO Tubulars, Inc. is a critical audit matter are (i) the high degree of auditor judgment and subjectivity in applying procedures relating to the fair value measurement of intangible assets acquired due to the significant judgment by management when developing the estimate; (ii) significant audit effort in evaluating the significant assumptions relating to the estimate, such as the cash flow projections, the revenue growth rates, the customer attrition rates, and the discount rate; and (iii) the audit effort involved the use of professionals with specialized skill and knowledge.</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: arial, helvetica, sans-serif;"><font style="font-size: 10pt;">Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements. These procedures included testing the effectiveness of controls relating to the acquisition accounting, including the control over management&#8217;s valuation of the intangible assets and over the development of the cash flow projections, revenue growth rates, customer attrition rates, and the discount rate assumptions utili</font><font style="font-size: 10pt;">s</font><font style="font-size: 10pt;">ed in the valuation of the intangible assets. These procedures also included, among others, (i) reading the purchase agreement and (ii) testing management&#8217;s process for estimating the fair value of intangible assets. Testing management&#8217;s process included evaluating the appropriateness of the valuation methods, testing the completeness and accuracy of data provided by management, and evaluating the reasonableness of significant assumptions related to the cash flow projections, revenue growth rates, customer attrition rates, and the discount rate for the intangible assets. Evaluating the reasonableness of the revenue growth rates and customer attrition rates involved considering the past performance of the acquired businesses, as well as economic and industry forecasts. The discount rate was evaluated by considering the cost of capital of comparable businesses and other industry factors. Professionals with specialized skill and knowledge were used to assist in the evaluation of the Company&#8217;s cash flow projections.</font></font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: arial, helvetica, sans-serif;"><font style="font-size: 10pt; font-style: italic;">Impairment assessment</font><font style="font-size: 10pt; font-style: italic;"> </font><font style="font-size: 10pt; font-style: italic;">of long-lived assets </font><font style="font-size: 10pt; font-style: italic;">-</font><font style="font-size: 10pt; font-style: italic;"> U.S. seamless and welded tube businesses </font><font style="font-size: 10pt; font-style: italic;">(OCTG - USA, Bay City and </font><font style="font-size: 10pt; font-style: italic;">I</font><font style="font-size: 10pt; font-style: italic;">PSCO</font><font style="font-size: 10pt; font-style: italic;"> </font><font style="font-size: 10pt; font-style: italic;">Tubulars)</font></font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: arial, helvetica, sans-serif;"><font style="font-size: 10pt;">As described in Notes 5, 10 and 11 to the consolidated financial statements, at 31 December 2020, the Company&#8217;s property, plant and equipment balance was 6,193 million USD, the licences, patents and trademarks balance was 168 million USD and the customer relationship balance was 115 million USD, out of which</font><font style="font-size: 10pt;">&nbsp; </font><font style="font-size: 10pt;">a significant portion relate to the U.S. seamless and welded tube businesses (OCTG - USA, Bay City and I</font><font style="font-size: 10pt;">PSCO</font><font style="font-size: 10pt;">). During the first quarter of 2020, as a result of the deterioration of business conditions, low levels of consumption caused by the spread of COVID-19 pandemic and in light of the presence of impairment indicators for its assets in the United States, the Company decided to write down the goodwill and other long lived assets recording an impairment charge of approximately 622 million USD, out of which 225 million USD and 357 million USD relate to OCTG -USA and </font><font style="font-size: 10pt;">I</font><font style="font-size: 10pt;">PSCO</font><font style="font-size: 10pt;"> </font><font style="font-size: 10pt;">goodwill balances. Goodwill and assets that are subject to amortization or depreciation are reviewed for impairment by management whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Moreover, goodwill is subject to at least an annual impairment test. Management determined the recoverable amount of these assets based on value in use. Value in use is calculated by discounting the estimated cash flows over a five-year period based on forecasts approved by management. Management judgment is required to estimate discounted future cash flows. The main key assumptions used by management in estimating the value in use of the U.S. seamless and welded tube businesses (OCTG - USA, Bay City and </font><font style="font-size: 10pt;">I</font><font style="font-size: 10pt;">PSCO</font><font style="font-size: 10pt;">) are discount rate, growth rate, oil and gas prices, average number of active oil and gas drilling rigs (rig count) and raw material costs. </font></font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: arial, helvetica, sans-serif; font-size: 10pt;">The principal considerations for our determination that performing procedures relating to the impairment assessment of long-lived assets of the U.S. seamless and welded tube businesses is a critical audit matter are (i) the significant judgment by management when developing the recoverable amount estimate; (ii) a high degree of auditor judgment, subjectivity, and effort in performing procedures and evaluating management&#8217;s significant assumptions related to discount rate, growth rate, oil and gas prices, average number of active oil and gas drilling rigs and raw material costs; and (iii) the audit effort involved the use of professionals with specialised skill and knowledge.</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: arial, helvetica, sans-serif;"><font style="font-size: 10pt;">Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements. These procedures included testing the effectiveness of controls relating to the recoverability of long-lived assets, including controls over management&#8217;s analysis of impairment indicators and controls over the review of assumptions used and discounted cash flow calculations. These procedures also included, among others, (i) testing management&#8217;s process for determining the value in use estimate; (ii) evaluating the appropriateness of the discounted cash flow model; (iii) testing the completeness and accuracy of the underlying data used in the model; and (iv) evaluating the reasonableness of the significant assumptions used by management related to discount rate, growth rate, oil and gas prices, average number of active oil and gas drilling rigs and raw materials costs. Evaluating management&#8217;s assumptions related to oil and gas prices, average number of active oil and gas drilling rigs and raw material costs involved evaluating whether the assumptions used by management were reasonable considering (i) the current and past performance of the businesses; (ii) the consistency with external market and industry data and (iii) whether these assumptions were consistent with evidence obtained in other areas of the audit. Professionals with specialised skill and knowledge were used to assist in the evaluation of the Company&#8217;s discounted cash flow model and the discount rate assumption</font><font style="font-size: 10pt;">.</font></font></p>
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<td style="width: 46.3011%;"><font style="color: rgb(0, 0, 0); font-family: arial, helvetica, sans-serif; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">PricewaterhouseCoopers, Soci&#233;t&#233; coop&#233;rative</font></td>
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<td style="width: 33.3333%;"><font style="font-family: arial, helvetica, sans-serif;"><font style="color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">Luxembourg,&nbsp;</font><font style="color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">30</font><font style="color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">&nbsp;</font><font style="color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">March</font><font style="color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">&nbsp;</font><font style="color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">202</font><font style="color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">1</font></font></td>
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<td style="width: 46.3011%;"><font style="color: rgb(0, 0, 0); font-family: arial, helvetica, sans-serif; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Represented by</font></td>
<td style="width: 20.3655%;"><br></td>
<td style="width: 33.3333%;"><br></td>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: arial, helvetica, sans-serif; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: arial, helvetica, sans-serif; font-size: 10pt;">&nbsp;</font></p>
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<td style="width: 19.7575%; border-bottom: 1pt solid rgb(0, 0, 0); height: 17px;"><font style="color: rgb(0, 0, 0); font-family: arial, helvetica, sans-serif; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">/s/ <font style="font-size: 10pt;">Fabrice Goffin</font></font></td>
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<td style="width: 19.7575%; height: 17px;"><font style="font-size: 10pt; font-family: arial, helvetica, sans-serif;"><font style="color: rgb(0, 0, 0); font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Fabrice&nbsp;</font>Goffin</font></td>
<td style="width: 80.2425%; height: 17px;"><br></td>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><br></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: arial, helvetica, sans-serif; font-size: 10pt;"><br></font></p>
<p style="color: #000000; font: 10pt 'Times New Roman', Times, serif; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; margin: 0pt 0px; text-align: justify;"><font style="font-family: arial, helvetica, sans-serif;">We have served as the Company&#8217;s auditor since 2011.</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; padding-bottom: 1pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-style: italic;">Tenaris S.A.</font><font style="font-family: 'Times New Roman'; font-style: italic;"> Consolidated Financial S</font><font style="font-family: 'Times New Roman'; font-style: italic;">tatements for </font><font style="font-family: 'Times New Roman'; font-style: italic;">the years ended December 31, 2020, <font style="border-left: none; border-right: none;">2019</font> and <font style="border-left: none; border-right: none;">2018</font></font></p>
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<p style="margin-top: 5pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; text-transform: uppercase;">CONSOLIDATED INCOME STATEMENT</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 4pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (all amounts in thousands of US dollars, unless otherwise stated) </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Year ended December 31, </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Notes </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>2020</font> </font></p>
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<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 13px;"><br></td>
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<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>2019</font> </font></p>
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<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 13px;"><br></td>
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<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>2018</font> </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Continuing operations </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 13px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
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<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 13px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #cceeff; height: 13px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: top; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
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<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #cceeff; height: 13px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #cceeff; height: 13px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #cceeff; height: 13px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #cceeff; height: 13px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #cceeff; height: 13px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #cceeff; height: 13px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #cceeff; height: 13px;"><br></td>
</tr>
<tr style="height: 13px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 13px; width: 48%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Net sales </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; height: 13px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 13px; width: 12%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>1</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; height: 13px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; height: 13px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>5,146,734</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; height: 13px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; height: 13px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; height: 13px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>7,294,055</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; height: 13px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; height: 13px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; height: 13px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>7,658,588</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 1%; height: 13px;"><br></td>
</tr>
<tr style="height: 13px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Cost of sales </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 13px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>2</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 13px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 13px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;(<font>4,087,317</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 13px;"><font style="font-size: 10pt;">)</font></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 13px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 13px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;(<font>5,107,495</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 13px;"><font style="font-size: 10pt;">)</font></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 13px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 13px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;(<font>5,279,300</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 13px;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 13px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Gross profit </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>1,059,417</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>2,186,560</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>2,379,288</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 13px;"><br></td>
</tr>
<tr style="height: 13px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Selling, general and administrative expenses </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 13px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>3</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 13px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 13px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;(<font>1,119,227</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 13px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 13px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 13px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;(<font>1,365,974</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 13px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 13px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 13px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;(<font>1,509,976</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 13px;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 13px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Impairment charge </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>5</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;(<font>622,402</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 13px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 13px;"><br></td>
</tr>
<tr style="height: 13px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Other operating income </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 13px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>6</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 13px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 13px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>33,393</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 13px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 13px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 13px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>23,004</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 13px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 13px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 13px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>15,059</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 13px;"><br></td>
</tr>
<tr style="height: 13px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Other operating expenses </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>6</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 13px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 13px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;(<font>14,252</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 13px;"><font style="font-size: 10pt;">)</font></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 13px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 13px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;(<font>11,199</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 13px;"><font style="font-size: 10pt;">)</font></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 13px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 13px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;(<font>12,558</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 13px;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 13px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Operating (loss) income </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 13px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 13px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 13px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp;(<font>663,071</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 13px;"><font style="font-size: 10pt; font-weight: bold;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 13px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 13px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>832,391</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 13px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 13px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 13px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>871,813</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 13px;"><br></td>
</tr>
<tr style="height: 13px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Finance income </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>7</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>18,387</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>47,997</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>39,856</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 13px;"><br></td>
</tr>
<tr style="height: 13px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Finance cost </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 13px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>7</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 13px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 13px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;(<font>27,014</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 13px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 13px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 13px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;(<font>43,381</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 13px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 13px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 13px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;(<font>36,942</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 13px;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 13px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Other financial results </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>7</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;(<font>56,368</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 13px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>14,667</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>34,386</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 13px;"><br></td>
</tr>
<tr style="height: 13px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> (Loss) income before equity in earnings of non-consolidated companies and income tax </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 13px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 13px;"><br></td>
<td style="border-top: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 13px;"><br></td>
<td style="border-top: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp;(<font>728,066</font> </font></p>
</td>
<td style="border-top: 1pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 13px;"><font style="font-size: 10pt; font-weight: bold;">)</font></td>
<td style="border-top: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 13px;"><br></td>
<td style="border-top: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 13px;"><br></td>
<td style="border-top: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>851,674</font> </font></p>
</td>
<td style="border-top: 1pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 13px;"><br></td>
<td style="border-top: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 13px;"><br></td>
<td style="border-top: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 13px;"><br></td>
<td style="border-top: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>909,113</font> </font></p>
</td>
<td style="border-top: 1pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 13px;"><br></td>
</tr>
<tr style="height: 13px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Equity in earnings of non-consolidated companies </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>13</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 13px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 13px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>108,799</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 13px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 13px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>82,036</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 13px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 13px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>193,994</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 13px;"><br></td>
</tr>
<tr style="height: 13px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> (Loss) income before income tax </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 13px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 13px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 13px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp;(<font>619,267</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 13px;"><font style="font-size: 10pt; font-weight: bold;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 13px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 13px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>933,710</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 13px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 13px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 13px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>1,103,107</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 13px;"><br></td>
</tr>
<tr style="height: 13px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Income tax </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>8</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 13px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 13px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;(<font>23,150</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 13px;"><font style="font-size: 10pt;">)</font></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 13px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 13px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;(<font>202,452</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 13px;"><font style="font-size: 10pt;">)</font></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 13px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 13px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;(<font>229,207</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 13px;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 14px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 14px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> (Loss) income for the year </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 14px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 14px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 14px;"><br></td>
<td style="border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 14px;"><br></td>
<td style="border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 14px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp;(<font>642,417</font> </font></p>
</td>
<td style="border-bottom: 1.5pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 14px;"><font style="font-size: 10pt; font-weight: bold;">)</font></td>
<td style="border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 14px;"><br></td>
<td style="border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 14px;"><br></td>
<td style="border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 14px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>731,258</font> </font></p>
</td>
<td style="border-bottom: 1.5pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 14px;"><br></td>
<td style="border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 14px;"><br></td>
<td style="border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 14px;"><br></td>
<td style="border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 14px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>873,900</font> </font></p>
</td>
<td style="border-bottom: 1.5pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 14px;"><br></td>
</tr>
<tr style="height: 13px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 13px;"><br></td>
</tr>
<tr style="height: 13px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Attributable to: </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 13px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 13px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 13px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 13px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 13px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 13px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 13px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 13px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 13px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 13px;"><br></td>
</tr>
<tr style="height: 13px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Owners of the parent </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;(<font>634,418</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 13px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>742,686</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>876,063</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 13px;"><br></td>
</tr>
<tr style="height: 13px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Non-controlling interests </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 13px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 13px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 13px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;(<font>7,999</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 13px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 13px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 13px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;(<font>11,428</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 13px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 13px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 13px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;(<font>2,163</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 13px;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 14px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 14px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 14px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 14px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 14px;"><br></td>
<td style="border-top: 1pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 14px;"><br></td>
<td style="border-top: 1pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 14px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp;(<font>642,417</font> </font></p>
</td>
<td style="border-top: 1pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 14px;"><font style="font-size: 10pt; font-weight: bold;">)</font></td>
<td style="border-top: 1pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 14px;"><br></td>
<td style="border-top: 1pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 14px;"><br></td>
<td style="border-top: 1pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 14px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>731,258</font> </font></p>
</td>
<td style="border-top: 1pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 14px;"><br></td>
<td style="border-top: 1pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 14px;"><br></td>
<td style="border-top: 1pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 14px;"><br></td>
<td style="border-top: 1pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 14px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>873,900</font> </font></p>
</td>
<td style="border-top: 1pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 14px;"><br></td>
</tr>
<tr style="height: 13px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Earnings per share attributable to the owners of the parent during the year: </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 13px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 13px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 13px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 13px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 13px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 13px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 13px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 13px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 13px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 13px;"><br></td>
</tr>
<tr style="height: 13px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Weighted average number of ordinary shares (thousands) </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,180,537</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,180,537</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,180,537</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 13px;"><br></td>
</tr>
<tr style="height: 13px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Continuing operations </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 13px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 13px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 13px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 13px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 13px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 13px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 13px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 13px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 13px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 13px;"><br></td>
</tr>
<tr style="height: 13px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Basic and diluted (losses) earnings per share (U.S. dollars per share) </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>0.54</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 13px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>0.63</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>0.74</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 13px;"><br></td>
</tr>
<tr style="height: 13px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Basic and diluted (losses) earnings per ADS (U.S. dollars per ADS) (*) </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 13px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 13px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 13px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>1.07</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 13px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 13px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 13px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1.26</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 13px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 13px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 13px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1.48</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 13px;"><br></td>
</tr>
<tr style="height: 13px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 13px;"><br></td>
</tr>

</table>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 4pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp;</font><font style="font-family: 'Times New Roman';">(</font><font style="font-family: 'Times New Roman';">*</font><font style="font-family: 'Times New Roman';">) </font><font><font style="font-family: 'Times New Roman';">Each ADS equals <font style="border-left: none; border-right: none;">two</font> shares.</font></font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';"><br></font></p>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno">F-1</font></td>
</tr>

</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';"><br></font></p>
</div>
</div><div style="font-family: 'times new roman', times; font-size: 10pt;">
<div style="-aw-different-first-page: true; -aw-headerfooter-type: header-primary; clear: both;">
<div style="border-bottom: 0.75pt solid #000000; clear: both;">
<p style="margin-top: 0pt; margin-bottom: 0pt; padding-bottom: 1pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-style: italic;">Tenaris S.A.</font><font style="font-family: 'Times New Roman'; font-style: italic;"> Consolidated Financial S</font><font style="font-family: 'Times New Roman'; font-style: italic;">tatements for </font><font style="font-family: 'Times New Roman'; font-style: italic;">the years ended December 31, 2020, <font style="border-left: none; border-right: none;">2019</font> and <font style="border-left: none; border-right: none;">2018</font></font></p>
</div>
</div>
<p style="margin-top: 5pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; text-transform: uppercase;">CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
<div>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px; height: 389px;" width="100%">

<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 58.8997%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (all amounts in thousands of U.S. dollars) </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.2945%;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.2945%;"><br></td>
<td colspan="9" style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 37.1359%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Year ended December 31, </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.2945%;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 58.8997%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.2945%;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.2945%;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 9.78964%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>2020</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.2945%;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.2945%;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.2945%;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 9.78964%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>2019</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.2945%;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.2945%;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.2945%;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 9.78964%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>2018</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.2945%;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 58.8997%; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> (Loss) income for the year </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1.2945%; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1.2945%; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 9.78964%; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> (<font>642,417</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 1.2945%; background-color: #cceeff; height: 17px;"><font style="font-size: 10pt; font-weight: bold;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1.2945%; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1.2945%; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 9.78964%; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>731,258</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 1.2945%; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1.2945%; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1.2945%; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 9.78964%; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>873,900</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 1.2945%; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: middle; height: 17px; width: 58.8997%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Items that may be subsequently reclassified to profit or loss: </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; width: 1.2945%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.2945%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 9.78964%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 1.2945%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.2945%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.2945%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 9.78964%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 1.2945%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.2945%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.2945%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 9.78964%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 1.2945%;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: middle; background-color: #cceeff; height: 17px; width: 58.8997%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Currency translation adjustment </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px; width: 1.2945%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.2945%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 9.78964%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>31,172</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.2945%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.2945%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.2945%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 9.78964%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>27,294</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.2945%;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.2945%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.2945%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 9.78964%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>96,916</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.2945%;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 58.8997%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Change in value of cash flow hedges and instruments at fair value </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.2945%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.2945%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 9.78964%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>9,832</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 1.2945%;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.2945%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.2945%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 9.78964%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>3,039</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 1.2945%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.2945%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.2945%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 9.78964%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>6,701</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 1.2945%;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 58.8997%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Income tax relating to components of other comprehensive income </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.2945%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.2945%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 9.78964%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2,376</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.2945%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.2945%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.2945%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 9.78964%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>707</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.2945%;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.2945%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.2945%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 9.78964%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>34</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.2945%;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 58.8997%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> From participation in non consolidated companies: </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.2945%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.2945%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 9.78964%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 1.2945%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.2945%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.2945%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 9.78964%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 1.2945%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.2945%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.2945%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 9.78964%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 1.2945%;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 58.8997%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;- Currency translation adjustment (*) </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.2945%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.2945%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 9.78964%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>31,977</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.2945%;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.2945%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.2945%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 9.78964%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>10,781</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.2945%;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.2945%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.2945%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 9.78964%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,848</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.2945%;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 58.8997%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;- Changes in the fair value of derivatives held as cash flow hedges and others </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.2945%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.2945%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 9.78964%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>792</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 1.2945%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.2945%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.2945%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 9.78964%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>812</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 1.2945%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.2945%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.2945%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 9.78964%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>132</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 1.2945%;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 13px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: middle; background-color: #cceeff; height: 13px; width: 58.8997%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 13px; width: 1.2945%;"><br></td>
<td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 13px; width: 1.2945%;"><br></td>
<td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 13px; width: 9.78964%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> (<font>7,469</font> </font></p>
</td>
<td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 13px; width: 1.2945%;"><font style="font-size: 10pt; font-weight: bold;">)</font></td>
<td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 13px; width: 1.2945%;"><br></td>
<td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 13px; width: 1.2945%;"><br></td>
<td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 13px; width: 9.78964%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> (<font>34,931</font> </font></p>
</td>
<td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 13px; width: 1.2945%;"><font style="font-size: 10pt;">)</font></td>
<td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 13px; width: 1.2945%;"><br></td>
<td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 13px; width: 1.2945%;"><br></td>
<td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 13px; width: 9.78964%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> (<font>101,867</font> </font></p>
</td>
<td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 13px; width: 1.2945%;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: middle; height: 17px; width: 58.8997%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Items that will not be reclassified to profit or loss: </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; width: 1.2945%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.2945%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 9.78964%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 1.2945%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.2945%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.2945%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 9.78964%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 1.2945%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.2945%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.2945%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 9.78964%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 1.2945%;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 58.8997%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Remeasurements of post employment benefit obligations </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.2945%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.2945%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 9.78964%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>4,971</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.2945%;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.2945%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.2945%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 9.78964%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>9,272</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.2945%;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.2945%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.2945%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 9.78964%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>7,963</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.2945%;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 58.8997%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Income tax on items that will not be reclassified </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.2945%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.2945%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 9.78964%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>770</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 1.2945%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.2945%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.2945%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 9.78964%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,545</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 1.2945%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.2945%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.2945%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 9.78964%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>1,932</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 1.2945%;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: middle; background-color: #cceeff; height: 17px; width: 58.8997%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Remeasurements of post employment benefit obligations of non-consolidated companies </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px; width: 1.2945%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.2945%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 9.78964%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>634</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.2945%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.2945%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.2945%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 9.78964%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>9,878</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.2945%;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.2945%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.2945%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 9.78964%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>3,855</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.2945%;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: middle; height: 17px; width: 58.8997%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; width: 1.2945%;"><br></td>
<td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.2945%;"><br></td>
<td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 9.78964%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> (<font>3,567</font> </font></p>
</td>
<td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 1.2945%;"><font style="font-size: 10pt; font-weight: bold;">)</font></td>
<td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.2945%;"><br></td>
<td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.2945%;"><br></td>
<td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 9.78964%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> (<font>17,605</font> </font></p>
</td>
<td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 1.2945%;"><font style="font-size: 10pt; font-weight: bold;">)</font></td>
<td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.2945%;"><br></td>
<td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.2945%;"><br></td>
<td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 9.78964%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>2,176</font> </font></p>
</td>
<td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 1.2945%;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 58.8997%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Other comprehensive (loss) for the year, net of tax </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.2945%;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.2945%;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 9.78964%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> (<font>11,036</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.2945%;"><font style="font-size: 10pt; font-weight: bold;">)</font></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.2945%;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.2945%;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 9.78964%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> (<font>52,536</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.2945%;"><font style="font-size: 10pt; font-weight: bold;">)</font></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.2945%;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.2945%;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 9.78964%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> (<font>99,691</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.2945%;"><font style="font-size: 10pt; font-weight: bold;">)</font></td>
</tr>
<tr style="height: 18px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: middle; height: 18px; width: 58.8997%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Total comprehensive (loss) income for the year </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 18px; width: 1.2945%;"><br></td>
<td style="border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px; width: 1.2945%;"><br></td>
<td style="border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px; width: 9.78964%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> (<font>653,453</font> </font></p>
</td>
<td style="border-bottom: 1.5pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 18px; width: 1.2945%;"><font style="font-size: 10pt; font-weight: bold;">)</font></td>
<td style="border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px; width: 1.2945%;"><br></td>
<td style="border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px; width: 1.2945%;"><br></td>
<td style="border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px; width: 9.78964%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>678,722</font> </font></p>
</td>
<td style="border-bottom: 1.5pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 18px; width: 1.2945%;"><br></td>
<td style="border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px; width: 1.2945%;"><br></td>
<td style="border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px; width: 1.2945%;"><br></td>
<td style="border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px; width: 9.78964%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>774,209</font> </font></p>
</td>
<td style="border-bottom: 1.5pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 18px; width: 1.2945%;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 58.8997%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Attributable to: </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.2945%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.2945%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 9.78964%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.2945%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.2945%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.2945%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 9.78964%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.2945%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.2945%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.2945%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 9.78964%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.2945%;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 58.8997%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Owners of the parent </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.2945%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.2945%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 9.78964%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>643,435</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 1.2945%;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.2945%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.2945%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 9.78964%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>690,095</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 1.2945%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.2945%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.2945%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 9.78964%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>776,713</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 1.2945%;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 58.8997%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Non-controlling interests </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.2945%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.2945%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 9.78964%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>10,018</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.2945%;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.2945%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.2945%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 9.78964%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>11,373</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.2945%;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.2945%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.2945%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 9.78964%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>2,504</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.2945%;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 18px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 18px; width: 58.8997%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px; width: 1.2945%;"><br></td>
<td style="border-top: 1pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px; width: 1.2945%;"><br></td>
<td style="border-top: 1pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px; width: 9.78964%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> (<font>653,453</font> </font></p>
</td>
<td style="border-top: 1pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 18px; width: 1.2945%;"><font style="font-size: 10pt; font-weight: bold;">)</font></td>
<td style="border-top: 1pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px; width: 1.2945%;"><br></td>
<td style="border-top: 1pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px; width: 1.2945%;"><br></td>
<td style="border-top: 1pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px; width: 9.78964%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>678,722</font> </font></p>
</td>
<td style="border-top: 1pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 18px; width: 1.2945%;"><br></td>
<td style="border-top: 1pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px; width: 1.2945%;"><br></td>
<td style="border-top: 1pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px; width: 1.2945%;"><br></td>
<td style="border-top: 1pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px; width: 9.78964%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>774,209</font> </font></p>
</td>
<td style="border-top: 1pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 18px; width: 1.2945%;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 58.8997%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.2945%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.2945%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 9.78964%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.2945%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.2945%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.2945%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 9.78964%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.2945%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.2945%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.2945%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 9.78964%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.2945%;"><br></td>
</tr>

</table>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 12pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(*) </font><font><font style="font-family: 'Times New Roman';">For</font><font style="font-family: 'Times New Roman';"> <font>2018</font></font><font style="font-family: 'Times New Roman';"> and <font>2019</font></font><font style="font-family: 'Times New Roman';"> T</font><font style="font-family: 'Times New Roman';">enaris recognized</font><font style="font-family: 'Times New Roman';"> its share over the effects on the adoption of IAS <font>29</font>, &#8220;Financial Reporting in Hyperinflationary Econo</font><font style="font-family: 'Times New Roman';">mies&#8221; by Ternium</font><font style="font-family: 'Times New Roman';"> in other comprehensive income as a currency translation adjustment</font><font style="font-family: 'Times New Roman';">. In <font>2020</font> Ternium changed the functional currency of its Argentine subsidiary to U</font><font style="font-family: 'Times New Roman';">.</font><font style="font-family: 'Times New Roman';">S</font><font style="font-family: 'Times New Roman';">.</font><font style="font-family: 'Times New Roman';"> dollar and IAS <font>29</font> is no longer applicable</font><font style="font-family: 'Times New Roman';">.</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The accompanying notes are an integral part of these Consolidated Financial Statements.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"><br></font></p>
<div>
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<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno">F-2</font></td>
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<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"><br></font></p>
</div><div style="font-family: 'times new roman', times; font-size: 10pt;">
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<p style="margin-top: 0pt; margin-bottom: 0pt; padding-bottom: 1pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-style: italic;">Tenaris S.A.</font><font style="font-family: 'Times New Roman'; font-style: italic;"> Consolidated Financial S</font><font style="font-family: 'Times New Roman'; font-style: italic;">tatements for </font><font style="font-family: 'Times New Roman'; font-style: italic;">the years ended December 31, 2020, <font style="border-left: none; border-right: none;"><font style="border-left: none; border-right: none;">2019</font></font> and <font style="border-left: none; border-right: none;"><font style="border-left: none; border-right: none;">2018</font></font></font></p>
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<p style="margin-top: 5pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; text-transform: uppercase;">Consolidated</font><font style="font-family: 'Times New Roman'; font-weight: bold; text-transform: uppercase;"> STATEMENT OF FINANCIAL POSITION</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (all amounts in thousands of U.S. dollars) </font></p>
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<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #ffffff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #ffffff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #ffffff; height: 17px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 17px;"><br></td>
<td colspan="5" style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> At December 31, 2020 </font></p>
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<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
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<td colspan="5" style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> At December 31, 2019 </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
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<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #ffffff; text-align: center; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Notes </font></p>
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<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
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<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
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<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
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<td style="border-top: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 17px;"><br></td>
<td colspan="5" style="border-top: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-top: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 17px;"><br></td>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> ASSETS </font></p>
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<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #ffffff; text-align: center; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #ffffff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #ffffff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #ffffff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #ffffff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #ffffff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #ffffff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: top; background-color: #ffffff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #ffffff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br></td>
</tr>
<tr style="background-color: #cceeff; height: 17px;">
<td style="padding: 0px; vertical-align: top; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Non-current assets </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: center; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: top; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 0px 0px 10px; vertical-align: top; width: 40%; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; Property, plant and equipment, net </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; width: 1%; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; width: 11%; text-align: center; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>10</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; width: 1%; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 9%; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>6,193,181</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 9%; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; width: 1%; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 9%; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>6,090,017</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 9%; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; height: 17px;"><br></td>
</tr>
<tr style="background-color: #cceeff; height: 17px;">
<td style="padding: 0px 0px 0px 10px; vertical-align: top; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; Intangible assets, net </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: center; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>11</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,429,056</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,561,559</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 0px 0px 10px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; Right-of-use assets, net </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: center; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>12</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>241,953</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>233,126</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="background-color: #cceeff; height: 17px;">
<td style="padding: 0px 0px 0px 10px; vertical-align: top; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; Investments in non-consolidated companies </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: center; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>13</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>957,352</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>879,965</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 0px 0px 10px; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; Other investments </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: center; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>19</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>247,082</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>24,934</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="background-color: #cceeff; height: 17px;">
<td style="padding: 0px 0px 0px 10px; vertical-align: top; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; Deferred tax assets </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: center; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>21</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>205,590</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>225,680</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 0px 0px 10px; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; Receivables, net </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: center; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>14</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>154,303</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>9,428,517</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>157,103</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>9,172,384</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="background-color: #cceeff; height: 17px;">
<td style="padding: 0px; vertical-align: top; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; Current assets </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: center; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 0px 0px 10px; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; Inventories, net </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: center; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>15</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,636,673</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2,265,880</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="background-color: #cceeff; height: 17px;">
<td style="padding: 0px 0px 0px 10px; vertical-align: top; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; Receivables and prepayments, net </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: center; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>16</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>77,849</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>104,575</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 0px 0px 10px; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; Current tax assets </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: center; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>17</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>136,384</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>167,388</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="background-color: #cceeff; height: 17px;">
<td style="padding: 0px 0px 0px 10px; vertical-align: top; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; Trade receivables, net </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: center; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>18</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>968,148</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,348,160</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 0px 0px 10px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; Derivative financial instruments </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: center; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>25</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>11,449</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>19,929</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="background-color: #cceeff; height: 17px;">
<td style="padding: 0px 0px 0px 10px; vertical-align: top; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; Other investments </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: center; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>19</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>872,488</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>210,376</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 0px 0px 10px; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; Cash and cash equivalents </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: center; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>19</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>584,681</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>4,287,672</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,554,299</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>5,670,607</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="background-color: #cceeff; height: 18px;">
<td style="padding: 0px; vertical-align: top; background-color: #cceeff; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Total assets </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #cceeff; height: 18px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: center; background-color: #cceeff; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #cceeff; height: 18px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 18px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 18px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 18px;"><br></td>
<td style="border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 18px;"><br></td>
<td style="border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>13,716,189</font> </font></p>
</td>
<td style="border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 18px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #cceeff; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 18px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 18px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 18px;"><br></td>
<td style="border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 18px;"><br></td>
<td style="border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>14,842,991</font> </font></p>
</td>
<td style="border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 18px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin: 0px; font-size: 9pt; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;">EQUITY </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: center; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="background-color: #cceeff; height: 17px;">
<td style="padding: 0px; vertical-align: top; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Capital and reserves attributable to owners of the parent </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: center; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>11,262,888</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>11,988,958</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Non-controlling interests </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: center; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>183,585</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>197,414</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="background-color: #cceeff; height: 18px;">
<td style="padding: 0px; vertical-align: top; background-color: #cceeff; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Total equity </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #cceeff; height: 18px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: center; background-color: #cceeff; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #cceeff; height: 18px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 18px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 18px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #cceeff; height: 18px;"><br></td>
<td style="border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #cceeff; height: 18px;"><br></td>
<td style="border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: top; background-color: #cceeff; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>11,446,473</font> </font></p>
</td>
<td style="border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #cceeff; height: 18px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #cceeff; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 18px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 18px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #cceeff; height: 18px;"><br></td>
<td style="border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #cceeff; height: 18px;"><br></td>
<td style="border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: top; background-color: #cceeff; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>12,186,372</font> </font></p>
</td>
<td style="border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #cceeff; height: 18px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;">LIABILITIES </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; text-align: center; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="background-color: #cceeff; height: 17px;">
<td style="padding: 0px; vertical-align: top; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Non-current liabilities </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: center; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 0px 0px 10px; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; Borrowings </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: center; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>20</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>315,739</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>40,880</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="background-color: #cceeff; height: 17px;">
<td style="padding: 0px 0px 0px 10px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; Lease liabilities </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: center; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>12</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>213,848</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>192,318</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 0px 0px 10px; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; Deferred tax liabilities </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: center; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>21</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>254,801</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>336,982</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="background-color: #cceeff; height: 17px;">
<td style="padding: 0px 0px 0px 10px; vertical-align: top; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; Other liabilities </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: center; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>22</font> (i) </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>245,635</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>251,383</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 0px 0px 10px; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; Provisions </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: center; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>23</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>73,218</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,103,241</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>54,599</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>876,162</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="background-color: #cceeff; height: 17px;">
<td style="padding: 0px; vertical-align: top; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;">Current liabilities </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: center; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 0px 0px 10px; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; Borrowings </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: center; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>20</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>303,268</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>781,272</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="background-color: #cceeff; height: 17px;">
<td style="padding: 0px 0px 0px 10px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; Lease liabilities </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: center; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>12</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>43,495</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>37,849</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 0px 0px 10px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; Derivative financial instruments </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: center; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>25</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>3,217</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,814</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="background-color: #cceeff; height: 17px;">
<td style="padding: 0px 0px 0px 10px; vertical-align: top; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; Current tax liabilities </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: center; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>17</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>90,593</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>127,625</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 0px 0px 10px; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; Other liabilities </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: center; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>22</font> (ii) </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>202,826</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>176,264</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="background-color: #cceeff; height: 17px;">
<td style="padding: 0px 0px 0px 10px; vertical-align: top; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; Provisions </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: center; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>24</font> (ii) </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>12,279</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>17,017</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 0px 0px 10px; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; Customer advances </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: center; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>48,692</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>82,729</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="background-color: #cceeff; height: 17px;">
<td style="padding: 0px 0px 0px 10px; vertical-align: top; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; Trade payables </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: center; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #cceeff; height: 17px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>462,105</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,166,475</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>555,887</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,780,457</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="height: 18px;">
<td style="padding: 0px; vertical-align: top; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Total liabilities </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 18px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 18px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"><br></td>
<td style="border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"><br></td>
<td style="border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>2,269,716</font> </font></p>
</td>
<td style="border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"><br></td>
<td style="border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"><br></td>
<td style="border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>2,656,619</font> </font></p>
</td>
<td style="border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"><br></td>
</tr>
<tr style="background-color: #cceeff; height: 18px;">
<td style="padding: 0px; vertical-align: top; background-color: #cceeff; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Total equity and liabilities </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #cceeff; height: 18px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #cceeff; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #cceeff; height: 18px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 18px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 18px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 18px;"><br></td>
<td style="border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 18px;"><br></td>
<td style="border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>13,716,189</font> </font></p>
</td>
<td style="border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 18px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #cceeff; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 18px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 18px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 18px;"><br></td>
<td style="border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 18px;"><br></td>
<td style="border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>14,842,991</font> </font></p>
</td>
<td style="border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 18px;"><br></td>
</tr>

</table>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Contingencies, commitments and restrictions </font><font style="font-family: 'Times New Roman';">on</font><font style="font-family: 'Times New Roman';"> the distribution of profits are </font><font style="font-family: 'Times New Roman';">disclosed in n</font><font style="font-family: 'Times New Roman';">ote <font>2</font></font><font style="font-family: 'Times New Roman';"><font>6</font></font><font style="font-family: 'Times New Roman';">.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">The accompanying notes are an integral part of these </font><font style="font-family: 'Times New Roman';">C</font><font style="font-family: 'Times New Roman';">onsolidated </font><font style="font-family: 'Times New Roman';">F</font><font style="font-family: 'Times New Roman';">inancial </font><font style="font-family: 'Times New Roman';">S</font><font style="font-family: 'Times New Roman';">tatements.</font></font><font style="font-family: 'Times New Roman';"> </font></p>
<div style="-aw-different-first-page: true; -aw-headerfooter-type: footer-primary; clear: both;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><br></p>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno">F-3</font></td>
</tr>

</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
</div>
</div>
</div><div style="font-family: 'times new roman', times; font-size: 10pt;">
<div>
<div style="-aw-different-first-page: true; -aw-headerfooter-type: linked; clear: both;">
<div style="border-bottom: 0.75pt solid #000000; clear: both;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Sabon MT'; font-style: italic; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; padding-bottom: 1pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-style: italic;">Tenaris S.A.</font><font style="font-family: 'Times New Roman'; font-style: italic;"> Consolidated Financial S</font><font style="font-family: 'Times New Roman'; font-style: italic;">tatements for </font><font style="font-family: 'Times New Roman'; font-style: italic;">the years ended December 31, 2020, <font>2019</font> and <font>2018</font></font></p>
</div>
</div>
<p style="margin-top: 5pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; text-transform: uppercase;">Consolidated statement of changes in equity</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
<div>
<table cellspacing="0" cellpadding="0" style="height: 194px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px;" width="100%">

<tr style="height: 13px;">
<td style="padding: 0px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp;(all amounts in thousands of U.S. dollars) </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td colspan="25" style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Attributable to owners of the parent </font></p>
</td>
<td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; border-top: 1pt solid #000000; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; border-top: 1pt solid #000000; height: 13px;"><br></td>
<td style="border-top: 1pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="border-top: 1pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="border-top: 1pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="border-top: 1pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="border-top: 1pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="border-top: 1pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
</tr>
<tr style="height: 26px;">
<td style="padding: 0px; vertical-align: bottom; height: 26px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 26px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding: 0px; height: 26px; vertical-align: bottom;" colspan="2" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Share Capital (<font>1</font>) </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding: 0px; height: 26px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="border-bottom: 1pt solid #000000; padding: 0px; height: 26px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="border-bottom: 1pt solid #000000; padding: 0px; height: 26px; vertical-align: bottom;" colspan="2" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Legal Reserves </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding: 0px; height: 26px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="border-bottom: 1pt solid #000000; padding: 0px; height: 26px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="border-bottom: 1pt solid #000000; padding: 0px; height: 26px; vertical-align: bottom;" colspan="2" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Share Premium </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding: 0px; height: 26px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="border-bottom: 1pt solid #000000; padding: 0px; height: 26px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="border-bottom: 1pt solid #000000; padding: 0px; height: 26px; vertical-align: bottom;" colspan="2" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Currency Translation Adjustment </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding: 0px; height: 26px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="border-bottom: 1pt solid #000000; padding: 0px; height: 26px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="border-bottom: 1pt solid #000000; padding: 0px; height: 26px; vertical-align: bottom;" colspan="2" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Other Reserves (<font>2</font>) </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding: 0px; height: 26px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="border-bottom: 1pt solid #000000; padding: 0px; height: 26px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="border-bottom: 1pt solid #000000; padding: 0px; height: 26px; vertical-align: bottom;" colspan="2" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Retained Earnings (<font>3</font>) </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding: 0px; height: 26px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="border-bottom: 1pt solid #000000; padding: 0px; height: 26px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="border-bottom: 1pt solid #000000; padding: 0px; height: 26px; vertical-align: bottom;" colspan="2" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Total </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding: 0px; height: 26px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; height: 26px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; height: 26px; vertical-align: bottom;" colspan="2" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Non-controlling interests </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding: 0px; height: 26px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="border-bottom: 1pt solid #000000; padding: 0px; height: 26px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="border-bottom: 1pt solid #000000; padding: 0px; height: 26px; vertical-align: bottom;" colspan="2" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Total </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding: 0px; vertical-align: middle; height: 26px;"><br></td>
</tr>
<tr style="height: 11px; background-color: #cceeff;">
<td style="padding: 0px; vertical-align: bottom; height: 11px; background-color: #cceeff; width: 37%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Balance at December 31, 2019 </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 11px; background-color: #cceeff; width: 1%;"><br></td>
<td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 11px; background-color: #cceeff; text-align: left; width: 1%;"><br></td>
<td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 11px; background-color: #cceeff; text-align: left; width: 4%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> <font>1,180,537</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 11px; background-color: #cceeff; text-align: left; width: 1%;"><br></td>
<td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 11px; background-color: #cceeff; text-align: left; width: 1%;"><br></td>
<td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 11px; background-color: #cceeff; text-align: left; width: 1%;"><br></td>
<td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 11px; background-color: #cceeff; text-align: left; width: 4%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> <font>118,054</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 11px; background-color: #cceeff; text-align: left; width: 1%;"><br></td>
<td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 11px; background-color: #cceeff; text-align: left; width: 1%;"><br></td>
<td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 11px; background-color: #cceeff; text-align: left; width: 1%;"><br></td>
<td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 11px; background-color: #cceeff; text-align: left; width: 4%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> <font>609,733</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 11px; background-color: #cceeff; text-align: left; width: 1%;"><br></td>
<td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 11px; background-color: #cceeff; text-align: left; width: 1%;"><br></td>
<td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 11px; background-color: #cceeff; text-align: left; width: 1%;"><br></td>
<td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 11px; background-color: #cceeff; text-align: left; width: 4%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> (<font>957,246</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 11px; background-color: #cceeff; text-align: left; width: 1%;"><font style="font-size: 8pt; font-weight: bold;">)</font></td>
<td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 11px; background-color: #cceeff; text-align: left; width: 1%;"><br></td>
<td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 11px; background-color: #cceeff; text-align: left; width: 1%;"><br></td>
<td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 11px; background-color: #cceeff; text-align: left; width: 4%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> (<font>336,902</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 11px; background-color: #cceeff; text-align: left; width: 1%;"><font style="font-size: 8pt; font-weight: bold;">)</font></td>
<td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 11px; background-color: #cceeff; text-align: left; width: 1%;"><br></td>
<td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 11px; background-color: #cceeff; text-align: left; width: 1%;"><br></td>
<td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 11px; background-color: #cceeff; text-align: left; width: 4%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> <font>11,374,782</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 11px; background-color: #cceeff; text-align: left; width: 1%;"><br></td>
<td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 11px; background-color: #cceeff; text-align: left; width: 1%;"><br></td>
<td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 11px; background-color: #cceeff; text-align: left; width: 1%;"><br></td>
<td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 11px; background-color: #cceeff; text-align: left; width: 4%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> <font>11,988,958</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 11px; background-color: #cceeff; text-align: left; width: 1%;"><br></td>
<td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 11px; background-color: #cceeff; text-align: left; width: 1%;"><br></td>
<td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 11px; background-color: #cceeff; text-align: left; width: 1%;"><br></td>
<td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 11px; background-color: #cceeff; text-align: left; width: 4%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> <font>197,414</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 11px; background-color: #cceeff; text-align: left; width: 1%;"><br></td>
<td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 11px; background-color: #cceeff; text-align: left; width: 1%;"><br></td>
<td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 11px; background-color: #cceeff; text-align: left; width: 1%;"><br></td>
<td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 11px; background-color: #cceeff; text-align: left; width: 4%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> <font>12,186,372</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 11px; background-color: #cceeff; text-align: left; width: 1%;"><br></td>
</tr>
<tr style="height: 13px;">
<td style="padding: 0px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> (Loss) for the year </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px; text-align: left;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px; text-align: left;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp;-&nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px; text-align: left;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px; text-align: left;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px; text-align: left;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px; text-align: left;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp;-&nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px; text-align: left;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px; text-align: left;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px; text-align: left;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px; text-align: left;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp;-&nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px; text-align: left;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px; text-align: left;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px; text-align: left;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px; text-align: left;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp;-&nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px; text-align: left;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px; text-align: left;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px; text-align: left;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px; text-align: left;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp;-&nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px; text-align: left;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px; text-align: left;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px; text-align: left;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px; text-align: left;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp;(<font>634,418</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px; text-align: left;"><font style="font-size: 8pt; font-weight: bold;">)</font></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px; text-align: left;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px; text-align: left;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px; text-align: left;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp;(<font>634,418</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px; text-align: left;"><font style="font-size: 8pt; font-weight: bold;">)</font></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px; text-align: left;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px; text-align: left;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px; text-align: left;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp;(<font>7,999</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px; text-align: left;"><font style="font-size: 8pt; font-weight: bold;">)</font></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px; text-align: left;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px; text-align: left;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px; text-align: left;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp;(<font>642,417</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px; text-align: left;"><font style="font-size: 8pt; font-weight: bold;">)</font></td>
</tr>
<tr style="height: 13px; background-color: #cceeff;">
<td style="padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 5.7pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> Currency translation adjustment </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp;-&nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp;-&nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp;-&nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> <font>30,849</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp;-&nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp;-&nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> <font>30,849</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> <font>323</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> <font>31,172</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 13px;">
<td style="padding: 0px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-left: 5.7pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> Remeasurements of post employment benefit obligations, net of taxes </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp;-&nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp;-&nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp;-&nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp;-&nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp;(<font>4,664</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><font style="font-size: 8pt;">)</font></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> <font>428</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp;(<font>4,236</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><font style="font-size: 8pt;">)</font></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> <font>35</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp;(<font>4,201</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><font style="font-size: 8pt;">)</font></td>
</tr>
<tr style="height: 26px; background-color: #cceeff;">
<td style="padding: 0px; vertical-align: bottom; height: 26px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 5.7pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> Change in value of instruments at fair value through other comprehensive income and cash flow hedges, net of taxes </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 26px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 26px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 26px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp;-&nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 26px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 26px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 26px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 26px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp;-&nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 26px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 26px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 26px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 26px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp;-&nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 26px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 26px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 26px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 26px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp;-&nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 26px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 26px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 26px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 26px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp;(<font>5,079</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 26px; background-color: #cceeff;"><font style="font-size: 8pt;">)</font></td>
<td style="padding: 0px; vertical-align: bottom; height: 26px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 26px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 26px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp;-&nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 26px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 26px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 26px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 26px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp;(<font>5,079</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 26px; background-color: #cceeff;"><font style="font-size: 8pt;">)</font></td>
<td style="padding: 0px; vertical-align: bottom; height: 26px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 26px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 26px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp;(<font>2,377</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 26px; background-color: #cceeff;"><font style="font-size: 8pt;">)</font></td>
<td style="padding: 0px; vertical-align: bottom; height: 26px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 26px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 26px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp;(<font>7,456</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 26px; background-color: #cceeff;"><font style="font-size: 8pt;">)</font></td>
</tr>
<tr style="height: 13px;">
<td style="padding: 0px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-left: 5.7pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> From other comprehensive income of non-consolidated companies </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp;-&nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp;-&nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp;-&nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp;(<font>31,977</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;"><font style="font-size: 8pt;">)</font></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> <font>1,426</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp;-&nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp;(<font>30,551</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;"><font style="font-size: 8pt;">)</font></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp;-&nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp;(<font>30,551</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;"><font style="font-size: 8pt;">)</font></td>
</tr>
<tr style="height: 13px; background-color: #cceeff;">
<td style="padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Other comprehensive (loss) income for the year </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp;-&nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp;-&nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp;-&nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp;(<font>1,128</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><font style="font-size: 8pt; font-weight: bold;">)</font></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp;(<font>8,317</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><font style="font-size: 8pt; font-weight: bold;">)</font></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> <font>428</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp;(<font>9,017</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><font style="font-size: 8pt; font-weight: bold;">)</font></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp;(<font>2,019</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><font style="font-size: 8pt; font-weight: bold;">)</font></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp;(<font>11,036</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><font style="font-size: 8pt; font-weight: bold;">)</font></td>
</tr>
<tr style="height: 13px;">
<td style="padding: 0px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Total comprehensive (loss) income for the year </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp;-&nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp;-&nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp;-&nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp;(<font>1,128</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><font style="font-size: 8pt; font-weight: bold;">)</font></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp;(<font>8,317</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><font style="font-size: 8pt; font-weight: bold;">)</font></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp;(<font>633,990</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><font style="font-size: 8pt; font-weight: bold;">)</font></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp;(<font>643,435</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><font style="font-size: 8pt; font-weight: bold;">)</font></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp;(<font>10,018</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><font style="font-size: 8pt; font-weight: bold;">)</font></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp;(<font>653,453</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><font style="font-size: 8pt; font-weight: bold;">)</font></td>
</tr>
<tr style="height: 13px; background-color: #cceeff;">
<td style="padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> Acquisition and other changes in non-controlling interests (<font>4</font>)</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp;-&nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp;-&nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp;-&nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp;-&nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> <font>2</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp;-&nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> <font>2</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> <font>1,490</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> <font>1,492</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 13px;">
<td style="padding: 0px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> Dividends paid in cash </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp;-&nbsp; </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp;-&nbsp; </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp;-&nbsp; </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp;-&nbsp; </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp;-&nbsp; </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp;(<font>82,637</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;"><font style="font-size: 8pt;">)</font></td>
<td style="border-bottom: 1pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp;(<font>82,637</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;"><font style="font-size: 8pt;">)</font></td>
<td style="border-bottom: 1pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp;(<font>5,301</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;"><font style="font-size: 8pt;">)</font></td>
<td style="border-bottom: 1pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp;(<font>87,938</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;"><font style="font-size: 8pt;">)</font></td>
</tr>
<tr style="height: 14px; background-color: #cceeff;">
<td style="padding: 0px; vertical-align: bottom; height: 14px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Balance at December 31, 2020 </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 14px; background-color: #cceeff;"><br></td>
<td style="border-top: 1pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px; vertical-align: bottom; height: 14px; background-color: #cceeff;"><br></td>
<td style="border-top: 1pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px; vertical-align: bottom; height: 14px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> <font>1,180,537</font> </font></p>
</td>
<td style="border-top: 1pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px; vertical-align: bottom; height: 14px; background-color: #cceeff;"><br></td>
<td style="border-top: 1pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px; vertical-align: bottom; height: 14px; background-color: #cceeff;"><br></td>
<td style="border-top: 1pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px; vertical-align: bottom; height: 14px; background-color: #cceeff;"><br></td>
<td style="border-top: 1pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px; vertical-align: bottom; height: 14px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> <font>118,054</font> </font></p>
</td>
<td style="border-top: 1pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px; vertical-align: bottom; height: 14px; background-color: #cceeff;"><br></td>
<td style="border-top: 1pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px; vertical-align: bottom; height: 14px; background-color: #cceeff;"><br></td>
<td style="border-top: 1pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px; vertical-align: bottom; height: 14px; background-color: #cceeff;"><br></td>
<td style="border-top: 1pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px; vertical-align: bottom; height: 14px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> <font>609,733</font> </font></p>
</td>
<td style="border-top: 1pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px; vertical-align: bottom; height: 14px; background-color: #cceeff;"><br></td>
<td style="border-top: 1pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px; vertical-align: bottom; height: 14px; background-color: #cceeff;"><br></td>
<td style="border-top: 1pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px; vertical-align: bottom; height: 14px; background-color: #cceeff;"><br></td>
<td style="border-top: 1pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px; vertical-align: bottom; height: 14px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp;(<font>958,374</font> </font></p>
</td>
<td style="border-top: 1pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px; vertical-align: bottom; height: 14px; background-color: #cceeff;"><font style="font-size: 8pt; font-weight: bold;">)</font></td>
<td style="border-top: 1pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px; vertical-align: bottom; height: 14px; background-color: #cceeff;"><br></td>
<td style="border-top: 1pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px; vertical-align: bottom; height: 14px; background-color: #cceeff;"><br></td>
<td style="border-top: 1pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px; vertical-align: bottom; height: 14px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp;(<font>345,217</font> </font></p>
</td>
<td style="border-top: 1pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px; vertical-align: bottom; height: 14px; background-color: #cceeff;"><font style="font-size: 8pt; font-weight: bold;">)</font></td>
<td style="border-top: 1pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px; vertical-align: bottom; height: 14px; background-color: #cceeff;"><br></td>
<td style="border-top: 1pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px; vertical-align: bottom; height: 14px; background-color: #cceeff;"><br></td>
<td style="border-top: 1pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px; vertical-align: bottom; height: 14px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> <font>10,658,155</font> </font></p>
</td>
<td style="border-top: 1pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px; vertical-align: bottom; height: 14px; background-color: #cceeff;"><br></td>
<td style="border-top: 1pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px; vertical-align: bottom; height: 14px; background-color: #cceeff;"><br></td>
<td style="border-top: 1pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px; vertical-align: bottom; height: 14px; background-color: #cceeff;"><br></td>
<td style="border-top: 1pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px; vertical-align: bottom; height: 14px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> <font>11,262,888</font> </font></p>
</td>
<td style="border-top: 1pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px; vertical-align: bottom; height: 14px; background-color: #cceeff;"><br></td>
<td style="border-top: 1pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px; vertical-align: bottom; height: 14px; background-color: #cceeff;"><br></td>
<td style="border-top: 1pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px; vertical-align: bottom; height: 14px; background-color: #cceeff;"><br></td>
<td style="border-top: 1pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px; vertical-align: bottom; height: 14px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> <font>183,585</font> </font></p>
</td>
<td style="border-top: 1pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px; vertical-align: bottom; height: 14px; background-color: #cceeff;"><br></td>
<td style="border-top: 1pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px; vertical-align: bottom; height: 14px; background-color: #cceeff;"><br></td>
<td style="border-top: 1pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px; vertical-align: bottom; height: 14px; background-color: #cceeff;"><br></td>
<td style="border-top: 1pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px; vertical-align: bottom; height: 14px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> <font>11,446,473</font> </font></p>
</td>
<td style="border-top: 1pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px; vertical-align: bottom; height: 14px; background-color: #cceeff;"><br></td>
</tr>

</table>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 3pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;">(<font style="border-left: none; border-right: none;">1</font>) <font><font style="border-right: none; border-left: none;">The Company has an authorized share capital of a single class of <font>2.5</font> billion shares having a nominal value of <font>1.00</font> per share. As of December 31, 2020 there were <font>1,180,536,830</font> shares issued. All issued shares are fully paid.</font></font></font></p>
<p style="margin-top: 0pt; margin-left: 28.35pt; margin-bottom: 0pt; text-indent: -28.35pt; line-height: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-size: 8pt;"><font style="font-family: 'Times New Roman';">(</font><font style="font-family: 'Times New Roman';"><font>2</font></font><font style="font-family: 'Times New Roman';">) <font>Other reserves include mainly the result of transactions with non-controlling interest</font></font><font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';"> that do not result in a loss of control, the remeasurement of post-em</font><font style="font-family: 'Times New Roman';">ployment benefit obligations</font><font style="font-family: 'Times New Roman';">, the changes in value of cash flow hedges</font><font style="font-family: 'Times New Roman';"> and t</font><font style="font-family: 'Times New Roman';">he changes in </font><font style="font-family: 'Times New Roman';">financial instruments measured at fair value through other comprehensive income</font><font style="font-family: 'Times New Roman';">.</font></font></font></p>
<p style="margin-top: 0pt; margin-left: 28.35pt; margin-bottom: 0pt; text-indent: -28.35pt; line-height: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-left: 28.35pt; margin-bottom: 0pt; text-indent: -28.35pt; line-height: 12pt; font-size: 10pt;"><font style="font-size: 8pt;"><font style="font-family: 'Times New Roman';">(<font>3</font>) <font>The </font></font><font><font style="font-family: 'Times New Roman';">restrictions to the distribution of profits and payment of dividends </font><font style="font-family: 'Times New Roman';">according to Luxembourg Law are </font><font style="font-family: 'Times New Roman';">disclosed in n</font><font style="font-family: 'Times New Roman';">ote </font><font style="font-family: 'Times New Roman';"><font>2</font></font><font style="font-family: 'Times New Roman';"><font>6</font></font><font style="font-family: 'Times New Roman';"> (iii)</font><font style="font-family: 'Times New Roman';">.</font></font></font></p>
<p style="margin-top: 0pt; margin-left: 28.35pt; margin-bottom: 0pt; text-indent: -28.35pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 3pt; line-height: 9pt; font-size: 10pt;"><font style="font-size: 8pt;"><font style="font-family: 'Times New Roman';">(<font>4</font>)</font><font><font style="font-family: 'Times New Roman';"> Mainly r</font><font style="font-family: 'Times New Roman';">elated to the agreement for the construction of </font><font style="font-family: 'Times New Roman';">Tenaris Baogang Baotou Steel Pipes Ltd. See note <font>34</font>.</font></font></font></p>
<p style="margin-top: 0pt; margin-bottom: 3pt; line-height: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"><br></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-size: 8pt;"><font style="font-family: 'Times New (W1)';">The accompanying notes are an integral part of these </font><font style="font-family: 'Times New (W1)';">C</font><font style="font-family: 'Times New (W1)';">onsolidated </font><font style="font-family: 'Times New (W1)';">F</font><font style="font-family: 'Times New (W1)';">inancial </font><font style="font-family: 'Times New (W1)';">S</font><font style="font-family: 'Times New (W1)';">tatements. </font></font></p>
<p style="margin-top: 0pt; margin-bottom: 3pt; line-height: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"><br></font></p>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno">F-4</font></td>
</tr>

</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
</div>
<div style="-aw-different-first-page: true; -aw-headerfooter-type: header-primary; clear: both;">
<div style="border-bottom: 0.75pt solid #000000; clear: both;">
<p style="margin-top: 7pt; margin-bottom: 0pt; padding-bottom: 1pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-style: italic;">Tenaris S.A.</font><font style="font-family: 'Times New Roman'; font-style: italic;"> Consolidated Financial S</font><font style="font-family: 'Times New Roman'; font-style: italic;">tatements for </font><font style="font-family: 'Times New Roman'; font-style: italic;">the years ended December 31, 2020, <font style="border-left: none; border-right: none;">2019</font> and <font style="border-left: none; border-right: none;">2018</font></font></p>
</div>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 3pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; text-transform: uppercase; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 7pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; text-transform: uppercase;">CONSOLIDATED STATEMENT OF CHANGES IN EQUITY </font><font style="font-family: 'Times New Roman'; font-weight: bold; text-transform: uppercase;">(Cont</font><font style="font-family: 'Times New Roman'; font-weight: bold; text-transform: uppercase;">.</font><font style="font-family: 'Times New Roman'; font-weight: bold; text-transform: uppercase;">)</font><font style="font-family: 'Times New Roman'; font-weight: bold; text-transform: uppercase;"> </font></p>
<div>
<table cellspacing="0" cellpadding="0" style="height: 189px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px;" width="100%">

<tr style="height: 13px;">
<td style="padding: 0px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;(all amounts in thousands of U.S. dollars) </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td colspan="25" style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Attributable to owners of the parent </font></p>
</td>
<td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; border-top: 1pt solid #000000; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; border-top: 1pt solid #000000; height: 13px;"><br></td>
<td style="border-top: 1pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> &nbsp; </font></p>
</td>
<td style="border-top: 1pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="border-top: 1pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="border-top: 1pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="border-top: 1pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> &nbsp; </font></p>
</td>
<td style="border-top: 1pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
</tr>
<tr style="height: 26px;">
<td style="padding: 0px; vertical-align: bottom; height: 26px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 26px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding: 0px; vertical-align: bottom; height: 26px;" colspan="2" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Share Capital (<font>1</font>)</font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding: 0px; vertical-align: bottom; height: 26px;" valign="bottom"><br></td>
<td style="border-bottom: 1pt solid #000000; padding: 0px; vertical-align: bottom; height: 26px;" valign="bottom"><br></td>
<td style="border-bottom: 1pt solid #000000; padding: 0px; vertical-align: bottom; height: 26px;" colspan="2" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Legal Reserves</font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding: 0px; vertical-align: bottom; height: 26px;" valign="bottom"><br></td>
<td style="border-bottom: 1pt solid #000000; padding: 0px; vertical-align: bottom; height: 26px;" valign="bottom"><br></td>
<td style="border-bottom: 1pt solid #000000; padding: 0px; vertical-align: bottom; height: 26px;" colspan="2" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Share Premium</font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding: 0px; vertical-align: bottom; height: 26px;" valign="bottom"><br></td>
<td style="border-bottom: 1pt solid #000000; padding: 0px; vertical-align: bottom; height: 26px;" valign="bottom"><br></td>
<td style="border-bottom: 1pt solid #000000; padding: 0px; vertical-align: bottom; height: 26px;" colspan="2" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Currency Translation Adjustment</font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding: 0px; vertical-align: bottom; height: 26px;" valign="bottom"><br></td>
<td style="border-bottom: 1pt solid #000000; padding: 0px; vertical-align: bottom; height: 26px;" valign="bottom"><br></td>
<td style="border-bottom: 1pt solid #000000; padding: 0px; vertical-align: bottom; height: 26px;" colspan="2" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Other Reserves (<font>2</font>)</font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding: 0px; vertical-align: bottom; height: 26px;" valign="bottom"><br></td>
<td style="border-bottom: 1pt solid #000000; padding: 0px; vertical-align: bottom; height: 26px;" valign="bottom"><br></td>
<td style="border-bottom: 1pt solid #000000; padding: 0px; vertical-align: bottom; height: 26px;" colspan="2" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Retained Earnings</font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding: 0px; vertical-align: bottom; height: 26px;" valign="bottom"><br></td>
<td style="border-bottom: 1pt solid #000000; padding: 0px; vertical-align: bottom; height: 26px;" valign="bottom"><br></td>
<td style="border-bottom: 1pt solid #000000; padding: 0px; vertical-align: bottom; height: 26px;" colspan="2" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Total</font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding: 0px; vertical-align: bottom; height: 26px;" valign="bottom"><br></td>
<td style="border-bottom: 1pt solid #000000; padding: 0px; vertical-align: bottom; height: 26px;" valign="bottom"><br></td>
<td style="border-bottom: 1pt solid #000000; padding: 0px; vertical-align: bottom; height: 26px;" colspan="2" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Non-controlling interests</font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding: 0px; vertical-align: bottom; height: 26px;" valign="bottom"><br></td>
<td style="border-bottom: 1pt solid #000000; padding: 0px; vertical-align: bottom; height: 26px;" valign="bottom"><br></td>
<td style="border-bottom: 1pt solid #000000; padding: 0px; vertical-align: bottom; height: 26px;" colspan="2" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Total</font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding: 0px; vertical-align: middle; height: 26px;"><br></td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px; height: 10px; background-color: #cceeff; width: 37%; vertical-align: bottom;" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Balance at December 31, 2018 </font></p>
</td>
<td style="padding: 0px; height: 10px; background-color: #cceeff; width: 1%; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; height: 10px; background-color: #cceeff; width: 1%; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; height: 10px; background-color: #cceeff; width: 4%; vertical-align: bottom;" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> <font>1,180,537</font> </font></p>
</td>
<td style="padding: 0px; height: 10px; background-color: #cceeff; width: 1%; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; height: 10px; background-color: #cceeff; width: 1%; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; height: 10px; background-color: #cceeff; width: 1%; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; height: 10px; background-color: #cceeff; width: 4%; vertical-align: bottom;" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> <font>118,054</font> </font></p>
</td>
<td style="padding: 0px; height: 10px; background-color: #cceeff; width: 1%; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; height: 10px; background-color: #cceeff; width: 1%; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; height: 10px; background-color: #cceeff; width: 1%; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; height: 10px; background-color: #cceeff; width: 4%; vertical-align: bottom;" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> <font>609,733</font> </font></p>
</td>
<td style="padding: 0px; height: 10px; background-color: #cceeff; width: 1%; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; height: 10px; background-color: #cceeff; width: 1%; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; height: 10px; background-color: #cceeff; width: 1%; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; height: 10px; background-color: #cceeff; width: 4%; vertical-align: bottom;" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp;(<font>919,248</font> </font></p>
</td>
<td style="padding: 0px; height: 10px; background-color: #cceeff; width: 1%; vertical-align: bottom;" valign="bottom"><font style="font-size: 8pt; font-weight: bold;">)</font></td>
<td style="padding: 0px; height: 10px; background-color: #cceeff; width: 1%; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; height: 10px; background-color: #cceeff; width: 1%; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; height: 10px; background-color: #cceeff; width: 4%; vertical-align: bottom;" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp;(<font>322,310</font> </font></p>
</td>
<td style="padding: 0px; height: 10px; background-color: #cceeff; width: 1%; vertical-align: bottom;" valign="bottom"><font style="font-size: 8pt; font-weight: bold;">)</font></td>
<td style="padding: 0px; height: 10px; background-color: #cceeff; width: 1%; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; height: 10px; background-color: #cceeff; width: 1%; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; height: 10px; background-color: #cceeff; width: 4%; vertical-align: bottom;" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> <font>11,116,116</font> </font></p>
</td>
<td style="padding: 0px; height: 10px; background-color: #cceeff; width: 1%; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; height: 10px; background-color: #cceeff; width: 1%; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; height: 10px; background-color: #cceeff; width: 1%; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; height: 10px; background-color: #cceeff; width: 4%; vertical-align: bottom;" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> <font>11,782,882</font> </font></p>
</td>
<td style="padding: 0px; height: 10px; background-color: #cceeff; width: 1%; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; height: 10px; background-color: #cceeff; width: 1%; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; height: 10px; background-color: #cceeff; width: 1%; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; height: 10px; background-color: #cceeff; width: 4%; vertical-align: bottom;" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> <font>92,610</font> </font></p>
</td>
<td style="padding: 0px; height: 10px; background-color: #cceeff; width: 1%; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; height: 10px; background-color: #cceeff; width: 1%; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; height: 10px; background-color: #cceeff; width: 1%; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; height: 10px; background-color: #cceeff; width: 4%; vertical-align: bottom;" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> <font>11,875,492</font> </font></p>
</td>
<td style="padding: 0px; height: 10px; background-color: #cceeff; width: 1%; vertical-align: bottom;" valign="bottom"><br></td>
</tr>
<tr style="height: 13px;">
<td style="padding: 0px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Income (loss) for the year </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp;-&nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp;-&nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp;-&nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp;-&nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp;-&nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> <font>742,686</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> <font>742,686</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp;(<font>11,428</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;"><font style="font-size: 8pt; font-weight: bold;">)</font></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> <font>731,258</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
</tr>
<tr style="height: 13px; background-color: #cceeff;">
<td style="padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 8pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';"> Currency translation adjustment </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp;-&nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp;-&nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp;-&nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp;(<font>27,217</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><font style="font-size: 8pt;">)</font></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp;-&nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp;-&nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp;(<font>27,217</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><font style="font-size: 8pt; font-weight: bold;">)</font></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp;(<font>77</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><font style="font-size: 8pt;">)</font></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp;(<font>27,294</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><font style="font-size: 8pt; font-weight: bold;">)</font></td>
</tr>
<tr style="height: 13px;">
<td style="padding: 0px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 8pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';"> Remeasurements of post employment benefit obligations, net of taxes </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp;-&nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp;-&nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp;-&nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp;-&nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp;(<font>7,132</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><font style="font-size: 8pt;">)</font></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp;-&nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp;(<font>7,132</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><font style="font-size: 8pt; font-weight: bold;">)</font></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp;(<font>595</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><font style="font-size: 8pt;">)</font></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp;(<font>7,727</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><font style="font-size: 8pt; font-weight: bold;">)</font></td>
</tr>
<tr style="height: 26px; background-color: #cceeff;">
<td style="padding: 0px; vertical-align: bottom; height: 26px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 7.1pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';"> Change in value of instruments at fair value through other comprehensive income and cash flow hedges, net of taxes </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 26px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 26px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 26px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp;-&nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 26px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 26px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 26px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 26px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp;-&nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 26px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 26px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 26px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 26px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp;-&nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 26px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 26px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 26px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 26px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp;-&nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 26px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 26px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 26px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 26px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> <font>1,605</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 26px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 26px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 26px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 26px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp;-&nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 26px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 26px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 26px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 26px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> <font>1,605</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 26px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 26px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 26px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 26px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> <font>727</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 26px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 26px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 26px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 26px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> <font>2,332</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 26px; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 13px;">
<td style="padding: 0px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 8pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';"> From other comprehensive income of non-consolidated companies </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp;-&nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp;-&nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp;-&nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp;(<font>10,781</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;"><font style="font-size: 8pt;">)</font></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp;(<font>9,066</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;"><font style="font-size: 8pt;">)</font></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp;-&nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp;(<font>19,847</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;"><font style="font-size: 8pt; font-weight: bold;">)</font></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp;-&nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp;(<font>19,847</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;"><font style="font-size: 8pt; font-weight: bold;">)</font></td>
</tr>
<tr style="height: 13px; background-color: #cceeff;">
<td style="padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Other comprehensive (loss) income for the year </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp;-&nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp;-&nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp;-&nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp;(<font>37,998</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><font style="font-size: 8pt; font-weight: bold;">)</font></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp;(<font>14,593</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><font style="font-size: 8pt; font-weight: bold;">)</font></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp;-&nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp;(<font>52,591</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><font style="font-size: 8pt; font-weight: bold;">)</font></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> <font>55</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp;(<font>52,536</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><font style="font-size: 8pt; font-weight: bold;">)</font></td>
</tr>
<tr style="height: 13px;">
<td style="padding: 0px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Total comprehensive (loss) income for the year </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp;-&nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp;-&nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp;-&nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp;(<font>37,998</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><font style="font-size: 8pt; font-weight: bold;">)</font></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp;(<font>14,593</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><font style="font-size: 8pt; font-weight: bold;">)</font></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> <font>742,686</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> <font>690,095</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp;(<font>11,373</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><font style="font-size: 8pt;">)</font></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> <font>678,722</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';"> Acquisition and other changes in non-controlling interests (<font>3</font>) </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp;-&nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp;-&nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp;-&nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp;-&nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> <font>1</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp;-&nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> <font>1</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> <font>117,984</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> <font>117,985</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 13px;">
<td style="padding: 0px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"><font style="font-family: 'Times New Roman';"> Dividends paid in cash </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp;-&nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp;-&nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp;-&nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp;-&nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp;-&nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp;(<font>484,020</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><font style="font-size: 8pt;">)</font></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp;(<font>484,020</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><font style="font-size: 8pt; font-weight: bold;">)</font></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp;(<font>1,807</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><font style="font-size: 8pt;">)</font></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp;(<font>485,827</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><font style="font-size: 8pt; font-weight: bold;">)</font></td>
</tr>
<tr style="height: 13px; background-color: #cceeff;">
<td style="padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Balance at December 31, 2019 </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br></td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br></td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;"> <font>1,180,537</font> </font></p>
</td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br></td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br></td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br></td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;"> <font>118,054</font> </font></p>
</td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br></td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br></td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br></td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;"> <font>609,733</font> </font></p>
</td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br></td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br></td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br></td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;"> &nbsp;(<font>957,246</font> </font></p>
</td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><font style="font-size: 8pt; font-weight: bold;">)</font></td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br></td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br></td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;"> &nbsp;(<font>336,902</font> </font></p>
</td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><font style="font-size: 8pt; font-weight: bold;">)</font></td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br></td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br></td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;"> <font>11,374,782</font> </font></p>
</td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br></td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br></td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br></td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;"> <font>11,988,958</font> </font></p>
</td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br></td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br></td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br></td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;"> <font>197,414</font> </font></p>
</td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br></td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br></td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br></td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;"> <font>12,186,372</font> </font></p>
</td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br></td>
</tr>

</table>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
<div>
<table cellspacing="0" cellpadding="0" style="height: 229px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px;" width="100%">

<tr style="height: 13px;">
<td style="padding: 0px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;(all amounts in thousands of U.S. dollars) </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td colspan="25" style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Attributable to owners of the parent </font></p>
</td>
<td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; border-top: 1pt solid #000000; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; border-top: 1pt solid #000000; height: 13px;"><br></td>
<td style="border-top: 1pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> &nbsp; </font></p>
</td>
<td style="border-top: 1pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="border-top: 1pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="border-top: 1pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="border-top: 1pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> &nbsp; </font></p>
</td>
<td style="border-top: 1pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
</tr>
<tr style="height: 39px;">
<td style="padding: 0px; vertical-align: bottom; height: 39px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 39px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding: 0px; vertical-align: bottom; height: 39px;" colspan="2" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Share Capital (<font>1</font>)</font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding: 0px; vertical-align: bottom; height: 39px;" valign="bottom"><br></td>
<td style="border-bottom: 1pt solid #000000; padding: 0px; vertical-align: bottom; height: 39px;" valign="bottom"><br></td>
<td style="border-bottom: 1pt solid #000000; padding: 0px; vertical-align: bottom; height: 39px;" colspan="2" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Legal Reserves</font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding: 0px; vertical-align: bottom; height: 39px;" valign="bottom"><br></td>
<td style="border-bottom: 1pt solid #000000; padding: 0px; vertical-align: bottom; height: 39px;" valign="bottom"><br></td>
<td style="border-bottom: 1pt solid #000000; padding: 0px; vertical-align: bottom; height: 39px;" colspan="2" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Share Premium</font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding: 0px; vertical-align: bottom; height: 39px;" valign="bottom"><br></td>
<td style="border-bottom: 1pt solid #000000; padding: 0px; vertical-align: bottom; height: 39px;" valign="bottom"><br></td>
<td style="border-bottom: 1pt solid #000000; padding: 0px; vertical-align: bottom; height: 39px;" colspan="2" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Currency Translation Adjustment</font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding: 0px; vertical-align: bottom; height: 39px;" valign="bottom"><br></td>
<td style="border-bottom: 1pt solid #000000; padding: 0px; vertical-align: bottom; height: 39px;" valign="bottom"><br></td>
<td style="border-bottom: 1pt solid #000000; padding: 0px; vertical-align: bottom; height: 39px;" colspan="2" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Other Reserves (<font>2</font>)</font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding: 0px; vertical-align: bottom; height: 39px;" valign="bottom"><br></td>
<td style="border-bottom: 1pt solid #000000; padding: 0px; vertical-align: bottom; height: 39px;" valign="bottom"><br></td>
<td style="border-bottom: 1pt solid #000000; padding: 0px; vertical-align: bottom; height: 39px;" colspan="2" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Retained Earnings</font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding: 0px; vertical-align: bottom; height: 39px;" valign="bottom"><br></td>
<td style="border-bottom: 1pt solid #000000; padding: 0px; vertical-align: bottom; height: 39px;" valign="bottom"><br></td>
<td style="border-bottom: 1pt solid #000000; padding: 0px; vertical-align: bottom; height: 39px;" colspan="2" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Total</font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding: 0px; vertical-align: bottom; height: 39px;" valign="bottom"><br></td>
<td style="border-bottom: 1pt solid #000000; padding: 0px; vertical-align: bottom; height: 39px;" valign="bottom"><br></td>
<td style="border-bottom: 1pt solid #000000; padding: 0px; vertical-align: bottom; height: 39px;" colspan="2" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Non-controlling interests</font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding: 0px; vertical-align: bottom; height: 39px;" valign="bottom"><br></td>
<td style="border-bottom: 1pt solid #000000; padding: 0px; vertical-align: bottom; height: 39px;" valign="bottom"><br></td>
<td style="border-bottom: 1pt solid #000000; padding: 0px; vertical-align: bottom; height: 39px;" colspan="2" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Total</font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding: 0px; vertical-align: middle; height: 39px;"><br></td>
</tr>
<tr style="height: 13px; background-color: #cceeff;">
<td style="padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff; width: 37%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Balance at December 31, 2017 </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 13px; width: 1%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 13px; width: 1%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff; width: 4%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> <font>1,180,537</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 13px; width: 1%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 13px; width: 1%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 13px; width: 1%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff; width: 4%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> <font>118,054</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 13px; width: 1%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 13px; width: 1%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 13px; width: 1%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff; width: 4%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> <font>609,733</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 13px; width: 1%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 13px; width: 1%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 13px; width: 1%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff; width: 4%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp;(<font>824,423</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 13px; width: 1%;"><font style="font-size: 8pt; font-weight: bold;">)</font></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 13px; width: 1%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 13px; width: 1%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff; width: 4%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp;(<font>320,569</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 13px; width: 1%;"><font style="font-size: 8pt; font-weight: bold;">)</font></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 13px; width: 1%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 13px; width: 1%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff; width: 4%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> <font>10,718,853</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 13px; width: 1%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 13px; width: 1%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 13px; width: 1%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff; width: 4%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> <font>11,482,185</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 13px; width: 1%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 13px; width: 1%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 13px; width: 1%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff; width: 4%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> <font>98,785</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 13px; width: 1%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 13px; width: 1%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 13px; width: 1%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff; width: 4%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> <font>11,580,970</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 13px; width: 1%;"><br></td>
</tr>
<tr style="height: 13px;">
<td style="padding: 0px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"><font style="font-family: 'Times New Roman';"> Changes in accounting policies (Section II AP) </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp;-&nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp;-&nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp;-&nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp;-&nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> <font>2,786</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> <font>5,220</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> <font>8,006</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> <font>12</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> <font>8,018</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
</tr>
<tr style="height: 13px; background-color: #cceeff;">
<td style="padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Balance at December 31, 2017 restated </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 13px;"><br></td>
<td style="border-top: 1pt solid #000000; padding: 0px; vertical-align: top; background-color: #cceeff; height: 13px;"><br></td>
<td style="border-top: 1pt solid #000000; padding: 0px; height: 13px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> <font>1,180,537</font> </font></p>
</td>
<td style="border-top: 1pt solid #000000; padding: 0px; background-color: #cceeff; vertical-align: bottom; height: 13px;" valign="bottom"><br></td>
<td style="border-top: 1pt solid #000000; padding: 0px; background-color: #cceeff; vertical-align: bottom; height: 13px;" valign="bottom"><br></td>
<td style="border-top: 1pt solid #000000; padding: 0px; background-color: #cceeff; vertical-align: bottom; height: 13px;" valign="bottom"><br></td>
<td style="border-top: 1pt solid #000000; padding: 0px; height: 13px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> <font>118,054</font> </font></p>
</td>
<td style="border-top: 1pt solid #000000; padding: 0px; background-color: #cceeff; vertical-align: bottom; height: 13px;" valign="bottom"><br></td>
<td style="border-top: 1pt solid #000000; padding: 0px; background-color: #cceeff; vertical-align: bottom; height: 13px;" valign="bottom"><br></td>
<td style="border-top: 1pt solid #000000; padding: 0px; background-color: #cceeff; vertical-align: bottom; height: 13px;" valign="bottom"><br></td>
<td style="border-top: 1pt solid #000000; padding: 0px; height: 13px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> <font>609,733</font> </font></p>
</td>
<td style="border-top: 1pt solid #000000; padding: 0px; background-color: #cceeff; vertical-align: bottom; height: 13px;" valign="bottom"><br></td>
<td style="border-top: 1pt solid #000000; padding: 0px; background-color: #cceeff; vertical-align: bottom; height: 13px;" valign="bottom"><br></td>
<td style="border-top: 1pt solid #000000; padding: 0px; background-color: #cceeff; vertical-align: bottom; height: 13px;" valign="bottom"><br></td>
<td style="border-top: 1pt solid #000000; padding: 0px; height: 13px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp;(<font>824,423</font> </font></p>
</td>
<td style="border-top: 1pt solid #000000; padding: 0px; background-color: #cceeff; vertical-align: bottom; height: 13px;" valign="bottom"><font style="font-size: 8pt; font-weight: bold;">)</font></td>
<td style="border-top: 1pt solid #000000; padding: 0px; background-color: #cceeff; vertical-align: bottom; height: 13px;" valign="bottom"><br></td>
<td style="border-top: 1pt solid #000000; padding: 0px; background-color: #cceeff; vertical-align: bottom; height: 13px;" valign="bottom"><br></td>
<td style="border-top: 1pt solid #000000; padding: 0px; height: 13px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp;(<font>317,783</font> </font></p>
</td>
<td style="border-top: 1pt solid #000000; padding: 0px; background-color: #cceeff; vertical-align: bottom; height: 13px;" valign="bottom"><font style="font-size: 8pt; font-weight: bold;">)</font></td>
<td style="border-top: 1pt solid #000000; padding: 0px; background-color: #cceeff; vertical-align: bottom; height: 13px;" valign="bottom"><br></td>
<td style="border-top: 1pt solid #000000; padding: 0px; background-color: #cceeff; vertical-align: bottom; height: 13px;" valign="bottom"><br></td>
<td style="border-top: 1pt solid #000000; padding: 0px; height: 13px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> <font>10,724,073</font> </font></p>
</td>
<td style="border-top: 1pt solid #000000; padding: 0px; background-color: #cceeff; vertical-align: bottom; height: 13px;" valign="bottom"><br></td>
<td style="border-top: 1pt solid #000000; padding: 0px; background-color: #cceeff; vertical-align: bottom; height: 13px;" valign="bottom"><br></td>
<td style="border-top: 1pt solid #000000; padding: 0px; background-color: #cceeff; vertical-align: bottom; height: 13px;" valign="bottom"><br></td>
<td style="border-top: 1pt solid #000000; padding: 0px; height: 13px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> <font>11,490,191</font> </font></p>
</td>
<td style="border-top: 1pt solid #000000; padding: 0px; background-color: #cceeff; vertical-align: bottom; height: 13px;" valign="bottom"><br></td>
<td style="border-top: 1pt solid #000000; padding: 0px; background-color: #cceeff; vertical-align: bottom; height: 13px;" valign="bottom"><br></td>
<td style="border-top: 1pt solid #000000; padding: 0px; background-color: #cceeff; vertical-align: bottom; height: 13px;" valign="bottom"><br></td>
<td style="border-top: 1pt solid #000000; padding: 0px; height: 13px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> <font>98,797</font> </font></p>
</td>
<td style="border-top: 1pt solid #000000; padding: 0px; background-color: #cceeff; vertical-align: bottom; height: 13px;" valign="bottom"><br></td>
<td style="border-top: 1pt solid #000000; padding: 0px; background-color: #cceeff; vertical-align: bottom; height: 13px;" valign="bottom"><br></td>
<td style="border-top: 1pt solid #000000; padding: 0px; background-color: #cceeff; vertical-align: bottom; height: 13px;" valign="bottom"><br></td>
<td style="border-top: 1pt solid #000000; padding: 0px; height: 13px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> <font>11,588,988</font> </font></p>
</td>
<td style="border-top: 1pt solid #000000; padding: 0px; background-color: #cceeff; vertical-align: bottom; height: 13px;" valign="bottom"><br></td>
</tr>
<tr style="height: 13px;">
<td style="padding: 0px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Income (loss) for the year </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp;-&nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp;-&nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp;-&nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp;-&nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp;-&nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> <font>876,063</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> <font>876,063</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp;(<font>2,163</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;"><font style="font-size: 8pt; font-weight: bold;">)</font></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> <font>873,900</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
</tr>
<tr style="height: 13px; background-color: #cceeff;">
<td style="padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 8pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';"> Currency translation adjustment </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp;-&nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp;-&nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp;-&nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp;(<font>96,673</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 13px;"><font style="font-size: 8pt;">)</font></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp;-&nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp;-&nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp;(<font>96,673</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 13px;"><font style="font-size: 8pt; font-weight: bold;">)</font></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp;(<font>243</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 13px;"><font style="font-size: 8pt;">)</font></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp;(<font>96,916</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 13px;"><font style="font-size: 8pt; font-weight: bold;">)</font></td>
</tr>
<tr style="height: 13px;">
<td style="padding: 0px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 8pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';"> Remeasurements of post employment benefit obligations, net of taxes </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp;-&nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp;-&nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp;-&nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp;-&nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> <font>6,135</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp;-&nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> <font>6,135</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp;(<font>104</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><font style="font-size: 8pt;">)</font></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> <font>6,031</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
</tr>
<tr style="height: 26px; background-color: #cceeff;">
<td style="padding: 0px; vertical-align: bottom; height: 26px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 7.1pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';"> Change in value of instruments at fair value through other comprehensive income and cash flow hedges, net of taxes </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 26px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 26px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 26px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp;-&nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 26px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 26px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 26px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 26px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp;-&nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 26px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 26px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 26px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 26px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp;-&nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 26px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 26px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 26px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 26px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp;-&nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 26px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 26px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 26px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 26px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp;(<font>6,673</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 26px;"><font style="font-size: 8pt;">)</font></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 26px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 26px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 26px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp;-&nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 26px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 26px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 26px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 26px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp;(<font>6,673</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 26px;"><font style="font-size: 8pt; font-weight: bold;">)</font></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 26px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 26px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 26px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> <font>6</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 26px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 26px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 26px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 26px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp;(<font>6,667</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 26px;"><font style="font-size: 8pt; font-weight: bold;">)</font></td>
</tr>
<tr style="height: 13px;">
<td style="padding: 0px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 8pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';"> From other comprehensive income of non-consolidated companies </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp;-&nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp;-&nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp;-&nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> <font>1,848</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp;(<font>3,987</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;"><font style="font-size: 8pt;">)</font></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp;-&nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp;(<font>2,139</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;"><font style="font-size: 8pt; font-weight: bold;">)</font></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp;-&nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp;(<font>2,139</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px;"><font style="font-size: 8pt; font-weight: bold;">)</font></td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Other comprehensive (loss) for the year </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp;-&nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp;-&nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp;-&nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp;(<font>94,825</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><font style="font-size: 8pt; font-weight: bold;">)</font></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp;(<font>4,525</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><font style="font-size: 8pt; font-weight: bold;">)</font></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp;-&nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp;(<font>99,350</font>) </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp;(<font>341</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><font style="font-size: 8pt; font-weight: bold;">)</font></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp;(<font>99,691</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><font style="font-size: 8pt; font-weight: bold;">)</font></td>
</tr>
<tr style="height: 13px;">
<td style="padding: 0px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Total comprehensive income (loss) for the year </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp;-&nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp;-&nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp;-&nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp;(<font>94,825</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><font style="font-size: 8pt; font-weight: bold;">)</font></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp;(<font>4,525</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><font style="font-size: 8pt; font-weight: bold;">)</font></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> <font>876,063</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> <font>776,713</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp;(<font>2,504</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><font style="font-size: 8pt; font-weight: bold;">)</font></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> <font>774,209</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
</tr>
<tr style="height: 11px; background-color: #cceeff;">
<td style="padding: 0px; vertical-align: bottom; height: 11px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';"> Acquisition and other changes in non-controlling interests </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 11px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 11px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 11px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp;-&nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 11px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 11px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 11px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 11px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp;-&nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 11px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 11px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 11px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 11px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp;-&nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 11px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 11px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 11px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 11px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp;-&nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 11px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 11px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 11px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 11px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp;(<font>2</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 11px;"><font style="font-size: 8pt;">)</font></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 11px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 11px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 11px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp;-&nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 11px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 11px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 11px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 11px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp;(<font>2</font>) </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 11px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 11px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 11px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 11px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp;(<font>22</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 11px;"><font style="font-size: 8pt;">)</font></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 11px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 11px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 11px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp;(<font>24</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 11px;"><font style="font-size: 8pt; font-weight: bold;">)</font></td>
</tr>
<tr style="height: 13px;">
<td style="padding: 0px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"><font style="font-family: 'Times New Roman';"> Dividends paid in cash </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp;-&nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp;-&nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp;-&nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp;-&nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp;-&nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp;(<font>484,020</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><font style="font-size: 8pt;">)</font></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp;(<font>484,020</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><font style="font-size: 8pt; font-weight: bold;">)</font></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp;(<font>3,661</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><font style="font-size: 8pt;">)</font></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp;(<font>487,681</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><font style="font-size: 8pt; font-weight: bold;">)</font></td>
</tr>
<tr style="height: 13px; background-color: #cceeff;">
<td style="padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Balance at December 31, 2018 </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 13px;"><br></td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 13px;"><br></td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> <font>1,180,537</font> </font></p>
</td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 13px;"><br></td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 13px;"><br></td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 13px;"><br></td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> <font>118,054</font> </font></p>
</td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 13px;"><br></td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 13px;"><br></td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 13px;"><br></td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> <font>609,733</font> </font></p>
</td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 13px;"><br></td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 13px;"><br></td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 13px;"><br></td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp;(<font>919,248</font> </font></p>
</td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 13px;"><font style="font-size: 8pt; font-weight: bold;">)</font></td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 13px;"><br></td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 13px;"><br></td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp;(<font>322,310</font> </font></p>
</td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 13px;"><font style="font-size: 8pt; font-weight: bold;">)</font></td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 13px;"><br></td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 13px;"><br></td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> <font>11,116,116</font> </font></p>
</td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 13px;"><br></td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 13px;"><br></td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 13px;"><br></td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> <font>11,782,882</font> </font></p>
</td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 13px;"><br></td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 13px;"><br></td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 13px;"><br></td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> <font>92,610</font> </font></p>
</td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 13px;"><br></td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 13px;"><br></td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 13px;"><br></td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> <font>11,875,492</font> </font></p>
</td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 13px;"><br></td>
</tr>

</table>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 3pt; line-height: 9pt; font-size: 10pt;"><font style="font-size: 8pt;"><font style="font-family: 'Times New Roman';">(<font>1</font>) </font><font><font style="font-family: 'Times New Roman';">The Company has an authorized share capital of a single class of <font>2.5</font> billion shares having a nominal value of </font><font style="font-family: 'Times New Roman';">$</font><font style="font-family: 'Times New Roman';"><font>1.00</font> per share. As of </font><font style="font-family: 'Times New Roman';">December</font><font style="font-family: 'Times New Roman';"> 3</font><font style="font-family: 'Times New Roman';"><font>1</font></font><font style="font-family: 'Times New Roman';">, </font><font style="font-family: 'Times New Roman';"><font>201</font></font><font style="font-family: 'Times New Roman';"><font>9</font></font><font style="font-family: 'Times New Roman';"> and <font>201</font></font><font style="font-family: 'Times New Roman';"><font>8</font></font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">there were <font>1,180,536,830</font> shares issued. All issued shares are fully paid.</font></font></font></p>
<p style="margin-top: 0pt; margin-bottom: 3pt; line-height: 9pt;"><font style="font-size: 8pt;"><font style="font-family: 'Times New Roman';">(<font>2</font>)</font><font><font style="font-family: 'Times New Roman';"> Other reserves include mainly the result of transactions with non-controlling interest</font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';"> 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.</font></font></font></p>
<p style="margin-top: 0pt; margin-bottom: 6pt; line-height: 9pt;"><font style="font-size: 8pt;"><font style="font-family: 'Times New Roman';">(</font><font style="font-family: 'Times New Roman';"><font>3</font></font><font style="font-family: 'Times New Roman';">) </font><font><font style="font-family: 'Times New Roman';">Mainly r</font><font style="font-family: 'Times New Roman';">elated to Saudi Steel Pipe Company (&#8220;SSP</font><font style="font-family: 'Times New Roman';">C</font><font style="font-family: 'Times New Roman';">&#8221;) acquisition. See note </font><font style="font-family: 'Times New Roman';"><font>3</font></font><font style="font-family: 'Times New Roman';"><font>2</font>.</font></font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-size: 8pt;"><font style="font-family: 'Times New (W1)';">The accompanying notes are an integral part of these </font><font style="font-family: 'Times New (W1)';">C</font><font style="font-family: 'Times New (W1)';">on</font><font style="font-family: 'Times New (W1)';">solidated </font><font style="font-family: 'Times New (W1)';">F</font><font style="font-family: 'Times New (W1)';">inancial </font><font style="font-family: 'Times New (W1)';">S</font><font style="font-family: 'Times New (W1)';">tatements</font><font style="font-family: 'Times New (W1)';">.</font><font style="width: 3.19pt; display: inline-block;">&nbsp;</font></font></p>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno">F-5</font></td>
</tr>

</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
</div>
</div>
</div><div style="font-family: 'times new roman', times; font-size: 10pt;">
<div style="-aw-headerfooter-type: linked; clear: both;">
<div style="border-bottom: 0.75pt solid #000000; clear: both;">
<p style="margin: 0px; padding-bottom: 1pt; font-size: 10pt; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-style: italic;"><br></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; padding-bottom: 1pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-style: italic;">Tenaris S.A.</font><font style="font-family: 'Times New Roman'; font-style: italic;"> Consolidated Financial S</font><font style="font-family: 'Times New Roman'; font-style: italic;">tatements for </font><font style="font-family: 'Times New Roman'; font-style: italic;">the years ended December 31, 2020, <font>2019</font> and <font>2018</font></font></p>
</div>
</div>
<p style="margin-top: 5pt; margin-bottom: 0pt; line-height: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">CONSOLIDATED STATEMENT</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> OF CASH FLOWS</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><br></font></p>
<div>
<table cellspacing="0" cellpadding="0" style="height: 811px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px;" width="100%">

<tr style="height: 10px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px; width: 49.7095%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (all amounts in thousands of U.S. dollars) </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px; width: 1.3278%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px; width: 10.6224%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px; width: 1.3278%;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px; width: 35.7273%;" colspan="11">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Year ended December 31, </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px; width: 1.3278%;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 49.7095%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.3278%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 10.6224%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Notes </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.3278%;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 10.1245%;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>2020</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.45349%;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.3278%;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 10.1245%;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>2019</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.3278%;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.3278%;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 10.0415%;" colspan="3">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>2018</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.3278%;"><br></td>
</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 49.7095%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Cash flows from operating activities </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 1.3278%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 10.6224%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 1.3278%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 1.3278%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 8.79668%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 1.45349%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 1.3278%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 1.3278%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 16px; background-color: #cceeff; width: 8.79668%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 16px; background-color: #cceeff; width: 1.3278%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 16px; background-color: #cceeff; width: 1.3278%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 16px; background-color: #cceeff; width: 1.3278%;"><br></td>
<td colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 8.71369%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 1.3278%;"><br></td>
</tr>
<tr style="height: 16px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px; width: 49.7095%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (Loss) income for the year </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 1.3278%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 10.6224%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 1.3278%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 1.3278%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; width: 8.79668%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>642,417</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px; width: 1.45349%;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 1.3278%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 1.3278%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; width: 8.79668%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>731,258</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px; width: 1.3278%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 1.3278%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 1.3278%;"><br></td>
<td colspan="2" style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; width: 8.71369%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>873,900</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 1.3278%; height: 16px;"><br></td>
</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 49.7095%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Adjustments for: </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 1.3278%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 10.6224%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 1.3278%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 1.3278%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 8.79668%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 1.45349%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 1.3278%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 1.3278%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 8.79668%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 1.3278%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 1.3278%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 1.3278%;"><br></td>
<td colspan="2" style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 8.71369%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 1.3278%;"><br></td>
</tr>
<tr style="height: 16px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px; width: 49.7095%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Depreciation and amortization </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 1.3278%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 10.6224%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>10</font>, <font>11</font> &amp; <font>12</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 1.3278%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 1.3278%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; width: 8.79668%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>678,806</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px; width: 1.45349%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 1.3278%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 1.3278%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; width: 8.79668%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>539,521</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px; width: 1.3278%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 1.3278%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 1.3278%;"><br></td>
<td colspan="2" style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; width: 8.71369%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>664,357</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px; width: 1.3278%;"><br></td>
</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 49.7095%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Impairment charge </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 1.3278%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 10.6224%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>5</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 1.3278%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 1.3278%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 8.79668%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>622,402</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 1.45349%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 1.3278%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 1.3278%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 8.79668%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 1.3278%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 1.3278%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 1.3278%;"><br></td>
<td colspan="2" style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 8.71369%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 1.3278%;"><br></td>
</tr>
<tr style="height: 16px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px; width: 49.7095%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Income tax accruals less payments </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 1.3278%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 10.6224%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>28</font>(ii) </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 1.3278%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 1.3278%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; width: 8.79668%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>117,214</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px; width: 1.45349%;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 1.3278%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 1.3278%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; width: 8.79668%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>193,417</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px; width: 1.3278%;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 1.3278%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 1.3278%;"><br></td>
<td colspan="2" style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; width: 8.71369%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>58,494</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px; width: 1.3278%;"><br></td>
</tr>
<tr style="height: 18px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 18px; background-color: #cceeff; width: 49.7095%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Equity in earnings of non-consolidated companies </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px; background-color: #cceeff; width: 1.3278%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px; background-color: #cceeff; width: 10.6224%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>13</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px; background-color: #cceeff; width: 1.3278%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px; background-color: #cceeff; width: 1.3278%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px; background-color: #cceeff; width: 8.79668%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>108,799</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 18px; background-color: #cceeff; width: 1.45349%;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px; background-color: #cceeff; width: 1.3278%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px; background-color: #cceeff; width: 1.3278%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px; background-color: #cceeff; width: 8.79668%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>82,036</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 18px; background-color: #cceeff; width: 1.3278%;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px; background-color: #cceeff; width: 1.3278%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px; background-color: #cceeff; width: 1.3278%;"><br></td>
<td colspan="2" style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px; background-color: #cceeff; width: 8.71369%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>193,994</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 18px; background-color: #cceeff; width: 1.3278%;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 18px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 18px; width: 49.7095%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Interest accruals less payments, net </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px; width: 1.3278%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px; width: 10.6224%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>28</font>(iii) </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px; width: 1.3278%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px; width: 1.3278%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px; width: 8.79668%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>538</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 18px; width: 1.45349%;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px; width: 1.3278%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px; width: 1.3278%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px; width: 8.79668%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>4,381</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 18px; width: 1.3278%;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px; width: 1.3278%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px; width: 1.3278%;"><br></td>
<td colspan="2" style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px; width: 8.71369%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>6,151</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 18px; width: 1.3278%;"><br></td>
</tr>
<tr style="height: 18px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 18px; background-color: #cceeff; width: 49.7095%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Changes in provisions </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px; background-color: #cceeff; width: 1.3278%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px; background-color: #cceeff; width: 10.6224%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px; background-color: #cceeff; width: 1.3278%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px; background-color: #cceeff; width: 1.3278%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px; background-color: #cceeff; width: 8.79668%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>13,175</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 18px; background-color: #cceeff; width: 1.45349%;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px; background-color: #cceeff; width: 1.3278%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px; background-color: #cceeff; width: 1.3278%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px; background-color: #cceeff; width: 8.79668%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2,739</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 18px; background-color: #cceeff; width: 1.3278%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px; background-color: #cceeff; width: 1.3278%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px; background-color: #cceeff; width: 1.3278%;"><br></td>
<td colspan="2" style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px; background-color: #cceeff; width: 8.71369%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>8,396</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 18px; background-color: #cceeff; width: 1.3278%;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 18px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 18px; width: 49.7095%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Changes in working capital </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px; width: 1.3278%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px; width: 10.6224%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>28</font>(i) </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px; width: 1.3278%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px; width: 1.3278%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px; width: 8.79668%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,059,135</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 18px; width: 1.45349%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px; width: 1.3278%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px; width: 1.3278%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px; width: 8.79668%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>523,109</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 18px; width: 1.3278%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px; width: 1.3278%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px; width: 1.3278%;"><br></td>
<td colspan="2" style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px; width: 8.71369%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>737,952</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 18px; width: 1.3278%;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 18px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 18px; background-color: #cceeff; width: 49.7095%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Currency translation adjustment and others </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px; background-color: #cceeff; width: 1.3278%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px; background-color: #cceeff; width: 10.6224%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px; background-color: #cceeff; width: 1.3278%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px; background-color: #cceeff; width: 1.3278%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px; background-color: #cceeff; width: 8.79668%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>42,183</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 18px; background-color: #cceeff; width: 1.45349%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px; background-color: #cceeff; width: 1.3278%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px; background-color: #cceeff; width: 1.3278%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px; background-color: #cceeff; width: 8.79668%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>11,146</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 18px; background-color: #cceeff; width: 1.3278%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px; background-color: #cceeff; width: 1.3278%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px; background-color: #cceeff; width: 1.3278%;"><br></td>
<td colspan="2" style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px; background-color: #cceeff; width: 8.71369%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>51,758</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 18px; background-color: #cceeff; width: 1.3278%;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px; width: 49.7095%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Net cash provided by operating activities </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 10px; width: 1.3278%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 10px; width: 10.6224%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 10px; width: 1.3278%;"><br></td>
<td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px; width: 1.3278%;"><br></td>
<td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px; width: 8.79668%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>1,520,383</font> </font></p>
</td>
<td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px; width: 1.45349%;"><br></td>
<td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px; width: 1.3278%;"><br></td>
<td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px; width: 1.3278%;"><br></td>
<td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px; width: 8.79668%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>1,527,939</font> </font></p>
</td>
<td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px; width: 1.3278%;"><br></td>
<td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px; width: 1.3278%;"><br></td>
<td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px; width: 1.3278%;"><br></td>
<td colspan="2" style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px; width: 8.71369%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>610,802</font> </font></p>
</td>
<td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px; width: 1.3278%;"><br></td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 49.7095%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1.3278%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 10.6224%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1.3278%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1.3278%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 8.79668%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1.45349%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1.3278%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1.3278%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 8.79668%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1.3278%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1.3278%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1.3278%;"><br></td>
<td colspan="2" style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 8.71369%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1.3278%;"><br></td>
</tr>
<tr style="height: 16px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px; width: 49.7095%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Cash flows from investing activities </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 1.3278%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 10.6224%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 1.3278%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 1.3278%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; width: 8.79668%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px; width: 1.45349%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 1.3278%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 1.3278%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; width: 8.79668%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px; width: 1.3278%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 1.3278%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 1.3278%;"><br></td>
<td colspan="2" style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; width: 8.71369%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px; width: 1.3278%;"><br></td>
</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 49.7095%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Capital expenditures </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 1.3278%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 10.6224%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>10</font> &amp; <font>11</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 1.3278%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 1.3278%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 8.79668%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>193,322</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 1.45349%;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 1.3278%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 1.3278%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 8.79668%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>350,174</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 1.3278%;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 1.3278%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 1.3278%;"><br></td>
<td colspan="2" style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 8.71369%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>349,473</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 1.3278%;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 16px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px; width: 49.7095%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Changes in advance to suppliers of property, plant and equipment </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 1.3278%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 10.6224%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 1.3278%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 1.3278%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; width: 8.79668%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>1,031</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px; width: 1.45349%;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 1.3278%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 1.3278%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; width: 8.79668%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>3,820</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px; width: 1.3278%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 1.3278%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 1.3278%;"><br></td>
<td colspan="2" style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; width: 8.71369%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>4,851</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px; width: 1.3278%;"><br></td>
</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 49.7095%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Acquisition of subsidiaries, net of cash acquired </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 1.3278%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 10.6224%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>32</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 1.3278%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 1.3278%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 8.79668%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>1,025,367</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 1.45349%;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 1.3278%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 1.3278%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 8.79668%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>132,845</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 1.3278%;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 1.3278%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 1.3278%;"><br></td>
<td colspan="2" style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 8.71369%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 1.3278%;"><br></td>
</tr>
<tr style="height: 16px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px; width: 49.7095%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Investment in companies under cost method </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 1.3278%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 10.6224%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 1.3278%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 1.3278%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; width: 8.79668%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px; width: 1.45349%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 1.3278%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 1.3278%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; width: 8.79668%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>2,933</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px; width: 1.3278%;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 1.3278%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 1.3278%;"><br></td>
<td colspan="2" style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; width: 8.71369%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px; width: 1.3278%;"><br></td>
</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 49.7095%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Additions to associated companies </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 1.3278%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 10.6224%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>33</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 1.3278%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 1.3278%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 8.79668%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 1.45349%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 1.3278%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 1.3278%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 8.79668%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>19,610</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 1.3278%;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 1.3278%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 1.3278%;"><br></td>
<td colspan="2" style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 8.71369%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 1.3278%;"><br></td>
</tr>
<tr style="height: 16px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px; width: 49.7095%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Loan to non-consolidated companies </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 1.3278%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 10.6224%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>13</font> (c) </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 1.3278%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 1.3278%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; width: 8.79668%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px; width: 1.45349%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 1.3278%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 1.3278%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; width: 8.79668%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px; width: 1.3278%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 1.3278%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 1.3278%;"><br></td>
<td colspan="2" style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; width: 8.71369%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>14,740</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px; width: 1.3278%;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 49.7095%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Repayment of loan by non-consolidated companies&nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 1.3278%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 10.6224%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>13</font> (c) </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 1.3278%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 1.3278%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 8.79668%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 1.45349%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 1.3278%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 1.3278%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 8.79668%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>40,470</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 1.3278%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 1.3278%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 1.3278%;"><br></td>
<td colspan="2" style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 8.71369%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>9,370</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 1.3278%;"><br></td>
</tr>
<tr style="height: 18px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 18px; width: 49.7095%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Proceeds from disposal of property, plant and equipment and intangible assets </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px; width: 1.3278%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px; width: 10.6224%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px; width: 1.3278%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px; width: 1.3278%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px; width: 8.79668%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>14,394</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 18px; width: 1.45349%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px; width: 1.3278%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px; width: 1.3278%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px; width: 8.79668%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2,091</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 18px; width: 1.3278%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px; width: 1.3278%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px; width: 1.3278%;"><br></td>
<td colspan="2" style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px; width: 8.71369%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>6,010</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 18px; width: 1.3278%;"><br></td>
</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 49.7095%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Dividends received from non-consolidated companies </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 1.3278%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 10.6224%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>13</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 1.3278%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 1.3278%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 8.79668%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>278</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 1.45349%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 1.3278%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 1.3278%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 8.79668%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>28,974</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 1.3278%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 1.3278%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 1.3278%;"><br></td>
<td colspan="2" style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 8.71369%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>25,722</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 1.3278%;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 49.7095%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Changes in investments in securities </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.3278%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 10.6224%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.3278%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.3278%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 8.79668%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>887,216</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 1.45349%;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.3278%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.3278%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 8.79668%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>389,815</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 1.3278%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.3278%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.3278%;"><br></td>
<td colspan="2" style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 8.71369%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>717,368</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 1.3278%;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 49.7095%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Net cash (used in) provided by investing activities </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff; width: 1.3278%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff; width: 10.6224%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff; width: 1.3278%;"><br></td>
<td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.3278%;"><br></td>
<td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8.79668%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> (<font>2,092,264</font> </font></p>
</td>
<td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.45349%;"><font style="font-size: 10pt; font-weight: bold;">)</font></td>
<td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.3278%;"><br></td>
<td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.3278%;"><br></td>
<td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8.79668%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> (<font>40,392</font> </font></p>
</td>
<td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.3278%;"><font style="font-size: 10pt; font-weight: bold;">)</font></td>
<td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.3278%;"><br></td>
<td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.3278%;"><br></td>
<td colspan="2" style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8.71369%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>399,108</font> </font></p>
</td>
<td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.3278%;"><br></td>
</tr>
<tr style="height: 16px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px; width: 49.7095%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 1.3278%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 10.6224%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 1.3278%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 1.3278%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; width: 8.79668%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px; width: 1.45349%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 1.3278%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 1.3278%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; width: 8.79668%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px; width: 1.3278%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 1.3278%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 1.3278%;"><br></td>
<td colspan="2" style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; width: 8.71369%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px; width: 1.3278%;"><br></td>
</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 49.7095%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Cash flows from financing activities </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 1.3278%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 10.6224%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 1.3278%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 1.3278%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 8.79668%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 1.45349%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 1.3278%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 1.3278%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 8.79668%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 1.3278%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 1.3278%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 1.3278%;"><br></td>
<td colspan="2" style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 8.71369%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 1.3278%;"><br></td>
</tr>
<tr style="height: 16px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px; width: 49.7095%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Dividends paid </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 1.3278%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 10.6224%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>9</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 1.3278%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 1.3278%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; width: 8.79668%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>82,637</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px; width: 1.45349%;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 1.3278%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 1.3278%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; width: 8.79668%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>484,020</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px; width: 1.3278%;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 1.3278%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 1.3278%;"><br></td>
<td colspan="2" style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; width: 8.71369%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>484,020</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px; width: 1.3278%;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 49.7095%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Dividends paid to non-controlling interest in subsidiaries </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 1.3278%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 10.6224%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 1.3278%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 1.3278%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 8.79668%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>5,301</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 1.45349%;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 1.3278%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 1.3278%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 8.79668%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>1,872</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 1.3278%;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 1.3278%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 1.3278%;"><br></td>
<td colspan="2" style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 8.71369%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>3,498</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 1.3278%;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 16px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px; width: 49.7095%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Changes in non-controlling interests </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 1.3278%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 10.6224%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 1.3278%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 1.3278%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; width: 8.79668%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px; width: 1.45349%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 1.3278%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 1.3278%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; width: 8.79668%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px; width: 1.3278%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 1.3278%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 1.3278%;"><br></td>
<td colspan="2" style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; width: 8.71369%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>24</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px; width: 1.3278%;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 49.7095%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Payments of lease liabilities </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.3278%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10.6224%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>12</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.3278%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.3278%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8.79668%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>48,553</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.45349%;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.3278%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.3278%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8.79668%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>41,530</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.3278%;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.3278%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.3278%;"><br></td>
<td colspan="2" style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8.71369%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.3278%;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 49.7095%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Proceeds from borrowings </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.3278%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 10.6224%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.3278%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.3278%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 8.79668%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>658,156</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 1.45349%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.3278%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.3278%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 8.79668%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,332,716</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 1.3278%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.3278%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.3278%;"><br></td>
<td colspan="2" style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 8.71369%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,019,302</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 1.3278%;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 49.7095%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Repayments of borrowings </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.3278%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10.6224%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.3278%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.3278%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8.79668%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>896,986</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.45349%;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.3278%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.3278%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8.79668%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>1,159,053</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.3278%;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.3278%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.3278%;"><br></td>
<td colspan="2" style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8.71369%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>1,432,202</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.3278%;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 49.7095%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Net cash used in financing activities </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.3278%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 10.6224%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.3278%;"><br></td>
<td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.3278%;"><br></td>
<td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 8.79668%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> (<font>375,319</font> </font></p>
</td>
<td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 1.45349%;"><font style="font-size: 10pt; font-weight: bold;">)</font></td>
<td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.3278%;"><br></td>
<td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.3278%;"><br></td>
<td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 8.79668%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> (<font>353,758</font> </font></p>
</td>
<td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 1.3278%;"><font style="font-size: 10pt; font-weight: bold;">)</font></td>
<td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.3278%;"><br></td>
<td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.3278%;"><br></td>
<td colspan="2" style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 8.71369%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> (<font>900,442</font> </font></p>
</td>
<td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 1.3278%;"><font style="font-size: 10pt; font-weight: bold;">)</font></td>
</tr>
<tr style="height: 18px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 18px; background-color: #cceeff; width: 49.7095%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px; background-color: #cceeff; width: 1.3278%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px; background-color: #cceeff; width: 10.6224%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px; background-color: #cceeff; width: 1.3278%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px; background-color: #cceeff; width: 1.3278%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px; background-color: #cceeff; width: 8.79668%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 18px; background-color: #cceeff; width: 1.45349%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px; background-color: #cceeff; width: 1.3278%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px; background-color: #cceeff; width: 1.3278%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px; background-color: #cceeff; width: 8.79668%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 18px; background-color: #cceeff; width: 1.3278%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px; background-color: #cceeff; width: 1.3278%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px; background-color: #cceeff; width: 1.3278%;"><br></td>
<td colspan="2" style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px; background-color: #cceeff; width: 8.71369%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 18px; background-color: #cceeff; width: 1.3278%;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 49.7095%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> (Decrease) increase in cash and cash equivalents </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.3278%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 10.6224%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.3278%;"><br></td>
<td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.3278%;"><br></td>
<td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 8.79668%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> (<font>947,200</font> </font></p>
</td>
<td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 1.45349%;"><font style="font-size: 10pt; font-weight: bold;">)</font></td>
<td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.3278%;"><br></td>
<td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.3278%;"><br></td>
<td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 8.79668%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>1,133,789</font> </font></p>
</td>
<td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 1.3278%;"><br></td>
<td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.3278%;"><br></td>
<td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.3278%;"><br></td>
<td colspan="2" style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 8.71369%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>109,468</font> </font></p>
</td>
<td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 1.3278%;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 49.7095%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Movement in cash and cash equivalents </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.3278%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10.6224%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.3278%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.3278%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8.79668%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.45349%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.3278%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.3278%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8.79668%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.3278%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.3278%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.3278%;"><br></td>
<td colspan="2" style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8.71369%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.3278%;"><br></td>
</tr>
<tr style="height: 16px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px; width: 49.7095%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> At the beginning of the year </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 1.3278%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 10.6224%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 1.3278%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 1.3278%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; width: 8.79668%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,554,275</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px; width: 1.45349%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 1.3278%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 1.3278%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; width: 8.79668%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>426,717</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px; width: 1.3278%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 1.3278%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 1.3278%;"><br></td>
<td colspan="2" style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; width: 8.71369%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>330,090</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px; width: 1.3278%;"><br></td>
</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 49.7095%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Effect of exchange rate changes </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 1.3278%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 10.6224%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 1.3278%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 1.3278%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 8.79668%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>22,492</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 1.45349%;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 1.3278%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 1.3278%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 8.79668%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>6,231</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 1.3278%;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 1.3278%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 1.3278%;"><br></td>
<td colspan="2" style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 8.71369%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>12,841</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 1.3278%;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 49.7095%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (Decrease) increase in cash and cash equivalents </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.3278%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 10.6224%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.3278%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.3278%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 8.79668%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>947,200</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 1.45349%;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.3278%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.3278%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 8.79668%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,133,789</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 1.3278%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.3278%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.3278%;"><br></td>
<td colspan="2" style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 8.71369%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>109,468</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 1.3278%;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 49.7095%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> At December 31, </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.3278%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10.6224%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.3278%;"><br></td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.3278%;"><br></td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8.79668%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>584,583</font> </font></p>
</td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.45349%;"><br></td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.3278%;"><br></td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.3278%;"><br></td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8.79668%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>1,554,275</font> </font></p>
</td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.3278%;"><br></td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.3278%;"><br></td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.3278%;"><br></td>
<td colspan="2" style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8.71369%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>426,717</font> </font></p>
</td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.3278%;"><br></td>
</tr>
<tr style="height: 16px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px; width: 49.7095%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 1.3278%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 10.6224%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 1.3278%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 1.3278%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; width: 8.79668%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 1.45349%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 1.3278%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 1.3278%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 8.79668%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 1.3278%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 1.3278%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 1.3278%;"><br></td>
<td colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 8.71369%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 1.3278%;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 49.7095%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.3278%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 10.6224%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.3278%;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.3278%;"><br></td>
<td colspan="9" style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 29.7522%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> At December 31, </font></p>
</td>
<td style="vertical-align: top; height: 17px; width: 4.6473%;"></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.3278%;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 49.7095%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Cash and cash equivalents</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.3278%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 10.6224%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.3278%;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px; width: 1.3278%;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: top; height: 17px; width: 8.79668%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>2020</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px; width: 1.45349%;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px; width: 1.3278%;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px; width: 1.3278%;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px; width: 8.79668%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>2019</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px; width: 1.3278%;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px; width: 1.3278%;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px; width: 1.3278%;"><br></td>
<td colspan="2" style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px; width: 8.71369%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>2018</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px; width: 1.3278%;"><br></td>
</tr>
<tr style="height: 16px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 16px; background-color: #cceeff; width: 49.7095%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Cash and bank deposits </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 1.3278%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 10.6224%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 1.3278%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 1.3278%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 8.79668%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>584,681</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 1.45349%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 1.3278%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 1.3278%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 8.79668%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,554,299</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 1.3278%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 1.3278%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 1.3278%;"><br></td>
<td colspan="2" style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 8.71369%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>428,361</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 1.3278%;"><br></td>
</tr>
<tr style="height: 16px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 16px; width: 49.7095%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Bank overdrafts </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 1.3278%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 10.6224%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>20</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 1.3278%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 1.3278%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; width: 8.79668%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font style="border-left: none; border-right: none;"><font>98</font></font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px; width: 1.45349%;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 1.3278%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 1.3278%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; width: 8.79668%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font style="border-left: none; border-right: none;"><font>24</font></font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px; width: 1.3278%;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 1.3278%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 1.3278%;"><br></td>
<td colspan="2" style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; width: 8.71369%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font style="border-left: none; border-right: none;"><font>1,644</font></font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px; width: 1.3278%;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 49.7095%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.3278%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10.6224%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.3278%;"><br></td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.3278%;"><br></td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8.79668%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>584,583</font> </font></p>
</td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.45349%;"><br></td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.3278%;"><br></td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.3278%;"><br></td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8.79668%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>1,554,275</font> </font></p>
</td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.3278%;"><br></td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.3278%;"><br></td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.3278%;"><br></td>
<td colspan="2" style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8.71369%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>426,717</font> </font></p>
</td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.3278%;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="height: 17px; width: 49.7095%;"></td>
<td style="height: 17px; width: 1.3278%;"><br></td>
<td style="height: 17px; width: 10.6224%;"></td>
<td style="height: 17px; width: 1.3278%;"><br></td>
<td style="height: 17px; width: 1.3278%;"><br></td>
<td style="height: 17px; width: 8.79668%;"></td>
<td style="height: 17px; width: 1.45349%;"><br></td>
<td style="height: 17px; width: 1.3278%;"><br></td>
<td style="height: 17px; width: 1.3278%;"><br></td>
<td style="height: 17px; width: 8.79668%;"></td>
<td style="height: 17px; width: 1.3278%;"><br></td>
<td style="height: 17px; width: 1.3278%;"><br></td>
<td style="height: 17px; width: 1.3278%;"><br></td>
<td style="height: 17px; width: 4.06639%;"></td>
<td style="height: 17px; width: 4.6473%;"></td>
<td style="height: 17px; width: 1.3278%;"><br></td>
</tr>

</table>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The accompanying notes are an integral part of these Consolidated Financial Statements. </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><br></p>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno">F-6</font></td>
</tr>

</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
</div>
</div><div style="font-family: 'times new roman', times; font-size: 10pt;">
<div style="-aw-different-first-page: true; -aw-headerfooter-type: header-primary; clear: both;">
<div style="border-bottom: 0.75pt solid #000000; clear: both;">
<p style="margin-top: 0pt; margin-bottom: 0pt; padding-bottom: 1pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-style: italic;"><br></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; padding-bottom: 1pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-style: italic;">Tenaris S.A.</font><font style="font-family: 'Times New Roman'; font-style: italic;"> Consolidated Financial S</font><font style="font-family: 'Times New Roman'; font-style: italic;">tatements for </font><font style="font-family: 'Times New Roman'; font-style: italic;">the years ended December 31, 2020, <font style="border-left: none; border-right: none;">2019</font> and <font style="border-left: none; border-right: none;">2018</font></font></p>
</div>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt; padding-top: 5pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; text-transform: uppercase;">Index </font><font style="font-family: 'Times New Roman'; font-weight: bold; text-transform: uppercase;">TO</font><font style="font-family: 'Times New Roman'; font-weight: bold; text-transform: uppercase;"> the notes to the co</font><font style="font-family: 'Times New Roman'; font-weight: bold; text-transform: uppercase;">nsolidated financial statements</font><font style="width: 35.78pt; display: inline-block;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
<table cellspacing="0" cellpadding="0" style="margin-left: 0.1px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%">

<tr style="height: 13pt;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 9.36468%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;">I</font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 38.0319%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;">GENERAL INFORMATION</font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 5.34583%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;">IV</font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 47.2576%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;">OTHER NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</font></p>
</td>
</tr>
<tr style="height: 13pt;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 9.36468%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 38.0319%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 5.34583%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">1</font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 47.2576%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Segment information</font></p>
</td>
</tr>
<tr style="height: 13pt;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 9.36468%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;">II</font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 38.0319%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;">ACCOUNTING POLICIES (&#8220;AP&#8221;)</font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 5.34583%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">2</font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 47.2576%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Cost of sales</font></p>
</td>
</tr>
<tr style="height: 13pt;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 9.36468%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">A</font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 38.0319%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Basis of presentation</font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 5.34583%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">3</font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 47.2576%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Selling, general and administrative expenses</font></p>
</td>
</tr>
<tr style="height: 13pt;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 9.36468%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">B</font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 38.0319%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Group accounting</font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 5.34583%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">4</font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 47.2576%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Labor costs (included in Cost of sales and in Selling, general and administrative expenses)</font></p>
</td>
</tr>
<tr style="height: 13pt;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 9.36468%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">C</font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 38.0319%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Segment information</font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 5.34583%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">5</font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 47.2576%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Impairment charge</font></p>
</td>
</tr>
<tr style="height: 13pt;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 9.36468%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">D</font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 38.0319%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Foreign currency translation</font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 5.34583%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">6</font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 47.2576%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Other operating income and expenses</font></p>
</td>
</tr>
<tr style="height: 13pt;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 9.36468%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">E</font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 38.0319%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Property, plant and equipment</font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 5.34583%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">7</font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 47.2576%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Financial results</font></p>
</td>
</tr>
<tr style="height: 13pt;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 9.36468%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">F</font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 38.0319%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Intangible assets</font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 5.34583%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">8</font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 47.2576%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Income tax</font></p>
</td>
</tr>
<tr style="height: 13pt;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 9.36468%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">G</font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 38.0319%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Right-of-use assets and lease liabilities</font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 5.34583%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">9</font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 47.2576%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Dividends distribution</font></p>
</td>
</tr>
<tr style="height: 13pt;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 9.36468%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">H</font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 38.0319%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Impairment of non-financial assets</font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 5.34583%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">10</font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 47.2576%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Property, plant and equipment, net</font></p>
</td>
</tr>
<tr style="height: 13pt;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 9.36468%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">I</font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 38.0319%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Other investments</font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 5.34583%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">11</font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 47.2576%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Intangible assets, net</font></p>
</td>
</tr>
<tr style="height: 13pt;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 9.36468%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">J</font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 38.0319%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Inventories</font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 5.34583%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">12</font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 47.2576%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Right-of-use assets, net and lease liabilities</font></p>
</td>
</tr>
<tr style="height: 13pt;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 9.36468%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">K</font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 38.0319%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Trade and other receivables</font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 5.34583%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">13</font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 47.2576%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Investments in non-consolidated companies</font></p>
</td>
</tr>
<tr style="height: 13pt;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 9.36468%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">L</font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 38.0319%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Cash and cash equivalents</font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 5.34583%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">14</font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 47.2576%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Receivables - non current</font></p>
</td>
</tr>
<tr style="height: 13pt;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 9.36468%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">M</font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 38.0319%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Equity</font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 5.34583%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">15</font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 47.2576%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Inventories, net</font></p>
</td>
</tr>
<tr style="height: 13pt;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 9.36468%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">N</font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 38.0319%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Borrowings</font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 5.34583%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">16</font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 47.2576%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Receivables and prepayments, net</font></p>
</td>
</tr>
<tr style="height: 13pt;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 9.36468%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">O</font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 38.0319%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Current and deferred income tax</font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 5.34583%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">17</font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 47.2576%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Current tax assets and liabilities</font></p>
</td>
</tr>
<tr style="height: 13pt;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 9.36468%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">P</font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 38.0319%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Employee benefits</font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 5.34583%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">18</font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 47.2576%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Trade receivables, net</font></p>
</td>
</tr>
<tr style="height: 13pt;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 9.36468%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Q</font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 38.0319%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Provisions </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 5.34583%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">19</font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 47.2576%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Cash and cash equivalents and other investments</font></p>
</td>
</tr>
<tr style="height: 13pt;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 9.36468%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">R</font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 38.0319%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Trade and other payables</font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 5.34583%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">20</font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 47.2576%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Borrowings</font></p>
</td>
</tr>
<tr style="height: 13pt;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 9.36468%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">S</font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 38.0319%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Revenue recognition</font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 5.34583%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">21</font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 47.2576%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Deferred income tax</font></p>
</td>
</tr>
<tr style="height: 13pt;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 9.36468%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">T</font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 38.0319%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Cost of sales and other selling expenses</font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 5.34583%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">22</font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 47.2576%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Other liabilities</font></p>
</td>
</tr>
<tr style="height: 13pt;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 9.36468%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">U</font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 38.0319%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Earnings per share</font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 5.34583%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">23</font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 47.2576%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Non-current allowances and provisions</font></p>
</td>
</tr>
<tr style="height: 13pt;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 9.36468%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">V</font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 38.0319%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Financial instruments</font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 5.34583%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">24</font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 47.2576%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Current allowances and provisions</font></p>
</td>
</tr>
<tr style="height: 13pt;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 9.36468%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 38.0319%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 5.34583%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">25</font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 47.2576%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Derivative financial instruments</font></p>
</td>
</tr>
<tr style="height: 13pt;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 9.36468%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;">III</font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 38.0319%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;">FINANCIAL RISK MANAGEMENT</font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 5.34583%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">26</font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 47.2576%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Contingencies, commitments and restrictions on the distribution of profits</font></p>
</td>
</tr>
<tr style="height: 13pt;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 9.36468%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 38.0319%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 5.34583%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">27</font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 47.2576%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Foreign </font><font style="font-family: 'Times New Roman';">exchange c</font><font style="font-family: 'Times New Roman';">ontrol measures in Argentina</font></font></p>
</td>
</tr>
<tr style="height: 13pt;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 9.36468%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">A</font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 38.0319%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Financial risk factors</font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 5.34583%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">28</font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 47.2576%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Cash flow disclosures</font></p>
</td>
</tr>
<tr style="height: 13pt;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 9.36468%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">B</font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 38.0319%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Category of financial instruments and classification within the fair value hierarchy</font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 5.34583%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">29</font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 47.2576%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Related party transactions</font></p>
</td>
</tr>
<tr style="height: 13pt;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 9.36468%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">C</font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 38.0319%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Fair value estimation</font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 5.34583%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">30</font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 47.2576%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Fees paid to the Company's principal accountant</font></p>
</td>
</tr>
<tr style="height: 13pt;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 9.36468%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">D</font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 38.0319%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Accounting for derivative financial instruments and hedging activities</font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 5.34583%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">31</font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 47.2576%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Principal subsidiaries</font></p>
</td>
</tr>
<tr style="height: 13pt;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 9.36468%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 38.0319%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 5.34583%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">32</font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 47.2576%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Business combinations</font></p>
</td>
</tr>
<tr style="height: 13pt;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 9.36468%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 38.0319%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 5.34583%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">33</font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 47.2576%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Agreement to build a welded pipe plant in West Siberia</font></p>
</td>
</tr>
<tr style="height: 13pt;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 9.36468%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 38.0319%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 5.34583%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">34</font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 47.2576%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Agreement to build a steel pipe premium connection threading plant in Baotou</font></p>
</td>
</tr>
<tr style="height: 13pt;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 9.36468%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 38.0319%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 5.34583%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">35</font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 47.2576%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Closure of facilities at JFE&#8217;s Keihin steel complex</font></p>
</td>
</tr>
<tr style="height: 13pt;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 9.36468%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 38.0319%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Closure of Prudential Steel </font><font style="font-family: 'Times New Roman';">LTD</font></font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">C</font><font style="font-family: 'Times New Roman';">ancellation of title deed in Saudi </font><font style="font-family: 'Times New Roman';">Steel Pipe Company</font></font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Nationalization of Venezuelan Subsidiaries</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">3</font><font style="font-family: 'Times New Roman';">9</font></font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The COVID-19 pandemic and the oil &amp; gas crisis and their impact on Tenaris&#8217;s operations and financial condition</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; padding-bottom: 1pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-style: italic;">Tenaris S.A.</font><font style="font-family: 'Times New Roman'; font-style: italic;"> Consolidated Financial S</font><font style="font-family: 'Times New Roman'; font-style: italic;">tatements for </font><font style="font-family: 'Times New Roman'; font-style: italic;">the years ended December 31, 2020, <font style="border-left: none; border-right: none;">2019</font> and <font style="border-left: none; border-right: none;">2018</font></font></p>
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<p style="margin-top: 0pt;margin-bottom: 0pt;line-height: 12pt;padding-top: 5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; text-transform: uppercase;">I.</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; text-transform: uppercase;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; text-transform: uppercase;">GENERAL INFORMATION</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Tenaris S.A. (the &#8220;Company&#8221;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">) was established as a public limited liability company (</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">s</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">oci</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">&#233;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">t&#233; </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">a</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">nonyme</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">) under the laws of the Grand-Duchy of Luxembourg on December 17, 2001. 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 &#8220;Tenaris&#8221; refer to </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">the Company</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> and its consolidated subsidiaries. A list of the principal Company&#8217;s subsidiaries is included in </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">n</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ote </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">3</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">1</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> to these Consolidated Financial Statements.</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The Company&#8217;s shares trade on the Italian Stock Exchange and the Mexican Stock Exchange; the Company&#8217;s American Depositary Securities (&#8220;ADS&#8221;) trade on the New York Stock Exchange.</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">These Consolidated Financial Statements were approved for issuance by the Company&#8217;s Board of Directors on</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> February </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">24</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, 202</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">1</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">.</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; text-transform: uppercase;">II</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; text-transform: uppercase;">. </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; text-transform: uppercase;">Accounting policies</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; text-transform: uppercase;"> </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">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.</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">A</font><font style="width: 28.78pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Basis of presentation</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The Consolidated Financial Statements of Tenaris have been prepared in accordance with International Financial Reporting Standards (&#8220;IFRS&#8221;), as issued by the International Accounting Standards Board (&#8220;IASB&#8221;) and</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> in accordance with IFRS</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> as adopted by the European Union,</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">under the historical cost convention, as modified by the revaluation of </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">certain </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">financial assets</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">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 (&#8220;$&#8221;).</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Whenever necessary, c</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ertain comparative amounts</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">have been reclassified to conform to changes in presentation in the current year.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">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 may differ from these estimates.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> The</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> main</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> areas involving significant estimates or judgements are: </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">i</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">mpairment of goodwill and long-lived assets (not</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">e II.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">H</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">); i</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ncome </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">t</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">axes (note II.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">O</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">); </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">obsolescence of inventory (note </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">II.J</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">); loss contingencies (note II.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Q</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">); </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">allowance for trade receivables (note II.K)</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">d</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">efined be</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">nefit obligations (note II.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">P</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">);</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">business combinations </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">(notes II.B, I</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">V</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>3</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>2</font>); u</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">seful lives of property, plant and equipment</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> and</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> other long-lived assets (notes II.E, II.F</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, II.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">H</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">)</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">; property title ownership </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">restriction</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (note <font>37</font>). </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">During the period there were no material changes in the significant accounting estimates.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Management has reviewed the Company&#8217;s exposure to the effects of the oil and gas crisis and the COVID-<font>19</font> pandemic and their impact over its business, financial position and performance, monitoring the recognition of deferred tax assets, and their recoverability, impairment testing, financial risk management -in particular credit and liquidity risks- and the adequacy of its provisions for contingent liabilities. In the <font>twelve</font>-month period ended December 31, 2020, management conducted impairment tests and recorded impairment charges over certa</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">in long-lived assets. Refer to n</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">otes <font>5</font> and <font>3</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>9</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> for further information on impairment of assets and the impact of the oil and gas crisis and the COVID-<font>19</font> pandemic.</font></p>
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<p style="margin-top: 0pt; margin-left: 36pt; margin-bottom: 0pt; text-indent: -36pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">(<font>1</font>)</font><font style="font: 7pt 'Times New Roman'; -aw-import: spaces;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Accounting pronouncements applicable as from J</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">anuary <font>1</font>, <font>20</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"><font>20</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"> and relevant for Tenaris</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">IFRS <font>16</font> &#8220;Leases&#8221;, &#8220;COVID-<font>19</font> - Related Rent Concessions&#8221;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The Company chose not to adopt the optional amendment to IFRS <font>16</font> &#8220;Leases&#8221;, &#8220;COVID-<font>19</font> - Related Rent Concessions&#8221;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">. An assessment was conducted and the Company concluded that </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">the impact </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">was </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">not material.</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Other accounting pronouncements t</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">hat became effective during <font>20</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>20</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> have no material effect on the Company&#8217;s financial condition or results of operations.</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; padding-bottom: 1pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-style: italic;">Tenaris S.A.</font><font style="font-family: 'Times New Roman'; font-style: italic;"> Consolidated Financial S</font><font style="font-family: 'Times New Roman'; font-style: italic;">tatements for </font><font style="font-family: 'Times New Roman'; font-style: italic;">the years ended December 31, 2020, <font style="border-left: none; border-right: none;"><font style="border-left: none; border-right: none;"><font>2019</font></font></font> and <font style="border-left: none; border-right: none;"><font style="border-left: none; border-right: none;"><font>2018</font></font></font></font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt; padding-top: 5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">B</font><font style="width: 29.33pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Group accounting</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 12pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">(<font>1</font>)</font><font style="width: 24.34pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Subsidiaries and transactions with non-controlling interests</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">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 no longer consolidated from the date control ceases. </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">acquisition</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> method of accounting is used to account for the acquisition of subsidiaries by </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Tenaris</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">. The cost of an acquisition is measured as the fair value of the assets </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">transferred</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, equity instruments issued and liabilities incurred or assumed at the date of </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">exchange</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">. Acquisition-related costs are expensed as incurred.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Identifiable assets acquired</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">,</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">. Any non-controlling interest in the acquiree is measured either at fair value or at the non-controlling interest&#8217;s proportionate share of the acquiree&#8217;s net assets. </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">The excess of the</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> aggregate of the</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">consideration transferred</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> and</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> the amount of any non-controlling interest in the acquiree</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">over the fair value of the identifiable net assets acquired is recorded as goodwill. If </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">this</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> is less than the fair value of the net assets of the subsidiary acquired, the difference is recognized directly in the</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Consolidated</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">I</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ncome </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">S</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">tatement.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Contingent consideration is classified either as equity or a</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">s</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">a </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">financial liability. Amounts classified as a financial liability are subsequently remeasured to fair value with changes in fair value recognized in profit or loss.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">If the business combination is achieved in stages, the acquisition date carrying value of the acquirer&#8217;s previously held equity interest in the acquire</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">e</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> is remeasured to fair value at the acquisition date. Any gains or losses arising from such remeasurement are recognized in profit or loss.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">T</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ransactions with non-controlling interests </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">that do not result in a loss of control</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> are accounted</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">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.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">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 may mean that amounts previously recognized in other comprehensive income are reclassified to profit or loss. </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Material intercompany transactions</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">balances </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">and unrealized gains (losses) on transactions </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">between Tenaris subsidiaries have been eliminated in consolidation. However, </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">since</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> the functional currency of some subsidiaries </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">is </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">i</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">t</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">s respective local currency, some financial gains (losses) arising from intercompany transactions</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> are generated. These</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> are included in the </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">C</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">onsolidated </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">I</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ncome </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">S</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">tatement under </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Other f</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">inancial results</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; -aw-import: spaces;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">(<font>2</font>)</font><font style="width: 21.84pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Non-consolidated companies</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 12pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Non-consolidated companies</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> are</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> all</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">entities</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> in which Tenaris </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">has significant influence but not control</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">,</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> generally accompanying a shareholding of </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">between <font style="border-left: none; border-right: none;"><font>20</font></font>% and <font style="border-left: none; border-right: none;"><font>50</font></font>% of the voting rights.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Investments in </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">non-</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">consolidated companies</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">(associated </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">and joint ventures</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">)</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">are accounted for by the equity method of accounting and</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> are</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> initially recognized at cost.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">The Company&#8217;s investment in </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">non-</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">consolidated companies</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> includes goodwill identified in acquisition, net of any accumulated impairment loss.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Under the equity method of accounting, the investments are initially recognized at cost and adjusted thereafter to recognize Tenaris&#8217;s share of the post-acquisition profits or losses of the investee in profit or loss, and Tenaris&#8217;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.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">If material, u</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">nrealized results on transactions between Tenaris and its </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">non-consolidated companies</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> are eliminated to the extent of </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Tenaris&#8217;s</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> interest in the </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">non-consolidated companies</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">. </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Unreali</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">z</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ed losses are also eliminated </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">unless the transaction provides evidence of </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">an impairment </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">indicator </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">of the asset transferred. </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Financial </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">s</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">tatements of </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">non-consolidated companies </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">have been</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> adjusted</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> where necessary to ensure consistency with</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> IFRS</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><br></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; padding-bottom: 1pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-style: italic;">Tenaris S.A.</font><font style="font-family: 'Times New Roman'; font-style: italic;"> Consolidated Financial S</font><font style="font-family: 'Times New Roman'; font-style: italic;">tatements for </font><font style="font-family: 'Times New Roman'; font-style: italic;">the years ended December 31, 2020, <font style="border-left: none; border-right: none;"><font style="border-left: none; border-right: none;"><font>2019</font></font></font> and <font style="border-left: none; border-right: none;"><font style="border-left: none; border-right: none;"><font>2018</font></font></font></font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt; padding-top: 5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">B</font><font style="width: 29.33pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Group accounting (Cont.)</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">(<font>2</font>)</font><font style="width: 24.34pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Non-consolidated companies (Cont.)</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The Company&#8217;s pro-rata share of earnings in non-consolidated companies is recorded in the Consolidated Income Statement under </font><font style="font-family: 'Times New (W1)'; font-size: 10pt; font-style: italic;">Equity in earnings</font><font style="font-family: 'Times New (W1)'; font-size: 10pt;"> </font><font style="font-family: 'Times New (W1)'; font-size: 10pt; font-style: italic;">of non-consolidated companies</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">. The Company&#8217;s pro-rata share of changes in other comprehensive income is recognized in the Consolidated Statement of Comprehensive Income.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Ternium</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">At December 31, </font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>20</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font style="border-left: none; border-right: none;"><font>20</font></font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, Tenaris h</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">e</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ld </font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>11.46</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">%</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> of </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Ternium S.A (&#8220;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Ternium</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8221;)</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8217;s common stock</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">. The following factors and circumstances evidence that Tenaris has significant influence (as defined by IAS <font style="border-left: none; border-right: none;"><font>28</font></font>, &#8220;Investments in </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">associates</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> companies</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">and Joint Ventures</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8221;) </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">over Ternium</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, and as a result the Company&#8217;s investment in Ternium has been accounted for under the equity method:</font></p>
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<li style="margin-left: 9.58pt; text-align: justify; line-height: 12pt; padding-left: 8.27pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Wingdings'; -aw-font-weight: normal; -aw-number-format: '&#61607;';"><font style="font-family: 'Times New Roman';">Both the Company and Ternium are under</font><font style="font-family: 'Times New Roman';"> the</font><font style="font-family: 'Times New Roman';"> indirect com</font><font style="font-family: 'Times New Roman';">mon control of San Faustin S.A.</font><font style="font-family: 'Times New Roman';"> (&#8220;San Faustin&#8221;)</font><font style="font-family: 'Times New Roman';">;</font></li>
<li style="margin-left: 9.58pt; text-align: justify; line-height: 12pt; padding-left: 8.27pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Wingdings'; -aw-font-weight: normal; -aw-number-format: '&#61607;';"><font style="font-family: 'Times New Roman';"><font style="border-left: none; border-right: none;"><font>Four</font></font> out of</font><font style="font-family: 'Times New Roman';"> <font style="border-left: none; border-right: none;"><font>eight</font></font></font><font style="font-family: 'Times New Roman';"> members of Ternium&#8217;s Board of D</font><font style="font-family: 'Times New Roman';">irectors (including Ternium&#8217;s </font><font style="font-family: 'Times New Roman';">C</font><font style="font-family: 'Times New Roman';">hairman) are also members of t</font><font style="font-family: 'Times New Roman';">he Company&#8217;s </font><font style="font-family: 'Times New Roman';">Board of D</font><font style="font-family: 'Times New Roman';">irectors</font><font style="font-family: 'Times New Roman';">;</font></li>
<li style="margin-left: 9.58pt; text-align: justify; line-height: 12pt; padding-left: 8.27pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Wingdings'; -aw-font-weight: normal; -aw-number-format: '&#61607;';"><font style="font-family: 'Times New Roman';">Under the shareholders</font><font style="font-family: 'Times New Roman';">&#8217;</font><font style="font-family: 'Times New Roman';"> agreement by and between </font><font style="font-family: 'Times New Roman';">the Company and Techint Holdings S.&#224;</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">r.l, a wholly owned subsidiary of San Faustin </font><font style="font-family: 'Times New Roman';">and Ternium&#8217;s main shareholder, dated January 9, 2006, </font><font style="font-family: 'Times New Roman';">Techint Holdings</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">S.&#224;</font><font style="font-family: 'Times New Roman';">.</font><font style="font-family: 'Times New Roman';">r.l, </font><font style="font-family: 'Times New Roman';">is required to take actions within its power to cause</font><font style="font-family: 'Times New Roman';"> (a) <font style="border-left: none; border-right: none;"><font>one</font></font> of the members of Ternium&#8217;s </font><font style="font-family: 'Times New Roman';">Board of D</font><font style="font-family: 'Times New Roman';">irectors to be nominated by </font><font style="font-family: 'Times New Roman';">the Company</font><font style="font-family: 'Times New Roman';"> and (b) any director nominated by </font><font style="font-family: 'Times New Roman';">the Company</font><font style="font-family: 'Times New Roman';"> to be only removed </font><font style="font-family: 'Times New Roman';">from Ternium&#8217;s Board of D</font><font style="font-family: 'Times New Roman';">irectors pursuant to previous written instructions of </font><font style="font-family: 'Times New Roman';">the Company</font><font style="font-family: 'Times New Roman';">.</font></li>
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<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 12pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Usiminas</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">At December 31, 2020, Tenaris he</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ld, through its Brazilian subsidiary Confab Industrial S.A. (&#8220;Confab&#8221;), <font>36.5</font> million ordinary shares and <font>1.3</font> million preferred shares of Usinas Sider&#250;rgicas de Minas Gerais S.A. - Usiminas (&#8220;Usiminas&#8221;), representing </font><font style="border-right: none; border-left: none;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font style="border-left: none; border-right: none;"><font>5.19</font></font></font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">% of its shares with voting rights and <font>3.07</font>% of its total share capital. </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Confab&#8217;s acquisition of the Usiminas shares was part of a larger transaction performed on January 16, 2012, pursuant to which Tenaris&#8217;s affiliate Ternium (through certain of its subsidiaries) and Confab acquired a large block of Usiminas ordinary shares and joined Usiminas&#8217; existing control group. Subsequently, in <font style="border-left: none; border-right: none;"><font>2016</font></font>, Ternium and Confab subscribed to additional ordinary shares and to preferred shares.</font><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: spaces;">&nbsp;&nbsp; </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">At December 31, 202</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font style="border-left: none; border-right: none;"><font>0</font></font>, the Usiminas control group he</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ld, in the aggregate, <font>483.6</font> million ordinary shares bound to the Usiminas shareholders&#8217; agreement, representing approximately <font>68.6</font>% of Usiminas&#8217; voting capital. The Usiminas control group, which is bound by a long-term shareholders&#8217; agreement that governs the rights and obligations of Usiminas&#8217; control group members, is currently composed of <font style="border-left: none; border-right: none;"><font>three</font></font> sub-groups: the T/T Group, comprising Confab and certain Ternium entities; the NSC Group, comprising Nippon Steel Corporation (&#8220;NSC&#8221;), Metal <font style="border-left: none; border-right: none;"><font>One</font></font> Corporation and Mitsubishi Corporation; and Usiminas&#8217; pension fund Previd&#234;ncia Usiminas. The T/T Group holds approximately <font>47.1</font>% of the total shares held by the control group (<font>39.5</font>% corresponding to the Ternium entities and the other <font>7.6</font>% corresponding to Confab); the NSC Group holds approximately <font>45.9</font>% of the total shares held by the control group; and Previd&#234;ncia Usiminas holds the remaining <font>7</font>%.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The corporate governance rules reflected in the Usiminas shareholders agreement include, among others, an alternation mechanism for the nomination of each of the </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">C</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">hief </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">E</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">xecutive </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">O</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">fficer</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (&#8220;CEO&#8221;)</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> and the C</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">hairman of the board of directors of Usiminas, as well as a mechanism for the nomination of other members of Usiminas&#8217; executive board. The Usiminas shareholders agreement also provides for an exit mechanism consisting of a buy-and-sell procedure&#8212;exercisable at any time after November 16, 2022 and applicable with respect to shares held by NSC and the T/T Group&#8212;, which would allow either Ternium or NSC to purchase all or a majority of the Usiminas shares held by the other shareholder. </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Confab and the Ternium entities party to the Usiminas shareholders agreement have a separate shareholders agreement governing their respective rights and obligations as members of the T/T Group. Such separate agreement includes, among others, provisions granting Confab certain rights relating to the T/T Group&#8217;s nomination of Usiminas&#8217; officers and directors under the Usiminas shareholders agreement. Those circumstances evidence that Tenaris has significant influence over Usiminas, and consequently, Tenaris accounts for its investment in Usiminas under the equity method (as defined by IAS <font style="border-left: none; border-right: none;"><font>28</font></font>).</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; padding-bottom: 1pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-style: italic;">Tenaris S.A.</font><font style="font-family: 'Times New Roman'; font-style: italic;"> Consolidated Financial S</font><font style="font-family: 'Times New Roman'; font-style: italic;">tatements for </font><font style="font-family: 'Times New Roman'; font-style: italic;">the years ended December 31, 2020, <font style="border-left: none; border-right: none;"><font style="border-left: none; border-right: none;"><font style="border-left: none; border-right: none;"><font>2019</font></font></font></font> and <font style="border-left: none; border-right: none;"><font style="border-left: none; border-right: none;"><font style="border-left: none; border-right: none;"><font>2018</font></font></font></font></font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt; padding-top: 5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">B</font><font style="width: 29.33pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Group accounting (Cont.)</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">(<font>2</font>)</font><font style="width: 24.34pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Non-consolidated companies (Cont.)</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Techgen</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Techgen S.A. de C.V. (&#8220;Techgen&#8221;)</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, which operates an electric power plant in Mexico,</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> is a joint venture company owned <font>48</font>% by Ternium, <font>30</font>% by Tecpetrol International S.A.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (&#8220;Tecpetrol&#8221;)</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> and <font>22</font>% by Tenaris. Tenaris, Ternium and Tecpetrol are parties to a shareholders&#8217; agreement relating to the governa</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">nce of Techgen. </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">T</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">he Company, Ternium and Tecpetrol are under the indirect com</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">mon control of San Faustin</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> consequently</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">,</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Tenaris</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> account</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">s</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> it</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">s interest </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">in Techgen </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">under the equity method (as defined by IAS <font style="border-left: none; border-right: none;"><font>28</font></font>).</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Global Pipe Company</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Global Pipe Company (&#8220;GPC&#8221;) </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">is a Saudi-German joint venture, established in <font style="border-left: none; border-right: none;"><font>2010</font></font> and located in Jubail</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">,</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Saudi Arabia</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, which manufactures LSAW pipes. Tenaris, through its subsidiary Saudi Steel Pipe Company (&#8220;SSPC&#8221;), currently owns <font>35</font>% of the share capital of GPC. Through the shareholders agreement, </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">SSPC</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> is entitled to choose <font>one</font> of the <font>five</font> members of the Board of Directors of GPC</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">In addition, SSPC has the ability to block any shareholder resolution</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">. Based on the facts stated above, the Company has determined that it has signifi</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">cant influence over this entity and accounts for its investment in GPC under the equity method (as defined by IAS <font style="border-left: none; border-right: none;"><font>28</font></font>).</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Tenaris carries its investment</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">s in non consolidated companies</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">under </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">the equity method, with <font>no</font> 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&#8217;s carrying amount may not be recoverable. At December 31, </font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font style="border-left: none; border-right: none;"><font>2020</font></font>, </font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font style="border-left: none; border-right: none;"><font>2019</font></font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> and</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font style="border-left: none; border-right: none;"><font>2018</font></font>, <font>no</font> impairment provisions were recorded in any of the aforementioned investments. </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">See n</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ote <font>1</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>3</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">.</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">C</font><font style="width: 28.78pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Segment information</font><font style="font-family: 'Times New Roman'; font-size: 12pt;"> </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The Company is organized in <font>one</font> major business segment, Tubes, which is also the reportable operating segment.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">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 (</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8220;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">OCTG</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8221;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">) 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 </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">are </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">made through local subsidiaries.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Corporate general and administrative expenses have been allocated to the Tubes segment.</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Others include</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">s</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> all other business activities and operating segments that are not required to be separately reported, including the production and selling of sucker rods, industrial equipment, coiled tubing</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">,</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">utility conduits</font><font style="font-family: 'Times New Roman'; font-size: 10.5pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">for buildings</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">,</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> heat exchangers,</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">energy</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> and </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">raw materials that exceed internal requirements. </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Tenaris&#8217;s</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Chief Operating Decision Maker (</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8220;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">C</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">O</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">DM</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8221;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">) 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:</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
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<li style="margin-left: 9.58pt; text-align: justify; line-height: 12pt; padding-left: 8.27pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Wingdings'; -aw-font-weight: normal; -aw-number-format: '&#61607;';"><font style="font-family: 'Times New Roman';">The use of direct cost methodology to calculate the inventories, while under IFRS </font><font style="font-family: 'Times New Roman';">it </font><font style="font-family: 'Times New Roman';">is at full cost, including absorption of production overheads and depreciation</font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';">;</font></li>
<li style="margin-left: 9.58pt; text-align: justify; line-height: 12pt; padding-left: 8.27pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Wingdings'; -aw-font-weight: normal; -aw-number-format: '&#61607;';"><font style="font-family: 'Times New Roman';">The use of costs based on previously internally defined cost estimates, while, under IFRS, costs are calculated at historical cost</font><font style="font-family: 'Times New Roman';">;</font></li>
<li style="margin-left: 9.58pt; text-align: justify; line-height: 12pt; padding-left: 8.27pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Wingdings'; -aw-font-weight: normal; -aw-number-format: '&#61607;';"><font style="font-family: 'Times New Roman';">Other timing differences, if any.</font></li>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">T</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">enaris</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> presents</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> its geographical information in <font style="border-left: none; border-right: none;"><font>five</font></font> areas:</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> North America,</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> South America, Europe, Middle East and Afri</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ca</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> and </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Asia Pacific</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">. For purposes of reporting geographical information, net sales are </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">allocated</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> to geographical areas based on the customer&#8217;s location; allocation of assets</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">,</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> capital expenditures and associated depreciation</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">s</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> and amortization</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">s</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> are based on the </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">geographical</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> location of the assets</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">.</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; padding-bottom: 1pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-style: italic;">Tenaris S.A.</font><font style="font-family: 'Times New Roman'; font-style: italic;"> Consolidated Financial S</font><font style="font-family: 'Times New Roman'; font-style: italic;">tatements for </font><font style="font-family: 'Times New Roman'; font-style: italic;">the years ended December 31, 2020, <font style="border-left: none; border-right: none;"><font style="border-left: none; border-right: none;"><font>2019</font></font></font> and <font style="border-left: none; border-right: none;"><font style="border-left: none; border-right: none;"><font>2018</font></font></font></font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt; padding-top: 5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">D</font><font style="width: 28.78pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Foreign </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">c</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">urrency </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">t</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">ranslation</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-left: 35.45pt; margin-bottom: 0pt; text-indent: -35.45pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">(<font>1</font>)</font><font style="font: 7pt 'Times New Roman'; -aw-import: spaces;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Functional</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"> and presentation</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"> currency</font></p>
<p style="margin-top: 0pt; margin-left: 54pt; margin-bottom: 0pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">IAS </font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>21</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">(</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">revised</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">)</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">,</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8220;The effects of changes in foreign exchange rates&#8221; </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">defines the functional currency as the currency of the primary economic environment in which </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">an </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">entity operates.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The functional </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">and presentation </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">curren</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">c</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">y of </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">the Company </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">is the U.S. </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">dollar</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">. The U.S. </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">d</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ollar</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> is the currency that best reflects the economic substance of the underlying events and circumstances relevant to </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Tenaris&#8217;s</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> global operations. </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Except f</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">or</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> the Brazilian and Italian subsidiaries whose functional currenci</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">es are their local currencies, </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Tenaris determined that the functional currency of its</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> other subsidiaries </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">is the U.S. dollar, based on the following principal considerations</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">:</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
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<li style="margin-left: 9.58pt; text-align: justify; line-height: 12pt; padding-left: 8.27pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Wingdings'; -aw-font-weight: normal; -aw-number-format: '&#61607;';"><font style="font-family: 'Times New Roman';">S</font><font style="font-family: 'Times New Roman';">ales are mainly negotiated, denominated and settled in U.S. </font><font style="font-family: 'Times New Roman';">dollar</font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';">. If priced in a currency other than the U.S. dollar, the </font><font style="font-family: 'Times New Roman';">sales </font><font style="font-family: 'Times New Roman';">price </font><font style="font-family: 'Times New Roman';">may consider</font><font style="font-family: 'Times New Roman';"> exposure to fluctuation in the exchange rate versus the U.S. dollar;</font></li>
<li style="margin-left: 9.58pt; text-align: justify; line-height: 12pt; padding-left: 8.27pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Wingdings'; -aw-font-weight: normal; -aw-number-format: '&#61607;';"><font style="font-family: 'Times New Roman';">P</font><font style="font-family: 'Times New Roman';">rices of </font><font style="font-family: 'Times New Roman';">their </font><font style="font-family: 'Times New Roman';">critical raw materials and inputs are priced and</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">/</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">or</font><font style="font-family: 'Times New Roman';"> settled in U.S. dollars; </font></li>
<li style="margin-left: 9.58pt; text-align: justify; line-height: 12pt; padding-left: 8.27pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Wingdings'; -aw-font-weight: normal; -aw-number-format: '&#61607;';"><font style="font-family: 'Times New Roman';">Transaction</font><font style="font-family: 'Times New Roman';"> and operational</font><font style="font-family: 'Times New Roman';"> environment and the cash flow </font><font style="font-family: 'Times New Roman';">of these </font><font style="font-family: 'Times New Roman';">operations ha</font><font style="font-family: 'Times New Roman';">ve</font><font style="font-family: 'Times New Roman';"> the U.S</font><font style="font-family: 'Times New Roman';">. dollar</font><font style="font-family: 'Times New Roman';"> as reference currency;</font><font style="font-family: 'Times New Roman';"> </font></li>
<li style="margin-left: 9.58pt; text-align: justify; line-height: 12pt; padding-left: 8.27pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Wingdings'; -aw-font-weight: normal; -aw-number-format: '&#61607;';"><font style="font-family: 'Times New Roman';">S</font><font style="font-family: 'Times New Roman';">ignificant level of integration of the l</font><font style="font-family: 'Times New Roman';">ocal operations within </font><font style="font-family: 'Times New Roman';">Tenaris&#8217;s</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">international </font><font style="font-family: 'Times New Roman';">global distribution network</font><font style="font-family: 'Times New Roman';">;</font></li>
<li style="margin-left: 9.58pt; text-align: justify; line-height: 12pt; padding-left: 8.27pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Wingdings'; -aw-font-weight: normal; -aw-number-format: '&#61607;';"><font style="font-family: 'Times New Roman';">N</font><font style="font-family: 'Times New Roman';">et financial assets and liabilities are mainly received and maintained in U.S. dollars;</font></li>
<li style="margin-left: 9.58pt; text-align: justify; line-height: 12pt; padding-left: 8.27pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Wingdings'; -aw-font-weight: normal; -aw-number-format: '&#61607;';"><font style="font-family: 'Times New Roman';">The exchange rate of </font><font style="font-family: 'Times New Roman';">certain legal currencies</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">has long-been affected by recurring and seve</font><font style="font-family: 'Times New Roman';">re economic crise</font><font style="font-family: 'Times New Roman';">s.</font></li>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">(<font>2</font>)</font><font style="width: 24.34pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Transactions in currencies other than the functional currency</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">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 valuati</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">on where items are re-measured.</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">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</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> the fair value was determined.</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">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 </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Other financial results</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> in the Consolidated Income Statement, except when deferred in equity as qualifying cash flow hedges and qu</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">alifying net investment hedges.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">(</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"><font>3</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">)</font><font style="width: 24.34pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Translation of financial </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">information </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">in currencies other than the functional currency</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Results of operations for</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> subsidiar</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">i</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">es </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">whose functional </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">currencies are</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> not </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">the U.S. </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">d</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ollar</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> are translated into U.S. </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">dollars</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> at the average exchange rates for </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">each quarter of the </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">year</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">. </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Financial s</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">tatement </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">position</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">s are translated at the </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">year</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">-end</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">exchange rates. Translation differences are recognized in </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">a separate component of </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">equity</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> as </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">currency </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">translation adjustments</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">. In the case of a sale or other dispos</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">al</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> of any of such subsidiaries</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, any accumulated translation difference</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> would be</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> recognized in income as </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">a</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> gain or loss </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">f</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">rom</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> the </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">sale.</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Goodwill and fair value adjustments arising </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">from</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> the acquisition of a foreign operation are treated as assets and liabilities of the foreign operation and translated at the closing rate.</font></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno">F-11</font></td>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; padding-bottom: 1pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-style: italic;">Tenaris S.A.</font><font style="font-family: 'Times New Roman'; font-style: italic;"> Consolidated Financial S</font><font style="font-family: 'Times New Roman'; font-style: italic;">tatements for </font><font style="font-family: 'Times New Roman'; font-style: italic;">the years ended December 31, 2020, <font style="border-left: none; border-right: none;"><font style="border-left: none; border-right: none;"><font>2019</font></font></font> and <font style="border-left: none; border-right: none;"><font style="border-left: none; border-right: none;"><font>2018</font></font></font></font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt; padding-top: 5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">E</font><font style="width: 29.33pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Property, plant and equipment</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Property, plant and equipment are recognized at historical acquisition or construction cost</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> less accumulated depreciation</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> and impairment losses</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">. H</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">istorical cost includes expenditure that is directly attributable to the acquisition of the items</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">. </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Property</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">p</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">lant</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> and </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">e</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">quipment acquired through</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">acquisitions accounted for as </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">business </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">combination</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">s </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">have been valued </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">initially </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">at the </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">fair </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">market </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">value of the assets </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">acquired.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Major overhaul and rebuilding expenditures</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> are capitalized as property, plant and equipment only when </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">it is probable that future economic benefits associated with</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> the item will flow to the Company</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> and </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">the investment enhances the condition of assets beyond its original condition.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> The carrying amount of the replaced part is derecognized</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">M</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">aintenance expenses on manufacturing properties are recorded as cost of products sold in the year in which they are incurred.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Cost may also include transfers fro</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">m equity of any gains or losses</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> on qualifying cash flow hedges of foreign currency purchases of property, plant and equipment. </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">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</font><font style="font-family: 'Times New (W1)'; font-size: 10pt;"> IAS <font>23</font></font><font style="font-family: 'Times New (W1)'; font-size: 10pt;">(R)</font><font style="font-family: 'Times New (W1)'; font-size: 10pt;">,</font><font style="font-family: 'Times New (W1)'; font-size: 10pt;"> </font><font style="font-family: 'Times New (W1)'; font-size: 10pt;">&#8220;Borrowing Cost</font><font style="font-family: 'Times New (W1)'; font-size: 10pt;">s</font><font style="font-family: 'Times New (W1)'; font-size: 10pt;">&#8221;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">. </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">A</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ssets for which borrowing costs are capitalized are those that require a substantial period of time to prepare for their intended use.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The d</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">epreciation method is reviewed at each year end. </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Depreciation</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">is calculated using the straight-line method to </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">depreciate </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">the cost of each asset to its residual value over its estimated useful life</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, as follows:</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"> Land </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"> No Depreciation </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"> Buildings and improvements&nbsp; </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"> <font style="border-right: none; border-left: none;"><font>30</font></font>-<font>50</font> years </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"> Plant and production equipment&nbsp; </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"> <font>10</font>-<font>40</font> years </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"> Vehicles, furniture and fixtures, and other equipment </font></p>
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<td style="width: 40.86%; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px;"><font>4</font> -<font>10</font> years</td>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> assets</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8217;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">residual values and useful lives of significant plant and </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">production </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">equipment are reviewed</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> and adjusted</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">,</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> if appropriate, at each year-end</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">date. </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">An asset&#8217;s carrying amount is written down immediately to its recoverable amount if the asset&#8217;s carrying amount is greater than its estimated recoverable amount.</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New (W1)'; font-size: 10pt;">Management&#8217;s re</font><font style="font-family: 'Times New (W1)'; font-size: 10pt;">-</font><font style="font-family: 'Times New (W1)'; font-size: 10pt;">estimation of asset</font><font style="font-family: 'Times New (W1)'; font-size: 10pt;">s</font><font style="font-family: 'Times New (W1)'; font-size: 10pt;"> useful </font><font style="font-family: 'Times New (W1)'; font-size: 10pt;">lives</font><font style="font-family: 'Times New (W1)'; font-size: 10pt;">, performed </font><font style="font-family: 'Times New (W1)'; font-size: 10pt;">in accordance with IAS <font>16</font></font><font style="font-family: 'Times New (W1)'; font-size: 10pt;">,</font><font style="font-family: 'Times New (W1)'; font-size: 10pt;"> &#8220;Property</font><font style="font-family: 'Times New (W1)'; font-size: 10pt;">, Plant and E</font><font style="font-family: 'Times New (W1)'; font-size: 10pt;">quipment&#8221;</font><font style="font-family: 'Times New (W1)'; font-size: 10pt;">, </font><font style="font-family: 'Times New (W1)'; font-size: 10pt;">resulted in additional depreciation expenses for <font>2020</font> of $</font><font style="font-family: 'Times New (W1)'; font-size: 10pt;"><font>45</font></font><font style="font-family: 'Times New (W1)'; font-size: 10pt;"> million</font><font style="font-family: 'Times New (W1)'; font-size: 10pt;"> and </font><font style="font-family: 'Times New (W1)'; font-size: 10pt;">did not materially affect depreciation expense</font><font style="font-family: 'Times New (W1)'; font-size: 10pt;">s</font><font style="font-family: 'Times New (W1)'; font-size: 10pt;"> for </font><font style="font-family: 'Times New (W1)'; font-size: 10pt;"><font>201</font></font><font style="font-family: 'Times New (W1)'; font-size: 10pt;"><font>9</font></font><font style="font-family: 'Times New (W1)'; font-size: 10pt;"> and <font>201</font></font><font style="font-family: 'Times New (W1)'; font-size: 10pt;"><font>8</font></font><font style="font-family: 'Times New (W1)'; font-size: 10pt;">.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">T</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">enaris</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> depreciates each significant part of an item of property, plant and equipment </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">for its different production facilities </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">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.</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Gains and losses on disposals are determined by comparing the proceeds with the carrying amount of assets and are recognized under </font><font style="font-family: 'Times New (W1)'; font-size: 10pt; font-style: italic;">Other operating income </font><font style="font-family: 'Times New (W1)'; font-size: 10pt;">or </font><font style="font-family: 'Times New (W1)'; font-size: 10pt; font-style: italic;">Other operating </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">expenses</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> in the Consolidated Income Statement.</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">F</font><font style="width: 29.89pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Intangible assets</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">(<font>1</font>)</font><font style="width: 24.34pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Goodwill </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Goodwill represents the excess of the acquisition cost </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">over the fair value of </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Tenaris&#8217;s</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> share of net identifiable assets acquired as part of business combinations determined mainly by independent valuations. Goodwill is tested </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">at least </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">annually for impairment and carried at cost less accumulated impairment losses. Impairment losses on goodwill are not reversed. Goodwill is included </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">in</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> the Consolidated Statement of Financial Position under </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Intangible assets, net.</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">For the purpose of impairment testing, g</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">oodwill is allocated to a </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">cash generating unit (&#8220;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">CGU</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8221;)</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> or group of </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">CGUs</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> that are expected to benefit from the business combination which generated the goodwill being tested.</font></p>
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<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; padding-bottom: 1pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-style: italic;">Tenaris S.A.</font><font style="font-family: 'Times New Roman'; font-style: italic;"> Consolidated Financial S</font><font style="font-family: 'Times New Roman'; font-style: italic;">tatements for </font><font style="font-family: 'Times New Roman'; font-style: italic;">the years ended December 31, 2020, <font style="border-left: none; border-right: none;"><font style="border-left: none; border-right: none;"><font>2019</font></font></font> and <font style="border-left: none; border-right: none;"><font style="border-left: none; border-right: none;"><font>2018</font></font></font></font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt; padding-top: 5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">F</font><font style="width: 29.89pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Intangible assets</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> (Cont.)</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">(<font>2</font>)</font><font style="width: 24.34pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Information systems projects</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">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 <font style="border-left: none; border-right: none;"><font>one</font></font> year and comply with the recognition criteria of IAS <font>38</font>, </font><font style="font-family: 'Times New (W1)'; font-size: 10pt;">&#8220;Intangible Assets&#8221;.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Information systems projects recognized as assets are amortized using the straight-line method over their useful lives, </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">generally </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">not exceeding a period of <font>3</font> years. Amortization charges are </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">mainly </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">classified as </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Selling, general and administrative expenses</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> in the</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Consolidated</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">I</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ncome </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">S</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">tatement.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New (W1)'; font-size: 10pt;">Management&#8217;s re-estimation of assets useful lives, performed in accordance with IAS <font>38</font>, </font><font style="font-family: 'Times New (W1)'; font-size: 10pt;">resulted in additional amortization expenses for <font>2020</font> of $</font><font style="font-family: 'Times New (W1)'; font-size: 10pt;"><font>11.1</font> million</font><font style="font-family: 'Times New (W1)'; font-size: 10pt;"> and did not materially affect amortization expenses for <font>2019</font> and <font>2018</font>.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 12pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">(<font>3</font>)</font><font style="width: 24.34pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Licenses, patents, trademarks and proprietary technology </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">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 not exceed a period of <font>10</font> years.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Amortization charges are mainly classified as </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Selling, general and administrative expenses</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> in the Consolidated Income Statement.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The balance of acquired t</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">rademarks</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> that have indefinite useful lives according to external appraisal</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> amo<font>unt</font></font><font><font style="font-family: 'Times New Roman'; font-size: 10pt;">s</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> to</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">$</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>86.7</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;" class="selected"> </font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>m</font>illion</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> at December 31, </font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>20</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>20</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, <font>201</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>9</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> and </font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>201</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>8</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">and are </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">included in Hydril CGU</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">. Main factors considered in the determination of the</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> indefinite useful lives</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> include the years that </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">they have</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> been in service and </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">their </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">recognition among customers in the industry.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; line-height: 10pt;"><font style="font-family: 'MS Shell Dlg'; font-size: 10pt; font-style: italic; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New (W1)'; font-size: 10pt;">Management&#8217;s re-estimation of assets useful lives, performed in accordance with IAS <font>38</font></font><font style="font-family: 'Times New (W1)'; font-size: 10pt;">,</font><font style="font-family: 'Times New (W1)'; font-size: 10pt;"> did no</font><font style="font-family: 'Times New (W1)'; font-size: 10pt;">t materially affect amortization</font><font style="font-family: 'Times New (W1)'; font-size: 10pt;"> expenses for <font>20</font></font><font style="font-family: 'Times New (W1)'; font-size: 10pt;"><font>20</font></font><font style="font-family: 'Times New (W1)'; font-size: 10pt;">, <font>201</font></font><font style="font-family: 'Times New (W1)'; font-size: 10pt;"><font>9</font></font><font style="font-family: 'Times New (W1)'; font-size: 10pt;"> and <font>201</font></font><font style="font-family: 'Times New (W1)'; font-size: 10pt;"><font>8</font></font><font style="font-family: 'Times New (W1)'; font-size: 10pt;">.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; line-height: 10pt;"><font style="font-family: 'MS Shell Dlg'; font-size: 10pt; font-style: italic; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">(<font>4</font>)</font><font style="width: 24.34pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Research and development</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 12pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">Research expenditures as well as </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">development costs that do not fulfill the criteria for capitalization are recorded as </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Cost of sales</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> in the Consolidated Income Statement as incurred. Research and development expenditures included in </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Cost of sales</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> for the years </font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>20</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>20</font>,</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>201</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>9</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> and </font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>201</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>8</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> totaled $<font>41.8</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;million, $<font>61.1</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> million and $<font>63.4</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;million, respectively.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Capitalized costs were not material for the years <font>20</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>20</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, <font>201</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>9</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> and <font>201</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>8</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">.</font></p>
<p style="margin-top: 0pt; margin-left: 36pt; margin-bottom: 0pt; text-indent: -36pt; text-align: justify; line-height: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; letter-spacing: -0.1pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-left: 36pt; margin-bottom: 0pt; text-indent: -36pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; letter-spacing: -0.1pt;">(<font>5</font>) </font><font style="width: 21.84pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; letter-spacing: -0.1pt;">Customer relationship</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; letter-spacing: -0.1pt;">s</font></p>
<p style="margin: 0pt 0.85pt 0pt 13.9pt; line-height: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; letter-spacing: -0.1pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-right: 0.9pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">In accordance with IFRS <font>3</font>, "Business Combinations" and IAS <font>38</font>, Tenaris has recognized the value of customer relationships separately from goodwill attributable to the acquisition of Maverick</font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"> Tube Corporation (&#8220;Maverick&#8221;)</font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"> and Hydril</font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"> Company (&#8220;Hydril&#8221;)</font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"> groups, as well as the more recent acquisi</font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">tion</font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">s</font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"> of S</font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">audi </font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">S</font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">teel </font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">P</font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">ipes (&#8220;SSPC</font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">&#8221;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">) and Ipsco Tubulars Inc. (&#8220;IPSCO&#8221;)</font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">.</font></p>
<p style="margin-top: 0pt; margin-right: 0.85pt; margin-bottom: 0pt; text-align: justify; line-height: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-right: 0.9pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">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 <font>14</font> years for Maverick, <font>10</font> y</font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">ears for Hydril</font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">,</font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"> <font>9</font> years for </font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">SSP</font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">C and </font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"><font>3</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"> year</font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">s</font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"> for IPSCO</font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">.</font></p>
<p style="margin-top: 0pt; margin-right: 0.85pt; margin-bottom: 0pt; text-align: justify; line-height: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt; widows: 0; orphans: 0;"><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">In <font>2018</font> the Company reviewed the useful life of Maverick&#8217;s Tubes customer relationships and decided to reduce the remaining useful life from <font>2</font> years to <font>zero</font>, consequently a higher amortization charge of approximately $<font>109</font> million was recorded in the Consolidated Income Statement under </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; letter-spacing: -0.1pt;">Selling, general and administrative expenses</font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"> for the year ended December 31, 2018.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 10pt; widows: 0; orphans: 0;"><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">As o</font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">f December 31, 20</font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"><font>20</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"> the net book</font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"> value of </font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">IPSCO&#8217;s customer relationship amounts <font>to $</font><font>51.3</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"><font>&nbsp;with</font> a residual life of <font>2</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"> years, </font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">SSP</font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">C</font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">&#8217;s customer relationship amounts to<font> $</font><font>63.8</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"><font>&nbsp;mill</font>ion, with a residual useful life of </font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"><font>7</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"> years</font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">, w</font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">hile </font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">Maverick&#8217;s </font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">and</font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"> Hydril&#8217;s customer relationships </font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">are</font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"> fully amortized.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New (W1)'; font-size: 10pt;">Management&#8217;s re-estimation of assets useful lives, performed in accordance with IAS <font>38</font>, did not materially affect</font><font style="font-family: 'Times New (W1)'; font-size: 10pt;"> amortization expenses for <font>2020</font> and</font><font style="font-family: 'Times New (W1)'; font-size: 10pt;"> <font>2019</font></font><font style="font-family: 'Times New (W1)'; font-size: 10pt;">.</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; padding-bottom: 1pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-style: italic;">Tenaris S.A.</font><font style="font-family: 'Times New Roman'; font-style: italic;"> Consolidated Financial S</font><font style="font-family: 'Times New Roman'; font-style: italic;">tatements for </font><font style="font-family: 'Times New Roman'; font-style: italic;">the years ended December 31, 2020, <font style="border-left: none; border-right: none;"><font style="border-left: none; border-right: none;"><font>2019</font></font></font> and <font style="border-left: none; border-right: none;"><font style="border-left: none; border-right: none;"><font>2018</font></font></font></font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt; padding-top: 5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">G</font><font style="width: 28.22pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Right-of-use assets and lease liabilities</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">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</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> term on a straight-line basis.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">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.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be determined, the lessee&#8217;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 wit</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">h similar terms and conditions.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">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.</font></p>
<p style="margin-top: 0pt; margin-left: 28.05pt; margin-bottom: 0pt; text-indent: -28.05pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Payments associated with short-term leases and leases of low-value assets are recognize</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">d on a straight-line basis as</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> expenses in profit or loss. Short-term leases are leases with a lease term of <font>12</font> months o</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">r less.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">In determining the lease term, management considers all facts and circumstances that create an economic incentive to exercise an extension option, or not 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 not terminated).</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">H</font><font style="width: 28.22pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Impairment of non-financial assets</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Long-lived assets including identifiable intangible assets are reviewed for impairment at the lowest level for which there are separately identifiable cash flows (CGU). Most of the Company&#8217;s principal subsidiaries that constitute a CGU have a single main production facility and, accordingly, each of </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">such subsidiaries</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> represents the lowest level of asset aggregation that generates largely independent cash inflows.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Assets that are subject to amortization </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">or depreciation </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Intangible assets with indefinite useful lives, including goodwill, are subject to at least an annual impairment test.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Or more frequently if events or circumstances indicate that the carrying amount value may be impaired.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">In assessing whether there is any indication that a CGU may 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&#8217;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&#8217;s customers and the evolution of the rig count.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 12pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">An impairment loss is recognized for the amount by which the asset&#8217;s carrying amount exceeds its recoverable amount. The recoverable amount is the higher between the asset&#8217;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:</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-left: 28.35pt; margin-bottom: 0pt; text-indent: -14.15pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(a) first, to reduce the carrying amount of any goodwill allocated to the CGU; and</font></p>
<p style="margin-top: 0pt; margin-left: 28.35pt; margin-bottom: 0pt; text-indent: -14.15pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(b) 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 not to reduce the carrying amount of the asset below the highest of its fair value less cost of disposal, its value in use or <font>zero</font>.</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">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.&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">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.</font><br></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; padding-bottom: 1pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-style: italic;">Tenaris S.A.</font><font style="font-family: 'Times New Roman'; font-style: italic;"> Consolidated Financial S</font><font style="font-family: 'Times New Roman'; font-style: italic;">tatements for </font><font style="font-family: 'Times New Roman'; font-style: italic;">the years ended December 31, 2020, <font style="border-left: none; border-right: none;"><font style="border-left: none; border-right: none;"><font>2019</font></font></font> and <font style="border-left: none; border-right: none;"><font style="border-left: none; border-right: none;"><font>2018</font></font></font></font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt; padding-top: 5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">H</font><font style="width: 28.22pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Impairment of non-financial assets</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> (Cont.)</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Non-financial assets other than goodwill that suffered an impairment are reviewed for possible reversal at each reporting date.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> For more information on impairment charges see note <font>5</font>.</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">I</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="width: 29.61pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Other </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">i</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">nvestments</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">O</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ther investments consist primarily of investments in financial instruments</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> and time deposits with a maturity of more than </font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>three</font> months</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> at the date of purchase</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">.</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Certain non-derivative financ</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ial assets that the Company held not for trading</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> have been categorized as </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">financial assets &#8220;at </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">fair value through other comprehensive income</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8221; (&#8220;FV</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">OCI</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8221;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">)</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">. They are carried at </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">fair value</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> and </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">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 </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">C</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">onsolidated </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">S</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">tatement of </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">C</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">omprehensive </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Income and transferred to the C</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">onsolidated </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">I</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ncome </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">S</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">tatement when the financial asset is sold. Exchange gains and losses and impairments related to the financial assets are immediately recognized in the </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">C</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">onsolidated </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">I</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ncome </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">S</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">tatement. F</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">V</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">OCI</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> instruments with maturities greater than <font>12</font> months after the balance sheet date a</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">re included in</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> non-current assets</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">.</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">O</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ther investments in financial instruments and time deposits are categorized as financial assets &#8220;at fair value through profit or loss&#8221; </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">(&#8220;FVPL&#8221;) </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">because such investments are held for trading and </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">their</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> performance is evaluated on a fair value basis</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">. The results of these investments are recognized in </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Financial Results</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> in the Consolidated Income Statement.</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Purchases and sales of financial investments are recognized as of the</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ir</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">settlement</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> date</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">.</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">The fair values of quoted investments are </font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">generally </font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">based on current bid prices. If the market for a financial investment is not active or the securities are not listed, Tenaris estimates the fair value by using standard valuation techniques</font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">. S</font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">ee Sectio</font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">n III Financial Risk Management</font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">.</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">J</font><font style="width: 31pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Inventories</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">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</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, freights</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> and other direct costs and related production overhead costs, and it excludes borrowing costs. </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">The a</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">llocation of fixed production costs</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, including depreciation and amortization charges,</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> is based on</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> the</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> normal</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> level of production capacity. </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Inventories</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> cost is mainly based on </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">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. </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">G</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">oods in transit </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">as of</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> year-</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">end are valued based on </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">supplier&#8217;s invoice cost.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">T</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">enaris</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> establish</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">es</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> a</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">n allowance for </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">obsolete or </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">slow-moving inventories</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> related to finished goods</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">,</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">goods in proc</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ess, </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">supplies and spare parts</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">For slow moving or obsolete finished product</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">s</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, an allowance is established </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">based on management&#8217;s analysis of product aging</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">. </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">An allowance for</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> obsolete and</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> slow-moving inventory </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">of </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">sup</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">plies and spare parts </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">is </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">established</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> based on management's analysis of such </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">item</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">s to be used</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> as intended </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">and the </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">consideration of </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">potential obsolescence due to technological changes</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">,</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> aging and consumption patterns</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">.</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">K</font><font style="width: 28.22pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Trade </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">and other </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">receivables</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">Trade and other receivables are recognized initially at</font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"> fair value that corresponds to</font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"> the amount of consideration that is unconditional unless they contain significant financing c</font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">omponents. The Company holds</font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"> trade receivables with the objective to collect the contractual cash flows and therefore measu</font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">res them subsequently at amortiz</font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">ed cost using the effective interest method. </font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">Due to the short-term nature, their carrying amount is considered to be the same as their fair value</font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">Tenaris applies the</font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"> IFRS <font>9</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"> &#8220;Financial Instruments&#8221;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">simplified approach to measure</font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"> expected credit losses</font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">,</font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"> 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 </font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"><font>three</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">years</font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"> and the corresponding historical credit losses exp</font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">erienced within this period. The expected loss allowance also</font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"> reflect</font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">s</font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"> current and forward-looking information on macroeconomic factors affecting the ability</font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"> of</font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">each </font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">custo</font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">mer to settle the receivables.</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; padding-bottom: 1pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-style: italic;">Tenaris S.A.</font><font style="font-family: 'Times New Roman'; font-style: italic;"> Consolidated Financial S</font><font style="font-family: 'Times New Roman'; font-style: italic;">tatements for </font><font style="font-family: 'Times New Roman'; font-style: italic;">the years ended December 31, 2020, <font style="border-left: none; border-right: none;"><font style="border-left: none; border-right: none;"><font>2019</font></font></font> and <font style="border-left: none; border-right: none;"><font style="border-left: none; border-right: none;"><font>2018</font></font></font></font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt; padding-top: 5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">L</font><font style="width: 29.33pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Cash and cash equivalents</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">Cash and cash equi</font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">valents are comprised of cash at</font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"> banks, liquidity funds and short-term investments with a maturity of less than <font>three</font> 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 </font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">approximates fair market value.</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">In the Consolidated Statement of Financial Position, bank overdrafts are included in </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; letter-spacing: -0.1pt;">Borrowings</font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"> in current liabilities.</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">For the purposes of the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">Consolidated Statement of C</font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">ash </font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">F</font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">low</font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">s</font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">, </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; letter-spacing: -0.1pt;">C</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; letter-spacing: -0.1pt;">ash and cash equivalents</font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"> includes </font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">overdrafts</font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">.</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">M</font><font style="width: 26.56pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">E</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">quity</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">(<font>1</font>)</font><font style="width: 24.34pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Equity</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"> components</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">C</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">onsolidated </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">S</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">tatement of </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">C</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">hanges in </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">E</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">quity include</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">s</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">:</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
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<li style="margin-left: 9.58pt; text-align: justify; line-height: 12pt; padding-left: 8.42pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Wingdings'; -aw-font-weight: normal; -aw-number-format: '&#61607;';"><font style="font-family: 'Times New Roman';">The value of share capital, legal reserve</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">share premium</font><font style="font-family: 'Times New Roman';"> and other distributable reserve</font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">calculated </font><font style="font-family: 'Times New Roman';">in accordance with Luxembourg l</font><font style="font-family: 'Times New Roman';">aw;</font></li>
<li style="margin-left: 9.58pt; text-align: justify; line-height: 12pt; padding-left: 8.42pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Wingdings'; -aw-font-weight: normal; -aw-number-format: '&#61607;';"><font style="font-family: 'Times New Roman';">The currency translation adjustment</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">other reserves,</font><font style="font-family: 'Times New Roman';"> retained earnings</font><font style="font-family: 'Times New Roman';"> and</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">non-controlling</font><font style="font-family: 'Times New Roman';"> interest</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">calculated in accordance with</font><font style="font-family: 'Times New Roman';"> IFRS.</font></li>
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<p style="margin-top: 0pt; margin-left: 18pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 12pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-left: 36pt; margin-bottom: 0pt; text-indent: -36pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">(<font>2</font>)</font><font style="font: 7pt 'Times New Roman'; -aw-import: spaces;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Share cap</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">it</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">al</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The Company has an authorized share capital of a single class of <font>2.5</font> billion shares having a nominal value of </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">$</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>1.00</font> per share. </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Total ordinary shares issued and outstanding as of </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">December 31, 20</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>20</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, <font>201</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>9</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> and <font>201</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>8</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">are</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>1,180,536,830</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">with a par value of $<font>1.00</font> per share with <font>one</font> vote each.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> All issued shares are fully paid.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 12pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-left: 36pt; margin-bottom: 0pt; text-indent: -36pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">(<font>3</font>)</font><font style="font: 7pt 'Times New Roman'; -aw-import: spaces;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Dividends distribution by the Company to shareholders </font></p>
<p style="margin-top: 0pt; margin-left: 36pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: Arial; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Dividends distributions are recorded in the Company&#8217;s financial statements when Company&#8217;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.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Dividends may be paid by the Company to the extent that it has distributable retained earnings, calculated in accordance with Luxembourg law. S</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ee n</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ote <font>26</font> (iii).</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">N</font><font style="width: 28.78pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Borrowings</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">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.</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">O</font><font style="width: 28.22pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Current and d</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">eferred income tax</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The income tax expense or credit for the period is the tax payable on the current period&#8217;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 </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">other comprehensive income or directly in equity.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">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&#8217;s subsidiaries operate and generate taxable income. </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">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.</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; padding-bottom: 1pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-style: italic;">Tenaris S.A.</font><font style="font-family: 'Times New Roman'; font-style: italic;"> Consolidated Financial S</font><font style="font-family: 'Times New Roman'; font-style: italic;">tatements for </font><font style="font-family: 'Times New Roman'; font-style: italic;">the years ended December 31, 2020, <font style="border-left: none; border-right: none;"><font style="border-left: none; border-right: none;"><font>2019</font></font></font> and <font style="border-left: none; border-right: none;"><font style="border-left: none; border-right: none;"><font>2018</font></font></font></font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt; padding-top: 5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">O</font><font style="width: 28.22pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Current and d</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">eferred income tax (Cont.)</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Deferred income tax is recognized applying the liability method on temporary differences arising between the tax bas</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">e</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">s of assets and liabilities and their carrying amounts in the financial statements. The temporary differences arise </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">mainly </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">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. </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation and considers whether it is probable that a taxation authority will accept an uncertain tax treatment. The Company measures its tax balances either based on the most likely amount or the expected value, depending on which method provides a better prediction of the resolution of the uncertainty.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Deferred tax assets are recognized to the extent</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> that</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> it is probable that future taxable income will be available</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> against which the te</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">mporary differences can be utiliz</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ed.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">At the end of each reporting period, </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Tenaris</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> reassesses </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">unrecognized</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> deferred tax assets. T</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">enaris</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">recognizes</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> a previously </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">unrecognized</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> deferred tax asset to the extent that it has become probable that future taxable </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">income</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> will allow the deferred tax asset to be recovered.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Deferred tax liabilities and assets are not recognized for temporary differences between the carrying amount and t</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ax basi</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">s 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 not reverse in the foreseeable future.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">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.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Deferred tax assets </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">and liabilities are re-measured</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> if tax rates change. These amounts </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">are charged or credited to the Consolidated Income Statement or to the item </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">O</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">ther co</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">mprehensive income for the year</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">in the C</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">onsolidated </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">S</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">tatement of </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Comprehensive I</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ncome, depending on the account to which the original </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">amount was charged or credited.</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">P</font><font style="width: 29.89pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Employee benefits</font></p>
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<p style="margin-top: 0pt; margin-left: 22.5pt; margin-bottom: 0pt; text-indent: -22.5pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">(<font>1</font>)</font><font style="font: 7pt 'Times New Roman'; -aw-import: spaces;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Short-term obligations</font></p>
<p style="margin-top: 0pt; margin-left: 36pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Liabilities for wages and salaries are recognized in respect of employees&#8217; 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.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-left: 22.5pt; margin-bottom: 0pt; text-indent: -22.5pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">(<font>2</font>)</font><font style="font: 7pt 'Times New Roman'; -aw-import: spaces;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Post employment benefits</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">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 <font>one</font> or more factors such as age, years of service and compensation.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">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. </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Remeasurement gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to equity in </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Other comprehensive income</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> in the period in which they arise. Past-service costs are recognized immediately in the Income Statement.</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; padding-bottom: 1pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-style: italic;">Tenaris S.A.</font><font style="font-family: 'Times New Roman'; font-style: italic;"> Consolidated Financial S</font><font style="font-family: 'Times New Roman'; font-style: italic;">tatements for </font><font style="font-family: 'Times New Roman'; font-style: italic;">the years ended December 31, 2020, <font style="border-left: none; border-right: none;"><font style="border-left: none; border-right: none;"><font>2019</font></font></font> and <font style="border-left: none; border-right: none;"><font style="border-left: none; border-right: none;"><font>2018</font></font></font></font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt; padding-top: 5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">P</font><font style="width: 29.89pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Employee benefits (Cont.)</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 12pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-left: 36pt; margin-bottom: 0pt; text-indent: -36pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">(<font>2</font>)</font><font style="font: 7pt 'Times New Roman'; -aw-import: spaces;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Post employment benefits (Cont.)</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">For defined benefit plans, net interest income</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">/</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">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 no 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. </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Tenaris sponsors funded and unfunded defined benefit pension plans in certain subsidiaries. The most significant are: </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
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<li style="margin-left: 9.58pt; text-align: justify; line-height: 12pt; padding-left: 8.27pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Wingdings'; -aw-font-weight: normal; -aw-number-format: '&#61607;';"><font style="font-family: 'Times New Roman';">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</font><font style="font-family: 'Times New Roman';">. </font><font style="font-family: 'Times New Roman';">As of December 31, 20</font><font style="font-family: 'Times New Roman';"><font>20</font></font><font style="font-family: 'Times New Roman';"> the outstanding liabil</font><font style="font-family: 'Times New Roman';">ity for this plan amounts to $<font>36.9</font></font><font style="font-family: 'Times New Roman';"> million.</font></li>
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<p style="margin-top: 0pt; margin-left: 18pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
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<li style="margin-left: 9.58pt; text-align: justify; line-height: 12pt; padding-left: 8.27pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Wingdings'; -aw-font-weight: normal; -aw-number-format: '&#61607;';"><font style="font-family: 'Times New Roman';">Employees&#8217; service rescission indemnity</font><font style="font-family: 'Times New Roman';">:</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">the </font><font style="font-family: 'Times New Roman';">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 ac</font><font style="font-family: 'Times New Roman';">crued for employees at </font><font style="font-family: 'Times New Roman';">Tenaris&#8217;s</font><font style="font-family: 'Times New Roman';"> Italian subsidiary. As from January 1, 2007 as a consequence of a change in an Italian law, employees were entitled to make contributions to external funds, thus, </font><font style="font-family: 'Times New Roman';">Tenaris&#8217;s</font><font style="font-family: 'Times New Roman';"> Italian subsidiary pays every year the required contribution to the funds with no 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 <font>2007</font> onwards.</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">As of December 31, 20</font><font style="font-family: 'Times New Roman';"><font>20</font></font><font style="font-family: 'Times New Roman';"> the outstanding </font><font style="font-family: 'Times New Roman';">liabil</font><font style="font-family: 'Times New Roman';">ity for this plan amounts to $<font>17.3</font></font><font style="font-family: 'Times New Roman';">&nbsp;million.</font></li>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
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<li style="margin-left: 9.58pt; text-align: justify; line-height: 12pt; padding-left: 8.27pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Wingdings'; -aw-font-weight: normal; -aw-number-format: '&#61607;';"><font style="font-family: 'Times New Roman';">Funded retirement benefit plan held in the US for the benefit of some employees hir</font><font style="font-family: 'Times New Roman';">ed prior a certain date,</font><font style="font-family: 'Times New Roman';"> 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</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">funds. Additionally, an unfunded postretirement health and life plan</font><font style="font-family: 'Times New Roman';"> is present</font><font style="font-family: 'Times New Roman';"> that offers limited medical and life insurance benefits to the retirees, </font><font style="font-family: 'Times New Roman';">frozen to new participants</font><font style="font-family: 'Times New Roman';">.</font><font style="font-family: 'Times New Roman';"> A</font><font style="font-family: 'Times New Roman';">s of December 31, 20</font><font style="font-family: 'Times New Roman';"><font>20</font></font><font style="font-family: 'Times New Roman';"> the outstanding</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">liabil</font><font style="font-family: 'Times New Roman';">ity for these</font><font style="font-family: 'Times New Roman';"> plan</font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';"> amounts to<font> $</font><font>13.6</font></font><font style="font-family: 'Times New Roman';"><font>&nbsp;m</font>illion.</font></li>
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<p style="margin-top: 0pt; margin-left: 36pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: Arial; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
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<li style="margin-left: 9.58pt; text-align: justify; line-height: 12pt; padding-left: 8.27pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Wingdings'; -aw-font-weight: normal; -aw-number-format: '&#61607;';"><font style="font-family: 'Times New Roman';">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 June 2016 the salary plan was frozen for the purposes of credited service as well as determination of final average pay. As of December 31, 2020 the outstanding liability for this plan amount<font>s to $</font><font>10.6</font><font> millio</font>n.</font></li>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">During <font>2007</font>, Tenaris launched an</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">employee retention and long term incentive program</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; letter-spacing: -0.1pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">(the &#8220;Program&#8221;) 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 </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Tenaris&#8217;s</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> shareholders&#8217; equity (excluding non-cont</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">rolling interest). </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Also</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">,</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> t</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">he 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. </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Until <font>2017</font> u</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">nits </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">were </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">vest</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ed</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> ratably over</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> a period of <font>four</font> years and were </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">mandatorily</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> redeemed by the Company <font>ten</font> years after grant date, with the option of an early redemption at <font>seven</font> years after</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> the</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> grant date.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Since</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>2018</font> units </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">are </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">vest</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ed</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> ratably over the same period and </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">are</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">mandatorily redeemed by the</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Company <font>seven</font> years after grant date.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> The payment of the benefit is tied to the book value of the shares, and not to their market value.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Tenaris valued this long-term incentive program as a long term benefit plan as classified in IAS <font>19</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">,</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &#8220;Employee Benefits&#8221;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">.</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">As of December 31, 20</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>20</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> and <font>201</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>9</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, the outstanding liability corresponding to the Program amounts to $<font>82.4</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;million and $<font>99.0</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> million, respectively. The total value of the units granted </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">(vested and unvested) </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">to date under the program, considering the number of units and the book value p</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">er share as of December 31, 20</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>20</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> and <font>201</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>9</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, is $<font>108.7</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">million and $<font>119.9</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;million, respectively.</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; padding-bottom: 1pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-style: italic;">Tenaris S.A.</font><font style="font-family: 'Times New Roman'; font-style: italic;"> Consolidated Financial S</font><font style="font-family: 'Times New Roman'; font-style: italic;">tatements for </font><font style="font-family: 'Times New Roman'; font-style: italic;">the years ended December 31, 2020, <font style="border-left: none; border-right: none;"><font style="border-left: none; border-right: none;"><font>2019</font></font></font> and <font style="border-left: none; border-right: none;"><font style="border-left: none; border-right: none;"><font>2018</font></font></font></font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt; padding-top: 5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">P</font><font style="width: 29.89pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Employee benefits (Cont.)</font></p>
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<p style="margin-top: 0pt; margin-left: 22.5pt; margin-bottom: 0pt; text-indent: -22.5pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">(<font>4</font>)</font><font style="font: 7pt 'Times New Roman'; -aw-import: spaces;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Termination benefits</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">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 </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">recognizes</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> termination benefits at the earlier of the following dates: (a) when it can no longer withdraw the offer of those benefits; and (b) when the costs for a restructuring that is within the scope of IAS <font>37</font> 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.</font></p>
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<p style="margin-top: 0pt; margin-left: 18pt; margin-bottom: 0pt; text-indent: -18pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">(<font>5</font>)</font><font style="font: 7pt 'Times New Roman'; -aw-import: spaces;">&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Other compensation obligations</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Employ</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ee entitlements to annual leave, </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">long-service leave</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, sick leave and other bonuses and compensations</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> obligations</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> are accrued as earned.</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Compensation to employees in the event of dismissal is charged to income in the year in which it becomes payable.</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Q</font><font style="width: 28.22pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Provisions </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Tenaris is subject to various claims, lawsuits and other legal proceedings, including customer claims, in which a third party is seeking payment for alleged damages, reimbursement for losses or indemnity. </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Tenaris&#8217;s</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> 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</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, as a result of past events, </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">a potential loss from a claim or proceeding is considered probable and the amount can be </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">reliably</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> estimated, a </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">provision </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">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 </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Tenaris&#8217;s</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> litigation and settlement strategies. These estimates are primarily constructed with the assistance of legal counsel. </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">As the scope of liabilities become better defined, there may be changes in the estimates of future costs </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">which could have a material adverse effect on its results of operations, financial condition and </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">cash flows.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 12pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">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.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">This note should be read in conjunction with </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">n</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ote <font>2</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>6</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">.</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">R</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> </font><font style="width: 26.28pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Trade and other payables </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Trade and other payables are recognized initially at fair value, generally the nominal invoice amount and </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">subsequently measured at amortiz</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ed cost. They are presented as current liabilities unl</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ess payment is not due within <font>twelve</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> months after the reporting period.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Due to the short-term nature </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">t</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">heir carrying amount</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">s</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">are</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> considered to be the same as their fair value.</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">S</font><font style="width: 30.44pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Revenue recognition </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Revenue comprises the fair value of the consideration received or receivable for the sale of goods and</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> rendering of</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> services in the ordinary course of Tenaris&#8217;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.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Revenue is recognized at a point in time or </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">over</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> time from sales when control has been transferred and there is no unfulfilled performance obligation that could affect the acceptance of the product by the customer. </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">The control </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">is</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> transfer</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">red</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">upon</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> delivery.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">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. </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">These conditions are determined and ana</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">lyzed on a contract by contract</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> basis to ensure that all performance obligations are fulfilled</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">. I</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">n particular, Tenaris verifies customer acceptance of the goods, the satisfaction of delivery terms and any other applicable condition.</font><br></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; padding-bottom: 1pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-style: italic;">Tenaris S.A.</font><font style="font-family: 'Times New Roman'; font-style: italic;"> Consolidated Financial S</font><font style="font-family: 'Times New Roman'; font-style: italic;">tatements for </font><font style="font-family: 'Times New Roman'; font-style: italic;">the years ended December 31, 2020, <font style="border-left: none; border-right: none;"><font style="border-left: none; border-right: none;"><font>2019</font></font></font> and <font style="border-left: none; border-right: none;"><font style="border-left: none; border-right: none;"><font>2018</font></font></font></font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt; padding-top: 5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">S</font><font style="width: 30.44pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Revenue recognition (Cont.)</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">For bill and hold transactions</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> 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 </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">does not</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> have the ability to use the product or to direct it to another customer; (d</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">) the usual payment terms apply.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The Company&#8217;s contracts</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> with customers</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> do not 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 right</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">s</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> of return</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">are based o</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">n expected value considering past experience</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> and contract conditions.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: spaces;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">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 not directly observable, they are estimated based on the expected cost plus margin.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">There are no 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. </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Tenaris provides services related to goods sold, which represent a non-material portion of sales revenue and </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">mainly </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">include:</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Pipe Management Services. </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">This comprises mainly preparation of the pipes ready to be run, delivery to the customer, storage services and rig return.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Field Services. </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Comprises</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">field technical support and running assistance.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">These services</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">are</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">rendered in connection to the sales of goods and</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> are</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> 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 no 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.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Revenue from providing services is recognized over time in the accounting period in which the services are rendered</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">. T</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">he following in</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">puts and outputs methods are applied</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> to recognize revenue</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> considering the nature</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> of service</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">:</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Storage services</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, the C</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ompany provides storage services in owned or third-party warehouses, subject to a variable fee</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> to be invoiced. T</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">his fe</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">e is determined based on the time that the customer maintains the material in the warehouse and th</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">e 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).</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Freights</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">, </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">the Company</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">recognized the revenue on a pro rata bases considering the </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">units delivered and time</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> elapsed.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Field services</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, the revenue i</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">s recognized considering output</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> method</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">s</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, in particular surveys of service comple</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">tion provided by the customer.</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The Company does not 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 <font>one</font> year. As a consequence,</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> considering that the contracts do not include any significant financing component,</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> the Company does not adjust any of the transaction pric</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">es for the time value of money. For this reason, the Company is also applying the practical expedient not to disclose details on transaction prices allocated to the remaining performance obligations as of the end of the reporting period.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Tenaris only provides standard quality warranties assuring that the goods sold will function as expected or are fit for their intended purpose, with no incremental service to the customer. Accordingly, warranties do not constitute a separate performance obligation.</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Other revenues earned by Tenaris are recognized on the following basis:</font></p>
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<li style="margin-left: 9.58pt; text-align: justify; line-height: 12pt; padding-left: 8.42pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Wingdings'; -aw-font-weight: normal; -aw-number-format: '&#61607;';"><font style="font-family: 'Times New Roman';">Interest income: on the effective yield basis. </font></li>
<li style="margin-left: 9.58pt; text-align: justify; line-height: 12pt; padding-left: 8.42pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Wingdings'; -aw-font-weight: normal; -aw-number-format: '&#61607;';"><font style="font-family: 'Times New Roman';">Dividend income from investments in other companies: when Tenaris&#8217;s right to receive payment is established.</font></li>
<li style="margin-left: 9.58pt; text-align: justify; line-height: 12pt; padding-left: 8.42pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Wingdings'; -aw-font-weight: normal; -aw-number-format: '&#61607;';"><font style="font-family: 'Times New Roman';">Construction contracts </font><font style="font-family: 'Times New Roman';">revenues is recognized in accordance with the stage of the project completion.</font></li>
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<p style="margin-top: 0pt; margin-bottom: 0pt; padding-bottom: 1pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-style: italic;">Tenaris S.A.</font><font style="font-family: 'Times New Roman'; font-style: italic;"> Consolidated Financial S</font><font style="font-family: 'Times New Roman'; font-style: italic;">tatements for </font><font style="font-family: 'Times New Roman'; font-style: italic;">the years ended December 31, 2020, <font style="border-left: none; border-right: none;"><font style="border-left: none; border-right: none;"><font>2019</font></font></font> and <font style="border-left: none; border-right: none;"><font style="border-left: none; border-right: none;"><font>2018</font></font></font></font></p>
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<h4 style="margin-top: 0pt; margin-bottom: 0pt; page-break-after: avoid; line-height: 12pt; padding-top: 5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">T</font><font style="width: 29.33pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Cost of sales and </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">other selling expenses</font></h4>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Cost of sales and </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">other selling</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">expenses are recognized in the</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Consolidated I</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ncome </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">S</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">tatement on the accrual basis of accounting.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Commissions, freight</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">s</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">and other selling expenses</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, including shipping and handling costs, </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">are </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">recorded</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">in</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">S</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">elling, general and administrative expense</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">s</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">in the </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Consolidated I</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ncome </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">S</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">tatement</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">.</font></p>
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<h4 style="margin-top: 0pt; margin-bottom: 0pt; page-break-after: avoid; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></h4>
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<h4 style="margin-top: 0pt; margin-bottom: 0pt; page-break-after: avoid; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">U</font><font style="width: 28.78pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Earnings per share</font></h4>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Earnings per share are calculated by dividing the income attributable to </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">owners</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">of the </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">parent</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">by the daily weighted average number of </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">common</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> shares </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">outstanding</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> during the </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">year</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">There are no dilutive potential ordinary shares.</font></p>
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<h4 style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; page-break-after: avoid; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">V</font><font style="width: 28.78pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">F</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">inancial instruments</font><font style="font-family: 'Times New Roman Bold'; font-size: 10pt;"> </font></h4>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Non derivative financial instruments comprise investments in financial debt instruments and equity, time deposits, trade and other receivables, cash and cash equivalents, borrowing</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">s and trade and other payables.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The Company classifies its financial instruments according to the following measurement categories:&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
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<li style="margin-left: 9.6pt; text-align: justify; line-height: 12pt; padding-left: 4.6pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman';">those to be measured subsequently at fair value (either through OCI or through profit or loss), and</font></li>
<li style="margin-left: 9.6pt; text-align: justify; line-height: 12pt; padding-left: 4.6pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman';">those to be measured at amortised cost</font><font style="font-family: 'Times New Roman';">.</font></li>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The classification depends on the Company&#8217;s business model for managing the financial assets and contractual terms of the cash flows.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">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.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">At initial recognition, the Company measures a financial asset at its fair value plus, in the case of a financial asset not 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.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Subsequent measurement of debt instruments depends on the Company&#8217;s business model for managing the asset and the cash flow characteristics of the asset. There are <font>three</font> measurement categories into which the Company classifies its debt instruments:</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">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.</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Exchange gains and losses and impairments related to the financial assets are immediately recognized in the Consolidated Income S</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">tatement.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Fair value through oth</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">er comprehensive income</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">: Assets that are held for collection of contractual cash flows and for selling the financial assets, where the assets&#8217; 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.</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Fai</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">r value through profit and loss</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">: Assets that do not 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.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">For equity instruments, these are subsequently measured at fair value.&nbsp;</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Accounting for derivative financial instruments and hedging activities is included within the Section III, Financial Risk Management.</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; padding-bottom: 1pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-style: italic;">Tenaris S.A.</font><font style="font-family: 'Times New Roman'; font-style: italic;"> Consolidated Financial S</font><font style="font-family: 'Times New Roman'; font-style: italic;">tatements for </font><font style="font-family: 'Times New Roman'; font-style: italic;">the years ended December 31, 2020, <font style="border-left: none; border-right: none;"><font>2019</font></font> and <font style="border-left: none; border-right: none;"><font>2018</font></font></font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt; padding-top: 5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; text-transform: uppercase;">iii</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; text-transform: uppercase;">.</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; text-transform: uppercase;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; text-transform: uppercase;">Financial risk management</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; text-transform: uppercase;"> </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The multinational nature of </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Tenaris&#8217;s</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> operations and customer base expose</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">s</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> the </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">C</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ompany </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">to </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">a variety of risks,</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> mainly related to market risks (</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">including the effects of changes in foreign currency exchange rates and interest rates</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">)</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, credit risk</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> and capital</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> market</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> risk</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">. </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">In order to </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">manage the volatility related to these exposures, management evaluates </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">exposures</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> on a consolidated basis</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">,</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> tak</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ing</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> advantage of exposure netting. </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">T</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">he Company or its subsidiaries may </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">then </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">enter into various derivative transactions </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">in order</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> to </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">prevent</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> potential adverse impacts on </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Tenaris&#8217;s</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">financial </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">performance</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">. Such derivative transactions are executed in accordance with internal policies and hedging practices.</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">A. Financial Risk Factors</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">(i) </font><font style="width: 24.06pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Capital Risk Management</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Tenar</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">is seeks to maintain a low</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> debt</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> to total </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">equity ratio considering the industry and the mark</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ets where it operates. The year-</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">end </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ratio of </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">debt </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">to total </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">equity </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">(where </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8220;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">debt</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8221;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> comprises financial borrowings and </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8220;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">total </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">equity</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8221;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> is the sum of financial borrowings and equity) </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">is <font>0.05</font>&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">as of December</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> 31</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, </font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>20</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>20</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">and <font style="border-left: none; border-right: none;"><font>0.06</font></font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">as of December 31, 20</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>1</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>9</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">. The Company does not have to comply with regulatory capital adequacy requirements</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; font-style: italic; text-transform: uppercase; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; -aw-import: spaces;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">(ii)</font><font style="width: 21.28pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Foreign exchange risk </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">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&#8217;s functional currency is the U.S. dollar the purpose of Tenaris&#8217;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</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Tenaris&#8217;s exposure to currency fluctuations is reviewed on a periodic </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">and </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">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 fo</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">rward exchange rates contracts. S</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ee </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">n</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ote <font>2</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>5</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Tenaris does not</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">enter into derivative financial instruments for trading or other speculative purposes, other than non-material investments in structured products</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">In the case of</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> subsidiaries </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">with</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> functional currencies other than the U.S. </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">dollar</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, the results of hedging activities</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">,</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> reported in accordance with IFRS</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">,</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> may not</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">reflect</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> entirely</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> the</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> management&#8217;s assessment of its foreign exchange risk hedging program. </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">I</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ntercompany balances between </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Tenaris&#8217;s</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> subsidiaries may generate financial gains (losses) to the extent that functional currencies differ.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The value</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> of </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Tenaris&#8217;s</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> financial assets and liabilities </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">is</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> s</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ubject to changes arising from</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> the variation of </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">foreign currency</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> exchange rates. The following table </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">provides</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> a breakdown of </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Tenaris&#8217;s</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">main financial assets and liabilities </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">(including foreign exchange derivative contracts) </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">which impact the Company&#8217;s profit and loss </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">as of December 31, 20</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>20</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> and <font>201</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>9</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
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<table style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px; height: 78px;" width="100%" cellspacing="0" cellpadding="0">

<tr style="height: 17px;">
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> All amounts Long / (Short) in thousands of U.S. dollars </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;" colspan="6">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> As of December 31, </font></p>
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<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Currency Exposure / Functional currency </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> <font>2020</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> <font>2019</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 10px; width: 70%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Argentine Peso / U.S. dollar </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 10px; width: 1%; background-color: #cceeff;"><br></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 10px; width: 1%; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 10px; width: 12%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>39,561</font> </font></p>
</td>
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; width: 1%; background-color: #cceeff;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 10px; width: 1%; background-color: #cceeff;"><br></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 10px; width: 1%; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 10px; width: 12%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>95,811</font> </font></p>
</td>
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; width: 1%; background-color: #cceeff;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 17px;">
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Euro / U.S. dollar </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>291,362</font> </font></p>
</td>
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>103,518</font> </font></p>
</td>
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Saudi Arabian Riyal / U.S. dollar </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>125,789</font> </font></p>
</td>
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>107,582</font> </font></p>
</td>
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><font style="font-size: 10pt;">)</font></td>
</tr>

</table>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><br></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The main relevant exposures correspond to:</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 9pt; -aw-import: ignore;">&nbsp;</font></p>
<ul style="margin: 0pt; padding-left: 0pt; margin-left: 2.58pt;" type="square">
<li style="margin-left: 9.58pt; text-align: justify; line-height: 12pt; padding-left: 8.42pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Wingdings'; -aw-font-weight: normal; -aw-number-format: '&#61607;';"><font style="font-family: 'Times New Roman';">Argentine Peso / U.S. dollar</font></li>
</ul>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-left: 14.2pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">As of December 31, 20</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>20</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> and <font>201</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>9</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> 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 <font>1</font>% in the ARS/USD exchange rate would have generated a pre-tax gain / loss of $<font>0.4</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> million and $<font>1.0</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;million as of December 31, 20</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>20</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> and <font>201</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>9</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> respectively.</font></p>
<div>
<div>
<p style="margin-top: 0pt; margin-left: 14.2pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><br></font></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno">F-22</font></td>
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<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; padding-bottom: 1pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-style: italic;">Tenaris S.A.</font><font style="font-family: 'Times New Roman'; font-style: italic;"> Consolidated Financial S</font><font style="font-family: 'Times New Roman'; font-style: italic;">tatements for </font><font style="font-family: 'Times New Roman'; font-style: italic;">the years ended December 31, 2020, <font style="border-left: none; border-right: none;"><font>2019</font></font> and <font style="border-left: none; border-right: none;"><font>2018</font></font></font></p>
</div>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt; padding-top: 5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">A. Financial Risk Factors (Cont.)</font></p>
</div>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">(ii)</font><font style="width: 23.78pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Foreign exchange risk (Cont.)</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; -aw-import: ignore;">&nbsp;</font></p>
<ul style="margin: 0pt; padding-left: 0pt; margin-left: 2.58pt;" type="square">
<li style="margin-left: 9.58pt; text-align: justify; line-height: 12pt; padding-left: 8.42pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Wingdings'; -aw-font-weight: normal; -aw-number-format: '&#61607;';"><font style="font-family: 'Times New Roman';">Euro / U.S. dollar</font></li>
</ul>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-left: 18pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">As of December 31, 20</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>20</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> and <font>201</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>9</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, consisting primarily of Euro-denominated intercompany liabilities at certain subsidiaries whose functional currency is the U.S. dollar. A change of <font>1</font>% in the EUR/USD exchange rate would have generated a pre-tax gain / loss of $</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>2.9</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> million and $<font>1.0</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;million as of December 31, 20</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>20</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> and <font>201</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>9</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, respectively, which would have been to a large extent offset by changes in currency translation adjustment included in Tenaris&#8217;s net equity position.&nbsp;</font></p>
<p style="margin-top: 0pt; margin-left: 18pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<ul style="margin: 0pt; padding-left: 0pt; margin-left: 2.58pt;" type="square">
<li style="margin-left: 9.58pt; text-align: justify; line-height: 12pt; padding-left: 8.42pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Wingdings'; -aw-font-weight: normal; -aw-number-format: '&#61607;';"><font style="font-family: 'Times New Roman';">Saudi Arabian Riyal / U. S. d</font><font style="font-family: 'Times New Roman';">ollar</font></li>
</ul>
<p style="margin-top: 0pt; margin-left: 18pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: Arial; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-left: 18pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">As of December 31, 20</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>20</font> and <font>2019</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> consisting primarily of </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Saudi Arabian Riyal-denominated financial and trade payables</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">. The Saudi Arabian Riyal is tied to the dollar.</font></p>
<p style="margin-top: 0pt; margin-left: 18pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: Arial; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Considering the balances held as of December 31, 20</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>20</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> on financial assets and liabilities exposed to foreign exchange rate fluctuations, Tenaris estimates that the impact of a simultaneous <font>1</font>% appreciation / depreciation movement in the levels of foreign currencies exchange rates relative to the U.S. dollar, woul</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">d be a pre-tax gain / loss of $</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>5.1</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">million (including a loss / gain of<font> $</font></font><font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>1.0</font></font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> million due to </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">foreign exchange derivative contracts), </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">which would be partially offset by changes to Tenaris&#8217;s net equity position of $</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>2.3</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> million</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> For balances held as of December 31, 201</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>9</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, a simultaneous <font>1</font>% favorable / unfavorable movement in the foreign currencies exchange rates relative to the U.S. dollar, would have generated a pre-tax gain / loss of $</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>4.6</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;million (including a loss / gain <font>of $</font></font><font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>4.9</font></font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> m</font>illion due to </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">foreign exchange derivative contracts), </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">which would have been partially offset by changes to Tenaris&#8217;s net equity position of $</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>0.6</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> million.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The Company entered into foreign exchange derivative contracts to mitigate the exposure to fluctuations in exchange rates.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 9pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">(iii)</font><font style="width: 21pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Interest rate risk</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Tenaris is subject to interest rate risk</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> on</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> its investment portfolio</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> and its debt</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">. </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">The Company uses a mix of variable and fixed rate debt in combination with its investment portfolio strategy. </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">T</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">he Company may choose to enter into </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">foreign exchange derivative contracts and / or </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">interest rate swaps to mitigate the exposure to changes in the interest rates. </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The following </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">table </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">summarizes</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">the proportions of variable-rate and fixed-rate debt as of each year end</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<div>
<table style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px; height: 95px;" width="100%" cellspacing="0" cellpadding="0">

<tr style="height: 17px;">
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; height: 17px; width: 41.1243%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; height: 17px; width: 1.47929%;"><br></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; height: 17px; width: 1.47929%;"><br></td>
<td colspan="10" style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; height: 17px; width: 55.9527%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> As of December 31, </font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; height: 17px; width: 41.1243%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; height: 17px; width: 1.47929%;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; height: 17px; width: 1.47929%;"><br></td>
<td colspan="4" style="border-bottom: 0.75pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; height: 17px; width: 26.497%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> <font>2020</font> </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; height: 17px; width: 1.47929%;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; height: 17px; width: 1.47929%;"><br></td>
<td colspan="4" style="border-bottom: 0.75pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; height: 17px; width: 26.497%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> <font>2019</font> </font></p>
</td>
</tr>
<tr style="height: 10px;">
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: middle; height: 10px; width: 41.1243%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: middle; height: 10px; width: 1.47929%;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; height: 10px; width: 13.4793%;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> Amount in thousands of U.S. dollars </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; height: 10px; width: 1.47929%;"><br></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; height: 10px; width: 1.47929%;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 10px; width: 11.5385%;" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> % </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; height: 10px; width: 1.47929%;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; height: 10px; width: 13.4793%;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> Amount in thousands of U.S. dollars </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; height: 10px; width: 1.47929%;"><br></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; height: 10px; width: 1.47929%;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 10px; width: 11.5385%;" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> % </font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; width: 41.1243%; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Fixed rate (*) </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; width: 1.47929%; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; width: 1.47929%; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; width: 12%; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>237,320</font> </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; width: 1.47929%; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; width: 1.47929%; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 4px; vertical-align: top; width: 11.5385%; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>38</font>% </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; width: 1.47929%; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; width: 1.47929%; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; width: 12%; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>768,002</font> </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; width: 1.47929%; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; width: 1.47929%; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 4px; vertical-align: top; width: 11.5385%; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>93</font>% </font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; height: 17px; width: 41.1243%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Variable rate </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; height: 17px; width: 1.47929%;"><br></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; width: 1.47929%;"><br></td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px; width: 12%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>381,687</font> </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; width: 1.47929%;"><br></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; width: 1.47929%;"><br></td>
<td style="padding: 0px 0px 0px 4px; vertical-align: top; height: 17px; width: 11.5385%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>62</font>% </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; width: 1.47929%;"><br></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; width: 1.47929%;"><br></td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px; width: 12%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>54,150</font> </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; width: 1.47929%;"><br></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; width: 1.47929%;"><br></td>
<td style="padding: 0px 0px 0px 4px; vertical-align: top; height: 17px; width: 11.5385%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>7</font>% </font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 41.1243%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> Total </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.47929%;"><br></td>
<td style="border-top: 0.75pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.47929%;"><br></td>
<td style="border-top: 0.75pt solid #000000; padding: 0px 0px 0px 4px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 12%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> <font>619,007</font> </font></font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.47929%;"><br></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.47929%;"><br></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 11.5385%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> &nbsp; </font></font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.47929%;"><br></td>
<td style="border-top: 0.75pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.47929%;"><br></td>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> <font>822,152</font> </font></font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> &nbsp; </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: spaces;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">(*) </font><font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Out of the $</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>23</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>7</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> m</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">illion fixed rate </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">borrowings,</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> $</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>197</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> m</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">illion are short-term.</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The Company estimates that</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">,</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> if</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> market</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> interest rates</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> applicable to </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Tenaris&#8217;s</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> borrowings</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">had</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> been <font>100</font> basis points higher</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">,</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">then the additional </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">pre-tax </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">loss</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> would have been </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">$</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>7.1</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; color: #ff0000;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">million </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">in <font>20</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>20</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> and</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> $</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>7.7</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> million </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">in <font>201</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>9</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">(iv)</font><font style="width: 22.12pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Credit risk</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">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.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">There is no significant concentration of credit risk from customers. No single customer comprised more than <font>10</font>% of Tenaris&#8217;s net sales in <font>20</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>20</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, <font>201</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>9</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> and <font>201</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>8</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">.</font></p>
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<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; padding-bottom: 1pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-style: italic;">Tenaris S.A.</font><font style="font-family: 'Times New Roman'; font-style: italic;"> Consolidated Financial S</font><font style="font-family: 'Times New Roman'; font-style: italic;">tatements for </font><font style="font-family: 'Times New Roman'; font-style: italic;">the years ended December 31, 2020, <font style="border-left: none; border-right: none;"><font>2019</font></font> and <font style="border-left: none; border-right: none;"><font>2018</font></font></font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt; padding-top: 5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">A. Financial Risk Factors (Cont.)</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">(iv)</font><font style="width: 22.12pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Credit risk (Cont.)</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Tenaris&#8217;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 </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">whenever deemed necessary. Tenaris maintains allowances for impairment for potential credit losses.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> See Section II.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">K</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">As of December 31, 2020</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> and <font>201</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>9</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> trade receivables amount</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ed</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> to<font> $</font></font><font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>968.1</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;" class="selected"> million and $<font>1,348.2</font></font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> million respectively. Trade receivables have guarantees under credit insurance of $</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>134.9</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> million and $<font>178.7</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;million, letter of credit and other bank guarantees of $</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>47.8</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> million and $</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>55.2</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> million, and other guarantees of $</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>8.8</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> million and $</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>0.6</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> million as of December 31, 20</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>20</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> and <font>201</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>9</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> respectively.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">As of December 31, 20</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>20</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> and <font>201</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>9</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">,</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">overdue</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> trade receivables amounted to $</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>195.9</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> million and $</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>242.7</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> million, respectively. As of December 31, 20</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>20</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> and <font>201</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>9</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">overdue </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">guaranteed trade receivables amounted to </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">$</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>20.7</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">million and $</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>28.7</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> million</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">; and the allowance for doubtful accounts amounted to</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">$</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>53.7</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> million and $</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>48.8</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> million</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> respectively.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Both the allowance for doubtful accounts and the existing guarantees are sufficient to cover doubtful trade receivables. </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">(v) </font><font style="width: 22.4pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Counterparty risk</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">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.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Approximately </font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>88</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">% of Tenaris&#8217;s liquid financial assets correspond</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ed</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> to Investment Grade-rated instruments as of December 31, 20</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>20</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, in comparison with approximately </font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>96</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">% as of December 31, 201</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>9</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">(</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">v</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">i</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">)</font><font style="width: 22.12pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Liquidity risk</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; -aw-import: spaces;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Tenaris financing strategy </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">a</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">i</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">m</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">s to maintain adequate financial resources and access to additional liquidity. During <font>20</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>20</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, Tenaris has counted on cash flows from operations as well as additional bank financing to fund its transactions. </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Management maintains sufficient cash and marketable securities to finance normal operations and believes that Tenaris also has </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">appropriate </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">access to market for short-term working capital needs. </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Liquid financial assets as a whole (comprising cash and cash equivalents and other investments) were </font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>12</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">%</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> of</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> total asset</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">s at the end of <font>20</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>20</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">and</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>201</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>9</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Tenaris has a conservative approach to the management of its liquidity, which consists of i)</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">cash and cash equivalents (cash in banks, liquidity funds and investments</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">with a</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">maturity of less than <font>three</font> months</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">at the date of purchase), and ii) </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">o</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ther </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">i</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">nvestments (fixed income securities, time d</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">eposits, and fund investments).</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Tenaris holds primarily investments in money market funds and variable or fixed-rate securities from investment grade issuers. As of December 31, 20</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>20</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> and <font>201</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>9</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, Tenaris does not have direct exposure to financial instruments issued by European sovereign counterparties</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Tenaris holds its investments primarily in U.S. dollars. As of December 31, 2020 and <font>2019</font>, U.S. dollar denominated liquid assets plus investments denominated in other currencies hedged to the U.S. dollar represented approximate<font>ly </font><font>95</font><font>%</font> of total liquid financial assets.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">(vii)</font><font style="width: 19.34pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Commodity price risk</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">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 not in excess of <font>one</font> year, in general Tenaris does not hedge this risk. </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; padding-bottom: 1pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-style: italic;">Tenaris S.A.</font><font style="font-family: 'Times New Roman'; font-style: italic;"> Consolidated Financial S</font><font style="font-family: 'Times New Roman'; font-style: italic;">tatements for </font><font style="font-family: 'Times New Roman'; font-style: italic;">the years ended December 31, 2020, <font style="border-left: none; border-right: none;"><font>2019</font></font> and <font style="border-left: none; border-right: none;"><font>2018</font></font></font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt; padding-top: 5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">B. Category of financial instruments and classification w</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">ithin th</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">e fair value h</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">ierarchy</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">As mentioned in note II.A, the Company classifies its financial instruments in the following measurement categories: amortized cost, fair value through othe</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">r comprehensive income</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> and fair </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">value through profit and loss</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">For financial instruments that are measured in the statement of financial position at fair value, IFRS <font>13</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">,</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8220;Fair value measurement&#8221; </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">requires a disclosure of fair value measurements by level according to the following fair value measurement hierarchy:</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Level <font>1</font> - Quoted prices (unadjusted) in active markets for identical assets or liabilities.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Level <font>2</font> - Inputs other than quoted prices included within Level <font>1</font> that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices).</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Level <font>3</font> - Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs).</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The following tables present the financial instruments by category and levels as of December 31, 20</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>20</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> and <font>201</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>9</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(all amounts in thousands of U.S. dollars)</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"><font><font class="selected">Ca<font>rrying Amount</font></font><br></font></font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Measurement Categories </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> At Fair Value </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> December 31, 2020 </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Amortized Cost </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> FVOCI </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> FVPL </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Level <font>1</font></font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Level <font>2</font></font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Level <font>3</font></font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Assets </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
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<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
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<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> Cash and cash equivalents </font></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 10px; background-color: #cceeff; width: 1%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 6%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> <font>584,681</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 6%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> <font>486,498</font> </font></p>
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<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 6%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
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<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 6%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> <font>98,183</font> </font></p>
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<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 6%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> <font>98,183</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 6%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 6%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1%;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> Other investments </font></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> <font>872,488</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> <font>763,697</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> <font>108,791</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> <font>108,791</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"> Fixed income (time-deposit, <font>zero</font> coupon bonds, commercial papers) </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: top; height: 10px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"><font>763,697</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"><font>763,697</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-left: 7.1pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> U.S. Sovereign Bills </font></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"> <font>97,982</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>97,982</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px; vertical-align: top; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 7.1pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Non - U.S. Sovereign Bills </font></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"> <font>14,586</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>14,586</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-left: 7.1pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Certificates of deposits </font></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"> <font>222,132</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>222,132</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 7.1pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Commercial papers </font></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"> <font>268,737</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>268,737</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-left: 7.1pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Other notes </font></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"> <font>160,260</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>160,260</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: top; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"> Bonds and other fixed income </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: top; height: 10px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"> <font>108,791</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"> <font>108,791</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"> <font>108,791</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px; vertical-align: top; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 7.1pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Non - U.S. government securities </font></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 10px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"> <font>20,219</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>20,219</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>20,219</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;- </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 7.1pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Corporates securities </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: top; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"> <font>88,572</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>88,572</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>88,572</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><br></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px; vertical-align: top; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> Derivative financial instruments </font></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 10px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> <font>11,449</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> <font>11,449</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> &nbsp;<font>-</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> <font>11,449</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> &nbsp;<font>-</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px; vertical-align: top; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> Other Investments Non-current </font></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> <font>247,082</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> <font>239,422</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> <font>7,660</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> <font>239,422</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> <font>7,660</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px; vertical-align: top; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 7.1pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Bonds and other fixed income </font></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 10px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"> <font>239,422</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>239,422</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>239,422</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 7.1pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Other investments </font></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"> <font>7,660</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>7,660</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>7,660</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> Trade receivables </font></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> <font>968,148</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> <font>968,148</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px; vertical-align: top; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> Receivables C and NC (*) </font></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> <font>232,152</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> <font>90,330</font>&nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> <font>48,659</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><br></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> <font>48,659</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 7.1pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Other receivables </font></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"> <font>138,989</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>90,330</font>&nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>48,659</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>48,659</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px; vertical-align: top; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 7.1pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Other receivables (non-financial) </font></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"> <font>93,163</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"> &nbsp;- </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Total </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: top; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>2,308,673</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>396,872</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>117,292</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>446,396</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>11,449</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>56,319</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Liabilities </font></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> Borrowings C and NC </font></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> <font>619,007</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> <font>619,007</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> Trade payables </font></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> <font>462,105</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> <font>462,105</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px; vertical-align: top; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> Finance Lease Liabilities C and NC </font></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 10px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> <font>257,343</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> <font>257,343</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px; vertical-align: top; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> Derivative financial instruments </font></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> <font>3,217</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> <font>3,217</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> <font>3,217</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Total </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: top; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>1,338,455</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp;<font>-</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>3,217</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>3,217</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
</tr>

</table>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';"> </font><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">(*) Includes </font><font style="font-family: 'Times New Roman';">balances</font><font style="font-family: 'Times New Roman';"> related to</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">interest in our </font><font style="font-family: 'Times New Roman';">Venezuelan</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">companies</font><font style="font-family: 'Times New Roman';">. S</font><font style="font-family: 'Times New Roman';">ee </font><font style="font-family: 'Times New Roman';">n</font><font style="font-family: 'Times New Roman';">ote <font>3</font></font><font style="font-family: 'Times New Roman';"><font>8</font></font><font style="font-family: 'Times New Roman';">.</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><br></p>
<div>
<div>
<div>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno">F-25</font></td>
</tr>

</table>
</div>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<div style="-aw-different-first-page: true; -aw-headerfooter-type: header-primary; clear: both;">
<div style="border-bottom: 0.75pt solid #000000; clear: both;">
<p style="margin-top: 0pt; margin-bottom: 0pt; padding-bottom: 1pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-style: italic;">Tenaris S.A.</font><font style="font-family: 'Times New Roman'; font-style: italic;"> Consolidated Financial S</font><font style="font-family: 'Times New Roman'; font-style: italic;">tatements for </font><font style="font-family: 'Times New Roman'; font-style: italic;">the years ended December 31, 2020, <font style="border-left: none; border-right: none;"><font>2019</font></font> and <font style="border-left: none; border-right: none;"><font>2018</font></font></font></p>
</div>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; padding-top: 5pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">B. Category of financial instruments and classification within the fair value hierarchy (Cont.)</font></p>
</div>
</div>
<p style="margin-top: 10pt; margin-bottom: 10pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(all amounts in thousands of U.S. dollars)</font></p>
<div>
<table style="height: 462px; margin-left: 0.1px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%" cellspacing="0" cellpadding="0">

<tr style="height: 17px;">
<td style="padding: 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; background-color: #ffffff; vertical-align: bottom; height: 27px;" rowspan="2" colspan="2" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"><font> Carrying amount</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; background-color: #ffffff; vertical-align: bottom; height: 27px;" rowspan="2" valign="bottom"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; background-color: #ffffff; vertical-align: bottom; height: 27px;" rowspan="2" valign="bottom"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; background-color: #ffffff; vertical-align: bottom; height: 17px; border-top: 1pt solid #000000;" colspan="10" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Measurement Categories </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;" valign="bottom"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;" valign="bottom"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;" colspan="10" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> At Fair Value </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;" valign="bottom"><br></td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px; background-color: #ffffff; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> December 31, 2019 </font></p>
</td>
<td style="padding: 0px; vertical-align: top; background-color: #ffffff; height: 10px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; background-color: #ffffff; vertical-align: bottom; height: 10px;" colspan="2" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Amortized Cost </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;" valign="bottom"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;" valign="bottom"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;" colspan="2" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> FVOCI </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;" valign="bottom"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;" valign="bottom"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;" colspan="2" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> FVPL </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;" valign="bottom"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;" valign="bottom"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;" colspan="2" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Level <font>1</font></font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;" valign="bottom"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;" valign="bottom"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;" colspan="2" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Level <font>2</font></font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;" valign="bottom"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;" valign="bottom"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;" colspan="2" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Level <font>3</font></font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;" valign="bottom"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px; vertical-align: top; background-color: #ffffff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Assets </font></p>
</td>
<td style="padding: 0px; vertical-align: top; background-color: #ffffff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px; vertical-align: top; height: 17px; background-color: #cceeff; width: 37%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> Cash and cash equivalents </font></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 17px; background-color: #cceeff; width: 1%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 6%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> <font>1,554,299</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 6%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> <font>387,602</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 6%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 6%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> <font>1,166,697</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 6%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> <font>1,166,697</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 6%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 6%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> Other investments </font></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> <font>210,376</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> <font>65,874</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> <font>144,502</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> <font>134,990</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> <font>9,512</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> &nbsp;- </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: top; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"> Fixed income (time-deposit, <font>zero</font> coupon bonds, commercial papers) </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: top; height: 10px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"> <font>65,874</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"> <font>65,874</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 8.55pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Certificates of deposits </font></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"> <font>20,637</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>20,637</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 8.55pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Commercial papers </font></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"> <font>4,993</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>4,993</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> -&nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 8.55pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Other notes </font></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"> <font>40,244</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>40,244</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> -&nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"> Bonds and other fixed income </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: top; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"> <font>144,502</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"> <font>144,502</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"> <font>134,990</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"> <font>9,512</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 8.55pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> U.S. government securities </font></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"> <font>10,211</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>10,211</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>10,211</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 8.55pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Non - U.S. government securities </font></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"> <font>28,637</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>28,637</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>19,125</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>9,512</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 8.55pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Corporates securities </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: top; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"> <font>105,654</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>105,654</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>105,654</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> Derivative financial instruments </font></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> <font>19,929</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> <font>19,929</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> &nbsp;-&nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> <font>19,929</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> Other Investments Non-current </font></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> <font>24,934</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> <font>18,012</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> <font>6,922</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> <font>18,012</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> <font>6,922</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 8.55pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Bonds and other fixed income </font></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"> <font>18,012</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>18,012</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>18,012</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 8.55pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Other investments </font></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"> <font>6,922</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>6,922</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>6,922</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> Trade receivables </font></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> <font>1,348,160</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> <font>1,348,160</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> Receivables C and NC (*) </font></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> <font>261,678</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> <font>93,239</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> <font>48,659</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> <font>48,659</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 8.55pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Other receivables </font></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"> <font>141,898</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>93,239</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>48,659</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>48,659</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 8.55pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Other receivables (non-financial) </font></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"> <font>119,780</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Total </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: top; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>1,894,875</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>211,173</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>1,193,548</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>1,319,699</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>29,441</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>55,581</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Liabilities </font></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> Borrowings C and NC </font></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> <font>822,152</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> <font>822,152</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> Trade payables </font></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> <font>555,887</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> <font>555,887</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> &nbsp;<font>-</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> Finance Lease Liabilities C and NC </font></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> <font>230,167</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> <font>230,167</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> <font>-</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> Derivative financial instruments </font></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> <font>1,814</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> <font>-</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> <font>1,814</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> <font>1,814</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Total </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: top; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>1,608,206</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>1,814</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp;- </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>1,814</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
</tr>

</table>
</div>
<p style="margin-top: 10pt; margin-bottom: 10pt; line-height: 12pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">(*) Includes balances related to interest in our Venezuelan companies</font><font style="font-family: 'Times New Roman';">. S</font><font style="font-family: 'Times New Roman';">ee n</font><font style="font-family: 'Times New Roman';">ote <font>3</font></font><font style="font-family: 'Times New Roman';"><font>8</font></font><font style="font-family: 'Times New Roman';">.</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 10pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">T</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">here were no transfers between l</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">evel</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">s</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> during the </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">year</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">.</font></p>
<p style="margin-top: 0pt; margin-bottom: 10pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The fair value of financial instruments traded in active markets is based on quoted market prices at the </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">reporting</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> 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&#8217;s length basis. The quoted market price used for financial assets held by </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Tenaris</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> is the current bid price. These instruments are included in </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">L</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">evel </font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>1</font> and comprise primar</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">il</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">y corporate and sovereign debt securities.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font></p>
<p style="margin-top: 0pt; margin-bottom: 10pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The fair value of financial instruments that are not traded in an active market (such as certain debt securities, certificates of deposits with original maturity of more than </font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>three</font> months</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">f</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">orward and </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">i</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">nterest </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">r</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ate derivative in</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">s</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">truments) is determined by using valuation techniques</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> which</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> maximiz</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">e the use</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> of observable market data when</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> 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 </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">L</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">evel <font>2</font>.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> 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 </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">obtained </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">from market contributors as of the valuation date.</font></p>
<p style="margin-top: 0pt; margin-bottom: 10pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">If <font>one</font> or more of the significant inputs </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">are</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> not based on observable market data, the instruments are included in </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">L</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">evel <font>3</font>. </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Tenaris values its assets and liabilities in this level using observable market inputs and management assumptions which reflect the Company&#8217;s best estimate on how market participants would price the asset or liability at measurement date. </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Main balances included in this level correspond to </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">the Company interest in Venezuelan companies</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">S</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ee </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">n</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ote <font>3</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>8</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">.</font></p>
<div>
<div>
<div>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno">F-26</font></td>
</tr>

</table>
</div>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<div style="-aw-different-first-page: true; -aw-headerfooter-type: header-primary; clear: both;">
<div style="border-bottom: 0.75pt solid #000000; clear: both;">
<p style="margin-top: 0pt; margin-bottom: 0pt; padding-bottom: 1pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-style: italic;">Tenaris S.A.</font><font style="font-family: 'Times New Roman'; font-style: italic;"> Consolidated Financial S</font><font style="font-family: 'Times New Roman'; font-style: italic;">tatements for </font><font style="font-family: 'Times New Roman'; font-style: italic;">the years ended December 31, 2020, <font style="border-left: none; border-right: none;"><font>2019</font></font> and <font style="border-left: none; border-right: none;"><font>2018</font></font></font></p>
</div>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt; padding-top: 5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">B. Category of financial instruments and classification within the fair value hierarchy (Cont.)</font></p>
</div>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The following table presents the changes</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> in </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">L</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">evel <font>3</font> assets</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">:</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<div>
<table style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px; height: 120px;" width="100%" cellspacing="0" cellpadding="0">

<tr style="height: 17px;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 68.2739%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.54291%;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px; width: 29.0858%;" colspan="6">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Year ended December 31, </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px; width: 1.54291%;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 68.2739%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (all amounts in thousands of U.S. dollars) </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 1.54291%;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px; width: 13%;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>2020</font></font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px; width: 1.54291%;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px; width: 1.54291%;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px; width: 13%;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>2019</font></font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px; width: 1.54291%;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 68.2739%; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> At the beginning of the year </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 1.54291%; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 12%; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>55,581</font> </font></font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.54291%; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.54291%; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 12%; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>52,985</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.54291%; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 68.2739%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (Decrease) / Addition </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 1.54291%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 12%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>3,604</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.54291%;"><font style="font-size: 10pt;">)</font></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 1.54291%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 12%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2,933</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 1.54291%;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 68.2739%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Increase due to business combinations </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.54291%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 12%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>3,915</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.54291%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.54291%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 12%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>-</font>&nbsp; </font></p>
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<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.54291%;"><br></td>
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<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 68.2739%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Currency translation adjustment and others </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 1.54291%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 12%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>427</font> </font></p>
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<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 1.54291%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 1.54291%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 12%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>337</font> </font></p>
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<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.54291%;"><font style="font-size: 10pt;">)</font></td>
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<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 18px; width: 68.2739%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> At the end of the year </font></p>
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<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 18px; width: 1.54291%;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px; width: 1%;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px; width: 12%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>56,319</font> </font></p>
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<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px; width: 1.54291%;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px; width: 1.54291%;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px; width: 1%;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px; width: 12%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>55,581</font> </font></p>
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<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px; width: 1.54291%;"><br></td>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 7pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">C</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">. </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Fair value estimation</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">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.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The fair values of quoted investments are</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> generally</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> based on current bid prices. If the market for a financial asset is not active or no market is available, fair values are established using standard valuation techniques. </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The fair value of all outstanding derivatives is determined using speci</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">fic pricing models that include</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> inputs that are observable in the market or can be derived from or corroborated by observable data.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">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.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 12pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Borrowings are classified under </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">other financial liabilities </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">and measured at their amortized cost</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">. Tenaris estimates that the fair value of its main financial liabilities is approximately</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>100.0</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">%</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> of its carrying amount </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">(</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">inc</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">luding interests accrued</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">)</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> in <font>20</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>20</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> and <font>2019</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Fair values were calculated using standard valuation techniques for floating rate instruments and comparable market rates for discounting flows.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The carrying</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> amount of investments</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> valuated at amortized cos</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">t approximates its fair value.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">D. Accounting for derivative financial instruments and hedging activities</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">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&#8217;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. </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">As a general rule, Tenaris recognizes the full amount related to the change in fair value of derivative financial instruments in </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Financial Results</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> in the Consolidated Income Statement.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt; widows: 0; orphans: 0;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">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</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> 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&#8217;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 derivati</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ve and the leasing liability is</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> classified as a current or non-current asset or liability according to its expiry date.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 8pt; widows: 0; orphans: 0;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt; widows: 0; orphans: 0;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">For transactions designated and qualifying for hedge accounting, </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Tenaris</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> 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 undertak</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ing various hedge transactions.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Tenaris also documents its assessment on an ongoing basis, of whether the </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">hedging instrument</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> are highly effective in offsetting changes in </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">fair value or cash flow of hedged items.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> At December 31, 20</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>20</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> and <font>201</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>9</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, the effective portion of designated cash flow hedges </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">which is included</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> in </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Other Reserves</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> in equity </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">amount</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ed</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> to </font><font style="font-family: 'Times New Roman'; font-size: 10pt; background-color: #ffffff;">$</font><font style="font-family: 'Times New Roman'; font-size: 10pt; background-color: #ffffff;"><font>4.8</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> million</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">debit</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">and</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">$</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>2.6</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> million </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">credit</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> respectively</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">S</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ee n</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ote <font>2</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>5</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 8pt; widows: 0; orphans: 0;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt; widows: 0; orphans: 0;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The fair values of various derivative instruments used for hedging purposes </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">and the movements of the hedging reserve included within </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Other Reserves</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> in equity </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">are disclosed in </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">n</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ote </font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>2</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>5</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">.</font></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno">F-27</font></td>
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<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
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<p style="margin-top: 0pt; margin-bottom: 0pt; padding-bottom: 1pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-style: italic;">Tenaris S.A.</font><font style="font-family: 'Times New Roman'; font-style: italic;"> Consolidated Financial S</font><font style="font-family: 'Times New Roman'; font-style: italic;">tatements for </font><font style="font-family: 'Times New Roman'; font-style: italic;">the years ended December 31, 2020, <font style="border-left: none; border-right: none;"><font>2019</font></font> and <font style="border-left: none; border-right: none;"><font>2018</font></font></font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; padding-top: 5pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">I</font><font style="font-family: 'Times New Roman'; font-weight: bold;">V. OTHER NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</font></p>
<p style="margin-top: 0pt; margin-bottom: 8pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">(In the notes all amount</font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';"> are shown in thousands</font><font style="font-family: 'Times New Roman';"> of U.S. </font><font style="font-family: 'Times New Roman';">d</font><font style="font-family: 'Times New Roman';">ollars</font><font style="font-family: 'Times New Roman';">, unless otherwise stated) </font></p>
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<p style="margin-top: 0pt; margin-left: 22.5pt; margin-bottom: 0pt; text-indent: -22.5pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><font style="border-left: none; border-right: none;">1</font></font><font style="font: 7pt 'Times New Roman'; -aw-import: spaces;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Segment information</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 8pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">As mentioned in sectio</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">n II.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">C</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, the </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">S</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">egment </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">I</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">nformation is disclosed as follow</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">s</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">:</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Reportable operating segments</font><font style="font-family: 'Times New Roman'; font-weight: bold;"> </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">(All amounts in millions of U.S. dollars</font><font style="font-family: 'Times New Roman';">)</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"><font style="font-family: 'Times New Roman';"><br></font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Year ended December 31, 2020 </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Tubes </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Other </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 10px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 10px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 10px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Total </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 10px;"><br></td>
</tr>
<tr style="height: 13px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 13px; border-bottom: 2.8pt double #000000; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> IFRS - Net Sales </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; border-bottom: 2.8pt double #000000; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; border-bottom: 2.8pt double #000000; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; border-bottom: 2.8pt double #000000; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>4,844</font> </font></font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; border-bottom: 2.8pt double #000000; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; border-bottom: 2.8pt double #000000; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; border-bottom: 2.8pt double #000000; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; border-bottom: 2.8pt double #000000; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>303</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px; border-bottom: 2.8pt double #000000; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; border-bottom: 2.8pt double #000000; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; border-bottom: 2.8pt double #000000; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; border-bottom: 2.8pt double #000000; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>5,147</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px; border-bottom: 2.8pt double #000000; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 13px;">
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 13px; width: 61%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Management view - operating (loss) </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; width: 1%;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 13px; width: 1%;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp;(<font>277</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px; width: 1%;"><font style="font-size: 10pt;">)</font></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; width: 1%;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; width: 1%;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp;(<font>50</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px; width: 1%;"><font style="font-size: 10pt;">)</font></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; width: 1%;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 13px; width: 1%;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp;(<font>327</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px; width: 1%;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 13px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Differences in cost of sales </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;(<font>138</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><font style="font-size: 10pt;">)</font></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>4</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;(<font>134</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 13px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Differences in depreciation and amortization </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;(<font>1</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
</tr>
<tr style="height: 13px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Differences in selling, general and administrative expenses </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;(<font>2</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><font style="font-size: 10pt;">)</font></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;(<font>2</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 13px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Differences in other operating income (expenses), net </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;(<font>200</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;(<font>200</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 13px; background-color: #cceeff;">
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> IFRS - operating (loss) </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp;(<font>616</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><font style="font-size: 10pt;">)</font></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp;(<font>47</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><font style="font-size: 10pt;">)</font></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp;(<font>663</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 13px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Financial income (expense), net </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;(<font>65</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 13px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> (Loss) before equity in earnings of non-consolidated companies and income tax </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp;(<font>728</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 13px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Equity in earnings of non-consolidated companies </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>109</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
</tr>
<tr style="height: 13px; background-color: #cceeff;">
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> (Loss) before income tax </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp;(<font>619</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 13px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"> Capital expenditures </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"> <font>189</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"> <font>4</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> <font>193</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br></td>
</tr>
<tr style="height: 13px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"> Depreciation and amortization </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"> <font>661</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"> <font>18</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> <font>679</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br></td>
</tr>

</table>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; -aw-import: ignore;">&nbsp;</font></p>
<div style="border-left: none; border-right: none;">
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 254px;" width="100%">

<tr style="height: 17px;">
<td style="border-bottom: 1pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Year ended December 31, 2019 </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Tubes </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Other </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Total </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; border-bottom: 2.8pt double #000000; height: 17px; background-color: #cceeff; width: 61%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> IFRS - Net Sales </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-bottom: 2.8pt double #000000; height: 17px; background-color: #cceeff; width: 1%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-bottom: 2.8pt double #000000; height: 17px; background-color: #cceeff; width: 1%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; border-bottom: 2.8pt double #000000; height: 17px; background-color: #cceeff; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>6,870</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-bottom: 2.8pt double #000000; height: 17px; background-color: #cceeff; width: 1%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-bottom: 2.8pt double #000000; height: 17px; background-color: #cceeff; width: 1%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-bottom: 2.8pt double #000000; height: 17px; background-color: #cceeff; width: 1%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; border-bottom: 2.8pt double #000000; height: 17px; background-color: #cceeff; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>424</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-bottom: 2.8pt double #000000; height: 17px; background-color: #cceeff; width: 1%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-bottom: 2.8pt double #000000; height: 17px; background-color: #cceeff; width: 1%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-bottom: 2.8pt double #000000; height: 17px; background-color: #cceeff; width: 1%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; border-bottom: 2.8pt double #000000; height: 17px; background-color: #cceeff; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>7,294</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-bottom: 2.8pt double #000000; height: 17px; background-color: #cceeff; width: 1%;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Management view - operating income </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>857</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>73</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>930</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Differences in cost of sales </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;(<font>105</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>3</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;(<font>102</font>) </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Differences in depreciation and amortization </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;(<font>1</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;(<font>1</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Differences in selling, general and administrative expenses </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;(<font>1</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Differences in other operating income (expenses), net </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>6</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>6</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> IFRS - operating income </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>756</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>77</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>833</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Financial income (expense), net </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>19</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Income before equity in earnings of non-consolidated companies and income tax </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>852</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Equity in earnings of non-consolidated companies </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>82</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Income before income tax </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>934</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"> Capital expenditures </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"> <font>338</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"> <font>12</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> <font>350</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"> Depreciation and amortization </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"> <font>523</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"> <font>17</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> <font>540</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
</tr>

</table>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; -aw-import: ignore;">&nbsp;</font></p>
<div style="border-left: none; border-right: none;">
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 221px;" width="100%">

<tr style="height: 17px;">
<td style="border-bottom: 1pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Year ended December 31, 2018 </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Tubes </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Other </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Total </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; border-bottom: 2.8pt double #000000; background-color: #cceeff; height: 17px; width: 61%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> IFRS - Net Sales </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-bottom: 2.8pt double #000000; background-color: #cceeff; height: 17px; width: 1%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-bottom: 2.8pt double #000000; background-color: #cceeff; height: 17px; width: 1%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; border-bottom: 2.8pt double #000000; background-color: #cceeff; height: 17px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>7,233</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-bottom: 2.8pt double #000000; background-color: #cceeff; height: 17px; width: 1%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-bottom: 2.8pt double #000000; background-color: #cceeff; height: 17px; width: 1%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-bottom: 2.8pt double #000000; background-color: #cceeff; height: 17px; width: 1%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; border-bottom: 2.8pt double #000000; background-color: #cceeff; height: 17px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>426</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-bottom: 2.8pt double #000000; background-color: #cceeff; height: 17px; width: 1%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-bottom: 2.8pt double #000000; background-color: #cceeff; height: 17px; width: 1%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-bottom: 2.8pt double #000000; background-color: #cceeff; height: 17px; width: 1%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; border-bottom: 2.8pt double #000000; background-color: #cceeff; height: 17px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>7,659</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-bottom: 2.8pt double #000000; background-color: #cceeff; height: 17px; width: 1%;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Management view - operating income </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>702</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>81</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>783</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Differences in cost of sales </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>112</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>7</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>119</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Differences in depreciation and amortization </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;(<font>34</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;(<font>34</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Differences in selling, general and administrative expenses </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;(<font>2</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>6</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>4</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> IFRS - operating income </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>778</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>94</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>872</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Financial income (expense), net </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>37</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Income before equity in earnings of non-consolidated companies and income tax </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>909</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Equity in earnings of non-consolidated companies </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>194</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Income before income tax </font></p>
</td>
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<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
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<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
</td>
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<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>1,103</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"> Capital expenditures </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"> <font>346</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"> <font>3</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> <font>349</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"> Depreciation and amortization </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"> <font>645</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"> <font>19</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> <font>664</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
</tr>

</table>
</div>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; -aw-import: ignore;">&nbsp;</font></p>
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<div>
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<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno">F-28</font></td>
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<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
</div>
<div style="-aw-different-first-page: true; -aw-headerfooter-type: header-primary; clear: both;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<div style="border-bottom: 0.75pt solid #000000; clear: both;">
<p style="margin-top: 0pt; margin-bottom: 0pt; padding-bottom: 1pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-style: italic;">Tenaris S.A.</font><font style="font-family: 'Times New Roman'; font-style: italic;"> Consolidated Financial S</font><font style="font-family: 'Times New Roman'; font-style: italic;">tatements for </font><font style="font-family: 'Times New Roman'; font-style: italic;">the years ended December 31, 2020, <font style="border-left: none; border-right: none;">2019</font> and <font style="border-left: none; border-right: none;">2018</font></font></p>
</div>
</div>
<p style="margin-top: 0pt; margin-left: 22.5pt; margin-bottom: 0pt; text-indent: -22.5pt; line-height: 12pt; padding-top: 5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><font>1</font></font><font style="font: 7pt 'Times New Roman'; -aw-import: spaces;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Segment information (Cont.)</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman';"><br></font></p>
</div>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Transactions between segments, which were eliminated in consolidation,</font><font style="font-family: 'Times New Roman';"> are</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">mainly related to</font><font style="font-family: 'Times New Roman';"> sales of scrap</font><font style="font-family: 'Times New Roman';">, energy, surplus raw materials and others</font><font style="font-family: 'Times New Roman';"> from the Other segment to the Tubes segment for $</font><font style="border-right: none; border-left: none;"><font style="font-family: 'Times New Roman';"><font style="border-left: none; border-right: none;"><font>16.9</font></font></font></font><font style="font-family: 'Times New Roman';">, $</font><font style="font-family: 'Times New Roman';"><font style="border-left: none; border-right: none;"><font>36.2</font></font></font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">and </font><font style="font-family: 'Times New Roman';">$</font><font style="font-family: 'Times New Roman';"><font style="border-left: none; border-right: none;"><font>52.4</font></font></font><font style="font-family: 'Times New Roman';">&nbsp;million</font><font style="font-family: 'Times New Roman';"> in <font>20</font></font><font style="font-family: 'Times New Roman';"><font>20</font></font><font style="font-family: 'Times New Roman';">, <font>201</font></font><font style="font-family: 'Times New Roman';"><font>9</font></font><font style="font-family: 'Times New Roman';"> and <font>201</font></font><font style="font-family: 'Times New Roman';"><font>8</font></font><font style="font-family: 'Times New Roman';">, respectively.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">There are no material differences between IFRS and management view in total revenues and by reportable segments.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The main differences between operating income under IFRS view and the management view are mainly related to the cost of goods sold and other tim</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ing differences. See Section II.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">C </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">- </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Segment Information. The main difference in Other operating income (expenses), net is attributable to the impairment of the goodwill, which residual value in the management view differs from IFRS.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In addition to the amounts reconciled above, t</font><font style="font-family: 'Times New Roman';">he 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</font><font style="font-family: 'Times New Roman';">.</font><font style="font-family: 'Times New Roman';"> </font><br></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Geographical information</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (all amounts in thousands of U.S. dollars) </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> North America </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> South America </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Europe </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Middle East &amp; Africa </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Asia Pacific </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Unallocated (*) </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Total </font></font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Year ended December 31, 2020 </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
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<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
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<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
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<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 34%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Net sales </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 2%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 7%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2,179,949</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 2%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 7%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>776,235</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 2%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 7%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>642,793</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 2%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 8%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,227,532</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 2%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 7%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>320,225</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 2%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 7%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 2%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 7%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>5,146,734</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 2%;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Total assets </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>8,071,574</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,868,458</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,461,738</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>804,559</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>552,508</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>957,352</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>13,716,189</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Trade receivables </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>411,692</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>115,972</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>139,427</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>210,194</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>90,863</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>968,148</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Property, plant and equipment, net </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>3,971,101</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,050,619</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>823,057</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>242,939</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>105,465</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>6,193,181</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Capital expenditures </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>71,531</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>63,111</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>39,691</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>10,452</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>8,537</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>193,322</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Depreciation and amortization </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>408,546</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>106,827</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>84,518</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>44,259</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>34,656</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>678,806</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Year ended December 31, 2019 </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Net sales </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>3,429,911</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,391,288</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>738,880</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,382,172</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>351,804</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>7,294,055</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Total assets </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>7,885,120</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2,227,044</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2,282,775</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>958,424</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>609,663</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>879,965</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>14,842,991</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Trade receivables </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>612,809</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>176,173</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>149,321</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>319,406</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>90,451</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,348,160</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Property, plant and equipment, net </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>3,771,570</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,129,260</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>816,721</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>254,858</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>117,608</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>6,090,017</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Capital expenditures </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>169,390</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>113,999</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>55,169</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>4,578</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>7,038</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>350,174</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Depreciation and amortization </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>276,046</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>105,308</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>82,400</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>42,520</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>33,247</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>539,521</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Year ended December 31, 2018 </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Net sales </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>3,611,509</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,462,044</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>724,733</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,559,988</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>300,314</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>7,658,588</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Total assets </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>7,971,311</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2,489,522</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,913,589</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>588,746</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>482,563</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>805,568</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>14,251,299</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Trade receivables </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>791,190</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>280,801</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>215,202</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>383,358</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>66,815</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,737,366</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Property, plant and equipment, net </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>3,859,060</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,133,113</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>848,178</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>94,040</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>129,517</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>6,063,908</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Capital expenditures </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>196,220</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>68,603</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>77,467</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2,047</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>5,136</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>349,473</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Depreciation and amortization </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>441,705</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>108,558</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>82,769</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>10,389</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>20,936</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>664,357</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
</tr>

</table>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">(*) <font>For </font></font><font><font style="font-family: 'Times New Roman';"><font>2020</font>, </font><font style="font-family: 'Times New Roman';"><font>2019</font> and <font>2018</font> includes </font><font style="font-family: 'Times New Roman'; font-style: italic;">Investment</font><font style="font-family: 'Times New Roman'; font-style: italic;">s in non-consolidated companies</font><font style="font-family: 'Times New Roman';">. See n</font><font style="font-family: 'Times New Roman';">ote <font>13</font>.</font></font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<div>
<div>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno">F-29</font></td>
</tr>

</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><br></font></p>
<div style="border-bottom: 0.75pt solid #000000; clear: both;">
<p style="margin-top: 0pt; margin-bottom: 0pt; padding-bottom: 1pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-style: italic;">Tenaris S.A.</font><font style="font-family: 'Times New Roman'; font-style: italic;"> Consolidated Financial S</font><font style="font-family: 'Times New Roman'; font-style: italic;">tatements for </font><font style="font-family: 'Times New Roman'; font-style: italic;">the years ended December 31, 2020, <font style="border-left: none; border-right: none;">2019</font> and <font style="border-left: none; border-right: none;">2018</font></font></p>
</div>
<p style="margin-top: 0pt; margin-left: 22.5pt; margin-bottom: 0pt; text-indent: -22.5pt; line-height: 12pt; padding-top: 5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><font>1</font></font><font style="font: 7pt 'Times New Roman'; -aw-import: spaces;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Segment information (Cont.)</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><br></font></p>
</div>
</div>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">There are no revenues from external customers attributable to the Company&#8217;s country of incorporation (Luxembourg). </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The principal countries from which the C</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ompany derives its revenues are</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> USA (<font>26</font>%), Mexico, Argentina, Canada, Saudi Arabia, Brazil and Italy.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Revenue is mainly recognized at a point in time to direct customers, when control has been transferred and there is no unfulfilled performance obligation that could affect the acceptance of the product by the customer. Revenues related to governmental institutions represents approximately </font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font style="border-left: none; border-right: none;"><font>24</font></font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">%</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, </font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>21</font>% and <font>15</font>% in <font>2020</font>, <font>2019</font> and <font>2018</font> respectively.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Tubes segment revenues by market:</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<div>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100.02%; height: 86px;" width="100%">

<tr style="height: 17px;">
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Revenues Tubes (in millions of U.S. dollars) </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>2020</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>2019</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>2018</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 55%; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Oil and Gas </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 12%; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>4,073</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 12%; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>5,757</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 12%; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>6,042</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Hydrocarbon Processing and Power Generation </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>371</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>534</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>602</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Industrial and Other </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>400</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>579</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>589</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="height: 18px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Total </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"><br></td>
<td style="border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"><br></td>
<td style="border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>4,844</font> </font></p>
</td>
<td style="border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"><br></td>
<td style="border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"><br></td>
<td style="border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"><br></td>
<td style="border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>6,870</font> </font></p>
</td>
<td style="border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"><br></td>
<td style="border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"><br></td>
<td style="border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"><br></td>
<td style="border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>7,233</font> </font></p>
</td>
<td style="border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"><br></td>
</tr>

</table>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">At December </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">31, </font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>20</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>20</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, <font>201</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>9</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> and <font>201</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>8</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, the Company recognized contract liabilities related to customer</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> advances in the amount of $</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font style="border-left: none; border-right: none;"><font>48.7</font></font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, $<font style="border-left: none; border-right: none;"><font>82.7</font></font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;and $</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font style="border-left: none; border-right: none;"><font>62.7</font></font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;million, respectively. These amounts related to years </font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>2019</font> and </font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>2018</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">were reclassified to revenues during the subsequent year. In these periods, no significant adjustment in revenues were performed related to performance obligations previously satisfied.</font></p>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><br></font></p>
</div><div style="font-family: 'times new roman', times; font-size: 10pt;">
<div>
<p style="margin-top: 0pt; margin-left: 22.4pt; margin-bottom: 0pt; text-indent: -22.4pt; line-height: 12pt; padding-top: 5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><font style="border-left: none; border-right: none;">2</font></font><font style="font: 7pt 'Times New Roman'; -aw-import: spaces;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Cost of sales</font></p>
<p style="margin-top: 0pt; margin-left: 22.4pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; -aw-import: ignore;">&nbsp;</font></p>
<div>
<table style="height: 340px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px;" width="100%" cellspacing="0" cellpadding="0">

<tr style="height: 17px;">
<td style="padding: 0px; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 17px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;" colspan="10">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Year ended December 31, </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (all amounts in thousands of U.S. dollars) </font></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 17px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>2020</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>2019</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>2018</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 17px;"><br></td>
<td style="border-top: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br></td>
<td style="border-top: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> &nbsp; </font></p>
</td>
<td style="border-top: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br></td>
<td style="border-top: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br></td>
<td style="border-top: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br></td>
<td style="border-top: 1pt solid #000000; vertical-align: top; height: 17px;"></td>
<td style="border-top: 1pt solid #000000; vertical-align: top; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 55%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Inventories at the beginning of the year </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1%; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 12%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>2,265,880</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 1%; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 1%; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 1%; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 12%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>2,524,341</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 12%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>2,368,304</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Increase in inventory due to business combinations </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>199,589</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>52,966</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Plus: Charges of the year </font></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Raw materials, energy, consumables and other </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>1,545,688</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>2,709,629</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>3,400,396</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Services and fees </font></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>154,976</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>222,415</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>275,130</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Labor cost (*) </font></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>757,359</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>870,261</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>855,040</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Depreciation of property, plant and equipment </font></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>503,725</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>428,791</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>432,497</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Amortization of intangible assets </font></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>8,121</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>5,948</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>8,220</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Depreciation of right-of-use assets </font></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>40,127</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>28,727</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Maintenance expenses </font></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>107,764</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>284,758</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>185,782</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Allowance for obsolescence </font></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>35,809</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>29,138</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>25,457</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Taxes </font></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>45,162</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>100,738</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>133,308</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Other </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>59,790</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>115,663</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>119,507</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>3,458,110</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>4,849,034</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>5,435,337</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Less: Inventories at the end of the year </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> (<font>1,636,673</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><font style="font-size: 10pt; font-weight: bold;">)</font></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> (<font>2,265,880</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><font style="font-size: 10pt; font-weight: bold;">)</font></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> (<font>2,524,341</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><font style="font-size: 10pt; font-weight: bold;">)</font></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>4,087,317</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>5,107,495</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>5,279,300</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
</tr>

</table>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; -aw-import: spaces;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(*) </font><font>For the year ended December 2020, 2019 and 2018, labor cost includes approxima<font>tely $<font>81.3</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>&nbsp;million,<font> $</font><font>17.2</font><font> m</font>illion and $<font>15.0</font> m</font>illion respectively of severance indemnities related to the adjustment of the workforce to market conditions.</font></font></p>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; -aw-import: spaces;">&nbsp;</font></p>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno">F-30</font></td>
</tr>

</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; -aw-import: spaces;">&nbsp;</font></p>
<div style="-aw-different-first-page: true; -aw-headerfooter-type: header-primary; clear: both;">
<div style="border-bottom: 0.75pt solid #000000; clear: both;">
<p style="margin-top: 0pt; margin-bottom: 0pt; padding-bottom: 1pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-style: italic;">Tenaris S.A.</font><font style="font-family: 'Times New Roman'; font-style: italic;"> Consolidated Financial S</font><font style="font-family: 'Times New Roman'; font-style: italic;">tatements for </font><font style="font-family: 'Times New Roman'; font-style: italic;">the years ended December 31, 2020, <font style="border-left: none; border-right: none;"><font>2019</font></font> and <font style="border-left: none; border-right: none;"><font>2018</font></font></font></p>
</div>
</div>
</div><div style="font-family: 'times new roman', times; font-size: 10pt;">
<div>
<p style="margin-top: 5pt;margin-left: 22.5pt;margin-bottom: 0pt;text-indent: -22.5pt;font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"><font>3</font></font><font style="font: 7pt 'Times New Roman'; -aw-import: spaces;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; font-weight: bold;">Selling, general and administrative expense</font><font style="font-family: 'Times New Roman'; font-weight: bold;">s</font></p>
<p style="margin: 0px; font-size: 10pt; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;">&nbsp;</font></p>
<div>
<table style="height: 235px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px;" width="100%" cellspacing="0" cellpadding="0">

<tr style="height: 17px;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br></td>
<td colspan="9" style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Year ended December 31, </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br></td>
</tr>
<tr style="height: 14px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 14px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (all amounts in thousands of U.S. dollars) </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 14px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 14px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>2020</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 14px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 14px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 14px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>2019</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 14px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 14px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 14px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>2018</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 14px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 55%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Services and fees </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 12%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>115,883</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 12%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>153,773</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 12%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>128,090</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Labor cost (*) </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>444,436</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>481,854</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>470,928</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Depreciation of property, plant and equipment </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>26,814</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>18,524</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>16,968</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Amortization of intangible assets </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>82,355</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>41,967</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>206,672</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Depreciation of right-of-use assets </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>17,664</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>15,564</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Commissions, freight and other selling expenses </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>310,815</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>441,442</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>491,555</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Provisions for contingencies </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>11,957</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>28,565</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>23,498</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Allowances for doubtful accounts </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>4,644</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>16,256</font>) </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,751</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Taxes </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>63,234</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>110,876</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>71,110</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Other </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>41,425</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>89,665</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>99,404</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>1,119,227</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>1,365,974</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>1,509,976</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
</tr>

</table>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 12pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">(*) </font></font><font>For the year ended December 2020, 2019 and 2018, labor cost includes app<font>roximately $<font style="font-family: 'Times New Roman';"><font style="border-left: none; border-right: none;"><font>61.2</font></font></font></font><font style="font-family: 'Times New Roman';"><font> million,<font> $</font></font><font><font style="border-left: none; border-right: none;"><font>7.4</font></font></font><font> million and $</font><font style="border-left: none; border-right: none;"><font>10.2</font></font> million respectively of severance indemnities related to the adjustment of the workforce to market conditions.</font></font></p>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10.5pt; -aw-import: ignore;">&nbsp;</font></p>
</div><div style="font-family: 'times new roman', times; font-size: 10pt;">
<div>
<p style="margin-top: 0pt; margin-left: 22.5pt; margin-bottom: 0pt; text-indent: -22.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"><font style="border-left: none; border-right: none;">4</font></font><font style="font: 7pt 'Times New Roman'; -aw-import: spaces;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; font-weight: bold;">Labor costs (included in Cost of sales and in Selling, general and administrative expenses)</font></p>
<p style="margin: 0px; text-align: justify; font-size: 10pt; text-indent: 0px;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
<div>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px; height: 151px;" width="100%">

<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br></td>
<td colspan="10" style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Year ended December 31, </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br></td>
</tr>
<tr style="height: 15px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (all amounts in thousands of U.S. dollars) </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 15px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 15px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>2020</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 15px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 15px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 15px;" colspan="3">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>2019</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 15px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 15px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 15px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>2018</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 15px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 7pt;">&nbsp; &nbsp;</font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br></td>
<td colspan="10" style="border-top: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 55%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Wages, salaries and social security costs </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 12%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,036,211</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"><br></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"><br></td>
<td colspan="2" style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 12%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,274,474</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"><br></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 12%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,250,783</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Severance indemnities </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>142,458</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td colspan="2" style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>24,637</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>25,225</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Defined contribution plans </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>12,442</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td colspan="2" style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>12,663</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>13,217</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Pension benefits - defined benefit plans </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>11,097</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td colspan="2" style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>18,207</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>15,390</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Employee retention and long term incentive program </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>413</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><font style="font-size: 10pt;">)</font></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td colspan="2" style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>22,134</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>21,353</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: top; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>1,201,795</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: top; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: top; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: top; height: 17px;"><br></td>
<td colspan="2" style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>1,352,115</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: top; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: top; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: top; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>1,325,968</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br></td>
</tr>

</table>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The following table shows the geographical distribution of the employees</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">:</font></p>
<div>
<div>
<div>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 12pt; -aw-import: ignore;">&nbsp;</font></p>
<div>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno">F-31</font></td>
</tr>

</table>
</div>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<div style="-aw-different-first-page: true; -aw-headerfooter-type: header-primary; clear: both;">
<div style="border-bottom: 0.75pt solid #000000; clear: both;">
<p style="margin-top: 0pt; margin-bottom: 0pt; padding-bottom: 1pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-style: italic;">Tenaris S.A.</font><font style="font-family: 'Times New Roman'; font-style: italic;"> Consolidated Financial S</font><font style="font-family: 'Times New Roman'; font-style: italic;">tatements for </font><font style="font-family: 'Times New Roman'; font-style: italic;">the years ended December 31, 2020, <font style="border-left: none; border-right: none;">2019</font> and <font style="border-left: none; border-right: none;">2018</font></font></p>
</div>
</div>
<p style="margin-top: 0pt; margin-left: 28.35pt; margin-bottom: 0pt; text-indent: -28.35pt; line-height: 12pt; padding-top: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><font>4</font></font><font style="font: 7pt 'Times New Roman'; -aw-import: spaces;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Labor costs (included in Cost of sales and in Selling, general and administrative expenses) (Cont.)</font></p>
</div>
</div>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 7pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<div>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 99.8994%; height: 222px;" width="100%">

<tr style="height: 17px;">
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: middle; background-color: #ffffff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Country </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #ffffff; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>2020</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>2019</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #ffffff; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #ffffff; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #ffffff; height: 17px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>2018</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #ffffff; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 55%; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Mexico </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 12%; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>4,501</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 12%; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>5,370</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 12%; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>5,595</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Argentina </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>4,376</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>5,405</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>5,427</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Italy </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2,039</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2,144</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2,155</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> USA </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,596</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2,255</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2,382</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Romania </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,552</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,815</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,852</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Brazil </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,360</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,360</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,287</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Colombia </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>746</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,040</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,082</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Canada </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>561</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>772</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,030</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Indonesia </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>521</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>616</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>554</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Japan </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>399</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>400</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>399</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Other </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,377</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2,023</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,204</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="height: 18px;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>19,028</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>23,200</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>22,967</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"><br></td>
</tr>

</table>
</div>
<p style="margin-top: 0pt; margin-left: 21.25pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; -aw-import: ignore;">&nbsp;</font></p>
</div>
</div><div style="font-family: 'times new roman', times; font-size: 10pt;">
<div>
<p style="margin-top: 0pt; margin-left: 21.3pt; margin-bottom: 0pt; text-indent: -21.3pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><font>5</font></font><font style="font: 7pt 'Times New Roman'; -aw-import: spaces;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Impairment charge</font></p>
<p style="margin-top: 0pt; margin-left: 21.3pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Tenaris&#8217;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.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">A decline during </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">the first months of <font>2020</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> in oil prices and futures resulted in reductions in Tenaris customers` investments. Drilling activity and demand of products and services, particularly in North America, </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">also declined</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">. Selling prices of products in North America were also affected by low levels of consumption caused by the spread of COVID-<font>19</font> pandemic. For more information on</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> these effects, refer to n</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ote </font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>3</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>9</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The Company conducts regular 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 <font>five</font> year period (or higher if the period can be justified) based on forecasts approved by management.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">For the subsequent years beyond the <font>five</font>-year period, a terminal value is calculated based on perpetuity considering a nominal growth rate of <font>2</font>% </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">taking into account</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">among others, mainly </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">the historical inflation rate.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The main key assumptions used in estimating the value in use are discount rate, growth rate and competitive and economic factors applied to determine cash flow projections, such as oil and gas prices, average number of active oil and gas drilling rigs (rig count) and raw material costs.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">For purposes of assessing key assumptions, </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">to estimate discounted future cash flows, </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">the Company uses external sources of information and management judgment based on past experience.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Management has determined the value of each of the key assumptions as follows:</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">- Discount rate: based on the applicable weighted average cost of capital (</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8220;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">WACC</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8221;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">), 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 <font>2020</font>, the main discount rates used were in a range between </font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>8.0</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">% and </font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>13.6</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">%.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">- Growth rate: considers </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">mainly </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">the inflation impact on prices and costs,</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> the long-term average growth rate for the oil and gas industry,</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> the higher demand to offset depletion of existing fields and the Company&#8217;s expected market penetration. In <font>2020</font>, a nominal growth rate of </font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>2</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">% was considered.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">- Oil and gas prices: based on industry analysts&#8217; reports and</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">management&#8217;s expectations of market development respectively.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">- Rig count: based on information published by Baker Hughes and management&#8217;s expectations.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">- Raw material costs: based on industry analysts&#8217; reports and management&#8217;s expectations.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno">F-32</font></td>
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<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; padding-bottom: 1pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-style: italic;">Tenaris S.A.</font><font style="font-family: 'Times New Roman'; font-style: italic;"> Consolidated Financial S</font><font style="font-family: 'Times New Roman'; font-style: italic;">tatements for </font><font style="font-family: 'Times New Roman'; font-style: italic;">the years ended December 31, 2020, <font style="border-left: none; border-right: none;"><font>2019</font></font> and <font style="border-left: none; border-right: none;"><font>2018</font></font></font></p>
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<p style="margin-top: 0pt; margin-left: 21.3pt; margin-bottom: 0pt; text-indent: -21.3pt; line-height: 12pt; padding-top: 5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><font>5</font></font><font style="font: 7pt 'Times New Roman'; -aw-import: spaces;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Impairment charge (Cont.)</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">In March, 2020, as a result of the deterioration of business conditions and in light of the presence of impairment indicators for its assets in the United States, the Company decided to write down the goodwill and other</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> long lived</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> assets recording an impairment charge of approximately $<font>622</font> million, impacting the carrying value of goodwill of the </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">CGUs OCTG-</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">USA, IPSCO and Coiled Tubing for $<font>225</font> million, $<font>357</font> million and $<font>4</font> million</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">respectively, and the carrying value of fixed assets of the CGU Rods</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">-</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">USA for $<font>36</font> million. Out of the total amount, $<font>582</font> million were allocated to the Tubes segment.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> No impairment charges were recorded for the years <font>2019</font> and <font>2018</font>.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
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<td style="border-bottom: 1pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 30px; width: 54.9677%;" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (all amounts i<font>n millions of U.S. dollars) </font></font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 30px; width: 14.9677%;" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp;</font><font style="font-family: 'Times New Roman';">Assets before <br>impairment </font></font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 30px; width: 14.9677%;" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;Impairment </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 30px; width: 14.9677%;" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp;</font><font style="font-family: 'Times New Roman';">Assets after <br>impairment </font></font></p>
</td>
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<td style="padding: 0px 7px 0px 0px; vertical-align: middle; width: 54.9677%; background-color: #cceeff; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> OCTG - USA </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 14.9677%; background-color: #cceeff; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>544</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 14.9677%; background-color: #cceeff; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>225</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 14.9677%; background-color: #cceeff; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>319</font> </font></p>
</td>
</tr>
<tr style="height: 15px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: middle; height: 15px; width: 54.9677%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> IPSCO </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; width: 14.9677%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,169</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; width: 14.9677%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>357</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; width: 14.9677%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>812</font> </font></p>
</td>
</tr>
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<td style="padding: 0px 7px 0px 0px; vertical-align: middle; background-color: #cceeff; height: 15px; width: 54.9677%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Coiled Tubing </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 14.9677%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>108</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 14.9677%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>4</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 14.9677%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>104</font> </font></p>
</td>
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<td style="padding: 0px 7px 0px 0px; vertical-align: middle; height: 15px; width: 54.9677%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Rods - USA </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; width: 14.9677%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>73</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; width: 14.9677%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>36</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; width: 14.9677%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>37</font> </font></p>
</td>
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</table>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-left: 21.3pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">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&#8217;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.</font></p>
<p style="margin-top: 0pt; margin-left: 21.3pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">A</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">n increase of <font style="border-left: none; border-right: none;"><font>1</font>00</font> Bps in the discount rate, a decline of <font style="border-left: none; border-right: none;"><font style="border-left: none; border-right: none;">1</font>00</font> Bps in the growth rate or a decline of <font style="border-left: none; border-right: none;">5</font>% in the cash flow projections, would have generated an additional impairment as showed in the below table.</font></p>
<p style="margin-top: 0pt; margin-left: 21.3pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
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<td style="border-bottom: 1pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; width: 54.9677%; height: 30px;" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (all amounts<font> in millions</font> of U.S. dollars) </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 14.9677%; height: 30px;" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> +<font>100</font>Bps Discount rate </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 14.9677%; height: 30px;" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">-<font style="border-left: none; border-right: none;"><font>1</font>00</font>Bps Growth <br>rate</font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 14.9677%; height: 30px;" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> -<font>5</font>% Cash flows </font></p>
</td>
</tr>
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<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 54.9677%; background-color: #cceeff; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> OCTG - USA </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 14.9677%; background-color: #cceeff; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>60</font>) </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 14.9677%; background-color: #cceeff; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>43</font>) </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 14.9677%; background-color: #cceeff; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>16</font>) </font></p>
</td>
</tr>
<tr style="height: 15px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 54.9677%; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> IPSCO </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 14.9677%; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>117</font>) </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 14.9677%; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>77</font>) </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 14.9677%; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>41</font>) </font></p>
</td>
</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 54.9677%; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Coiled Tubing </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 14.9677%; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>12</font>) </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 14.9677%; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>6</font>) </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 14.9677%; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>5</font>) </font></p>
</td>
</tr>
<tr style="height: 15px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 54.9677%; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Rods - USA </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 14.9677%; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>5</font>) </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 14.9677%; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>3</font>) </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 14.9677%; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>2</font>) </font></p>
</td>
</tr>

</table>
</div>
<p style="margin-top: 0pt; margin-left: 21.3pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10.5pt; font-weight: bold; -aw-import: ignore;">&nbsp;</font></p>
</div>
<p style="margin-top: 0pt; margin-left: 21.3pt; margin-bottom: 0pt; text-indent: -21.3pt; line-height: 12pt;"><font style="font: 7pt 'Times New Roman'; -aw-import: spaces;">&nbsp; &nbsp; &nbsp; &nbsp;&nbsp;</font></p>
</div><div style="font-family: 'times new roman', times; font-size: 10pt;">
<div>
<p style="margin-top: 0pt; margin-left: 21.3pt; margin-bottom: 0pt; text-indent: -21.3pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><font style="border-left: none; border-right: none;">6</font></font><font style="font: 7pt 'Times New Roman'; -aw-import: spaces;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Other operating income and expenses</font></p>
<p style="margin-top: 0pt; margin-left: 22.5pt; margin-bottom: 0pt; text-indent: -22.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
<div>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px; height: 255px;" width="100%">

<tr style="height: 17px;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br></td>
<td colspan="10" style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Year ended December 31, </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (all amounts in thousands of U.S. dollars) </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>2020</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;" colspan="3">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>2019</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>2018</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br></td>
<td colspan="5" style="border-top: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td colspan="5" style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"> Other operating income </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 55%; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Net income from other sales </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 1%; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 12%; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>9,891</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; height: 17px;"><br></td>
<td colspan="2" style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 12%; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>8,651</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 12%; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>3,604</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Net rents </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>5,501</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td colspan="2" style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>5,089</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>4,909</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Other </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>18,001</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td colspan="2" style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>8,025</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>6,546</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Recovery on allowance for doubtful receivables </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td colspan="2" style="border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,239</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>33,393</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td colspan="2" style="border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>23,004</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>15,059</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: top; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #cceeff; height: 17px;"><br></td>
<td colspan="2" style="padding: 0px 0px 0px 7px; vertical-align: top; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"> Other operating expenses </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br></td>
<td colspan="2" style="padding: 0px 0px 0px 7px; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Contributions to welfare projects and non-profit organizations </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>12,989</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td colspan="2" style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>11,199</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>11,379</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Allowance for doubtful receivables </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,263</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td colspan="2" style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,179</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>14,252</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td colspan="2" style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>11,199</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>12,558</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="height: 17px;"></td>
<td style="height: 17px;"><br></td>
<td style="height: 17px;"><br></td>
<td style="height: 17px;"></td>
<td style="height: 17px;"><br></td>
<td style="height: 17px;"><br></td>
<td style="height: 17px;"><br></td>
<td style="height: 17px;"></td>
<td style="height: 17px;"></td>
<td style="height: 17px;"><br></td>
<td style="height: 17px;"><br></td>
<td style="height: 17px;"><br></td>
<td style="height: 17px;"></td>
<td style="height: 17px;"><br></td>
</tr>

</table>
</div>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 12pt;"><br></p>
<div>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno">F-33</font></td>
</tr>

</table>
</div>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 12pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"><br></font></p>
</div><div style="font-family: 'times new roman', times; font-size: 10pt;">
<div style="-aw-different-first-page: true; -aw-headerfooter-type: header-primary; clear: both;">
<div style="border-bottom: 0.75pt solid #000000; clear: both;">
<p style="margin-top: 0pt; margin-bottom: 0pt; padding-bottom: 1pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-style: italic;">Tenaris S.A.</font><font style="font-family: 'Times New Roman'; font-style: italic;"> Consolidated Financial S</font><font style="font-family: 'Times New Roman'; font-style: italic;">tatements for </font><font style="font-family: 'Times New Roman'; font-style: italic;">the years ended December 31, 2020, <font style="border-left: none; border-right: none;"><font>2019</font></font> and <font style="border-left: none; border-right: none;"><font>2018</font></font></font></p>
</div>
</div>
<div>
<p style="margin-top: 0pt;margin-left: 22.5pt;margin-bottom: 0pt;text-indent: -22.5pt;line-height: 12pt;padding-top: 5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><font>7</font></font><font style="font: 7pt 'Times New Roman'; -aw-import: spaces;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Financial </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">results</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
<div>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px;" width="100%">

<tr style="height: 1pt;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 53.3871%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (all amounts in thousands of U.S. dollars) </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 0.967742%;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; width: 44.2742%;" colspan="10">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Year ended December 31, </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; width: 1.29032%;"><br></td>
</tr>
<tr style="height: 1pt;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 53.3871%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 0.967742%;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; width: 12.9839%;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>2020</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; width: 1.29032%;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; width: 1.29032%;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; width: 13.0645%;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>2019</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; width: 1.29032%;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; width: 1.29032%;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; width: 13.0645%;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>2018</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; width: 1.29032%;"><br></td>
</tr>
<tr style="height: 1pt;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 53.3871%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 0.967742%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; width: 1.37097%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; width: 11.6129%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; width: 1.29032%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; width: 1.29032%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; width: 1.29032%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; width: 11.7742%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; width: 1.29032%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; width: 1.29032%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; width: 1.29032%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; width: 11.7742%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; width: 1.29032%;"><br></td>
</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 53.3871%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;&nbsp;&nbsp;&nbsp; Interest Income </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 0.967742%; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.37097%; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 11.6129%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>21,625</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.29032%; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.29032%; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.29032%; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 11.7742%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>48,061</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1.29032%; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.29032%; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.29032%; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 11.7742%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>42,244</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1.29032%; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 1pt;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 53.3871%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;&nbsp;&nbsp;&nbsp; Net result on changes in FV of financial assets at FVPL </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 0.967742%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.37097%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 11.6129%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1.29032%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.29032%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.29032%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 11.7742%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>64</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1.29032%;"><font style="font-size: 10pt;">)</font></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.29032%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.29032%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 11.7742%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>2,388</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1.29032%;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 53.3871%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;"> &nbsp;&nbsp;&nbsp;&nbsp; Impairment result on financial assets at FVTOCI </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 0.967742%; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.37097%; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; width: 11.6129%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>3,238</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; width: 1.29032%; background-color: #cceeff;"><font style="font-size: 10pt;">)</font></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.29032%; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.29032%; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; width: 11.7742%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; width: 1.29032%; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.29032%; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.29032%; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; width: 11.7742%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; width: 1.29032%; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 1pt;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 53.3871%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Finance income (*) </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 0.967742%;"><br></td>
<td style="border-top: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.37097%;"><br></td>
<td style="border-top: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; width: 11.6129%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>18,387</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; width: 1.29032%;"><br></td>
<td style="border-top: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.29032%;"><br></td>
<td style="border-top: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.29032%;"><br></td>
<td style="border-top: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; width: 11.7742%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>47,997</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; width: 1.29032%;"><br></td>
<td style="border-top: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.29032%;"><br></td>
<td style="border-top: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.29032%;"><br></td>
<td style="border-top: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; width: 11.7742%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>39,856</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; width: 1.29032%;"><br></td>
</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 53.3871%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Finance cost </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 0.967742%; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.37097%; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 11.6129%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> (<font>27,014</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1.29032%; background-color: #cceeff;"><font style="font-size: 10pt;">)</font></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.29032%; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.29032%; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 11.7742%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> (<font>43,381</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1.29032%; background-color: #cceeff;"><font style="font-size: 10pt;">)</font></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.29032%; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.29032%; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 11.7742%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> (<font>36,942</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1.29032%; background-color: #cceeff;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 1pt;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 53.3871%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;&nbsp;&nbsp;&nbsp; Net foreign exchange transactions results (**) </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 0.967742%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.37097%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 11.6129%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>74,422</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1.29032%;"><font style="font-size: 10pt;">)</font></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.29032%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.29032%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 11.7742%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>27,868</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1.29032%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.29032%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.29032%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 11.7742%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>28,845</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1.29032%;"><br></td>
</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 53.3871%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;&nbsp;&nbsp;&nbsp; Foreign exchange derivatives contracts results (***) </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 0.967742%; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.37097%; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 11.6129%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>19,644</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1.29032%; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.29032%; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.29032%; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 11.7742%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>11,616</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1.29032%; background-color: #cceeff;"><font style="font-size: 10pt;">)</font></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.29032%; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.29032%; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 11.7742%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>6,576</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1.29032%; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 1pt;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 53.3871%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;&nbsp;&nbsp;&nbsp; Other </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 0.967742%;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.37097%;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; width: 11.6129%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>1,590</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; width: 1.29032%;"><font style="font-size: 10pt;">)</font></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.29032%;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.29032%;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; width: 11.7742%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>1,585</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; width: 1.29032%;"><font style="font-size: 10pt;">)</font></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.29032%;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.29032%;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; width: 11.7742%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>1,035</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; width: 1.29032%;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 53.3871%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Other financial results </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 0.967742%; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.37097%; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; width: 11.6129%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> (<font>56,368</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; width: 1.29032%; background-color: #cceeff;"><font style="font-size: 10pt; font-weight: bold;">)</font></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.29032%; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.29032%; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; width: 11.7742%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>14,667</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; width: 1.29032%; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.29032%; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.29032%; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; width: 11.7742%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>34,386</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; width: 1.29032%; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 1pt;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 53.3871%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Net financial results </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 0.967742%;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: top; width: 1.37097%;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: top; width: 11.6129%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> (<font>64,995</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px; vertical-align: top; width: 1.29032%;"><font style="font-size: 10pt; font-weight: bold;">)</font></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: top; width: 1.29032%;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: top; width: 1.29032%;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: top; width: 11.7742%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>19,283</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px; vertical-align: top; width: 1.29032%;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: top; width: 1.29032%;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: top; width: 1.29032%;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: top; width: 11.7742%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>37,300</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: top; width: 1.29032%;"><br></td>
</tr>

</table>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 12pt; font-weight: bold; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-size: 10pt;"><font style="font-family: &quot;Times New Roman&quot;; font-style: italic;">(*) </font><font style="font-family: &quot;Times New Roman&quot;; font-style: italic;">Finance Income</font><font style="font-family: &quot;Times New Roman&quot;; font-style: italic;">:</font><font style="font-family: &quot;Times New Roman&quot;; font-style: italic;"> </font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-size: 10pt;"><font style="font-family: &quot;Times New Roman&quot;; font-style: italic;"><br></font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-size: 10pt;"><font style="font-family: &quot;Times New Roman&quot;;">In </font><font style="font-family: &quot;Times New Roman&quot;;"><font>2020</font>, </font><font style="font-family: &quot;Times New Roman&quot;;"><font>2019</font> and <font>2018</font> includes</font><font style="font-family: &quot;Times New Roman&quot;;"> $</font><font style="border-right: none; border-left: none;"><font style="border-left: none; border-right: none;"><font style="font-family: &quot;Times New Roman&quot;;"><font style="border-left: none; border-right: none;"><font>6.5</font></font></font></font></font><font style="font-family: &quot;Times New Roman&quot;;">, </font><font style="font-family: &quot;Times New Roman&quot;;">$<font>7.6</font> and $<font>3.6</font> million of interest relat</font><font style="font-family: &quot;Times New Roman&quot;;">ed to instruments carried at FV</font><font style="font-family: &quot;Times New Roman&quot;;">PL, respectively.</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 10pt;"><font style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-size: 10pt;"><font style="font-family: &quot;Times New Roman&quot;;">(**)</font><font style="font-family: &quot;Times New Roman&quot;;"> </font><font style="font-family: &quot;Times New Roman&quot;; font-style: italic;">Net foreign exchange transactions results:</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-size: 10pt;"><font style="font-family: &quot;Times New Roman&quot;; font-style: italic;"><br></font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-size: 10pt;"><font style="font-family: &quot;Times New Roman&quot;;">In <font>2020</font> mainly</font><font style="font-family: &quot;Times New Roman&quot;;"> includes</font><font style="font-family: &quot;Times New Roman&quot;;"> the negative impact from Euro appreciation against the U.S. dollar on Euro denominated intercompany liabilities in subsidiaries with functional currency U.S. </font><font style="font-family: &quot;Times New Roman&quot;;">d</font><font style="font-family: &quot;Times New Roman&quot;;">ollar, largely offset by </font><font style="font-family: &quot;Times New Roman&quot;;">the</font><font style="font-family: &quot;Times New Roman&quot;;"> currency translation adjustment reserve from our Italian subsidiary, together with the negative impact from Brazilian Real depreciation against the U.S. dollar on U.S. dollar denominated intercompany liabilities in subsidiaries with functional currency Brazilian Real, largely offset by </font><font style="font-family: &quot;Times New Roman&quot;;">the</font><font style="font-family: &quot;Times New Roman&quot;;"> currency translation adjustment reser</font><font style="font-family: &quot;Times New Roman&quot;;">ve from our Brazilian subsidiaries</font><font style="font-family: &quot;Times New Roman&quot;;">. Also includes the</font><font style="font-family: &quot;Times New Roman&quot;;">&nbsp; </font><font style="font-family: &quot;Times New Roman&quot;;">negative result from the Mexican peso depreciation against the U.S. dol</font><font style="font-family: &quot;Times New Roman&quot;;">l</font><font style="font-family: &quot;Times New Roman&quot;;">ar on p</font><font style="font-family: &quot;Times New Roman&quot;;">eso denominated trade, social, fiscal and financial </font><font style="font-family: &quot;Times New Roman&quot;;">positions</font><font style="font-family: &quot;Times New Roman&quot;;"> at Mexican subsidiaries with functional currency U.S. dollar.</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-size: 10pt;"><font style="font-family: &quot;Times New Roman&quot;;">In <font>2019</font></font><font style="font-family: &quot;Times New Roman&quot;;"> mainly</font><font style="font-family: &quot;Times New Roman&quot;;"> includes the result from the Argentine peso depreciation against the U.S. dollar on </font><font style="font-family: &quot;Times New Roman&quot;;">p</font><font style="font-family: &quot;Times New Roman&quot;;">eso denominated financial, trade, social and fiscal payables and receivables at Argentine subsidiaries with functional currency U.S. dollar.</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt; background-color: #ffffff;"><font style="font-size: 10pt;"><font style="font-family: &quot;Times New Roman&quot;;">In <font>2018</font></font><font style="font-family: &quot;Times New Roman&quot;;"> mainly</font><font style="font-family: &quot;Times New Roman&quot;;"> includes the result from the Argentine peso depreciation against the U.S. dollar on </font><font style="font-family: &quot;Times New Roman&quot;;">p</font><font style="font-family: &quot;Times New Roman&quot;;">eso 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</font><font style="font-family: &quot;Times New Roman&quot;;"> with functional currency U.S. d</font><font style="font-family: &quot;Times New Roman&quot;;">ollar, largely offset by </font><font style="font-family: &quot;Times New Roman&quot;;">the</font><font style="font-family: &quot;Times New Roman&quot;;"> currency translation adjustment reserve from our Italian subsidiary.</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt; background-color: #ffffff;"><font style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-size: 10pt;"><font style="font-family: &quot;Times New Roman&quot;;">&nbsp;</font><font style="font-family: &quot;Times New Roman&quot;;">(***) </font><font style="font-family: &quot;Times New Roman&quot;; font-style: italic;">Foreign exchange derivatives contracts results</font><font style="font-family: &quot;Times New Roman&quot;; font-style: italic;">:</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-size: 10pt;"><font style="font-family: &quot;Times New Roman&quot;; font-style: italic;"><br></font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-size: 10pt;"><font style="font-family: &quot;Times New Roman&quot;;">In <font>2020</font> includes mainly gain on derivatives covering net receivab</font><font style="font-family: &quot;Times New Roman&quot;;">les in Mexican peso, Brazilian re</font><font style="font-family: &quot;Times New Roman&quot;;">al and</font><font style="font-family: &quot;Times New Roman&quot;;"> Canadian dollar and net payables in Euro.</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;">In <font>2019</font> includes mainly losses on derivatives covering net payables in Argentine peso and Euro and net receivables in Canadian dollar.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;">In <font>2018</font> includes mainly gain on derivatives covering net receivables in Canadian dollar.</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"><br></font></p>
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<p style="margin-top: 0pt; margin-left: 22.3pt; margin-bottom: 0pt; text-indent: -22.3pt; line-height: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><font>8</font></font><font style="font: 7pt 'Times New Roman'; -aw-import: spaces;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Income t</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">ax</font></p>
<p style="margin-top: 0pt; margin-left: 22.3pt; margin-bottom: 0pt; line-height: 10pt;"><font style="font-family: Arial; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
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<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;" colspan="10">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Year ended December 31, </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (all amounts in thousands of U.S. dollars) </font></p>
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<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>2020</font> </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>2019</font> </font></p>
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<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>2018</font> </font></p>
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<td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
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<td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 55%; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Current tax </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 12%; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>121,048</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 12%; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>299,692</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 12%; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>343,104</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Deferred tax </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>97,898</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>97,240</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>113,897</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Tax charge </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;" valign="bottom"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;" valign="bottom"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> (<font>23,150</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;" valign="bottom"><font style="font-size: 10pt; font-weight: bold;">)</font></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;" valign="bottom"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;" valign="bottom"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> (<font>202,452</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;" valign="bottom"><font style="font-size: 10pt; font-weight: bold;">)</font></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;" valign="bottom"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;" valign="bottom"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> (<font>229,207</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;" valign="bottom"><font style="font-size: 10pt; font-weight: bold;">)</font></td>
</tr>

</table>
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<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 12pt; font-weight: bold; -aw-import: ignore;">&nbsp;</font></p>
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<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno">F-34</font></td>
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<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; padding-bottom: 1pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-style: italic;">Tenaris S.A.</font><font style="font-family: 'Times New Roman'; font-style: italic;"> Consolidated Financial S</font><font style="font-family: 'Times New Roman'; font-style: italic;">tatements for </font><font style="font-family: 'Times New Roman'; font-style: italic;">the years ended December 31, 2020, <font style="border-left: none; border-right: none;"><font>2019</font></font> and <font style="border-left: none; border-right: none;"><font>2018</font></font></font></p>
</div>
</div>
<p style="margin-top: 0pt; margin-left: 21.3pt; margin-bottom: 0pt; text-indent: -21.3pt; text-align: justify; line-height: 12pt; padding-top: 5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><font>8</font></font><font style="font: 7pt 'Times New Roman'; -aw-import: spaces;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Income tax (Cont.)</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><br></font></p>
</div>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The tax on </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Tenaris&#8217;s</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> income before tax differs from the theoretical amount that would arise using the tax rate in each country as follows</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">:</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<div>
<table cellspacing="0" cellpadding="0" style="height: 238px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px;" width="100%">

<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 17px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;" colspan="10">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Year ended December 31, </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: top; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (all amounts in thousands of U.S. dollars) </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-bottom: 1pt solid #000000; height: 17px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>2020</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-bottom: 1pt solid #000000; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-bottom: 1pt solid #000000; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-bottom: 1pt solid #000000; height: 17px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>2019</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-bottom: 1pt solid #000000; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-bottom: 1pt solid #000000; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-bottom: 1pt solid #000000; height: 17px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>2018</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; border-bottom: 1pt solid #000000; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 55%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (Loss) Income before income tax </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 12%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>619,267</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 12%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>933,710</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 12%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,103,107</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Less Impairment charges (non deductible) </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>622,402</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Income before income tax without impairment charges </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>3,135</font> </font></p>
</td>
<td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>933,710</font> </font></p>
</td>
<td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>1,103,107</font> </font></p>
</td>
<td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Tax calculated at the tax rate in each country </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>21,052</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>186,752</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>207,422</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Effect of currency translation on tax base </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>72,936</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>53,296</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>77,552</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Changes in the tax rates </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>958</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>13</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>1,824</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Utilization of previously unrecognized tax losses </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>98</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>547</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Tax revaluation, withholding tax and others </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>29,594</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>37,036</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>57,591</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Tax charges </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> (<font>23,150</font> </font></p>
</td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 7px 0px 0px; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom"><font style="font-size: 10pt; font-weight: bold;">)</font></td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> (<font>202,452</font> </font></p>
</td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 7px 0px 0px; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom"><font style="font-size: 10pt; font-weight: bold;">)</font></td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> (<font>229,207</font> </font></p>
</td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 7px 0px 0px; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom"><font style="font-size: 10pt; font-weight: bold;">)</font></td>
</tr>

</table>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; -aw-import: spaces;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Effect of currency translation on tax base,</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Tenaris applies the liability method to recognize deferred income tax on temporary </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">differences between the tax base</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">s of assets</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">/</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">liabilities</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> 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 cha</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">nge in the value on the tax base</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">s in subsidiaries (mainly Argentina</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> and Mexico</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">), which have a functional currency different than their local currency. These gains and losses are required by IFRS even though </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">the revalued</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">/ devalued tax base</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">s of the relevant assets will not result in any deduction</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">/ obligation for tax purposes in future periods</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 14pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Tax revaluation, withholding tax </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">and </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">others,</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> includes </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">a net </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">tax income</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> of </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">$</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>61</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> million</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">,</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">$<font>66</font> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">million and $<font>65</font> million for <font>2020</font>, <font>2019</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> and <font>2018</font> respectively related to the tax revaluation </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">regime</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">s</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> in Argentina and Mexico. </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">I</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">t also includes a charge of </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">$<font>10</font> million, </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">$<font>34</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> million </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">and $<font>26</font> million for </font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>2020</font>, </font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>2019</font> and <font>2018</font> respectively related to withholding taxes for intra</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">-</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">group international operations.</font></p>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
</div><div style="font-family: 'times new roman', times; font-size: 10pt;">
<div>
<p style="margin-top: 0pt; margin-left: 22.5pt; margin-bottom: 0pt; text-indent: -22.5pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><font>9</font></font><font style="font: 7pt 'Times New Roman'; -aw-import: spaces;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">D</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">ividends</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> distribution</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 14pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">On November 4, 2020, the Company&#8217;s Board of Directors approved the payment of an interim dividend of $<font>0.07</font> per share ($<font>0.14</font> per ADS), or approximate<font>ly $</font><font>82.6</font> million, payable on November 25, 2020, with an ex-dividend date of November 23, 2020.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 14pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">On June 2, 2020, the Company&#8217;s Shareholders approved that, as a consequence of liquidity preservation initiatives, no further dividends be distributed in respect of fiscal year <font>2019</font> beyond the interim dividend of approximately $<font>153</font> million already paid in November 2019.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 14pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">On May 6, 2019, </font><font style="width: 1.45pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">the Company&#8217;s Shareholders approved an annual dividend in the amount of $<font>0.41</font> per share ($<font>0.82</font> per ADS). The amount approved included the int</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">erim dividend previously paid on</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> November 21, 2018 in the amount of $<font>0.13</font> per share ($<font>0.26</font> per ADS). The balance, amounting to $<font>0.28</font> per share ($<font>0.56</font> per ADS), was paid on May 22, 2019. In the aggregate, the interim dividend paid in November 2018 and the balance paid in May 2019 amounted to approximately $<font>484</font> million.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 14pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">On May 2, 2018, the Company&#8217;s Shareholders approved an annual dividend in the amount of $<font>0.41</font> per share ($<font>0.82</font> per ADS). The amount approved included the int</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">erim dividend previously paid on</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> November 22, 2017 in the amount of $<font>0.13</font> per share ($<font>0.26</font> per ADS). The balance, amounting to $<font>0.28</font> per share ($<font>0.56</font> per ADS), was paid on May 23, 2018. In the aggregate, the interim dividend paid in November 2017 and the balance paid in May 2018 </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">amounted to approximately $<font>484</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> million.</font></p>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><br></p>
<div>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno">F-35</font></td>
</tr>

</table>
</div>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><br></font></p>
</div><div style="font-family: 'times new roman', times; font-size: 10pt;">
<div style="-aw-different-first-page: true; -aw-headerfooter-type: header-primary; clear: both;">
<div style="border-bottom: 0.75pt solid #000000; clear: both;">
<p style="margin-top: 0pt; margin-bottom: 0pt; padding-bottom: 1pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-style: italic;">Tenaris S.A.</font><font style="font-family: 'Times New Roman'; font-style: italic;"> Consolidated Financial S</font><font style="font-family: 'Times New Roman'; font-style: italic;">tatements for </font><font style="font-family: 'Times New Roman'; font-style: italic;">the years ended December 31, 2020, <font style="border-left: none; border-right: none;"><font style="border-left: none; border-right: none;">2019</font></font> and <font style="border-left: none; border-right: none;"><font style="border-left: none; border-right: none;">2018</font></font></font></p>
</div>
</div>
<div>
<p style="margin-top: 0pt; margin-left: 22.5pt; margin-bottom: 0pt; text-indent: -22.5pt; text-align: justify; font-size: 10pt; padding-top: 5pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"><font style="border-left: none; border-right: none;">10</font></font><font style="font: 7pt 'Times New Roman'; -aw-import: spaces;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; font-weight: bold;">Property, plant and equipment, net</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(all amounts in thousands of U.S. dollars)</font></p>
<div>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 300px;" width="100%">

<tr style="height: 75px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 75px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Year ended December 31, 2020 </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 75px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 75px;" colspan="2" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Land and <br>civil <br>buildings</font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 75px;" valign="bottom"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 75px;" valign="bottom"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 75px;" colspan="2" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Industrial <br>buildings,<br>plant and <br>production <br>equipment</font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 75px;" valign="bottom"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 75px;" valign="bottom"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 75px;" colspan="2" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Vehicles, <br>furniture <br>and <br>fixtures</font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 75px;" valign="bottom"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 75px;" valign="bottom"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 75px;" colspan="2" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Work in <br>progress</font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 75px;" valign="bottom"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 75px;" valign="bottom"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 75px;" colspan="2" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Spare <br>parts&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">and <br>equipment</font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 75px;" valign="bottom"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 75px;" valign="bottom"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 75px;" colspan="2" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Total </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 75px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Cost </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px; width: 22%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Values at the beginning of the year </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px; width: 1%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px; width: 1%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>799,139</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px; width: 1%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px; width: 1%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px; width: 1%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>12,468,813</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px; width: 1%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px; width: 1%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px; width: 1%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>399,724</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px; width: 1%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px; width: 1%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px; width: 1%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>108,308</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px; width: 1%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px; width: 1%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px; width: 1%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>60,602</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px; width: 1%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px; width: 1%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px; width: 1%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>13,836,586</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px; width: 1%;"><br></td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Currency translation adjustment </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>545</font>) </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>72,650</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>443</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>2,095</font>) </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>162</font>) </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>70,291</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br></td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Increase due to business combinations (*) </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>39,622</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>440,366</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>7,195</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>16,255</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>503,438</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Additions </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>1,451</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>1,524</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>620</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>157,315</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>6,845</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>167,755</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Transfers / Reclassifications </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>5,881</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>157,473</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>15,586</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>176,589</font>) </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>2,351</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br></td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Disposals / Consumptions </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>5,964</font>) </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>61,281</font>) </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>8,811</font>) </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>968</font>) </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>5,392</font>) </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>82,416</font>) </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br></td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Values at the end of the year </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>839,584</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>13,079,545</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>414,757</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>102,226</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>61,893</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>14,498,005</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Depreciation and impairment </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br></td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Accumulated at the beginning of the year </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>121,468</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>7,302,135</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>322,966</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>7,746,569</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br></td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Currency translation adjustment </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>288</font>) </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>56,560</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>405</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>56,677</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Depreciation charge </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>11,368</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>492,973</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>26,198</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>530,539</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Impairment charge (See note <font>5</font>) </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>36,000</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>36,000</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br></td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Transfers / Reclassifications </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>1</font>) </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>349</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>475</font>) </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>127</font>) </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br></td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Disposals / Consumptions </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>89</font>) </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>57,897</font>) </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>6,848</font>) </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>64,834</font>) </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br></td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Accumulated at the end of the year </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>132,458</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>7,830,120</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>342,246</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>8,304,824</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br></td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> At December 31, 2020 </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br></td>
<td style="border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br></td>
<td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>707,126</font> </font></p>
</td>
<td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br></td>
<td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br></td>
<td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br></td>
<td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>5,249,425</font> </font></p>
</td>
<td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br></td>
<td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br></td>
<td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br></td>
<td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>72,511</font> </font></p>
</td>
<td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br></td>
<td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br></td>
<td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br></td>
<td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>102,226</font> </font></p>
</td>
<td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br></td>
<td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br></td>
<td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br></td>
<td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>61,893</font> </font></p>
</td>
<td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br></td>
<td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br></td>
<td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br></td>
<td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>6,193,181</font> </font></p>
</td>
<td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br></td>
</tr>

</table>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 12pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
<div>
<div>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno">F-36</font></td>
</tr>

</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><br></font></p>
<div style="-aw-different-first-page: true; -aw-headerfooter-type: header-primary; clear: both;">
<div style="border-bottom: 0.75pt solid #000000; clear: both;">
<p style="margin-top: 0pt; margin-bottom: 0pt; padding-bottom: 1pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-style: italic;">Tenaris S.A.</font><font style="font-family: 'Times New Roman'; font-style: italic;"> Consolidated Financial S</font><font style="font-family: 'Times New Roman'; font-style: italic;">tatements for </font><font style="font-family: 'Times New Roman'; font-style: italic;">the years ended December 31, 2020, <font style="border-left: none; border-right: none;"><font style="border-left: none; border-right: none;">2019</font></font> and <font style="border-left: none; border-right: none;"><font style="border-left: none; border-right: none;">2018</font></font></font></p>
</div>
</div>
<p style="margin-top: 0pt; margin-left: 22.5pt; margin-bottom: 0pt; text-indent: -22.5pt; text-align: justify; font-size: 10pt; padding-top: 5pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"><font style="border-left: none; border-right: none;">10</font></font><font style="font: 7pt 'Times New Roman'; -aw-import: spaces;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; font-weight: bold;">Property, plant and equipment, net (Cont.)</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><br></font></p>
</div>
</div>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(all amounts in thousands of U.S. dollars)</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
<div>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100.04%; height: 366px;" width="100%">

<tr style="height: 60px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 60px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Year ended December 31, 2019 </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 60px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 60px;" colspan="2" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Land and <br>civil <br>buildings</font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 60px;" valign="bottom"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 60px;" valign="bottom"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 60px;" colspan="2" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Industrial <br>buildings, <br>plant and <br>production <br>equipment</font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 60px;" valign="bottom"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 60px;" valign="bottom"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 60px;" colspan="2" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Vehicles, <br>furniture <br>and <br>fixtures</font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 60px;" valign="bottom"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 60px;" valign="bottom"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 60px;" colspan="2" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Work in <br>progress</font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 60px;" valign="bottom"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 60px;" valign="bottom"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 60px;" colspan="2" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; font-weight: bold;">Spare<br>parts&nbsp;</font><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; font-weight: bold;">and<br>equipment</font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 60px;" valign="bottom"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 60px;" valign="bottom"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 60px;" colspan="2" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Total </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 60px;" valign="bottom"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Cost </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 22%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Values at the beginning of the year </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>732,578</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>12,121,569</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>377,260</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>127,378</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>63,197</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>13,421,982</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Currency translation adjustment </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>1,611</font>) </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>38,961</font>) </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>1,615</font>) </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>864</font>) </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>256</font>) </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>43,307</font>) </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Increase due to business combinations (**)&nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>59,468</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>115,908</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>1,733</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>1,630</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>178,739</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Additions </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>16</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>1,178</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>1,107</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>299,412</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>12,202</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>313,915</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Transfers / Reclassifications </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>8,723</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>296,272</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>28,349</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>317,128</font>) </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>11,984</font>) </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>4,232</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Disposals / Consumptions </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>35</font>) </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>27,153</font>) </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>7,110</font>) </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>2,120</font>) </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>2,557</font>) </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>38,975</font>) </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Values at the end of the year </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>799,139</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>12,468,813</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>399,724</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>108,308</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>60,602</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>13,836,586</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Depreciation and impairment </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Accumulated at the beginning of the year </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>110,914</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>6,936,900</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>310,260</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>7,358,074</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Currency translation adjustment </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>420</font>) </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>24,973</font>) </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>1,485</font>) </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>26,878</font>) </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Depreciation charge </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>11,409</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>415,826</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>20,080</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>447,315</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Transfers / Reclassifications </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>362</font>) </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>38</font>) </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>400</font>) </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Disposals / Consumptions </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>73</font>) </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>25,580</font>) </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>5,889</font>) </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>31,542</font>) </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Accumulated at the end of the year </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>121,468</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>7,302,135</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>322,966</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>7,746,569</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> At December 31, 2019 </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>677,671</font> </font></p>
</td>
<td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>5,166,678</font> </font></p>
</td>
<td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>76,758</font> </font></p>
</td>
<td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>108,308</font> </font></p>
</td>
<td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>60,602</font> </font></p>
</td>
<td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>6,090,017</font> </font></p>
</td>
<td style="border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
</tr>

</table>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(*) <font>Related to IPSCO acquisition. See note <font>32</font>.</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(**) <font>Related to SSPC acquisition. See note <font>32</font>.</font></font></p>
<p style="margin-top: 0pt; margin-left: 35pt; margin-bottom: 0pt; text-indent: -35pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Property, plant and equipment </font><font style="font-family: 'Times New Roman';">include</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">capitalized </font><font style="font-family: 'Times New Roman';">interest</font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">for</font><font style="font-family: 'Times New Roman';"> net amount</font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';"> at December 31, </font><font style="font-family: 'Times New Roman';"><font>20</font></font><font style="font-family: 'Times New Roman';"><font>20</font></font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">and </font><font style="font-family: 'Times New Roman';"><font>201</font></font><font style="font-family: 'Times New Roman';"><font>9</font></font><font style="font-family: 'Times New Roman';"> </font><font><font style="font-family: 'Times New Roman';">of</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">$<font>33.6</font></font><font style="font-family: 'Times New Roman';">&nbsp;million</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">and</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">$<font>35.4</font></font></font><font style="font-family: 'Times New Roman';">&nbsp;million</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">respectively</font><font style="font-family: 'Times New Roman';">.</font><font style="font-family: 'Times New Roman';"> The</font><font style="font-family: 'Times New Roman';">re</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">were no</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">interest </font><font style="font-family: 'Times New Roman';">capitalized during <font>20</font></font><font style="font-family: 'Times New Roman';"><font>20</font></font><font style="font-family: 'Times New Roman';"> and <font>201</font></font><font style="font-family: 'Times New Roman';"><font>9</font></font><font style="font-family: 'Times New Roman';">.</font><font style="font-family: 'Times New Roman';"> </font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The carrying amounts of assets pledged as security for current and non-current borrowings are immaterial for the years <font>2020</font> and <font>2019</font>.</font></p>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 9pt;"><br></font></p>
<div>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno">F-37</font></td>
</tr>

</table>
</div>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
</div>
</div><div style="font-family: 'times new roman', times; font-size: 10pt;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<div style="-aw-different-first-page: true; -aw-headerfooter-type: header-primary; clear: both;">
<div style="border-bottom: 0.75pt solid #000000; clear: both;">
<p style="margin-top: 0pt; margin-bottom: 0pt; padding-bottom: 1pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-style: italic;">Tenaris S.A.</font><font style="font-family: 'Times New Roman'; font-style: italic;"> Consolidated Financial S</font><font style="font-family: 'Times New Roman'; font-style: italic;">tatements for </font><font style="font-family: 'Times New Roman'; font-style: italic;">the years ended December 31, 2020, <font style="border-left: none; border-right: none;"><font>2019</font></font> and <font style="border-left: none; border-right: none;"><font>2018</font></font></font></p>
</div>
</div>
<div>
<p style="margin-top: 0pt; margin-left: 22.5pt; margin-bottom: 0pt; text-indent: -22.5pt; line-height: 12pt; padding-top: 5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><font style="border-left: none; border-right: none;">11</font></font><font style="font: 7pt 'Times New Roman'; -aw-import: spaces;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Intangible assets, net</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 12pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(all amounts in thousands of U.S. dollars)</font></p>
<div>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 99.8983%; height: 354px;" width="100%">

<tr style="height: 45px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 45px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Year ended December 31, 2020 </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 45px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; height: 45px; vertical-align: bottom;" colspan="2" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Information <br>system projects</font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; height: 45px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; height: 45px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; height: 45px; vertical-align: bottom;" colspan="2" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Licenses,</font><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;">&nbsp;<br></font><font style="font-family: 'Times New Roman'; font-weight: bold;">patents&nbsp;and<br>trademarks&nbsp;(*)</font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 45px;" valign="bottom"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 45px;" valign="bottom"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 45px;" colspan="2" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Goodwill </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 45px;" valign="bottom"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 45px;" valign="bottom"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 45px;" colspan="2" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Customer<br>relationships </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 45px;" valign="bottom"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 45px;" valign="bottom"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 45px;" colspan="2" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Total </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 45px;" valign="bottom"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Cost </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 35%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Values at the beginning of the year </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>604,870</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>463,742</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>2,117,837</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 1%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>2,140,051</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>5,326,500</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 1%;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Currency translation adjustment </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>1,108</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>220</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>5,058</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>3,730</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Increase due to business combinations (**)&nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>11,563</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>87,000</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>357,183</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>71,100</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>526,846</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Additions </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>24,965</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>602</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>25,567</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Transfers / Reclassifications </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>1,393</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>1,393</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Disposals </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>3,761</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>1,064</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>4,825</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Values at the end of the year </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>637,352</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>550,500</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>2,469,962</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>2,211,151</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>5,868,965</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Amortization and impairment </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Accumulated at the beginning of the year </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>536,337</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>373,772</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>797,592</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>2,057,240</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>3,764,941</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Currency translation adjustment </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>890</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>1</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>889</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Amortization charge </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>42,931</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>8,760</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>38,785</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>90,476</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Impairment charge (See note <font>5</font>) </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>586,402</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>586,402</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Transfers / Reclassifications </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>931</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>931</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Disposals </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>3,730</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>3,730</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Accumulated at the end of the year </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>577,359</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>382,531</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>1,383,994</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>2,096,025</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>4,439,909</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> At December 31, 2020 </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>59,993</font> </font></p>
</td>
<td style="border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>167,969</font> </font></p>
</td>
<td style="border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>1,085,968</font> </font></p>
</td>
<td style="border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>115,126</font> </font></p>
</td>
<td style="border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>1,429,056</font> </font></p>
</td>
<td style="border-bottom: 2px solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br></td>
</tr>

</table>
</div>
<div>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><br></p>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno">F-38</font></td>
</tr>

</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><br></font></p>
<div style="-aw-different-first-page: true; -aw-headerfooter-type: header-primary; clear: both;">
<div style="border-bottom: 0.75pt solid #000000; clear: both;">
<p style="margin-top: 0pt; margin-bottom: 0pt; padding-bottom: 1pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-style: italic;">Tenaris S.A.</font><font style="font-family: 'Times New Roman'; font-style: italic;"> Consolidated Financial S</font><font style="font-family: 'Times New Roman'; font-style: italic;">tatements for </font><font style="font-family: 'Times New Roman'; font-style: italic;">the years ended December 31, 2020, <font style="border-left: none; border-right: none;"><font style="border-left: none; border-right: none;">2019</font></font> and <font style="border-left: none; border-right: none;"><font style="border-left: none; border-right: none;">2018</font></font></font></p>
</div>
</div>
<p style="margin-top: 0pt; margin-left: 22.5pt; margin-bottom: 0pt; text-indent: -22.5pt; text-align: justify; font-size: 10pt; padding-top: 5pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><font style="border-left: none; border-right: none;">11</font></font><font style="font: 7pt 'Times New Roman'; -aw-import: spaces;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font>&nbsp;</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Intangible assets, net</font> (Cont.)</font></p>
</div>
</div>
<div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><br></font></p>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(all amounts in thousands of U.S. dollars)</font></p>
<div>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 262px;" width="100%">

<tr style="height: 10px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Year ended December 31, 2019 </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;" colspan="2" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Information <br>system projects</font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;" valign="bottom"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;" valign="bottom"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;" colspan="2" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Licenses,</font><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;">&nbsp;<br></font><font style="font-family: 'Times New Roman'; font-weight: bold;">patents and trademarks (*)</font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;" valign="bottom"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;" valign="bottom"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;" colspan="2" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Goodwill </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;" valign="bottom"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;" valign="bottom"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;" colspan="2" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Customer relationships </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;" valign="bottom"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;" valign="bottom"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;" colspan="2" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Total </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;" valign="bottom"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Cost </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 35%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Values at the beginning of the year </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 1%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>580,622</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 1%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>464,571</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 1%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>2,085,936</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>2,058,859</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>5,189,988</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 1%;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Currency translation adjustment </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>1,917</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>70</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>968</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>2,955</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Increase due to business combinations (***)&nbsp;&nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>405</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>32,869</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>81,192</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>114,466</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Additions </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>35,487</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>772</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>36,259</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Transfers / Reclassifications </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>4,665</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>4,665</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Disposals </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>5,062</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>1,531</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>6,593</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Values at the end of the year </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>604,870</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>463,742</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>2,117,837</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>2,140,051</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>5,326,500</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: left;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;">Amortization and impairment </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Accumulated at the beginning of the year </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>513,984</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>373,466</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>797,592</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>2,038,981</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>3,724,023</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Currency translation adjustment </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>1,734</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>1,734</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Amortization charge </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>28,937</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>719</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>18,259</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>47,915</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Disposals </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>4,850</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>413</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>5,263</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Accumulated at the end of the year </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>536,337</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>373,772</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>797,592</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>2,057,240</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>3,764,941</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br></td>
</tr>
<tr style="height: 18px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> At December 31, 2019 </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 18px;"><br></td>
<td style="border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"><br></td>
<td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>68,533</font> </font></p>
</td>
<td style="border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"><br></td>
<td style="border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"><br></td>
<td style="border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"><br></td>
<td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>89,970</font> </font></p>
</td>
<td style="border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"><br></td>
<td style="border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"><br></td>
<td style="border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"><br></td>
<td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>1,320,245</font> </font></p>
</td>
<td style="border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"><br></td>
<td style="border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"><br></td>
<td style="border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"><br></td>
<td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>82,811</font> </font></p>
</td>
<td style="border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"><br></td>
<td style="border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"><br></td>
<td style="border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"><br></td>
<td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>1,561,559</font> </font></p>
</td>
<td style="border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"><br></td>
</tr>

</table>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">(*) <font><font style="border-right: none; border-left: none;">Includes Proprietary Technology.</font></font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">(**) <font>Related to IPSCO acquisition. See note 32.</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">(***) <font>Related to SSPC acquisition. See note 32.</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The geographical </font><font style="font-family: 'Times New Roman';">allocation of goodwill </font><font style="font-family: 'Times New Roman';">for the year</font><font style="font-family: 'Times New Roman';"> ended December 31, 20</font><font style="font-family: 'Times New Roman';"><font>20</font></font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">was $</font><font style="border-right: none; border-left: none;"><font style="font-family: 'Times New Roman';"><font style="border-left: none; border-right: none;"><font>939.2</font></font></font></font><font style="font-family: 'Times New Roman';">&nbsp;million for North America</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">$<font>111.1</font></font><font style="font-family: 'Times New Roman';">&nbsp;million for South America</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">$<font>33.7</font></font><font style="font-family: 'Times New Roman';">&nbsp;million for</font><font style="font-family: 'Times New Roman';"> Middle East &amp; Africa</font><font style="font-family: 'Times New Roman';"> and $<font>2.0</font> million for Europe</font><font style="font-family: 'Times New Roman';">.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The carrying amount of goodwill allocated</font><font style="font-family: 'Times New Roman';"> by CGU, as of December 31, 20</font><font style="font-family: 'Times New Roman';"><font>20</font></font><font style="font-family: 'Times New Roman';">, was as follows:</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
<div>
<table cellspacing="0" cellpadding="0" style="margin-left: 0.1px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 99.836%; height: 136px;" width="100%">

<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (all amounts in millions of U.S. dollars) </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;" colspan="6">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Tubes Segment</font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"><br></td>
</tr>
<tr style="height: 30px;">
<td style="padding-right: 4.9pt; padding-left: 4.9pt; border-bottom: 1pt solid #000000; vertical-align: bottom; border-left: 1pt solid #000000; height: 30px;" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> CGU </font></p>
</td>
<td style="padding-right: 4.9pt; padding-left: 4.9pt; border-bottom: 1pt solid #000000; vertical-align: bottom; height: 30px;" valign="bottom"><br></td>
<td style="padding-right: 4.9pt; padding-left: 4.9pt; border-bottom: 1pt solid #000000; vertical-align: bottom; border-left: 1pt solid #000000; height: 30px;" colspan="2" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Hydril <br>Acquisition</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; border-bottom: 1pt solid #000000; vertical-align: bottom; height: 30px;" valign="bottom"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; border-bottom: 1pt solid #000000; vertical-align: bottom; height: 30px;" valign="bottom"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; border-bottom: 1pt solid #000000; vertical-align: bottom; height: 30px;" colspan="2" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Other</font></p>
</td>
<td style="padding-right: 4.9pt; padding-left: 5.4pt; border-bottom: 1pt solid #000000; vertical-align: bottom; height: 30px;" valign="bottom"><br></td>
<td style="padding-right: 4.9pt; padding-left: 5.4pt; border-bottom: 1pt solid #000000; vertical-align: bottom; height: 30px;" valign="bottom"><br></td>
<td style="padding-right: 4.9pt; padding-left: 5.4pt; border-bottom: 1pt solid #000000; border-left: 1pt solid #000000; vertical-align: bottom; height: 30px;" colspan="2" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Total</font></p>
</td>
<td style="padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; border-bottom: 1pt solid #000000; border-right: 1pt solid #000000; height: 30px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 61%; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Tamsa (Hydril and other) </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 10%; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>346</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 10%; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>19</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 10%; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>365</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Siderca (Hydril and other) </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>265</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>93</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>358</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Hydril </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br></td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>309</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>309</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br></td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Other </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>54</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>54</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br></td>
</tr>
<tr style="height: 18px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Total </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 18px;"><br></td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; border-top: 1pt solid #000000; border-bottom: 2px solid #000000; background-color: #cceeff; height: 18px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>920</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 18px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 18px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 18px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>166</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 18px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 18px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 18px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>1,086</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 18px;"><br></td>
</tr>

</table>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</div>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno">F-39</font></td>
</tr>

</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
</div>
</div><div style="font-family: 'times new roman', times; font-size: 10pt;">
<div style="-aw-different-first-page: true; -aw-headerfooter-type: header-primary; clear: both;">
<div style="clear: both;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<div>
<div style="-aw-different-first-page: true; -aw-headerfooter-type: header-primary; clear: both;">
<div style="border-bottom: 0.75pt solid #000000; clear: both;">
<div>
<div style="-aw-different-first-page: true; -aw-headerfooter-type: header-primary; clear: both;">
<div style="/* border-bottom: 0.75pt solid #000000; */clear: both;">
<p style="margin-top: 0pt; margin-bottom: 0pt; padding-bottom: 1pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-style: italic;">Tenaris S.A.</font><font style="font-family: 'Times New Roman'; font-style: italic;"> Consolidated Financial S</font><font style="font-family: 'Times New Roman'; font-style: italic;">tatements for </font><font style="font-family: 'Times New Roman'; font-style: italic;">the years ended December 31, 2020, <font style="border-left: none; border-right: none;"><font>2019</font></font> and <font style="border-left: none; border-right: none;"><font>2018</font></font></font></p>
</div>
</div>
</div>
</div>
</div>
<p style="margin-top: 0pt; margin-left: 22.5pt; margin-bottom: 0pt; text-indent: -22.5pt; line-height: 12pt; padding-top: 5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><font style="border-left: none; border-right: none;"><font>12</font></font></font><font style="font: 7pt 'Times New Roman'; -aw-import: spaces;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Right-of-use assets, net and lease liabilities</font></p>
<p style="margin-top: 0pt; margin-left: 36pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: Arial; font-size: 8pt; font-style: italic; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Right of use assets evolution</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(all amounts in thousands of U.S. dollars)</font></p>
<div>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 347px;" width="100%">

<tr style="height: 60px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #ffffff; height: 60px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Year ended December 31, 2020 </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 60px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 60px;" colspan="2" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Land and Civil <br>Buildings</font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 60px;" valign="bottom"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 60px;" valign="bottom"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 60px;" colspan="2" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Industrial <br>Buildings, Plant <br>and Production Equipment</font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 60px;" valign="bottom"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 60px;" valign="bottom"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 60px;" colspan="2" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Vehicles, furniture <br>and fixtures</font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 60px;" valign="bottom"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 60px;" valign="bottom"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 60px;" colspan="2" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Total </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 60px;" valign="bottom"><br></td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Cost </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 48%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Opening net book amount </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>36,137</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 1%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>225,389</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>14,194</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>275,720</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Currency translation adjustment </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>839</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>746</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>530</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>437</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 12px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 12px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Increase due to business combinations (*) </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 12px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 12px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 12px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>3,461</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 12px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 12px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 12px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 12px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>13,730</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 12px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 12px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 12px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 12px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>7,556</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 12px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 12px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 12px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 12px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>24,747</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 12px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Additions </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>11,534</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>42,573</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>5,034</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>59,141</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Transfers / Reclassifications </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>439</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>458</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>136</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>117</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Disposals </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>8,800</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>8,622</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>8,835</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>26,257</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> At December 31, 2020 </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>41,932</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>273,358</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>18,615</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>333,905</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Depreciation </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Accumulated at the beginning of the year </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>8,330</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>30,581</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>3,683</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>42,594</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Currency translation adjustment </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>92</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>145</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>190</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>243</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Depreciation charge </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>13,200</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>37,671</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>6,920</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>57,791</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Transfers / Reclassifications </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>2,876</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>1,702</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>1,291</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>117</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Disposals </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>3,420</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>2,106</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>3,267</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>8,793</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Accumulated at the end of the year </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>15,142</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>67,993</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>8,817</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>91,952</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> At December 31, 2020 </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>26,790</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>205,365</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>9,798</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>241,953</font> </font></p>
</td>
<td style="border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
</tr>

</table>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; -aw-import: ignore;">&nbsp;</font></p>
<div>
<div>
<div>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno">F-40</font></td>
</tr>

</table>
</div>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<div style="-aw-different-first-page: true; -aw-headerfooter-type: header-primary; clear: both;">
<div style="border-bottom: 0.75pt solid #000000; clear: both;">
<p style="margin-top: 0pt; margin-bottom: 0pt; padding-bottom: 1pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-style: italic;">Tenaris S.A.</font><font style="font-family: 'Times New Roman'; font-style: italic;"> Consolidated Financial S</font><font style="font-family: 'Times New Roman'; font-style: italic;">tatements for </font><font style="font-family: 'Times New Roman'; font-style: italic;">the years ended December 31, 2020, <font style="border-left: none; border-right: none;"><font>2019</font></font> and <font style="border-left: none; border-right: none;"><font>2018</font></font></font></p>
</div>
</div>
<p style="margin-top: 0pt; margin-left: 21.3pt; margin-bottom: 0pt; text-indent: -21.3pt; line-height: 12pt; padding-top: 5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><font>12</font></font><font style="font: 7pt 'Times New Roman'; -aw-import: spaces;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Right-of-use assets, net and lease liabilities (Cont.)</font></p>
</div>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(all amounts in thousands of U.S. dollars)</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<div>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; height: 300px; width: 100.062%;" width="100%">

<tr style="height: 30px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #ffffff; height: 30px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Year ended December 31, 2019 </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 30px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; height: 30px; vertical-align: bottom;" colspan="2" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Land and Civil <br>Buildings</font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; height: 30px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; height: 30px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; height: 30px; vertical-align: bottom;" colspan="2" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 12px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Industrial</font><br><font style="color: #000000; font-family: 'Times New Roman'; font-size: 12px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Buildings, Plant</font><br><font style="color: #000000; font-family: 'Times New Roman'; font-size: 12px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">and Production Equipment</font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; height: 30px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; height: 30px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; height: 30px; vertical-align: bottom;" colspan="2" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Vehicles, furniture <br>and fixtures</font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 30px;" valign="bottom"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 30px;" valign="bottom"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 30px;" colspan="2" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Total </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 30px;" valign="bottom"><br></td>
</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Cost </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 15px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: middle; height: 15px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 15px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 15px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: middle; height: 15px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 15px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 15px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 15px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 15px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 15px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br></td>
</tr>
<tr style="height: 15px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; width: 48%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Opening net book amount </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; width: 1%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; width: 1%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>27,713</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; width: 1%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; width: 1%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; width: 1%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>202,352</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; width: 1%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; width: 1%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; width: 1%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>8,335</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; width: 1%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; width: 1%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; width: 1%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>238,400</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; width: 1%;"><br></td>
</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Currency translation adjustment </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>88</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>6</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>8</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>74</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 15px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Increase due to business combinations (**) </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>229</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>2,038</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>2,267</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;"><br></td>
</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Additions </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>9,292</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>24,985</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>7,165</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>41,442</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br></td>
</tr>
<tr style="height: 15px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Transfers / Reclassifications </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>496</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>496</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;"><br></td>
</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Disposals </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>1,009</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>4,488</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>818</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>6,315</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 15px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> At December 31, 2019 </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>36,137</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>225,389</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>14,194</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>275,720</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;"><br></td>
</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br></td>
</tr>
<tr style="height: 15px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;"><br></td>
</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Depreciation </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br></td>
</tr>
<tr style="height: 15px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Accumulated at the beginning of the year </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"><font> - </font></font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"><font> - </font></font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"><font> - </font></font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"><font> - </font></font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;"><br></td>
</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Currency translation adjustment </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>3</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>3</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>8</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>8</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br></td>
</tr>
<tr style="height: 15px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Depreciation charge </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>8,514</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>31,869</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>3,908</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>44,291</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;"><br></td>
</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Transfers / Reclassifications </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>62</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>62</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br></td>
</tr>
<tr style="height: 15px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Disposals </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>181</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>1,229</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>295</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>1,705</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Accumulated at the end of the year </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>8,330</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>30,581</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>3,683</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>42,594</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br></td>
</tr>
<tr style="height: 15px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> At December 31, 2019 </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>27,807</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>194,808</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>10,511</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br></td>
<td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>233,126</font> </font></p>
</td>
<td style="border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br></td>
</tr>

</table>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(*) <font><font style="border-right: none; border-left: none;"><font style="border-right: none; border-left: none;">Related to IPSCO acquisition. See note 32.</font></font></font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(**) <font><font style="border-right: none; border-left: none;">Related to SSPC acquisition.</font></font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Depreciation of right-of-use assets </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">is</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> mainly included in Tubes segment.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The initial cost of right-of-use assets consists of the initial lease liability plus lease payments made in <font>2018</font> of approximatel<font>y $</font><font>4</font><font> mi</font>llion.</font></p>
<div>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><br></p>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno">F-41</font></td>
</tr>

</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><br></font></p>
<div style="-aw-different-first-page: true; -aw-headerfooter-type: header-primary; clear: both;">
<div style="border-bottom: 0.75pt solid #000000; clear: both;">
<p style="margin-top: 0pt; margin-bottom: 0pt; padding-bottom: 1pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-style: italic;">Tenaris S.A.</font><font style="font-family: 'Times New Roman'; font-style: italic;"> Consolidated Financial S</font><font style="font-family: 'Times New Roman'; font-style: italic;">tatements for </font><font style="font-family: 'Times New Roman'; font-style: italic;">the years ended December 31, 2020, <font style="border-left: none; border-right: none;"><font style="border-left: none; border-right: none;">2019</font></font> and <font style="border-left: none; border-right: none;"><font style="border-left: none; border-right: none;">2018</font></font></font></p>
</div>
</div>
<p style="margin-top: 0pt; margin-left: 22.5pt; margin-bottom: 0pt; text-indent: -22.5pt; text-align: justify; font-size: 10pt; padding-top: 5pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"><font style="border-left: none; border-right: none;">12<font style="color: #000000; font-family: 'Times New Roman'; font-size: 9.33333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -28.4px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font>&nbsp;</font></font></font></font><font style="font: 7pt 'Times New Roman'; -aw-import: spaces;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -28.4px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Right-of-use assets, net and lease liabilities</font></font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;(Cont.)</font></p>
</div>
</div>
<div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><br></font></p>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Lease liability evolution</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
<div>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px; height: 188px;" width="100%">

<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;" colspan="6">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Year ended December 31, </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (all amounts in thousands of U.S. dollars) </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 17px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>2020</font></font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>2019</font></font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 74%; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Opening net book amount </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 10%; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>230,167</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 10%; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>234,149</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Increase due to business combinations </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>26,046</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>2,267</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Translation differences </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>7,656</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>2,690</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Additions </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>58,536</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>36,957</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Cancellations </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>17,529</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>4,688</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Repayments (*) </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>51,666</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">)</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>43,974</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Interest accrued </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>4,133</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>2,766</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="height: 18px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> At December 31, </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 18px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>257,343</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>230,167</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"><br></td>
</tr>

</table>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 12pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(*) <font>Repayments include capital and interest.</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The amount of remaining payments with maturity less than <font>1</font> year, between <font>2</font> and <font>5</font> years and more than </font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>5</font> years is approximately </font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>16.9</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">%, </font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>40.5</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">% an</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">d </font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>42.6</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">% of the total remaining payments, respectively. </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Expense</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">s</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> relat</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ed</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> to short-term leases and low value leases (included in </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">cost of sales and selling, general and administrative expense</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">s</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">)</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">for the year <font>2020</font> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">amounted to $<font>1.7</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> million and $<font>3.2</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> million respectively</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> and for the year <font>2019</font> amounted to $<font>15.1</font> million and $<font>1.3</font> million respectively</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Expenses relat</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ed</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> to variable leases (included in </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">cost of sales and selling, general and administrative expenses</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">) were not material for the years <font>2020</font> and <font>2019</font>.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><br></p>
</div>
</div>
</div>
</div><div style="font-family: 'times new roman', times; font-size: 10pt;">
<div>
<p style="margin-top: 0pt; margin-left: 22.5pt; margin-bottom: 0pt; text-indent: -22.5pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><font style="border-left: none; border-right: none;">13</font></font><font style="font: 7pt 'Times New Roman'; -aw-import: spaces;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Investments in </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">non-consolidated</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> companies</font></p>
<p style="margin-top: 0pt; margin-left: 22.5pt; margin-bottom: 0pt; text-indent: -22.5pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><br></font></p>
<div>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px; height: 172px;" width="100%">

<tr style="height: 17px;">
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #ffffff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #ffffff; height: 17px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; height: 17px;" colspan="6">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Year ended December 31, </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: top; background-color: #ffffff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (all amounts in thousands of U.S. dollars) </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; background-color: #ffffff; height: 17px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; height: 17px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>2020</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; height: 17px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; height: 17px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; height: 17px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>2019</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; width: 74%; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> At the beginning of the year </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; width: 1%; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 7px; vertical-align: bottom; width: 1%; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 10%; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>879,965</font> </font></p>
</td>
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; width: 1%; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; width: 1%; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; width: 1%; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; width: 10%; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>805,568</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 1%; height: 17px; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Translation differences </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>31,977</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>10,781</font> </font></p>
</td>
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Equity in earnings of non-consolidated companies </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>108,799</font> </font></p>
</td>
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>82,036</font> </font></p>
</td>
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Increase due to business combinations </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"><font>-</font></font></p>
</td>
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>20,635</font> </font></p>
</td>
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Dividends and distributions declared (*) </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>861</font> </font></p>
</td>
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>28,037</font> </font></p>
</td>
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Additions </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font></font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>19,610</font> </font></p>
</td>
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 18px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Increase / (decrease) in equity reserves and others </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 18px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 18px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 4px; vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>1,426</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 18px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 18px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 18px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 4px; vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>9,066</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px; background-color: #cceeff;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 18px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> At the end of the year </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 18px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 18px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 4px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>957,352</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 18px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 18px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 18px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 4px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>879,965</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px;"><br></td>
</tr>

</table>
</div>
<p style="margin-top: 0pt; margin-left: 22.5pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: Arial; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">(*</font><font style="font-family: 'Times New Roman';">)</font><font style="font-family: 'Times New Roman';"> </font><font><font style="font-family: 'Times New Roman';">Related to Ternium</font><font style="font-family: 'Times New Roman';"> and Usiminas</font><font style="font-family: 'Times New Roman';">. During </font><font style="font-family: 'Times New Roman';"><font>2020</font> and <font>2019</font> $<font>0.3</font> million and</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">$</font><font style="font-family: 'Times New Roman';"><font>29.0</font></font><font style="font-family: 'Times New Roman';"> million</font><font style="font-family: 'Times New Roman';"> respectively</font><font style="font-family: 'Times New Roman';"> were collected</font><font style="font-family: 'Times New Roman';">.</font></font></font></p>
<p style="margin-top: 0pt; margin-left: 4.3pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 12pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The principal </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">non-consolidated</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> companies are:</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<div>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 99.9179%; margin-left: 0.1px; height: 129px;" width="100%">

<tr style="height: 10px;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br></td>
<td colspan="3" style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> % ownership at December 31, </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 10px;"><br></td>
<td colspan="5" style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Value at December 31, </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 10px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Company </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Country of incorporation </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>2020</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>2019</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>2020</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>2019</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="border-top: 1pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; width: 25%; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> a) Ternium (*) </font></p>
</td>
<td style="border-top: 1pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br></td>
<td style="border-top: 1pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; width: 25%; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Luxembourg </font></p>
</td>
<td style="border-top: 1pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br></td>
<td style="border-top: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 11%; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>11.46</font>% </font></p>
</td>
<td style="border-top: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 11%; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>11.46</font>% </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 10%; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>830,028</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 10%; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>751,105</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> b) Usiminas (**) </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Brazil </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>3.07</font>% </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>3.07</font>% </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>65,144</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>74,593</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> c) Techgen </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Mexico </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font style="border-left: none; border-right: none;"><font>22.00</font></font>% </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font style="border-left: none; border-right: none;"><font>22.00</font></font>% </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>19,536</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>9,888</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> d) Global Pipe Company </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Saudi Arabia </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font style="border-left: none; border-right: none;"><font>35.00</font></font>% </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font style="border-left: none; border-right: none;"><font>35.00</font></font>% </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font style="border-left: none; border-right: none;"><font>23,421</font></font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font style="border-left: none; border-right: none;"><font>22,550</font></font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;&nbsp;&nbsp;&nbsp; Others </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"><font> - </font></font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';"><font> - </font></font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';"><font> - </font></font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>19,223</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>21,829</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>957,352</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>879,965</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
</tr>

</table>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">(*) <font>Including treasury shares.</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">(**)</font><font style="font-family: 'Times New Roman';"> </font><font><font style="font-family: 'Times New Roman';">At December 31,</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';"><font>20</font></font><font style="font-family: 'Times New Roman';"><font>20</font></font><font style="font-family: 'Times New Roman';"> and <font>201</font></font><font style="font-family: 'Times New Roman';"><font>9</font></font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">the voting rights were <font>5.19</font></font><font style="font-family: 'Times New Roman';">%</font><font style="font-family: 'Times New Roman';">.</font></font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<div>
<div>
<div>
<div>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno">F-42</font></td>
</tr>

</table>
</div>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<div style="-aw-different-first-page: true; -aw-headerfooter-type: header-primary; clear: both;">
<div style="border-bottom: 0.75pt solid #000000; clear: both;">
<p style="margin-top: 0pt; margin-bottom: 0pt; padding-bottom: 1pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-style: italic;">Tenaris S.A.</font><font style="font-family: 'Times New Roman'; font-style: italic;"> Consolidated Financial S</font><font style="font-family: 'Times New Roman'; font-style: italic;">tatements for </font><font style="font-family: 'Times New Roman'; font-style: italic;">the years ended December 31, 2020, <font style="border-left: none; border-right: none;">2019</font> and <font style="border-left: none; border-right: none;">2018</font></font></p>
</div>
</div>
<p style="margin-top: 0pt; margin-left: 21.3pt; margin-bottom: 0pt; text-indent: -21.3pt; line-height: 12pt; padding-top: 5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><font>13</font></font><font style="font: 7pt 'Times New Roman'; -aw-import: spaces;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Investments in non-consolidated companies (Cont.)</font></p>
</div>
</div>
</div>
<p style="margin: 7pt 0pt; text-align: justify; line-height: 12pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; font-style: italic;">a) Ternium</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Ternium</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, is a steel producer with production facilities in Mexico, Argentina, </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Brazil, </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Colombia, Un</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ited States and Guatemala and</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> is <font>one</font> of </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Tenaris&#8217;s</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> main suppliers of round steel bars and flat steel products for its pipes business.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">At December 31, 20</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>20</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, the closing price of Ternium&#8217;s ADSs as quoted on the New York Stock Exchange w<font>as</font></font><font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> $</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>29.08</font></font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> per ADS, giving </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Tenaris&#8217;s</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> ownership stake a ma</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">rket value of approximately $</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>668</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> million</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">. A</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">t December 31, 20</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>20</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, the carrying value of </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Tenaris&#8217;s</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> ownership stake in Ternium, based on Ternium&#8217;s IFRS </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Financial S</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ta</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">tements, was approximately $</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>830</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> million.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">As of December 31, </font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>2020</font>,</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">the Company concluded that</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">the carrying amount does not exceed the recoverable value of the investment.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin: 0pt 0pt 7pt; text-align: justify; line-height: 12pt; text-indent: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Summarized selected financial information of Ternium, including the aggregated amounts of assets, liabilities, revenues and profit or loss is as follows:</font><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (all amounts in thousands of U.S. dollars) </font></p>
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<td colspan="5" style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> Ternium </font></p>
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<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br></td>
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<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 10px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> <font>2020</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 10px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 10px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 10px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> <font>2019</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 74%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Non-current assets </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>8,289,460</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>8,757,320</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Current assets </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>4,566,775</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>4,178,213</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> Total assets </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> <font>12,856,235</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> <font>12,935,533</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Non-current liabilities </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2,559,485</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>3,452,535</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Current liabilities </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,853,597</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,768,125</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> Total liabilities </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> <font>4,413,082</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> <font>5,220,660</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> Equity </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> <font>8,443,153</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> <font>7,714,873</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Revenues </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>8,735,435</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>10,192,818</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Gross profit </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,635,512</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,740,378</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Net income for the year attributable to owners of the parent </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>778,468</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>564,269</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Total comprehensive income for the year, net of tax, attributable to owners of the parent </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>666,667</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>445,473</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
</tr>

</table>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 12pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 36pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; font-style: italic;">b) Usiminas</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin: 0pt 0pt 7pt; text-align: justify; line-height: 12pt; text-indent: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Usiminas is a Brazilian producer of high quality flat steel products used in the energy, automotive and other industries.</font><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin: 0pt 0pt 7pt; text-align: justify; line-height: 12pt; text-indent: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">As of December 31, 20</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>20</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, the closing price of the Usiminas&#8217; ordinary and preferred shares, as quoted on the B<font>3</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> - Brasil Bolsa Balc&#227;o S.A</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, was BRL</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>15.69</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;($</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>3.02</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">) and BRL</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>14.61</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;($</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>2.81</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">), respectively, giving Tenaris&#8217;s ownership stake a market value of approximately $</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>113.8</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> million. As</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> of</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> that date, the carrying value of Tenaris&#8217;s ownership stake in Usiminas was approximately $<font>65.1</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;million.</font><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin: 0pt 0pt 5pt; line-height: 12pt; text-indent: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Summarized selected financial information of Usiminas, including the aggregated amounts of assets, liabilities, revenues and profit or loss is as follows:</font><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<div>
<div>
<div>
<div>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno">F-43</font></td>
</tr>

</table>
</div>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<div style="-aw-different-first-page: true; -aw-headerfooter-type: header-primary; clear: both;">
<div style="border-bottom: 0.75pt solid #000000; clear: both;">
<p style="margin-top: 0pt; margin-bottom: 0pt; padding-bottom: 1pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-style: italic;">Tenaris S.A.</font><font style="font-family: 'Times New Roman'; font-style: italic;"> Consolidated Financial S</font><font style="font-family: 'Times New Roman'; font-style: italic;">tatements for </font><font style="font-family: 'Times New Roman'; font-style: italic;">the years ended December 31, 2020, <font style="border-left: none; border-right: none;">2019</font> and <font style="border-left: none; border-right: none;">2018</font></font></p>
</div>
</div>
<p style="margin-top: 0pt; margin-left: 21.3pt; margin-bottom: 0pt; text-indent: -21.3pt; line-height: 12pt; padding-top: 5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><font>13</font></font><font style="font: 7pt 'Times New Roman'; -aw-import: spaces;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Investments in non-consolidated companies (Cont.)</font></p>
</div>
</div>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 12pt; -aw-import: spaces;">&nbsp;</font></p>
<div>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px; height: 238px;" width="100%">

<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (all amounts in thousands of U.S. dollars) </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"><br></td>
<td colspan="5" style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;"> &nbsp;Usiminas </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="border-bottom: 1pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>2020</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>2019</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 74%; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Non-current assets </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 10%; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>3,487,317</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 10%; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>4,335,662</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Current assets </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>2,276,368</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>2,198,449</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Total assets </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>5,763,685</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>6,534,111</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Non-current liabilities </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>1,661,605</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>1,955,395</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Current liabilities </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>861,912</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>716,930</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Total liabilities </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>2,523,517</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>2,672,325</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Equity </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>3,240,168</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>3,861,786</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Revenues </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>3,132,949</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>3,790,206</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Gross profit </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>624,199</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>478,141</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Net income for the year attributable to owners of the parent </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>106,361</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>52,779</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
</tr>

</table>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 36pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; font-style: italic;">c) Techgen</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 36pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; font-style: italic; letter-spacing: -0.1pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Techgen is a Mexican company that operates a natural gas-fired combined cycle electric power plant in the Pesquer&#237;a area of the State of Nuevo Le&#243;n, Mexico, and started producing energy on December 1, 2016, with a power capacity of <font>900</font> megawatts. As of December 31, 2020, Tenaris held <font>22</font>% of Techgen&#8217;s share capital, and its affiliates, Ternium and Tecpetrol (both controlled by San Faustin), held <font>48</font>% and <font>30</font>% respectively.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">As of December 31, 2020, the carrying value of Tenaris&#8217;s ownership stake in </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Techgen</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> was approximately $</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>19.5</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;million.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Techgen </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">entered into certain </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">tra</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">nsportation capacity agreements,</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> a contract for the purchase of power generation equipment and other services related to the equipment</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, and an agreement for the purchase of clean energy certificates</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">. As of December 31, 20</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>20</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, Tenaris&#8217;s exposure under these agreements amounted to $</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>48.8</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> million</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">$</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>0.9</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> million </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">and</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> $</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>17.6</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;million</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> respectively</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">During <font>2019</font>, Techgen repaid certain subordinated loans to Techgen&#8217;s sponsors; the p</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ortion</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> corresponding to Tenaris amounted to $</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>40.5</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> million. As of December 31, 20</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>20</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, the aggregate outstanding principal amount under these subordinated loans was $</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>58.1</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> million.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Techgen </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">is a party to a </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">$<font>640</font> million syndicated loan agreement, which is &#8220;non-recourse&#8221; on the sponsors</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">. Techgen&#8217;s obligations thereunder</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> are guaranteed by a Mexican security trust </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">(</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">covering shares, assets</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">,</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> accounts </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">and contract rights), account pledges and certain direct agreements </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8211;customary for these type of transactions&#8211;. The commercial terms and conditions governing the purc</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">hase </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">of <font>22</font>% of the energy generated by </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Techgen</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">,</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">by the Company&#8217;s Mexican subsidiary, Tamsa, </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">remain </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">substantially </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">unchanged.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Under the loan agreement, Techgen is committed to maintain a debt service reserve account covering debt service becoming due during <font>two</font> consecutive quarters; such account is funded by stand-by letters of credit issued for the account of Techgen&#8217;s sponsors in proportion to their respective participations in Techgen. </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Accordingly, the Company and its Swiss subsidiary, Tenaris Investments Switzerland AG, applied for stand-by letters of credit covering <font>22</font>% of the debt service coverage ratio, which as of the date hereof amounts to $<font>9.8</font> million.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-left: 49.65pt; margin-bottom: 0pt; text-indent: -18pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; font-style: italic; letter-spacing: -0.1pt;">d)</font><font style="font: 7pt 'Times New Roman'; -aw-import: spaces;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; font-style: italic; letter-spacing: -0.1pt;">GPC</font></p>
<p style="margin-top: 0pt; margin-left: 31.45pt; margin-bottom: 0pt; line-height: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; font-style: italic; letter-spacing: -0.1pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">GPC is a Saudi-German joint venture, established in <font>2010</font> and located in Jubail</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, Saudi Arabia</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, which manufactures LSAW pipes. Tenaris, through its subsidiary SSPC, currently owns <font>35</font>% of the share capital of GPC. As of December 31, 2020, the carrying value of Tenaris&#8217;s ownership stake in GPC was approximately $<font>23.4</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;million.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">SSPC and the other <font>three</font> owners of GPC have issued corporate guarantees to secure repayment of loan agreements entered into by GPC, with the Saudi Investment Development Fund, the Saudi British Bank, the National Commercial Bank and Banque Saudi Fransi to finance GPC&#8217;s capital expenditures and working capital. As of December 31, 2020, SSPC&#8217;s exposure under the guarantees amounted to $</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>131.5</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> million.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><br></p>
</div>
<div>
<table style="width: 100%; font-family: &quot;times new roman&quot;; font-size: 10pt; height: 17px;">

<tr style="height: 17px;">
<td class="pgno" style="padding: 0px; text-align: center; height: 17px;"><font style="font-size: 10pt;" class="pageno">F-44</font></td>
</tr>

</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
</div>
<p style="margin: 0px; text-indent: 0px;"><br></p>
</div><div style="font-family: 'times new roman', times; font-size: 10pt;">
<div style="-aw-different-first-page: true; -aw-headerfooter-type: header-primary; clear: both;">
<div style="border-bottom: 0.75pt solid #000000; clear: both;">
<p style="margin-top: 0pt; margin-bottom: 0pt; padding-bottom: 1pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-style: italic;">Tenaris S.A.</font><font style="font-family: 'Times New Roman'; font-style: italic;"> Consolidated Financial S</font><font style="font-family: 'Times New Roman'; font-style: italic;">tatements for </font><font style="font-family: 'Times New Roman'; font-style: italic;">the years ended December 31, 2020, <font style="border-left: none; border-right: none;"><font style="border-left: none; border-right: none;">2019</font></font> and <font style="border-left: none; border-right: none;"><font style="border-left: none; border-right: none;">2018</font></font></font></p>
</div>
</div>
<div>
<p style="margin-top: 0pt; margin-left: 21.3pt; margin-bottom: 0pt; text-indent: -21.3pt; line-height: 12pt; padding-top: 5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><font style="border-left: none; border-right: none;">14</font></font><font style="font: 7pt 'Times New Roman'; -aw-import: spaces;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Receivables &#8211; non current</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 2pt; font-weight: bold; -aw-import: ignore;">&nbsp;</font></p>
<div>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; margin-left: 0.1px; width: 100%; height: 171px;" width="100%">

<tr style="height: 17px;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 17px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br></td>
<td colspan="5" style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Year ended December 31, </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (all amounts in thousands of U.S. dollars) </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 17px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font style="border-left: none; border-right: none;">2020</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font style="border-left: none; border-right: none;">2019</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 74%; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Employee advances and loans </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 10%; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>4,563</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 10%; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>6,008</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Tax credits </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>18,046</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>20,065</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Receivables from related parties </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>62,790</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>59,999</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Legal deposits </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>8,600</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>12,378</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Advances to suppliers and other advances </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>4,803</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>3,772</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Receivable Venezuelan subsidiaries </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>48,659</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>48,659</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Others </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>6,842</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>6,222</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="height: 18px;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>154,303</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>157,103</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"><br></td>
</tr>

</table>
</div>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 2pt; font-weight: bold; -aw-import: ignore;">&nbsp;</font></p>
</div><div style="font-family: 'times new roman', times; font-size: 10pt;">
<div>
<p style="margin-top: 0pt; margin-left: 21.3pt; margin-bottom: 7pt; text-indent: -21.3pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><font style="border-left: none; border-right: none;">15</font></font><font style="font: 7pt 'Times New Roman'; -aw-import: spaces;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Inventories</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">, net</font></p>
<div>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px; height: 171px;" width="100%">

<tr style="height: 17px;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 17px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br></td>
<td colspan="5" style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Year ended December 31, </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; background-color: #ffffff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (all amounts in thousands of U.S. dollars) </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #ffffff; height: 17px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font style="border-left: none; border-right: none;">2020</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font style="border-left: none; border-right: none;">2019</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 74%; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Finished goods </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 10%; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>691,922</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 10%; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>968,329</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Goods in process </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>417,097</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>612,888</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Raw materials </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>143,558</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>221,954</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Supplies </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>488,802</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>486,411</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Goods in transit </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>158,929</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>194,015</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>1,900,308</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>2,483,597</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Allowance for obsolescence, see note <font>24</font> (i) </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>263,635</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><font style="font-size: 10pt;">)</font></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>217,717</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 18px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 18px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: top; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>1,636,673</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 18px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 18px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 18px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: top; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>2,265,880</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 18px;"><br></td>
</tr>

</table>
</div>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;">&nbsp;</font></p>
</div><div style="font-family: 'times new roman', times; font-size: 10pt;">
<div>
<p style="margin-top: 0pt;margin-left: 21.25pt;margin-bottom: 7pt;text-indent: -21.25pt;line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><font style="border-left: none; border-right: none;">16</font></font><font style="font: 7pt 'Times New Roman'; -aw-import: spaces;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Receivables and prepayments</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">, net</font></p>
<div>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: &quot;times new roman&quot;; font-size: 10pt; width: 100%; margin-left: 0.1px; height: 190px;" width="100%">

<tr style="height: 17px;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 17px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br></td>
<td colspan="5" style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Year ended December 31, </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; background-color: #ffffff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (all amounts in thousands of U.S. dollars) </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; background-color: #ffffff; height: 17px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font style="border-left: none; border-right: none;">2020</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font style="border-left: none; border-right: none;">2019</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 74%; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Prepaid expenses and other receivables </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 10%; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>26,457</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 10%; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>30,579</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Government entities </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>3,075</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>1,867</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Employee advances and loans </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>4,672</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>8,189</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Advances to suppliers and other advances </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>14,661</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>17,180</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Government tax refunds on exports </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>2,723</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>670</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Receivables from related parties </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>16,217</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>19,837</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 10px; background-color: rgb(204, 238, 255);">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Miscellaneous </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 10px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 10px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>13,961</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 10px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 10px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 10px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>31,145</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 10px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>81,766</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>109,467</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Allowance for other doubtful accounts, see note <font>24</font> (i) </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>3,917</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><font style="font-size: 10pt;">)</font></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>4,892</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="border-top: 0.75pt solid rgb(0, 0, 0); border-bottom: 1.5pt solid rgb(0, 0, 0); padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br></td>
<td style="border-top: 0.75pt solid rgb(0, 0, 0); border-bottom: 1.5pt solid rgb(0, 0, 0); padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>77,849</font> </font></p>
</td>
<td style="border-top: 0.75pt solid rgb(0, 0, 0); border-bottom: 1.5pt solid rgb(0, 0, 0); padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br></td>
<td style="border-top: 0.75pt solid rgb(0, 0, 0); border-bottom: 1.5pt solid rgb(0, 0, 0); padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br></td>
<td style="border-top: 0.75pt solid rgb(0, 0, 0); border-bottom: 1.5pt solid rgb(0, 0, 0); padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br></td>
<td style="border-top: 0.75pt solid rgb(0, 0, 0); border-bottom: 1.5pt solid rgb(0, 0, 0); padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>104,575</font> </font></p>
</td>
<td style="border-top: 0.75pt solid rgb(0, 0, 0); border-bottom: 1.5pt solid rgb(0, 0, 0); padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br></td>
</tr>

</table>
</div>
</div>
<p style="margin-top: 0pt;margin-bottom: 0pt;line-height: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
</div><div style="font-family: 'times new roman', times; font-size: 10pt;">
<div>
<p style="margin-top: 0pt; margin-left: 21.3pt; margin-bottom: 0pt; text-indent: -21.3pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><font style="border-left: none; border-right: none;">17</font></font><font style="font: 7pt 'Times New Roman'; -aw-import: spaces;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Current tax assets</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> and liabilities</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 2pt; font-weight: bold; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(all amounts in thousands of U.S. dollars)</font></p>
<div>
<table cellspacing="0" cellpadding="0" style="height: 76px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px;" width="100%">

<tr style="height: 15px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; background-color: #ffffff; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; background-color: #ffffff;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top;"><br></td>
<td colspan="5" style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Year ended December 31, </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top;"><br></td>
</tr>
<tr style="height: 15px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Current tax assets </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font style="border-left: none; border-right: none;">2020</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font style="border-left: none; border-right: none;">2019</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top;"><br></td>
</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; background-color: #cceeff; width: 74%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> V.A.T. credits </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>106,293</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>112,161</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br></td>
</tr>
<tr style="height: 15px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Prepaid taxes </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>30,091</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>55,227</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br></td>
</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>136,384</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>167,388</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
</tr>

</table>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 2pt; font-weight: bold; -aw-import: ignore;">&nbsp;</font></p>
<div>
<table cellspacing="0" cellpadding="0" style="height: 90px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px;" width="100%">

<tr style="height: 15px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; background-color: #ffffff; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; background-color: #ffffff;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br></td>
<td colspan="5" style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Year ended December 31, </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br></td>
</tr>
<tr style="height: 15px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Current tax liabilities </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font style="border-left: none; border-right: none;">2020</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font style="border-left: none; border-right: none;">2019</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br></td>
</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; background-color: #cceeff; width: 74%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Income tax liabilities </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>27,616</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>64,994</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br></td>
</tr>
<tr style="height: 15px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> V.A.T. liabilities </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>9,933</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>9,953</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br></td>
</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Other taxes </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>53,044</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>52,678</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 15px;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>90,593</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>127,625</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br></td>
</tr>

</table>
</div>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 2pt; font-weight: bold; -aw-import: ignore;">&nbsp;</font></p>
<div>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno">F-45</font></td>
</tr>

</table>
</div>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
</div>
</div><div style="font-family: 'times new roman', times; font-size: 10pt;">
<div style="-aw-different-first-page: true; -aw-headerfooter-type: header-primary; clear: both;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<div style="border-bottom: 0.75pt solid #000000; clear: both;">
<p style="margin-top: 0pt; margin-bottom: 0pt; padding-bottom: 1pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-style: italic;">Tenaris S.A.</font><font style="font-family: 'Times New Roman'; font-style: italic;"> Consolidated Financial S</font><font style="font-family: 'Times New Roman'; font-style: italic;">tatements for </font><font style="font-family: 'Times New Roman'; font-style: italic;">the years ended December 31, 2020, <font style="border-left: none; border-right: none;"><font style="border-left: none; border-right: none;">2019</font></font> and <font style="border-left: none; border-right: none;"><font style="border-left: none; border-right: none;">2018</font></font></font></p>
</div>
</div>
<div>
<p style="margin-top: 0pt; margin-left: 21.3pt; margin-bottom: 0pt; text-indent: -21.3pt; line-height: 12pt; padding-top: 5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><font style="border-left: none; border-right: none;">18</font></font><font style="font: 7pt 'Times New Roman'; -aw-import: spaces;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Trade receivables, net</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 2pt; font-weight: bold; -aw-import: ignore;">&nbsp;</font></p>
<div>
<table cellspacing="0" cellpadding="0" style="height: 106px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px;" width="100%">

<tr style="height: 15px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #ffffff; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #ffffff;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top;"><br></td>
<td colspan="5" style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Year ended December 31, </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top;"><br></td>
</tr>
<tr style="height: 15px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; background-color: #ffffff; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (all amounts in thousands of U.S. dollars) </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; background-color: #ffffff;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font style="border-left: none; border-right: none;">2020</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font style="border-left: none; border-right: none;">2019</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top;"><br></td>
</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; background-color: #cceeff; width: 74%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Current accounts </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,017,663</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,387,494</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br></td>
</tr>
<tr style="height: 15px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Receivables from related parties </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>4,161</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>9,448</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom;"><br></td>
</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,021,824</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,396,942</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 15px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Allowance for doubtful accounts, see note <font style="border-left: none; border-right: none;">24</font> (i) </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>53,676</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom;"><font style="font-size: 10pt;">)</font></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>48,782</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>968,148</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>1,348,160</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff;"><br></td>
</tr>

</table>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The following table sets forth details </font><font style="font-family: 'Times New Roman';">of the aging</font><font style="font-family: 'Times New Roman';"> of trade receivables:</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
<div style="border-left: none; border-right: none;">
<div>
<div style="border-left: none; border-right: none;">
<table cellspacing="0" cellpadding="0" style="height: 146px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px;" width="100%">

<tr style="height: 15px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; background-color: #ffffff; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">(all amounts in thousands of U.S. dollars) </font></p>
</td>
<td style="border-top: 1pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.03pt; padding-left: 5.4pt; vertical-align: bottom; height: 25px;" rowspan="2" colspan="4">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Trade Receivables </font></p>
</td>
<td style="border-top: 1pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.03pt; padding-left: 5.4pt; vertical-align: bottom; height: 25px;" rowspan="2" colspan="4">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Not Due </font></p>
</td>
<td style="padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000;" colspan="7">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Past due </font></p>
</td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: bottom; border-bottom: 1pt solid #000000; height: 10px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font style="border-left: none; border-right: none;">1</font> - <font style="border-left: none; border-right: none;">180</font> days </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-bottom: 1pt solid #000000; height: 10px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> &gt; <font style="border-left: none; border-right: none;">180</font> days </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br></td>
</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> At December 31, 2020 </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #cceeff; height: 15px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #cceeff; height: 15px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #cceeff; height: 15px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #cceeff; height: 15px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #cceeff; height: 15px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #cceeff; height: 15px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #cceeff; height: 15px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #cceeff; height: 15px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #cceeff; height: 15px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #cceeff; height: 15px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #cceeff; height: 15px;"><br></td>
</tr>
<tr style="height: 15px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; width: 45%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Guaranteed </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; height: 15px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; width: 11%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>191,514</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; height: 15px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; height: 15px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; height: 15px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; width: 11%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>170,796</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; height: 15px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; height: 15px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; height: 15px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; width: 11%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>18,778</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; height: 15px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; height: 15px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; height: 15px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; width: 11%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>1,940</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; height: 15px;"><br></td>
</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Not guaranteed </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>830,310</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>655,132</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>116,802</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>58,376</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br></td>
</tr>
<tr style="height: 15px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Guaranteed and not guaranteed </font></p>
</td>
<td style="border-top: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"><br></td>
<td style="border-top: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>1,021,824</font> </font></p>
</td>
<td style="border-top: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"><br></td>
<td style="border-top: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"><br></td>
<td style="border-top: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"><br></td>
<td style="border-top: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>825,928</font> </font></p>
</td>
<td style="border-top: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"><br></td>
<td style="border-top: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"><br></td>
<td style="border-top: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"><br></td>
<td style="border-top: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>135,580</font> </font></p>
</td>
<td style="border-top: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"><br></td>
<td style="border-top: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"><br></td>
<td style="border-top: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"><br></td>
<td style="border-top: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>60,316</font> </font></p>
</td>
<td style="border-top: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"><br></td>
</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Expected loss rate </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: middle; background-color: #cceeff; height: 15px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: middle; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>0.07</font></font></p>
</td>
<td style="padding: 0px; vertical-align: middle; background-color: #cceeff; height: 15px; text-align: left;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">%</font></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: middle; background-color: #cceeff; height: 15px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: middle; background-color: #cceeff; height: 15px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: middle; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>0.04</font></font></p>
</td>
<td style="padding: 0px; vertical-align: middle; background-color: #cceeff; height: 15px; text-align: left;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">%</font></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: middle; background-color: #cceeff; height: 15px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: middle; background-color: #cceeff; height: 15px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: middle; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>0.23</font></font></p>
</td>
<td style="padding: 0px; vertical-align: middle; background-color: #cceeff; height: 15px; text-align: left;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">%</font></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: middle; background-color: #cceeff; height: 15px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: middle; background-color: #cceeff; height: 15px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: middle; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>0.72</font></font></p>
</td>
<td style="padding: 0px; vertical-align: middle; background-color: #cceeff; height: 15px; text-align: left;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">%</font></td>
</tr>
<tr style="height: 15px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Allowances for doubtful accounts </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>721</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>321</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>331</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>69</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Nominative allowances for doubtful accounts </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>52,955</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><font style="font-size: 10pt;">)</font></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>718</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><font style="font-size: 10pt;">)</font></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>1,011</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><font style="font-size: 10pt;">)</font></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>51,226</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 16px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Net Value </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>968,148</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>824,889</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>134,238</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>9,021</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"><br></td>
</tr>

</table>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<div style="border-left: none; border-right: none;">
<table cellspacing="0" cellpadding="0" style="height: 162px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px;" width="100%">

<tr style="height: 15px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; background-color: #ffffff; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (all amounts in thousands of U.S. dollars) </font></p>
</td>
<td style="border-top: 1pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.03pt; padding-left: 5.4pt; vertical-align: bottom; height: 25px;" rowspan="2" colspan="4">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Trade Receivables </font></p>
</td>
<td style="border-top: 1pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.03pt; padding-left: 5.4pt; vertical-align: bottom; height: 25px;" rowspan="2" colspan="4">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Not Due </font></p>
</td>
<td style="padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000;" colspan="7">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Past due </font></p>
</td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: bottom; border-bottom: 1pt solid #000000; height: 10px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font style="border-left: none; border-right: none;">1</font> - <font style="border-left: none; border-right: none;">180</font> days </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-bottom: 1pt solid #000000; height: 10px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> &gt; <font style="border-left: none; border-right: none;">180</font> days </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> At December 31, 2019 </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 45%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Guaranteed </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 11%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>234,427</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 11%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>205,764</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 11%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>26,899</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 11%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>1,764</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Not guaranteed </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>1,162,515</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>948,449</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>157,960</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>56,106</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Guaranteed and not guaranteed </font></p>
</td>
<td style="border-top: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>1,396,942</font> </font></p>
</td>
<td style="border-top: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>1,154,213</font> </font></p>
</td>
<td style="border-top: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>184,859</font> </font></p>
</td>
<td style="border-top: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>57,870</font> </font></p>
</td>
<td style="border-top: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Expected loss rate </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: middle; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>0.09</font></font></p>
</td>
<td style="padding: 0px; vertical-align: middle; background-color: #cceeff; height: 17px; text-align: left;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">%</font></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: middle; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: middle; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>0.04</font></font></p>
</td>
<td style="padding: 0px; vertical-align: middle; background-color: #cceeff; height: 17px; text-align: left;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">%</font></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: middle; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: middle; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>0.24</font></font></p>
</td>
<td style="padding: 0px; vertical-align: middle; background-color: #cceeff; height: 17px; text-align: left;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">%</font></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: middle; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: middle; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>0.57</font></font></p>
</td>
<td style="padding: 0px; vertical-align: middle; background-color: #cceeff; height: 17px; text-align: left;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">%</font></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Allowances for doubtful accounts </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>1,294</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>529</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">)</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>455</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>310</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Nominative allowances for doubtful accounts </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>47,488</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><font style="font-size: 10pt;">)</font></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>1,922</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><font style="font-size: 10pt;">)</font></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>45,566</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 18px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Net Value </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>1,348,160</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>1,153,684</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>182,482</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>11,994</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"><br></td>
</tr>

</table>
</div>
</div>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Trade receivables are mainly denominated in </font><font style="font-family: 'Times New Roman';">U.S. dollars.</font></p>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 2pt; font-weight: bold; -aw-import: ignore;">&nbsp;</font></p>
</div><div style="font-family: 'times new roman', times; font-size: 10pt;">
<div>
<p style="margin-top: 0pt; margin-left: 21.3pt; margin-bottom: 0pt; text-indent: -21.3pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><font style="border-left: none; border-right: none;">19</font></font><font style="font: 7pt 'Times New Roman'; -aw-import: spaces;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Cash and cash equivalents</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> and </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">o</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">ther investments</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
<div>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px; height: 258px;" width="100%">

<tr style="height: 17px;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 17px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br></td>
<td colspan="5" style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Year ended December 31, </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; background-color: #ffffff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (all amounts in thousands of U.S. dollars) </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; background-color: #ffffff; height: 17px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>2020</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>2019</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 74%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Cash and cash equivalents </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: Times;"> Cash at banks </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>117,807</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>118,314</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: Times;"> Liquidity funds </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>98,183</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>1,166,697</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: Times;"> Short &#8211; term investments </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>368,691</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>269,288</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 18px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 18px; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>584,681</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>1,554,299</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Other investments - current </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="border-top: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="border-top: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Fixed income (time-deposit, <font>zero</font> coupon bonds, commercial papers) </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>763,697</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>65,874</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Bonds and other fixed income </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>108,791</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>144,502</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 18px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 18px; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>872,488</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>210,376</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Other investments - Non-current </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="border-top: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="border-top: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Bonds and other fixed income </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>239,422</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>18,012</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Others </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>7,660</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>6,922</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 18px; background-color: #cceeff;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>247,082</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>24,934</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px; background-color: #cceeff;"><br></td>
</tr>

</table>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 12pt;"><br></p>
</div>
<div>
<div style="border-left: none; border-right: none;">
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno">F-46</font></td>
</tr>

</table>
</div>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
</div>
</div><div style="font-family: 'times new roman', times; font-size: 10pt;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<div style="-aw-different-first-page: true; -aw-headerfooter-type: header-primary; clear: both;">
<div style="border-bottom: 0.75pt solid #000000; clear: both;">
<p style="margin-top: 0pt; margin-bottom: 0pt; padding-bottom: 1pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-style: italic;">Tenaris S.A.</font><font style="font-family: 'Times New Roman'; font-style: italic;"> Consolidated Financial S</font><font style="font-family: 'Times New Roman'; font-style: italic;">tatements for </font><font style="font-family: 'Times New Roman'; font-style: italic;">the years ended December 31, 2020, <font style="border-left: none; border-right: none;"><font>2019</font></font> and <font style="border-left: none; border-right: none;"><font>2018</font></font></font></p>
</div>
</div>
<div>
<p style="margin-top: 0pt; margin-left: 21.3pt; margin-bottom: 0pt; text-indent: -21.3pt; line-height: 12pt; padding-top: 5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><font style="border-left: none; border-right: none;">20</font></font><font style="font: 7pt 'Times New Roman'; -aw-import: spaces;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Borrowings</font></p>
<p style="margin-top: 0pt; margin-left: 21.3pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: Arial; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<div>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px; height: 205px;" width="100%">

<tr style="height: 17px;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 17px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td colspan="5" style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Year ended December 31, </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; background-color: #ffffff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (all amounts in thousands of U.S. dollars) </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #ffffff; height: 17px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>2020</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>2019</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #ffffff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Non-current </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 74%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Bank borrowings </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>315,884</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>40,896</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Costs of issue of debt </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>145</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"><font style="font-size: 10pt;">)</font></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>16</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>315,739</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>40,880</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Current </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Bank borrowings </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>303,170</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>781,258</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Bank overdrafts </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>98</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>24</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Costs of issue of debt </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: spaces;"><font> - </font></font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>10</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>303,268</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>781,272</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 18px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Total Borrowings </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 18px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 18px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>619,007</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>822,152</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 18px;"><br></td>
</tr>

</table>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 12pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The maturity of borrowings is as follows:</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(all amounts in thousands of U.S. dollars)</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
<div>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 113px;" width="100%">

<tr style="height: 10px;">
<td style="padding: 0px; vertical-align: middle; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 10px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"><font>1</font> year or <br>less</font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"><font>1</font> - <font>2</font> <br>years</font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"><font>2</font> &#8211; <font>3</font> <br>years</font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"><font>3</font> - <font>4</font> <br>years</font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"><font>4</font> - <font>5</font> <br>years</font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Over <font>5</font> <br></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">years</font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Total </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> At December 31, 2020 </font></p>
</td>
<td style="padding: 0px 7px; vertical-align: top; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 30%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Borrowings </font></p>
</td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"><br></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 7%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>303,268</font> </font></p>
</td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"><br></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"><br></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 7%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>104,147</font> </font></p>
</td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"><br></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"><br></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 7%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>207,595</font> </font></p>
</td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"><br></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"><br></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 7%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>3,997</font> </font></p>
</td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"><br></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"><br></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 7%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"><font> - </font></font></p>
</td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"><br></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"><br></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 7%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> <font>-</font></font></p>
</td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"><br></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"><br></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 7%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>619,007</font> </font></p>
</td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Total borrowings </font></p>
</td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>303,268</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>104,147</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>207,595</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>3,997</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;"><font> - </font></font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;"><font> - </font></font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>619,007</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Interest to be accrued (*) </font></p>
</td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>9,829</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>5,068</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>1,014</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>22</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"><font> - </font></font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"><font> - </font></font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>15,933</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 18px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Total </font></p>
</td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 18px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 18px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>313,097</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 18px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 18px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 18px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>109,215</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 18px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 18px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 18px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>208,609</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 18px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 18px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 18px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>4,019</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 18px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 18px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 18px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;"><font> - </font></font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 18px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 18px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 18px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;"><font> - </font></font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 18px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 18px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 18px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>634,940</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 18px;"><br></td>
</tr>

</table>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
<div>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 99.7548%; height: 106px;" width="100%">

<tr style="height: 10px;">
<td style="padding: 0px; vertical-align: middle; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 10px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"><font>1</font> year or <br>less</font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"><font>1</font> - <font>2</font> <br>years</font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"><font>2</font> &#8211; <font>3</font> <br>years</font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"><font>3</font> - <font>4</font> <br>years</font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"><font>4</font> - <font>5</font> <br>years</font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Over <font>5</font> <br>years</font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Total </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> At December 31, 2019 </font></p>
</td>
<td style="padding: 0px 7px; vertical-align: top; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px; width: 30%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Borrowings </font></p>
</td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 10px; width: 1%;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 10px; width: 1%;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px; width: 7%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>781,272</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 10px; width: 1%;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 10px; width: 1%;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 10px; width: 1%;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px; width: 7%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>17,307</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 10px; width: 1%;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 10px; width: 1%;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 10px; width: 1%;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px; width: 7%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>23,573</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 10px; width: 1%;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 10px; width: 1%;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 10px; width: 1%;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px; width: 7%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"><font> - </font></font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 10px; width: 1%;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 10px; width: 1%;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 10px; width: 1%;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px; width: 7%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"><font> - </font></font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 10px; width: 1%;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 10px; width: 1%;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 10px; width: 1%;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px; width: 7%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"><font> - </font></font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 10px; width: 1%;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 10px; width: 1%;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 10px; width: 1%;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px; width: 7%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>822,152</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 10px; width: 1%;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Total borrowings </font></p>
</td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>781,272</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>17,307</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>23,573</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;"><font> - </font></font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;"><font> - </font></font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;"><font> - </font></font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>822,152</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Interest to be accrued (*) </font></p>
</td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>11,370</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>1,045</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>117</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"><font> - </font></font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"><font> - </font></font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"><font> - </font></font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>12,532</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 18px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Total </font></p>
</td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 18px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 18px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>792,642</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 18px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 18px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 18px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>18,352</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 18px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 18px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 18px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>23,690</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 18px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 18px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 18px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;"><font> - </font></font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 18px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 18px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 18px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;"><font> - </font></font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 18px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 18px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 18px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;"><font> - </font></font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 18px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 18px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 18px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>834,684</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 18px;"><br></td>
</tr>

</table>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt; background-color: #ffffff;"><font style="font-family: 'Times New Roman'; font-size: 9pt; -aw-import: spaces;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">(*) <font><font style="border-right: none; border-left: none;">Includes the effect of hedge accounting.</font></font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Significant borrowings include:</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<div>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt;" width="100%">

<tr style="height: 1pt;">
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td colspan="2" style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> In million of U.S. dollars </font></p>
</td>
</tr>
<tr style="height: 1pt;">
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Disbursement date </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Borrower </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Type </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Original &amp; Outstanding </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Final maturity </font></p>
</td>
</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 26%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>2020</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 13%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Maverick </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 15%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Bilateral </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 23%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>50</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 23%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>2021</font> </font></p>
</td>
</tr>
<tr style="height: 1pt;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>2020</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Maverick </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Bilateral </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>75</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>2022</font> </font></p>
</td>
</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>2020</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Tamsa </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Bilateral </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>60</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>2023</font> </font></p>
</td>
</tr>
<tr style="height: 1pt;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>2020</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Tamsa </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Bilateral </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>80</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>2023</font> </font></p>
</td>
</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>2020</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Tamsa </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Bilateral </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>60</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>2023</font> </font></p>
</td>
</tr>
<tr style="height: 1pt;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>2020</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> SSPC </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Multiple Banks </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>81</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>2021</font> - <font>2024</font> </font></p>
</td>
</tr>

</table>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">As of December 31, </font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>20</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>20</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, Tenaris wa</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">s in compliance with all of its </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">covenants. </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<div>
<div>
<div>
<div>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno">F-47</font></td>
</tr>

</table>
</div>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<div style="-aw-different-first-page: true; -aw-headerfooter-type: header-primary; clear: both;">
<div style="border-bottom: 0.75pt solid #000000; clear: both;">
<p style="margin-top: 0pt; margin-bottom: 0pt; padding-bottom: 1pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-style: italic;">Tenaris S.A.</font><font style="font-family: 'Times New Roman'; font-style: italic;"> Consolidated Financial S</font><font style="font-family: 'Times New Roman'; font-style: italic;">tatements for </font><font style="font-family: 'Times New Roman'; font-style: italic;">the years ended December 31, 2020, <font style="border-left: none; border-right: none;"><font>2019</font></font> and <font style="border-left: none; border-right: none;"><font>2018</font></font></font></p>
</div>
</div>
<p style="margin-top: 0pt; margin-left: 35.45pt; margin-bottom: 0pt; text-indent: -35.45pt; line-height: 12pt; padding-top: 5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><font>20</font></font><font style="font: 7pt 'Times New Roman'; -aw-import: spaces;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Borrowings (Cont.)</font></p>
</div>
</div>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The weighted average interest rates before tax shown below were calculated using the rates set for each instrument in its corresponding currency as of December 31, </font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>20</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>20</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> and <font>201</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>9</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">considering hedge accounting</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> where applicable</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<div>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%">

<tr style="height: 13pt;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> <font>2020</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> <font>2019</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff;"><br></td>
</tr>
<tr style="height: 13pt; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 74%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Total borrowings </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 10%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2.51</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 1%; background-color: #cceeff;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">%</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 10%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>3.18</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 1%; background-color: #cceeff;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">%</font></td>
</tr>

</table>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Breakdown of long-term borrowings by currency and rate is as follows:</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Non-current borrowings</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<div>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px; height: 137px;" width="100%">

<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: middle; background-color: #ffffff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (all amounts in thousands of U.S. dollars) </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 17px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 17px;"><br></td>
<td colspan="5" style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Year ended December 31, </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="border-bottom: 1pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #ffffff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Currency </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 17px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Interest rates </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 17px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 17px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>2020</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 17px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 17px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 17px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>2019</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> USD </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Variable </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>274,600</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"><font> - </font></font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 37%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> USD </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"><br></td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 36%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Fixed </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>17,936</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>18,370</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> SAR </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Fixed </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>20,902</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>16,106</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> EUR </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Fixed </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>1,828</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>5,108</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> EUR </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Variable </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>473</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>1,296</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="height: 18px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Total non-current borrowings </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"><br></td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"><br></td>
<td style="border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"><br></td>
<td style="border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>315,739</font> </font></p>
</td>
<td style="border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"><br></td>
<td style="border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"><br></td>
<td style="border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"><br></td>
<td style="border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>40,880</font> </font></p>
</td>
<td style="border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"><br></td>
</tr>

</table>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Breakdown of short-term borrowings by currency and rate is as follows:</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Current</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> borrowings</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<div>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px;" width="100%">

<tr style="height: 1pt;">
<td style="padding: 0px 7px 0px 0px; vertical-align: middle; background-color: #ffffff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (all amounts in thousands of U.S. dollars) </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: middle; background-color: #ffffff;"><br></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #ffffff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #ffffff;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #ffffff;"><br></td>
<td colspan="5" style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #ffffff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> Year ended December 31, </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #ffffff;"><br></td>
</tr>
<tr style="height: 1pt;">
<td style="border-bottom: 1pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #ffffff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> Currency </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #ffffff;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #ffffff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> Interest rates </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #ffffff;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #ffffff;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> <font>2020</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #ffffff;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #ffffff;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #ffffff;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> <font>2019</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #ffffff;"><br></td>
</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 37%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> USD </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br></td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 36%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Variable </font></p>
</td>
<td style="padding: 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br></td>
<td style="padding: 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>67,823</font> </font></p>
</td>
<td style="padding: 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br></td>
<td style="padding: 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br></td>
<td style="padding: 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>17,092</font> </font></p>
</td>
<td style="padding: 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br></td>
</tr>
<tr style="height: 1pt;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> USD </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom;"><br></td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Fixed </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom;"><br></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2,322</font> </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom;"><br></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom;"><br></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>274,799</font> </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom;"><br></td>
</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> EUR </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Variable </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,015</font> </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>80</font> </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 1pt;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> EUR </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom;"><br></td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Fixed </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom;"><br></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>3,886</font> </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom;"><br></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom;"><br></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>3,772</font> </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom;"><br></td>
</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> MXN </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Fixed </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>147,997</font> </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>424,964</font> </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 1pt;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> ARS </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom;"><br></td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Fixed </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom;"><br></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>3,699</font> </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom;"><br></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom;"><br></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>86</font> </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom;"><br></td>
</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> SAR </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Variable </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>37,776</font> </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>35,666</font> </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 1pt;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> SAR </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom;"><br></td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Fixed </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom;"><br></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>38,750</font> </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom;"><br></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom;"><br></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>24,797</font> </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom;"><br></td>
</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Others </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Variable </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: spaces;"> &nbsp;<font>-</font></font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>16</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 1pt;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> Total current borrowings </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom;"><br></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> <font>303,268</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> <font>781,272</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom;"><br></td>
</tr>

</table>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><br></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Borrowing</font><font style="font-family: 'Times New Roman'; font-weight: bold;">s</font><font style="font-family: 'Times New Roman'; font-weight: bold;"> evolution</font></p>
<div>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px; height: 171px;" width="100%">

<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #ffffff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #ffffff; height: 17px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br></td>
<td colspan="5" style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Year ended December 31, 2020 </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; background-color: #ffffff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (all amounts in thousands of U.S. dollars) </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; background-color: #ffffff; height: 17px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: middle; height: 17px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Non current </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: middle; height: 17px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: middle; height: 17px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: middle; height: 17px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Current </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: middle; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 74%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> At the beginning of the year </font></p>
</td>
<td style="padding: 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"><br></td>
<td style="padding: 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>40,880</font> </font></p>
</td>
<td style="padding: 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"><br></td>
<td style="padding: 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"><br></td>
<td style="padding: 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>781,272</font> </font></p>
</td>
<td style="padding: 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Translation differences </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>266</font> </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;(<font>487</font> </font></p>
</td>
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Proceeds and repayments, net </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>234,455</font> </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;(<font>478,913</font> </font></p>
</td>
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Interests accrued less payments </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>426</font> </font></p>
</td>
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;(<font>12,016</font> </font></p>
</td>
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Reclassifications </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;(<font>12,940</font> </font></p>
</td>
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>12,940</font> </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Increase due to business combinations </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>52,652</font> </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>398</font> </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Overdrafts variation </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font></font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>74</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="height: 18px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> At the end of the year </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 18px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 18px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>315,739</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 18px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 18px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 18px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>303,268</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 18px;"><br></td>
</tr>

</table>
</div>
</div>
<div>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno">F-48</font></td>
</tr>

</table>
</div>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
</div><div style="font-family: 'times new roman', times; font-size: 10pt;">
<div style="-aw-different-first-page: true; -aw-headerfooter-type: header-primary; clear: both;">
<div style="border-bottom: 0.75pt solid #000000; clear: both;">
<p style="margin-top: 0pt; margin-bottom: 0pt; padding-bottom: 1pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-style: italic;">Tenaris S.A.</font><font style="font-family: 'Times New Roman'; font-style: italic;"> Consolidated Financial S</font><font style="font-family: 'Times New Roman'; font-style: italic;">tatements for </font><font style="font-family: 'Times New Roman'; font-style: italic;">the years ended December 31, 2020, <font style="border-left: none; border-right: none;"><font>2019</font></font> and <font style="border-left: none; border-right: none;"><font>2018</font></font></font></p>
</div>
</div>
<div>
<p style="margin-top: 0pt; margin-left: 35.45pt; margin-bottom: 0pt; text-indent: -35.45pt; line-height: 12pt; padding-top: 5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><font style="border-left: none; border-right: none;">21</font></font><font style="font: 7pt 'Times New Roman'; -aw-import: spaces;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Deferred income tax</font></p>
<p style="margin-top: 0pt; margin-left: 22.3pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin: 0pt 0pt 8pt; line-height: 12pt; text-indent: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Deferred income taxes are calculated in full on temporary differences under the liability method using the tax rate of each country.</font></p>
<p style="margin: 0pt 0pt 8pt; line-height: 12pt; text-indent: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">evolution of</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> deferred tax assets and liabilities</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">during the year </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">are</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> as follows:</font></p>
<p style="margin: 0pt 0pt 8pt; text-align: justify; line-height: 12pt; text-indent: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Deferred tax liabilities</font><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
<div>
<table cellspacing="0" cellpadding="0" style="height: 101px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px;" width="100%">

<tr style="height: 10px;">
<td style="padding: 0px 7px 0px 0px; background-color: #ffffff; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (all amounts in thousands of U.S. dollars) </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;" colspan="2" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Fixed assets</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;" valign="bottom"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;" valign="bottom"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;" colspan="2" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Inventories</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;" valign="bottom"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;" valign="bottom"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;" colspan="2" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Intangible&nbsp;and&nbsp;Other</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;" valign="bottom"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;" valign="bottom"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;" colspan="2" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Total</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #ffffff; height: 10px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;"><br></td>
</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 48%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> At the beginning of the year </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 15px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 15px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>651,339</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 15px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 15px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 15px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>19,396</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 15px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 15px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 15px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>118,062</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 15px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 15px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 15px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>788,797</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 15px;"><br></td>
</tr>
<tr style="height: 15px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Translation differences </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>1,644</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"><font> - </font></font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>253</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>1,897</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br></td>
</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Increase due to business combinations </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>89,306</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"><font> - </font></font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>43,397</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>132,703</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br></td>
</tr>
<tr style="height: 15px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Charged to other comprehensive income </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"><font> - </font></font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"><font> - </font></font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>1,194</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;">)</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>1,194</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;">)</td>
</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Income statement (credit) </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px; border-bottom: 1pt solid #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>39,874</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 15px; border-bottom: 1pt solid #000000;">)</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px; border-bottom: 1pt solid #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>4,141</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 15px; border-bottom: 1pt solid #000000;">)</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px; border-bottom: 1pt solid #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>34,725</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 15px; border-bottom: 1pt solid #000000;">)</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px; border-bottom: 1pt solid #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>78,740</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 15px; border-bottom: 1pt solid #000000;">)</td>
</tr>
<tr style="height: 16px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> At December 31, 2020 </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; border-bottom: 2px solid #000000;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; border-bottom: 2px solid #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>702,415</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; border-bottom: 2px solid #000000;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; border-bottom: 2px solid #000000;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; border-bottom: 2px solid #000000;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; border-bottom: 2px solid #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>15,255</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; border-bottom: 2px solid #000000;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; border-bottom: 2px solid #000000;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; border-bottom: 2px solid #000000;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; border-bottom: 2px solid #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>125,793</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; border-bottom: 2px solid #000000;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; border-bottom: 2px solid #000000;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; border-bottom: 2px solid #000000;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; border-bottom: 2px solid #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>843,463</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; border-bottom: 2px solid #000000;"><br></td>
</tr>

</table>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;">&nbsp;</font></p>
<div>
<table cellspacing="0" cellpadding="0" style="height: 121px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px;" width="100%">

<tr style="height: 10px;">
<td style="padding: 0px 7px 0px 0px; background-color: #ffffff; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (all amounts in thousands of U.S. dollars) </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;" colspan="2" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Fixed assets</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;" valign="bottom"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;" valign="bottom"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;" colspan="2" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Inventories</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;" valign="bottom"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;" valign="bottom"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;" colspan="2" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Intangible&nbsp;and&nbsp;Other</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;" valign="bottom"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;" valign="bottom"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;" colspan="2" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Total</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #ffffff; height: 10px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;"><br></td>
</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 48%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> At the beginning of the year </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>710,995</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>25,048</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>46,532</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>782,575</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br></td>
</tr>
<tr style="height: 15px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Translation differences </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>347</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom;">)</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"><font> - </font></font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>4</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom;">)</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>351</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom;">)</td>
</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Increase due to business combinations </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>5,621</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"><font> - </font></font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>11,209</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>16,830</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 15px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Charged to other comprehensive income </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"><font> - </font></font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"><font> - </font></font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>423</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>423</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom;"><br></td>
</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Income statement charge / (credit) </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>64,930</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff;">)</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>5,652</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff;">)</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>59,902</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>10,680</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff;">)</td>
</tr>
<tr style="height: 16px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> At December 31, 2019 </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>651,339</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>19,396</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>118,062</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>788,797</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom;"><br></td>
</tr>

</table>
</div>
<p style="margin: 7pt 0pt; line-height: 12pt; text-indent: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Deferred tax assets</font><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<div>
<table cellspacing="0" cellpadding="0" style="height: 107px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px;" width="100%">

<tr style="height: 10px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; background-color: #ffffff; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (all amounts in thousands of U.S. dollars) </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #ffffff; height: 10px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom;" colspan="2" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 1.1;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Provisions and allowances</font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom;" colspan="2" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> Inventories</font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom;" colspan="2" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> Tax losses</font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom;" colspan="2" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> Other</font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom;" colspan="2" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> Total</font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #ffffff; height: 10px;"><br></td>
</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 35%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> At the beginning of the year </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 16px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 16px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>19,653</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 16px;">)</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 16px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 16px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>93,404</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 16px;">)</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 16px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 16px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>382,832</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 16px;">)</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 16px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 16px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>181,606</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 16px;">)</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 16px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 16px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>677,495</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 16px;">)</td>
</tr>
<tr style="height: 16px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Translation differences </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,804</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>513</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,996</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>644</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>4,957</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px;"><br></td>
</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Increase due to business combinations </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 16px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 16px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>7,452</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 16px;">)</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 16px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 16px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>24,580</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 16px;">)</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 16px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 16px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>33,598</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 16px;">)</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 16px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 16px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>34,974</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 16px;">)</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 16px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 16px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>100,604</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 16px;">)</td>
</tr>
<tr style="height: 16px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Charged to other comprehensive income </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: spaces;"><font> - </font></font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: spaces;"><font> - </font></font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: spaces;"><font> - </font></font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>1,952</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px;">)</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>1,952</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px;">)</td>
</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Income statement charge / (credit) </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 16px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 16px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>4,093</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 16px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 16px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 16px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>31,534</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 16px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 16px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 16px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>65,715</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 16px;">)</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 16px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 16px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>10,930</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 16px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 16px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 16px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>19,158</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 16px;">)</td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> At December 31, 2020 </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> (<font>21,208</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">)</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> (<font>85,937</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">)</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> (<font>480,149</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">)</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> (<font>206,958</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">)</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> (<font>794,252</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">)</td>
</tr>

</table>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;">&nbsp;</font></p>
<div>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; height: 121px; width: 99.9171%;" width="100%">

<tr style="height: 10px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; background-color: #ffffff; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (all amounts in thousands of U.S. dollars) </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #ffffff; height: 10px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom;" colspan="2" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 1.1;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Provisions and allowances</font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom;" colspan="2" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> Inventories</font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom;" colspan="2" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> Tax losses</font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom;" colspan="2" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> Other</font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom;" colspan="2" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> Total</font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #ffffff; height: 10px;"><br></td>
</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 35%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> At the beginning of the year </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>16,116</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 1%;">)</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>86,585</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 1%;">)</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>396,257</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 1%;">)</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>86,184</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 1%;">)</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>585,142</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 1%;">)</td>
</tr>
<tr style="height: 15px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Translation differences </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>362</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>306</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>497</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>286</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>1,451</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom;"><br></td>
</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Increase due to business combinations </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>1,160</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff;">)</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>1,413</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff;">)</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>1,172</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff;">)</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>2,238</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff;">)</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>5,983</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff;">)</td>
</tr>
<tr style="height: 15px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Charged to other comprehensive income </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"><font> - </font></font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"><font> - </font></font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"><font> - </font></font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>1,261</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom;">)</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>1,261</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom;">)</td>
</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Income statement charge / (credit) </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>2,739</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff;">)</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>5,712</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff;">)</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>14,100</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>92,209</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff;">)</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>86,560</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff;">)</td>
</tr>
<tr style="height: 16px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> At December 31, 2019 </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> (<font>19,653</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom;">)</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> (<font>93,404</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom;">)</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> (<font>382,832</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom;">)</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> (<font>181,606</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom;">)</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> (<font>677,495</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom;">)</td>
</tr>

</table>
</div>
<p style="margin: 0pt 0pt 8pt; text-align: justify; font-size: 10pt; text-indent: 0pt;"><font style="font-family: 'Times New Roman';">In <font>2019</font> the effect of the adoption of IFRS <font>16</font> has been recognized as &#8220;Other&#8221; both for deferred tax assets and liabilities.</font><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin: 0pt 0pt 8pt; text-align: justify; font-size: 10pt; text-indent: 0pt;"><font style="font-family: 'Times New Roman';">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 $</font><font style="border-right: none; border-left: none;"><font style="font-family: 'Times New Roman';"><font style="border-left: none; border-right: none;"><font>438.8</font></font></font></font><font style="font-family: 'Times New Roman';">&nbsp;million related to U</font><font style="font-family: 'Times New Roman';">.</font><font style="font-family: 'Times New Roman';">S</font><font style="font-family: 'Times New Roman';">.</font><font style="font-family: 'Times New Roman';"> subsidiaries mainly due to the recognition of accelera</font><font style="font-family: 'Times New Roman';">ted fiscal depreciations, as well as the amounts </font><font style="font-family: 'Times New Roman';">related to the acquisition of IPSCO.</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">The U</font><font style="font-family: 'Times New Roman';">.</font><font style="font-family: 'Times New Roman';">S</font><font style="font-family: 'Times New Roman';">.</font><font style="font-family: 'Times New Roman';"> subsidiaries have incurred in fiscal losses in the </font><font style="font-family: 'Times New Roman';">past years</font><font style="font-family: 'Times New Roman';">. </font><font style="font-family: 'Times New Roman';">The remaining balance mainly corresponds to Tenaris&#8217;s </font><font style="font-family: 'Times New Roman';">Colombian, Japanese, Canadian and </font><font style="font-family: 'Times New Roman';">Saudi Arabian</font><font style="font-family: 'Times New Roman';"> subsidiar</font><font style="font-family: 'Times New Roman';">ies. These subsidiaries have </font><font style="font-family: 'Times New Roman';">incurred in fiscal losses in the past</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';"><font>one</font> or </font><font style="font-family: 'Times New Roman';"><font>two</font> years</font><font style="font-family: 'Times New Roman';">. </font><font style="font-family: 'Times New Roman';">Tenaris has concluded that these deferred tax assets will be recoverable based on t</font><font style="font-family: 'Times New Roman';">he business plans and budgets.</font><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<div>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno">F-49</font></td>
</tr>

</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<div style="-aw-different-first-page: true; -aw-headerfooter-type: header-primary; clear: both;">
<div style="border-bottom: 0.75pt solid #000000; clear: both;">
<p style="margin-top: 0pt; margin-bottom: 0pt; padding-bottom: 1pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-style: italic;">Tenaris S.A.</font><font style="font-family: 'Times New Roman'; font-style: italic;"> Consolidated Financial S</font><font style="font-family: 'Times New Roman'; font-style: italic;">tatements for </font><font style="font-family: 'Times New Roman'; font-style: italic;">the years ended December 31, 2020, <font style="border-left: none; border-right: none;"><font>2019</font></font> and <font style="border-left: none; border-right: none;"><font>2018</font></font></font></p>
</div>
</div>
<p style="margin-top: 0pt; margin-left: 35.45pt; margin-bottom: 0pt; text-indent: -35.45pt; line-height: 12pt; padding-top: 5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><font style="border-left: none; border-right: none;">21</font></font><font style="font: 7pt 'Times New Roman'; -aw-import: spaces;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Deferred income tax (Cont.)</font></p>
</div>
<p style="margin: 5pt 0pt 0pt; text-align: justify; font-size: 10pt; text-indent: 0pt;"><font style="font-family: 'Times New Roman';">The expiration dates of the recognized tax losses</font><font style="font-family: 'Times New Roman';"> in</font><font style="font-family: 'Times New Roman';"> less than <font>1</font> year, between <font>2</font> and <font>5</font> years and</font><font style="font-family: 'Times New Roman';"> in</font><font style="font-family: 'Times New Roman';"> more than <font>5</font> years is </font><font style="font-family: 'Times New Roman';">approximately </font><font style="font-family: 'Times New Roman';"><font>0</font></font><font style="font-family: 'Times New Roman';">%, </font><font style="font-family: 'Times New Roman';"><font>1.7</font></font><font style="font-family: 'Times New Roman';">% and </font><font style="font-family: 'Times New Roman';"><font>98.3</font></font><font style="font-family: 'Times New Roman';">% respectively.</font><br></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><br></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">As of December 31, 20</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>20</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, the net unrecognized deferred tax assets amount</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ed</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> t<font>o $</font><font>173.7</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>&nbsp;m</font>illion. The expiration dates of the unrecognized tax losses less than <font>1</font> year, between <font>2</font> and <font>5</font> years and more than <font>5</font> years is approximately </font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>4.6</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">%, <font>17.1</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">% and <font>78.3</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">% respectively.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">estimated </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">recovery analysis of deferred tax assets and deferred tax liabilities is as follows:</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<div>
<table cellspacing="0" cellpadding="0" style="height: 58px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px;" width="100%">

<tr style="height: 16px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: middle; background-color: #ffffff; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (all amounts in thousands of U.S. dollars) </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #ffffff; height: 16px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 16px;"><br></td>
<td colspan="5" style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> Year ended December 31, </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 16px;"><br></td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: middle; background-color: #ffffff; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #ffffff; height: 10px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 10px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> <font>2020</font></font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 10px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 10px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 10px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> <font>2019</font></font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 10px;"><br></td>
</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 74%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Deferred tax assets to be recovered after <font>12</font> months </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 16px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 16px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>640,603</font></font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 16px;">)</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 16px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 16px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>538,274</font></font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 16px;">)</td>
</tr>
<tr style="height: 16px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Deferred tax liabilities to be settled after <font>12</font> months </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>840,892</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>766,852</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px;"><br></td>
</tr>

</table>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Deferred income tax assets and liabilities are offset when (<font>1</font>) there is a legally enforceable right to set</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">-</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">off current tax assets against current tax liabilities and (<font>2</font>)</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> when</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> the deferred income taxes relate to the same fiscal authority</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> on either the same taxable entity or different taxable entities where there is an intention to settle the balances on a net basis</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">. The following amounts, determined after appropriate set</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">-</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">off, are shown in the </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">C</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">onsolidated </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">S</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">tatement of </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">F</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">inancial </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">P</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">osition</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">:</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<div>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px;" width="100%">

<tr style="height: 1pt;">
<td style="padding: 0px 7px 0px 0px; vertical-align: middle; background-color: #ffffff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (all amounts in thousands of U.S. dollars) </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: middle; background-color: #ffffff;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top;"><br></td>
<td colspan="5" style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Year ended December 31, </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top;"><br></td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: middle; background-color: #ffffff; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #ffffff; height: 10px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 10px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> <font>2020</font></font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 10px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 10px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 10px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> <font>2019</font></font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 10px;"><br></td>
</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 74%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Deferred tax assets </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>205,590</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 1%;">)</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>225,680</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 1%;">)</td>
</tr>
<tr style="height: 1pt;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Deferred tax liabilities </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>254,801</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>336,982</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br></td>
</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>49,211</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>111,302</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
</tr>

</table>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The movement i</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">n the net deferred income tax liability account is as follows:</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<div>
<table cellspacing="0" cellpadding="0" style="height: 129px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px;" width="100%">

<tr style="height: 16px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #ffffff; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #ffffff;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br></td>
<td colspan="5" style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> Year ended December 31, </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br></td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: middle; background-color: #ffffff; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #ffffff; height: 10px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 10px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> <font>2020</font></font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 10px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 10px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 10px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> <font>2019</font></font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 10px;"><br></td>
</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 74%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> At the beginning of the year </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>111,302</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>197,433</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br></td>
</tr>
<tr style="height: 16px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Translation differences </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>6,854</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,100</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br></td>
</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Increase due to business combinations </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>32,099</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>10,847</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 16px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Charged to other comprehensive income </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: spaces;"> &nbsp;(<font>3,146</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom;">)</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: spaces;"> &nbsp;(<font>838</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom;">)</td>
</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Income statement (credit) </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: spaces;"> &nbsp;(<font>97,898</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff;">)</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: spaces;"> &nbsp;(<font>97,240</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff;">)</td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> At the end of the year </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> <font>49,211</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> <font>111,302</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br></td>
</tr>

</table>
</div>
<p style="margin-top: 0pt; margin-left: 124.35pt; margin-bottom: 0pt; line-height: 12pt;"><br></p>
</div>
</div><div style="font-family: 'times new roman', times; font-size: 10pt;">
<div>
<p style="margin-top: 0pt; margin-left: 35.45pt; margin-bottom: 0pt; text-indent: -35.45pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><font style="border-left: none; border-right: none;">22</font></font><font style="font: 7pt 'Times New Roman'; -aw-import: spaces;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Other liabilities</font></p>
<p style="margin-top: 0pt; margin-left: 36pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-left: 54pt; margin-bottom: 0pt; text-indent: -36pt; line-height: 12pt;"><font style="font-weight: bold;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(i)</font><font style="font-style: normal; font-variant: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Other liabilities &#8211; Non current</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
<div>
<table cellspacing="0" cellpadding="0" style="height: 102px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px;" width="100%">

<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #ffffff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #ffffff; height: 17px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td colspan="5" style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Year ended December 31, </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; background-color: #ffffff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (all amounts in thousands of U.S. dollars) </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; background-color: #ffffff; height: 17px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font style="border-left: none; border-right: none;">2020</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font style="border-left: none; border-right: none;">2019</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 74%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Post-employment benefits </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 1%; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 1%; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 10%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>136,811</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 10%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>144,993</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Other-long term benefits </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>64,928</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>85,473</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Miscellaneous </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>43,896</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>20,917</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>245,635</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>251,383</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
</tr>

</table>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 12pt; font-weight: bold; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 36pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Post-employment benefits</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
<div>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px;" width="100%">

<tr style="height: 1pt;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br></td>
<td colspan="5" style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Year ended December 31, </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br></td>
</tr>
<tr style="height: 1pt;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (all amounts in thousands of U.S. dollars) </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font style="border-left: none; border-right: none;">2020</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font style="border-left: none; border-right: none;">2019</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top;"><br></td>
</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 74%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Unfunded </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 1%; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 10%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>115,774</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 10%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>125,573</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 1pt;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Funded </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>21,037</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>19,420</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom;"><br></td>
</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>136,811</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>144,993</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff;"><br></td>
</tr>

</table>
</div>
<div>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;">&nbsp;</font></p>
<div>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno">F-50</font></td>
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<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<div style="-aw-different-first-page: true; -aw-headerfooter-type: header-primary; clear: both;">
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<p style="margin-top: 0pt; margin-bottom: 0pt; padding-bottom: 1pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-style: italic;">Tenaris S.A.</font><font style="font-family: 'Times New Roman'; font-style: italic;"> Consolidated Financial S</font><font style="font-family: 'Times New Roman'; font-style: italic;">tatements for </font><font style="font-family: 'Times New Roman'; font-style: italic;">the years ended December 31, 2020, <font style="border-left: none; border-right: none;"><font>2019</font></font> and <font style="border-left: none; border-right: none;"><font>2018</font></font></font></p>
</div>
</div>
<p style="margin-top: 0pt; margin-left: 36pt; margin-bottom: 0pt; text-indent: -36pt; line-height: 12pt; padding-top: 5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><font>22</font></font><font style="font: 7pt 'Times New Roman'; -aw-import: spaces;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Other liabilities (Cont.)</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 22.5pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Post-employment benefits (Cont.)</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 12pt;"><br></p>
</div>
<ul type="square" style="margin: 0pt; padding-left: 0pt;">
<li style="margin-left: 14.08pt; line-height: 12pt; padding-left: 8.42pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Wingdings'; -aw-font-weight: normal; -aw-number-format: '&#61607;';"><font style="font-family: 'Times New Roman'; font-weight: bold;">Unfunded</font></li>
</ul>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
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<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #ffffff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #ffffff; height: 17px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td colspan="5" style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Year ended December 31, </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (all amounts in thousands of U.S. dollars) </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 17px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font style="border-left: none; border-right: none;">2020</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font style="border-left: none; border-right: none;">2019</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 74%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Values at the beginning of the year </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>125,573</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>97,318</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Current service cost </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>4,796</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>7,978</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Interest cost </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>6,496</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>5,526</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Curtailments and settlements </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;(<font>1,237</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Remeasurements (*) </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;(<font>2,230</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>7,010</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Translation differences </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;(<font>415</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;(<font>1,567</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Increase due to business combinations </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>1,566</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>15,660</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Benefits paid from the plan </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;(<font>22,955</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;(<font>9,328</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Other </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>4,180</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>2,976</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="height: 18px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> At the end of the year </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 18px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>115,774</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>125,573</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"><br></td>
</tr>

</table>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(*) </font><font><font style="border-right: none; border-left: none;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">For 2020 </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">a </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">loss</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">of $</font><font style="border-left: none; border-right: none;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font style="border-left: none; border-right: none;"><font>1.6</font></font></font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> million is attributable to demographic assumption</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">s</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> and a </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">gain</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> of $<font>3.8</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> million to financ</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ial assumptions. </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">For <font style="border-left: none; border-right: none;">2019</font> a loss of $<font>1.3</font> million is attributable to demographic assumptions and a loss of $<font>5.7</font> million to financial assumptions.</font></font></font></p>
<p style="margin-top: 0pt; margin-left: 4.5pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 12pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The actuarial assumptions</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> for the most relevant plans</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> were as follows:</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
<div>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px;" width="100%">

<tr style="height: 1pt;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff;"><br></td>
<td colspan="4" style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Year ended December 31, </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff;"><br></td>
</tr>
<tr style="height: 1pt;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font style="border-left: none; border-right: none;">2020</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font style="border-left: none; border-right: none;">2019</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br></td>
</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 73%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Discount rate </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 1%; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 11%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>1</font>% - <font>7</font>% </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 11%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>1</font>% - <font>7</font>% </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 1pt;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Rate of compensation increase </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>0</font>% - <font>3</font>% </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>0</font>% - <font>3</font>% </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom;"><br></td>
</tr>

</table>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: spaces;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">As o</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">f December 31, 20</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font style="border-left: none; border-right: none;">20</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, an increase / (decrease) of <font>1</font>% in the discount rate assumption </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">of the main plans </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">would have generated a (decrease) / increase on the </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">defined benefit obligation of $<font>6.0</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;million and </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">$<font>7.2</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;million respectively, and an increase / (decrease) of <font>1</font>% in the rate of compensation assumption </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">of the main plans </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">would have generated an increase / (decrease) impact on the </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">defined benefit obligation of </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">$<font>3.1</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;million and </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">$</font><font style="border-left: none; border-right: none;"><font style="border-left: none; border-right: none;"><font>2.8</font></font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> million respectivel</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">y. The above sensitivity analyse</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">s </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">are</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> 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 may be correlated</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 12pt; -aw-import: ignore;">&nbsp;</font></p>
<ul type="square" style="margin: 0pt; padding-left: 0pt;">
<li style="margin-left: 14.08pt; line-height: 12pt; padding-left: 8.42pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Wingdings'; -aw-font-weight: normal; -aw-number-format: '&#61607;';"><font style="font-family: 'Times New Roman'; font-weight: bold;">Funded</font></li>
</ul>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 12pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The amounts recognized in the statement of financial position</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> for the current annual period and</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> the</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> previous </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">annual period</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">are as follows:</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<div>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px; height: 86px;" width="100%">

<tr style="height: 17px;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td colspan="5" style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> Year ended December 31, </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (all amounts in thousands of U.S. dollars) </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 17px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> <font style="border-left: none; border-right: none;">2020</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> <font style="border-left: none; border-right: none;">2019</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 74%; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Present value of funded obligations </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 10%; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>176,309</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 10%; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>160,412</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Fair value of plan assets </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>157,335</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"><font style="font-size: 10pt;">)</font></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>145,160</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 18px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> Liability (*) </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 18px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> <font>18,974</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> <font>15,252</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px;"><br></td>
</tr>

</table>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; line-height: 80%; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: spaces;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">(*) </font><font><font style="border-right: none; border-left: none;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font style="border-left: none; border-right: none;">In 2020 and 2019</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, $<font>2.1</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> million </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">and $<font>4.2</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> million </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">corresponding to a</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">plan </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">with a surplus balance w</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ere</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">reclassified</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> within other </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">non-</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">current assets</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, respectively</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">. </font></font></font></p>
<div>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 12pt;"><br></p>
<div>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno">F-51</font></td>
</tr>

</table>
</div>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<div style="-aw-different-first-page: true; -aw-headerfooter-type: header-primary; clear: both;">
<div style="border-bottom: 0.75pt solid #000000; clear: both;">
<p style="margin-top: 0pt; margin-bottom: 0pt; padding-bottom: 1pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-style: italic;">Tenaris S.A.</font><font style="font-family: 'Times New Roman'; font-style: italic;"> Consolidated Financial S</font><font style="font-family: 'Times New Roman'; font-style: italic;">tatements for </font><font style="font-family: 'Times New Roman'; font-style: italic;">the years ended December 31, 2020, <font style="border-left: none; border-right: none;"><font>2019</font></font> and <font style="border-left: none; border-right: none;"><font>2018</font></font></font></p>
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<p style="margin-top: 0pt; margin-left: 36pt; margin-bottom: 0pt; text-indent: -36pt; line-height: 10pt; padding-top: 5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><font>22</font></font><font style="font: 7pt 'Times New Roman'; -aw-import: spaces;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Other liabilities (Cont.)</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin: 0px; text-indent: 0px; line-height: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Post-employment benefits (Cont.)</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; -aw-import: ignore;">&nbsp;</font></p>
<ul type="square" style="margin: 0pt; padding-left: 0pt;">
<li style="margin-left: 9.58pt; line-height: 10pt; padding-left: 12.92pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Wingdings'; -aw-font-weight: normal; -aw-number-format: '&#61607;';"><font style="font-family: 'Times New Roman'; font-weight: bold;">Funded (Cont.)</font></li>
</ul>
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<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The movement in the present value of funded obligations is as follows:</font></p>
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<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px; height: 170px;" width="100%">

<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td colspan="5" style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Year ended December 31, </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (all amounts in thousands of U.S. dollars) </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 17px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font style="border-left: none; border-right: none;">2020</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font style="border-left: none; border-right: none;">2019</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 74%; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> At the beginning of the year </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 10%; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>160,412</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 10%; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>146,885</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Translation differences </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>2,148</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>4,542</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Current service cost </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>850</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>721</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Interest cost </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>5,009</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>5,754</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Remeasurements (*) </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>18,025</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>12,769</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Benefits paid </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font style="border-left: none; border-right: none;"><font>9,266</font></font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;(<font style="border-left: none; border-right: none;"><font>10,259</font></font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Other </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>869</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> At the end of the year </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>176,309</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>160,412</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
</tr>

</table>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(*) </font><font><font style="font-family: 'Times New Roman'; font-size: 10pt;">For <font style="border-left: none; border-right: none;">2020</font> a loss of $<font>3.7</font> million is attributable to demographic assumptions and a loss of $<font>14.3</font> million to financial assumptions.</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font><font style="font-family: 'Times New Roman'; font-size: 10pt;">For <font style="border-left: none; border-right: none;">2019</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> a loss</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> of $<font>0.4</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> million is attributable to demograp</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">hic assumptions and a </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">loss</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> of $<font>12.4</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> million to finan</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">cial assumptions. </font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The movement in the fair value of plan assets is as follows:</font></p>
<div>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px; height: 171px;" width="100%">

<tr style="height: 17px;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 17px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td colspan="5" style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> Year ended December 31, </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (all amounts in thousands of U.S. dollars) </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 17px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font style="border-left: none; border-right: none;">2020</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font style="border-left: none; border-right: none;">2019</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 74%; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> At the beginning of the year </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 10%; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: spaces;"> &nbsp;(<font>145,160</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 10%; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: spaces;"> &nbsp;(<font>132,438</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Translation differences </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>1,729</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: spaces;"> &nbsp;(<font>4,137</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Return on plan assets </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>4,411</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: spaces;"> &nbsp;(<font>5,018</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Remeasurements </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>10,396</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: spaces;"> &nbsp;(<font>10,507</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Contributions paid to the plan </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>5,017</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: spaces;"> &nbsp;(<font>3,589</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Benefits paid from the plan </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>9,266</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>10,259</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Other </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>112</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>270</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="height: 18px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> At the end of the year </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 18px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; -aw-import: spaces;"> &nbsp;(<font>157,335</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px; vertical-align: bottom; height: 18px;"><font style="font-size: 10pt; font-weight: bold;">)</font></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; -aw-import: spaces;"> &nbsp;(<font>145,160</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px; vertical-align: bottom; height: 18px;"><font style="font-size: 10pt; font-weight: bold;">)</font></td>
</tr>

</table>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The major categories of plan assets as a percentage of total plan assets are as follows: </font></p>
<div>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px; height: 85px;" width="100%">

<tr style="height: 17px;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 17px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td colspan="5" style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> Year ended December 31, </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 17px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> <font style="border-left: none; border-right: none;">2020</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> <font style="border-left: none; border-right: none;">2019</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 74%; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Equity instruments </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 10%; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>49.3</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; text-align: left; height: 17px;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">%</font></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 10%; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>49.0</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; text-align: left; height: 17px;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">%</font></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Debt instruments </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>46.8</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; text-align: left; height: 17px;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">%</font></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>47.0</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; text-align: left; height: 17px;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">%</font></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Others </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>3.9</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; text-align: left; height: 17px;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">%</font></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>4.0</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; text-align: left; height: 17px;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">%</font></td>
</tr>

</table>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The actuarial assumptions for the most relevant plans were as follows:</font></p>
<div>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px; height: 61px;" width="100%">

<tr style="height: 17px;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td colspan="4" style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Year ended December 31, </font></p>
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<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
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<tr style="height: 17px;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font style="border-left: none; border-right: none;">2020</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font style="border-left: none; border-right: none;">2019</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 74%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Discount rate </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: right;"><font style="font-family: 'Times New Roman';"> <font>1</font> % - <font>3</font> % </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 2%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: right;"><font style="font-family: 'Times New Roman';"> <font>3</font> % - <font>4</font> % </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1%;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Rate of compensation increase </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: right;"><font style="font-family: 'Times New Roman';"> <font>0</font> % - <font>3</font> % </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: right;"><font style="font-family: 'Times New Roman';"> <font>0</font> % - <font>3</font> % </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
</tr>

</table>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 12pt; font-style: italic; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The expected return on plan assets is determined by considering the expected returns available on the assets underlying the current investment policy. Expected </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">return</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> on </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">plan assets is determined</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> based on </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">long-term, prospective rates of return as of </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">the end of the reporting period. </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">As of December 31, 20</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font style="border-left: none; border-right: none;">20</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, an increase / (decrease) of <font>1</font>% in the discount rate assumption </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">of the main plans </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">would have generated a </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">(decrease) / increase</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> on the defined benefit obligation of $<font>19.7</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;million and $<font>24.2</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">million </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">respectively,</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> and an increase / (decrease) of <font>1</font>% in the compensation rate assumption </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">of the main plans </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">would have generated an </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">increase / (decrease) </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">on the defined benefit obligation of $</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>1.9</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> million and $<font>1.7</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> million </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">respectively</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">. </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Th</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">e above sensitivity analyse</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">s </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">are</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> based on a change in </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">discount rate and rate of compensation </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">while holding all other assumptions constant. In practice, this is unlikely to occur, and changes in some of the assumptions may be correlated</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">.</font></p>
<div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><br></font></p>
<div>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno">F-52</font></td>
</tr>

</table>
</div>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<div style="-aw-different-first-page: true; -aw-headerfooter-type: header-primary; clear: both;">
<div style="border-bottom: 0.75pt solid #000000; clear: both;">
<p style="margin-top: 0pt; margin-bottom: 0pt; padding-bottom: 1pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-style: italic;">Tenaris S.A.</font><font style="font-family: 'Times New Roman'; font-style: italic;"> Consolidated Financial S</font><font style="font-family: 'Times New Roman'; font-style: italic;">tatements for </font><font style="font-family: 'Times New Roman'; font-style: italic;">the years ended December 31, 2020, <font style="border-left: none; border-right: none;"><font>2019</font></font> and <font style="border-left: none; border-right: none;"><font>2018</font></font></font></p>
</div>
</div>
<p style="margin-top: 0pt; margin-left: 36pt; margin-bottom: 0pt; text-indent: -36pt; line-height: 12pt; padding-top: 5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><font>22</font></font><font style="font: 7pt 'Times New Roman'; -aw-import: spaces;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Other liabilities (Cont.)</font></p>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The employer contributions expected to be paid</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> for the year <font style="border-left: none; border-right: none;">202</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font style="border-left: none; border-right: none;">1</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> amount</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">s</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> approximately</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> to</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">$</font><font style="border-left: none; border-right: none;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font style="border-left: none; border-right: none;"><font>2.8</font></font></font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> million.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><br></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The methods and types of assumptions used in p</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">reparing the sensitivity analyse</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">s did not change compared to the previous period.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-left: 54pt; margin-bottom: 0pt; text-indent: -36pt; line-height: 12pt;"><font style="font-weight: bold;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(ii)</font><font style="font-style: normal; font-variant: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Other liabilities </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8211;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">current</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
<div>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px; height: 86px;" width="100%">

<tr style="height: 17px;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 17px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td colspan="5" style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Year ended December 31, </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; background-color: #ffffff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (all amounts in thousands of U.S. dollars) </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; background-color: #ffffff; height: 17px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font style="border-left: none; border-right: none;">2020</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font style="border-left: none; border-right: none;">2019</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 74%; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Payroll and social security payable </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 10%; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>175,175</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 10%; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>153,009</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Miscellaneous </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>27,651</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>23,255</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 18px; background-color: #cceeff;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 18px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>202,826</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>176,264</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px;"><br></td>
</tr>

</table>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><br></p>
</div>
</div><div style="font-family: 'times new roman', times; font-size: 10pt;">
<div>
<p style="margin-top: 0pt; margin-left: 36pt; margin-bottom: 0pt; text-indent: -36pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><font style="border-left: none; border-right: none;">23</font></font><font style="font: 7pt 'Times New Roman'; -aw-import: spaces;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Non-current allowances and provisions</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<div>
<p style="margin-top: 0pt; margin-left: 38.75pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Liabilities</font></p>
<div style="border-left: none; border-right: none;">
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px; height: 160px;" width="100%">

<tr style="height: 16px;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 16px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 16px;"><br></td>
<td colspan="5" style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Year ended December 31, </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 16px;"><br></td>
</tr>
<tr style="height: 16px;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 16px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 16px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>2020</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 16px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 16px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 16px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>2019</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 16px;"><br></td>
</tr>
<tr style="height: 16px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (all amounts in thousands of U.S. dollars) </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 16px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 16px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 16px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 16px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 16px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 16px;"><br></td>
</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 74%; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Values at the beginning of the year </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 16px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 16px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 10%; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>54,599</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 16px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 16px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 16px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 10%; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>36,089</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 16px;"><br></td>
</tr>
<tr style="height: 16px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Translation differences </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>5,739</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 16px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>1,571</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 16px;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Increase due to business combinations </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 16px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>26,542</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 16px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 16px;"><br></td>
</tr>
<tr style="height: 16px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Additional provisions </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>478</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 16px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>19,904</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 16px;"><br></td>
</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Reclassifications </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 16px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>557</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 16px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>5,641</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 16px;"><br></td>
</tr>
<tr style="height: 16px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Used </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>3,219</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 16px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>5,464</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 16px;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Values at the end of the year </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 16px;"><br></td>
<td style="border-top: 0.75pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 16px;"><br></td>
<td style="border-top: 0.75pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>73,218</font> </font></p>
</td>
<td style="border-top: 0.75pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 16px;"><br></td>
<td style="border-top: 0.75pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 16px;"><br></td>
<td style="border-top: 0.75pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 16px;"><br></td>
<td style="border-top: 0.75pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>54,599</font> </font></p>
</td>
<td style="border-top: 0.75pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 16px;"></td>
</tr>

</table>
</div>
</div>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><br></p>
</div><div style="font-family: 'times new roman', times; font-size: 10pt;">
<div>
<p style="margin-top: 0pt; margin-left: 38.75pt; margin-bottom: 0pt; text-indent: -38.75pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><font style="border-left: none; border-right: none;">24</font></font><font style="font: 7pt 'Times New Roman'; -aw-import: spaces;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Current </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">allowances and </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">provisions</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<div>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">(i)</font><font style="width: 26.56pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Deducted from assets</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; -aw-import: ignore;">&nbsp;</font></p>
<div>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 99.9182%; height: 143px;" width="100%">

<tr style="height: 31px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: middle; background-color: #ffffff; width: 47.0486%; height: 31px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> Year ended December 31, 2020 </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: middle; background-color: #ffffff; width: 0.954861%; height: 31px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; width: 15.1042%; height: 31px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Allowance for doubtful <br>accounts - Trade receivables</font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; width: 1.38889%; height: 31px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; width: 1.38889%; height: 31px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; width: 15.1042%; height: 31px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> Allowance for other doubtful accounts - Other receivables </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; width: 1.38889%; height: 31px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; width: 1.38889%; height: 31px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; width: 15.1042%; height: 31px;" colspan="2">
<p style="margin-top: 0pt; margin-left: 0.65pt; margin-bottom: 0pt; text-indent: -0.65pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Allowance for <br>inventory obsolescence</font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; width: 1.38889%; height: 31px;"><br></td>
</tr>
<tr style="height: 16px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; background-color: #ffffff; width: 47.0486%; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (all amounts in thousands of U.S. dollars) </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; background-color: #ffffff; width: 0.954861%; height: 16px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1.38889%; height: 16px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 13.7153%; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1.38889%; height: 16px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1.38889%; height: 16px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1.38889%; height: 16px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 13.7153%; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1.38889%; height: 16px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1.38889%; height: 16px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1.38889%; height: 16px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 13.7153%; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1.38889%; height: 16px;"><br></td>
</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 47.0486%; background-color: #cceeff; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Values at the beginning of the year </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 0.954861%; background-color: #cceeff; height: 16px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.38889%; background-color: #cceeff; height: 16px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 13.7153%; background-color: #cceeff; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>48,782</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1.38889%; background-color: #cceeff; height: 16px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.38889%; background-color: #cceeff; height: 16px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.38889%; background-color: #cceeff; height: 16px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 13.7153%; background-color: #cceeff; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>4,892</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1.38889%; background-color: #cceeff; height: 16px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.38889%; background-color: #cceeff; height: 16px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.38889%; background-color: #cceeff; height: 16px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 13.7153%; background-color: #cceeff; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>217,717</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1.38889%; background-color: #cceeff; height: 16px;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 16px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 47.0486%; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Translation differences </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 0.954861%; height: 16px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.38889%; height: 16px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 13.7153%; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>37</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1.38889%; height: 16px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.38889%; height: 16px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.38889%; height: 16px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 13.7153%; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>801</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1.38889%; height: 16px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.38889%; height: 16px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.38889%; height: 16px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 13.7153%; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,560</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1.38889%; height: 16px;"><br></td>
</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 47.0486%; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Increase due to business combinations </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 0.954861%; height: 16px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1.38889%; height: 16px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 13.7153%; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>1,930</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.38889%; height: 16px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1.38889%; height: 16px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1.38889%; height: 16px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 13.7153%; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.38889%; height: 16px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1.38889%; height: 16px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1.38889%; height: 16px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 13.7153%; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>76,776</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.38889%; height: 16px;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 16px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 47.0486%; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (Additional) allowances </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 0.954861%; height: 16px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.38889%; height: 16px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 13.7153%; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>4,644</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1.38889%; height: 16px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.38889%; height: 16px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.38889%; height: 16px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 13.7153%; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>1,263</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1.38889%; height: 16px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.38889%; height: 16px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.38889%; height: 16px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 13.7153%; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>35,809</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1.38889%; height: 16px;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 47.0486%; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Used </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 0.954861%; height: 16px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1.38889%; height: 16px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 13.7153%; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,717</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.38889%; height: 16px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1.38889%; height: 16px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1.38889%; height: 16px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 13.7153%; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,437</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.38889%; height: 16px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1.38889%; height: 16px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1.38889%; height: 16px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 13.7153%; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>65,107</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.38889%; height: 16px;"><br></td>
</tr>
<tr style="height: 16px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 47.0486%; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> At December 31, 2020 </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 0.954861%; height: 16px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.38889%; height: 16px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; width: 13.7153%; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> (<font>53,676</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px; vertical-align: bottom; width: 1.38889%; height: 16px;"><font style="font-size: 10pt; font-weight: bold;">)</font></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.38889%; height: 16px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.38889%; height: 16px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; width: 13.7153%; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> (<font>3,917</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px; vertical-align: bottom; width: 1.38889%; height: 16px;"><font style="font-size: 10pt; font-weight: bold;">)</font></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.38889%; height: 16px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.38889%; height: 16px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; width: 13.7153%; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> (<font>263,635</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px; vertical-align: bottom; width: 1.38889%; height: 16px;"><font style="font-size: 10pt; font-weight: bold;">)</font></td>
</tr>

</table>
</div>
<div>
<div>
<div>
<div>
<p style="margin: 0px; font-size: 10pt; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;">&nbsp;</font></p>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno">F-53</font></td>
</tr>

</table>
</div>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
</div>
<div style="-aw-different-first-page: true; -aw-headerfooter-type: header-primary; clear: both;">
<div style="border-bottom: 0.75pt solid #000000; clear: both;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; padding-bottom: 1pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-style: italic;">Tenaris S.A.</font><font style="font-family: 'Times New Roman'; font-style: italic;"> Consolidated Financial S</font><font style="font-family: 'Times New Roman'; font-style: italic;">tatements for </font><font style="font-family: 'Times New Roman'; font-style: italic;">the years ended December 31, 2020, <font style="border-left: none; border-right: none;"><font>2019</font></font> and <font style="border-left: none; border-right: none;"><font>2018</font></font></font></p>
</div>
</div>
<p style="margin-top: 0pt; margin-left: 38.75pt; margin-bottom: 0pt; text-indent: -38.75pt; line-height: 12pt; padding-top: 5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><font>24</font></font><font style="font: 7pt 'Times New Roman'; -aw-import: spaces;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Current allowances and provisions (Cont.)</font></p>
</div>
</div>
</div>
<p style="margin: 0px; font-size: 10pt; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;">&nbsp;</font></p>
<div>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 99.8367%; height: 123px;" width="100%">

<tr style="height: 11px;">
<td style="padding: 0px 7px 0px 0px; background-color: #ffffff; height: 11px; width: 47.1764%; vertical-align: middle;" valign="middle">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Year ended December 31, 2019 </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: middle; background-color: #ffffff; height: 11px; width: 0.955691%;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 11px; width: 15.0304%;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Allowance for doubtful <br>accounts - Trade receivables</font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 11px; width: 1.3901%;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 11px; width: 1.3901%;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 11px; width: 15.0304%;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Allowance for other doubtful accounts - Other receivables </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 11px; width: 1.3901%;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 11px; width: 1.3901%;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 11px; width: 15.1173%;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Allowance for <br>inventory obsolescence</font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 11px; width: 1.3901%;"><br></td>
</tr>
<tr style="height: 16px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; background-color: #ffffff; height: 16px; width: 47.1764%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (all amounts in thousands of U.S. dollars) </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; background-color: #ffffff; height: 16px; width: 0.955691%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 1.3901%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 13.6403%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 1.3901%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 1.3901%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 1.3901%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 13.6403%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 1.3901%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 1.3901%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 1.3901%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 13.7272%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 1.3901%;"><br></td>
</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 47.1764%; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Values at the beginning of the year </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 0.955691%; height: 16px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1.3901%; height: 16px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 13.6403%; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>66,535</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.3901%; height: 16px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1.3901%; height: 16px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1.3901%; height: 16px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 13.6403%; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>6,784</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.3901%; height: 16px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1.3901%; height: 16px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1.3901%; height: 16px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 13.7272%; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>209,796</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.3901%; height: 16px;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 16px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px; width: 47.1764%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Translation differences </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px; width: 0.955691%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; width: 1.3901%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; width: 13.6403%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>9</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 16px; width: 1.3901%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; width: 1.3901%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; width: 1.3901%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; width: 13.6403%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>88</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 16px; width: 1.3901%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; width: 1.3901%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; width: 1.3901%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; width: 13.7272%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>794</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 16px; width: 1.3901%;"><br></td>
</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 47.1764%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Increase due to business combinations </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 0.955691%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 1.3901%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 13.6403%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>1,788</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 1.3901%;"><font style="font-size: 10pt;">)</font></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 1.3901%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 1.3901%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 13.6403%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 1.3901%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 1.3901%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 1.3901%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 13.7272%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>10,761</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 1.3901%;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 16px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px; width: 47.1764%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (Additional) / reversals allowances </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px; width: 0.955691%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; width: 1.3901%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; width: 13.6403%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>16,256</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 16px; width: 1.3901%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; width: 1.3901%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; width: 1.3901%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; width: 13.6403%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>1,239</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 16px; width: 1.3901%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; width: 1.3901%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; width: 1.3901%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; width: 13.7272%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>29,138</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 16px; width: 1.3901%;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 47.1764%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Used </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 0.955691%;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 1.3901%;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 13.6403%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>3,276</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 1.3901%;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 1.3901%;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 1.3901%;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 13.6403%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>565</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 1.3901%;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 1.3901%;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 1.3901%;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 13.7272%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>31,184</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 1.3901%;"><br></td>
</tr>
<tr style="height: 16px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px; width: 47.1764%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> At December 31, 2019 </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px; width: 0.955691%;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; width: 1.3901%;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; width: 13.6403%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> (<font>48,782</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px; vertical-align: bottom; height: 16px; width: 1.3901%;"><font style="font-size: 10pt; font-weight: bold;">)</font></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; width: 1.3901%;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; width: 1.3901%;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; width: 13.6403%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> (<font>4,892</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px; vertical-align: bottom; height: 16px; width: 1.3901%;"><font style="font-size: 10pt; font-weight: bold;">)</font></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; width: 1.3901%;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; width: 1.3901%;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; width: 13.7272%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> (<font>217,717</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px; vertical-align: bottom; height: 16px; width: 1.3901%;"><font style="font-size: 10pt; font-weight: bold;">)</font></td>
</tr>

</table>
</div>
</div>
<p style="margin: 0px; text-align: justify; font-size: 10pt; text-indent: 0px;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; -aw-import: ignore;">&nbsp;</font></p>
<div>
<p style="margin-top: 0pt; margin-left: 36pt; margin-bottom: 0pt; text-indent: -36pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">(ii)</font><font style="font: 7pt 'Times New Roman'; -aw-import: spaces;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Liabilities</font></p>
<p style="margin-top: 0pt; margin-left: 36pt; margin-bottom: 0pt; line-height: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<div>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 159px;" width="100%">

<tr style="height: 31px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #ffffff; height: 31px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Year ended December 31, 2020 </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #ffffff; height: 31px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 31px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Sales risks </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 31px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 31px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 31px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Other claims and contingencies (*) </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 31px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 31px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 31px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Total </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 31px;"><br></td>
</tr>
<tr style="height: 16px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (all amounts in thousands of U.S. dollars) </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 16px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px;"><br></td>
</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 61%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Values at the beginning of the year </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 1%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 1%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>5,867</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 1%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 1%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 1%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>11,150</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 1%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 1%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 1%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>17,017</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 1%;"><br></td>
</tr>
<tr style="height: 16px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Translation differences </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>5</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 16px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>975</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 16px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>980</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 16px;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Increase due to business combinations </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 16px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>116</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 16px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>398</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 16px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>514</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 16px;"><br></td>
</tr>
<tr style="height: 16px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Additional provisions </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>9,728</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 16px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>1,751</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 16px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>11,479</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 16px;"><br></td>
</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Reclassifications </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 16px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 16px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>557</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 16px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>557</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 16px;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 16px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Used </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>13,911</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 16px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>1,283</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 16px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>15,194</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 16px;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> At December 31, 2020 </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 16px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>1,795</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>10,484</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 16px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>12,279</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 16px;"><br></td>
</tr>

</table>
</div>
<p style="margin-top: 0pt; margin-left: 36pt; margin-bottom: 0pt; line-height: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<div>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; height: 135px; width: 100%;" width="100%">

<tr style="height: 15px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #ffffff; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Year ended December 31, 2019 </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #ffffff; height: 15px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 15px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Sales risks </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 15px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 15px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 15px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Other claims and contingencies (*) </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 15px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 15px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 15px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Total </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 15px;"><br></td>
</tr>
<tr style="height: 15px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (all amounts in thousands of U.S. dollars) </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 15px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br></td>
</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; background-color: #cceeff; width: 61%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Values at the beginning of the year </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 1%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 1%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>6,814</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 1%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 1%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 1%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>17,469</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 1%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 1%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 1%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>24,283</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 1%;"><br></td>
</tr>
<tr style="height: 15px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Translation differences </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>28</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>570</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>598</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Increase due to business combinations </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>505</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>8,000</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>8,505</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br></td>
</tr>
<tr style="height: 15px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Additional / (reversals) provisions </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>11,880</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>3,219</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>8,661</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px;"><br></td>
</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Reclassifications </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>5,641</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>5,641</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 15px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Used </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>13,304</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>4,889</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>18,193</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> At December 31, 2019 </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>5,867</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>11,150</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>17,017</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"></td>
</tr>

</table>
</div>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 12pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">(*) </font><font><font style="font-family: 'Times New Roman';">Other claims and contingencies mainly include lawsuits and other legal proceedings, including employee, tax and environmental-related claims.</font></font></p>
<div>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><br></p>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno">F-54</font></td>
</tr>

</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><br></font></p>
<div style="-aw-different-first-page: true; -aw-headerfooter-type: header-primary; clear: both;">
<div style="border-bottom: 0.75pt solid #000000; clear: both;">
<p style="margin-top: 0pt; margin-bottom: 0pt; padding-bottom: 1pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-style: italic;">Tenaris S.A.</font><font style="font-family: 'Times New Roman'; font-style: italic;"> Consolidated Financial S</font><font style="font-family: 'Times New Roman'; font-style: italic;">tatements for </font><font style="font-family: 'Times New Roman'; font-style: italic;">the years ended December 31, 2020, <font style="border-left: none; border-right: none;"><font style="border-left: none; border-right: none;">2019</font></font> and <font style="border-left: none; border-right: none;"><font style="border-left: none; border-right: none;">2018</font></font></font></p>
</div>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><br></p>
</div>
</div>
</div>
</div><div style="font-family: 'times new roman', times; font-size: 10pt;">
<div>
<p style="margin-top: 0pt; margin-left: 38.75pt; margin-bottom: 0pt; text-indent: -36pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><font style="border-left: none; border-right: none;">25</font></font><font style="font: 7pt 'Times New Roman'; -aw-import: spaces;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Derivative financial instruments</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 12pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Net fair values of derivative financial instruments</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; line-height: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-variant: small-caps; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The net fair values of derivative financial instruments</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, in accordance with </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">IFRS </font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>13</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">,</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">a</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">re:</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<div>
<table cellspacing="0" cellpadding="0" style="height: 164px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px;" width="100%">

<tr style="height: 10px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (all amounts in thousands of U.S. dollars) </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br></td>
<td colspan="5" style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Year ended December 31, </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>2020</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>2019</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 74%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Derivatives hedging borrowings and investments </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>10,119</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>19,000</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Other Derivatives </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>1,330</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>929</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Contracts with positive fair values </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>11,449</font> </font></font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>19,929</font> </font></font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Derivatives hedging borrowings and investments </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;(<font>2,250</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Other Derivatives </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;(<font>967</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><font style="font-size: 10pt;">)</font></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;(<font>1,814</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Contracts with negative fair values </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;"> &nbsp;(<font>3,217</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><font style="font-size: 10pt; font-weight: bold;">)</font></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;"> &nbsp;(<font>1,814</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><font style="font-size: 10pt; font-weight: bold;">)</font></td>
</tr>
<tr style="height: 18px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Total </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>8,232</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 18px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>18,115</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 18px;"><br></td>
</tr>

</table>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Foreign e</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">xchange derivative</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"> contracts</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"> and hedge accounting</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt; widows: 0; orphans: 0;"><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">Te</font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">naris applies hedge accounting </font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">to certain cash flow hedges of highly probable forecast transactions. </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">The net fair values of exchange rate derivatives</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> and those derivat</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">iv</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">es that were designated for hedge accounting as of December</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> 31,</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>20</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>20</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> and <font>201</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>9</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> were as follows:</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 10pt; widows: 0; orphans: 0;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<div>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px; height: 248px;" width="100%">

<tr style="height: 10px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px; width: 27.2021%;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (all amounts in thousands of U.S. dollars) </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px; width: 13.6442%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px; width: 1.38169%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px; width: 1.38169%;"><br></td>
<td colspan="5" style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px; width: 25.7634%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Fair Value </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px; width: 1.38169%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px; width: 1.38169%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px; width: 1.38169%;"><br></td>
<td colspan="5" style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 10px; width: 25.7634%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Hedge Accounting Reserve </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 10px; width: 1.38169%;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="border-bottom: 1pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 13.5579%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Purchase currency </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 13.6442%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Sell currency </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 13.6442%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Term </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.38169%;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 12.3817%;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>2020</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 17px; width: 1.38169%;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 17px; width: 1.38169%;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 17px; width: 12%;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>2019</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.38169%;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.38169%;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 12.3817%;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>2020</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 17px; width: 1.38169%;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 17px; width: 1.38169%;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 17px; width: 12%;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>2019</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.38169%;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: middle; background-color: #cceeff; width: 13.5579%; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> MXN </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: middle; background-color: #cceeff; width: 13.6442%; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> USD </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: middle; background-color: #cceeff; width: 13.6442%; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>2021</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #cceeff; width: 1.38169%; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #cceeff; width: 1.38169%; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 11%; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>9,838</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1.38169%; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1.38169%; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 11%; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>18,999</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1.38169%; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1.38169%; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1.38169%; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 11%; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>156</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1.38169%; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1.38169%; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 11%; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>404</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1.38169%; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: middle; height: 17px; width: 13.5579%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> USD </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: middle; height: 17px; width: 13.6442%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> MXN </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: middle; height: 17px; width: 13.6442%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>2021</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; width: 1.38169%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; width: 1.38169%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 11%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;(<font>5</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 1.38169%;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.38169%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 11%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;(<font>576</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 1.38169%;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.38169%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.38169%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 11%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.38169%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.38169%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 11%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.38169%;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: middle; background-color: #cceeff; height: 17px; width: 13.5579%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> USD </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: middle; background-color: #cceeff; height: 17px; width: 13.6442%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> EUR </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: middle; background-color: #cceeff; height: 17px; width: 13.6442%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>2021</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px; width: 1.38169%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px; width: 1.38169%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 11%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;(<font>1,969</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 11%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 11%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>5</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 11%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: middle; height: 17px; width: 13.5579%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> EUR </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: middle; height: 17px; width: 13.6442%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> USD </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: middle; height: 17px; width: 13.6442%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>2021</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; width: 1.38169%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; width: 1.38169%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 11%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>543</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 1.38169%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.38169%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 11%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>588</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 1.38169%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.38169%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.38169%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 11%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.38169%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.38169%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 11%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.38169%;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: middle; background-color: #cceeff; height: 17px; width: 13.5579%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> JPY </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: middle; background-color: #cceeff; height: 17px; width: 13.6442%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> USD </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: middle; background-color: #cceeff; height: 17px; width: 13.6442%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>2021</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px; width: 1.38169%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px; width: 1.38169%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 11%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 11%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;(<font>190</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 11%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 11%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: middle; height: 17px; width: 13.5579%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> USD </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: middle; height: 17px; width: 13.6442%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> BRL </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: middle; height: 17px; width: 13.6442%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>2021</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; width: 1.38169%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; width: 1.38169%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 11%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>412</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 1.38169%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.38169%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 11%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;(<font>234</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 1.38169%;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.38169%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.38169%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 11%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>85</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.38169%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.38169%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 11%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.38169%;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: middle; background-color: #cceeff; height: 17px; width: 13.5579%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> JPY </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: middle; background-color: #cceeff; height: 17px; width: 13.6442%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> USD </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: middle; background-color: #cceeff; height: 17px; width: 13.6442%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>2030</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px; width: 1.38169%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px; width: 1.38169%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 11%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>94</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 11%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 11%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;(<font>4,958</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 11%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>2,149</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: middle; height: 17px; width: 13.5579%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> USD </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: middle; height: 17px; width: 13.6442%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> KWD </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: middle; height: 17px; width: 13.6442%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>2021</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; width: 1.38169%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; width: 1.38169%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 11%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;(<font>246</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 1.38169%;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.38169%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 11%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>103</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 1.38169%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.38169%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.38169%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 11%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;(<font>59</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 1.38169%;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.38169%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 11%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>38</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.38169%;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: middle; background-color: #cceeff; height: 17px; width: 13.5579%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> USD </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: middle; background-color: #cceeff; height: 17px; width: 13.6442%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> CAD </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: middle; background-color: #cceeff; height: 17px; width: 13.6442%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>2021</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px; width: 1.38169%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px; width: 1.38169%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 11%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 11%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;(<font>200</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 11%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 11%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: middle; height: 17px; width: 13.5579%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> USD </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: middle; height: 17px; width: 13.6442%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> COP </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: middle; height: 17px; width: 13.6442%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>2021</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; width: 1.38169%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; width: 1.38169%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 11%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 1.38169%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.38169%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 11%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;(<font>345</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 1.38169%;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.38169%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.38169%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 11%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 1.38169%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.38169%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 11%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.38169%;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: middle; background-color: #cceeff; height: 17px; width: 13.5579%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> USD </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: middle; background-color: #cceeff; height: 17px; width: 13.6442%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> CNY </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: middle; background-color: #cceeff; height: 17px; width: 13.6442%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>2021</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px; width: 1.38169%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px; width: 1.38169%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 11%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;(<font>482</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 11%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;(<font>167</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 11%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 11%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="border-bottom: 1pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: middle; height: 17px; width: 13.5579%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Others </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: middle; height: 17px; width: 13.6442%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: middle; height: 17px; width: 13.6442%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>2021</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; width: 1.38169%;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; width: 1.38169%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 11%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>47</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 1.38169%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.38169%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 11%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>137</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 1.38169%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.38169%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.38169%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 11%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 1.38169%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.38169%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 11%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.38169%;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 13.5579%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Total </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 13.6442%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="border-bottom: 2px solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 13.6442%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"><br></td>
<td style="border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"><br></td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 11%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>8,232</font> </font></font></p>
</td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"><br></td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"><br></td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"><br></td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 11%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>18,115</font> </font></font></p>
</td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"><br></td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"><br></td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"><br></td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 11%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;"> &nbsp;(<font>4,771</font> </font></p>
</td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"><font style="font-size: 10pt; font-weight: bold;">)</font></td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"><br></td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"><br></td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 11%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>2,591</font> </font></p>
</td>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt; widows: 0; orphans: 0;"><br></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno">F-55</font></td>
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<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; padding-bottom: 1pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-style: italic;">Tenaris S.A.</font><font style="font-family: 'Times New Roman'; font-style: italic;"> Consolidated Financial S</font><font style="font-family: 'Times New Roman'; font-style: italic;">tatements for </font><font style="font-family: 'Times New Roman'; font-style: italic;">the years ended December 31, 2020, <font style="border-left: none; border-right: none;"><font>2019</font></font> and <font style="border-left: none; border-right: none;"><font>2018</font></font></font></p>
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<p style="margin-top: 0pt; margin-left: 38.75pt; margin-bottom: 0pt; text-indent: -38.75pt; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt; padding-top: 5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><font>25</font></font><font style="font: 7pt 'Times New Roman'; -aw-import: spaces;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Derivative financial instruments (Cont.)</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">F</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ollowing is a summary</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> of the hedge reserve evolution:</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(all amounts in thousands of U.S. dollars)</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"> &nbsp; </font></font></p>
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<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 31px; width: 11%;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Equity Reserve <br>Dec-18</font></font></p>
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<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 31px; width: 1.38169%;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 31px; width: 1.38169%;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 31px; width: 11%;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Movements <br><font>2019</font></font></p>
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<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 31px; width: 1.38169%;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 31px; width: 1.38169%;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 31px; width: 11%;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Equity Reserve <br>Dec-19</font></p>
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<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 31px; width: 1.38169%;"><br></td>
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<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 31px; width: 11%;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Movements <br><font>2020</font></font></p>
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<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 31px; width: 1.38169%;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 31px; width: 11%;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Equity Reserve <br>Dec-20</font></p>
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<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 32.9016%; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Foreign Exchange </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 16px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 10%; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: spaces;"> &nbsp;(<font>916</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 1.38169%; height: 16px;"><font style="font-size: 10pt;">)</font></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1.38169%; height: 16px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 16px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 10%; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>3,507</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1.38169%; height: 16px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1.38169%; height: 16px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 16px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 10%; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2,591</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1.38169%; height: 16px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1.38169%; height: 16px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 16px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 10%; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: spaces;"> &nbsp;(<font>7,362</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 1.38169%; height: 16px;"><font style="font-size: 10pt;">)</font></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1.38169%; height: 16px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 16px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 10%; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: spaces;"> &nbsp;(<font>4,771</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1.72712%; height: 16px;">)</td>
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<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px; width: 32.9016%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Total Cash flow Hedge </font></p>
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<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 1%;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; -aw-import: spaces;"> &nbsp;(<font>916</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px; width: 1.38169%;"><font style="font-size: 10pt; font-weight: bold;">)</font></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 1.38169%;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 1%;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> <font>3,507</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 1.38169%;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 1.38169%;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 1%;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> <font>2,591</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 1.38169%;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 1.38169%;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 1%;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; -aw-import: spaces;"> &nbsp;(<font>7,362</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px; width: 1.38169%;"><font style="font-size: 10pt; font-weight: bold;">)</font></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 1.38169%;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 1%;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; -aw-import: spaces;"> &nbsp;(<font>4,771</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 1.72712%;">)</td>
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</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">Tenaris estimates that t</font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">he cash flow he</font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">dge reserve </font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">corresponding to derivatives instruments </font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">at </font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">December 31, 20</font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"><font>20</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"> will be recycled to the Consolida</font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">ted Income </font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">Statement </font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">during <font>202</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"><font>1</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">.</font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"> For informa</font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">tion on </font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">hedge accounting reserve,</font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">see</font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"> Section III.D</font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">.</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p><div style="font-family: 'times new roman', times; font-size: 10pt;">
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<p style="margin-top: 0pt; margin-left: 38.75pt; margin-bottom: 0pt; text-indent: -38.75pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">26</font><font style="font: 7pt 'Times New Roman'; -aw-import: spaces;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Contingencies,</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> commitments and restrictions </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">o</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">n</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> the distribution of profits</font><font style="font-family: Arial; font-size: 10pt; font-weight: bold; letter-spacing: -0.1pt;"> </font></p>
<p style="margin-top: 0pt; margin-left: 28.35pt; margin-bottom: 0pt; text-indent: -28.35pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; font-style: italic;">(i)</font><font style="width: 26.56pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; font-style: italic;">Contingencies</font></p>
<p style="margin-top: 0pt; margin-left: 17.85pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman';">T</font><font style="font-family: 'Times New Roman';">enaris </font><font style="font-family: 'Times New Roman';">is from time to time subject to various claims, lawsuits and other legal proceedings, including customer, employee, tax and environmental-related claims, in which third 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. </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman';">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, the Company is unable to make a reliable estimate of the expected financial effect that will result from ultimate resolution of the proceeding. In those cases, the Company has not accrued a provision for the potential outcome of these cases.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman';">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, the Company 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 the </font><font style="font-family: 'Times New Roman';">Tenaris</font><font style="font-family: 'Times New Roman';">&#8217;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 not disclosed its estimate of the range of potential loss. </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The Company believes that the aggregate provisions recorded for potential losses in these Consolidated Financial Statements</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">are adequate based upon currently available information. However, if management&#8217;s estimates prove incorrect, current reserves could be inadequate and the Company could incur a charge to earnings which could have a material adverse effect on its results of operations, financial condition, net worth and cash flows. </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 12pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Below is a summary description of </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Tenaris</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8217;s material legal proceedings which are outstanding as of the date of these Consolidated Financial Statements. In addition, the Company is subject to other legal proceedings, none of which is believed to be material.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 12pt; font-weight: bold; -aw-import: ignore;">&nbsp;</font></p>
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<li style="margin-left: 23.08pt; text-align: justify; line-height: 12pt; padding-left: 8.42pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Wingdings'; -aw-font-weight: normal; -aw-number-format: '&#61607;';"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">CSN claims relating to the January 2012 acquisition of Usiminas shares</font></li>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 12pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt; widows: 0; orphans: 0; margin-left: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Confab, a Brazilian subsidiary of the Company, is <font>one</font> of the defendants in a lawsuit filed in Brazil by Companhia Sider&#250;rgica Nacional (&#8220;CSN&#8221;) and various entities affiliated with CSN against Confab and several Ternium subsidiaries that acquired a participation in Usiminas&#8217; control group in January 2012.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 12pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt; widows: 0; orphans: 0; margin-left: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">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&#8217; ordinary shares for a price per share equal to <font>80</font>% of the price per share paid in such acquisition, or BRL<font>28.8</font>, 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 <font>182,609,851</font> ordinary shares of Usiminas not belonging to Usiminas&#8217; control group, and Confab would have a <font>17.9</font>% share in that offer.</font></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno">F-56</font></td>
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<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; padding-bottom: 1pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-style: italic;">Tenaris S.A.</font><font style="font-family: 'Times New Roman'; font-style: italic;"> Consolidated Financial S</font><font style="font-family: 'Times New Roman'; font-style: italic;">tatements for </font><font style="font-family: 'Times New Roman'; font-style: italic;">the years ended December 31, 2020, <font style="border-left: none; border-right: none;"><font>2019</font></font> and <font style="border-left: none; border-right: none;"><font>2018</font></font></font></p>
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<p style="margin-top: 0pt; margin-left: 38.75pt; margin-bottom: 0pt; text-indent: -38.75pt; text-align: justify; line-height: 12pt; padding-top: 5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><font>26</font></font><font style="font: 7pt 'Times New Roman'; -aw-import: spaces;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Contingencies, commitments and restrictions on the distribution of profits</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; letter-spacing: -0.1pt;"> (Cont.)</font></p>
<p style="margin-top: 0pt; margin-left: 28.35pt; margin-bottom: 0pt; text-indent: -28.35pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; font-style: italic;">(i)</font><font style="width: 26.56pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; font-style: italic;">Contingencies (Cont.)</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 12pt; font-weight: bold; -aw-import: ignore;">&nbsp;</font></p>
<ul type="square" style="margin: 0pt; padding-left: 0pt;">
<li style="margin-left: 23.08pt; text-align: justify; line-height: 12pt; padding-left: 8.42pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Wingdings'; -aw-font-weight: normal; -aw-number-format: '&#61607;';"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">CSN claims relating to the January 2012 acquisition of Usiminas shares (Cont.)</font></li>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt; margin-left: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">On September 23, 2013, the first instance court dismissed the CSN lawsuit, and on February 8, 2017, the court of appeals maintained the understanding of the first instance court. On March 6, 2017, CSN filed a motion for clarification against the decision of the Court of Appeals of S&#227;o Paulo, which was rejected on July 19, 2017. On August 18, 2017, 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 March 5, 2018, the court of appeals ruled that CSN&#8217;s appeal did not meet the requirements for submission to the Superior Court of Justice and rejected the appeal. On May 8, 2018, CSN appealed against such ruling and on January 22, 2019, the court of appeals rejected it and ordered that the case be submitted to the Superior Court of Justice. On September 10, 2019, the Superior Court of Justice declared CSN&#8217;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.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="width: 78.5pt; display: inline-block; -aw-tabstop-align: left; -aw-tabstop-pos: 78.5pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt; margin-left: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The Company continues to believe that all of CSN&#8217;s claims and allegations are groundless and without merit, as confirmed by several opinions of Brazilian legal counsel, <font>two</font> decisions issued by the Brazilian securities regulator (</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8220;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">CVM</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8221;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">) in February 2012 and December 2016, and the first and second instance court decisions referred to above.</font></p>
<p style="margin-top: 0pt; margin-left: 21.55pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
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<li style="margin-left: 23.08pt; text-align: justify; line-height: 12pt; padding-left: 8.42pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Wingdings'; -aw-font-weight: normal; -aw-number-format: '&#61607;';"><font style="font-style: italic; font-weight: bold;">Veracel celulose accident litigation</font></li>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt; margin-left: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">On September 21, 2007, an accident occurred in the premises of Veracel Celulose S.A. (&#8220;Veracel&#8221;) in connection with a rupture in <font>one</font> of the tanks used in an evaporation system manufactured by Confab. The Veracel accident allegedly resulted in material damages to Veracel.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Ita&#250; Seguros S.A. (&#8220;Ita&#250;&#8221;), Veracel&#8217;s insurer at the time of the Veracel accident and then replaced by Chubb Seguros Brasil S/A (&#8220;Chubb&#8221;), initiated a lawsuit against Confab seeking reimbursement of damages paid to Veracel in connection with the Veracel accident. Veracel initiated a second lawsuit against Confab seeking reimbursement of the amount paid as insurance deductible with respect to the Veracel accident and other amounts not covered by insurance. Ita&#250; 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&#8217;s personnel of the equipment supplied by Confab in violation of Confab&#8217;s instructions. The <font>two</font> lawsuits were consolidated and are considered by the <font>6</font>th Civil Court of S&#227;o Caetano do Sul</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">. H</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">owever, each lawsuit will be adjudicated separately. </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt; margin-left: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">On September 28, 2018 Confab and Chubb entered into a settlement agreement pursuant to which on October 9, 2018, Confab paid an amount of approximately $<font style="border-right: none; border-left: none;"><font>3.5</font></font> million to Chubb, without assuming any liability for the accident or the claim. </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt; margin-left: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">On October 10, 2018, Confab was notified that the court had issued rulings for both lawsuits. Both decisions were unfavorable to Confab:</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
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<li style="margin-left: 30pt;text-align: justify;line-height: 12pt;font-family: serif;font-size: 9pt;-aw-font-family: 'Symbol';-aw-font-weight: normal;-aw-number-format: '&#61623;';"><font style="font-family: &quot;Times New Roman&quot;;font-size: 10pt;line-height: 12pt;">With respect to Chubb&#8217;s claim, on October 9, 2018, Confab paid an amount of approximately BRL<font>13.1</font> million (approximatel<font style="line-height: inherit;">y $</font><font style="border-right: none; border-left: none; line-height: inherit;"><font>3.5</font></font><font style="line-height: inherit;"> mi</font>llion at historical exchange rate), including interest, fees and expenses, settling the Chubb claim in full.</font></li>
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<p style="margin-top: 0pt; margin-left: 14.2pt; margin-bottom: 0pt; text-align: justify; line-height: 108%; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
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<li style="margin-left: 30pt; text-align: justify; line-height: 12pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman';">With respect to Veracel&#8217;s claim, Confab was ordered to pay the insurance deductible and other concepts not covered by insurance, currently estimated to amount to BRL<font>69.9</font></font><font style="font-family: 'Times New Roman';"> million (approximately $</font><font style="font-family: 'Times New Roman';"><font>13.5</font></font><font style="font-family: 'Times New Roman';"> million) including interest, fees and expenses. Both parties filed motions for clarification against the court&#8217;s decision, which were partially granted. Although the contract between Confab and Veracel expressly provided that Confab would not be liable for damages arising from lost profits, the court award would appear to include BRL</font><font style="font-family: 'Times New Roman';"><font>59.9</font></font><font style="font-family: 'Times New Roman';"> million (approximately $</font><font style="font-family: 'Times New Roman';"><font>11.5</font></font><font style="font-family: 'Times New Roman';"> million) of damages arising therefrom. Confab has additional defense arguments in respect of a claim for lost profits. On December 18, 2018, Confab filed an appeal against the first instance court decision, and on April 30, 2019, 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.</font></li>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; padding-bottom: 1pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-style: italic;">Tenaris S.A.</font><font style="font-family: 'Times New Roman'; font-style: italic;"> Consolidated Financial S</font><font style="font-family: 'Times New Roman'; font-style: italic;">tatements for </font><font style="font-family: 'Times New Roman'; font-style: italic;">the years ended December 31, 2020, <font style="border-left: none; border-right: none;"><font>2019</font></font> and <font style="border-left: none; border-right: none;"><font>2018</font></font></font></p>
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<p style="margin-top: 0pt; margin-left: 38.75pt; margin-bottom: 0pt; text-indent: -38.75pt; text-align: justify; line-height: 12pt; padding-top: 5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><font>26</font></font><font style="font: 7pt 'Times New Roman'; -aw-import: spaces;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Contingencies, commitments and restrictions on the distribution of profits</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; letter-spacing: -0.1pt;"> (Cont.)</font></p>
<p style="margin-top: 0pt; margin-left: 28.35pt; margin-bottom: 0pt; text-indent: -28.35pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; font-style: italic;">(i)</font><font style="width: 26.56pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; font-style: italic;">Contingencies (Cont.)</font></p>
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<p style="margin-top: 0pt; margin-left: 13.7pt; margin-bottom: 0pt; text-indent: -13.7pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
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<li style="margin-left: 23.08pt; text-align: justify; line-height: 12pt; padding-left: 8.42pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Wingdings'; -aw-font-weight: normal; -aw-number-format: '&#61607;';"><b><i>Ongoing investigation</i></b></li>
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<p style="margin: 12pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The<font> Company is aware that Brazilian, Italian and Swiss authorit</font>ies have been investigating whether certain payments were made prior to <font>2014</font> from accounts of entities presumably associated with affiliates of the Company to accounts allegedly linked to individuals related to Petr&#243;leo Brasileiro S.A. (&#8220;Petrobras&#8221;) and whether any such payments were intended to benefit the Company&#8217;s Brazilian subsidiary Confab. Any such payments could violate certain applicable laws, including the U.S. Foreign Corrupt Practices Act.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt; margin-left: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The Company had previously reviewed certain of these matters in connection with an investigation by the Brazilian authorities related to &#8220;Operation Lava Jato,&#8221; and did not 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 not found evidence that Petrobras had benefitted Confab or had misused applicable local content rules.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: spaces;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt; margin-left: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The Audit Committee of the Company's Board of Directors engaged external counsel in connection with the </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Company</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8217;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">s</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> review of these matters. In addition, the Company voluntarily notified the U.S. Securities and Exchange Commission </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">(&#8220;SEC&#8221;) </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">and the U.S. Department of Justice</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (&#8220;DOJ&#8221;)</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> in October 2016.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: spaces;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt; margin-left: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">In July 2019, the Company learned that the public prosecutors&#8217; office of Milan, Italy, had completed a preliminary investigation into the alleged payments and had included in the investigation, among other persons, the Company&#8217;s Chairman and Chief Executive Officer, <font>two</font> other board members, Gianfelice Rocca and Roberto Bonatti, and </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">the Company</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8217;s controlling shareholder, San Faustin. The Company is not a party to the proceedings. In February 2020, the Company learned that the magistrate overseeing the investigation decided to move the case to trial. </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">The Company</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8217;s outside counsel had previously reviewed the Italian prosecutors&#8217; investigative file and has informed the Board that neither that file nor this magistrate&#8217;s decision sets forth evidence of involvement by any of the <font>three</font> directors in the alleged wrongdoing. Accordingly, the Board concluded that no particular action was warranted at that time, other than inviting the referred board members to continue discharging their respective responsibilities with the full support of the Board. The trial has not yet started.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: spaces;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt; margin-left: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">In June 2020, the Company learned that the Brazilian public prosecutors&#8217; office requested the indictment of several individuals, including <font>three</font> executives or former executives of Confab and a former agent of Confab, charging them with the alleged crimes of corruption in relation to contracts executed between <font>2007</font> and <font>2010</font>, and money laundering in relation to payments between <font>2009</font> and <font>2013</font>. Neither the Company nor Confab is a party to the proceedings.</font><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: spaces;">&nbsp; </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: spaces;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt; margin-left: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The Company continues to respond to requests from and otherwise cooperate with the appropriate authorities. The Company has engaged in discussions with the SEC and the DOJ towards a potential resolution of the investigation. There are no assurances that the discussions with the SEC or the DOJ will result in a final resolution of the investigation or, if a resolution is achieved, the timing, scope and terms of any such resolution. 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 may result from the resolution of these matters.</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; padding-bottom: 1pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-style: italic;">Tenaris S.A.</font><font style="font-family: 'Times New Roman'; font-style: italic;"> Consolidated Financial S</font><font style="font-family: 'Times New Roman'; font-style: italic;">tatements for </font><font style="font-family: 'Times New Roman'; font-style: italic;">the years ended December 31, 2020, <font style="border-left: none; border-right: none;"><font>2019</font></font> and <font style="border-left: none; border-right: none;"><font>2018</font></font></font></p>
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<p style="margin-top: 0pt; margin-left: 38.75pt; margin-bottom: 0pt; text-indent: -38.75pt; line-height: 12pt; padding-top: 5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><font>26</font></font><font style="font: 7pt 'Times New Roman'; -aw-import: spaces;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Contingencies, commitments and restrictions to the distribution of profits (Cont.)</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 12pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-left: 42.55pt; margin-bottom: 0pt; text-indent: -42.55pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; font-style: italic;">(i)</font><font style="font: 7pt 'Times New Roman'; -aw-import: spaces;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; font-style: italic;">Contingencies (Cont.)</font></p>
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<p style="margin-top: 0pt; margin-left: 42.55pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt; font-weight: bold; font-style: italic; -aw-import: ignore;">&nbsp;</font></p>
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<li style="margin-left: 23.08pt; text-align: justify; line-height: 12pt; padding-left: 8.42pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Wingdings'; -aw-font-weight: normal; -aw-number-format: '&#61607;';"><b><i>Putative class actions</i></b></li>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt; margin-left: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Following the Company&#8217;s November 27, 2018 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), <font>two</font> putative class action complaints were filed in the U.S. District Court for the Eastern District of New York. On April 29, 2019, the court consolidated the complaints into a single case, captioned &#8220;In re Tenaris S.A. Securities Litigation&#8221;, and appointed lead plaintiffs and lead counsel. On July 19, 2019, the lead plaintiffs filed an amended complaint purportedly on behalf of purchasers of Tenaris securities during the putative class period of May 1, 2014 through December 5, 2018. The individual defendants named in the complaint are Tenaris&#8217;s Chairman and CEO and Tenaris&#8217;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 the nationalization proceeds received by Ternium (in which the Company hel<font>d an </font><font>11.46</font><font>% sta</font>ke) when Sidor was expropriated by Venezuela were received or expedited as a result of allegedly improper payments made to Argentine officials. The complaint does not specify the damages that plaintiff is seeking. On October 9, 2020, the court granted in part and denied in part the defendants&#8217; motions to dismiss. The court partially granted and partially denied the motion to dismiss the claims against the Company and its Chairman and CEO. In addition, the court granted the motions to dismiss as to all claims against San Faustin, Techint, and Tenaris&#8217;s former CFO. The case will now proceed based on the claims that survived the motion to dismiss. Management believes the Company has meritorious defenses to these claims; however, at this stage Tenaris cannot predict the outcome of the claim or the amount or range of loss in case of an unfavorable outcome.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
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<li style="margin-left: 23.08pt; text-align: justify; line-height: 12pt; padding-left: 8.42pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Wingdings'; -aw-font-weight: normal; -aw-number-format: '&#61607;';"><b><i>Investigation concerning alleged price overcharges in Brazil</i></b></li>
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<p style="margin-top: 0pt; margin-left: 36pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt; margin-left: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">In <font>2018</font>, <font>two</font> Brazilian subsidiaries of the Company were notified of formal charges arising from a review by the Tribunal de Contas da Uniao (&#8220;TCU&#8221;) for alleged price overcharges on goods supplied to Petr&#243;leo Brasileiro S.A. - Petrobras under a supply contract. Both companies have already filed their defenses. On September 28, 2020, TCU&#8217;s technical unit, advised TCU that the alleged overprice should be reduced from BRL</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>9</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> million (approximately $</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font style="border-left: none; border-right: none;"><font>1.7</font></font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;million) to BRL</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>401</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> thousand (approximately $</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>77</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> thousand), </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">and further </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">stated that because of its immateriality, the alleged overcharge should not give rise to any penalties or indemnification obligations and acknowledged that any potential penalties would be barred as a result of the applicable statute of limitations.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> On November 19, 2020 the Public Prosecutor&#8217;s Of</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">fice filed an</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> opinion supporting the TCU&#8217;s technical unit&#8217;s views. </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">TCU&#8217;s final judgment is pending. The estimated amount of this claim is BRL</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font style="border-left: none; border-right: none;"><font>30.6</font></font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;million (approximately $</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font style="border-left: none; border-right: none;"><font>5.9</font></font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;million). The Company believes, based on the advice of counsel and external consultants, that the prices charged under the Petrobras contract do not result in overprices and that it is unlikely that the ultimate resolution of this matter will result in a material obligation.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt; margin-left: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">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</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">/</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">or transfer. The proceeding resulted in the imposition of a fine against Confab representing approximately <font>75</font>% of the allegedly undue credits, which was appealed by Confab. On January 21, 2019, Confab was notified of an administrative decision denying Confab&#8217;s appeal, thereby upholding the tax determination and the fine against Confab. On January 28, 2019, Confab challenged such administrative decision and is currently awaiting a resolution. In case of an unfavorable resolution, Confab may still appeal before the courts. The estimated amount of this claim is BRL</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>57.2</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> million (approximately $</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>11</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">million). At this stage, the Company cannot predict the outcome of this claim.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; font-style: italic; letter-spacing: -0.1pt; -aw-import: ignore;">&nbsp;</font></p>
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<li style="margin-left: 23.08pt; text-align: justify; line-height: 12pt; padding-left: 8.42pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Wingdings'; -aw-font-weight: normal; -aw-number-format: '&#61607;';"><b><i>U.S. patent infringement litigation</i></b></li>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt; margin-left: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Tenaris Coiled Tubes, LLC (&#8220;TCT&#8221;), a U.S. subsidiary of the Company, was sued on <font>2017</font> by its competitor Global Tubing, alleging violations to certain intellectual property regulations and seeking a declaration that certain Global Tubing products do not infringe patents held by TCT. TCT filed a counterclaim seeking declaration that certain Global Tubing products infringe patents held by TCT, and Global Tubing responded alleging that such patents should be invalidated. On December 13, 2019, 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. The trial is set for August 2021. At this time, it is not possible to predict the outcome of this matter or estimate the range of potential losses that may result fro</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">m the resolution of this claim.</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; padding-bottom: 1pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-style: italic;">Tenaris S.A.</font><font style="font-family: 'Times New Roman'; font-style: italic;"> Consolidated Financial S</font><font style="font-family: 'Times New Roman'; font-style: italic;">tatements for </font><font style="font-family: 'Times New Roman'; font-style: italic;">the years ended December 31, 2020, <font style="border-left: none; border-right: none;"><font>2019</font></font> and <font style="border-left: none; border-right: none;"><font>2018</font></font></font></p>
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<p style="margin-top: 0pt; margin-left: 36pt; margin-bottom: 0pt; text-indent: -36pt; line-height: 12pt; padding-top: 5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><font>26</font></font><font style="font: 7pt 'Times New Roman'; -aw-import: spaces;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Contingencies, commitments and restrictions to the distribution of profits (Cont.)</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-left: 36pt; margin-bottom: 0pt; text-indent: -36pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; font-style: italic;">(i)</font><font style="font: 7pt 'Times New Roman'; -aw-import: spaces;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; font-style: italic; letter-spacing: -0.1pt;">Contingencies (Cont.)</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
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<li style="margin-left: 23.08pt; text-align: justify; line-height: 12pt; padding-left: 8.42pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Wingdings'; -aw-font-weight: normal; -aw-number-format: '&#61607;';"><b><i>Tax assessment from Italian tax authorities</i></b></li>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt; margin-left: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The Company&#8217;s Italian subsidiary, Dalmine, received on December 27, 2019, a tax assessment from the Italian tax authorities related to fiscal year <font>2014</font>. As of December 31, 2020, the claim amounted to approximately EUR<font>25.7</font> million (approximately $<font>31.6</font> million), comprising EUR<font>20.7</font> million (approximately $<font>25.5</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> million) in principal and EUR<font>5.0</font> million (approximately $<font>6.1</font> million) in interest and penalties. In the report for a tax audit conducted in <font>2019</font>, the Italian tax inspectors indicated that they also intend to bring claims for fiscal year <font>2015</font> with respect to the same matters; as of December 31, 2020, these additional claims would amount to approximately EUR<font>10.5</font> million (approximately $<font>12.9</font> million), comprising </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">EUR<font>8.1</font> million (approximately $<font>10.0</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> million) in principal and EUR<font>2.4</font> million (approximately $<font>2.9</font> 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. On July 27, 2020, Dalmine filed a first-instance appeal before the Milan tax court against the <font>2014</font> tax assessment. Based on the advice of counsel, the Company believes that it is unlikely that the ultimate resolution of these matters will result in a material obligation.</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt; margin-left: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The Company&#8217;s recently acquired U.S. subsidiary, IPSCO, or its subsidiaries, are parties to several product liability claims, which may result in damages for an aggregate amount estimated at approximately $</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font style="border-left: none; border-right: none;"><font>17.6</font></font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;million. This includes a lawsuit alleging product liability and negligent misrepresentation in which the plaintiff alleges that defects in certain casing provided by IPSCO resulted in <font>three</font> well failures causing damages for an amount of approximately $</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>15</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> million. Although at this time the Company cannot predict the outcome of any of these matters, the Company believes that provisions have been recorded in an amount sufficient to cover potential exposure under these claims.</font></p>
<p style="margin-top: 0pt; margin-left: 18pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-left: 45pt; margin-bottom: 0pt; text-indent: -40.5pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; font-style: italic; letter-spacing: -0.1pt;">(ii)</font><font style="font: 7pt 'Times New Roman'; -aw-import: spaces;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; font-style: italic; letter-spacing: -0.1pt;">Commitments and guarantees</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; font-style: italic; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Set forth is a description of the </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Tenaris</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8217;s main outstanding commitments:</font></p>
<p style="margin-top: 0pt; margin-left: 21.55pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
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<li style="margin-left: 16pt; text-align: justify; line-height: 12pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Wingdings'; -aw-font-weight: normal; -aw-number-format: '&#61607;';"><font style="font-family: 'Times New Roman';">An Argentine subsidiary of the Company entered into a contract with Transportadora de Gas del Norte S.A. for the service of natural gas transportation to its facilities. As of December 31, 2020, the aggregate commitment to take or pay the committed volumes for a</font><font style="font-family: 'Times New Roman';">n original</font><font style="font-family: 'Times New Roman';"> <font style="border-left: none; border-right: none;"><font>9</font></font> -year term total</font><font style="font-family: 'Times New Roman';">l</font><font style="font-family: 'Times New Roman';">ed approximately $<font>16.8</font></font><font style="font-family: 'Times New Roman'; color: #ff0000;"> </font><font style="font-family: 'Times New Roman';">million.</font></li>
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<p style="margin-top: 0pt; margin-left: 17.85pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<ul type="square" style="margin: 0pt; padding-left: 0pt;">
<li style="margin-left: 16pt; text-align: justify; line-height: 12pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Wingdings'; -aw-font-weight: normal; -aw-number-format: '&#61607;';"><font style="font-family: 'Times New Roman';">Several of the Company&#8217;s subsidiaries entered into a contract with Praxair S.A. for the service of oxygen and nitrogen supply. As of December 31, 2020, the aggregate commitment to take or pay the committed volumes for a</font><font style="font-family: 'Times New Roman';">n original</font><font style="font-family: 'Times New Roman';"> <font>14</font>-year term total</font><font style="font-family: 'Times New Roman';">l</font><font style="font-family: 'Times New Roman';">ed approximately $<font>31</font></font><font style="font-family: 'Times New Roman'; color: #ff0000;"> </font><font style="font-family: 'Times New Roman';">million.</font></li>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 12pt; -aw-import: ignore;">&nbsp;</font></p>
<ul type="square" style="margin: 0pt; padding-left: 0pt;">
<li style="margin-left: 16pt; text-align: justify; line-height: 105%; font-family: serif; font-size: 10pt; -aw-font-family: 'Wingdings'; -aw-font-weight: normal; -aw-number-format: '&#61607;';"><font style="font-family: 'Times New Roman';">Several of the Company&#8217;s subsidiaries entered into a contract with Graftech for the supply of graphite electrodes. As of December 31, 2020, the aggregate commitment to take or pay the committed volumes total</font><font style="font-family: 'Times New Roman';">l</font><font style="font-family: 'Times New Roman';">ed approximately $<font>10.9</font> million.</font></li>
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<p style="margin-top: 0pt; margin-left: 36pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
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<li style="margin-left: 16pt; text-align: justify; line-height: 12pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Wingdings'; -aw-font-weight: normal; -aw-number-format: '&#61607;';"><font style="font-family: 'Times New Roman';">A subsidiary </font><font style="font-family: 'Times New Roman';">of the Company </font><font style="font-family: 'Times New Roman';">entered into a <font>25</font>-year contract (effective as of December 1, 2016, through December 1, 2041) with Techgen for the supply of <font>197</font> MW (which represents <font>22</font>% of Techgen&#8217;s capacity). Monthly payments are determined on the basis of capacity charges, operation costs, back-up power charges, and transmission charges. As of the seventh contract year (as long as Techgen&#8217;s existing or replacing bank facility has been repaid in full), the Company&#8217;s subsidiary 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&#243;n Federal de Electricidad (&#8220;CFE&#8221;) or its successors. The Company&#8217;s subsidiary may instruct Techgen to sell to any affiliate, to CFE, or to any other third party all or any part of unused contracted energy under the agreement and the Company&#8217;s subsidiary will benefit from the proceeds of such sale.</font></li>
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<p style="margin-top: 0pt; margin-left: 36pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
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<li style="margin-left: 16pt; text-align: justify; line-height: 12pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Wingdings'; -aw-font-weight: normal; -aw-number-format: '&#61607;';"><font style="font-family: 'Times New Roman';">A subsidiary</font><font style="font-family: 'Times New Roman';"> of the Company</font><font style="font-family: 'Times New Roman';"> entered into a contract with Air Liquide Mexico, S. de R.L de C.V. for the supply of argon gas. As of December 31, 2020, the aggregate commitment total</font><font style="font-family: 'Times New Roman';">l</font><font style="font-family: 'Times New Roman';">ed approximately $<font>19</font> million.</font></li>
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<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; padding-bottom: 1pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-style: italic;">Tenaris S.A.</font><font style="font-family: 'Times New Roman'; font-style: italic;"> Consolidated Financial S</font><font style="font-family: 'Times New Roman'; font-style: italic;">tatements for </font><font style="font-family: 'Times New Roman'; font-style: italic;">the years ended December 31, 2020, <font style="border-left: none; border-right: none;"><font>2019</font></font> and <font style="border-left: none; border-right: none;"><font>2018</font></font></font></p>
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<p style="margin-top: 0pt; margin-left: 38.75pt; margin-bottom: 0pt; text-indent: -38.75pt; text-align: justify; line-height: 12pt; padding-top: 5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><font>26</font></font><font style="font: 7pt 'Times New Roman'; -aw-import: spaces;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Contingencies, commitments and restrictions on the distribution of profits (Cont.)</font></p>
<p style="margin-top: 0pt; margin-left: 28.05pt; margin-bottom: 0pt; text-indent: -28.05pt; text-align: justify; line-height: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-left: 36pt; margin-bottom: 0pt; text-indent: -36pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; font-style: italic; letter-spacing: -0.1pt;">(ii)</font><font style="font: 7pt 'Times New Roman'; -aw-import: spaces;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; font-style: italic; letter-spacing: -0.1pt;">Commitments and guarantees (Cont.)</font></p>
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<p style="margin-top: 0pt; margin-left: 9.35pt; margin-bottom: 0pt; text-align: justify; line-height: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<ul type="square" style="margin: 0pt; padding-left: 0pt;">
<li style="margin-left: 16pt; text-align: justify; line-height: 12pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Wingdings'; -aw-font-weight: normal; -aw-number-format: '&#61607;';"><font style="font-family: 'Times New Roman';">Tenaris Bay City, a U.S. subsidiary of the Company, is a party to a contract with Nucor Steel Memphis Inc. under which it is committed to purchase on a monthly basis a specified minimum volume of steel bars, at prices subject to quarterly adjustments. The contract will become effective upon delivery of the first purchase order, which has not yet occurred, and will remain in force for a <font>3</font> year term. As of December 31, 2020, the estimated aggregate contract amount calculated at current prices, is approximately $<font>113.4</font> million. The contract gives Tenaris Bay City the right to temporarily reduce the quantities to be purchased thereunder to <font>75</font>% of the agreed-upon minimum volume in cases of material adverse changes in prevailing economic or market conditions.</font></li>
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<p style="margin-top: 0pt; margin-left: 7.1pt; margin-bottom: 0pt; text-align: justify; line-height: 10pt;"><font style="font-family: Arial; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
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<li style="margin-left: 16pt; text-align: justify; line-height: 12pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Wingdings'; -aw-font-weight: normal; -aw-number-format: '&#61607;';"><font style="font-family: 'Times New Roman';">In connection with the closing of the acquisition of IPSCO, a </font><font style="font-family: 'Times New Roman';">U</font><font style="font-family: 'Times New Roman';">.</font><font style="font-family: 'Times New Roman';">S</font><font style="font-family: 'Times New Roman';">.</font><font style="font-family: 'Times New Roman';"> subsidiary</font><font style="font-family: 'Times New Roman';"> of the Company,</font><font style="font-family: 'Times New Roman';"> entered into a <font>6</font>-year master distribution agreement (the &#8220;MDA&#8221;) with PAO TMK (&#8220;TMK&#8221;) whereby, since January 2, 2020, Tenaris is the exclusive distributor of TMK&#8217;s OCTG and line pipe products in United States and Canada. At the end of the MDA&#8217;s <font>6</font>-years term, TMK will have the option to extend the duration of its term for an additional <font>12</font> month period. Under the MDA, the Company is required to purchase specified minimum volumes of TMK-manufactured OCTG and line pipe products, based on the aggregate market demand for the relevant product category in the United States in the relevant year. In light of the adverse scenario of declining oil and gas prices and unprecedented oversupply in the oil market, Tenaris and TMK have agreed to certain accommodations relating to the MDA&#8217;s minimum annual purchase requirement for <font>2020</font> to minimize the negative impact of the crisis on both parties. Because of th<font>is, <font>no</font> pen</font>alties will be applied for year <font>2020</font>. As of December 31, 2020, the Company&#8217;s commitment under the MDA for the remainder of its <font>6</font>-year term total</font><font style="font-family: 'Times New Roman';">l</font><font style="font-family: 'Times New Roman';">ed approximately $</font><font style="font-family: 'Times New Roman';"><font style="border-left: none; border-right: none;"><font>498.3</font></font></font><font style="font-family: 'Times New Roman';">&nbsp;million.</font></li>
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<p style="margin-top: 0pt; margin-left: 7.1pt; margin-bottom: 0pt; text-align: justify; line-height: 10pt;"><font style="font-family: Arial; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">In addition, Tenaris (i) applied for stand-by letters of credit</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> as well as corporate guarantees</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> covering certain obligations of Techgen as described in note <font>1</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>3</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (c), (ii) issued corporate guarantees securing certain obligations of GPC, as described in note <font>1</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>3</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (d); and (iii) issued performance guarantees mainly related to long term commercial contracts with several customers and parent companies for approximately $<font>2.5</font> billion as of December 31, 2020.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 12pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; font-style: italic;">(iii)</font><font style="width: 21pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; font-style: italic; letter-spacing: -0.1pt;">Restrictions to the distribution of profits and payment of dividends</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; font-style: italic; letter-spacing: -0.1pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">In accordance with Luxembourg Law, the Company is required to transfer a minimum o<font>f </font><font>5</font><font>%</font> of its net profit for each financial year to a legal reserve until such reserve eq<font>uals </font><font>10</font><font>% o</font>f the issued share capital.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">As of December 31, 2020, this reserve is fully allocated and additional allocations to the reserve are not required under Luxembourg law. Dividends may not be paid out of the legal reserve.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The Company may pay dividends to the extent, among other conditions, that it has distributable retained earnings calculated in accordance with Luxembourg law and regulations.</font></p>
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<p style="margin: 0px; text-indent: 0px; text-align: justify; line-height: 12pt;"><font style="font-weight: bold;">27<font style="color: #000000; font-family: 'Times New Roman'; font-size: 9.33333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -51.6667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>Foreign exchange control measures in Argentina</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Beginning in September 2019, the Argentine government has imposed </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">and continues to impose </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">significant restrictions on foreign exchange transactions. The main currently applicable </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">measures</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> are described below:</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<ul type="square" style="margin: 0pt; padding-left: 0pt; margin-left: 2.8pt;">
<li style="margin-left: 9.58pt; text-align: justify; line-height: 12pt; padding-left: 11.72pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Wingdings'; -aw-font-weight: normal; -aw-number-format: '&#61607;';"><font style="font-family: 'Times New Roman';">Foreign currency proceeds derived from exports of goods must be sold into the Argentine foreign exchange market and converted into Argentine pesos within <font>60</font> days from shipment date (if made to related parties) or <font>180</font> days from shipment date (if made to unrelated parties)</font><font style="font-family: 'Times New Roman';">, </font><font style="font-family: 'Times New Roman';">or within </font><font style="font-family: 'Times New Roman';"><font>5</font></font><font style="font-family: 'Times New Roman';"> days of collection, if</font><font style="font-family: 'Times New Roman';"> collected earlier</font><font style="font-family: 'Times New Roman';">.</font></li>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<ul type="square" style="margin: 0pt; padding-left: 0pt; margin-left: 2.8pt;">
<li style="margin-left: 9.58pt; text-align: justify; line-height: 12pt; padding-left: 11.72pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Wingdings'; -aw-font-weight: normal; -aw-number-format: '&#61607;';"><font style="font-family: 'Times New Roman';">Foreign currency proceeds from exports of services must be sold into the Argentine foreign exchange market and converted into Argentine pesos within </font><font style="font-family: 'Times New Roman';"><font>5</font></font><font style="font-family: 'Times New Roman';"> business days of collection.</font></li>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
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<li style="margin-left: 9.58pt; text-align: justify; line-height: 12pt; padding-left: 11.72pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Wingdings'; -aw-font-weight: normal; -aw-number-format: '&#61607;';"><font style="font-family: 'Times New Roman';">Access to the Argentine foreign exchange market to pay for imports of services rendered by related parties (including royalties) is subject to A</font><font style="font-family: 'Times New Roman';">rgentine Central Bank approval.</font></li>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
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<li style="margin-left: 9.58pt; text-align: justify; line-height: 12pt; padding-left: 11.72pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Wingdings'; -aw-font-weight: normal; -aw-number-format: '&#61607;';"><font style="font-family: 'Times New Roman';">Access to the Argentine foreign exchange market to pay for imports of goods and services provided by third parties requires the importer not to have more than $<font>100,000</font> deposited in any foreign account. In addition, it will have to declare it has not accessed the market to purchase bonds and sell them for foreign currency for a period of <font>90</font> days prior to the required payment of imports, and will not do so for a period of <font>90</font> days after the Argentine Central Bank provides the foreign currency.</font></li>
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<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
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<p style="margin-top: 0pt; margin-bottom: 0pt; padding-bottom: 1pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-style: italic;">Tenaris S.A.</font><font style="font-family: 'Times New Roman'; font-style: italic;"> Consolidated Financial S</font><font style="font-family: 'Times New Roman'; font-style: italic;">tatements for </font><font style="font-family: 'Times New Roman'; font-style: italic;">the years ended December 31, 2020, <font style="border-left: none; border-right: none;"><font>2019</font></font> and <font style="border-left: none; border-right: none;"><font>2018</font></font></font></p>
</div>
</div>
<p style="margin-top: 0pt; margin-left: 38.75pt; margin-bottom: 0pt; text-indent: -38.75pt; text-align: justify; line-height: 12pt; widows: 0; orphans: 0; padding-top: 5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; letter-spacing: -0.1pt;"><font>27</font></font><font style="font: 7pt 'Times New Roman'; -aw-import: spaces;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; letter-spacing: -0.1pt;">Foreign exchange c</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; letter-spacing: -0.1pt;">ontrol </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; letter-spacing: -0.1pt;">measures</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; letter-spacing: -0.1pt;"> in Argentina (Cont.)</font></p>
</div>
<p style="margin-top: 0pt; margin-left: 38.85pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt; widows: 0; orphans: 0;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; letter-spacing: -0.1pt; -aw-import: ignore;">&nbsp;</font></p>
<ul type="square" style="margin: 0pt; padding-left: 0pt; margin-left: 2.8pt;">
<li style="margin-left: 9.58pt; text-align: justify; line-height: 12pt; padding-left: 11.72pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Wingdings'; -aw-font-weight: normal; -aw-number-format: '&#61607;';"><font style="font-family: 'Times New Roman';">Access to the Argentine foreign exchange market to pay debt service (principal and interests) for financial debts with related parties requires prior Argentine Central Bank approval, unless such debts are obtained and sold into the Argentine foreign exchange market and converted into Argentine pesos after October 2, 2020 and carry an averag</font><font style="font-family: 'Times New Roman';">e life of no less than <font>2</font> years.</font></li>
</ul>
<p style="margin-top: 0pt; margin-left: 21.3pt; margin-bottom: 0pt; text-indent: -21.3pt; text-align: justify; line-height: 12pt;"><font style="font-family: Calibri; font-size: 11pt; -aw-import: ignore;">&nbsp;</font></p>
<ul type="square" style="margin: 0pt; padding-left: 0pt; margin-left: 2.8pt;">
<li style="margin-left: 9.58pt; text-align: justify; line-height: 12pt; padding-left: 11.72pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Wingdings'; -aw-font-weight: normal; -aw-number-format: '&#61607;';"><font style="font-family: 'Times New Roman';">Debts with foreign creditors larger than $<font>1</font> million maturing between October 15, 2020 and March 31, 2021 will need to be refinanced in at least <font>60</font>% of outstanding principal and for a minimum period of <font>2</font> years.</font></li>
</ul>
<p style="margin-top: 0pt; margin-left: 21.3pt; margin-bottom: 0pt; text-indent: -21.3pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<ul type="square" style="margin: 0pt; padding-left: 0pt; margin-left: 2.8pt;">
<li style="margin-left: 9.58pt; text-align: justify; line-height: 12pt; padding-left: 11.72pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Wingdings'; -aw-font-weight: normal; -aw-number-format: '&#61607;';"><font style="font-family: 'Times New Roman';">Access to the Argentine foreign exchange market to make dividend payments generally requires prior A</font><font style="font-family: 'Times New Roman';">rgentine Central Bank approval.</font></li>
</ul>
<p style="margin-top: 0pt; margin-left: 36pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">When required, Argentine Central Bank approvals are granted on a very restricted basis.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Tenaris&#8217;s Argentine subsidiaries continue to have access to the official foreign currency markets for their foreign exchange transactions. Therefore, assets and liabilities denominated in foreign currency as of December 31, 2020, have been valued at the prev</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ailing official exchange rates.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Tenaris&#8217;s f</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">inancial position in Argentine p</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">eso</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> as of December 31, 2020, </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">amounted to </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">a </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">net short exposure</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> of approximately $</font><font style="border-left: none; border-right: none;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>39.6</font></font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> million.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">As of December 31, 2020, t</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">he total net equity of Argentine subsidiaries </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">represented approximately <font>8</font>% of the total equity of Tenaris</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> and the sales performed by Argentine subsidiaries during the year ended on December 31, 2020 amounted approximately to <font>12</font>% of Tenaris&#8217;s total sales.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Management continues to monitor closely the evolution of the main variables affecting its business, </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">identifying the potential impact thereof on its </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">financial and economic situation</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> and determining the appropriate course of action in each case</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">. The Company&#8217;s </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Consolidated F</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">inancial </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">St</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">atements should be read taking into account these circumstances. </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">As the context of volatility and uncertainty remains in place as of the issue date of these Consolidated Financial Statements, additional Argentine Central Bank regulations that could be imposed in the future could further restrict our Argentine subsidiary&#8217;s ability to access the official foreign exchange market.</font></p>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><br></font></p>
</div><div style="font-family: 'times new roman', times; font-size: 10pt;">
<div>
<p style="margin-top: 0pt; margin-left: 2.85pt; margin-bottom: 0pt; text-indent: 0pt; text-align: justify; line-height: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><font style="border-left: none; border-right: none;">28</font></font><font style="font: 7pt 'Times New Roman'; -aw-import: spaces;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Cash flow disclosures</font></p>
<p style="margin-top: 0pt; margin-left: 2.85pt; margin-bottom: 0pt; text-align: justify; line-height: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(all amounts in thousands of U.S. dollars)</font></p>
<p style="margin-top: 0pt; margin-left: 2.85pt; margin-bottom: 0pt; text-align: justify; line-height: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<div>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px; height: 309px;" width="100%">

<tr style="height: 17px;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td colspan="9" style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Year ended December 31, </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (i) </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Changes in working capital </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>2020</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>2019</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>2018</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 5%; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 56%; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Inventories </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 10%; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>828,796</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 10%; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>311,459</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 10%; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>176,443</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Receivables and prepayments and current tax assets </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>74,877</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>34,368</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>30,144</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Trade receivables </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>409,163</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>428,326</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>517,579</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Other liabilities </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>34,871</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>18,295</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>22,984</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Customer advances </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>34,388</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>16,844</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>5,976</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Trade payables </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>184,442</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"><font style="font-size: 10pt;">)</font></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>180,857</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"><font style="font-size: 10pt;">)</font></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>57,066</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 18px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 18px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>1,059,135</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 18px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>523,109</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 18px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> (<font>737,952</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 18px;"><font style="font-size: 10pt; font-weight: bold;">)</font></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (ii) </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Income tax accruals less payments </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="border-top: 1.5pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="border-top: 1.5pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="border-top: 1.5pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Tax accrued </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>23,150</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>202,452</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>229,207</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Taxes paid </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>140,364</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"><font style="font-size: 10pt;">)</font></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>395,869</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"><font style="font-size: 10pt;">)</font></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>170,713</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 18px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 18px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> (<font>117,214</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 18px;"><font style="font-size: 10pt; font-weight: bold;">)</font></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> (<font>193,417</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 18px;"><font style="font-size: 10pt; font-weight: bold;">)</font></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>58,494</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 18px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (iii) </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Interest accruals less payments, net </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="border-top: 1.5pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="border-top: 1.5pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="border-top: 1.5pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Interest accrued </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>8,627</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>4,616</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>2,914</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Interest received </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>19,613</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>30,890</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>40,613</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Interest paid </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>28,778</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><font style="font-size: 10pt;">)</font></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>30,655</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><font style="font-size: 10pt;">)</font></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>31,548</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 18px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 18px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> (<font>538</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px; vertical-align: bottom; height: 18px;"><font style="font-size: 10pt; font-weight: bold;">)</font></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> (<font>4,381</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px; vertical-align: bottom; height: 18px;"><font style="font-size: 10pt; font-weight: bold;">)</font></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>6,151</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px; vertical-align: bottom; height: 18px;"></td>
</tr>

</table>
</div>
</div>
<p style="margin-top: 0pt; margin-left: 2.85pt; margin-bottom: 0pt; text-align: justify; line-height: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-left: 2.85pt; margin-bottom: 0pt; text-align: justify; line-height: 8pt;"><br></p>
<div>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno">F-62</font></td>
</tr>

</table>
</div>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
</div>
<p style="margin-top: 0pt; margin-left: 2.85pt; margin-bottom: 0pt; text-align: justify; line-height: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
</div><div style="font-family: 'times new roman', times; font-size: 10pt;">
<div style="-aw-different-first-page: true; -aw-headerfooter-type: header-primary; clear: both;">
<div style="border-bottom: 0.75pt solid #000000; clear: both;">
<p style="margin-top: 0pt; margin-bottom: 0pt; padding-bottom: 1pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-style: italic;">Tenaris S.A.</font><font style="font-family: 'Times New Roman'; font-style: italic;"> Consolidated Financial S</font><font style="font-family: 'Times New Roman'; font-style: italic;">tatements for </font><font style="font-family: 'Times New Roman'; font-style: italic;">the years ended December 31, 2020, <font style="border-left: none; border-right: none;"><font>2019</font></font> and <font style="border-left: none; border-right: none;"><font>2018</font></font></font></p>
</div>
</div>
<div>
<p style="margin-top: 0pt; margin-left: 38.75pt; margin-bottom: 0pt; text-indent: -38.75pt; text-align: justify; line-height: 12pt; padding-top: 5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><font style="border-left: none; border-right: none;">29</font></font><font style="font: 7pt 'Times New Roman'; -aw-import: spaces;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Related party transactions</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">As of December 31, 2020:</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<ul type="square" style="margin: 0pt; padding-left: 0pt; margin-left: 2.8pt;">
<li style="margin-left: 9.58pt; text-align: justify; line-height: 12pt; padding-left: 8.42pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Wingdings'; -aw-font-weight: normal; -aw-number-format: '&#61607;';"><font style="font-family: 'Times New Roman';">San Faustin owned </font><font style="font-family: 'Times New Roman';"><font>713,605,187</font> </font><font style="font-family: 'Times New Roman';">shares in the Company, represen<font>ting </font><font>60.45</font><font>% of</font> the Company&#8217;s capital and voting rights.</font></li>
</ul>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<ul type="square" style="margin: 0pt; padding-left: 0pt; margin-left: 2.8pt;">
<li style="margin-left: 9.58pt; text-align: justify; line-height: 12pt; padding-left: 8.42pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Wingdings'; -aw-font-weight: normal; -aw-number-format: '&#61607;';"><font style="font-family: 'Times New Roman';">San Faustin owned all of its shares in the Company through its wholly-owned subsidiary Techint Holdings S.&#224;.r.l., a Luxembourg soci&#233;t&#233; &#224; responsabilit&#233; limit&#233;e (&#8220;Techint&#8221;), who is the holder of record of the above-mentioned Tenaris shares.</font></li>
</ul>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 12pt; -aw-import: ignore;">&nbsp;</font></p>
<ul type="square" style="margin: 0pt; padding-left: 0pt; margin-left: 2.8pt;">
<li style="margin-left: 20.75pt; text-indent: -20.75pt; text-align: justify; line-height: 12pt; font-family: serif; font-size: 10pt; list-style-position: inside; -aw-font-family: 'Wingdings'; -aw-font-weight: normal; -aw-list-padding-sml: 8.42pt; -aw-number-format: '&#61607;';"><font style="font: 7pt 'Times New Roman'; -aw-import: ignore;">&nbsp;&nbsp;&nbsp;</font><font style="font-family: 'Times New Roman';">Rocca &amp; Partners Stichting Administratiekantoor Aandelen San Faustin, a private foundation located in the Netherlands (Stichting) (&#8220;RP STAK&#8221;) held voting shares in San Faustin sufficient in number to control San Faustin.</font></li>
</ul>
<p style="margin-top: 0pt; margin-left: 36pt; margin-bottom: 0pt; line-height: 8pt;"><font style="font-family: Arial; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<ul type="square" style="margin: 0pt; padding-left: 0pt; margin-left: 2.8pt;">
<li style="margin-left: 20.75pt; text-indent: -20.75pt; text-align: justify; line-height: 12pt; font-family: serif; font-size: 10pt; list-style-position: inside; -aw-font-family: 'Wingdings'; -aw-font-weight: normal; -aw-list-padding-sml: 8.42pt; -aw-number-format: '&#61607;';"><font style="font: 7pt 'Times New Roman'; -aw-import: ignore;">&nbsp;&nbsp;&nbsp;</font><font style="font-family: 'Times New Roman';">No person or group of persons controls RP STAK</font><font style="font-family: 'Times New Roman';">.</font></li>
</ul>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Based on the information most recently available to the Company, Tenaris&#8217;s directors and senior management as a group o<font>wned </font><font>0.08</font><font>%</font> of the Company&#8217;s outstanding shares.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Transactions and balances disclosed as with &#8220;non-consolidated parties&#8221; 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 &#8220;Other&#8221;. The following transactions were carried out with related parties:</font></p>
<div>
<div style="border-left: none; border-right: none;">
<table cellspacing="0" cellpadding="0" style="height: 248px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px;" width="100%">

<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: top; background-color: #ffffff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: #ffffff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;(all amounts in thousands of U.S. dollars)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #ffffff; height: 17px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; background-color: #ffffff; height: 17px;"><br></td>
<td colspan="9" style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; background-color: #ffffff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Year ended December 31, </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; background-color: #ffffff; height: 17px;"><br></td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: top; background-color: #ffffff; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding: 0px 4px 0px 0px; vertical-align: top; background-color: #ffffff; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; background-color: #ffffff; height: 10px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; background-color: #ffffff; height: 10px; vertical-align: bottom;" colspan="2" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>2020</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; background-color: #ffffff; height: 10px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; background-color: #ffffff; height: 10px;"><br></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 10px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>2019</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; background-color: #ffffff; height: 10px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; background-color: #ffffff; height: 10px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; background-color: #ffffff; height: 10px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>2018</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; background-color: #ffffff; height: 10px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: top; background-color: #ffffff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> (i) </font></p>
</td>
<td style="padding: 0px 4px 0px 0px; vertical-align: top; background-color: #ffffff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Transactions </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; background-color: #ffffff; height: 17px;"><br></td>
<td style="border-top: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; height: 17px;"><br></td>
<td style="border-top: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> &nbsp; </font></p>
</td>
<td style="border-top: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; height: 17px;"><br></td>
<td style="border-top: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; height: 17px;"><br></td>
<td style="border-top: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; height: 17px;"><br></td>
<td style="border-top: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; height: 17px;"><br></td>
<td style="border-top: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; height: 17px;"><br></td>
<td style="border-top: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; height: 17px;"><br></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; background-color: #ffffff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; background-color: #ffffff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; background-color: #ffffff; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: top; background-color: #ffffff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: #ffffff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> (a) Sales of goods and services </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #ffffff; height: 17px;"><br></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; background-color: #ffffff; height: 17px;"><br></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; background-color: #ffffff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; background-color: #ffffff; height: 17px;"><br></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; background-color: #ffffff; height: 17px;"><br></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; background-color: #ffffff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; background-color: #ffffff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; background-color: #ffffff; height: 17px;"><br></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; background-color: #ffffff; height: 17px;"><br></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; background-color: #ffffff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; background-color: #ffffff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; background-color: #ffffff; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: top; height: 17px; background-color: #cceeff; width: 5%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 59%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Sales of goods to non-consolidated parties </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"><br></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"><br></td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 9%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>20,183</font> </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"><br></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"><br></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 9%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>20,577</font> </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"><br></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"><br></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 9%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>23,709</font> </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Sales of goods to other related parties </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>18,243</font> </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>69,972</font> </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>131,548</font> </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Sales of services to non-consolidated parties </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>5,829</font> </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>5,620</font> </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>7,641</font> </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Sales of services to other related parties </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>5,049</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>4,386</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>5,647</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>49,304</font> </font></p>
</td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> &nbsp; </font></p>
</td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>100,555</font> </font></p>
</td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> &nbsp; </font></p>
</td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>168,545</font> </font></p>
</td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> (b) Purchases of goods and services </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 1pt solid #000000; padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="border-top: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="border-top: 1pt solid #000000; padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="border-top: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="border-top: 1pt solid #000000; padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="border-top: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Purchases of goods to non-consolidated parties </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>84,485</font> </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>174,588</font> </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>245,186</font> </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Purchases of goods to other related parties </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>12,892</font> </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>51,765</font> </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>106,624</font> </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Purchases of services to non-consolidated parties </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>6,979</font> </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>9,404</font> </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>9,556</font> </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Purchases of services to other related parties </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>18,133</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>54,514</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>46,179</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>122,489</font> </font></p>
</td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> &nbsp; </font></p>
</td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>290,271</font> </font></p>
</td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> &nbsp; </font></p>
</td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>407,545</font> </font></p>
</td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
</tr>

</table>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<div style="border-left: none; border-right: none;">
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px; height: 221px;" width="100%">

<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #ffffff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #ffffff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">(all amounts in thousands of U.S. dollars)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #ffffff; height: 17px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #ffffff; height: 17px;"><br></td>
<td colspan="5" style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #ffffff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> At December 31, </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #ffffff; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #ffffff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: Arial;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #ffffff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: Arial;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #ffffff; height: 17px;"><br></td>
<td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #ffffff; height: 17px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>2020</font> </font></p>
</td>
<td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #ffffff; height: 17px;"><br></td>
<td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #ffffff; height: 17px;"><br></td>
<td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #ffffff; height: 17px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>2019</font> </font></p>
</td>
<td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #ffffff; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; background-color: #ffffff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> (ii) </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #ffffff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Period-end balances </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #ffffff; height: 17px;"><br></td>
<td style="border-top: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #ffffff; height: 17px;"><br></td>
<td style="border-top: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #ffffff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> &nbsp; </font></p>
</td>
<td style="border-top: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #ffffff; height: 17px;"><br></td>
<td style="border-top: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #ffffff; height: 17px;"><br></td>
<td style="border-top: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #ffffff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> &nbsp; </font></p>
</td>
<td style="border-top: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #ffffff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> &nbsp; </font></p>
</td>
<td style="border-top: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #ffffff; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; background-color: #ffffff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #ffffff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> (a) Arising from sales / purchases of goods / services </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #ffffff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #ffffff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #ffffff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #ffffff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #ffffff; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #ffffff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #ffffff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #ffffff; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 17px; background-color: #cceeff; width: 5%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 69%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Receivables from non-consolidated parties </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>78,721</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>78,884</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Receivables from other related parties </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>4,447</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>10,400</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Payables to non-consolidated parties </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;(<font>24,914</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><font style="font-size: 10pt;">)</font></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;(<font>19,100</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Payables to other related parties </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;(<font>2,310</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"><font style="font-size: 10pt;">)</font></td>
<td style="border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;(<font>7,048</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>55,944</font> </font></p>
</td>
<td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>63,136</font> </font></p>
</td>
<td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> (b) Financial debt </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="border-top: 1pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="border-top: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="border-top: 1pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Finance lease liabilities from non-consolidated parties </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;(<font>2,042</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><font style="font-size: 10pt;">)</font></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;(<font>2,064</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Finance lease liabilities from other related parties </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;(<font>810</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"><font style="font-size: 10pt;">)</font></td>
<td style="border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: Arial;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: Arial;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;"> &nbsp;(<font>2,852</font> </font></p>
</td>
<td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><font style="font-size: 10pt; font-weight: bold;">)</font></td>
<td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: Arial; font-weight: bold;"> &nbsp; </font></p>
</td>
<td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;"> &nbsp;(<font>2,064</font> </font></p>
</td>
<td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><font style="font-size: 10pt; font-weight: bold;">)</font></td>
</tr>

</table>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; -aw-import: ignore;">&nbsp;</font></p>
</div>
<div>
<div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno">F-63</font></td>
</tr>

</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><br></font></p>
<div style="-aw-different-first-page: true; -aw-headerfooter-type: header-primary; clear: both;">
<div style="border-bottom: 0.75pt solid #000000; clear: both;">
<p style="margin-top: 0pt; margin-bottom: 0pt; padding-bottom: 1pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-style: italic;">Tenaris S.A.</font><font style="font-family: 'Times New Roman'; font-style: italic;"> Consolidated Financial S</font><font style="font-family: 'Times New Roman'; font-style: italic;">tatements for </font><font style="font-family: 'Times New Roman'; font-style: italic;">the years ended December 31, 2020, <font style="border-left: none; border-right: none;"><font style="border-left: none; border-right: none;">2019</font></font> and <font style="border-left: none; border-right: none;"><font style="border-left: none; border-right: none;">2018</font></font></font></p>
</div>
</div>
<p style="margin-top: 0pt; margin-left: 22.5pt; margin-bottom: 0pt; text-indent: -22.5pt; text-align: justify; font-size: 10pt; padding-top: 5pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><font style="border-left: none; border-right: none;">29</font></font><font style="font: 7pt 'Times New Roman'; -aw-import: spaces;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font>&nbsp;</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Related party transactions</font> (Cont.)</font></p>
</div>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><br></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">In addition to the tables above, the Company issued various guarantees in favor of Techgen and GPC; for further details, please see note <font>13</font> (c and d)</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> and note <font>26</font> (ii)</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">. No other material guarantees were issued in favor of other related parties.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><br></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Directors&#8217; and senior management compensation</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">During the years ended December 31, 2020, <font>2019</font> and <font>2018</font>, the cash compensation of Directors and Senior managers amounted to $</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>27.4</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> million, $<font>33.7</font> million and $<font>33.7</font> million respectively. These amounts include cash benefits paid to certain senior managers in connection with the pre-existing retirement plans. In addition, Directors </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">and Senior managers received <font>522</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, <font>468</font> and <font>558</font> thousand units for a total amount of $</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>5.0</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> million, $<font>4.8</font> million and $<font>5.6</font> million respectively in connection with the Employee retention and long term incentive prog</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ram mentioned in n</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ote </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">II.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">P</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>3</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Employee benefits &#8211; Other long term benefits.</font></p>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; -aw-import: ignore;">&nbsp;</font></p>
</div><div style="font-family: 'times new roman', times; font-size: 10pt;">
<div>
<p style="margin-top: 0pt; margin-left: 38.75pt; margin-bottom: 0pt; text-indent: -38.75pt; line-height: 12pt; padding-top: 5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><font style="border-left: none; border-right: none;">30</font></font><font style="font: 7pt 'Times New Roman'; -aw-import: spaces;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Fees paid to the Company's principal accountant</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Total fees accrued for professional services rendered by PwC Network firms to Tenaris S.A. and its subsidiaries are detailed as follows:</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<div>
<table cellspacing="0" cellpadding="0" style="height: 106px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px;" width="100%">

<tr style="height: 15px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (all amounts in thousands of U.S. dollars) </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #ffffff;"><br></td>
<td colspan="9" style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #ffffff; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Year ended December 31, </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #ffffff;"><br></td>
</tr>
<tr style="height: 15px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #ffffff;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>2020</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #ffffff;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #ffffff;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #ffffff;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>2019</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #ffffff;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #ffffff;"><br></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #ffffff;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>2018</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #ffffff;"><br></td>
</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 15px; background-color: #cceeff; width: 61%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Audit fees </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; background-color: #cceeff; width: 1%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>3,781</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>3,846</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>3,841</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br></td>
</tr>
<tr style="height: 15px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Audit-related fees </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>134</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>50</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>43</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br></td>
</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Tax fees </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>102</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>7</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 15px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> All other fees </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>1</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>7</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br></td>
</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Total </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>4,017</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>3,904</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>3,891</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
</tr>

</table>
</div>
<p style="margin-top: 0pt; margin-left: 38.85pt; margin-bottom: 0pt; line-height: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; -aw-import: ignore;">&nbsp;</font></p>
</div>
</div>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno">F-64</font></td>
</tr>

</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><br></font></p>
<div style="-aw-different-first-page: true; -aw-headerfooter-type: header-primary; clear: both;">
<div style="border-bottom: 0.75pt solid #000000; clear: both;">
<p style="margin-top: 0pt; margin-bottom: 0pt; padding-bottom: 1pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-style: italic;">Tenaris S.A.</font><font style="font-family: 'Times New Roman'; font-style: italic;"> Consolidated Financial S</font><font style="font-family: 'Times New Roman'; font-style: italic;">tatements for </font><font style="font-family: 'Times New Roman'; font-style: italic;">the years ended December 31, 2020, <font style="border-left: none; border-right: none;"><font style="border-left: none; border-right: none;">2019</font></font> and <font style="border-left: none; border-right: none;"><font style="border-left: none; border-right: none;">2018</font></font></font></p>
</div>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><br></p>
</div><div style="font-family: 'times new roman', times; font-size: 10pt;">
<div>
<p style="margin-top: 0pt; margin-left: 38.75pt; margin-bottom: 0pt; text-indent: -38.75pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><font style="border-left: none; border-right: none;">31</font></font><font style="font: 7pt 'Times New Roman'; -aw-import: spaces;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Principal subsidiaries</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The following is a list of Tenaris&#8217;s principal subsidiaries and its direct and indirect percentage of ownership of each controlled company at December 31, 2020.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<div>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; height: 476px; width: 100%;" width="100%">

<tr style="height: 17px;">
<td rowspan="2" style="width: 37.5%; border-width: 1pt 1pt 0.75pt; border-style: solid; border-color: #000000; padding-right: 4.9pt; padding-left: 4.9pt; vertical-align: middle; height: 34px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> Company </font></p>
</td>
<td rowspan="2" style="width: 10.48%; border-top: 1pt solid #000000; border-right: 1pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 4.9pt; padding-left: 5.4pt; height: 34px; vertical-align: top;" valign="top">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Country of <br>Incorporation</font></p>
</td>
<td rowspan="2" style="width: 33.5%; border-top: 1pt solid #000000; border-right: 1pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 34px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> Main activity </font></p>
</td>
<td colspan="3" style="border-top: 1pt solid #000000; border-right: 1pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Percentage of ownership at <br>December 31, (*)</font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="width: 6.16%; border-width: 0.75pt 1pt 1pt; border-style: solid; border-color: #000000; padding-right: 4.9pt; padding-left: 4.9pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> <font style="border-left: none; border-right: none;">2020</font> </font></p>
</td>
<td style="width: 6.16%; border-top: 0.75pt solid #000000; border-right: 1pt solid #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> <font style="border-left: none; border-right: none;">2019</font> </font></p>
</td>
<td style="width: 6.16%; border-top: 0.75pt solid #000000; border-right: 1pt solid #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> <font style="border-left: none; border-right: none;">2018</font> </font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="width: 37.5%; border-width: 0.75pt 1pt; border-style: solid solid dotted; border-color: #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> ALGOMA TUBES INC. </font></p>
</td>
<td style="width: 10.48%; border-top: 0.75pt solid #000000; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Canada </font></p>
</td>
<td style="width: 33.5%; border-top: 0.75pt solid #000000; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Manufacturing of seamless steel pipes </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font>% </font></p>
</td>
<td style="width: 6.16%; border-top: 1pt solid #000000; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font>% </font></p>
</td>
<td style="width: 6.16%; border-top: 1pt solid #000000; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font>% </font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="width: 37.5%; border-width: 0.75pt 1pt; border-style: dotted solid; border-color: #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> CONFAB INDUSTRIAL S.A. and subsidiaries </font></p>
</td>
<td style="width: 10.48%; border-top: 0.75pt dotted #000000; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Brazil </font></p>
</td>
<td style="width: 33.5%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Manufacturing of welded steel pipes and capital goods </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font>% </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font>% </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font>% </font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="width: 37.5%; border-width: 0.75pt 1pt; border-style: dotted solid; border-color: #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> DALMINE S.p.A. </font></p>
</td>
<td style="width: 10.48%; border-top: 0.75pt dotted #000000; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Italy </font></p>
</td>
<td style="width: 33.5%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Manufacturing of seamless steel pipes </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font>% </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font>% </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font>% </font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="width: 37.5%; border-width: 0.75pt 1pt; border-style: dotted solid; border-color: #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> HYDRIL COMPANY and subsidiaries (except detailed) (a) </font></p>
</td>
<td style="width: 10.48%; border-top: 0.75pt dotted #000000; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> USA </font></p>
</td>
<td style="width: 33.5%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Manufacture and marketing of premium connections </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font>% </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font>% </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font>% </font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="width: 37.5%; border-width: 0.75pt 1pt; border-style: dotted solid; border-color: #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> IPSCO TUBULARS INC. and subsidiaries </font></p>
</td>
<td style="width: 10.48%; border-top: 0.75pt dotted #000000; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> USA </font></p>
</td>
<td style="width: 33.5%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Manufacturing of welded and seamless steel pipes </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font>% </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> NA </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> NA </font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="width: 37.5%; border-width: 0.75pt 1pt; border-style: dotted solid; border-color: #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> KAZAKHSTAN PIPE THREADERS LIMITED LIABILITY PARTNERSHIP </font></p>
</td>
<td style="width: 10.48%; border-top: 0.75pt dotted #000000; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Kazakhstan </font></p>
</td>
<td style="width: 33.5%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Threading of premium products </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font>% </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font>% </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font>% </font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="width: 37.5%; border-width: 0.75pt 1pt; border-style: dotted solid; border-color: #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> MAVERICK TUBE CORPORATION and subsidiaries </font></p>
</td>
<td style="width: 10.48%; border-top: 0.75pt dotted #000000; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> USA </font></p>
</td>
<td style="width: 33.5%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Manufacturing of welded steel pipes </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font>% </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font>% </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font>% </font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="width: 37.5%; border-width: 0.75pt 1pt; border-style: dotted solid; border-color: #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> NKKTUBES </font></p>
</td>
<td style="width: 10.48%; border-top: 0.75pt dotted #000000; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Japan </font></p>
</td>
<td style="width: 33.5%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Manufacturing of seamless steel pipes </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>51</font>% </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>51</font>% </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>51</font>% </font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="width: 37.5%; border-width: 0.75pt 1pt; border-style: dotted solid; border-color: #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> P.T. SEAMLESS PIPE INDONESIA JAYA </font></p>
</td>
<td style="width: 10.48%; border-top: 0.75pt dotted #000000; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Indonesia </font></p>
</td>
<td style="width: 33.5%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Manufacturing of seamless steel products </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>89</font>% </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>89</font>% </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>89</font>% </font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="width: 37.5%; border-width: 0.75pt 1pt; border-style: dotted solid; border-color: #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> PRUDENTIAL STEEL LTD. (b) </font></p>
</td>
<td style="width: 10.48%; border-top: 0.75pt dotted #000000; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Canada </font></p>
</td>
<td style="width: 33.5%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Manufacturing of welded steel pipes </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font>% </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font>% </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font>% </font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="width: 37.5%; border-width: 0.75pt 1pt; border-style: dotted solid; border-color: #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> S.C. SILCOTUB S.A. </font></p>
</td>
<td style="width: 10.48%; border-top: 0.75pt dotted #000000; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Romania </font></p>
</td>
<td style="width: 33.5%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Manufacturing of seamless steel pipes </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font>% </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font>% </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font>% </font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="width: 37.5%; border-width: 0.75pt 1pt; border-style: dotted solid; border-color: #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> SAUDI STEEL PIPE CO. </font></p>
</td>
<td style="width: 10.48%; border-top: 0.75pt dotted #000000; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Saudi Arabia </font></p>
</td>
<td style="width: 33.5%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Manufacturing of welded<font> steel pipes </font></font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>48</font>% </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>48</font>% </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> NA </font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="width: 37.5%; border-width: 0.75pt 1pt; border-style: dotted solid; border-color: #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> SIAT SOCIEDAD ANONIMA</font></p>
</td>
<td style="width: 10.48%; border-top: 0.75pt dotted #000000; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Argentina </font></p>
</td>
<td style="width: 33.5%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Manufacturing of welded and seamless steel pipes </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font>% </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font>% </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font>% </font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="width: 37.5%; border-width: 0.75pt 1pt; border-style: dotted solid; border-color: #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> SIDERCA SOCIEDAD ANONIMA INDUSTRIAL Y COMERCIAL and subsidiaries </font></p>
</td>
<td style="width: 10.48%; border-top: 0.75pt dotted #000000; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Argentina </font></p>
</td>
<td style="width: 33.5%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Manufacturing of seamless steel pipes </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font>% </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font>% </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font>% </font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="width: 37.5%; border-width: 0.75pt 1pt; border-style: dotted solid; border-color: #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> TALTA - TRADING E MARKETING SOCIEDADE UNIPESSOAL LDA. </font></p>
</td>
<td style="width: 10.48%; border-top: 0.75pt dotted #000000; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Portugal </font></p>
</td>
<td style="width: 33.5%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Holding Company </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font>% </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font>% </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font>% </font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="width: 37.5%; border-width: 0.75pt 1pt; border-style: dotted solid; border-color: #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> TENARIS BAY CITY, INC. </font></p>
</td>
<td style="width: 10.48%; border-top: 0.75pt dotted #000000; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> USA </font></p>
</td>
<td style="width: 33.5%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Manufacturing of seamless steel pipes </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font>% </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font>% </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font>% </font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="width: 37.5%; border-width: 0.75pt 1pt; border-style: dotted solid; border-color: #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> TENARIS CONNECTIONS BV </font></p>
</td>
<td style="width: 10.48%; border-top: 0.75pt dotted #000000; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Netherlands </font></p>
</td>
<td style="width: 33.5%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Development, management and licensing of intellectual property </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font>% </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font>% </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font>% </font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="width: 37.5%; border-width: 0.75pt 1pt; border-style: dotted solid; border-color: #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> TENARIS FINANCIAL SERVICES S.A. </font></p>
</td>
<td style="width: 10.48%; border-top: 0.75pt dotted #000000; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Uruguay </font></p>
</td>
<td style="width: 33.5%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Financial company </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font>% </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font>% </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font>% </font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="width: 37.5%; border-width: 0.75pt 1pt; border-style: dotted solid; border-color: #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> TENARIS GLOBAL SERVICES (CANADA) INC. </font></p>
</td>
<td style="width: 10.48%; border-top: 0.75pt dotted #000000; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Canada </font></p>
</td>
<td style="width: 33.5%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Marketing of steel products </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font>% </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font>% </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font>% </font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="width: 37.5%; border-width: 0.75pt 1pt; border-style: dotted solid; border-color: #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> TENARIS GLOBAL SERVICES (U.S.A.) CORPORATION </font></p>
</td>
<td style="width: 10.48%; border-top: 0.75pt dotted #000000; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> USA </font></p>
</td>
<td style="width: 33.5%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Marketing of steel products </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font>% </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font>% </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font>% </font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="width: 37.5%; border-width: 0.75pt 1pt; border-style: dotted solid; border-color: #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> TENARIS GLOBAL SERVICES (UK) LTD </font></p>
</td>
<td style="width: 10.48%; border-top: 0.75pt dotted #000000; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> United Kingdom </font></p>
</td>
<td style="width: 33.5%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Holding company and marketing of steel products </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font>% </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font>% </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font>% </font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="width: 37.5%; border-width: 0.75pt 1pt; border-style: dotted solid; border-color: #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> TENARIS GLOBAL SERVICES S.A. and subsidiaries (except detailed) (c) </font></p>
</td>
<td style="width: 10.48%; border-top: 0.75pt dotted #000000; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Uruguay </font></p>
</td>
<td style="width: 33.5%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Holding company and marketing of steel products </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font>% </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font>% </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font>% </font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="width: 37.5%; border-width: 0.75pt 1pt; border-style: dotted solid; border-color: #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> TENARIS INVESTMENTS (NL) B.V. and subsidiaries </font></p>
</td>
<td style="width: 10.48%; border-top: 0.75pt dotted #000000; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Netherlands </font></p>
</td>
<td style="width: 33.5%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Holding company </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font>% </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font>% </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> NA </font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="width: 37.5%; border-width: 0.75pt 1pt; border-style: dotted solid; border-color: #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> TENARIS INVESTMENTS S.&#224;r.l.</font></p>
</td>
<td style="width: 10.48%; border-top: 0.75pt dotted #000000; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Luxembourg </font></p>
</td>
<td style="width: 33.5%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Holding company </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font>% </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font>% </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font>% </font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="width: 37.5%; border-width: 0.75pt 1pt; border-style: dotted solid; border-color: #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> TENARIS TUBOCARIBE LTDA.</font></p>
</td>
<td style="width: 10.48%; border-top: 0.75pt dotted #000000; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Colombia </font></p>
</td>
<td style="width: 33.5%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Manufacturing of welded and seamless steel pipes </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font>% </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font>% </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font>% </font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="width: 37.5%; border-width: 0.75pt 1pt; border-style: dotted solid solid; border-color: #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> TUBOS DE ACERO DE MEXICO, S.A. </font></p>
</td>
<td style="width: 10.48%; border-top: 0.75pt dotted #000000; border-right: 1pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Mexico </font></p>
</td>
<td style="width: 33.5%; border-top: 0.75pt dotted #000000; border-right: 1pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Manufacturing of seamless steel pipes </font></p>
</td>
<td style="width: 6.16%; border-top: 0.75pt dotted #000000; border-right: 1pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font>% </font></p>
</td>
<td style="width: 6.16%; border-top: 0.75pt dotted #000000; border-right: 1pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font>% </font></p>
</td>
<td style="width: 6.16%; border-top: 0.75pt dotted #000000; border-right: 1pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font>% </font></p>
</td>
</tr>

</table>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: spaces;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(*) <font>All percentages rounded.</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(a) <font>Tenaris Investments S.a.r.l. holds <font>100</font> % of Hydril's subsidiaries shares except for Technical Drilling &amp; Production Services Nigeria. Ltd where it held <font>80</font>% for 2019 and 2018.</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(b) <font>See note <font style="border-left: none; border-right: none;">36</font>.</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">c</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">) <font>Tenaris holds <font>97.5</font>% of Tenaris Supply Chain S.A. and <font>40</font>% of Tubular Technical Services Ltd. and Pipe Coaters Nigeria Ltd., <font>49</font>% of Amaja Tubular Services Limited, <font>49</font>% of Tubular Services Angola Lda and <font>60</font>% of Tenaris Baogang Baotou Steel Pipes Ltd.</font></font></p>
</div>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno">F-65</font></td>
</tr>

</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: spaces;">&nbsp;</font></p>
</div><div style="font-family: 'times new roman', times; font-size: 10pt;">
<div style="-aw-different-first-page: true; -aw-headerfooter-type: header-primary; clear: both;">
<div style="border-bottom: 0.75pt solid #000000; clear: both;">
<p style="margin-top: 0pt; margin-bottom: 0pt; padding-bottom: 1pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-style: italic;">Tenaris S.A.</font><font style="font-family: 'Times New Roman'; font-style: italic;"> Consolidated Financial S</font><font style="font-family: 'Times New Roman'; font-style: italic;">tatements for </font><font style="font-family: 'Times New Roman'; font-style: italic;">the years ended December 31, 2020, <font style="border-left: none; border-right: none;"><font>2019</font></font> and <font style="border-left: none; border-right: none;"><font>2018</font></font></font></p>
</div>
</div>
<div>
<p style="margin-top: 0pt; margin-left: 38.75pt; margin-bottom: 0pt; text-indent: -38.75pt; text-align: justify; line-height: 12pt; padding-top: 5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; letter-spacing: -0.1pt;"><font>32</font></font><font style="font: 7pt 'Times New Roman'; -aw-import: spaces;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; letter-spacing: -0.1pt;">Business combinations</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; letter-spacing: -0.1pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; letter-spacing: -0.1pt;">Acquisition of IPSCO Tubulars, Inc.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 12pt; -aw-import: ignore;">&nbsp;</font></p>
<ul type="square" style="margin: 0pt; padding-left: 0pt;">
<li style="margin-left: 27.58pt; text-align: justify; line-height: 12pt; padding-left: 8.42pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Wingdings'; -aw-font-weight: normal; -aw-number-format: '&#61607;';"><font style="font-family: 'Times New Roman';">Acquisition and price determination</font></li>
</ul>
<p style="margin-top: 0pt; margin-left: 36pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">On January 2, 2020, Tenaris acquired <font>100</font>% of the shares of IPSCO, a U.S. manufacturer of steel pipes, from PAO TMK (&#8220;TMK&#8221;). 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 $<font>1,067</font> million. The final acquisition price was 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. On June 25, 2020 Tenaris and PAO TMK signed a Letter Agreement in which they settled the discussions regarding certain adjustments on the transaction price.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">The parties finally determined the closing price in an amount equal to $<font>1,029</font> million, which is less than the closing price paid by an amount equal to $<font>38.5</font> million.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">This amount was collected on July 2, 2020 and this agreement implies that all disputes relating to the closing statement were resolved.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">IPSCO&#8217;s facilities are located mainly in the midwestern and northeastern regions of the country. IPSCO&#8217;s steel shop in Koppel, Pennsylvania, is Tenaris&#8217;s first in the United States, providing vertical integration through domestic production of a relevant part of its steel bar needs. The Ambridge, Pennsylvania, mill adds a second seamless manufacturing facility and complements Tenaris&#8217;s seamless plant in Bay City, Texas. </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Given the abrupt and steep decline in market demand in <font>2020</font>, all of IPSCO&#8217;s facilities were temporarily closed but some of them are expected to resume operations during the <font>2021</font> as market continues to improve.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">In connection with the closing of the transaction, subsidiaries of Tenaris and TMK entered into a <font>6</font>-year master distribution agreement (the &#8220;MDA&#8221;) for more information see note </font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>26</font> (ii)</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The Company has begun consolidating IPSCO&#8217;s balances and results of operations as from January 2, 2020. The acquired business contributed revenues for $</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>186.7</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> million</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, mainly assigned to Tubes segment,</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> with a minor contribution to the Company&#8217;s margin for the period starting January 2, 2020 and ending </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">December</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> 3</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>1</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, <font>2020</font>.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The application of the purchase method requires certain estimates and assumptions, mainly 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</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, including the timing and amounts of cash flow projections, the revenue growth rates, the customer attrition rates and the discount rate</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">. The fair values determined at the acquisition date are based mainly on discounted cash flows and other valuation techniques.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The purchase price allocation was carried out with the assistance of a third-party expert. Following IFRS <font>3</font>, during the period ended </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Dec</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ember <font>3</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>1</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, <font>2020</font>, the Company continued reviewing the allocation and, based on new information related to events or circumstances existing at the acquisition date, made certain adjustments over the value of the identifiable assets acquired such as inventory, property, plant and equipment, other liabilities and def</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">erred tax assets.</font></p>
<p style="margin-top: 0pt; margin-left: 31.75pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The allocation of the fair values determined for the assets and liabilities arising from the acquisition is as follows:</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> Fair value of acquired assets and liabilities: </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> $ million </font></p>
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<p style="margin: 0px; line-height: 12pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Property, Plant and Equipment </font></p>
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<p style="margin: 0px; text-align: right; line-height: 12pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>503</font> </font></p>
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<p style="margin: 0px; line-height: 12pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Intangible assets </font></p>
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<p style="margin: 0px; text-align: right; line-height: 12pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>170</font> </font></p>
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<p style="margin: 0px; line-height: 12pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Working capital </font></p>
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<p style="margin: 0px; text-align: right; line-height: 12pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>138</font> </font></p>
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<p style="margin: 0px; line-height: 12pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Cash and Cash Equivalents </font></p>
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<p style="margin: 0px; text-align: right; line-height: 12pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>4</font> </font></p>
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<p style="margin: 0px; line-height: 12pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Borrowings </font></p>
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<p style="margin: 0px; text-align: right; line-height: 12pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">(<font>53</font> </font></font></p>
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<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;"><font style="font-size: 10pt;">)</font></td>
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<p style="margin: 0px; line-height: 12pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Provisions </font></p>
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<p style="margin: 0px; text-align: right; line-height: 12pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">(<font>27</font> </font></font></p>
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<td style="padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"><font style="font-size: 10pt;">)</font></td>
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<p style="margin: 0px; line-height: 12pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Other assets and liabilities, net </font></p>
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<p style="margin: 0px; text-align: right; line-height: 12pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">(<font>63</font> </font></font></p>
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<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;"><font style="font-size: 10pt;">)</font></td>
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<p style="margin: 0px; line-height: 12pt; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> Net assets acquired </font></p>
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<p style="margin: 0px; text-align: right; line-height: 12pt; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><font>672</font> </font></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno">F-66</font></td>
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<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; padding-bottom: 1pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-style: italic;">Tenaris S.A.</font><font style="font-family: 'Times New Roman'; font-style: italic;"> Consolidated Financial S</font><font style="font-family: 'Times New Roman'; font-style: italic;">tatements for </font><font style="font-family: 'Times New Roman'; font-style: italic;">the years ended December 31, 2020, <font style="border-left: none; border-right: none;"><font>2019</font></font> and <font style="border-left: none; border-right: none;"><font>2018</font></font></font></p>
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<p style="margin-top: 0pt; margin-left: 38.75pt; margin-bottom: 0pt; text-indent: -38.75pt; text-align: justify; line-height: 12pt; padding-top: 5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; letter-spacing: -0.1pt;"><font>32</font></font><font style="font: 7pt 'Times New Roman'; -aw-import: spaces;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; letter-spacing: -0.1pt;">Business combinations (Cont.)</font></p>
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<p style="margin: 5pt 0pt; line-height: 12pt; text-indent: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; letter-spacing: -0.1pt;">Acquisition of IPSCO Tubulars, Inc. (Cont.)</font></p>
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<li style="margin-left: 27.58pt; text-align: justify; line-height: 12pt; padding-left: 8.42pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Wingdings'; -aw-font-weight: normal; -aw-number-format: '&#61607;';"><font style="font-family: 'Times New Roman';">Fair value of net assets acquired (Cont.)</font></li>
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<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Tenaris acquired total assets and liabilities shown above, for approximately $<font>1,029</font> million. As a result of the acquisition, Tenaris recognized goodwill for approximately $<font>357</font> million. The goodwill is not deductible for tax purposes.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><br></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">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&#8217;s position as well as its local manufacturing presence in the U.S. market, and also expand its product range and services capabilities.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">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, </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">goodwill mentioned above</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> was impaired</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, for more information see note <font>5</font>.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Acquisition-related costs of<font> $</font><font>9.7</font><font> mill</font>ion were included in general and administrative expenses ($<font>9.4</font> and $<font>0.3</font> in <font>2019</font> and <font>2020</font> respectively). For contingent liabilities related to the acquisition see note </font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>26</font> (i)</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">. </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; letter-spacing: -0.1pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; letter-spacing: -0.1pt;">Acquisition of Saudi Steel Pipe Company</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 12pt; -aw-import: ignore;">&nbsp;</font></p>
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<li style="margin-left: 30.88pt; text-align: justify; line-height: 12pt; padding-left: 5.12pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Wingdings'; -aw-font-weight: normal; -aw-number-format: '&#61607;';"><font style="font-family: 'Times New Roman';">Acquisition</font><font style="font-family: 'Times New Roman';"> and price determination</font></li>
</ul>
<p style="margin-top: 0pt; margin-left: 36pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">On January 21, 2019, Tenaris acquired <font>47.79</font>% of the shares of </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">SSP</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">C</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, a welded steel pipes producer listed on the Saudi stock market, for a total amount of SAR<font>530</font> million (approximately $<font>141</font> million). The amount was paid with Tenaris cash in hand. SSP</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">C</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8217;s facilities are located in the Eastern Province of the Kingdom of Saudi Arabia and have a manufacturing capacity of <font>360,000</font> tons per year. SSP started its operations in <font>1980</font> and serves energy industrial and commercial segments, is qualified to supply products with major national oil companies in the region. </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Upon closing of the acquisition, <font>four</font> Tenaris&#8217;s nominees were appointed as new members of the SSP</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">C</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8217;s board of directors and a Tenaris senior executive was appointed as managing director and chief executive officer of SSP</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">C</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">. Such appointment was ratified at the shareholders meeting of SSP</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">C</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> held on May 7, 2019, where the shareholders also approved the reappointment of the Tenaris&#8217;s nominees until June 6, 2022.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The Company has begun consolidating SSP</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">C</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8217;s balances and results of operations as from January 21, 2019.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; letter-spacing: -0.1pt; -aw-import: ignore;">&nbsp;</font></p>
<ul type="square" style="margin: 0pt; padding-left: 0pt;">
<li style="margin-left: 27.58pt; line-height: 12pt; padding-left: 8.42pt; font-family: serif; font-size: 10pt; font-weight: bold; -aw-font-family: 'Wingdings'; -aw-font-weight: bold; -aw-number-format: '&#61607;';"><font style="font-family: 'Times New Roman'; font-weight: normal;">Fair value of net assets acquired</font></li>
</ul>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 12pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">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.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: spaces;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The allocation of the fair values determined for the assets and liabilities arising from the acquisition is as follows:</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<div>
<table cellspacing="0" cellpadding="0" style="height: 152px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 70%; margin-left: 0.1px;" width="70%">

<tr style="height: 10px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: middle; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 9pt; font-weight: bold;"> Fair value of acquired assets and liabilities: </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 10px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 10px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 9pt; font-weight: bold;"> SAR million </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 10px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 10px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 10px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 9pt; font-weight: bold;"> $ million </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 10px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 64%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Property, Plant and Equipment </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 15%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 9pt;"> <font>671</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 15%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 9pt;"> <font>179</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Customer relationship </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 9pt;"> <font>305</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 9pt;"> <font>81</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Investment in associated </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 9pt;"> <font>77</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 9pt;"> <font>21</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Working capital </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 9pt;"> <font>167</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 9pt;"> <font>45</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Cash and Cash Equivalents </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 9pt;"> <font>32</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 9pt;"> <font>9</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Other Receivables </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 9pt;"> <font>11</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 9pt;"> <font>3</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Borrowings </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 9pt; -aw-import: spaces;"> &nbsp;(<font>304</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><font style="font-size: 9pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 9pt; -aw-import: spaces;"> &nbsp;(<font>81</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><font style="font-size: 9pt;">)</font></td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Employees end of service benefits </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 9pt; -aw-import: spaces;"> &nbsp;(<font>59</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px;"><font style="font-size: 9pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 9pt; -aw-import: spaces;"> &nbsp;(<font>16</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px;"><font style="font-size: 9pt;">)</font></td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Deferred Tax Liabilities </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 9pt; -aw-import: spaces;"> &nbsp;(<font>47</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><font style="font-size: 9pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 9pt; -aw-import: spaces;"> &nbsp;(<font>13</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><font style="font-size: 9pt;">)</font></td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> Net assets acquired </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 9pt; font-weight: bold;"> <font>853</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br></td>
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<p style="margin: 0pt 0pt 5pt; text-align: justify; line-height: 12pt; text-indent: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Tenaris acquired <font style="border-left: none; border-right: none;">47.79</font>% of total assets and liabilities shown above, approximately $<font>109</font> million. As of the result of the acquisition, the Company recognized a</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Goodwill of approximately $<font>32.9</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> million. Tenaris has chosen to recognize the non-controlling interest at the proportionate share of the acquiree&#8217;s net identifiable assets.</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; padding-bottom: 1pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-style: italic;">Tenaris S.A.</font><font style="font-family: 'Times New Roman'; font-style: italic;"> Consolidated Financial S</font><font style="font-family: 'Times New Roman'; font-style: italic;">tatements for </font><font style="font-family: 'Times New Roman'; font-style: italic;">the years ended December 31, 2020, <font style="border-left: none; border-right: none;"><font>2019</font></font> and <font style="border-left: none; border-right: none;"><font>2018</font></font></font></p>
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<p style="margin-top: 0pt; margin-left: 38.75pt; margin-bottom: 0pt; text-indent: -38.75pt; text-align: justify; line-height: 12pt; padding-top: 5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; letter-spacing: -0.1pt;"><font>32</font></font><font style="font: 7pt 'Times New Roman'; -aw-import: spaces;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; letter-spacing: -0.1pt;">Business combinations (Cont.)</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; letter-spacing: -0.1pt;">Acquisition of Saudi Steel Pipe Company (Cont.)</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The acquired busine</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ss contributed revenues for $<font>170.6</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> million with a minor contribution to Tenaris&#8217;s margin for the period starting January 21, 2019 and ending </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">December 31</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, <font>2019</font>. </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">If the acquisition had occurred on January</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> 1,</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2019</font>, consolidated revenue and profit after tax would have not changed significantly.</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt; widows: 0; orphans: 0;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The purchase price allocation has been done with the ass</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">istance of a third party expert.</font></p>
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<p style="margin-top: 0pt; margin-left: 38.9pt; margin-bottom: 0pt; text-indent: -38.9pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><font>33</font></font><font style="font: 7pt 'Times New Roman'; -aw-import: spaces;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Agreement to build a welded pipe plant in West Siberia</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font><font style="font-family: 'Times New Roman'; font-size: 10pt;">In </font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>2019</font>,</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Tenaris entered into an agreement with Severstal to build a welded pipe plant to produce OCTG products in the Surgut area, West Siberia, Russian Federation. Tenaris holds a <font>49</font>% interest in the company, while Severstal owns the remaining <font>51</font>%. The plant,<font>&nbsp;</font>which is estimated to require a total<font>&nbsp;</font>investment of $<font>280</font><font>&nbsp;</font>million is planned to have an annual production capacity<font>&nbsp;</font>of<font>&nbsp;</font><font>300,000</font><font>&nbsp;</font>tons.</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font><font style="font-family: 'Times New Roman'; font-size: 10pt;">During </font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>2019</font>,</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> we invested $<font>19.6</font> million in the project. In 2020, the parties completed all the engineering to get the construction permit but on-site activities faced some delays due to the COVID-19 pandemic. Therefore, no additional contributions were made during 2020.</font></font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font><font style="font-family: 'Times New Roman'; font-size: 10pt;">In March 2021, the joint venture parties put on hold the construction activities, while they assess the impact of the changes in the relevant markets and competitive environment and determine whether any adjustments or changes to the project could be necessary.</font></font><font></font></p>
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<p style="margin-top: 0pt; margin-left: 38.75pt; margin-bottom: 0pt; text-indent: -38.75pt; text-align: justify; line-height: 12pt;"><font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><font style="border-left: none; border-right: none;">34</font></font><font style="font: 7pt 'Times New Roman'; -aw-import: spaces;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Agreement to build a steel pipe premium connection threading plant in Baotou</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font style="color: #222222; font-family: 'Times New Roman', serif; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 10pt;">In 2020,&nbsp;<font>Tenaris</font><font>&nbsp;</font></font><font style="color: #222222; font-family: 'Times New Roman', serif; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 10pt;">entered into an agreement with</font><font style="color: #222222; font-family: 'Times New Roman', serif; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 10pt;"><font>&nbsp;</font>Inner Mongolia Baotou Steel Union Co. Ltd. to build a steel pipe premium connection threading plant to produce OCTG products in Baotou, China. Under the agreement,<font>&nbsp;</font><font>Tenaris</font><font>&nbsp;</font>owns</font> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>60</font>% <font style="color: #222222; font-family: 'Times New Roman', serif; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><font>&nbsp;</font>of shares in the new company, while Inner Mongolia Baotou Steel Union Co. Ltd. holds the remaining</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;<font>40</font>%.&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font style="color: #000000; font-family: 'Times New Roman', serif; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><font><font style="color: #222222; font-family: 'Times New Roman', serif; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">The Company began consolidating balances and results of operations in December 2020. The plant, which is estimated to require a total investment of</font> </font></font>$</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>32.6</font> million<font style="color: #000000; font-family: 'Times New Roman', serif; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">,<font style="color: #222222; font-family: 'Times New Roman', serif; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">and a <font>1</font>-year construction period, is planned to have an annual production capacity of</font></font><font>&nbsp;</font><font>70</font><font> <font style="color: #222222; font-family: 'Times New Roman', serif; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">thousand tons. During 2020, the Company contributed</font></font>&nbsp;$<font>2.3</font> <font style="color: #222222; font-family: 'Times New Roman', serif; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">million to the project.</font></font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Tenaris&#8217;s</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> seamless pipe manufacturing facility in Asia, operated by NKKTubes, is located in Kawasaki, Japan, in the Keihin steel complex owned by JFE Holdings Inc. (&#8220;JFE&#8221;). Steel bars and other essential inputs and services for NKKTubes are supplied under a long-term agreement by JFE, which retains a <font>49</font>% interest in NKKTubes. On March 27, 2020, JFE informed Tenaris of its decision to permanently cease as from JFE&#8217;s fiscal year ending March 2024 the operations of certain of its steel manufacturing facilities and other facilities located at the Keihin complex. The closure of JFE&#8217;s Keihin facilities may result in the unavailability of steel bars and other essential inputs or services used in NKKTubes&#8217; manufacturing process, thereby affecting its operations. Tenaris and JFE have agreed to engage in discussions to seek mutually acceptable solutions.</font></p>
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<p style="margin-top: 0pt; margin-left: 38.75pt; margin-bottom: 0pt; text-indent: -38.75pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">36</font><font style="font: 7pt 'Times New Roman'; -aw-import: spaces;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Closure of Prudential</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> Steel L</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">TD</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Tenaris&#8217;s</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">facility of Prudential Steel L</font><font style="font-family: 'Times New Roman';">TD, located in Calgary, Alberta,</font><font style="font-family: 'Times New Roman';"> has been closed down and </font><font style="font-family: 'Times New Roman';">the</font><font style="font-family: 'Times New Roman';"> pipe manufacturing operations</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">of seamless, welded and premium products in Canada</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">will be consolidated at Algoma Tubes Inc.</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">in Sault Ste. Marie, Ontario</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">with an additional investment of $<font>72</font> million. This repositioning of </font><font style="font-family: 'Times New Roman';">the</font><font style="font-family: 'Times New Roman';"> industrial activities, which will be completed by November 2021, will strengthen </font><font style="font-family: 'Times New Roman';">the</font><font style="font-family: 'Times New Roman';"> competitiveness and increase </font><font style="font-family: 'Times New Roman';">the</font><font style="font-family: 'Times New Roman';"> domestic production capabilities for the Canadian market.</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; padding-bottom: 1pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-style: italic;">Tenaris S.A.</font><font style="font-family: 'Times New Roman'; font-style: italic;"> Consolidated Financial S</font><font style="font-family: 'Times New Roman'; font-style: italic;">tatements for </font><font style="font-family: 'Times New Roman'; font-style: italic;">the years ended December 31, 2020, <font style="border-left: none; border-right: none;">2019</font> and <font style="border-left: none; border-right: none;">2018</font></font></p>
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<p style="margin-top: 0pt; margin-left: 38.75pt; margin-bottom: 0pt; text-indent: -38.75pt; line-height: 12pt; padding-top: 5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">37</font><font style="font: 7pt 'Times New Roman'; -aw-import: spaces;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">C</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">ancellation of title deed in Saudi </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Steel Pipe Company</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">T</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">he Company has recently learned through the Ministry of Justice&#8217;s online portal that the electronic title deeds to certain land plots of its Saudi Arabian subsidiary SSPC had become inactive due to cancellation by court order.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The affected land plots, with a total surface of <font>811,284</font> square meters, are located in Dammam and were purchased from a private entity on February 13, 2010, pursuant to a written purchase agreement duly executed by SSPC in full compliance with the laws of the Kingdom of Saudi Arabia. The purchase </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">of the land </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">occurred before Tenaris&#8217;s acquisition of <font>a </font><font>47.79</font><font>%</font> interest in SSPC</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> in 2019</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">. The affected plots are not part of the production facility of SSPC, have been partially used as a warehouse, and have a carrying value on Tenaris&#8217;s financial statements of $<font>56.2</font> million.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">As of the date hereof, neither the cancellation nor the court order have been notified to SSPC or otherwise been made public, and the legal basis for the court order is unknown. SSPC is currently assessing the effects of the court order and the available alternatives to protect the land and reinstate the title deeds. At this time, it is not possible to predict the outcome of this matter.</font></p>
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<p style="margin-top: 0pt; margin-left: 38.75pt; margin-bottom: 0pt; text-indent: -38.75pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><font>38</font></font><font style="font: 7pt 'Times New Roman'; -aw-import: spaces;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Nationalization of Venezuelan Subsidiaries</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">In May 2009, within the framework of Decree Law <font>6058</font>, Venezuela&#8217;s President announced the nationalization of, among other companies, the Company's majority-owned subsidiaries TAVSA - Tubos de Acero de Venezuela S.A. (&#8220;Tavsa&#8221;) and, Matesi Materiales Sider&#250;rgicos S.A (&#8220;Matesi&#8221;), and Complejo Sider&#250;rgico de Guayana, C.A (&#8220;Comsigua&#8221;), in which the Company has a non-controlling interest (collectively, the &#8220;Venezuelan Companies&#8221;). Tenaris and its wholly-owned subsidiary, Talta - Trading e Marketing Sociedad Unipessoal Lda (&#8220;Talta&#8221;), initiated arbitration proceedings against Venezuela before the ICSID in Washington D.C. in connection with these nationalizations.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; font-style: italic; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; font-style: italic;">Matesi</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">On January 29, 2016, the tribunal released its award on the arbitration proceeding concerning the nationalization of Matesi. The award upheld Tenaris&#8217;s and Talta&#8217;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 $<font>87.3</font> million for the breaches and ordered Venezuela to pay an additional amount of $<font>85.5</font> million in pre-award interest, aggregating to a total award of $<font>172.8</font> million, payable in full and net of any applicable Venezuelan tax, duty or charge. The tribunal granted Venezuela a grace period of <font>six</font> 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 no, or no full, payment is made by then, post-award interest will apply at the rate of <font>9</font>% per annum compounded at <font>six</font>-monthly rests from the date of the award until payment in full. As of Dec</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ember <font>31</font>, <font>2020</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, post-award intere</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">st amounted to approximately $<font>83.4</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> million. </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">On March 14, 2016, Venezuela requested the rectification of the award pursuant to article <font>49</font>(<font>2</font>) of the ICSID Convention and ICSID Arbitration Rule <font>49</font>. The tribunal denied Venezuela&#8217;s request on June 24, 2016, ordering Venezuela to reimburse Tenaris and Talta for their costs incurred in connection with the rectification proceedings. On September 21, 2016, 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 March 24, 2017, an ad hoc committee constituted to decide on Venezuela&#180;s requests rendered its decision to lift the stay of enforcement of the award. On August 8, 2018, the ad hoc committee rejected Venezuela&#8217;s application to annul the award.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">On June 8, 2018, Tenaris and Talta filed </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">an </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">action in federal court in the District of Columbia to recognize and enforce the award. Tenaris and Talta effected service on Venezuela in accordance with US law, and Venezuela failed to file an answer in the proceeding.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Tenaris and Talta then moved for default judgment. Venezuela subsequently appeared </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">in the proceedings </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">but did not oppose the entry of default judgment on the award. On July 17, 2020, the Court entered judgment recognizing the Matesi award. The judgment orders Venezuela to pay to Tenaris and Talta an amount of $<font>256.2</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;million, including principal and post-award interest through the judgment date, and provides for post-judgment interest to accrue on this sum at the U.S. federal s</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">tatutory rate.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The judgment, however, may not be enforced in the U.S. to the extent prohibited by the Venezuelan sanctions regulations issued by the U.S. Treasury Department&#8217;s Office of Foreign Assets Control.</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; padding-bottom: 1pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-style: italic;">Tenaris S.A.</font><font style="font-family: 'Times New Roman'; font-style: italic;"> Consolidated Financial S</font><font style="font-family: 'Times New Roman'; font-style: italic;">tatements for </font><font style="font-family: 'Times New Roman'; font-style: italic;">the years ended December 31, 2020, <font style="border-left: none; border-right: none;"><font>2019</font></font> and <font style="border-left: none; border-right: none;"><font>2018</font></font></font></p>
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<p style="margin-top: 0pt; margin-left: 38.75pt; margin-bottom: 0pt; text-indent: -38.75pt; line-height: 12pt; padding-top: 5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><font>38</font></font><font style="font: 7pt 'Times New Roman'; -aw-import: spaces;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Nationalization of Venezuelan Subsidiaries (Cont.)</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; font-style: italic;">Tavsa and Comsigua</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">On December 12, 2016, the tribunal issued its award upholding Tenaris&#8217;s and Talta&#8217;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 $<font>137.0</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> million and ordered Venezuela to reimburse Tenaris and Talta $<font>3.3</font> million in legal fees and ICSID administrative costs. In addition, Venezuela was ordered to pay interest from April 30, 2008 until the day of effective payment at a rate equivalent to <font>LIBOR</font> + <font>4</font>% per annum, which as of December 31, 20</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>20</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> amounted to approximately $<font>132.4</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> million. </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">On April 11, 2017, 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 February 23, 2018, an ad hoc committee constituted to decide on Venezuela&#8217;s requests rendered its decision to lift the stay of enforcement of the award. On December 28, 2018, the ad hoc committee rejected Venezuela&#8217;s application to annul the award.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">On June 8, 2018, Tenaris and Talta filed </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">an</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> action in federal court in the District of Columbia to recognize and enforce the award. Tenaris and Talta effected service on Venezuela in accordance with US law, and Venezuela failed to file an answer in the proceeding.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Tenaris and Talta then moved for default judgment. Venezuela subsequently appeared </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">in the proceedings </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">but did not oppose the entry of default judgment on the award. It is expected that the Tavsa award will also be converted into a judgment.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The judgment, however, may not be enforced in the U.S. to the extent prohibited by the Venezuelan sanctions regulations issued by the U.S. Treasury Department&#8217;s Office of Foreign Assets Control.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">As of December 31, 20</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>20</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, Tenaris or its subsidiaries have net receivables related to its interest in the Venezuelan Companies for a total amount of approximately $<font>48.7</font>&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">million</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">. See </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">n</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ote III.B</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">.</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
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<p style="margin-top: 0pt; margin-left: 38.75pt; margin-bottom: 0pt; text-indent: -38.75pt; text-align: justify; line-height: 12pt; widows: 0; orphans: 0;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; letter-spacing: -0.1pt;">39</font><font style="font: 7pt 'Times New Roman'; -aw-import: spaces;">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; letter-spacing: -0.1pt;">The COVID-<font>19</font> pandemic and the oil &amp; gas crisis and their impact on Tenaris&#8217;s operations and financial condition</font></p>
<p style="margin-top: 0pt; margin-left: 36pt; margin-bottom: 0pt; text-align: justify; line-height: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; letter-spacing: -0.1pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">A novel strain of coronavirus (&#8220;SARS-CoV-<font>2</font>&#8221;) surfaced in China in December 2019 and subsequently spread to the rest of the world in early <font>2020</font>. In March 2020, the World Health Organization declared COVID-<font>19</font>, the disease caused by the SARS-CoV-<font>2</font> virus, a global pandemic. In response to the COVID-<font>19</font> 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, Saudi Arabia and the United States). The rapid expansion of the virus</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, the surfacing of new strains of the virus in several countries, </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">and the measures taken to contain it have triggered a severe fall in global economic activity and </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">precipitated </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">a serious crisis in the energy sector.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">While the extent of the effects of COVID-<font>19</font> on the global economy and oil demand were still unclear, in March 2020, the members of OPEC+ (OPEC plus other major oil producers including Russia) did not agree to extend their agreement to cut oil production and Saudi Arabia </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">launched</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> a wave of additional supply on the market triggering a collapse in oil prices below $<font>30</font> 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 agreement to cut production by as much as <font>9.7</font> million barrels per day, the situation of acute oversupply continued, causing oil prices to hit record lows. By the end of trading on April 20, 2020, the West Texas Intermediate (&#8220;WTI&#8221;) forward price for delivery in May, which had to be closed out the following day, fell to a negative value for the first time in history, as oil storage facilities were completely committed, and producers were forced to pay buyers to take their barrels. </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Since then, the price of oil has been recovering and currently stands above the level of $<font>5</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>5</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> per barrel, bolstered by the actions to cut production taken by OPEC+ and the recovery of oil demand, as the global economy, especially industrial production, recovers and COVID-<font>19</font> vaccination programs begin. With consumption exceeding production excess oil inventories built up in the first half of <font>2020</font> are being gradually reduced. The worldwide demand of oil, which stood at <font>100</font> million barrels per day in December 2019, fell to around <font>75</font>-<font>80</font> million barrels per day in April 2020 bef</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ore recovering to around </font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>94</font> million barrels per day in December 2020. Drilling activity in the United States and Canada, where it was most affected, has begun to recover but remains well below the level it was prior to the pandemic, while, in the rest of the world, any recovery will take longer following the reductions in investment plans made by oil and gas companies in response to the pandemic. There remains considerable uncertainty about the future duration and extent of the pandemic with new and more contagious variants of the COVID-<font>19</font> virus appearing and the effectiveness of vaccination programs still to be seen.</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; padding-bottom: 1pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-style: italic;">Tenaris S.A.</font><font style="font-family: 'Times New Roman'; font-style: italic;"> Consolidated Financial S</font><font style="font-family: 'Times New Roman'; font-style: italic;">tatements for </font><font style="font-family: 'Times New Roman'; font-style: italic;">the years ended December 31, 2020, <font style="border-left: none; border-right: none;"><font>2019</font></font> and <font style="border-left: none; border-right: none;"><font>2018</font></font></font></p>
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<p style="margin-top: 0pt; margin-left: 38.75pt; margin-bottom: 0pt; text-indent: -38.75pt; text-align: justify; line-height: 12pt; widows: 0; orphans: 0; padding-top: 5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><font style="border-left: none; border-right: none;">39</font></font><font style="font: 7pt 'Times New Roman'; -aw-import: spaces;">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; letter-spacing: -0.1pt;">The COVID-<font>19</font> pandemic and the oil &amp; gas crisis and their impact on Tenaris&#8217;s operations and financial condition (Cont.)</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Status of our operations</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Although restrictions imposed in connection with the COVID-<font>19</font> pandemic have been lifted in some countries where Tenaris operates, it is currently not possible to predict whether such measures will be relaxed further, reinstated or made more stringent. In addition, Tenaris has adjusted production levels at its facilities, which are operating with reduced volumes in line with market demand, and may perform additional adjustments.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">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 professional 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 not materially adversely affected Tenaris&#8217;s ability to conduct operations. In addition, these alternative working arrangements have not adversely affected our financial reporting systems, internal control over financial reporting or disclosure controls and procedures.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Risks associated with the COVID-<font>19</font> pandemic and the oil &amp; gas crisis</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The COVID-<font>19</font> pandemic and the ongoing oil &amp; gas crisis poses the following main risks and challenges to Tenaris:</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: spaces;">&nbsp;</font></p>
<ul type="disc" style="margin: 0pt; padding-left: 0pt;">
<li style="margin-left: 9.6pt; text-align: justify; line-height: 12pt; padding-left: 4.1pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman';">Global oil demand may fail to recover its former level 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.</font></li>
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<p style="margin-top: 0pt; margin-left: 13.6pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: Arial; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<ul type="disc" style="margin: 0pt; padding-left: 0pt;">
<li style="margin-left: 9.6pt; text-align: justify; line-height: 12pt; padding-left: 3.9pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman';">Tenaris or its employees, contractors, suppliers, customers and other business partners may 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, may refuse to work due to health concerns while the COVID-<font>19</font> outbreak is ongoing, If that happens, the continuity of our future operations may be severely affected.</font></li>
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<p style="margin-top: 0pt; margin-left: 13.7pt; margin-bottom: 0pt; text-indent: -13.7pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<ul type="disc" style="margin: 0pt; padding-left: 0pt;">
<li style="margin-left: 9.6pt; text-align: justify; line-height: 12pt; padding-left: 3.9pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman';">A continuing spread of COVID-<font>19</font> </font><font style="font-family: 'Times New Roman';">and new strains of the virus </font><font style="font-family: 'Times New Roman';">may 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&#8217;s profitability.</font></li>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Mitigating actions</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">In order to mitigate the impact of expected lower sales, </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">starting from the first quarter <font>2020</font>, </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Tenaris </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">implemented</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> 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</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">se </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">actions include</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">d</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">:</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<ul type="disc" style="margin: 0pt; padding-left: 0pt;">
<li style="margin-left: 27.6pt; text-align: justify; line-height: 12pt; padding-left: 8.4pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman';">adjusting the level of our operations and workforce around the world, including through the temporary closure of certain</font><font style="font-family: 'Times New Roman';"> facilities or production lines</font><font style="font-family: 'Times New Roman';">;</font></li>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<ul type="disc" style="margin: 0pt; padding-left: 0pt;">
<li style="margin-left: 27.6pt; text-align: justify; line-height: 12pt; padding-left: 8.4pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman';">introducing efficiency and productivity improvements throughout Tenaris&#8217;s industrial system;</font></li>
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<p style="margin-top: 0pt; margin-left: 18pt; margin-bottom: 0pt; text-indent: -18pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
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<li style="margin-left: 27.6pt; text-align: justify; line-height: 12pt; padding-left: 8.4pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman';">downsizing our fixed cost structure, including through pay reductions for senio</font><font style="font-family: 'Times New Roman';">r management and board members, as well as R&amp;D expenses, for a </font><font style="font-family: 'Times New Roman';">total annual savings of approxim</font><font style="font-family: 'Times New Roman';">ately $<font>230</font></font><font style="font-family: 'Times New Roman';"> million </font><font style="font-family: 'Times New Roman';">on a yearly basis</font><font style="font-family: 'Times New Roman';">;</font></li>
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<p style="margin-top: 0pt; margin-left: 18pt; margin-bottom: 0pt; text-indent: -18pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
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<li style="margin-left: 27.6pt; text-align: justify; line-height: 12pt; padding-left: 8.4pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman';">reducing capital expenditures b<font>y $</font><font>157</font></font><font style="font-family: 'Times New Roman';"><font> millio</font>n in comparison to <font>2019</font> levels</font><font style="font-family: 'Times New Roman';">;</font></li>
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<p style="margin-top: 0pt; margin-left: 18pt; margin-bottom: 0pt; text-indent: -18pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
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<li style="margin-left: 27.6pt; text-align: justify; line-height: 12pt; padding-left: 8.4pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman';">reducing working capital, especially inventories, in accordance with the expected levels of activity; and</font></li>
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<p style="margin-top: 0pt; margin-left: 18pt; margin-bottom: 0pt; text-indent: -18pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
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<li style="margin-left: 27.6pt; text-align: justify; line-height: 12pt; padding-left: 8.4pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman';">increasing our focus on managing customer credit con</font><font style="font-family: 'Times New Roman';">ditions.</font></li>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">As of the date of these Consolidated Financial Statements, </font><font style="font-family: 'Times New Roman';">the</font><font style="font-family: 'Times New Roman';">se rightsizing initiatives </font><font style="font-family: 'Times New Roman';">are </font><font style="font-family: 'Times New Roman';">largely complete and the principal objectives have been achieved</font><font style="font-family: 'Times New Roman';">; </font><font style="font-family: 'Times New Roman';">some residual actions</font><font style="font-family: 'Times New Roman';"> are</font><font style="font-family: 'Times New Roman';"> still ongoing.</font><font style="font-family: 'Times New Roman';"> </font></p>
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<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; padding-bottom: 1pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-style: italic;">Tenaris S.A.</font><font style="font-family: 'Times New Roman'; font-style: italic;"> Consolidated Financial S</font><font style="font-family: 'Times New Roman'; font-style: italic;">tatements for </font><font style="font-family: 'Times New Roman'; font-style: italic;">the years ended December 31, 2020, <font style="border-left: none; border-right: none;"><font>2019</font></font> and <font style="border-left: none; border-right: none;"><font>2018</font></font></font></p>
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<p style="margin-top: 0pt; margin-left: 38.75pt; margin-bottom: 0pt; text-indent: -38.75pt; text-align: justify; line-height: 12pt; widows: 0; orphans: 0; padding-top: 5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><font style="border-left: none; border-right: none;">39</font></font><font style="font: 7pt 'Times New Roman'; -aw-import: spaces;">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; letter-spacing: -0.1pt;">The COVID-<font>19</font> pandemic and the oil &amp; gas crisis and their impact on Tenaris&#8217;s operations and financial condition (Cont.)</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Segoe UI'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">As part of these liquidity preservation initiatives, on June 2, 2020, the Annual Shareholders Meeting approved that no further dividends be distributed in respect of fiscal year <font>2019</font> on top of the interim dividend of approximately $<font>153</font> million already paid in November 2019. </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">On</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> November 4, 2020, the Company&#8217;s Board of Directors approved the payment of an interim dividend of $<font>0.07</font> per share ($<font>0.14</font> per ADS), or approximately $<font>82.6</font> million, paid on November 25, 2020.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">As of the date of these Consolidated Financial Statements, our capital and financial resources, and overall liquidity position, have not 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 $</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>1,085</font></font><font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><sup><font style="font-family: 'Times New Roman'; font-size: 6.67pt; vertical-align: super; color: #000000;">[<font>1</font>]</font></sup></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> million</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> a</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">s of the end of </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Dec</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ember <font>2020</font> and a manageable debt amortization schedule. </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">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.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Considering the global situation, the Company</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> has renegotiated and continues to renegotiate </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">existing contractual obligations with its counterparties to adapt the commitment</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">s to the decrease in activity.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Management does not expect to disclose or incur in any material COVID-<font>19</font>-related contingency, and it considers its allowance for doubtful accounts sufficient to cover risks that could arise from credits with custo</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">mers in accordance with IFRS <font>9</font>.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><br></font></p>
<p style="margin: 0pt 0px; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration: underline; float: none; display: inline !important;">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</font></font></p>
<p style="margin: 0pt 0px; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: #ffffff; font-size: 8pt;"><font><sup><font style="font-family: 'Times New Roman'; font-size: 5.33pt; vertical-align: super; color: #000000;"><font style="cursor: default;">1</font></font></sup><font style="font-family: 'Times New Roman';">&nbsp;Net cash</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">/ debt</font><font style="font-family: 'Times New Roman';">&nbsp;&nbsp;</font><font style="font-family: 'Times New Roman';">is calculated in the following manner:</font></font></p>
<p style="margin: 0pt 0px; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: #ffffff; font-size: 8pt;"><font><font style="font-family: 'Times New Roman';">Net cash= Cash and cash equivalents + Other investments (Current and Non-Current)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">+/- Derivatives hedging borrowings and investments&#8211; Borrowings (Current and Non-Current).</font></font></p>
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<p style="margin-top: 0pt; margin-left: 38.75pt; margin-bottom: 0pt; text-indent: -38.75pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">40</font><font style="font: 7pt 'Times New Roman'; -aw-import: spaces;">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Subsequent event</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; letter-spacing: -0.1pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; letter-spacing: -0.1pt;">Annual Dividend Proposal</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Upon approval of the Company&#180;s annual accounts in March 202</font><font style="font-family: 'Times New Roman';"><font>1</font></font><font style="font-family: 'Times New Roman';">, the Board of D</font><font style="font-family: 'Times New Roman';">irectors intends to propose,</font><font style="font-family: 'Times New Roman';"> for the approval of the Annual General Shareholders' meeting to be held on </font><font style="font-family: 'Times New Roman';">May</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';"><font>3</font>, <font>2021</font></font><font style="font-family: 'Times New Roman';">, the payment of an annual dividend of </font><font style="font-family: 'Times New Roman';">$</font><font style="font-family: 'Times New Roman';"><font style="border-left: none; border-right: none;"><font>0.21</font></font></font><font style="font-family: 'Times New Roman';"> per share ($</font><font style="font-family: 'Times New Roman';"><font>0.42</font></font><font style="font-family: 'Times New Roman';"> per ADS), or approximatel<font>y $</font></font><font><font style="font-family: 'Times New Roman';"><font>248</font></font></font><font style="font-family: 'Times New Roman';"><font> mill</font>ion, which includes the interim dividend of $</font><font style="font-family: 'Times New Roman';"><font>0.07</font></font><font style="font-family: 'Times New Roman';"> per share ($</font><font style="font-family: 'Times New Roman';"><font>0.14</font></font><font style="font-family: 'Times New Roman';"> per ADS) or approximate</font><font style="font-family: 'Times New Roman';">ly $<font>83</font> million, paid on November 25</font><font style="font-family: 'Times New Roman';">, </font><font style="font-family: 'Times New Roman';"><font>2020</font></font><font style="font-family: 'Times New Roman';">. If the annual dividend is approved by the shareholders, a dividend of </font><font style="font-family: 'Times New Roman';">$</font><font style="border-left: none; border-right: none;"><font style="font-family: 'Times New Roman';"><font style="border-left: none; border-right: none;"><font>0.14</font></font></font></font><font style="font-family: 'Times New Roman';">&nbsp;per share ($</font><font style="border-left: none; border-right: none;"><font style="font-family: 'Times New Roman';"><font style="border-left: none; border-right: none;"><font>0.28</font></font></font></font><font style="font-family: 'Times New Roman';">&nbsp;per ADS), or approximatel<font>y $</font></font><font><font style="font-family: 'Times New Roman';"><font>165</font></font></font><font style="font-family: 'Times New Roman';"><font> mi</font>llion will be paid on May </font><font style="font-family: 'Times New Roman';">26, 2021</font><font style="font-family: 'Times New Roman';">, with an ex-dividend date of May </font><font style="font-family: 'Times New Roman';">24, 2021</font><font style="font-family: 'Times New Roman';">. These Consolidated Financial Statements do not reflect this dividend payable.</font></p>
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<p style="margin: 0pt 19.4pt 0pt 7.1pt; text-indent: -7.1pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Alicia M&#243;ndolo</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-before: always; font-size: 10pt;"><font style="font-family: 'Times New Roman';">EXHIBIT INDEX </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-after: avoid; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Exhibit</font><br><font style="font-family: 'Times New Roman'; font-weight: bold;">Number</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Description</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">1.1</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><a href="ex11_1.htm" name="EX-1.1" class="LinkedExhibit" style="-sec-extract:exhibit"><font style="font-family: 'Times New Roman';">Updated and Consolidated Articles of Association of Tenaris S.A., dated as of </font><font style="font-family: 'Times New Roman';">June</font><font style="font-family: 'Times New Roman';"> 2, 20</font><font style="font-family: 'Times New Roman';">20</font></a></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">2.1</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><a href="http://www.sec.gov/Archives/edgar/data/1190723/000119312513072991/d493009dex99a.htm"><font style="font-family: 'Times New Roman';">Amended and Restated Deposit Agreement entered into between Tenaris S.A. and Deutsche Bank Trust Company Americas *</font></a></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><a href="ex71_2.htm" name="EX-7.1" class="LinkedExhibit" style="-sec-extract:exhibit"><font style="font-family: 'Times New Roman';">Statement Explaining Calculation of Ratios</font></a></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><a href="ex72_3.htm" name="EX-7.2" class="LinkedExhibit" style="-sec-extract:exhibit"><font style="font-family: 'Times New Roman';">Statement Explaining Alternative Performance Measures</font></a></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><a href="ex81_4.htm" name="EX-8.1" class="LinkedExhibit" style="-sec-extract:exhibit"><font style="font-family: 'Times New Roman';">List of Subsidiaries of Tenaris S.A.</font></a></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 6pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 6pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><a href="ex121_5.htm" name="EX-12.1" class="LinkedExhibit" style="-sec-extract:exhibit"><font style="font-family: 'Times New Roman';">Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002</font></a></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">12.2</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><a href="ex122_6.htm" name="EX-12.2" class="LinkedExhibit" style="-sec-extract:exhibit"><font style="font-family: 'Times New Roman';">Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002</font></a></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><a href="ex131_7.htm" name="EX-13.1" class="LinkedExhibit" style="-sec-extract:exhibit"><font style="font-family: 'Times New Roman';">Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002</font></a></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><a href="ex132_8.htm" name="EX-13.2" class="LinkedExhibit" style="-sec-extract:exhibit"><font style="font-family: 'Times New Roman';">Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002</font></a></p>
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<p style="margin-top: 0pt; margin-left: 14.2pt; margin-bottom: 0pt; text-indent: -14.2pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">* </font><font style="width: 6.7pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman';">The Amended and Restated Deposit Agreement is incorporated by reference to the Registration Statement on Form F-6 filed by Tenaris S.A. on February</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">25, 2013 (File No.</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">333-186825).</font></p>
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<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
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<p style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; text-align: center;"><font style="font-family: 'Times New Roman';"><font style="font-family: 'Times New Roman'; font-weight: bold;">SIGNATURES</font></font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The registrant hereby certifies that it meets all the requirements for filing on Form 20-F and that it has duly caused and authorized the undersigned to sign this annual report on its behalf.</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">March</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">30</font><font style="font-family: 'Times New Roman';">, 20</font><font style="font-family: 'Times New Roman';">2</font><font style="font-family: 'Times New Roman';">1</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">TENARIS S.A.</font></p>
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</td>
<td style="vertical-align: top;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">By</font></p>
</td>
<td style="vertical-align: top;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">/s/ </font><font style="font-family: 'Times New Roman';">Alicia M&#243;ndolo</font></p>
<p style="margin-top: 1pt; margin-bottom: 0pt; text-align: center; line-height: 1pt; border-top: 1pt solid #000000; padding-top: 1pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 2pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
</td>
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<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 2pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Name:</font></p>
</td>
<td style="vertical-align: top;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Alicia M&#243;ndolo</font></p>
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<tr>
<td style="padding-left: 7.2pt; vertical-align: top;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 2pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 2pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
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<td style="vertical-align: top;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Title:</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Chief Financial Officer</font></p>
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  <ts:WorkingCapitalRecognisedAsOfAcquisitionDate id="Tag37" contextRef="I20190121_SaudiSteelPipeCompanyMember" unitRef="USD" decimals="-6">45000000</ts:WorkingCapitalRecognisedAsOfAcquisitionDate>
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  <ifrs-full:GoodwillRecognisedAsOfAcquisitionDate id="Tag39" contextRef="I20200102_IpscoTubularsIncMember" unitRef="USD" decimals="-6">357000000</ifrs-full:GoodwillRecognisedAsOfAcquisitionDate>
  <ts:InvestmentsRecognisedAsOfAcquisitionDate id="Tag40" contextRef="I20190121_SaudiSteelPipeCompanyMember" unitRef="SAR" decimals="-6">77000000</ts:InvestmentsRecognisedAsOfAcquisitionDate>
  <ifrs-full:CashTransferred id="Tag41" contextRef="I20190121_SaudiSteelPipeCompanyMember" unitRef="SAR" decimals="-6">530000000</ifrs-full:CashTransferred>
  <ifrs-full:PropertyPlantAndEquipmentRecognisedAsOfAcquisitionDate id="Tag42" contextRef="I20190121_SaudiSteelPipeCompanyMember" unitRef="SAR" decimals="-6">671000000</ifrs-full:PropertyPlantAndEquipmentRecognisedAsOfAcquisitionDate>
  <ifrs-full:OtherCashPaymentsToAcquireInterestsInJointVenturesClassifiedAsInvestingActivities id="Tag43" contextRef="D20191231_WeldedPipePlantInWestSiberiaMember" unitRef="USD" decimals="-5">19600000</ifrs-full:OtherCashPaymentsToAcquireInterestsInJointVenturesClassifiedAsInvestingActivities>
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  <ifrs-full:OtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTax id="Tag48" contextRef="D20201231_3" unitRef="USD" decimals="-3">-3567000</ifrs-full:OtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTax>
  <ifrs-full:IncomeTaxRelatingToComponentsOfOtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLoss id="Tag49" contextRef="D20181231" unitRef="USD" decimals="-3">-34000</ifrs-full:IncomeTaxRelatingToComponentsOfOtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLoss>
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  <ifrs-full:AcquisitionsThroughBusinessCombinationsOtherProvisions id="Tag54" contextRef="D20191231_MiscellaneousOtherProvisionsMember" unitRef="USD" decimals="-3">8000000</ifrs-full:AcquisitionsThroughBusinessCombinationsOtherProvisions>
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  <ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesOtherProvisions id="Tag56" contextRef="D20191231_MiscellaneousOtherProvisionsMember" unitRef="USD" decimals="-3">-5641000</ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesOtherProvisions>
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  <ifrs-full:DisclosureOfInformationAboutUnconsolidatedStructuredEntitiesControlledByInvestmentEntityExplanatory id="Tag59" contextRef="D20201231_PrudentialSteelLimitedMember">&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-left: 38.75pt; margin-bottom: 0pt; text-indent: -38.75pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;36&lt;/font&gt;&lt;font style="font: 7pt 'Times New Roman'; -aw-import: spaces;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;Closure of Prudential&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt; Steel L&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;TD&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 12pt; font-weight: bold; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Tenaris&amp;#8217;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;facility of Prudential Steel L&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;TD, located in Calgary, Alberta,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; has been closed down and &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;the&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; pipe manufacturing operations&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;of seamless, welded and premium products in Canada&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;will be consolidated at Algoma Tubes Inc.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;in Sault Ste. Marie, Ontario&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;with an additional investment of $&lt;font&gt;72&lt;/font&gt; million. This repositioning of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;the&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; industrial activities, which will be completed by November 2021, will strengthen &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;the&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; competitiveness and increase &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;the&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; domestic production capabilities for the Canadian market.&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;</ifrs-full:DisclosureOfInformationAboutUnconsolidatedStructuredEntitiesControlledByInvestmentEntityExplanatory>
  <ifrs-full:DisclosureOfFinancialInstrumentsByTypeOfInterestRateExplanatory id="Tag60" contextRef="D20201231_3">&lt;div&gt;
&lt;table style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px; height: 95px;" width="100%" cellspacing="0" cellpadding="0"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; height: 17px; width: 41.1243%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; height: 17px; width: 1.47929%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; height: 17px; width: 1.47929%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="10" style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; height: 17px; width: 55.9527%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt; As of December 31, &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; height: 17px; width: 41.1243%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; height: 17px; width: 1.47929%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; height: 17px; width: 1.47929%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="4" style="border-bottom: 0.75pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; height: 17px; width: 26.497%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt; &lt;font&gt;2020&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; height: 17px; width: 1.47929%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; height: 17px; width: 1.47929%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="4" style="border-bottom: 0.75pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; height: 17px; width: 26.497%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt; &lt;font&gt;2019&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: middle; height: 10px; width: 41.1243%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: middle; height: 10px; width: 1.47929%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; height: 10px; width: 13.4793%;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt; Amount in thousands of U.S. dollars &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; height: 10px; width: 1.47929%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; height: 10px; width: 1.47929%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 10px; width: 11.5385%;" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt; % &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; height: 10px; width: 1.47929%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; height: 10px; width: 13.4793%;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt; Amount in thousands of U.S. dollars &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; height: 10px; width: 1.47929%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; height: 10px; width: 1.47929%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 10px; width: 11.5385%;" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt; % &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; width: 41.1243%; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Fixed rate (*) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; width: 1.47929%; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; width: 1.47929%; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 4px; vertical-align: bottom; width: 12%; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;237,320&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; width: 1.47929%; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; width: 1.47929%; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 4px; vertical-align: top; width: 11.5385%; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;38&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; width: 1.47929%; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; width: 1.47929%; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 4px; vertical-align: bottom; width: 12%; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;768,002&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; width: 1.47929%; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; width: 1.47929%; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 4px; vertical-align: top; width: 11.5385%; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;93&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; height: 17px; width: 41.1243%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Variable rate &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; height: 17px; width: 1.47929%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; width: 1.47929%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px; width: 12%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;381,687&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; width: 1.47929%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; width: 1.47929%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 4px; vertical-align: top; height: 17px; width: 11.5385%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;62&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; width: 1.47929%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; width: 1.47929%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px; width: 12%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;54,150&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; width: 1.47929%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; width: 1.47929%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 4px; vertical-align: top; height: 17px; width: 11.5385%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;7&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 41.1243%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt; Total &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.47929%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.47929%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px 0px 0px 4px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 12%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt; &lt;font&gt;619,007&lt;/font&gt; &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.47929%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.47929%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 11.5385%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.47929%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.47929%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px 0px 0px 4px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 12%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt; &lt;font&gt;822,152&lt;/font&gt; &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.47929%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.47929%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 11.5385%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;</ifrs-full:DisclosureOfFinancialInstrumentsByTypeOfInterestRateExplanatory>
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  <ifrs-full:Goodwill id="Tag62" contextRef="I20201231_SidercaHydrilAndOtherMember_TubesMember" unitRef="USD" decimals="-6">93000000</ifrs-full:Goodwill>
  <ifrs-full:IntangibleAssetsAndGoodwill id="Tag63" contextRef="I20201231_InformationSystemProjectsMember" unitRef="USD" decimals="-3">59993000</ifrs-full:IntangibleAssetsAndGoodwill>
  <ifrs-full:IntangibleAssetsAndGoodwill id="Tag64" contextRef="I20191231_GrossCarryingAmountMember" unitRef="USD" decimals="-3">5326500000</ifrs-full:IntangibleAssetsAndGoodwill>
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  <ifrs-full:AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwill id="Tag66" contextRef="D20201231_GoodwillMember_GrossCarryingAmountMember" unitRef="USD" decimals="-3">357183000</ifrs-full:AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwill>
  <ifrs-full:AmortisationIntangibleAssetsOtherThanGoodwill id="Tag67" contextRef="D20201231_AccumulatedDepreciationAmortisationAndImpairmentMember_CustomerrelatedIntangibleAssetsMember" unitRef="USD" decimals="-3">38785000</ifrs-full:AmortisationIntangibleAssetsOtherThanGoodwill>
  <ifrs-full:IntangibleAssetsAndGoodwill id="Tag68" contextRef="I20191231_GoodwillMember_AccumulatedDepreciationAmortisationAndImpairmentMember" unitRef="USD" decimals="-3">797592000</ifrs-full:IntangibleAssetsAndGoodwill>
  <ifrs-full:IntangibleAssetsAndGoodwill id="Tag69" contextRef="I20181231_LicensesPatentsAndTrademarksMember_GrossCarryingAmountMember" unitRef="USD" decimals="-3">464571000</ifrs-full:IntangibleAssetsAndGoodwill>
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  <ifrs-full:IntangibleAssetsAndGoodwill id="Tag71" contextRef="I20201231_GoodwillMember_GrossCarryingAmountMember" unitRef="USD" decimals="-3">2469962000</ifrs-full:IntangibleAssetsAndGoodwill>
  <ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsAndGoodwill id="Tag72" contextRef="D20201231_AccumulatedDepreciationAmortisationAndImpairmentMember" unitRef="USD" decimals="-3">889000</ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsAndGoodwill>
  <ifrs-full:DisposalsIntangibleAssetsAndGoodwill id="Tag73" contextRef="D20201231_GoodwillMember_GrossCarryingAmountMember" unitRef="USD" xsi:nil="true" />
  <ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesIntangibleAssetsAndGoodwill id="Tag74" contextRef="D20191231_GoodwillMember_GrossCarryingAmountMember" unitRef="USD" xsi:nil="true" />
  <ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesIntangibleAssetsAndGoodwill id="Tag75" contextRef="D20201231_GrossCarryingAmountMember" unitRef="USD" decimals="-3">-1393000</ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesIntangibleAssetsAndGoodwill>
  <ifrs-full:DeferredTaxExpenseIncomeRecognisedInProfitOrLoss id="Tag76" contextRef="D20201231_DeferredTaxAssetsProvisionsAndAllowancesMember" unitRef="USD" decimals="-3">4093000</ifrs-full:DeferredTaxExpenseIncomeRecognisedInProfitOrLoss>
  <ts:PercentageOfOwnershipInterest id="Tag77" contextRef="I20201231_KeyManagementPersonnelOfEntityOrParentMember" unitRef="Pure" decimals="4">0.0008</ts:PercentageOfOwnershipInterest>
  <ts:PercentageOfOwnershipInterest id="Tag78" contextRef="I20201231_SanFaustinSaMember" unitRef="Pure" decimals="4">0.6045</ts:PercentageOfOwnershipInterest>
  <ifrs-full:RevenueFromRenderingOfServicesRelatedPartyTransactions id="Tag79" contextRef="D20181231_OtherRelatedPartiesMember" unitRef="USD" decimals="-3">5647000</ifrs-full:RevenueFromRenderingOfServicesRelatedPartyTransactions>
  <ifrs-full:OtherReceivables id="Tag80" contextRef="I20201231_FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember" unitRef="USD" xsi:nil="true" />
  <ifrs-full:Borrowings id="Tag81" contextRef="I20191231_FinancialAssetsAtAmortisedCostCategoryMember" unitRef="USD" decimals="-3">822152000</ifrs-full:Borrowings>
  <ifrs-full:TradeAndOtherCurrentPayables id="Tag82" contextRef="I20191231_FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember" unitRef="USD" xsi:nil="true" />
  <ifrs-full:CurrentTradeReceivables id="Tag83" contextRef="I20191231_FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember" unitRef="USD" xsi:nil="true" />
  <ifrs-full:LeaseLiabilities id="Tag84" contextRef="I20191231_FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember" unitRef="USD" xsi:nil="true" />
  <ifrs-full:CurrentInvestments id="Tag85" contextRef="I20191231_FixedIncomeTimedepositZeroCouponBondsCommercialPapersMember_Level2OfFairValueHierarchyMember" unitRef="USD" xsi:nil="true" />
  <ts:CurrencyTranslationAdjustmentAndOthersFairValueMeasurementAssets id="Tag86" contextRef="D20191231_Level3OfFairValueHierarchyMember" unitRef="USD" decimals="-3">-337000</ts:CurrencyTranslationAdjustmentAndOthersFairValueMeasurementAssets>
  <ifrs-full:OtherReceivables id="Tag87" contextRef="I20201231_OtherReceivablesMember_Level3OfFairValueHierarchyMember" unitRef="USD" decimals="-3">48659000</ifrs-full:OtherReceivables>
  <ifrs-full:CurrentTradeReceivables id="Tag88" contextRef="I20191231_LetterOfCreditAndOtherBankGuaranteesMember" unitRef="USD" decimals="-5">55200000</ifrs-full:CurrentTradeReceivables>
  <ifrs-full:CurrentInvestments id="Tag89" contextRef="I20201231_OtherNotesMember_Level3OfFairValueHierarchyMember" unitRef="USD" xsi:nil="true" />
  <ifrs-full:CurrentInvestments id="Tag90" contextRef="I20201231_FixedIncomeTimedepositZeroCouponBondsCommercialPapersMember" unitRef="USD" decimals="-3">763697000</ifrs-full:CurrentInvestments>
  <ifrs-full:NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod id="Tag91" contextRef="I20191231_OtherInvestments1Member_FinancialAssetsAtAmortisedCostCategoryMember" unitRef="USD" xsi:nil="true" />
  <ifrs-full:CurrentInvestments id="Tag92" contextRef="I20201231_Level3OfFairValueHierarchyMember_UsSovereignBillsMember" unitRef="USD" xsi:nil="true" />
  <ifrs-full:OtherReceivables id="Tag93" contextRef="I20191231_OtherReceivablesNonfinancialMember_FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember" unitRef="USD" xsi:nil="true" />
  <ifrs-full:NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod id="Tag94" contextRef="I20201231_BondsAndOtherFixedIncomeMember_Level1OfFairValueHierarchyMember" unitRef="USD" decimals="-3">239422000</ifrs-full:NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod>
  <ifrs-full:CurrentInvestments id="Tag95" contextRef="I20201231_BondsAndOtherFixedIncomeMember_FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember" unitRef="USD" decimals="-3">108791000</ifrs-full:CurrentInvestments>
  <ts:DisclosureOfDeferredTaxAssetsAndLiabilitiesTextBlock id="Tag96" contextRef="D20201231_3">&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="height: 101px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px;" width="100%"&gt;

&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; background-color: #ffffff; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (all amounts in thousands of U.S. dollars) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;" colspan="2" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Fixed assets&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;" colspan="2" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Inventories&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;" colspan="2" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Intangible&amp;nbsp;and&amp;nbsp;Other&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;" colspan="2" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Total&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #ffffff; height: 10px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 48%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; At the beginning of the year &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;651,339&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;19,396&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;118,062&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;788,797&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Translation differences &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;1,644&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;253&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;1,897&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Increase due to business combinations &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;89,306&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;43,397&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;132,703&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Charged to other comprehensive income &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;1,194&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;"&gt;)&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;1,194&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Income statement (credit) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px; border-bottom: 1pt solid #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;39,874&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 15px; border-bottom: 1pt solid #000000;"&gt;)&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px; border-bottom: 1pt solid #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;4,141&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 15px; border-bottom: 1pt solid #000000;"&gt;)&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px; border-bottom: 1pt solid #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;34,725&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 15px; border-bottom: 1pt solid #000000;"&gt;)&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px; border-bottom: 1pt solid #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;78,740&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 15px; border-bottom: 1pt solid #000000;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; At December 31, 2020 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; border-bottom: 2px solid #000000;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; border-bottom: 2px solid #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;702,415&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; border-bottom: 2px solid #000000;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; border-bottom: 2px solid #000000;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; border-bottom: 2px solid #000000;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; border-bottom: 2px solid #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;15,255&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; border-bottom: 2px solid #000000;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; border-bottom: 2px solid #000000;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; border-bottom: 2px solid #000000;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; border-bottom: 2px solid #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;125,793&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; border-bottom: 2px solid #000000;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; border-bottom: 2px solid #000000;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; border-bottom: 2px solid #000000;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; border-bottom: 2px solid #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;843,463&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; border-bottom: 2px solid #000000;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;

&lt;table cellspacing="0" cellpadding="0" style="height: 121px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px;" width="100%"&gt;

&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; background-color: #ffffff; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (all amounts in thousands of U.S. dollars) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;" colspan="2" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Fixed assets&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;" colspan="2" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Inventories&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;" colspan="2" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Intangible&amp;nbsp;and&amp;nbsp;Other&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;" colspan="2" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Total&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #ffffff; height: 10px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 48%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; At the beginning of the year &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;710,995&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;25,048&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;46,532&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;782,575&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Translation differences &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;347&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom;"&gt;)&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;4&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom;"&gt;)&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;351&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Increase due to business combinations &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;5,621&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;11,209&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;16,830&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Charged to other comprehensive income &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;423&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;423&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Income statement charge / (credit) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;64,930&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;5,652&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;59,902&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;10,680&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; At December 31, 2019 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;651,339&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;19,396&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;118,062&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;788,797&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;

&lt;table cellspacing="0" cellpadding="0" style="height: 107px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px;" width="100%"&gt;

&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; background-color: #ffffff; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (all amounts in thousands of U.S. dollars) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #ffffff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom;" colspan="2" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 1.1;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Provisions and allowances&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom;" colspan="2" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt; Inventories&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom;" colspan="2" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt; Tax losses&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom;" colspan="2" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt; Other&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom;" colspan="2" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt; Total&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #ffffff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 35%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; At the beginning of the year &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;19,653&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 16px;"&gt;)&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;93,404&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 16px;"&gt;)&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;382,832&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 16px;"&gt;)&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;181,606&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 16px;"&gt;)&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;677,495&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 16px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Translation differences &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,804&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;513&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,996&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;644&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;4,957&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Increase due to business combinations &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;7,452&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 16px;"&gt;)&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;24,580&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 16px;"&gt;)&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;33,598&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 16px;"&gt;)&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;34,974&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 16px;"&gt;)&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;100,604&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 16px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Charged to other comprehensive income &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: spaces;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: spaces;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: spaces;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;1,952&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px;"&gt;)&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;1,952&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Income statement charge / (credit) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;4,093&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;31,534&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;65,715&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 16px;"&gt;)&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;10,930&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;19,158&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 16px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt; At December 31, 2020 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt; (&lt;font&gt;21,208&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt; (&lt;font&gt;85,937&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt; (&lt;font&gt;480,149&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt; (&lt;font&gt;206,958&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt; (&lt;font&gt;794,252&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;

&lt;table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; height: 121px; width: 99.9171%;" width="100%"&gt;

&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; background-color: #ffffff; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (all amounts in thousands of U.S. dollars) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #ffffff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom;" colspan="2" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 1.1;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Provisions and allowances&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom;" colspan="2" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt; Inventories&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom;" colspan="2" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt; Tax losses&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom;" colspan="2" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt; Other&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom;" colspan="2" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt; Total&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #ffffff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 35%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; At the beginning of the year &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;16,116&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 1%;"&gt;)&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;86,585&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 1%;"&gt;)&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;396,257&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 1%;"&gt;)&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;86,184&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 1%;"&gt;)&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;585,142&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 1%;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Translation differences &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;362&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;306&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;497&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;286&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;1,451&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Increase due to business combinations &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;1,160&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;1,413&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;1,172&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;2,238&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;5,983&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Charged to other comprehensive income &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;1,261&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom;"&gt;)&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;1,261&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Income statement charge / (credit) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;2,739&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;5,712&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;14,100&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;92,209&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;86,560&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; At December 31, 2019 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; (&lt;font&gt;19,653&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom;"&gt;)&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"&gt;
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&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom;"&gt;)&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; (&lt;font&gt;382,832&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom;"&gt;)&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; (&lt;font&gt;181,606&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom;"&gt;)&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; (&lt;font&gt;677,495&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom;"&gt;)&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;</ts:DisclosureOfDeferredTaxAssetsAndLiabilitiesTextBlock>
  <ifrs-full:DisclosureOfTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsExplanatory id="Tag97" contextRef="D20201231_3">&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="height: 58px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px;" width="100%"&gt;

&lt;tr style="height: 16px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: middle; background-color: #ffffff; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (all amounts in thousands of U.S. dollars) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #ffffff; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="5" style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt; Year ended December 31, &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: middle; background-color: #ffffff; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #ffffff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 10px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt; &lt;font&gt;2020&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 10px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt; &lt;font&gt;2019&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 74%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Deferred tax assets to be recovered after &lt;font&gt;12&lt;/font&gt; months &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;640,603&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 16px;"&gt;)&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;538,274&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 16px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Deferred tax liabilities to be settled after &lt;font&gt;12&lt;/font&gt; months &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;840,892&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;766,852&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;</ifrs-full:DisclosureOfTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsExplanatory>
  <ifrs-full:GainRecognisedInBargainPurchaseTransaction id="Tag98" contextRef="D20200102_IpscoTubularsIncMember" unitRef="USD" decimals="-5">38500000</ifrs-full:GainRecognisedInBargainPurchaseTransaction>
  <ifrs-full:GrossProfit id="Tag99" contextRef="D20201231_3" unitRef="USD" decimals="-3">1059417000</ifrs-full:GrossProfit>
  <ifrs-full:InterestExpenseIncomeNetDefinedBenefitLiabilityAsset id="Tag100" contextRef="D20201231_FundedPostemploymentBenefitsMember" unitRef="USD" decimals="-3">5009000</ifrs-full:InterestExpenseIncomeNetDefinedBenefitLiabilityAsset>
  <ifrs-full:IntangibleAssetsAndGoodwill id="Tag101" contextRef="I20201231_LicensesPatentsTrademarksAndProprietaryTechnologyMember" unitRef="USD" decimals="-5">86700000</ifrs-full:IntangibleAssetsAndGoodwill>
  <ifrs-full:RemainingAmortisationPeriodOfIntangibleAssetsMaterialToEntity2019 id="Tag102" contextRef="D20171231_CustomerrelatedIntangibleAssetsMember_MaverickAcquisitionMember">P2Y</ifrs-full:RemainingAmortisationPeriodOfIntangibleAssetsMaterialToEntity2019>
  <ts:ImpairmentLossOnEquityMethodInvestmentInNonconsolidatedCompanies id="Tag103" contextRef="D20181231" unitRef="USD" decimals="-3">0</ts:ImpairmentLossOnEquityMethodInvestmentInNonconsolidatedCompanies>
  <ts:FinitelivedIntangibleAssetUsefulLife id="Tag104" contextRef="D20201231_CustomerrelatedIntangibleAssetsMember_SaudiSteelPipeCompanyMember">P9Y</ts:FinitelivedIntangibleAssetUsefulLife>
  <ts:AdditionalDepreciationExpenses id="Tag105" contextRef="D20201231_3" unitRef="USD" decimals="-6">45000000</ts:AdditionalDepreciationExpenses>
  <ts:AdditionalAmortizationExpenses id="Tag106" contextRef="D20201231_3" unitRef="USD" decimals="-5">11100000</ts:AdditionalAmortizationExpenses>
  <ts:BasicAndDilutedEarningsLossPerAmericanDepositaryShareFromContinuingOperations id="Tag107" contextRef="D20191231_3" unitRef="USDPerShare" decimals="2">1.26</ts:BasicAndDilutedEarningsLossPerAmericanDepositaryShareFromContinuingOperations>
  <ifrs-full:ProfitLossFromContinuingOperations id="Tag108" contextRef="D20181231" unitRef="USD" decimals="-3">873900000</ifrs-full:ProfitLossFromContinuingOperations>
  <ifrs-full:DeferredTaxExpenseIncomeRecognisedInProfitOrLoss id="Tag109" contextRef="D20201231_DeferredTabLiabilitiesMember" unitRef="USD" decimals="-3">-78740000</ifrs-full:DeferredTaxExpenseIncomeRecognisedInProfitOrLoss>
  <ifrs-full:DeferredTaxLiabilityAsset id="Tag110" contextRef="I20181231_DeferredTaxLiabilitiesInventoryMember" unitRef="USD" decimals="-3">25048000</ifrs-full:DeferredTaxLiabilityAsset>
  <ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory id="Tag111" contextRef="D20201231_3">&lt;div&gt;
&lt;p style="margin-top: 0pt;margin-bottom: 0pt;line-height: 12pt;padding-top: 5pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; text-transform: uppercase;"&gt;I.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; text-transform: uppercase;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; text-transform: uppercase;"&gt;GENERAL INFORMATION&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Tenaris S.A. (the &amp;#8220;Company&amp;#8221;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;) was established as a public limited liability company (&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt;oci&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt;&amp;#233;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt;t&amp;#233; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt;a&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt;nonyme&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;) under the laws of the Grand-Duchy of Luxembourg on December 17, 2001. 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 &amp;#8220;Tenaris&amp;#8221; refer to &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;the Company&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; and its consolidated subsidiaries. A list of the principal Company&amp;#8217;s subsidiaries is included in &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;n&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;ote &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;3&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;1&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; to these Consolidated Financial Statements.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;The Company&amp;#8217;s shares trade on the Italian Stock Exchange and the Mexican Stock Exchange; the Company&amp;#8217;s American Depositary Securities (&amp;#8220;ADS&amp;#8221;) trade on the New York Stock Exchange.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;These Consolidated Financial Statements were approved for issuance by the Company&amp;#8217;s Board of Directors on&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; February &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;24&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;, 202&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;1&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;.&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;</ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory>
  <ifrs-full:OtherFinanceIncomeCost id="Tag112" contextRef="D20201231_3" unitRef="USD" decimals="-3">-56368000</ifrs-full:OtherFinanceIncomeCost>
  <ifrs-full:ProfitLoss id="Tag113" contextRef="D20201231_3" unitRef="USD" decimals="-3">-642417000</ifrs-full:ProfitLoss>
  <ifrs-full:SellingGeneralAndAdministrativeExpense id="Tag114" contextRef="D20191231_3" unitRef="USD" decimals="-3">1365974000</ifrs-full:SellingGeneralAndAdministrativeExpense>
  <ifrs-full:GrossProfit id="Tag115" contextRef="D20181231" unitRef="USD" decimals="-3">2379288000</ifrs-full:GrossProfit>
  <ifrs-full:FinanceIncome id="Tag116" contextRef="D20201231_3" unitRef="USD" decimals="-3">18387000</ifrs-full:FinanceIncome>
  <ifrs-full:ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod id="Tag117" contextRef="D20181231" unitRef="USD" decimals="-3">193994000</ifrs-full:ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod>
  <ifrs-full:WeightedAverageShares id="Tag118" contextRef="D20181231" unitRef="Shares" decimals="0">1180537</ifrs-full:WeightedAverageShares>
  <ifrs-full:ProfitLossFromOperatingActivities id="Tag119" contextRef="D20201231_3" unitRef="USD" decimals="-3">-663071000</ifrs-full:ProfitLossFromOperatingActivities>
  <ifrs-full:DepreciationAndAmortisationExpense id="Tag120" contextRef="D20201231_TubesMember" unitRef="USD" decimals="-6">661000000</ifrs-full:DepreciationAndAmortisationExpense>
  <ifrs-full:SellingGeneralAndAdministrativeExpense id="Tag121" contextRef="D20201231_3" unitRef="USD" decimals="-3">1119227000</ifrs-full:SellingGeneralAndAdministrativeExpense>
  <ifrs-full:BasicAndDilutedEarningsLossPerShareFromContinuingOperations id="Tag122" contextRef="D20201231_3" unitRef="USDPerShare" decimals="2">-0.54</ifrs-full:BasicAndDilutedEarningsLossPerShareFromContinuingOperations>
  <ifrs-full:ProfitLossAttributableToNoncontrollingInterests id="Tag123" contextRef="D20201231_3" unitRef="USD" decimals="-3">-7999000</ifrs-full:ProfitLossAttributableToNoncontrollingInterests>
  <ifrs-full:ProfitLoss id="Tag124" contextRef="D20191231_3" unitRef="USD" decimals="-3">731258000</ifrs-full:ProfitLoss>
  <ifrs-full:DepreciationAndAmortisationExpense id="Tag125" contextRef="D20201231_SouthAmerica1Member" unitRef="USD" decimals="-3">106827000</ifrs-full:DepreciationAndAmortisationExpense>
  <ifrs-full:Revenue id="Tag126" contextRef="D20201231_3" unitRef="USD" decimals="-3">5146734000</ifrs-full:Revenue>
  <ifrs-full:ContractLiabilities id="Tag127" contextRef="I20181231" unitRef="USD" decimals="-5">62700000</ifrs-full:ContractLiabilities>
  <ifrs-full:CostOfSales id="Tag128" contextRef="D20191231_3" unitRef="USD" decimals="-3">5107495000</ifrs-full:CostOfSales>
  <ifrs-full:ProfitLossFromContinuingOperations id="Tag129" contextRef="D20201231_3" unitRef="USD" decimals="-3">-642417000</ifrs-full:ProfitLossFromContinuingOperations>
  <ifrs-full:IncomeTaxExpenseContinuingOperations id="Tag130" contextRef="D20181231" unitRef="USD" decimals="-3">229207000</ifrs-full:IncomeTaxExpenseContinuingOperations>
  <ifrs-full:WeightedAverageShares id="Tag131" contextRef="D20201231_3" unitRef="Shares" decimals="0">1180537</ifrs-full:WeightedAverageShares>
  <ifrs-full:CostOfSales id="Tag132" contextRef="D20181231" unitRef="USD" decimals="-3">5279300000</ifrs-full:CostOfSales>
  <ifrs-full:ProfitLossAttributableToNoncontrollingInterests id="Tag133" contextRef="D20191231_3" unitRef="USD" decimals="-3">-11428000</ifrs-full:ProfitLossAttributableToNoncontrollingInterests>
  <ifrs-full:FinanceCosts id="Tag134" contextRef="D20181231" unitRef="USD" decimals="-3">36942000</ifrs-full:FinanceCosts>
  <ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory id="Tag135" contextRef="D20201231_3">&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; text-transform: uppercase;"&gt;II&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; text-transform: uppercase;"&gt;. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; text-transform: uppercase;"&gt;Accounting policies&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; text-transform: uppercase;"&gt; &lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; text-transform: uppercase; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;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.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 12pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;A&lt;/font&gt;&lt;font style="width: 28.78pt; display: inline-block;"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;Basis of presentation&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 12pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;The Consolidated Financial Statements of Tenaris have been prepared in accordance with International Financial Reporting Standards (&amp;#8220;IFRS&amp;#8221;), as issued by the International Accounting Standards Board (&amp;#8220;IASB&amp;#8221;) and&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; in accordance with IFRS&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; as adopted by the European Union,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;under the historical cost convention, as modified by the revaluation of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;certain &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;financial assets&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;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 (&amp;#8220;$&amp;#8221;).&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Whenever necessary, c&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;ertain comparative amounts&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;have been reclassified to conform to changes in presentation in the current year.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;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 may differ from these estimates.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; The&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; main&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; areas involving significant estimates or judgements are: &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;i&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;mpairment of goodwill and long-lived assets (not&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;e II.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;H&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;); i&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;ncome &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;t&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;axes (note II.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;O&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;); &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;obsolescence of inventory (note &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;II.J&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;); loss contingencies (note II.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Q&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;); &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;allowance for trade receivables (note II.K)&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;d&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;efined be&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;nefit obligations (note II.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;P&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;);&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;business combinations &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;(notes II.B, I&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;V&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;3&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;2&lt;/font&gt;); u&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;seful lives of property, plant and equipment&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; and&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; other long-lived assets (notes II.E, II.F&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;, II.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;H&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;)&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;; property title ownership &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;restriction&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (note &lt;font&gt;37&lt;/font&gt;). &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;During the period there were no material changes in the significant accounting estimates.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Management has reviewed the Company&amp;#8217;s exposure to the effects of the oil and gas crisis and the COVID-&lt;font&gt;19&lt;/font&gt; pandemic and their impact over its business, financial position and performance, monitoring the recognition of deferred tax assets, and their recoverability, impairment testing, financial risk management -in particular credit and liquidity risks- and the adequacy of its provisions for contingent liabilities. In the &lt;font&gt;twelve&lt;/font&gt;-month period ended December 31, 2020, management conducted impairment tests and recorded impairment charges over certa&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;in long-lived assets. Refer to n&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;otes &lt;font&gt;5&lt;/font&gt; and &lt;font&gt;3&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;9&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; for further information on impairment of assets and the impact of the oil and gas crisis and the COVID-&lt;font&gt;19&lt;/font&gt; pandemic.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-left: 36pt; margin-bottom: 0pt; text-indent: -36pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt;(&lt;font&gt;1&lt;/font&gt;)&lt;/font&gt;&lt;font style="font: 7pt 'Times New Roman'; -aw-import: spaces;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt;Accounting pronouncements applicable as from J&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt;anuary &lt;font&gt;1&lt;/font&gt;, &lt;font&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt;&lt;font&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt; and relevant for Tenaris&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;IFRS &lt;font&gt;16&lt;/font&gt; &amp;#8220;Leases&amp;#8221;, &amp;#8220;COVID-&lt;font&gt;19&lt;/font&gt; - Related Rent Concessions&amp;#8221;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;The Company chose not to adopt the optional amendment to IFRS &lt;font&gt;16&lt;/font&gt; &amp;#8220;Leases&amp;#8221;, &amp;#8220;COVID-&lt;font&gt;19&lt;/font&gt; - Related Rent Concessions&amp;#8221;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;. An assessment was conducted and the Company concluded that &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;the impact &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;was &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;not material.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Other accounting pronouncements t&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;hat became effective during &lt;font&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; have no material effect on the Company&amp;#8217;s financial condition or results of operations.&lt;/font&gt;&lt;/p&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;br/&gt;&lt;/font&gt;&lt;/p&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt; padding-top: 5pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;B&lt;/font&gt;&lt;font style="width: 29.33pt; display: inline-block;"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;Group accounting&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 12pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt;(&lt;font&gt;1&lt;/font&gt;)&lt;/font&gt;&lt;font style="width: 24.34pt; display: inline-block;"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt;Subsidiaries and transactions with non-controlling interests&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;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 no longer consolidated from the date control ceases. &lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;The &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;acquisition&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; method of accounting is used to account for the acquisition of subsidiaries by &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Tenaris&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;. The cost of an acquisition is measured as the fair value of the assets &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;transferred&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;, equity instruments issued and liabilities incurred or assumed at the date of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;exchange&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;. Acquisition-related costs are expensed as incurred.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Identifiable assets acquired&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;. Any non-controlling interest in the acquiree is measured either at fair value or at the non-controlling interest&amp;#8217;s proportionate share of the acquiree&amp;#8217;s net assets. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;The excess of the&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; aggregate of the&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;consideration transferred&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; and&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; the amount of any non-controlling interest in the acquiree&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;over the fair value of the identifiable net assets acquired is recorded as goodwill. If &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;this&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; is less than the fair value of the net assets of the subsidiary acquired, the difference is recognized directly in the&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Consolidated&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;I&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;ncome &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;S&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;tatement.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Contingent consideration is classified either as equity or a&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;a &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;financial liability. Amounts classified as a financial liability are subsequently remeasured to fair value with changes in fair value recognized in profit or loss.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;If the business combination is achieved in stages, the acquisition date carrying value of the acquirer&amp;#8217;s previously held equity interest in the acquire&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;e&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; is remeasured to fair value at the acquisition date. Any gains or losses arising from such remeasurement are recognized in profit or loss.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;T&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;ransactions with non-controlling interests &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;that do not result in a loss of control&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; are accounted&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;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.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;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 may mean that amounts previously recognized in other comprehensive income are reclassified to profit or loss. &lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Material intercompany transactions&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;balances &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;and unrealized gains (losses) on transactions &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;between Tenaris subsidiaries have been eliminated in consolidation. However, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;since&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; the functional currency of some subsidiaries &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;is &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;i&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;t&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;s respective local currency, some financial gains (losses) arising from intercompany transactions&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; are generated. These&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; are included in the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;C&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;onsolidated &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;I&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;ncome &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;S&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;tatement under &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt;Other f&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt;inancial results&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; -aw-import: spaces;"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt;(&lt;font&gt;2&lt;/font&gt;)&lt;/font&gt;&lt;font style="width: 21.84pt; display: inline-block;"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt;Non-consolidated companies&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 12pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Non-consolidated companies&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; are&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; all&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;entities&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; in which Tenaris &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;has significant influence but not control&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; generally accompanying a shareholding of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;between &lt;font style="border-left: none; border-right: none;"&gt;&lt;font&gt;20&lt;/font&gt;&lt;/font&gt;% and &lt;font style="border-left: none; border-right: none;"&gt;&lt;font&gt;50&lt;/font&gt;&lt;/font&gt;% of the voting rights.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Investments in &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;non-&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;consolidated companies&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;(associated &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;and joint ventures&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;)&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;are accounted for by the equity method of accounting and&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; are&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; initially recognized at cost.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;The Company&amp;#8217;s investment in &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;non-&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;consolidated companies&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; includes goodwill identified in acquisition, net of any accumulated impairment loss.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Under the equity method of accounting, the investments are initially recognized at cost and adjusted thereafter to recognize Tenaris&amp;#8217;s share of the post-acquisition profits or losses of the investee in profit or loss, and Tenaris&amp;#8217;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.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;If material, u&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;nrealized results on transactions between Tenaris and its &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;non-consolidated companies&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; are eliminated to the extent of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Tenaris&amp;#8217;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; interest in the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;non-consolidated companies&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Unreali&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;z&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;ed losses are also eliminated &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;unless the transaction provides evidence of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;an impairment &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;indicator &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;of the asset transferred. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Financial &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;tatements of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;non-consolidated companies &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;have been&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; adjusted&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; where necessary to ensure consistency with&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; IFRS&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;br/&gt;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;div style="border-right: none; border-left: none;"&gt;

&lt;/div&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt;(&lt;font&gt;2&lt;/font&gt;)&lt;/font&gt;&lt;font style="width: 24.34pt; display: inline-block;"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt;Non-consolidated companies (Cont.)&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;The Company&amp;#8217;s pro-rata share of earnings in non-consolidated companies is recorded in the Consolidated Income Statement under &lt;/font&gt;&lt;font style="font-family: 'Times New (W1)'; font-size: 10pt; font-style: italic;"&gt;Equity in earnings&lt;/font&gt;&lt;font style="font-family: 'Times New (W1)'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New (W1)'; font-size: 10pt; font-style: italic;"&gt;of non-consolidated companies&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;. The Company&amp;#8217;s pro-rata share of changes in other comprehensive income is recognized in the Consolidated Statement of Comprehensive Income.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt;Ternium&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;At December 31, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font style="border-left: none; border-right: none;"&gt;&lt;font&gt;20&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;, Tenaris h&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;e&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;ld &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;11.46&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;%&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Ternium S.A (&amp;#8220;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Ternium&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#8221;)&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#8217;s common stock&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;. The following factors and circumstances evidence that Tenaris has significant influence (as defined by IAS &lt;font style="border-left: none; border-right: none;"&gt;&lt;font&gt;28&lt;/font&gt;&lt;/font&gt;, &amp;#8220;Investments in &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;associates&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; companies&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;and Joint Ventures&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#8221;) &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;over Ternium&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;, and as a result the Company&amp;#8217;s investment in Ternium has been accounted for under the equity method:&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: spaces;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;ul style="margin: 0pt; padding-left: 0pt; margin-left: 2.58pt;" type="square"&gt;
&lt;li style="margin-left: 9.58pt; text-align: justify; line-height: 12pt; padding-left: 8.27pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Wingdings'; -aw-font-weight: normal; -aw-number-format: '&amp;#61607;';"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Both the Company and Ternium are under&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; the&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; indirect com&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;mon control of San Faustin S.A.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&amp;#8220;San Faustin&amp;#8221;)&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;;&lt;/font&gt;&lt;/li&gt;
&lt;li style="margin-left: 9.58pt; text-align: justify; line-height: 12pt; padding-left: 8.27pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Wingdings'; -aw-font-weight: normal; -aw-number-format: '&amp;#61607;';"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font style="border-left: none; border-right: none;"&gt;&lt;font&gt;Four&lt;/font&gt;&lt;/font&gt; out of&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font style="border-left: none; border-right: none;"&gt;&lt;font&gt;eight&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; members of Ternium&amp;#8217;s Board of D&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;irectors (including Ternium&amp;#8217;s &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;C&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;hairman) are also members of t&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;he Company&amp;#8217;s &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Board of D&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;irectors&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;;&lt;/font&gt;&lt;/li&gt;
&lt;li style="margin-left: 9.58pt; text-align: justify; line-height: 12pt; padding-left: 8.27pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Wingdings'; -aw-font-weight: normal; -aw-number-format: '&amp;#61607;';"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Under the shareholders&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&amp;#8217;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; agreement by and between &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;the Company and Techint Holdings S.&amp;#224;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;r.l, a wholly owned subsidiary of San Faustin &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;and Ternium&amp;#8217;s main shareholder, dated January 9, 2006, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Techint Holdings&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;S.&amp;#224;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;r.l, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;is required to take actions within its power to cause&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (a) &lt;font style="border-left: none; border-right: none;"&gt;&lt;font&gt;one&lt;/font&gt;&lt;/font&gt; of the members of Ternium&amp;#8217;s &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Board of D&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;irectors to be nominated by &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;the Company&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and (b) any director nominated by &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;the Company&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; to be only removed &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;from Ternium&amp;#8217;s Board of D&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;irectors pursuant to previous written instructions of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;the Company&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;/li&gt;
&lt;/ul&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 12pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt;Usiminas&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;At December 31, 2020, Tenaris he&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;ld, through its Brazilian subsidiary Confab Industrial S.A. (&amp;#8220;Confab&amp;#8221;), &lt;font&gt;36.5&lt;/font&gt; million ordinary shares and &lt;font&gt;1.3&lt;/font&gt; million preferred shares of Usinas Sider&amp;#250;rgicas de Minas Gerais S.A. - Usiminas (&amp;#8220;Usiminas&amp;#8221;), representing &lt;/font&gt;&lt;font style="border-right: none; border-left: none;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font style="border-left: none; border-right: none;"&gt;&lt;font&gt;5.19&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;% of its shares with voting rights and &lt;font&gt;3.07&lt;/font&gt;% of its total share capital. &lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Confab&amp;#8217;s acquisition of the Usiminas shares was part of a larger transaction performed on January 16, 2012, pursuant to which Tenaris&amp;#8217;s affiliate Ternium (through certain of its subsidiaries) and Confab acquired a large block of Usiminas ordinary shares and joined Usiminas&amp;#8217; existing control group. Subsequently, in &lt;font style="border-left: none; border-right: none;"&gt;&lt;font&gt;2016&lt;/font&gt;&lt;/font&gt;, Ternium and Confab subscribed to additional ordinary shares and to preferred shares.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: spaces;"&gt;&amp;nbsp;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;At December 31, 202&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font style="border-left: none; border-right: none;"&gt;&lt;font&gt;0&lt;/font&gt;&lt;/font&gt;, the Usiminas control group he&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;ld, in the aggregate, &lt;font&gt;483.6&lt;/font&gt; million ordinary shares bound to the Usiminas shareholders&amp;#8217; agreement, representing approximately &lt;font&gt;68.6&lt;/font&gt;% of Usiminas&amp;#8217; voting capital. The Usiminas control group, which is bound by a long-term shareholders&amp;#8217; agreement that governs the rights and obligations of Usiminas&amp;#8217; control group members, is currently composed of &lt;font style="border-left: none; border-right: none;"&gt;&lt;font&gt;three&lt;/font&gt;&lt;/font&gt; sub-groups: the T/T Group, comprising Confab and certain Ternium entities; the NSC Group, comprising Nippon Steel Corporation (&amp;#8220;NSC&amp;#8221;), Metal &lt;font style="border-left: none; border-right: none;"&gt;&lt;font&gt;One&lt;/font&gt;&lt;/font&gt; Corporation and Mitsubishi Corporation; and Usiminas&amp;#8217; pension fund Previd&amp;#234;ncia Usiminas. The T/T Group holds approximately &lt;font&gt;47.1&lt;/font&gt;% of the total shares held by the control group (&lt;font&gt;39.5&lt;/font&gt;% corresponding to the Ternium entities and the other &lt;font&gt;7.6&lt;/font&gt;% corresponding to Confab); the NSC Group holds approximately &lt;font&gt;45.9&lt;/font&gt;% of the total shares held by the control group; and Previd&amp;#234;ncia Usiminas holds the remaining &lt;font&gt;7&lt;/font&gt;%.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;The corporate governance rules reflected in the Usiminas shareholders agreement include, among others, an alternation mechanism for the nomination of each of the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;C&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;hief &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;E&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;xecutive &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;O&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;fficer&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&amp;#8220;CEO&amp;#8221;)&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; and the C&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;hairman of the board of directors of Usiminas, as well as a mechanism for the nomination of other members of Usiminas&amp;#8217; executive board. The Usiminas shareholders agreement also provides for an exit mechanism consisting of a buy-and-sell procedure&amp;#8212;exercisable at any time after November 16, 2022 and applicable with respect to shares held by NSC and the T/T Group&amp;#8212;, which would allow either Ternium or NSC to purchase all or a majority of the Usiminas shares held by the other shareholder. &lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Confab and the Ternium entities party to the Usiminas shareholders agreement have a separate shareholders agreement governing their respective rights and obligations as members of the T/T Group. Such separate agreement includes, among others, provisions granting Confab certain rights relating to the T/T Group&amp;#8217;s nomination of Usiminas&amp;#8217; officers and directors under the Usiminas shareholders agreement. Those circumstances evidence that Tenaris has significant influence over Usiminas, and consequently, Tenaris accounts for its investment in Usiminas under the equity method (as defined by IAS &lt;font style="border-left: none; border-right: none;"&gt;&lt;font&gt;28&lt;/font&gt;&lt;/font&gt;).&lt;/font&gt;&lt;/p&gt;

&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt;Techgen&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Techgen S.A. de C.V. (&amp;#8220;Techgen&amp;#8221;)&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;, which operates an electric power plant in Mexico,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; is a joint venture company owned &lt;font&gt;48&lt;/font&gt;% by Ternium, &lt;font&gt;30&lt;/font&gt;% by Tecpetrol International S.A.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&amp;#8220;Tecpetrol&amp;#8221;)&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; and &lt;font&gt;22&lt;/font&gt;% by Tenaris. Tenaris, Ternium and Tecpetrol are parties to a shareholders&amp;#8217; agreement relating to the governa&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;nce of Techgen. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;T&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;he Company, Ternium and Tecpetrol are under the indirect com&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;mon control of San Faustin&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; consequently&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Tenaris&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; account&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; it&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;s interest &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;in Techgen &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;under the equity method (as defined by IAS &lt;font style="border-left: none; border-right: none;"&gt;&lt;font&gt;28&lt;/font&gt;&lt;/font&gt;).&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt;Global Pipe Company&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Global Pipe Company (&amp;#8220;GPC&amp;#8221;) &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;is a Saudi-German joint venture, established in &lt;font style="border-left: none; border-right: none;"&gt;&lt;font&gt;2010&lt;/font&gt;&lt;/font&gt; and located in Jubail&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Saudi Arabia&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;, which manufactures LSAW pipes. Tenaris, through its subsidiary Saudi Steel Pipe Company (&amp;#8220;SSPC&amp;#8221;), currently owns &lt;font&gt;35&lt;/font&gt;% of the share capital of GPC. Through the shareholders agreement, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;SSPC&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; is entitled to choose &lt;font&gt;one&lt;/font&gt; of the &lt;font&gt;five&lt;/font&gt; members of the Board of Directors of GPC&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;In addition, SSPC has the ability to block any shareholder resolution&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;. Based on the facts stated above, the Company has determined that it has signifi&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;cant influence over this entity and accounts for its investment in GPC under the equity method (as defined by IAS &lt;font style="border-left: none; border-right: none;"&gt;&lt;font&gt;28&lt;/font&gt;&lt;/font&gt;).&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Tenaris carries its investment&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;s in non consolidated companies&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;under &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;the equity method, with &lt;font&gt;no&lt;/font&gt; 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&amp;#8217;s carrying amount may not be recoverable. At December 31, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font style="border-left: none; border-right: none;"&gt;&lt;font&gt;2020&lt;/font&gt;&lt;/font&gt;, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font style="border-left: none; border-right: none;"&gt;&lt;font&gt;2019&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; and&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font style="border-left: none; border-right: none;"&gt;&lt;font&gt;2018&lt;/font&gt;&lt;/font&gt;, &lt;font&gt;no&lt;/font&gt; impairment provisions were recorded in any of the aforementioned investments. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;See n&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;ote &lt;font&gt;1&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;3&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;.&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;C&lt;/font&gt;&lt;font style="width: 28.78pt; display: inline-block;"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;Segment information&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 12pt;"&gt; &lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 12pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;The Company is organized in &lt;font&gt;one&lt;/font&gt; major business segment, Tubes, which is also the reportable operating segment.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;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 (&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#8220;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;OCTG&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#8221;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;) 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 &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;are &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;made through local subsidiaries.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Corporate general and administrative expenses have been allocated to the Tubes segment.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Others include&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; all other business activities and operating segments that are not required to be separately reported, including the production and selling of sucker rods, industrial equipment, coiled tubing&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;utility conduits&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10.5pt;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;for buildings&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; heat exchangers,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;energy&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; and &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;raw materials that exceed internal requirements. &lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Tenaris&amp;#8217;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Chief Operating Decision Maker (&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#8220;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;C&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;O&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;DM&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#8221;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;) 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:&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;ul style="margin: 0pt; padding-left: 0pt; margin-left: 2.58pt;" type="square"&gt;
&lt;li style="margin-left: 9.58pt; text-align: justify; line-height: 12pt; padding-left: 8.27pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Wingdings'; -aw-font-weight: normal; -aw-number-format: '&amp;#61607;';"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The use of direct cost methodology to calculate the inventories, while under IFRS &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;it &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;is at full cost, including absorption of production overheads and depreciation&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;;&lt;/font&gt;&lt;/li&gt;
&lt;li style="margin-left: 9.58pt; text-align: justify; line-height: 12pt; padding-left: 8.27pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Wingdings'; -aw-font-weight: normal; -aw-number-format: '&amp;#61607;';"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The use of costs based on previously internally defined cost estimates, while, under IFRS, costs are calculated at historical cost&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;;&lt;/font&gt;&lt;/li&gt;
&lt;li style="margin-left: 9.58pt; text-align: justify; line-height: 12pt; padding-left: 8.27pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Wingdings'; -aw-font-weight: normal; -aw-number-format: '&amp;#61607;';"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Other timing differences, if any.&lt;/font&gt;&lt;/li&gt;
&lt;/ul&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;T&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;enaris&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; presents&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; its geographical information in &lt;font style="border-left: none; border-right: none;"&gt;&lt;font&gt;five&lt;/font&gt;&lt;/font&gt; areas:&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; North America,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; South America, Europe, Middle East and Afri&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;ca&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; and &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Asia Pacific&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;. For purposes of reporting geographical information, net sales are &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;allocated&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; to geographical areas based on the customer&amp;#8217;s location; allocation of assets&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; capital expenditures and associated depreciation&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; and amortization&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; are based on the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;geographical&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; location of the assets&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;.&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;br/&gt;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;div style="border-right: none; border-left: none;"&gt;

&lt;/div&gt;
&lt;/div&gt;
&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt; padding-top: 5pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;D&lt;/font&gt;&lt;font style="width: 28.78pt; display: inline-block;"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;Foreign &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;c&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;urrency &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;t&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;ranslation&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-left: 35.45pt; margin-bottom: 0pt; text-indent: -35.45pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt;(&lt;font&gt;1&lt;/font&gt;)&lt;/font&gt;&lt;font style="font: 7pt 'Times New Roman'; -aw-import: spaces;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt;Functional&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt; and presentation&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt; currency&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-left: 54pt; margin-bottom: 0pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;IAS &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;21&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;(&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;revised&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;)&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#8220;The effects of changes in foreign exchange rates&amp;#8221; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;defines the functional currency as the currency of the primary economic environment in which &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;an &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;entity operates.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;The functional &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;and presentation &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;curren&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;c&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;y of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;the Company &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;is the U.S. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;dollar&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;. The U.S. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;d&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;ollar&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; is the currency that best reflects the economic substance of the underlying events and circumstances relevant to &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Tenaris&amp;#8217;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; global operations. &lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Except f&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;or&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; the Brazilian and Italian subsidiaries whose functional currenci&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;es are their local currencies, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Tenaris determined that the functional currency of its&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; other subsidiaries &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;is the U.S. dollar, based on the following principal considerations&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;:&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;ul style="margin: 0pt; padding-left: 0pt; margin-left: 2.58pt;" type="square"&gt;
&lt;li style="margin-left: 9.58pt; text-align: justify; line-height: 12pt; padding-left: 8.27pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Wingdings'; -aw-font-weight: normal; -aw-number-format: '&amp;#61607;';"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;S&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;ales are mainly negotiated, denominated and settled in U.S. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;dollar&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;. If priced in a currency other than the U.S. dollar, the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;sales &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;price &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;may consider&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; exposure to fluctuation in the exchange rate versus the U.S. dollar;&lt;/font&gt;&lt;/li&gt;
&lt;li style="margin-left: 9.58pt; text-align: justify; line-height: 12pt; padding-left: 8.27pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Wingdings'; -aw-font-weight: normal; -aw-number-format: '&amp;#61607;';"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;P&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;rices of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;their &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;critical raw materials and inputs are priced and&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;/&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;or&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; settled in U.S. dollars; &lt;/font&gt;&lt;/li&gt;
&lt;li style="margin-left: 9.58pt; text-align: justify; line-height: 12pt; padding-left: 8.27pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Wingdings'; -aw-font-weight: normal; -aw-number-format: '&amp;#61607;';"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Transaction&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and operational&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; environment and the cash flow &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;of these &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;operations ha&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;ve&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; the U.S&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;. dollar&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; as reference currency;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;/li&gt;
&lt;li style="margin-left: 9.58pt; text-align: justify; line-height: 12pt; padding-left: 8.27pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Wingdings'; -aw-font-weight: normal; -aw-number-format: '&amp;#61607;';"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;S&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;ignificant level of integration of the l&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;ocal operations within &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Tenaris&amp;#8217;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;international &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;global distribution network&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;;&lt;/font&gt;&lt;/li&gt;
&lt;li style="margin-left: 9.58pt; text-align: justify; line-height: 12pt; padding-left: 8.27pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Wingdings'; -aw-font-weight: normal; -aw-number-format: '&amp;#61607;';"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;N&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;et financial assets and liabilities are mainly received and maintained in U.S. dollars;&lt;/font&gt;&lt;/li&gt;
&lt;li style="margin-left: 9.58pt; text-align: justify; line-height: 12pt; padding-left: 8.27pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Wingdings'; -aw-font-weight: normal; -aw-number-format: '&amp;#61607;';"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The exchange rate of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;certain legal currencies&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;has long-been affected by recurring and seve&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;re economic crise&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;s.&lt;/font&gt;&lt;/li&gt;
&lt;/ul&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt;(&lt;font&gt;2&lt;/font&gt;)&lt;/font&gt;&lt;font style="width: 24.34pt; display: inline-block;"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt;Transactions in currencies other than the functional currency&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;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 valuati&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;on where items are re-measured.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;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&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; the fair value was determined.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;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 &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt;Other financial results&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; in the Consolidated Income Statement, except when deferred in equity as qualifying cash flow hedges and qu&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;alifying net investment hedges.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt;(&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt;&lt;font&gt;3&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt;)&lt;/font&gt;&lt;font style="width: 24.34pt; display: inline-block;"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt;Translation of financial &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt;information &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt;in currencies other than the functional currency&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Results of operations for&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; subsidiar&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;i&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;es &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;whose functional &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;currencies are&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; not &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;the U.S. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;d&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;ollar&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; are translated into U.S. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;dollars&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; at the average exchange rates for &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;each quarter of the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;year&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Financial s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;tatement &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;position&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;s are translated at the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;year&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;-end&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;exchange rates. Translation differences are recognized in &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;a separate component of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;equity&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; as &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;currency &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;translation adjustments&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;. In the case of a sale or other dispos&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;al&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; of any of such subsidiaries&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;, any accumulated translation difference&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; would be&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; recognized in income as &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;a&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; gain or loss &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;f&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;rom&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;sale.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Goodwill and fair value adjustments arising &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;from&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; the acquisition of a foreign operation are treated as assets and liabilities of the foreign operation and translated at the closing rate.&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-left: 36pt; margin-bottom: 0pt; text-indent: -36pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;div style="border-right: none; border-left: none;"&gt;

&lt;/div&gt;
&lt;/div&gt;
&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt; padding-top: 5pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;E&lt;/font&gt;&lt;font style="width: 29.33pt; display: inline-block;"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;Property, plant and equipment&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 12pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Property, plant and equipment are recognized at historical acquisition or construction cost&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; less accumulated depreciation&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; and impairment losses&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;. H&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;istorical cost includes expenditure that is directly attributable to the acquisition of the items&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Property&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;p&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;lant&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; and &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;e&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;quipment acquired through&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;acquisitions accounted for as &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;business &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;combination&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;s &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;have been valued &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;initially &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;at the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;fair &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;market &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;value of the assets &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;acquired.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Major overhaul and rebuilding expenditures&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; are capitalized as property, plant and equipment only when &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;it is probable that future economic benefits associated with&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; the item will flow to the Company&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; and &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;the investment enhances the condition of assets beyond its original condition.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; The carrying amount of the replaced part is derecognized&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;M&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;aintenance expenses on manufacturing properties are recorded as cost of products sold in the year in which they are incurred.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Cost may also include transfers fro&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;m equity of any gains or losses&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; on qualifying cash flow hedges of foreign currency purchases of property, plant and equipment. &lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;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&lt;/font&gt;&lt;font style="font-family: 'Times New (W1)'; font-size: 10pt;"&gt; IAS &lt;font&gt;23&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New (W1)'; font-size: 10pt;"&gt;(R)&lt;/font&gt;&lt;font style="font-family: 'Times New (W1)'; font-size: 10pt;"&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New (W1)'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New (W1)'; font-size: 10pt;"&gt;&amp;#8220;Borrowing Cost&lt;/font&gt;&lt;font style="font-family: 'Times New (W1)'; font-size: 10pt;"&gt;s&lt;/font&gt;&lt;font style="font-family: 'Times New (W1)'; font-size: 10pt;"&gt;&amp;#8221;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;A&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;ssets for which borrowing costs are capitalized are those that require a substantial period of time to prepare for their intended use.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;The d&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;epreciation method is reviewed at each year end. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Depreciation&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;is calculated using the straight-line method to &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;depreciate &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;the cost of each asset to its residual value over its estimated useful life&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;, as follows:&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;table style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; height: 58px; width: 100%;" width="100%" cellspacing="0" cellpadding="0"&gt;

&lt;tr style="height: 16px;"&gt;
&lt;td style="width: 4.92%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 54.22%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt; Land &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 40.86%; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt; No Depreciation &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px;"&gt;
&lt;td style="width: 4.92%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 54.22%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt; Buildings and improvements&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 40.86%; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt; &lt;font style="border-right: none; border-left: none;"&gt;&lt;font&gt;30&lt;/font&gt;&lt;/font&gt;-&lt;font&gt;50&lt;/font&gt; years &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px;"&gt;
&lt;td style="width: 4.92%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 54.22%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt; Plant and production equipment&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 40.86%; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt; &lt;font&gt;10&lt;/font&gt;-&lt;font&gt;40&lt;/font&gt; years &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="width: 4.92%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 54.22%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt; Vehicles, furniture and fixtures, and other equipment &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 40.86%; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px;"&gt;&lt;font&gt;4&lt;/font&gt; -&lt;font&gt;10&lt;/font&gt; years&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;The&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; assets&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#8217;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;residual values and useful lives of significant plant and &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;production &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;equipment are reviewed&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; and adjusted&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; if appropriate, at each year-end&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;date. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;An asset&amp;#8217;s carrying amount is written down immediately to its recoverable amount if the asset&amp;#8217;s carrying amount is greater than its estimated recoverable amount.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New (W1)'; font-size: 10pt;"&gt;Management&amp;#8217;s re&lt;/font&gt;&lt;font style="font-family: 'Times New (W1)'; font-size: 10pt;"&gt;-&lt;/font&gt;&lt;font style="font-family: 'Times New (W1)'; font-size: 10pt;"&gt;estimation of asset&lt;/font&gt;&lt;font style="font-family: 'Times New (W1)'; font-size: 10pt;"&gt;s&lt;/font&gt;&lt;font style="font-family: 'Times New (W1)'; font-size: 10pt;"&gt; useful &lt;/font&gt;&lt;font style="font-family: 'Times New (W1)'; font-size: 10pt;"&gt;lives&lt;/font&gt;&lt;font style="font-family: 'Times New (W1)'; font-size: 10pt;"&gt;, performed &lt;/font&gt;&lt;font style="font-family: 'Times New (W1)'; font-size: 10pt;"&gt;in accordance with IAS &lt;font&gt;16&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New (W1)'; font-size: 10pt;"&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New (W1)'; font-size: 10pt;"&gt; &amp;#8220;Property&lt;/font&gt;&lt;font style="font-family: 'Times New (W1)'; font-size: 10pt;"&gt;, Plant and E&lt;/font&gt;&lt;font style="font-family: 'Times New (W1)'; font-size: 10pt;"&gt;quipment&amp;#8221;&lt;/font&gt;&lt;font style="font-family: 'Times New (W1)'; font-size: 10pt;"&gt;, &lt;/font&gt;&lt;font style="font-family: 'Times New (W1)'; font-size: 10pt;"&gt;resulted in additional depreciation expenses for &lt;font&gt;2020&lt;/font&gt; of $&lt;/font&gt;&lt;font style="font-family: 'Times New (W1)'; font-size: 10pt;"&gt;&lt;font&gt;45&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New (W1)'; font-size: 10pt;"&gt; million&lt;/font&gt;&lt;font style="font-family: 'Times New (W1)'; font-size: 10pt;"&gt; and &lt;/font&gt;&lt;font style="font-family: 'Times New (W1)'; font-size: 10pt;"&gt;did not materially affect depreciation expense&lt;/font&gt;&lt;font style="font-family: 'Times New (W1)'; font-size: 10pt;"&gt;s&lt;/font&gt;&lt;font style="font-family: 'Times New (W1)'; font-size: 10pt;"&gt; for &lt;/font&gt;&lt;font style="font-family: 'Times New (W1)'; font-size: 10pt;"&gt;&lt;font&gt;201&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New (W1)'; font-size: 10pt;"&gt;&lt;font&gt;9&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New (W1)'; font-size: 10pt;"&gt; and &lt;font&gt;201&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New (W1)'; font-size: 10pt;"&gt;&lt;font&gt;8&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New (W1)'; font-size: 10pt;"&gt;.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;T&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;enaris&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; depreciates each significant part of an item of property, plant and equipment &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;for its different production facilities &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;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.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Gains and losses on disposals are determined by comparing the proceeds with the carrying amount of assets and are recognized under &lt;/font&gt;&lt;font style="font-family: 'Times New (W1)'; font-size: 10pt; font-style: italic;"&gt;Other operating income &lt;/font&gt;&lt;font style="font-family: 'Times New (W1)'; font-size: 10pt;"&gt;or &lt;/font&gt;&lt;font style="font-family: 'Times New (W1)'; font-size: 10pt; font-style: italic;"&gt;Other operating &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt;expenses&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; in the Consolidated Income Statement.&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 12pt; font-weight: bold; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;F&lt;/font&gt;&lt;font style="width: 29.89pt; display: inline-block;"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;Intangible assets&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt;(&lt;font&gt;1&lt;/font&gt;)&lt;/font&gt;&lt;font style="width: 24.34pt; display: inline-block;"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt;Goodwill &lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Goodwill represents the excess of the acquisition cost &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;over the fair value of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Tenaris&amp;#8217;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; share of net identifiable assets acquired as part of business combinations determined mainly by independent valuations. Goodwill is tested &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;at least &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;annually for impairment and carried at cost less accumulated impairment losses. Impairment losses on goodwill are not reversed. Goodwill is included &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;in&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; the Consolidated Statement of Financial Position under &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt;Intangible assets, net.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;For the purpose of impairment testing, g&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;oodwill is allocated to a &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;cash generating unit (&amp;#8220;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;CGU&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#8221;)&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; or group of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;CGUs&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; that are expected to benefit from the business combination which generated the goodwill being tested.&lt;/font&gt;&lt;/p&gt;

&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt;(&lt;font&gt;2&lt;/font&gt;)&lt;/font&gt;&lt;font style="width: 24.34pt; display: inline-block;"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt;Information systems projects&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;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 &lt;font style="border-left: none; border-right: none;"&gt;&lt;font&gt;one&lt;/font&gt;&lt;/font&gt; year and comply with the recognition criteria of IAS &lt;font&gt;38&lt;/font&gt;, &lt;/font&gt;&lt;font style="font-family: 'Times New (W1)'; font-size: 10pt;"&gt;&amp;#8220;Intangible Assets&amp;#8221;.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Information systems projects recognized as assets are amortized using the straight-line method over their useful lives, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;generally &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;not exceeding a period of &lt;font&gt;3&lt;/font&gt; years. Amortization charges are &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;mainly &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;classified as &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt;Selling, general and administrative expenses&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; in the&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Consolidated&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;I&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;ncome &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;S&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;tatement.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New (W1)'; font-size: 10pt;"&gt;Management&amp;#8217;s re-estimation of assets useful lives, performed in accordance with IAS &lt;font&gt;38&lt;/font&gt;, &lt;/font&gt;&lt;font style="font-family: 'Times New (W1)'; font-size: 10pt;"&gt;resulted in additional amortization expenses for &lt;font&gt;2020&lt;/font&gt; of $&lt;/font&gt;&lt;font style="font-family: 'Times New (W1)'; font-size: 10pt;"&gt;&lt;font&gt;11.1&lt;/font&gt; million&lt;/font&gt;&lt;font style="font-family: 'Times New (W1)'; font-size: 10pt;"&gt; and did not materially affect amortization expenses for &lt;font&gt;2019&lt;/font&gt; and &lt;font&gt;2018&lt;/font&gt;.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 12pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt;(&lt;font&gt;3&lt;/font&gt;)&lt;/font&gt;&lt;font style="width: 24.34pt; display: inline-block;"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt;Licenses, patents, trademarks and proprietary technology &lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;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 not exceed a period of &lt;font&gt;10&lt;/font&gt; years.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Amortization charges are mainly classified as &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt;Selling, general and administrative expenses&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; in the Consolidated Income Statement.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;The balance of acquired t&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;rademarks&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; that have indefinite useful lives according to external appraisal&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; amo&lt;font&gt;unt&lt;/font&gt;&lt;/font&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; to&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;$&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;86.7&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;" class="selected"&gt; &lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;m&lt;/font&gt;illion&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; at December 31, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;, &lt;font&gt;201&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;9&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; and &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;201&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;8&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;and are &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;included in Hydril CGU&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;. Main factors considered in the determination of the&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; indefinite useful lives&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; include the years that &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;they have&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; been in service and &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;their &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;recognition among customers in the industry.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; line-height: 10pt;"&gt;&lt;font style="font-family: 'MS Shell Dlg'; font-size: 10pt; font-style: italic; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New (W1)'; font-size: 10pt;"&gt;Management&amp;#8217;s re-estimation of assets useful lives, performed in accordance with IAS &lt;font&gt;38&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New (W1)'; font-size: 10pt;"&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New (W1)'; font-size: 10pt;"&gt; did no&lt;/font&gt;&lt;font style="font-family: 'Times New (W1)'; font-size: 10pt;"&gt;t materially affect amortization&lt;/font&gt;&lt;font style="font-family: 'Times New (W1)'; font-size: 10pt;"&gt; expenses for &lt;font&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New (W1)'; font-size: 10pt;"&gt;&lt;font&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New (W1)'; font-size: 10pt;"&gt;, &lt;font&gt;201&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New (W1)'; font-size: 10pt;"&gt;&lt;font&gt;9&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New (W1)'; font-size: 10pt;"&gt; and &lt;font&gt;201&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New (W1)'; font-size: 10pt;"&gt;&lt;font&gt;8&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New (W1)'; font-size: 10pt;"&gt;.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; line-height: 10pt;"&gt;&lt;font style="font-family: 'MS Shell Dlg'; font-size: 10pt; font-style: italic; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt;(&lt;font&gt;4&lt;/font&gt;)&lt;/font&gt;&lt;font style="width: 24.34pt; display: inline-block;"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt;Research and development&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 12pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;Research expenditures as well as &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;development costs that do not fulfill the criteria for capitalization are recorded as &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt;Cost of sales&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; in the Consolidated Income Statement as incurred. Research and development expenditures included in &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt;Cost of sales&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; for the years &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;20&lt;/font&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;201&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;9&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; and &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;201&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;8&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; totaled $&lt;font&gt;41.8&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;million, $&lt;font&gt;61.1&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; million and $&lt;font&gt;63.4&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;million, respectively.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Capitalized costs were not material for the years &lt;font&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;, &lt;font&gt;201&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;9&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; and &lt;font&gt;201&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;8&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-left: 36pt; margin-bottom: 0pt; text-indent: -36pt; text-align: justify; line-height: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; letter-spacing: -0.1pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-left: 36pt; margin-bottom: 0pt; text-indent: -36pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; letter-spacing: -0.1pt;"&gt;(&lt;font&gt;5&lt;/font&gt;) &lt;/font&gt;&lt;font style="width: 21.84pt; text-indent: 0pt; display: inline-block;"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; letter-spacing: -0.1pt;"&gt;Customer relationship&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; letter-spacing: -0.1pt;"&gt;s&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0.85pt 0pt 13.9pt; line-height: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; letter-spacing: -0.1pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-right: 0.9pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;In accordance with IFRS &lt;font&gt;3&lt;/font&gt;, "Business Combinations" and IAS &lt;font&gt;38&lt;/font&gt;, Tenaris has recognized the value of customer relationships separately from goodwill attributable to the acquisition of Maverick&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt; Tube Corporation (&amp;#8220;Maverick&amp;#8221;)&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt; and Hydril&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt; Company (&amp;#8220;Hydril&amp;#8221;)&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt; groups, as well as the more recent acquisi&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;tion&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt; of S&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;audi &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;S&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;teel &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;P&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;ipes (&amp;#8220;SSPC&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;&amp;#8221;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;) and Ipsco Tubulars Inc. (&amp;#8220;IPSCO&amp;#8221;)&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-right: 0.85pt; margin-bottom: 0pt; text-align: justify; line-height: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-right: 0.9pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;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 &lt;font&gt;14&lt;/font&gt; years for Maverick, &lt;font&gt;10&lt;/font&gt; y&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;ears for Hydril&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt; &lt;font&gt;9&lt;/font&gt; years for &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;SSP&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;C and &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;&lt;font&gt;3&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt; year&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt; for IPSCO&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-right: 0.85pt; margin-bottom: 0pt; text-align: justify; line-height: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt; widows: 0; orphans: 0;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;In &lt;font&gt;2018&lt;/font&gt; the Company reviewed the useful life of Maverick&amp;#8217;s Tubes customer relationships and decided to reduce the remaining useful life from &lt;font&gt;2&lt;/font&gt; years to &lt;font&gt;zero&lt;/font&gt;, consequently a higher amortization charge of approximately $&lt;font&gt;109&lt;/font&gt; million was recorded in the Consolidated Income Statement under &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; letter-spacing: -0.1pt;"&gt;Selling, general and administrative expenses&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt; for the year ended December 31, 2018.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 10pt; widows: 0; orphans: 0;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;As o&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;f December 31, 20&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;&lt;font&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt; the net book&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt; value of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;IPSCO&amp;#8217;s customer relationship amounts &lt;font&gt;to $&lt;/font&gt;&lt;font&gt;51.3&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;&lt;font&gt;&amp;nbsp;with&lt;/font&gt; a residual life of &lt;font&gt;2&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt; years, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;SSP&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;C&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;&amp;#8217;s customer relationship amounts to&lt;font&gt; $&lt;/font&gt;&lt;font&gt;63.8&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;&lt;font&gt;&amp;nbsp;mill&lt;/font&gt;ion, with a residual useful life of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;&lt;font&gt;7&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt; years&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;, w&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;hile &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;Maverick&amp;#8217;s &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;and&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt; Hydril&amp;#8217;s customer relationships &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;are&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt; fully amortized.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New (W1)'; font-size: 10pt;"&gt;Management&amp;#8217;s re-estimation of assets useful lives, performed in accordance with IAS &lt;font&gt;38&lt;/font&gt;, did not materially affect&lt;/font&gt;&lt;font style="font-family: 'Times New (W1)'; font-size: 10pt;"&gt; amortization expenses for &lt;font&gt;2020&lt;/font&gt; and&lt;/font&gt;&lt;font style="font-family: 'Times New (W1)'; font-size: 10pt;"&gt; &lt;font&gt;2019&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New (W1)'; font-size: 10pt;"&gt;.&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New (W1)'; font-size: 10pt;"&gt;&lt;br/&gt;&lt;/font&gt;&lt;/p&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt; padding-top: 5pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;G&lt;/font&gt;&lt;font style="width: 28.22pt; display: inline-block;"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;Right-of-use assets and lease liabilities&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;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&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; term on a straight-line basis.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;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.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be determined, the lessee&amp;#8217;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 wit&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;h similar terms and conditions.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;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.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-left: 28.05pt; margin-bottom: 0pt; text-indent: -28.05pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Payments associated with short-term leases and leases of low-value assets are recognize&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;d on a straight-line basis as&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; expenses in profit or loss. Short-term leases are leases with a lease term of &lt;font&gt;12&lt;/font&gt; months o&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;r less.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;In determining the lease term, management considers all facts and circumstances that create an economic incentive to exercise an extension option, or not 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 not terminated).&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;H&lt;/font&gt;&lt;font style="width: 28.22pt; display: inline-block;"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;Impairment of non-financial assets&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Long-lived assets including identifiable intangible assets are reviewed for impairment at the lowest level for which there are separately identifiable cash flows (CGU). Most of the Company&amp;#8217;s principal subsidiaries that constitute a CGU have a single main production facility and, accordingly, each of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;such subsidiaries&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; represents the lowest level of asset aggregation that generates largely independent cash inflows.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Assets that are subject to amortization &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;or depreciation &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Intangible assets with indefinite useful lives, including goodwill, are subject to at least an annual impairment test.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Or more frequently if events or circumstances indicate that the carrying amount value may be impaired.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;In assessing whether there is any indication that a CGU may 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&amp;#8217;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&amp;#8217;s customers and the evolution of the rig count.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 12pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;An impairment loss is recognized for the amount by which the asset&amp;#8217;s carrying amount exceeds its recoverable amount. The recoverable amount is the higher between the asset&amp;#8217;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:&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-left: 28.35pt; margin-bottom: 0pt; text-indent: -14.15pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;(a) first, to reduce the carrying amount of any goodwill allocated to the CGU; and&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-left: 28.35pt; margin-bottom: 0pt; text-indent: -14.15pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;(b) 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 not to reduce the carrying amount of the asset below the highest of its fair value less cost of disposal, its value in use or &lt;font&gt;zero&lt;/font&gt;.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;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.&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;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.&lt;/font&gt;&lt;br/&gt;&lt;/p&gt;

&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Non-financial assets other than goodwill that suffered an impairment are reviewed for possible reversal at each reporting date.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; For more information on impairment charges see note &lt;font&gt;5&lt;/font&gt;.&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;I&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;font style="width: 29.61pt; display: inline-block;"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;Other &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;i&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;nvestments&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;O&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;ther investments consist primarily of investments in financial instruments&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; and time deposits with a maturity of more than &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;three&lt;/font&gt; months&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; at the date of purchase&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Certain non-derivative financ&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;ial assets that the Company held not for trading&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; have been categorized as &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;financial assets &amp;#8220;at &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;fair value through other comprehensive income&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#8221; (&amp;#8220;FV&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;OCI&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#8221;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;)&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;. They are carried at &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;fair value&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; and &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;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 &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;C&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;onsolidated &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;S&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;tatement of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;C&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;omprehensive &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Income and transferred to the C&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;onsolidated &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;I&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;ncome &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;S&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;tatement when the financial asset is sold. Exchange gains and losses and impairments related to the financial assets are immediately recognized in the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;C&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;onsolidated &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;I&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;ncome &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;S&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;tatement. F&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;V&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;OCI&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; instruments with maturities greater than &lt;font&gt;12&lt;/font&gt; months after the balance sheet date a&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;re included in&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; non-current assets&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;O&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;ther investments in financial instruments and time deposits are categorized as financial assets &amp;#8220;at fair value through profit or loss&amp;#8221; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;(&amp;#8220;FVPL&amp;#8221;) &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;because such investments are held for trading and &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;their&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; performance is evaluated on a fair value basis&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;. The results of these investments are recognized in &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt;Financial Results&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; in the Consolidated Income Statement.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Purchases and sales of financial investments are recognized as of the&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;ir&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;settlement&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; date&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;The fair values of quoted investments are &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;generally &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;based on current bid prices. If the market for a financial investment is not active or the securities are not listed, Tenaris estimates the fair value by using standard valuation techniques&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;. S&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;ee Sectio&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;n III Financial Risk Management&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;.&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;J&lt;/font&gt;&lt;font style="width: 31pt; display: inline-block;"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;Inventories&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;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&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;, freights&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; and other direct costs and related production overhead costs, and it excludes borrowing costs. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;The a&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;llocation of fixed production costs&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;, including depreciation and amortization charges,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; is based on&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; the&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; normal&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; level of production capacity. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Inventories&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; cost is mainly based on &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;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. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;G&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;oods in transit &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;as of&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; year-&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;end are valued based on &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;supplier&amp;#8217;s invoice cost.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;T&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;enaris&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; establish&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;es&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; a&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;n allowance for &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;obsolete or &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;slow-moving inventories&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; related to finished goods&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;goods in proc&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;ess, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;supplies and spare parts&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;For slow moving or obsolete finished product&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;, an allowance is established &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;based on management&amp;#8217;s analysis of product aging&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;An allowance for&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; obsolete and&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; slow-moving inventory &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;sup&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;plies and spare parts &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;is &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;established&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; based on management's analysis of such &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;item&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;s to be used&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; as intended &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;and the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;consideration of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;potential obsolescence due to technological changes&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; aging and consumption patterns&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;.&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;K&lt;/font&gt;&lt;font style="width: 28.22pt; display: inline-block;"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;Trade &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;and other &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;receivables&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;Trade and other receivables are recognized initially at&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt; fair value that corresponds to&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt; the amount of consideration that is unconditional unless they contain significant financing c&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;omponents. The Company holds&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt; trade receivables with the objective to collect the contractual cash flows and therefore measu&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;res them subsequently at amortiz&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;ed cost using the effective interest method. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;Due to the short-term nature, their carrying amount is considered to be the same as their fair value&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;Tenaris applies the&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt; IFRS &lt;font&gt;9&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt; &amp;#8220;Financial Instruments&amp;#8221;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;simplified approach to measure&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt; expected credit losses&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt; 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 &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;&lt;font&gt;three&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;years&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt; and the corresponding historical credit losses exp&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;erienced within this period. The expected loss allowance also&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt; reflect&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt; current and forward-looking information on macroeconomic factors affecting the ability&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt; of&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;each &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;custo&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;mer to settle the receivables.&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;&lt;br/&gt;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;div style="border-right: none; border-left: none;"&gt;

&lt;/div&gt;
&lt;/div&gt;
&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt; padding-top: 5pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;L&lt;/font&gt;&lt;font style="width: 29.33pt; display: inline-block;"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;Cash and cash equivalents&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;Cash and cash equi&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;valents are comprised of cash at&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt; banks, liquidity funds and short-term investments with a maturity of less than &lt;font&gt;three&lt;/font&gt; 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 &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;approximates fair market value.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;In the Consolidated Statement of Financial Position, bank overdrafts are included in &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; letter-spacing: -0.1pt;"&gt;Borrowings&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt; in current liabilities.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;For the purposes of the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;Consolidated Statement of C&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;ash &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;F&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;low&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; letter-spacing: -0.1pt;"&gt;C&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; letter-spacing: -0.1pt;"&gt;ash and cash equivalents&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt; includes &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;overdrafts&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;.&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;M&lt;/font&gt;&lt;font style="width: 26.56pt; display: inline-block;"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;E&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;quity&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt;(&lt;font&gt;1&lt;/font&gt;)&lt;/font&gt;&lt;font style="width: 24.34pt; display: inline-block;"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt;Equity&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt; components&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;The &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;C&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;onsolidated &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;S&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;tatement of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;C&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;hanges in &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;E&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;quity include&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;:&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;ul style="margin: 0pt; padding-left: 0pt; margin-left: 2.58pt;" type="square"&gt;
&lt;li style="margin-left: 9.58pt; text-align: justify; line-height: 12pt; padding-left: 8.42pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Wingdings'; -aw-font-weight: normal; -aw-number-format: '&amp;#61607;';"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The value of share capital, legal reserve&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;share premium&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and other distributable reserve&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;calculated &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;in accordance with Luxembourg l&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;aw;&lt;/font&gt;&lt;/li&gt;
&lt;li style="margin-left: 9.58pt; text-align: justify; line-height: 12pt; padding-left: 8.42pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Wingdings'; -aw-font-weight: normal; -aw-number-format: '&amp;#61607;';"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The currency translation adjustment&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;other reserves,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; retained earnings&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;non-controlling&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; interest&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;calculated in accordance with&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; IFRS.&lt;/font&gt;&lt;/li&gt;
&lt;/ul&gt;
&lt;p style="margin-top: 0pt; margin-left: 18pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 12pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-left: 36pt; margin-bottom: 0pt; text-indent: -36pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt;(&lt;font&gt;2&lt;/font&gt;)&lt;/font&gt;&lt;font style="font: 7pt 'Times New Roman'; -aw-import: spaces;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt;Share cap&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt;it&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt;al&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;The Company has an authorized share capital of a single class of &lt;font&gt;2.5&lt;/font&gt; billion shares having a nominal value of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;$&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;1.00&lt;/font&gt; per share. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Total ordinary shares issued and outstanding as of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;December 31, 20&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;, &lt;font&gt;201&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;9&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; and &lt;font&gt;201&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;8&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;are&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;1,180,536,830&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;with a par value of $&lt;font&gt;1.00&lt;/font&gt; per share with &lt;font&gt;one&lt;/font&gt; vote each.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; All issued shares are fully paid.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 12pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-left: 36pt; margin-bottom: 0pt; text-indent: -36pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt;(&lt;font&gt;3&lt;/font&gt;)&lt;/font&gt;&lt;font style="font: 7pt 'Times New Roman'; -aw-import: spaces;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt;Dividends distribution by the Company to shareholders &lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-left: 36pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: Arial; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Dividends distributions are recorded in the Company&amp;#8217;s financial statements when Company&amp;#8217;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.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Dividends may be paid by the Company to the extent that it has distributable retained earnings, calculated in accordance with Luxembourg law. S&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;ee n&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;ote &lt;font&gt;26&lt;/font&gt; (iii).&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;N&lt;/font&gt;&lt;font style="width: 28.78pt; display: inline-block;"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;Borrowings&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;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.&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;O&lt;/font&gt;&lt;font style="width: 28.22pt; display: inline-block;"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;Current and d&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;eferred income tax&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;The income tax expense or credit for the period is the tax payable on the current period&amp;#8217;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 &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;other comprehensive income or directly in equity.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;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&amp;#8217;s subsidiaries operate and generate taxable income. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;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.&lt;/font&gt;&lt;/p&gt;

&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Deferred income tax is recognized applying the liability method on temporary differences arising between the tax bas&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;e&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;s of assets and liabilities and their carrying amounts in the financial statements. The temporary differences arise &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;mainly &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;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. &lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation and considers whether it is probable that a taxation authority will accept an uncertain tax treatment. The Company measures its tax balances either based on the most likely amount or the expected value, depending on which method provides a better prediction of the resolution of the uncertainty.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Deferred tax assets are recognized to the extent&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; that&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; it is probable that future taxable income will be available&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; against which the te&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;mporary differences can be utiliz&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;ed.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;At the end of each reporting period, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Tenaris&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; reassesses &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;unrecognized&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; deferred tax assets. T&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;enaris&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;recognizes&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; a previously &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;unrecognized&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; deferred tax asset to the extent that it has become probable that future taxable &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;income&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; will allow the deferred tax asset to be recovered.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Deferred tax liabilities and assets are not recognized for temporary differences between the carrying amount and t&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;ax basi&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;s 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 not reverse in the foreseeable future.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;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.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Deferred tax assets &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;and liabilities are re-measured&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; if tax rates change. These amounts &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;are charged or credited to the Consolidated Income Statement or to the item &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt;O&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt;ther co&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt;mprehensive income for the year&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;in the C&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;onsolidated &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;S&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;tatement of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Comprehensive I&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;ncome, depending on the account to which the original &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;amount was charged or credited.&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;P&lt;/font&gt;&lt;font style="width: 29.89pt; display: inline-block;"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;Employee benefits&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 12pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-left: 22.5pt; margin-bottom: 0pt; text-indent: -22.5pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt;(&lt;font&gt;1&lt;/font&gt;)&lt;/font&gt;&lt;font style="font: 7pt 'Times New Roman'; -aw-import: spaces;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt;Short-term obligations&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-left: 36pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Liabilities for wages and salaries are recognized in respect of employees&amp;#8217; 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.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-left: 22.5pt; margin-bottom: 0pt; text-indent: -22.5pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt;(&lt;font&gt;2&lt;/font&gt;)&lt;/font&gt;&lt;font style="font: 7pt 'Times New Roman'; -aw-import: spaces;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt;Post employment benefits&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-left: 22.5pt; margin-bottom: 0pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;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 &lt;font&gt;one&lt;/font&gt; or more factors such as age, years of service and compensation.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;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. &lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Remeasurement gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to equity in &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt;Other comprehensive income&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; in the period in which they arise. Past-service costs are recognized immediately in the Income Statement.&lt;/font&gt;&lt;/p&gt;

&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 12pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-left: 36pt; margin-bottom: 0pt; text-indent: -36pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt;(&lt;font&gt;2&lt;/font&gt;)&lt;/font&gt;&lt;font style="font: 7pt 'Times New Roman'; -aw-import: spaces;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt;Post employment benefits (Cont.)&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;For defined benefit plans, net interest income&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;/&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;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 no 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. &lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Tenaris sponsors funded and unfunded defined benefit pension plans in certain subsidiaries. The most significant are: &lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;ul style="margin: 0pt; padding-left: 0pt; margin-left: 2.58pt;" type="square"&gt;
&lt;li style="margin-left: 9.58pt; text-align: justify; line-height: 12pt; padding-left: 8.27pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Wingdings'; -aw-font-weight: normal; -aw-number-format: '&amp;#61607;';"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;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&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;As of December 31, 20&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; the outstanding liabil&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;ity for this plan amounts to $&lt;font&gt;36.9&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; million.&lt;/font&gt;&lt;/li&gt;
&lt;/ul&gt;
&lt;p style="margin-top: 0pt; margin-left: 18pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;ul style="margin: 0pt; padding-left: 0pt; margin-left: 2.58pt;" type="square"&gt;
&lt;li style="margin-left: 9.58pt; text-align: justify; line-height: 12pt; padding-left: 8.27pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Wingdings'; -aw-font-weight: normal; -aw-number-format: '&amp;#61607;';"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Employees&amp;#8217; service rescission indemnity&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;:&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;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 ac&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;crued for employees at &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Tenaris&amp;#8217;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Italian subsidiary. As from January 1, 2007 as a consequence of a change in an Italian law, employees were entitled to make contributions to external funds, thus, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Tenaris&amp;#8217;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Italian subsidiary pays every year the required contribution to the funds with no 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 &lt;font&gt;2007&lt;/font&gt; onwards.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;As of December 31, 20&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; the outstanding &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;liabil&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;ity for this plan amounts to $&lt;font&gt;17.3&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&amp;nbsp;million.&lt;/font&gt;&lt;/li&gt;
&lt;/ul&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;ul style="margin: 0pt; padding-left: 0pt; margin-left: 2.58pt;" type="square"&gt;
&lt;li style="margin-left: 9.58pt; text-align: justify; line-height: 12pt; padding-left: 8.27pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Wingdings'; -aw-font-weight: normal; -aw-number-format: '&amp;#61607;';"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Funded retirement benefit plan held in the US for the benefit of some employees hir&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;ed prior a certain date,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; 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&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;funds. Additionally, an unfunded postretirement health and life plan&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; is present&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; that offers limited medical and life insurance benefits to the retirees, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;frozen to new participants&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; A&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;s of December 31, 20&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; the outstanding&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;liabil&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;ity for these&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; plan&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; amounts to&lt;font&gt; $&lt;/font&gt;&lt;font&gt;13.6&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;&amp;nbsp;m&lt;/font&gt;illion.&lt;/font&gt;&lt;/li&gt;
&lt;/ul&gt;
&lt;p style="margin-top: 0pt; margin-left: 36pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: Arial; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;ul style="margin: 0pt; padding-left: 0pt; margin-left: 2.58pt;" type="square"&gt;
&lt;li style="margin-left: 9.58pt; text-align: justify; line-height: 12pt; padding-left: 8.27pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Wingdings'; -aw-font-weight: normal; -aw-number-format: '&amp;#61607;';"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;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 June 2016 the salary plan was frozen for the purposes of credited service as well as determination of final average pay. As of December 31, 2020 the outstanding liability for this plan amount&lt;font&gt;s to $&lt;/font&gt;&lt;font&gt;10.6&lt;/font&gt;&lt;font&gt; millio&lt;/font&gt;n.&lt;/font&gt;&lt;/li&gt;
&lt;/ul&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-left: 22.5pt; margin-bottom: 0pt; text-indent: -22.5pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt;(&lt;font&gt;3&lt;/font&gt;)&lt;/font&gt;&lt;font style="font: 7pt 'Times New Roman'; -aw-import: spaces;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt;Other long term benefits &lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;During &lt;font&gt;2007&lt;/font&gt;, Tenaris launched an&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;employee retention and long term incentive program&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; letter-spacing: -0.1pt;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;(the &amp;#8220;Program&amp;#8221;) 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 &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Tenaris&amp;#8217;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; shareholders&amp;#8217; equity (excluding non-cont&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;rolling interest). &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Also&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; t&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;he 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. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Until &lt;font&gt;2017&lt;/font&gt; u&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;nits &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;were &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;vest&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;ed&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; ratably over&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; a period of &lt;font&gt;four&lt;/font&gt; years and were &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;mandatorily&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; redeemed by the Company &lt;font&gt;ten&lt;/font&gt; years after grant date, with the option of an early redemption at &lt;font&gt;seven&lt;/font&gt; years after&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; the&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; grant date.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Since&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;2018&lt;/font&gt; units &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;are &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;vest&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;ed&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; ratably over the same period and &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;are&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;mandatorily redeemed by the&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Company &lt;font&gt;seven&lt;/font&gt; years after grant date.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; The payment of the benefit is tied to the book value of the shares, and not to their market value.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Tenaris valued this long-term incentive program as a long term benefit plan as classified in IAS &lt;font&gt;19&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;#8220;Employee Benefits&amp;#8221;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;As of December 31, 20&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; and &lt;font&gt;201&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;9&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;, the outstanding liability corresponding to the Program amounts to $&lt;font&gt;82.4&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;million and $&lt;font&gt;99.0&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; million, respectively. The total value of the units granted &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;(vested and unvested) &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;to date under the program, considering the number of units and the book value p&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;er share as of December 31, 20&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; and &lt;font&gt;201&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;9&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;, is $&lt;font&gt;108.7&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;million and $&lt;font&gt;119.9&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;million, respectively.&lt;/font&gt;&lt;/p&gt;

&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 12pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-left: 22.5pt; margin-bottom: 0pt; text-indent: -22.5pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt;(&lt;font&gt;4&lt;/font&gt;)&lt;/font&gt;&lt;font style="font: 7pt 'Times New Roman'; -aw-import: spaces;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt;Termination benefits&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;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 &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;recognizes&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; termination benefits at the earlier of the following dates: (a) when it can no longer withdraw the offer of those benefits; and (b) when the costs for a restructuring that is within the scope of IAS &lt;font&gt;37&lt;/font&gt; 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.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 12pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-left: 18pt; margin-bottom: 0pt; text-indent: -18pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt;(&lt;font&gt;5&lt;/font&gt;)&lt;/font&gt;&lt;font style="font: 7pt 'Times New Roman'; -aw-import: spaces;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt;Other compensation obligations&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Employ&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;ee entitlements to annual leave, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;long-service leave&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;, sick leave and other bonuses and compensations&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; obligations&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; are accrued as earned.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="width: 66.55pt; display: inline-block; -aw-tabstop-align: left; -aw-tabstop-pos: 66.55pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Compensation to employees in the event of dismissal is charged to income in the year in which it becomes payable.&lt;/font&gt;&lt;/p&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;Q&lt;/font&gt;&lt;font style="width: 28.22pt; display: inline-block;"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;Provisions &lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Tenaris is subject to various claims, lawsuits and other legal proceedings, including customer claims, in which a third party is seeking payment for alleged damages, reimbursement for losses or indemnity. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Tenaris&amp;#8217;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; 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&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;, as a result of past events, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;a potential loss from a claim or proceeding is considered probable and the amount can be &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;reliably&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; estimated, a &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;provision &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;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 &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Tenaris&amp;#8217;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; litigation and settlement strategies. These estimates are primarily constructed with the assistance of legal counsel. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;As the scope of liabilities become better defined, there may be changes in the estimates of future costs &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;which could have a material adverse effect on its results of operations, financial condition and &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;cash flows.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 12pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;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.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;This note should be read in conjunction with &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;n&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;ote &lt;font&gt;2&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;6&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;.&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;R&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt; &lt;/font&gt;&lt;font style="width: 26.28pt; display: inline-block;"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;Trade and other payables &lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Trade and other payables are recognized initially at fair value, generally the nominal invoice amount and &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;subsequently measured at amortiz&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;ed cost. They are presented as current liabilities unl&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;ess payment is not due within &lt;font&gt;twelve&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; months after the reporting period.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Due to the short-term nature &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;t&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;heir carrying amount&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;are&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; considered to be the same as their fair value.&lt;/font&gt;&lt;/p&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;S&lt;/font&gt;&lt;font style="width: 30.44pt; display: inline-block;"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;Revenue recognition &lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Revenue comprises the fair value of the consideration received or receivable for the sale of goods and&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; rendering of&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; services in the ordinary course of Tenaris&amp;#8217;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.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Revenue is recognized at a point in time or &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;over&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; time from sales when control has been transferred and there is no unfulfilled performance obligation that could affect the acceptance of the product by the customer. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;The control &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;is&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; transfer&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;red&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;upon&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; delivery.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;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. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;These conditions are determined and ana&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;lyzed on a contract by contract&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; basis to ensure that all performance obligations are fulfilled&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;. I&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;n particular, Tenaris verifies customer acceptance of the goods, the satisfaction of delivery terms and any other applicable condition.&lt;/font&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;br/&gt;&lt;/font&gt;&lt;/p&gt;
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&lt;div style="border-right: none; border-left: none;"&gt;

&lt;/div&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;For bill and hold transactions&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; 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 &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;does not&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; have the ability to use the product or to direct it to another customer; (d&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;) the usual payment terms apply.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;The Company&amp;#8217;s contracts&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; with customers&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; do not 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 right&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; of return&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;are based o&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;n expected value considering past experience&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; and contract conditions.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: spaces;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;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 not directly observable, they are estimated based on the expected cost plus margin.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;There are no 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. &lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Tenaris provides services related to goods sold, which represent a non-material portion of sales revenue and &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;mainly &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;include:&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt;Pipe Management Services. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;This comprises mainly preparation of the pipes ready to be run, delivery to the customer, storage services and rig return.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt;Field Services. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Comprises&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;field technical support and running assistance.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;These services&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;are&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;rendered in connection to the sales of goods and&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; are&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; 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 no 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.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Revenue from providing services is recognized over time in the accounting period in which the services are rendered&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;. T&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;he following in&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;puts and outputs methods are applied&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; to recognize revenue&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; considering the nature&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; of service&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;:&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt;Storage services&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;, the C&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;ompany provides storage services in owned or third-party warehouses, subject to a variable fee&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; to be invoiced. T&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;his fe&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;e is determined based on the time that the customer maintains the material in the warehouse and th&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;e 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).&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt;Freights&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt;, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;the Company&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;recognized the revenue on a pro rata bases considering the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;units delivered and time&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; elapsed.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt;Field services&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;, the revenue i&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;s recognized considering output&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; method&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;, in particular surveys of service comple&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;tion provided by the customer.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;The Company does not 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 &lt;font&gt;one&lt;/font&gt; year. As a consequence,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; considering that the contracts do not include any significant financing component,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; the Company does not adjust any of the transaction pric&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;es for the time value of money. For this reason, the Company is also applying the practical expedient not to disclose details on transaction prices allocated to the remaining performance obligations as of the end of the reporting period.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Tenaris only provides standard quality warranties assuring that the goods sold will function as expected or are fit for their intended purpose, with no incremental service to the customer. Accordingly, warranties do not constitute a separate performance obligation.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Other revenues earned by Tenaris are recognized on the following basis:&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;ul style="margin: 0pt; padding-left: 0pt; margin-left: 2.58pt;" type="square"&gt;
&lt;li style="margin-left: 9.58pt; text-align: justify; line-height: 12pt; padding-left: 8.42pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Wingdings'; -aw-font-weight: normal; -aw-number-format: '&amp;#61607;';"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Interest income: on the effective yield basis. &lt;/font&gt;&lt;/li&gt;
&lt;li style="margin-left: 9.58pt; text-align: justify; line-height: 12pt; padding-left: 8.42pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Wingdings'; -aw-font-weight: normal; -aw-number-format: '&amp;#61607;';"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Dividend income from investments in other companies: when Tenaris&amp;#8217;s right to receive payment is established.&lt;/font&gt;&lt;/li&gt;
&lt;li style="margin-left: 9.58pt; text-align: justify; line-height: 12pt; padding-left: 8.42pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Wingdings'; -aw-font-weight: normal; -aw-number-format: '&amp;#61607;';"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Construction contracts &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;revenues is recognized in accordance with the stage of the project completion.&lt;/font&gt;&lt;/li&gt;
&lt;/ul&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;div&gt;
&lt;div style="border-right: none; border-left: none;"&gt;

&lt;/div&gt;
&lt;/div&gt;
&lt;div&gt;
&lt;h4 style="margin-top: 0pt; margin-bottom: 0pt; page-break-after: avoid; line-height: 12pt; padding-top: 5pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;T&lt;/font&gt;&lt;font style="width: 29.33pt; display: inline-block;"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Cost of sales and &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;other selling expenses&lt;/font&gt;&lt;/h4&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Cost of sales and &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;other selling&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;expenses are recognized in the&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Consolidated I&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;ncome &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;S&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;tatement on the accrual basis of accounting.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Commissions, freight&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;and other selling expenses&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;, including shipping and handling costs, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;are &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;recorded&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;in&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt;S&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt;elling, general and administrative expense&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;in the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Consolidated I&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;ncome &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;S&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;tatement&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;.&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;
&lt;h4 style="margin-top: 0pt; margin-bottom: 0pt; page-break-after: avoid; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/h4&gt;
&lt;div&gt;
&lt;h4 style="margin-top: 0pt; margin-bottom: 0pt; page-break-after: avoid; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;U&lt;/font&gt;&lt;font style="width: 28.78pt; display: inline-block;"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Earnings per share&lt;/font&gt;&lt;/h4&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Earnings per share are calculated by dividing the income attributable to &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;owners&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;of the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;parent&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;by the daily weighted average number of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;common&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; shares &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;outstanding&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; during the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;year&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;There are no dilutive potential ordinary shares.&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;h4 style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; page-break-after: avoid; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;V&lt;/font&gt;&lt;font style="width: 28.78pt; display: inline-block;"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;F&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;inancial instruments&lt;/font&gt;&lt;font style="font-family: 'Times New Roman Bold'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;/h4&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Non derivative financial instruments comprise investments in financial debt instruments and equity, time deposits, trade and other receivables, cash and cash equivalents, borrowing&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;s and trade and other payables.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;The Company classifies its financial instruments according to the following measurement categories:&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;ul style="margin: 0pt; padding-left: 0pt; margin-left: 2.58pt;" type="disc"&gt;
&lt;li style="margin-left: 9.6pt; text-align: justify; line-height: 12pt; padding-left: 4.6pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&amp;#61623;';"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;those to be measured subsequently at fair value (either through OCI or through profit or loss), and&lt;/font&gt;&lt;/li&gt;
&lt;li style="margin-left: 9.6pt; text-align: justify; line-height: 12pt; padding-left: 4.6pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&amp;#61623;';"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;those to be measured at amortised cost&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;/li&gt;
&lt;/ul&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;The classification depends on the Company&amp;#8217;s business model for managing the financial assets and contractual terms of the cash flows.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;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.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;At initial recognition, the Company measures a financial asset at its fair value plus, in the case of a financial asset not 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.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Subsequent measurement of debt instruments depends on the Company&amp;#8217;s business model for managing the asset and the cash flow characteristics of the asset. There are &lt;font&gt;three&lt;/font&gt; measurement categories into which the Company classifies its debt instruments:&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;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.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Exchange gains and losses and impairments related to the financial assets are immediately recognized in the Consolidated Income S&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;tatement.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Fair value through oth&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;er comprehensive income&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;: Assets that are held for collection of contractual cash flows and for selling the financial assets, where the assets&amp;#8217; 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.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Fai&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;r value through profit and loss&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;: Assets that do not 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.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;For equity instruments, these are subsequently measured at fair value.&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Accounting for derivative financial instruments and hedging activities is included within the Section III, Financial Risk Management.&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;
&lt;/div&gt;</ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory>
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  <ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory id="Tag156" contextRef="D20201231_3">&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt; padding-top: 5pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;G&lt;/font&gt;&lt;font style="width: 28.22pt; display: inline-block;"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;Right-of-use assets and lease liabilities&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;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&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; term on a straight-line basis.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;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.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be determined, the lessee&amp;#8217;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 wit&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;h similar terms and conditions.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;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.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-left: 28.05pt; margin-bottom: 0pt; text-indent: -28.05pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Payments associated with short-term leases and leases of low-value assets are recognize&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;d on a straight-line basis as&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; expenses in profit or loss. Short-term leases are leases with a lease term of &lt;font&gt;12&lt;/font&gt; months o&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;r less.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;In determining the lease term, management considers all facts and circumstances that create an economic incentive to exercise an extension option, or not 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 not terminated).&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;</ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory>
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  <ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities id="Tag486" contextRef="D20201231_3" unitRef="USD" decimals="-3">48553000</ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities>
  <ifrs-full:DividendsPaidClassifiedAsFinancingActivities id="Tag487" contextRef="D20201231_3" unitRef="USD" decimals="-3">82637000</ifrs-full:DividendsPaidClassifiedAsFinancingActivities>
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  <ifrs-full:BankOverdraftsClassifiedAsCashEquivalents id="Tag496" contextRef="I20201231" unitRef="USD" decimals="-3">98000</ifrs-full:BankOverdraftsClassifiedAsCashEquivalents>
  <ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities id="Tag497" contextRef="D20201231_3" unitRef="USD" decimals="-3">896986000</ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities>
  <ifrs-full:OtherAdjustmentsForNoncashItems id="Tag498" contextRef="D20201231_3" unitRef="USD" decimals="-3">42183000</ifrs-full:OtherAdjustmentsForNoncashItems>
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  <ifrs-full:CashAdvancesAndLoansMadeToRelatedParties id="Tag500" contextRef="D20181231" unitRef="USD" decimals="-3">14740000</ifrs-full:CashAdvancesAndLoansMadeToRelatedParties>
  <ifrs-full:PurchaseOfPropertyPlantAndEquipmentIntangibleAssetsOtherThanGoodwillInvestmentPropertyAndOtherNoncurrentAssets id="Tag501" contextRef="D20191231_3" unitRef="USD" decimals="-3">350174000</ifrs-full:PurchaseOfPropertyPlantAndEquipmentIntangibleAssetsOtherThanGoodwillInvestmentPropertyAndOtherNoncurrentAssets>
  <ifrs-full:AdjustmentsForUndistributedProfitsOfAssociates id="Tag502" contextRef="D20201231_3" unitRef="USD" decimals="-3">108799000</ifrs-full:AdjustmentsForUndistributedProfitsOfAssociates>
  <ifrs-full:ProceedsFromDisposalsOfPropertyPlantAndEquipmentIntangibleAssetsOtherThanGoodwillInvestmentPropertyAndOtherNoncurrentAssets id="Tag503" contextRef="D20191231_3" unitRef="USD" decimals="-3">2091000</ifrs-full:ProceedsFromDisposalsOfPropertyPlantAndEquipmentIntangibleAssetsOtherThanGoodwillInvestmentPropertyAndOtherNoncurrentAssets>
  <ifrs-full:CashFlowsFromUsedInOperatingActivities id="Tag504" contextRef="D20191231_3" unitRef="USD" decimals="-3">1527939000</ifrs-full:CashFlowsFromUsedInOperatingActivities>
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  <ifrs-full:PurchaseOfInterestsInAssociates id="Tag506" contextRef="D20201231_3" unitRef="USD" xsi:nil="true" />
  <ifrs-full:IncreaseDecreaseInWorkingCapital id="Tag507" contextRef="D20201231_3" unitRef="USD" decimals="-3">-1059135000</ifrs-full:IncreaseDecreaseInWorkingCapital>
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  <ts:NetDefinedContributionPlanLiabilityAssetAtEndOfPeriod id="Tag509" contextRef="I20201231_IT" unitRef="USD" decimals="-5">17300000</ts:NetDefinedContributionPlanLiabilityAssetAtEndOfPeriod>
  <ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition id="Tag510" contextRef="I20191231" unitRef="USD" decimals="-3">1554275000</ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition>
  <ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges id="Tag511" contextRef="D20191231_3" unitRef="USD" decimals="-3">1133789000</ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges>
  <ifrs-full:BankOverdraftsClassifiedAsCashEquivalents id="Tag512" contextRef="I20191231" unitRef="USD" decimals="-3">24000</ifrs-full:BankOverdraftsClassifiedAsCashEquivalents>
  <ifrs-full:IncreaseDecreaseInCashAndCashEquivalents id="Tag513" contextRef="D20191231_3" unitRef="USD" decimals="-3">1133789000</ifrs-full:IncreaseDecreaseInCashAndCashEquivalents>
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  <ifrs-full:DividendsPaidToNoncontrollingInterestsClassifiedAsFinancingActivities id="Tag515" contextRef="D20181231" unitRef="USD" decimals="-3">3498000</ifrs-full:DividendsPaidToNoncontrollingInterestsClassifiedAsFinancingActivities>
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  <ifrs-full:CashFlowsFromUsedInDecreaseIncreaseInShorttermDepositsAndInvestments id="Tag517" contextRef="D20201231_3" unitRef="USD" decimals="-3">-887216000</ifrs-full:CashFlowsFromUsedInDecreaseIncreaseInShorttermDepositsAndInvestments>
  <ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents id="Tag518" contextRef="D20191231_3" unitRef="USD" decimals="-3">6231000</ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents>
  <ifrs-full:AdjustmentsForDepreciationAndAmortisationExpense id="Tag519" contextRef="D20181231" unitRef="USD" decimals="-3">664357000</ifrs-full:AdjustmentsForDepreciationAndAmortisationExpense>
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  <ifrs-full:DividendsReceivedFromAssociatesClassifiedAsInvestingActivities id="Tag521" contextRef="D20201231_3" unitRef="USD" decimals="-3">278000</ifrs-full:DividendsReceivedFromAssociatesClassifiedAsInvestingActivities>
  <ifrs-full:DividendsPaidClassifiedAsFinancingActivities id="Tag522" contextRef="D20191231_3" unitRef="USD" decimals="-3">484020000</ifrs-full:DividendsPaidClassifiedAsFinancingActivities>
  <ifrs-full:DisclosureOfGeographicalAreasExplanatory id="Tag523" contextRef="D20201231_3">&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 99.836%; height: 434px;" width="100%"&gt;

&lt;tr style="height: 26px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 26px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (all amounts in thousands of U.S. dollars) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 26px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; height: 26px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; North America &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; height: 26px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; height: 26px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; South America &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; height: 26px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; height: 26px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; Europe &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 26px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; height: 26px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; Middle East &amp;amp; Africa &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; height: 26px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; height: 26px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; Asia Pacific &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; height: 26px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; height: 26px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; Unallocated (*) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; height: 26px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; height: 26px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; Total &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 26px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; Year ended December 31, 2020 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 34%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Net sales &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 2%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 7%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,179,949&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 2%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 7%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;776,235&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 2%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 7%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;642,793&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 2%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 8%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,227,532&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 2%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 7%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;320,225&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 2%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 7%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 2%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 7%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;5,146,734&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 2%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Total assets &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;8,071,574&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,868,458&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,461,738&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;804,559&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;552,508&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;957,352&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;13,716,189&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Trade receivables &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;411,692&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;115,972&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;139,427&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;210,194&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;90,863&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;968,148&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Property, plant and equipment, net &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;3,971,101&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,050,619&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;823,057&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;242,939&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;105,465&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;6,193,181&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Capital expenditures &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;71,531&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;63,111&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;39,691&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;10,452&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;8,537&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;193,322&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Depreciation and amortization &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;408,546&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;106,827&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;84,518&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;44,259&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;34,656&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;678,806&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; Year ended December 31, 2019 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Net sales &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;3,429,911&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,391,288&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;738,880&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,382,172&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;351,804&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;7,294,055&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Total assets &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;7,885,120&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,227,044&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,282,775&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;958,424&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;609,663&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;879,965&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;14,842,991&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Trade receivables &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;612,809&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;176,173&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;149,321&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;319,406&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;90,451&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,348,160&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Property, plant and equipment, net &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;3,771,570&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,129,260&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;816,721&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;254,858&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;117,608&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;6,090,017&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Capital expenditures &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;169,390&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;113,999&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;55,169&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;4,578&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;7,038&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;350,174&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Depreciation and amortization &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;276,046&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;105,308&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;82,400&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;42,520&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;33,247&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;539,521&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; Year ended December 31, 2018 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Net sales &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;3,611,509&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,462,044&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;724,733&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,559,988&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;300,314&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;7,658,588&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Total assets &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;7,971,311&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,489,522&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,913,589&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;588,746&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;482,563&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;805,568&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;14,251,299&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Trade receivables &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;791,190&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;280,801&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;215,202&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;383,358&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;66,815&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,737,366&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Property, plant and equipment, net &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;3,859,060&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,133,113&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;848,178&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;94,040&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;129,517&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;6,063,908&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Capital expenditures &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;196,220&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;68,603&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;77,467&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,047&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;5,136&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;349,473&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Depreciation and amortization &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;441,705&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;108,558&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;82,769&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
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  <ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory id="Tag585" contextRef="D20201231_3">&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-left: 22.5pt; margin-bottom: 0pt; text-indent: -22.5pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;&lt;font style="border-left: none; border-right: none;"&gt;1&lt;/font&gt;&lt;/font&gt;&lt;font style="font: 7pt 'Times New Roman'; -aw-import: spaces;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;Segment information&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 8pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;As mentioned in sectio&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;n II.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;C&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;, the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;S&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;egment &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;I&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;nformation is disclosed as follow&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;:&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt;Reportable operating segments&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;(All amounts in millions of U.S. dollars&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;)&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;br/&gt;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; height: 192px; width: 100.02%;" width="100%"&gt;

&lt;tr style="height: 10px;"&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; Year ended December 31, 2020 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 10px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; Tubes &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 10px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; Other &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 10px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; Total &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 13px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 13px; border-bottom: 2.8pt double #000000; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; IFRS - Net Sales &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; border-bottom: 2.8pt double #000000; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; border-bottom: 2.8pt double #000000; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; border-bottom: 2.8pt double #000000; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &lt;font&gt;4,844&lt;/font&gt; &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; border-bottom: 2.8pt double #000000; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; border-bottom: 2.8pt double #000000; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; border-bottom: 2.8pt double #000000; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; border-bottom: 2.8pt double #000000; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &lt;font&gt;303&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 13px; border-bottom: 2.8pt double #000000; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; border-bottom: 2.8pt double #000000; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; border-bottom: 2.8pt double #000000; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; border-bottom: 2.8pt double #000000; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &lt;font&gt;5,147&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 13px; border-bottom: 2.8pt double #000000; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 13px;"&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 13px; width: 61%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; Management view - operating (loss) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 13px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &amp;nbsp;(&lt;font&gt;277&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px; width: 1%;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &amp;nbsp;(&lt;font&gt;50&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px; width: 1%;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 13px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &amp;nbsp;(&lt;font&gt;327&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px; width: 1%;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 13px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Differences in cost of sales &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;(&lt;font&gt;138&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;4&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;(&lt;font&gt;134&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 13px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 13px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Differences in depreciation and amortization &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 13px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;(&lt;font&gt;1&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 13px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 13px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 13px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Differences in selling, general and administrative expenses &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;(&lt;font&gt;2&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;(&lt;font&gt;2&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 13px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 13px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Differences in other operating income (expenses), net &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;(&lt;font&gt;200&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 13px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 13px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;(&lt;font&gt;200&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 13px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 13px; background-color: #cceeff;"&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; IFRS - operating (loss) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &amp;nbsp;(&lt;font&gt;616&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &amp;nbsp;(&lt;font&gt;47&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &amp;nbsp;(&lt;font&gt;663&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 13px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 13px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Financial income (expense), net &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 13px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 13px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;(&lt;font&gt;65&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 13px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 13px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 13px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; (Loss) before equity in earnings of non-consolidated companies and income tax &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &amp;nbsp;(&lt;font&gt;728&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 13px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 13px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Equity in earnings of non-consolidated companies &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;109&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 13px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 13px; background-color: #cceeff;"&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; (Loss) before income tax &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &amp;nbsp;(&lt;font&gt;619&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 13px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 13px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"&gt; Capital expenditures &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"&gt; &lt;font&gt;189&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"&gt; &lt;font&gt;4&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt; &lt;font&gt;193&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 13px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 13px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"&gt; Depreciation and amortization &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"&gt; &lt;font&gt;661&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"&gt; &lt;font&gt;18&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt; &lt;font&gt;679&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 254px;" width="100%"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; Year ended December 31, 2019 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; Tubes &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; Other &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; Total &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; border-bottom: 2.8pt double #000000; height: 17px; background-color: #cceeff; width: 61%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; IFRS - Net Sales &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-bottom: 2.8pt double #000000; height: 17px; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-bottom: 2.8pt double #000000; height: 17px; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; border-bottom: 2.8pt double #000000; height: 17px; background-color: #cceeff; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &lt;font&gt;6,870&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-bottom: 2.8pt double #000000; height: 17px; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-bottom: 2.8pt double #000000; height: 17px; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-bottom: 2.8pt double #000000; height: 17px; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; border-bottom: 2.8pt double #000000; height: 17px; background-color: #cceeff; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &lt;font&gt;424&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-bottom: 2.8pt double #000000; height: 17px; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-bottom: 2.8pt double #000000; height: 17px; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-bottom: 2.8pt double #000000; height: 17px; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; border-bottom: 2.8pt double #000000; height: 17px; background-color: #cceeff; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &lt;font&gt;7,294&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-bottom: 2.8pt double #000000; height: 17px; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; Management view - operating income &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &lt;font&gt;857&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &lt;font&gt;73&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &lt;font&gt;930&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Differences in cost of sales &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;(&lt;font&gt;105&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;3&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;(&lt;font&gt;102&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Differences in depreciation and amortization &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;(&lt;font&gt;1&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;(&lt;font&gt;1&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Differences in selling, general and administrative expenses &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;(&lt;font&gt;1&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Differences in other operating income (expenses), net &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;6&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;6&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; IFRS - operating income &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &lt;font&gt;756&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &lt;font&gt;77&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &lt;font&gt;833&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Financial income (expense), net &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;19&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; Income before equity in earnings of non-consolidated companies and income tax &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &lt;font&gt;852&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Equity in earnings of non-consolidated companies &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;82&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; Income before income tax &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &lt;font&gt;934&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"&gt; Capital expenditures &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"&gt; &lt;font&gt;338&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"&gt; &lt;font&gt;12&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt; &lt;font&gt;350&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"&gt; Depreciation and amortization &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"&gt; &lt;font&gt;523&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"&gt; &lt;font&gt;17&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt; &lt;font&gt;540&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 221px;" width="100%"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; Year ended December 31, 2018 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; Tubes &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; Other &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; Total &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; border-bottom: 2.8pt double #000000; background-color: #cceeff; height: 17px; width: 61%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; IFRS - Net Sales &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-bottom: 2.8pt double #000000; background-color: #cceeff; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-bottom: 2.8pt double #000000; background-color: #cceeff; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; border-bottom: 2.8pt double #000000; background-color: #cceeff; height: 17px; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &lt;font&gt;7,233&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-bottom: 2.8pt double #000000; background-color: #cceeff; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-bottom: 2.8pt double #000000; background-color: #cceeff; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-bottom: 2.8pt double #000000; background-color: #cceeff; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; border-bottom: 2.8pt double #000000; background-color: #cceeff; height: 17px; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &lt;font&gt;426&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-bottom: 2.8pt double #000000; background-color: #cceeff; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-bottom: 2.8pt double #000000; background-color: #cceeff; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-bottom: 2.8pt double #000000; background-color: #cceeff; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; border-bottom: 2.8pt double #000000; background-color: #cceeff; height: 17px; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &lt;font&gt;7,659&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-bottom: 2.8pt double #000000; background-color: #cceeff; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; Management view - operating income &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &lt;font&gt;702&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &lt;font&gt;81&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &lt;font&gt;783&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Differences in cost of sales &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;112&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;7&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;119&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Differences in depreciation and amortization &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;(&lt;font&gt;34&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;(&lt;font&gt;34&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Differences in selling, general and administrative expenses &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;(&lt;font&gt;2&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;6&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;4&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; IFRS - operating income &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &lt;font&gt;778&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &lt;font&gt;94&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &lt;font&gt;872&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Financial income (expense), net &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;37&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; Income before equity in earnings of non-consolidated companies and income tax &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &lt;font&gt;909&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Equity in earnings of non-consolidated companies &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;194&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; Income before income tax &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &lt;font&gt;1,103&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"&gt; Capital expenditures &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"&gt; &lt;font&gt;346&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"&gt; &lt;font&gt;3&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt; &lt;font&gt;349&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"&gt; Depreciation and amortization &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"&gt; &lt;font&gt;645&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"&gt; &lt;font&gt;19&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt; &lt;font&gt;664&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;

&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Transactions between segments, which were eliminated in consolidation,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; are&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;mainly related to&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; sales of scrap&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, energy, surplus raw materials and others&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; from the Other segment to the Tubes segment for $&lt;/font&gt;&lt;font style="border-right: none; border-left: none;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font style="border-left: none; border-right: none;"&gt;&lt;font&gt;16.9&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, $&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font style="border-left: none; border-right: none;"&gt;&lt;font&gt;36.2&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;and &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;$&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font style="border-left: none; border-right: none;"&gt;&lt;font&gt;52.4&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&amp;nbsp;million&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; in &lt;font&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, &lt;font&gt;201&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;9&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and &lt;font&gt;201&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;8&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, respectively.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;There are no material differences between IFRS and management view in total revenues and by reportable segments.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;The main differences between operating income under IFRS view and the management view are mainly related to the cost of goods sold and other tim&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;ing differences. See Section II.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;C &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;- &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Segment Information. The main difference in Other operating income (expenses), net is attributable to the impairment of the goodwill, which residual value in the management view differs from IFRS.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;In addition to the amounts reconciled above, t&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;he 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&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;Geographical information&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 99.836%; height: 434px;" width="100%"&gt;

&lt;tr style="height: 26px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 26px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (all amounts in thousands of U.S. dollars) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 26px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; height: 26px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; North America &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; height: 26px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; height: 26px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; South America &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; height: 26px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; height: 26px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; Europe &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 26px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; height: 26px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; Middle East &amp;amp; Africa &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; height: 26px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; height: 26px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; Asia Pacific &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; height: 26px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; height: 26px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; Unallocated (*) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; height: 26px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; height: 26px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; Total &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 26px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; Year ended December 31, 2020 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 34%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Net sales &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 2%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 7%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,179,949&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 2%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 7%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;776,235&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 2%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 7%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;642,793&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 2%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 8%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,227,532&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 2%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 7%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;320,225&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 2%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 7%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 2%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 7%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;5,146,734&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 2%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Total assets &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;8,071,574&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,868,458&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,461,738&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;804,559&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;552,508&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;957,352&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;13,716,189&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Trade receivables &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;411,692&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;115,972&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;139,427&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;210,194&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;90,863&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;968,148&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Property, plant and equipment, net &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;3,971,101&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,050,619&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;823,057&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;242,939&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;105,465&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;6,193,181&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Capital expenditures &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;71,531&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;63,111&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;39,691&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;10,452&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;8,537&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;193,322&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Depreciation and amortization &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;408,546&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;106,827&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;84,518&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;44,259&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;34,656&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;678,806&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; Year ended December 31, 2019 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Net sales &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;3,429,911&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,391,288&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;738,880&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,382,172&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;351,804&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;7,294,055&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Total assets &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;7,885,120&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,227,044&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,282,775&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;958,424&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;609,663&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;879,965&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;14,842,991&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Trade receivables &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;612,809&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;176,173&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;149,321&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;319,406&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;90,451&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,348,160&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Property, plant and equipment, net &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;3,771,570&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,129,260&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;816,721&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;254,858&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;117,608&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;6,090,017&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Capital expenditures &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;169,390&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;113,999&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;55,169&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;4,578&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;7,038&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;350,174&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Depreciation and amortization &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;276,046&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;105,308&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;82,400&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;42,520&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;33,247&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;539,521&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; Year ended December 31, 2018 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Net sales &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;3,611,509&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,462,044&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;724,733&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,559,988&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;300,314&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;7,658,588&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Total assets &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;7,971,311&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,489,522&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,913,589&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;588,746&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;482,563&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;805,568&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;14,251,299&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Trade receivables &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;791,190&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;280,801&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;215,202&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;383,358&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;66,815&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,737,366&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Property, plant and equipment, net &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;3,859,060&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,133,113&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;848,178&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;94,040&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;129,517&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;6,063,908&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Capital expenditures &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;196,220&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;68,603&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;77,467&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,047&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;5,136&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;349,473&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Depreciation and amortization &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;441,705&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;108,558&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;82,769&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;10,389&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;20,936&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;664,357&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;(*) &lt;font&gt;For &lt;/font&gt;&lt;/font&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;2020&lt;/font&gt;, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;2019&lt;/font&gt; and &lt;font&gt;2018&lt;/font&gt; includes &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-style: italic;"&gt;Investment&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-style: italic;"&gt;s in non-consolidated companies&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;. See n&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;ote &lt;font&gt;13&lt;/font&gt;.&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;

&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;There are no revenues from external customers attributable to the Company&amp;#8217;s country of incorporation (Luxembourg). &lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;The principal countries from which the C&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;ompany derives its revenues are&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; USA (&lt;font&gt;26&lt;/font&gt;%), Mexico, Argentina, Canada, Saudi Arabia, Brazil and Italy.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Revenue is mainly recognized at a point in time to direct customers, when control has been transferred and there is no unfulfilled performance obligation that could affect the acceptance of the product by the customer. Revenues related to governmental institutions represents approximately &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font style="border-left: none; border-right: none;"&gt;&lt;font&gt;24&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;%&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;21&lt;/font&gt;% and &lt;font&gt;15&lt;/font&gt;% in &lt;font&gt;2020&lt;/font&gt;, &lt;font&gt;2019&lt;/font&gt; and &lt;font&gt;2018&lt;/font&gt; respectively.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Tubes segment revenues by market:&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100.02%; height: 86px;" width="100%"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; Revenues Tubes (in millions of U.S. dollars) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &lt;font&gt;2020&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &lt;font&gt;2019&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &lt;font&gt;2018&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 55%; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Oil and Gas &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 12%; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;font&gt;4,073&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 12%; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;font&gt;5,757&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 12%; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;font&gt;6,042&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Hydrocarbon Processing and Power Generation &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;font&gt;371&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;font&gt;534&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;font&gt;602&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Industrial and Other &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;font&gt;400&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;font&gt;579&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;font&gt;589&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; Total &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &lt;font&gt;4,844&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &lt;font&gt;6,870&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &lt;font&gt;7,233&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;At December &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;31, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;, &lt;font&gt;201&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;9&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; and &lt;font&gt;201&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;8&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;, the Company recognized contract liabilities related to customer&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; advances in the amount of $&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font style="border-left: none; border-right: none;"&gt;&lt;font&gt;48.7&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;, $&lt;font style="border-left: none; border-right: none;"&gt;&lt;font&gt;82.7&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;and $&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font style="border-left: none; border-right: none;"&gt;&lt;font&gt;62.7&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;million, respectively. These amounts related to years &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;2019&lt;/font&gt; and &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;2018&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;were reclassified to revenues during the subsequent year. In these periods, no significant adjustment in revenues were performed related to performance obligations previously satisfied.&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;</ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory>
  <ifrs-full:DisclosureOfOperatingSegmentsExplanatory id="Tag586" contextRef="D20201231_3">&lt;div&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; height: 192px; width: 100.02%;" width="100%"&gt;

&lt;tr style="height: 10px;"&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; Year ended December 31, 2020 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 10px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; Tubes &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 10px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; Other &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 10px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; Total &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 13px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 13px; border-bottom: 2.8pt double #000000; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; IFRS - Net Sales &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; border-bottom: 2.8pt double #000000; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; border-bottom: 2.8pt double #000000; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; border-bottom: 2.8pt double #000000; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &lt;font&gt;4,844&lt;/font&gt; &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; border-bottom: 2.8pt double #000000; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; border-bottom: 2.8pt double #000000; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; border-bottom: 2.8pt double #000000; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; border-bottom: 2.8pt double #000000; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &lt;font&gt;303&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 13px; border-bottom: 2.8pt double #000000; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; border-bottom: 2.8pt double #000000; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; border-bottom: 2.8pt double #000000; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; border-bottom: 2.8pt double #000000; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &lt;font&gt;5,147&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 13px; border-bottom: 2.8pt double #000000; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 13px;"&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 13px; width: 61%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; Management view - operating (loss) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 13px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &amp;nbsp;(&lt;font&gt;277&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px; width: 1%;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &amp;nbsp;(&lt;font&gt;50&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px; width: 1%;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 13px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &amp;nbsp;(&lt;font&gt;327&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px; width: 1%;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 13px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Differences in cost of sales &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;(&lt;font&gt;138&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;4&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;(&lt;font&gt;134&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 13px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 13px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Differences in depreciation and amortization &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 13px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;(&lt;font&gt;1&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 13px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 13px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 13px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Differences in selling, general and administrative expenses &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;(&lt;font&gt;2&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;(&lt;font&gt;2&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 13px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 13px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Differences in other operating income (expenses), net &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;(&lt;font&gt;200&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 13px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 13px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;(&lt;font&gt;200&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 13px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 13px; background-color: #cceeff;"&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; IFRS - operating (loss) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &amp;nbsp;(&lt;font&gt;616&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &amp;nbsp;(&lt;font&gt;47&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &amp;nbsp;(&lt;font&gt;663&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 13px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 13px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Financial income (expense), net &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 13px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 13px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;(&lt;font&gt;65&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 13px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 13px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 13px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; (Loss) before equity in earnings of non-consolidated companies and income tax &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &amp;nbsp;(&lt;font&gt;728&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 13px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 13px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Equity in earnings of non-consolidated companies &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;109&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 13px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 13px; background-color: #cceeff;"&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; (Loss) before income tax &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &amp;nbsp;(&lt;font&gt;619&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 13px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 13px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"&gt; Capital expenditures &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"&gt; &lt;font&gt;189&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"&gt; &lt;font&gt;4&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt; &lt;font&gt;193&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 13px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 13px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"&gt; Depreciation and amortization &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"&gt; &lt;font&gt;661&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"&gt; &lt;font&gt;18&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt; &lt;font&gt;679&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 254px;" width="100%"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; Year ended December 31, 2019 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; Tubes &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; Other &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; Total &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; border-bottom: 2.8pt double #000000; height: 17px; background-color: #cceeff; width: 61%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; IFRS - Net Sales &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-bottom: 2.8pt double #000000; height: 17px; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-bottom: 2.8pt double #000000; height: 17px; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; border-bottom: 2.8pt double #000000; height: 17px; background-color: #cceeff; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &lt;font&gt;6,870&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-bottom: 2.8pt double #000000; height: 17px; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-bottom: 2.8pt double #000000; height: 17px; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-bottom: 2.8pt double #000000; height: 17px; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; border-bottom: 2.8pt double #000000; height: 17px; background-color: #cceeff; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &lt;font&gt;424&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-bottom: 2.8pt double #000000; height: 17px; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-bottom: 2.8pt double #000000; height: 17px; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-bottom: 2.8pt double #000000; height: 17px; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; border-bottom: 2.8pt double #000000; height: 17px; background-color: #cceeff; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &lt;font&gt;7,294&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-bottom: 2.8pt double #000000; height: 17px; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; Management view - operating income &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &lt;font&gt;857&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &lt;font&gt;73&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &lt;font&gt;930&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Differences in cost of sales &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;(&lt;font&gt;105&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;3&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;(&lt;font&gt;102&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Differences in depreciation and amortization &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;(&lt;font&gt;1&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;(&lt;font&gt;1&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Differences in selling, general and administrative expenses &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;(&lt;font&gt;1&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Differences in other operating income (expenses), net &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;6&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;6&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; IFRS - operating income &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &lt;font&gt;756&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &lt;font&gt;77&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &lt;font&gt;833&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Financial income (expense), net &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;19&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; Income before equity in earnings of non-consolidated companies and income tax &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &lt;font&gt;852&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Equity in earnings of non-consolidated companies &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;82&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; Income before income tax &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &lt;font&gt;934&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"&gt; Capital expenditures &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"&gt; &lt;font&gt;338&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"&gt; &lt;font&gt;12&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt; &lt;font&gt;350&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"&gt; Depreciation and amortization &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"&gt; &lt;font&gt;523&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"&gt; &lt;font&gt;17&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt; &lt;font&gt;540&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 221px;" width="100%"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; Year ended December 31, 2018 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; Tubes &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; Other &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; Total &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; border-bottom: 2.8pt double #000000; background-color: #cceeff; height: 17px; width: 61%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; IFRS - Net Sales &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-bottom: 2.8pt double #000000; background-color: #cceeff; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-bottom: 2.8pt double #000000; background-color: #cceeff; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; border-bottom: 2.8pt double #000000; background-color: #cceeff; height: 17px; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &lt;font&gt;7,233&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-bottom: 2.8pt double #000000; background-color: #cceeff; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-bottom: 2.8pt double #000000; background-color: #cceeff; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-bottom: 2.8pt double #000000; background-color: #cceeff; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; border-bottom: 2.8pt double #000000; background-color: #cceeff; height: 17px; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &lt;font&gt;426&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-bottom: 2.8pt double #000000; background-color: #cceeff; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-bottom: 2.8pt double #000000; background-color: #cceeff; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-bottom: 2.8pt double #000000; background-color: #cceeff; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; border-bottom: 2.8pt double #000000; background-color: #cceeff; height: 17px; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &lt;font&gt;7,659&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-bottom: 2.8pt double #000000; background-color: #cceeff; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; Management view - operating income &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &lt;font&gt;702&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &lt;font&gt;81&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &lt;font&gt;783&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Differences in cost of sales &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;112&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;7&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;119&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Differences in depreciation and amortization &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;(&lt;font&gt;34&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;(&lt;font&gt;34&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Differences in selling, general and administrative expenses &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;(&lt;font&gt;2&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;6&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;4&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; IFRS - operating income &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &lt;font&gt;778&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &lt;font&gt;94&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &lt;font&gt;872&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Financial income (expense), net &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;37&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; Income before equity in earnings of non-consolidated companies and income tax &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &lt;font&gt;909&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Equity in earnings of non-consolidated companies &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;194&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; Income before income tax &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
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  <ts:SegmentRevenuesByMarketExplanatory id="Tag746" contextRef="D20201231_3">&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100.02%; height: 86px;" width="100%"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; Revenues Tubes (in millions of U.S. dollars) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &lt;font&gt;2020&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &lt;font&gt;2019&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &lt;font&gt;2018&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 55%; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Oil and Gas &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 12%; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;font&gt;4,073&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 12%; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;font&gt;5,757&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 12%; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;font&gt;6,042&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Hydrocarbon Processing and Power Generation &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;font&gt;371&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;font&gt;534&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;font&gt;602&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Industrial and Other &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;font&gt;400&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;font&gt;579&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;font&gt;589&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; Total &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &lt;font&gt;4,844&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &lt;font&gt;6,870&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &lt;font&gt;7,233&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;</ts:SegmentRevenuesByMarketExplanatory>
  <ifrs-full:ProfitLossBeforeTax id="Tag747" contextRef="D20191231_ReportableSegmentsMember" unitRef="USD" decimals="-6">934000000</ifrs-full:ProfitLossBeforeTax>
  <ifrs-full:Revenue id="Tag748" contextRef="D20191231_TubesMember_IndustrialAndOtherMember" unitRef="USD" decimals="-6">579000000</ifrs-full:Revenue>
  <ts:DisclosureOfDetailedInformationAboutCostOfSalesTextBlock id="Tag749" contextRef="D20201231_3">&lt;div&gt;
&lt;table style="height: 340px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px;" width="100%" cellspacing="0" cellpadding="0"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;" colspan="10"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Year ended December 31, &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (all amounts in thousands of U.S. dollars) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;2020&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;2019&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;2018&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; vertical-align: top; height: 17px;"&gt;&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 55%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Inventories at the beginning of the year &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 12%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;2,265,880&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 1%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 1%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 1%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 12%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;2,524,341&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 12%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;2,368,304&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Increase in inventory due to business combinations &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;199,589&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;52,966&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px; vertical-align: top; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Plus: Charges of the year &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: top; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Raw materials, energy, consumables and other &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;1,545,688&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;2,709,629&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;3,400,396&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px; vertical-align: top; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Services and fees &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: top; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;154,976&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;222,415&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;275,130&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Labor cost (*) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;757,359&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;870,261&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;855,040&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px; vertical-align: top; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Depreciation of property, plant and equipment &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: top; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;503,725&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;428,791&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;432,497&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Amortization of intangible assets &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;8,121&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;5,948&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;8,220&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px; vertical-align: top; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Depreciation of right-of-use assets &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: top; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;40,127&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;28,727&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Maintenance expenses &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;107,764&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;284,758&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;185,782&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px; vertical-align: top; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Allowance for obsolescence &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: top; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;35,809&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;29,138&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;25,457&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Taxes &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;45,162&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;100,738&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;133,308&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Other &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;59,790&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;115,663&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;119,507&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;3,458,110&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;4,849,034&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;5,435,337&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Less: Inventories at the end of the year &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; (&lt;font&gt;1,636,673&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt; font-weight: bold;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; (&lt;font&gt;2,265,880&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;font style="font-size: 10pt; font-weight: bold;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; (&lt;font&gt;2,524,341&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;font style="font-size: 10pt; font-weight: bold;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;4,087,317&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;5,107,495&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;5,279,300&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;</ts:DisclosureOfDetailedInformationAboutCostOfSalesTextBlock>
  <ifrs-full:DisclosureOfCostOfSalesExplanatory id="Tag750" contextRef="D20201231_3">&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-left: 22.4pt; margin-bottom: 0pt; text-indent: -22.4pt; line-height: 12pt; padding-top: 5pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;&lt;font style="border-left: none; border-right: none;"&gt;2&lt;/font&gt;&lt;/font&gt;&lt;font style="font: 7pt 'Times New Roman'; -aw-import: spaces;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;Cost of sales&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-left: 22.4pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;table style="height: 340px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px;" width="100%" cellspacing="0" cellpadding="0"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;" colspan="10"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Year ended December 31, &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (all amounts in thousands of U.S. dollars) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;2020&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;2019&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;2018&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; vertical-align: top; height: 17px;"&gt;&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 55%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Inventories at the beginning of the year &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 12%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;2,265,880&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 1%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 1%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 1%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 12%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;2,524,341&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 12%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;2,368,304&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Increase in inventory due to business combinations &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;199,589&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;52,966&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px; vertical-align: top; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Plus: Charges of the year &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: top; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Raw materials, energy, consumables and other &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;1,545,688&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;2,709,629&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;3,400,396&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px; vertical-align: top; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Services and fees &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: top; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;154,976&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;222,415&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;275,130&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Labor cost (*) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;757,359&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;870,261&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;855,040&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px; vertical-align: top; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Depreciation of property, plant and equipment &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: top; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;503,725&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;428,791&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;432,497&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Amortization of intangible assets &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;8,121&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;5,948&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;8,220&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px; vertical-align: top; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Depreciation of right-of-use assets &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: top; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;40,127&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;28,727&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Maintenance expenses &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;107,764&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;284,758&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;185,782&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px; vertical-align: top; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Allowance for obsolescence &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: top; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;35,809&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;29,138&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;25,457&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Taxes &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;45,162&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;100,738&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;133,308&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Other &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;59,790&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;115,663&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;119,507&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;3,458,110&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;4,849,034&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;5,435,337&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Less: Inventories at the end of the year &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; (&lt;font&gt;1,636,673&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt; font-weight: bold;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; (&lt;font&gt;2,265,880&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;font style="font-size: 10pt; font-weight: bold;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; (&lt;font&gt;2,524,341&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;font style="font-size: 10pt; font-weight: bold;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;4,087,317&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;5,107,495&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;5,279,300&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; -aw-import: spaces;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;(*) &lt;/font&gt;&lt;font&gt;For the year ended December 2020, 2019 and 2018, labor cost includes approxima&lt;font&gt;tely $&lt;font&gt;81.3&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;&amp;nbsp;million,&lt;font&gt; $&lt;/font&gt;&lt;font&gt;17.2&lt;/font&gt;&lt;font&gt; m&lt;/font&gt;illion and $&lt;font&gt;15.0&lt;/font&gt; m&lt;/font&gt;illion respectively of severance indemnities related to the adjustment of the workforce to market conditions.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;</ifrs-full:DisclosureOfCostOfSalesExplanatory>
  <ts:CostOfSalesOther id="Tag751" contextRef="D20181231" unitRef="USD" decimals="-3">119507000</ts:CostOfSalesOther>
  <ts:CostOfSalesLaborCost id="Tag752" contextRef="D20201231_3" unitRef="USD" decimals="-3">757359000</ts:CostOfSalesLaborCost>
  <ts:CostOfSalesLaborCostSeveranceCharges id="Tag753" contextRef="D20191231_3" unitRef="USD" decimals="-5">17200000</ts:CostOfSalesLaborCostSeveranceCharges>
  <ts:CostOfSalesTaxes id="Tag754" contextRef="D20191231_3" unitRef="USD" decimals="-3">100738000</ts:CostOfSalesTaxes>
  <ts:CostOfSalesServicesAndFees id="Tag755" contextRef="D20191231_3" unitRef="USD" decimals="-3">222415000</ts:CostOfSalesServicesAndFees>
  <ts:DepreciationOfRightofuseAssetsInventoryImpactOnCostOfSales id="Tag756" contextRef="D20181231" unitRef="USD" xsi:nil="true" />
  <ts:CostOfSalesAmortizationOfIntangibleAssets id="Tag757" contextRef="D20201231_3" unitRef="USD" decimals="-3">8121000</ts:CostOfSalesAmortizationOfIntangibleAssets>
  <ts:CostOfSalesServicesAndFees id="Tag758" contextRef="D20201231_3" unitRef="USD" decimals="-3">154976000</ts:CostOfSalesServicesAndFees>
  <ts:CostOfSalesAllowanceForObsolescence id="Tag759" contextRef="D20181231" unitRef="USD" decimals="-3">25457000</ts:CostOfSalesAllowanceForObsolescence>
  <ts:InventoriesIncludingDiscontinuedOperations id="Tag760" contextRef="I20191231" unitRef="USD" decimals="-3">2265880000</ts:InventoriesIncludingDiscontinuedOperations>
  <ts:IncreaseInInventoryDueToBusinessCombinations id="Tag761" contextRef="D20201231_3" unitRef="USD" decimals="-3">199589000</ts:IncreaseInInventoryDueToBusinessCombinations>
  <ts:CostOfSalesIncludingDiscontinuedOperations id="Tag762" contextRef="D20181231" unitRef="USD" decimals="-3">5435337000</ts:CostOfSalesIncludingDiscontinuedOperations>
  <ts:CostOfSalesTaxes id="Tag763" contextRef="D20181231" unitRef="USD" decimals="-3">133308000</ts:CostOfSalesTaxes>
  <ts:CostOfSalesDepreciationOfPropertyPlantAndEquipment id="Tag764" contextRef="D20191231_3" unitRef="USD" decimals="-3">428791000</ts:CostOfSalesDepreciationOfPropertyPlantAndEquipment>
  <ts:IncreaseInInventoryDueToBusinessCombinations id="Tag765" contextRef="D20191231_3" unitRef="USD" decimals="-3">52966000</ts:IncreaseInInventoryDueToBusinessCombinations>
  <ts:CostOfSalesLaborCost id="Tag766" contextRef="D20191231_3" unitRef="USD" decimals="-3">870261000</ts:CostOfSalesLaborCost>
  <ts:CostOfSalesIncludingDiscontinuedOperations id="Tag767" contextRef="D20201231_3" unitRef="USD" decimals="-3">3458110000</ts:CostOfSalesIncludingDiscontinuedOperations>
  <ts:CostOfSalesOther id="Tag768" contextRef="D20201231_3" unitRef="USD" decimals="-3">59790000</ts:CostOfSalesOther>
  <ts:CostOfSalesMaintenanceExpenses id="Tag769" contextRef="D20181231" unitRef="USD" decimals="-3">185782000</ts:CostOfSalesMaintenanceExpenses>
  <ts:CostOfSalesAllowanceForObsolescence id="Tag770" contextRef="D20201231_3" unitRef="USD" decimals="-3">35809000</ts:CostOfSalesAllowanceForObsolescence>
  <ts:CostOfSalesDepreciationOfPropertyPlantAndEquipment id="Tag771" contextRef="D20201231_3" unitRef="USD" decimals="-3">503725000</ts:CostOfSalesDepreciationOfPropertyPlantAndEquipment>
  <ts:InventoriesIncludingDiscontinuedOperations id="Tag772" contextRef="I20171231" unitRef="USD" decimals="-3">2368304000</ts:InventoriesIncludingDiscontinuedOperations>
  <ts:CostOfSalesLaborCost id="Tag773" contextRef="D20181231" unitRef="USD" decimals="-3">855040000</ts:CostOfSalesLaborCost>
  <ts:CostOfSalesServicesAndFees id="Tag774" contextRef="D20181231" unitRef="USD" decimals="-3">275130000</ts:CostOfSalesServicesAndFees>
  <ts:CostOfSalesRawMaterialsEnergyConsumablesAndOther id="Tag775" contextRef="D20181231" unitRef="USD" decimals="-3">3400396000</ts:CostOfSalesRawMaterialsEnergyConsumablesAndOther>
  <ts:CostOfSalesIncludingDiscontinuedOperations id="Tag776" contextRef="D20191231_3" unitRef="USD" decimals="-3">4849034000</ts:CostOfSalesIncludingDiscontinuedOperations>
  <ts:CostOfSalesOther id="Tag777" contextRef="D20191231_3" unitRef="USD" decimals="-3">115663000</ts:CostOfSalesOther>
  <ts:InventoriesIncludingDiscontinuedOperations id="Tag778" contextRef="I20181231" unitRef="USD" decimals="-3">2524341000</ts:InventoriesIncludingDiscontinuedOperations>
  <ts:InventoriesIncludingDiscontinuedOperations id="Tag779" contextRef="I20201231" unitRef="USD" decimals="-3">1636673000</ts:InventoriesIncludingDiscontinuedOperations>
  <ts:CostOfSalesAllowanceForObsolescence id="Tag780" contextRef="D20191231_3" unitRef="USD" decimals="-3">29138000</ts:CostOfSalesAllowanceForObsolescence>
  <ts:CostOfSalesTaxes id="Tag781" contextRef="D20201231_3" unitRef="USD" decimals="-3">45162000</ts:CostOfSalesTaxes>
  <ts:CostOfSalesAmortizationOfIntangibleAssets id="Tag782" contextRef="D20181231" unitRef="USD" decimals="-3">8220000</ts:CostOfSalesAmortizationOfIntangibleAssets>
  <ts:CostOfSalesAmortizationOfIntangibleAssets id="Tag783" contextRef="D20191231_3" unitRef="USD" decimals="-3">5948000</ts:CostOfSalesAmortizationOfIntangibleAssets>
  <ts:DepreciationOfRightofuseAssetsInventoryImpactOnCostOfSales id="Tag784" contextRef="D20191231_3" unitRef="USD" decimals="-3">28727000</ts:DepreciationOfRightofuseAssetsInventoryImpactOnCostOfSales>
  <ts:DepreciationOfRightofuseAssetsInventoryImpactOnCostOfSales id="Tag785" contextRef="D20201231_3" unitRef="USD" decimals="-3">40127000</ts:DepreciationOfRightofuseAssetsInventoryImpactOnCostOfSales>
  <ts:CostOfSalesLaborCostSeveranceCharges id="Tag786" contextRef="D20201231_3" unitRef="USD" decimals="-5">81300000</ts:CostOfSalesLaborCostSeveranceCharges>
  <ts:CostOfSalesDepreciationOfPropertyPlantAndEquipment id="Tag787" contextRef="D20181231" unitRef="USD" decimals="-3">432497000</ts:CostOfSalesDepreciationOfPropertyPlantAndEquipment>
  <ts:CostOfSalesMaintenanceExpenses id="Tag788" contextRef="D20191231_3" unitRef="USD" decimals="-3">284758000</ts:CostOfSalesMaintenanceExpenses>
  <ts:CostOfSalesRawMaterialsEnergyConsumablesAndOther id="Tag789" contextRef="D20191231_3" unitRef="USD" decimals="-3">2709629000</ts:CostOfSalesRawMaterialsEnergyConsumablesAndOther>
  <ts:IncreaseInInventoryDueToBusinessCombinations id="Tag790" contextRef="D20181231" unitRef="USD" xsi:nil="true" />
  <ts:DisclosureOfDetailedInformationAboutSellingGeneralAndAdministrativeExpensesTextBlock id="Tag791" contextRef="D20201231_3">&lt;div&gt;
&lt;table style="height: 235px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px;" width="100%" cellspacing="0" cellpadding="0"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="9" style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; Year ended December 31, &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 14px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 14px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (all amounts in thousands of U.S. dollars) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 14px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 14px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &lt;font&gt;2020&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 14px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 14px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 14px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &lt;font&gt;2019&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 14px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 14px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 14px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &lt;font&gt;2018&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 14px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 55%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Services and fees &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 12%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;115,883&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 12%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;153,773&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 12%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;128,090&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Labor cost (*) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;444,436&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;481,854&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;470,928&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Depreciation of property, plant and equipment &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;26,814&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;18,524&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;16,968&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Amortization of intangible assets &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;82,355&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;41,967&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;206,672&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Depreciation of right-of-use assets &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;17,664&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;15,564&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Commissions, freight and other selling expenses &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;310,815&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;441,442&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;491,555&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Provisions for contingencies &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;11,957&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;28,565&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;23,498&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Allowances for doubtful accounts &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;4,644&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;16,256&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,751&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Taxes &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;63,234&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;110,876&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;71,110&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Other &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;41,425&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;89,665&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;99,404&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &lt;font&gt;1,119,227&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &lt;font&gt;1,365,974&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &lt;font&gt;1,509,976&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;</ts:DisclosureOfDetailedInformationAboutSellingGeneralAndAdministrativeExpensesTextBlock>
  <ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory id="Tag792" contextRef="D20201231_3">&lt;div&gt;
&lt;p style="margin-top: 5pt;margin-left: 22.5pt;margin-bottom: 0pt;text-indent: -22.5pt;font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt;&lt;font&gt;3&lt;/font&gt;&lt;/font&gt;&lt;font style="font: 7pt 'Times New Roman'; -aw-import: spaces;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt;Selling, general and administrative expense&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt;s&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0px; font-size: 10pt; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;table style="height: 235px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px;" width="100%" cellspacing="0" cellpadding="0"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="9" style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; Year ended December 31, &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 14px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 14px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (all amounts in thousands of U.S. dollars) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 14px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 14px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &lt;font&gt;2020&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 14px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 14px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 14px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &lt;font&gt;2019&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 14px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 14px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 14px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &lt;font&gt;2018&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 14px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 55%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Services and fees &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 12%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;115,883&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 12%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;153,773&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 12%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;128,090&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Labor cost (*) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;444,436&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;481,854&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;470,928&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Depreciation of property, plant and equipment &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;26,814&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;18,524&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;16,968&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Amortization of intangible assets &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;82,355&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;41,967&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;206,672&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Depreciation of right-of-use assets &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;17,664&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;15,564&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Commissions, freight and other selling expenses &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;310,815&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;441,442&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;491,555&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Provisions for contingencies &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;11,957&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;28,565&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;23,498&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Allowances for doubtful accounts &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;4,644&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;16,256&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,751&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Taxes &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;63,234&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;110,876&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;71,110&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Other &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;41,425&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;89,665&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;99,404&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &lt;font&gt;1,119,227&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &lt;font&gt;1,365,974&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &lt;font&gt;1,509,976&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 12pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;(*) &lt;/font&gt;&lt;/font&gt;&lt;font&gt;For the year ended December 2020, 2019 and 2018, labor cost includes app&lt;font&gt;roximately $&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font style="border-left: none; border-right: none;"&gt;&lt;font&gt;61.2&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt; million,&lt;font&gt; $&lt;/font&gt;&lt;/font&gt;&lt;font&gt;&lt;font style="border-left: none; border-right: none;"&gt;&lt;font&gt;7.4&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;font&gt; million and $&lt;/font&gt;&lt;font style="border-left: none; border-right: none;"&gt;&lt;font&gt;10.2&lt;/font&gt;&lt;/font&gt; million respectively of severance indemnities related to the adjustment of the workforce to market conditions.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
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  <ts:SellingGeneralAndAdministrativeExpensesDepreciationOfRightofuseAssets id="Tag800" contextRef="D20191231_3" unitRef="USD" decimals="-3">15564000</ts:SellingGeneralAndAdministrativeExpensesDepreciationOfRightofuseAssets>
  <ts:SellingGeneralAndAdministrativeExpensesDepreciationOfPropertyPlantAndEquipment id="Tag801" contextRef="D20201231_3" unitRef="USD" decimals="-3">26814000</ts:SellingGeneralAndAdministrativeExpensesDepreciationOfPropertyPlantAndEquipment>
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  <ts:SellingGeneralAndAdministrativeExpensesLaborCostSeveranceCharges id="Tag803" contextRef="D20191231_3" unitRef="USD" decimals="-5">7400000</ts:SellingGeneralAndAdministrativeExpensesLaborCostSeveranceCharges>
  <ts:SellingGeneralAndAdministrativeExpensesLaborCost id="Tag804" contextRef="D20191231_3" unitRef="USD" decimals="-3">481854000</ts:SellingGeneralAndAdministrativeExpensesLaborCost>
  <ts:SellingGeneralAndAdministrativeExpensesAllowancesForDoubtfulAccounts id="Tag805" contextRef="D20201231_3" unitRef="USD" decimals="-3">4644000</ts:SellingGeneralAndAdministrativeExpensesAllowancesForDoubtfulAccounts>
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  <ts:SellingGeneralAndAdministrativeExpensesTaxes id="Tag807" contextRef="D20201231_3" unitRef="USD" decimals="-3">63234000</ts:SellingGeneralAndAdministrativeExpensesTaxes>
  <ts:SellingGeneralAndAdministrativeExpensesLaborCost id="Tag808" contextRef="D20201231_3" unitRef="USD" decimals="-3">444436000</ts:SellingGeneralAndAdministrativeExpensesLaborCost>
  <ts:SellingGeneralAndAdministrativeExpensesOther id="Tag809" contextRef="D20181231" unitRef="USD" decimals="-3">99404000</ts:SellingGeneralAndAdministrativeExpensesOther>
  <ts:SellingGeneralAndAdministrativeExpensesAmortizationOfIntangibleAssets id="Tag810" contextRef="D20201231_3" unitRef="USD" decimals="-3">82355000</ts:SellingGeneralAndAdministrativeExpensesAmortizationOfIntangibleAssets>
  <ts:SellingGeneralAndAdministrativeExpensesLaborCostSeveranceCharges id="Tag811" contextRef="D20201231_3" unitRef="USD" decimals="-5">61200000</ts:SellingGeneralAndAdministrativeExpensesLaborCostSeveranceCharges>
  <ts:SellingGeneralAndAdministrativeExpensesTaxes id="Tag812" contextRef="D20181231" unitRef="USD" decimals="-3">71110000</ts:SellingGeneralAndAdministrativeExpensesTaxes>
  <ts:SellingGeneralAndAdministrativeExpensesDepreciationOfRightofuseAssets id="Tag813" contextRef="D20201231_3" unitRef="USD" decimals="-3">17664000</ts:SellingGeneralAndAdministrativeExpensesDepreciationOfRightofuseAssets>
  <ts:SellingGeneralAndAdministrativeExpensesCommissionsFreightAndOtherSellingExpenses id="Tag814" contextRef="D20181231" unitRef="USD" decimals="-3">491555000</ts:SellingGeneralAndAdministrativeExpensesCommissionsFreightAndOtherSellingExpenses>
  <ts:SellingGeneralAndAdministrativeExpensesAllowancesForDoubtfulAccounts id="Tag815" contextRef="D20181231" unitRef="USD" decimals="-3">1751000</ts:SellingGeneralAndAdministrativeExpensesAllowancesForDoubtfulAccounts>
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  <ts:SellingGeneralAndAdministrativeExpensesLaborCost id="Tag817" contextRef="D20181231" unitRef="USD" decimals="-3">470928000</ts:SellingGeneralAndAdministrativeExpensesLaborCost>
  <ts:SellingGeneralAndAdministrativeExpensesAmortizationOfIntangibleAssets id="Tag818" contextRef="D20181231" unitRef="USD" decimals="-3">206672000</ts:SellingGeneralAndAdministrativeExpensesAmortizationOfIntangibleAssets>
  <ts:SellingGeneralAndAdministrativeExpensesServicesAndFees id="Tag819" contextRef="D20201231_3" unitRef="USD" decimals="-3">115883000</ts:SellingGeneralAndAdministrativeExpensesServicesAndFees>
  <ts:SellingGeneralAndAdministrativeExpensesDepreciationOfPropertyPlantAndEquipment id="Tag820" contextRef="D20191231_3" unitRef="USD" decimals="-3">18524000</ts:SellingGeneralAndAdministrativeExpensesDepreciationOfPropertyPlantAndEquipment>
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  <ts:SellingGeneralAndAdministrativeExpensesTaxes id="Tag822" contextRef="D20191231_3" unitRef="USD" decimals="-3">110876000</ts:SellingGeneralAndAdministrativeExpensesTaxes>
  <ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory id="Tag823" contextRef="D20201231_3">&lt;div&gt;
&lt;h4 style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; page-break-after: avoid; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;V&lt;/font&gt;&lt;font style="width: 28.78pt; display: inline-block;"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;F&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;inancial instruments&lt;/font&gt;&lt;font style="font-family: 'Times New Roman Bold'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;/h4&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Non derivative financial instruments comprise investments in financial debt instruments and equity, time deposits, trade and other receivables, cash and cash equivalents, borrowing&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;s and trade and other payables.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;The Company classifies its financial instruments according to the following measurement categories:&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;ul style="margin: 0pt; padding-left: 0pt; margin-left: 2.58pt;" type="disc"&gt;
&lt;li style="margin-left: 9.6pt; text-align: justify; line-height: 12pt; padding-left: 4.6pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&amp;#61623;';"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;those to be measured subsequently at fair value (either through OCI or through profit or loss), and&lt;/font&gt;&lt;/li&gt;
&lt;li style="margin-left: 9.6pt; text-align: justify; line-height: 12pt; padding-left: 4.6pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&amp;#61623;';"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;those to be measured at amortised cost&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;/li&gt;
&lt;/ul&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;The classification depends on the Company&amp;#8217;s business model for managing the financial assets and contractual terms of the cash flows.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;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.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;At initial recognition, the Company measures a financial asset at its fair value plus, in the case of a financial asset not 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.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Subsequent measurement of debt instruments depends on the Company&amp;#8217;s business model for managing the asset and the cash flow characteristics of the asset. There are &lt;font&gt;three&lt;/font&gt; measurement categories into which the Company classifies its debt instruments:&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;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.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Exchange gains and losses and impairments related to the financial assets are immediately recognized in the Consolidated Income S&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;tatement.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Fair value through oth&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;er comprehensive income&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;: Assets that are held for collection of contractual cash flows and for selling the financial assets, where the assets&amp;#8217; 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.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Fai&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;r value through profit and loss&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;: Assets that do not 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.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;For equity instruments, these are subsequently measured at fair value.&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Accounting for derivative financial instruments and hedging activities is included within the Section III, Financial Risk Management.&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;</ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory>
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  <ifrs-full:IntangibleAssetsAndGoodwill id="Tag826" contextRef="I20181231_LicensesPatentsTrademarksAndProprietaryTechnologyMember" unitRef="USD" decimals="-5">86700000</ifrs-full:IntangibleAssetsAndGoodwill>
  <ts:FinitelivedIntangibleAssetResidualUsefulLife id="Tag827" contextRef="D20201231_CustomerrelatedIntangibleAssetsMember_SaudiSteelPipeCompanyMember">P7Y</ts:FinitelivedIntangibleAssetResidualUsefulLife>
  <ifrs-full:ProportionOfOwnershipInterestInJointVenture id="Tag828" contextRef="D20201231_TechgenSAMember_TenarisMember" unitRef="Pure" decimals="2">0.22</ifrs-full:ProportionOfOwnershipInterestInJointVenture>
  <ts:FinitelivedIntangibleAssetUsefulLife id="Tag829" contextRef="D20201231_CustomerrelatedIntangibleAssetsMember_MaverickAcquisitionMember">P14Y</ts:FinitelivedIntangibleAssetUsefulLife>
  <ts:NumberOfVotesPerShare id="Tag830" contextRef="D20191231_3" unitRef="Pure" decimals="INF">1</ts:NumberOfVotesPerShare>
  <ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory id="Tag831" contextRef="D20201231_3">&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 99.8994%; height: 222px;" width="100%"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: middle; background-color: #ffffff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; Country &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #ffffff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &lt;font&gt;2020&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &lt;font&gt;2019&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #ffffff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #ffffff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #ffffff; height: 17px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &lt;font&gt;2018&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #ffffff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 55%; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Mexico &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 12%; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;4,501&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 12%; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;5,370&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 12%; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;5,595&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Argentina &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;4,376&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;5,405&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;5,427&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Italy &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,039&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,144&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,155&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; USA &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,596&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,255&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,382&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Romania &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,552&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,815&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,852&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Brazil &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,360&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,360&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,287&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Colombia &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;746&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,040&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,082&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Canada &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;561&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;772&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,030&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Indonesia &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;521&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;616&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;554&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Japan &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;399&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;400&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;399&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Other &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,377&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,023&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,204&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px;"&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &lt;font&gt;19,028&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &lt;font&gt;23,200&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &lt;font&gt;22,967&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;</ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory>
  <ts:NumberOfVotesPerShare id="Tag832" contextRef="D20181231" unitRef="Pure" decimals="INF">1</ts:NumberOfVotesPerShare>
  <ts:CarryingValueOfUnitsGranted id="Tag833" contextRef="I20191231" unitRef="USD" decimals="-5">119900000</ts:CarryingValueOfUnitsGranted>
  <ts:NumberOfBoardMembersCanBeAppointedThroughShareholdersAgreement id="Tag834" contextRef="I20201231_GlobalPipeCompanyMember_SaudiSteelPipeCompanyMember_1" unitRef="Pure" decimals="0">1</ts:NumberOfBoardMembersCanBeAppointedThroughShareholdersAgreement>
  <ifrs-full:LiabilityAssetOfDefinedBenefitPlans id="Tag835" contextRef="I20201231_UnfundedDefinedBenefitEmployeeRetirementPlanForCertainSeniorOfficersMember" unitRef="USD" decimals="-5">36900000</ifrs-full:LiabilityAssetOfDefinedBenefitPlans>
  <ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue id="Tag836" contextRef="D20201231_3">&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;S&lt;/font&gt;&lt;font style="width: 30.44pt; display: inline-block;"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;Revenue recognition &lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Revenue comprises the fair value of the consideration received or receivable for the sale of goods and&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; rendering of&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; services in the ordinary course of Tenaris&amp;#8217;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.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Revenue is recognized at a point in time or &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;over&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; time from sales when control has been transferred and there is no unfulfilled performance obligation that could affect the acceptance of the product by the customer. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;The control &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;is&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; transfer&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;red&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;upon&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; delivery.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;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. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;These conditions are determined and ana&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;lyzed on a contract by contract&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; basis to ensure that all performance obligations are fulfilled&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;. I&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;n particular, Tenaris verifies customer acceptance of the goods, the satisfaction of delivery terms and any other applicable condition.&lt;/font&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;br/&gt;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;div style="border-right: none; border-left: none;"&gt;

&lt;/div&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;For bill and hold transactions&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; 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 &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;does not&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; have the ability to use the product or to direct it to another customer; (d&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;) the usual payment terms apply.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;The Company&amp;#8217;s contracts&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; with customers&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; do not 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 right&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; of return&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;are based o&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;n expected value considering past experience&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; and contract conditions.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: spaces;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;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 not directly observable, they are estimated based on the expected cost plus margin.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;There are no 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. &lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Tenaris provides services related to goods sold, which represent a non-material portion of sales revenue and &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;mainly &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;include:&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt;Pipe Management Services. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;This comprises mainly preparation of the pipes ready to be run, delivery to the customer, storage services and rig return.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt;Field Services. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Comprises&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;field technical support and running assistance.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;These services&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;are&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;rendered in connection to the sales of goods and&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; are&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; 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 no 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.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Revenue from providing services is recognized over time in the accounting period in which the services are rendered&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;. T&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;he following in&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;puts and outputs methods are applied&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; to recognize revenue&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; considering the nature&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; of service&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;:&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt;Storage services&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;, the C&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;ompany provides storage services in owned or third-party warehouses, subject to a variable fee&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; to be invoiced. T&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;his fe&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;e is determined based on the time that the customer maintains the material in the warehouse and th&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;e 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).&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt;Freights&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt;, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;the Company&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;recognized the revenue on a pro rata bases considering the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;units delivered and time&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; elapsed.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt;Field services&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;, the revenue i&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;s recognized considering output&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; method&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;, in particular surveys of service comple&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;tion provided by the customer.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;The Company does not 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 &lt;font&gt;one&lt;/font&gt; year. As a consequence,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; considering that the contracts do not include any significant financing component,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; the Company does not adjust any of the transaction pric&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;es for the time value of money. For this reason, the Company is also applying the practical expedient not to disclose details on transaction prices allocated to the remaining performance obligations as of the end of the reporting period.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Tenaris only provides standard quality warranties assuring that the goods sold will function as expected or are fit for their intended purpose, with no incremental service to the customer. Accordingly, warranties do not constitute a separate performance obligation.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Other revenues earned by Tenaris are recognized on the following basis:&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;ul style="margin: 0pt; padding-left: 0pt; margin-left: 2.58pt;" type="square"&gt;
&lt;li style="margin-left: 9.58pt; text-align: justify; line-height: 12pt; padding-left: 8.42pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Wingdings'; -aw-font-weight: normal; -aw-number-format: '&amp;#61607;';"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Interest income: on the effective yield basis. &lt;/font&gt;&lt;/li&gt;
&lt;li style="margin-left: 9.58pt; text-align: justify; line-height: 12pt; padding-left: 8.42pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Wingdings'; -aw-font-weight: normal; -aw-number-format: '&amp;#61607;';"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Dividend income from investments in other companies: when Tenaris&amp;#8217;s right to receive payment is established.&lt;/font&gt;&lt;/li&gt;
&lt;li style="margin-left: 9.58pt; text-align: justify; line-height: 12pt; padding-left: 8.42pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Wingdings'; -aw-font-weight: normal; -aw-number-format: '&amp;#61607;';"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Construction contracts &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;revenues is recognized in accordance with the stage of the project completion.&lt;/font&gt;&lt;/li&gt;
&lt;/ul&gt;
&lt;/div&gt;</ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue>
  <ts:DisclosureOfDetailedInformationAboutLaborCostsTextBlock id="Tag837" contextRef="D20201231_3">&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px; height: 151px;" width="100%"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="10" style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; Year ended December 31, &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (all amounts in thousands of U.S. dollars) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 15px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &lt;font&gt;2020&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 15px;" colspan="3"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &lt;font&gt;2019&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 15px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &lt;font&gt;2018&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 7pt;"&gt;&amp;nbsp; &amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="10" style="border-top: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 55%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Wages, salaries and social security costs &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 12%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,036,211&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="2" style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 12%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,274,474&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 12%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,250,783&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Severance indemnities &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;142,458&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="2" style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;24,637&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;25,225&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Defined contribution plans &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;12,442&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="2" style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;12,663&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;13,217&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Pension benefits - defined benefit plans &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;11,097&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="2" style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;18,207&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;15,390&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Employee retention and long term incentive program &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;413&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="2" style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;22,134&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;21,353&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &lt;font&gt;1,201,795&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="2" style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &lt;font&gt;1,352,115&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &lt;font&gt;1,325,968&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;</ts:DisclosureOfDetailedInformationAboutLaborCostsTextBlock>
  <ifrs-full:PostemploymentBenefitExpenseDefinedContributionPlans id="Tag838" contextRef="D20181231" unitRef="USD" decimals="-3">13217000</ifrs-full:PostemploymentBenefitExpenseDefinedContributionPlans>
  <ifrs-full:EmployeeBenefitsExpense id="Tag839" contextRef="D20181231" unitRef="USD" decimals="-3">1325968000</ifrs-full:EmployeeBenefitsExpense>
  <ts:PercentOfCompanyVotingCapital id="Tag840" contextRef="I20201231_PrevidenciaUsiminasMember_TheNewSHAMember" unitRef="Pure" decimals="2">0.07</ts:PercentOfCompanyVotingCapital>
  <ts:NumberOfSharesSubscribedTo id="Tag841" contextRef="I20201231_UsiminasMember_TerniumSAMember_OrdinarySharesMember" unitRef="Shares" decimals="-5">36500000</ts:NumberOfSharesSubscribedTo>
  <ifrs-full:NumberOfSharesOutstanding id="Tag842" contextRef="I20201231" unitRef="Shares" decimals="INF">1180536830</ifrs-full:NumberOfSharesOutstanding>
  <ifrs-full:NumberOfSharesOutstanding id="Tag843" contextRef="I20181231" unitRef="Shares" decimals="INF">1180536830</ifrs-full:NumberOfSharesOutstanding>
  <ifrs-full:NumberOfSharesOutstanding id="Tag844" contextRef="I20191231" unitRef="Shares" decimals="INF">1180536830</ifrs-full:NumberOfSharesOutstanding>
  <ifrs-full:ProportionOfOwnershipInterestInAssociate id="Tag845" contextRef="D20201231_TerniumSAMember" unitRef="Pure" decimals="4">0.1146</ifrs-full:ProportionOfOwnershipInterestInAssociate>
  <ts:FinitelivedIntangibleAssetResidualValue id="Tag846" contextRef="I20201231_CustomerrelatedIntangibleAssetsMember_IpscoTubularsIncMember" unitRef="USD" decimals="-5">51300000</ts:FinitelivedIntangibleAssetResidualValue>
  <ts:FinitelivedIntangibleAssetUsefulLife id="Tag847" contextRef="D20201231_TopOfRangeMember_LicensesPatentsTrademarksAndProprietaryTechnologyMember">P10Y</ts:FinitelivedIntangibleAssetUsefulLife>
  <ifrs-full:UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment id="Tag848" contextRef="D20201231_PlantAndProductionEquipmentMember_BottomOfRangeMember">P10Y</ifrs-full:UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment>
  <ts:NumberOfVotesPerShare id="Tag849" contextRef="D20201231_3" unitRef="Pure" decimals="INF">1</ts:NumberOfVotesPerShare>
  <ts:EmployeeBenefitsCompanyRedemptionPeriod id="Tag850" contextRef="D20171231">P10Y</ts:EmployeeBenefitsCompanyRedemptionPeriod>
  <ts:EmployeeBenefitsCompanyRedemptionPeriod id="Tag851" contextRef="D20201231_3">P7Y</ts:EmployeeBenefitsCompanyRedemptionPeriod>
  <ts:FinitelivedIntangibleAssetResidualUsefulLife id="Tag852" contextRef="D20201231_CustomerrelatedIntangibleAssetsMember_IpscoTubularsIncMember">P2Y</ts:FinitelivedIntangibleAssetResidualUsefulLife>
  <ts:PercentOfCompanyVotingCapital id="Tag853" contextRef="I20201231_ConfabMember_TheNewSHAMember" unitRef="Pure" decimals="3">0.076</ts:PercentOfCompanyVotingCapital>
  <ts:EmployeeBenefitsUnitVestingPeriod id="Tag854" contextRef="D20201231_3">P4Y</ts:EmployeeBenefitsUnitVestingPeriod>
  <ts:PercentOfCompanyVotingCapital id="Tag855" contextRef="I20201231_TerniumEntititesMember_TheNewSHAMember" unitRef="Pure" decimals="3">0.395</ts:PercentOfCompanyVotingCapital>
  <ts:FinitelivedIntangibleAssetUsefulLife id="Tag856" contextRef="D20201231_CustomerrelatedIntangibleAssetsMember_IpscoTubularsIncMember">P3Y</ts:FinitelivedIntangibleAssetUsefulLife>
  <ts:SellingGeneralAndAdministrativeExpensesAmortizationOfIntangibleAssets id="Tag857" contextRef="D20181231_CustomerrelatedIntangibleAssetsMember_MaverickAcquisitionMember" unitRef="USD" decimals="-3">109000</ts:SellingGeneralAndAdministrativeExpensesAmortizationOfIntangibleAssets>
  <ifrs-full:RemainingAmortisationPeriodOfIntangibleAssetsMaterialToEntity2019 id="Tag858" contextRef="D20181231_CustomerrelatedIntangibleAssetsMember_MaverickAcquisitionMember">P0Y</ifrs-full:RemainingAmortisationPeriodOfIntangibleAssetsMaterialToEntity2019>
  <ts:SharesBoundToSHA id="Tag859" contextRef="I20201231_UsiminasMember_TheNewSHAMember" unitRef="Shares" decimals="-5">483600000</ts:SharesBoundToSHA>
  <ifrs-full:UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment id="Tag860" contextRef="D20201231_VehiclesFurnitureAndFixturesAndOtherEquipmentMember_BottomOfRangeMember">P4Y</ifrs-full:UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment>
  <ifrs-full:IntangibleAssetsAndGoodwill id="Tag861" contextRef="I20191231_LicensesPatentsTrademarksAndProprietaryTechnologyMember" unitRef="USD" decimals="-5">86700000</ifrs-full:IntangibleAssetsAndGoodwill>
  <ifrs-full:ProportionOfOwnershipInterestInJointVenture id="Tag862" contextRef="D20201231_GlobalPipeCompanyMember_SaudiSteelPipeCompanyMember" unitRef="Pure" decimals="2">0.35</ifrs-full:ProportionOfOwnershipInterestInJointVenture>
  <ts:FinitelivedIntangibleAssetResidualValue id="Tag863" contextRef="I20201231_CustomerrelatedIntangibleAssetsMember_SaudiSteelPipeCompanyMember" unitRef="USD" decimals="-5">63800000</ts:FinitelivedIntangibleAssetResidualValue>
  <ifrs-full:ProportionOfVotingPowerHeldInAssociate id="Tag864" contextRef="D20201231_UsiminasMember_TerniumSAMember" unitRef="Pure" decimals="4">0.0307</ifrs-full:ProportionOfVotingPowerHeldInAssociate>
  <ifrs-full:ResearchAndDevelopmentExpense id="Tag865" contextRef="D20201231_3" unitRef="USD" decimals="-5">41800000</ifrs-full:ResearchAndDevelopmentExpense>
  <ifrs-full:ResearchAndDevelopmentExpense id="Tag866" contextRef="D20191231_3" unitRef="USD" decimals="-5">61100000</ifrs-full:ResearchAndDevelopmentExpense>
  <ts:PercentOfCompanyVotingCapital id="Tag867" contextRef="I20201231_TTGroupMember_TheNewSHAMember" unitRef="Pure" decimals="3">0.471</ts:PercentOfCompanyVotingCapital>
  <ifrs-full:NumberOfEmployees id="Tag868" contextRef="I20181231_MX" unitRef="Pure" decimals="INF">5595</ifrs-full:NumberOfEmployees>
  <ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory id="Tag869" contextRef="D20201231_3">&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;P&lt;/font&gt;&lt;font style="width: 29.89pt; display: inline-block;"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;Employee benefits&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 12pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-left: 22.5pt; margin-bottom: 0pt; text-indent: -22.5pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt;(&lt;font&gt;1&lt;/font&gt;)&lt;/font&gt;&lt;font style="font: 7pt 'Times New Roman'; -aw-import: spaces;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt;Short-term obligations&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-left: 36pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Liabilities for wages and salaries are recognized in respect of employees&amp;#8217; 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.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-left: 22.5pt; margin-bottom: 0pt; text-indent: -22.5pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt;(&lt;font&gt;2&lt;/font&gt;)&lt;/font&gt;&lt;font style="font: 7pt 'Times New Roman'; -aw-import: spaces;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt;Post employment benefits&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-left: 22.5pt; margin-bottom: 0pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;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 &lt;font&gt;one&lt;/font&gt; or more factors such as age, years of service and compensation.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;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. &lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Remeasurement gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to equity in &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt;Other comprehensive income&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; in the period in which they arise. Past-service costs are recognized immediately in the Income Statement.&lt;/font&gt;&lt;/p&gt;

&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 12pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-left: 36pt; margin-bottom: 0pt; text-indent: -36pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt;(&lt;font&gt;2&lt;/font&gt;)&lt;/font&gt;&lt;font style="font: 7pt 'Times New Roman'; -aw-import: spaces;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt;Post employment benefits (Cont.)&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;For defined benefit plans, net interest income&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;/&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;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 no 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. &lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Tenaris sponsors funded and unfunded defined benefit pension plans in certain subsidiaries. The most significant are: &lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;ul style="margin: 0pt; padding-left: 0pt; margin-left: 2.58pt;" type="square"&gt;
&lt;li style="margin-left: 9.58pt; text-align: justify; line-height: 12pt; padding-left: 8.27pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Wingdings'; -aw-font-weight: normal; -aw-number-format: '&amp;#61607;';"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;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&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;As of December 31, 20&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; the outstanding liabil&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;ity for this plan amounts to $&lt;font&gt;36.9&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; million.&lt;/font&gt;&lt;/li&gt;
&lt;/ul&gt;
&lt;p style="margin-top: 0pt; margin-left: 18pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;ul style="margin: 0pt; padding-left: 0pt; margin-left: 2.58pt;" type="square"&gt;
&lt;li style="margin-left: 9.58pt; text-align: justify; line-height: 12pt; padding-left: 8.27pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Wingdings'; -aw-font-weight: normal; -aw-number-format: '&amp;#61607;';"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Employees&amp;#8217; service rescission indemnity&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;:&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;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 ac&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;crued for employees at &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Tenaris&amp;#8217;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Italian subsidiary. As from January 1, 2007 as a consequence of a change in an Italian law, employees were entitled to make contributions to external funds, thus, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Tenaris&amp;#8217;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Italian subsidiary pays every year the required contribution to the funds with no 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 &lt;font&gt;2007&lt;/font&gt; onwards.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;As of December 31, 20&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; the outstanding &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;liabil&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;ity for this plan amounts to $&lt;font&gt;17.3&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&amp;nbsp;million.&lt;/font&gt;&lt;/li&gt;
&lt;/ul&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;ul style="margin: 0pt; padding-left: 0pt; margin-left: 2.58pt;" type="square"&gt;
&lt;li style="margin-left: 9.58pt; text-align: justify; line-height: 12pt; padding-left: 8.27pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Wingdings'; -aw-font-weight: normal; -aw-number-format: '&amp;#61607;';"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Funded retirement benefit plan held in the US for the benefit of some employees hir&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;ed prior a certain date,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; 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&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;funds. Additionally, an unfunded postretirement health and life plan&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; is present&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; that offers limited medical and life insurance benefits to the retirees, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;frozen to new participants&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; A&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;s of December 31, 20&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; the outstanding&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;liabil&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;ity for these&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; plan&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; amounts to&lt;font&gt; $&lt;/font&gt;&lt;font&gt;13.6&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;&amp;nbsp;m&lt;/font&gt;illion.&lt;/font&gt;&lt;/li&gt;
&lt;/ul&gt;
&lt;p style="margin-top: 0pt; margin-left: 36pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: Arial; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;ul style="margin: 0pt; padding-left: 0pt; margin-left: 2.58pt;" type="square"&gt;
&lt;li style="margin-left: 9.58pt; text-align: justify; line-height: 12pt; padding-left: 8.27pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Wingdings'; -aw-font-weight: normal; -aw-number-format: '&amp;#61607;';"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;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 June 2016 the salary plan was frozen for the purposes of credited service as well as determination of final average pay. As of December 31, 2020 the outstanding liability for this plan amount&lt;font&gt;s to $&lt;/font&gt;&lt;font&gt;10.6&lt;/font&gt;&lt;font&gt; millio&lt;/font&gt;n.&lt;/font&gt;&lt;/li&gt;
&lt;/ul&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-left: 22.5pt; margin-bottom: 0pt; text-indent: -22.5pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt;(&lt;font&gt;3&lt;/font&gt;)&lt;/font&gt;&lt;font style="font: 7pt 'Times New Roman'; -aw-import: spaces;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt;Other long term benefits &lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;During &lt;font&gt;2007&lt;/font&gt;, Tenaris launched an&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;employee retention and long term incentive program&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; letter-spacing: -0.1pt;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;(the &amp;#8220;Program&amp;#8221;) 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 &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Tenaris&amp;#8217;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; shareholders&amp;#8217; equity (excluding non-cont&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;rolling interest). &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Also&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; t&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;he 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. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Until &lt;font&gt;2017&lt;/font&gt; u&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;nits &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;were &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;vest&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;ed&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; ratably over&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; a period of &lt;font&gt;four&lt;/font&gt; years and were &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;mandatorily&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; redeemed by the Company &lt;font&gt;ten&lt;/font&gt; years after grant date, with the option of an early redemption at &lt;font&gt;seven&lt;/font&gt; years after&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; the&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; grant date.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Since&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;2018&lt;/font&gt; units &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;are &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;vest&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;ed&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; ratably over the same period and &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;are&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;mandatorily redeemed by the&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Company &lt;font&gt;seven&lt;/font&gt; years after grant date.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; The payment of the benefit is tied to the book value of the shares, and not to their market value.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Tenaris valued this long-term incentive program as a long term benefit plan as classified in IAS &lt;font&gt;19&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;#8220;Employee Benefits&amp;#8221;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;As of December 31, 20&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; and &lt;font&gt;201&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;9&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;, the outstanding liability corresponding to the Program amounts to $&lt;font&gt;82.4&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;million and $&lt;font&gt;99.0&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; million, respectively. The total value of the units granted &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;(vested and unvested) &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;to date under the program, considering the number of units and the book value p&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;er share as of December 31, 20&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; and &lt;font&gt;201&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;9&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;, is $&lt;font&gt;108.7&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;million and $&lt;font&gt;119.9&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;million, respectively.&lt;/font&gt;&lt;/p&gt;

&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 12pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-left: 22.5pt; margin-bottom: 0pt; text-indent: -22.5pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt;(&lt;font&gt;4&lt;/font&gt;)&lt;/font&gt;&lt;font style="font: 7pt 'Times New Roman'; -aw-import: spaces;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt;Termination benefits&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;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 &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;recognizes&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; termination benefits at the earlier of the following dates: (a) when it can no longer withdraw the offer of those benefits; and (b) when the costs for a restructuring that is within the scope of IAS &lt;font&gt;37&lt;/font&gt; 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.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 12pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-left: 18pt; margin-bottom: 0pt; text-indent: -18pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt;(&lt;font&gt;5&lt;/font&gt;)&lt;/font&gt;&lt;font style="font: 7pt 'Times New Roman'; -aw-import: spaces;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt;Other compensation obligations&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Employ&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;ee entitlements to annual leave, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;long-service leave&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;, sick leave and other bonuses and compensations&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; obligations&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; are accrued as earned.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="width: 66.55pt; display: inline-block; -aw-tabstop-align: left; -aw-tabstop-pos: 66.55pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Compensation to employees in the event of dismissal is charged to income in the year in which it becomes payable.&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;</ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory>
  <ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory id="Tag870" contextRef="D20201231_3">&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;O&lt;/font&gt;&lt;font style="width: 28.22pt; display: inline-block;"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;Current and d&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;eferred income tax&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;The income tax expense or credit for the period is the tax payable on the current period&amp;#8217;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 &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;other comprehensive income or directly in equity.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;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&amp;#8217;s subsidiaries operate and generate taxable income. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;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.&lt;/font&gt;&lt;/p&gt;

&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Deferred income tax is recognized applying the liability method on temporary differences arising between the tax bas&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;e&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;s of assets and liabilities and their carrying amounts in the financial statements. The temporary differences arise &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;mainly &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;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. &lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation and considers whether it is probable that a taxation authority will accept an uncertain tax treatment. The Company measures its tax balances either based on the most likely amount or the expected value, depending on which method provides a better prediction of the resolution of the uncertainty.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Deferred tax assets are recognized to the extent&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; that&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; it is probable that future taxable income will be available&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; against which the te&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;mporary differences can be utiliz&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;ed.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;At the end of each reporting period, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Tenaris&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; reassesses &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;unrecognized&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; deferred tax assets. T&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;enaris&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;recognizes&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; a previously &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;unrecognized&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; deferred tax asset to the extent that it has become probable that future taxable &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;income&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; will allow the deferred tax asset to be recovered.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Deferred tax liabilities and assets are not recognized for temporary differences between the carrying amount and t&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;ax basi&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;s 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 not reverse in the foreseeable future.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;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.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Deferred tax assets &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;and liabilities are re-measured&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; if tax rates change. These amounts &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;are charged or credited to the Consolidated Income Statement or to the item &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt;O&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt;ther co&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt;mprehensive income for the year&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;in the C&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;onsolidated &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;S&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;tatement of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Comprehensive I&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;ncome, depending on the account to which the original &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;amount was charged or credited.&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;</ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory>
  <ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory id="Tag871" contextRef="D20201231_3">&lt;div&gt;
&lt;h4 style="margin-top: 0pt; margin-bottom: 0pt; page-break-after: avoid; line-height: 12pt; padding-top: 5pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;T&lt;/font&gt;&lt;font style="width: 29.33pt; display: inline-block;"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Cost of sales and &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;other selling expenses&lt;/font&gt;&lt;/h4&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Cost of sales and &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;other selling&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;expenses are recognized in the&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Consolidated I&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;ncome &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;S&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;tatement on the accrual basis of accounting.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Commissions, freight&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;and other selling expenses&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;, including shipping and handling costs, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;are &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;recorded&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;in&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt;S&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt;elling, general and administrative expense&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;in the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Consolidated I&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;ncome &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;S&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;tatement&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;.&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;</ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory>
  <ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory id="Tag872" contextRef="D20201231_3">&lt;div&gt;
&lt;h4 style="margin-top: 0pt; margin-bottom: 0pt; page-break-after: avoid; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;U&lt;/font&gt;&lt;font style="width: 28.78pt; display: inline-block;"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Earnings per share&lt;/font&gt;&lt;/h4&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Earnings per share are calculated by dividing the income attributable to &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;owners&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;of the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;parent&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;by the daily weighted average number of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;common&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; shares &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;outstanding&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; during the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;year&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;There are no dilutive potential ordinary shares.&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;</ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory>
  <ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory id="Tag873" contextRef="D20201231_3">&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;Q&lt;/font&gt;&lt;font style="width: 28.22pt; display: inline-block;"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;Provisions &lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Tenaris is subject to various claims, lawsuits and other legal proceedings, including customer claims, in which a third party is seeking payment for alleged damages, reimbursement for losses or indemnity. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Tenaris&amp;#8217;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; 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&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;, as a result of past events, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;a potential loss from a claim or proceeding is considered probable and the amount can be &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;reliably&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; estimated, a &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;provision &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;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 &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Tenaris&amp;#8217;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; litigation and settlement strategies. These estimates are primarily constructed with the assistance of legal counsel. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;As the scope of liabilities become better defined, there may be changes in the estimates of future costs &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;which could have a material adverse effect on its results of operations, financial condition and &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;cash flows.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 12pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;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.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;This note should be read in conjunction with &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;n&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;ote &lt;font&gt;2&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;6&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;.&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;</ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory>
  <ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory id="Tag874" contextRef="D20201231_3">&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;R&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt; &lt;/font&gt;&lt;font style="width: 26.28pt; display: inline-block;"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;Trade and other payables &lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Trade and other payables are recognized initially at fair value, generally the nominal invoice amount and &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;subsequently measured at amortiz&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;ed cost. They are presented as current liabilities unl&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;ess payment is not due within &lt;font&gt;twelve&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; months after the reporting period.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Due to the short-term nature &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;t&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;heir carrying amount&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;are&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; considered to be the same as their fair value.&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;</ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory>
  <ts:NumberOfBoardMembers id="Tag875" contextRef="I20201231_GlobalPipeCompanyMember_4" unitRef="Pure" decimals="0">5</ts:NumberOfBoardMembers>
  <ifrs-full:ResearchAndDevelopmentExpense id="Tag876" contextRef="D20181231" unitRef="USD" decimals="-5">63400000</ifrs-full:ResearchAndDevelopmentExpense>
  <ts:PercentOfCompanyVotingCapital id="Tag877" contextRef="I20201231_NSSMCMember_TheNewSHAMember" unitRef="Pure" decimals="3">0.459</ts:PercentOfCompanyVotingCapital>
  <ifrs-full:ProportionOfOwnershipInterestInJointVenture id="Tag878" contextRef="D20201231_TechgenSAMember_TecpetrolInternationalSAMember" unitRef="Pure" decimals="2">0.30</ifrs-full:ProportionOfOwnershipInterestInJointVenture>
  <ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory id="Tag879" contextRef="D20201231_3">&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;M&lt;/font&gt;&lt;font style="width: 26.56pt; display: inline-block;"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;E&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;quity&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt;(&lt;font&gt;1&lt;/font&gt;)&lt;/font&gt;&lt;font style="width: 24.34pt; display: inline-block;"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt;Equity&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt; components&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;The &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;C&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;onsolidated &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;S&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;tatement of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;C&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;hanges in &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;E&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;quity include&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;:&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;ul style="margin: 0pt; padding-left: 0pt; margin-left: 2.58pt;" type="square"&gt;
&lt;li style="margin-left: 9.58pt; text-align: justify; line-height: 12pt; padding-left: 8.42pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Wingdings'; -aw-font-weight: normal; -aw-number-format: '&amp;#61607;';"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The value of share capital, legal reserve&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;share premium&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and other distributable reserve&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;calculated &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;in accordance with Luxembourg l&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;aw;&lt;/font&gt;&lt;/li&gt;
&lt;li style="margin-left: 9.58pt; text-align: justify; line-height: 12pt; padding-left: 8.42pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Wingdings'; -aw-font-weight: normal; -aw-number-format: '&amp;#61607;';"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The currency translation adjustment&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;other reserves,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; retained earnings&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;non-controlling&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; interest&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;calculated in accordance with&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; IFRS.&lt;/font&gt;&lt;/li&gt;
&lt;/ul&gt;
&lt;p style="margin-top: 0pt; margin-left: 18pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 12pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-left: 36pt; margin-bottom: 0pt; text-indent: -36pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt;(&lt;font&gt;2&lt;/font&gt;)&lt;/font&gt;&lt;font style="font: 7pt 'Times New Roman'; -aw-import: spaces;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt;Share cap&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt;it&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt;al&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;The Company has an authorized share capital of a single class of &lt;font&gt;2.5&lt;/font&gt; billion shares having a nominal value of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;$&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;1.00&lt;/font&gt; per share. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Total ordinary shares issued and outstanding as of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;December 31, 20&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;, &lt;font&gt;201&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;9&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; and &lt;font&gt;201&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;8&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;are&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;1,180,536,830&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;with a par value of $&lt;font&gt;1.00&lt;/font&gt; per share with &lt;font&gt;one&lt;/font&gt; vote each.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; All issued shares are fully paid.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 12pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-left: 36pt; margin-bottom: 0pt; text-indent: -36pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt;(&lt;font&gt;3&lt;/font&gt;)&lt;/font&gt;&lt;font style="font: 7pt 'Times New Roman'; -aw-import: spaces;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt;Dividends distribution by the Company to shareholders &lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-left: 36pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: Arial; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Dividends distributions are recorded in the Company&amp;#8217;s financial statements when Company&amp;#8217;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.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Dividends may be paid by the Company to the extent that it has distributable retained earnings, calculated in accordance with Luxembourg law. S&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;ee n&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;ote &lt;font&gt;26&lt;/font&gt; (iii).&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;</ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory>
  <ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory id="Tag880" contextRef="D20201231_3">&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;I&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;font style="width: 29.61pt; display: inline-block;"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;Other &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;i&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;nvestments&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;O&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;ther investments consist primarily of investments in financial instruments&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; and time deposits with a maturity of more than &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;three&lt;/font&gt; months&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; at the date of purchase&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Certain non-derivative financ&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;ial assets that the Company held not for trading&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; have been categorized as &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;financial assets &amp;#8220;at &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;fair value through other comprehensive income&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#8221; (&amp;#8220;FV&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;OCI&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#8221;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;)&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;. They are carried at &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;fair value&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; and &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;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 &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;C&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;onsolidated &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;S&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;tatement of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;C&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;omprehensive &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Income and transferred to the C&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;onsolidated &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;I&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;ncome &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;S&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;tatement when the financial asset is sold. Exchange gains and losses and impairments related to the financial assets are immediately recognized in the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;C&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;onsolidated &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;I&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;ncome &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;S&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;tatement. F&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;V&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;OCI&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; instruments with maturities greater than &lt;font&gt;12&lt;/font&gt; months after the balance sheet date a&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;re included in&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; non-current assets&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;O&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;ther investments in financial instruments and time deposits are categorized as financial assets &amp;#8220;at fair value through profit or loss&amp;#8221; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;(&amp;#8220;FVPL&amp;#8221;) &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;because such investments are held for trading and &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;their&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; performance is evaluated on a fair value basis&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;. The results of these investments are recognized in &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt;Financial Results&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; in the Consolidated Income Statement.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Purchases and sales of financial investments are recognized as of the&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;ir&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;settlement&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; date&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;The fair values of quoted investments are &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;generally &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;based on current bid prices. If the market for a financial investment is not active or the securities are not listed, Tenaris estimates the fair value by using standard valuation techniques&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;. S&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;ee Sectio&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;n III Financial Risk Management&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;.&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;</ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory>
  <ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory id="Tag881" contextRef="D20201231_3">&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;H&lt;/font&gt;&lt;font style="width: 28.22pt; display: inline-block;"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;Impairment of non-financial assets&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Long-lived assets including identifiable intangible assets are reviewed for impairment at the lowest level for which there are separately identifiable cash flows (CGU). Most of the Company&amp;#8217;s principal subsidiaries that constitute a CGU have a single main production facility and, accordingly, each of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;such subsidiaries&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; represents the lowest level of asset aggregation that generates largely independent cash inflows.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Assets that are subject to amortization &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;or depreciation &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Intangible assets with indefinite useful lives, including goodwill, are subject to at least an annual impairment test.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Or more frequently if events or circumstances indicate that the carrying amount value may be impaired.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;In assessing whether there is any indication that a CGU may 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&amp;#8217;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&amp;#8217;s customers and the evolution of the rig count.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 12pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;An impairment loss is recognized for the amount by which the asset&amp;#8217;s carrying amount exceeds its recoverable amount. The recoverable amount is the higher between the asset&amp;#8217;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:&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-left: 28.35pt; margin-bottom: 0pt; text-indent: -14.15pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;(a) first, to reduce the carrying amount of any goodwill allocated to the CGU; and&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-left: 28.35pt; margin-bottom: 0pt; text-indent: -14.15pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;(b) 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 not to reduce the carrying amount of the asset below the highest of its fair value less cost of disposal, its value in use or &lt;font&gt;zero&lt;/font&gt;.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;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.&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;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.&lt;/font&gt;&lt;br/&gt;&lt;/p&gt;

&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Non-financial assets other than goodwill that suffered an impairment are reviewed for possible reversal at each reporting date.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; For more information on impairment charges see note &lt;font&gt;5&lt;/font&gt;.&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;</ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory>
  <ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory id="Tag882" contextRef="D20201231_3">&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt; padding-top: 5pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;E&lt;/font&gt;&lt;font style="width: 29.33pt; display: inline-block;"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;Property, plant and equipment&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 12pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Property, plant and equipment are recognized at historical acquisition or construction cost&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; less accumulated depreciation&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; and impairment losses&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;. H&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;istorical cost includes expenditure that is directly attributable to the acquisition of the items&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Property&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;p&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;lant&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; and &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;e&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;quipment acquired through&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;acquisitions accounted for as &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;business &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;combination&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;s &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;have been valued &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;initially &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;at the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;fair &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;market &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;value of the assets &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;acquired.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Major overhaul and rebuilding expenditures&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; are capitalized as property, plant and equipment only when &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;it is probable that future economic benefits associated with&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; the item will flow to the Company&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; and &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;the investment enhances the condition of assets beyond its original condition.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; The carrying amount of the replaced part is derecognized&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;M&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;aintenance expenses on manufacturing properties are recorded as cost of products sold in the year in which they are incurred.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Cost may also include transfers fro&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;m equity of any gains or losses&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; on qualifying cash flow hedges of foreign currency purchases of property, plant and equipment. &lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;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&lt;/font&gt;&lt;font style="font-family: 'Times New (W1)'; font-size: 10pt;"&gt; IAS &lt;font&gt;23&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New (W1)'; font-size: 10pt;"&gt;(R)&lt;/font&gt;&lt;font style="font-family: 'Times New (W1)'; font-size: 10pt;"&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New (W1)'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New (W1)'; font-size: 10pt;"&gt;&amp;#8220;Borrowing Cost&lt;/font&gt;&lt;font style="font-family: 'Times New (W1)'; font-size: 10pt;"&gt;s&lt;/font&gt;&lt;font style="font-family: 'Times New (W1)'; font-size: 10pt;"&gt;&amp;#8221;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;A&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;ssets for which borrowing costs are capitalized are those that require a substantial period of time to prepare for their intended use.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;The d&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;epreciation method is reviewed at each year end. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Depreciation&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;is calculated using the straight-line method to &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;depreciate &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;the cost of each asset to its residual value over its estimated useful life&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;, as follows:&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;table style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; height: 58px; width: 100%;" width="100%" cellspacing="0" cellpadding="0"&gt;

&lt;tr style="height: 16px;"&gt;
&lt;td style="width: 4.92%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 54.22%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt; Land &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 40.86%; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt; No Depreciation &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px;"&gt;
&lt;td style="width: 4.92%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 54.22%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt; Buildings and improvements&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 40.86%; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt; &lt;font style="border-right: none; border-left: none;"&gt;&lt;font&gt;30&lt;/font&gt;&lt;/font&gt;-&lt;font&gt;50&lt;/font&gt; years &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px;"&gt;
&lt;td style="width: 4.92%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 54.22%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt; Plant and production equipment&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 40.86%; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt; &lt;font&gt;10&lt;/font&gt;-&lt;font&gt;40&lt;/font&gt; years &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="width: 4.92%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 54.22%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt; Vehicles, furniture and fixtures, and other equipment &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 40.86%; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px;"&gt;&lt;font&gt;4&lt;/font&gt; -&lt;font&gt;10&lt;/font&gt; years&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;The&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; assets&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#8217;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;residual values and useful lives of significant plant and &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;production &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;equipment are reviewed&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; and adjusted&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; if appropriate, at each year-end&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;date. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;An asset&amp;#8217;s carrying amount is written down immediately to its recoverable amount if the asset&amp;#8217;s carrying amount is greater than its estimated recoverable amount.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New (W1)'; font-size: 10pt;"&gt;Management&amp;#8217;s re&lt;/font&gt;&lt;font style="font-family: 'Times New (W1)'; font-size: 10pt;"&gt;-&lt;/font&gt;&lt;font style="font-family: 'Times New (W1)'; font-size: 10pt;"&gt;estimation of asset&lt;/font&gt;&lt;font style="font-family: 'Times New (W1)'; font-size: 10pt;"&gt;s&lt;/font&gt;&lt;font style="font-family: 'Times New (W1)'; font-size: 10pt;"&gt; useful &lt;/font&gt;&lt;font style="font-family: 'Times New (W1)'; font-size: 10pt;"&gt;lives&lt;/font&gt;&lt;font style="font-family: 'Times New (W1)'; font-size: 10pt;"&gt;, performed &lt;/font&gt;&lt;font style="font-family: 'Times New (W1)'; font-size: 10pt;"&gt;in accordance with IAS &lt;font&gt;16&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New (W1)'; font-size: 10pt;"&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New (W1)'; font-size: 10pt;"&gt; &amp;#8220;Property&lt;/font&gt;&lt;font style="font-family: 'Times New (W1)'; font-size: 10pt;"&gt;, Plant and E&lt;/font&gt;&lt;font style="font-family: 'Times New (W1)'; font-size: 10pt;"&gt;quipment&amp;#8221;&lt;/font&gt;&lt;font style="font-family: 'Times New (W1)'; font-size: 10pt;"&gt;, &lt;/font&gt;&lt;font style="font-family: 'Times New (W1)'; font-size: 10pt;"&gt;resulted in additional depreciation expenses for &lt;font&gt;2020&lt;/font&gt; of $&lt;/font&gt;&lt;font style="font-family: 'Times New (W1)'; font-size: 10pt;"&gt;&lt;font&gt;45&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New (W1)'; font-size: 10pt;"&gt; million&lt;/font&gt;&lt;font style="font-family: 'Times New (W1)'; font-size: 10pt;"&gt; and &lt;/font&gt;&lt;font style="font-family: 'Times New (W1)'; font-size: 10pt;"&gt;did not materially affect depreciation expense&lt;/font&gt;&lt;font style="font-family: 'Times New (W1)'; font-size: 10pt;"&gt;s&lt;/font&gt;&lt;font style="font-family: 'Times New (W1)'; font-size: 10pt;"&gt; for &lt;/font&gt;&lt;font style="font-family: 'Times New (W1)'; font-size: 10pt;"&gt;&lt;font&gt;201&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New (W1)'; font-size: 10pt;"&gt;&lt;font&gt;9&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New (W1)'; font-size: 10pt;"&gt; and &lt;font&gt;201&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New (W1)'; font-size: 10pt;"&gt;&lt;font&gt;8&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New (W1)'; font-size: 10pt;"&gt;.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;T&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;enaris&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; depreciates each significant part of an item of property, plant and equipment &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;for its different production facilities &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;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.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Gains and losses on disposals are determined by comparing the proceeds with the carrying amount of assets and are recognized under &lt;/font&gt;&lt;font style="font-family: 'Times New (W1)'; font-size: 10pt; font-style: italic;"&gt;Other operating income &lt;/font&gt;&lt;font style="font-family: 'Times New (W1)'; font-size: 10pt;"&gt;or &lt;/font&gt;&lt;font style="font-family: 'Times New (W1)'; font-size: 10pt; font-style: italic;"&gt;Other operating &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt;expenses&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; in the Consolidated Income Statement.&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;</ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory>
  <ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory id="Tag883" contextRef="D20201231_3">&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;N&lt;/font&gt;&lt;font style="width: 28.78pt; display: inline-block;"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;Borrowings&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;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.&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;</ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory>
  <ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory id="Tag884" contextRef="D20201231_3">&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt; padding-top: 5pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;D&lt;/font&gt;&lt;font style="width: 28.78pt; display: inline-block;"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;Foreign &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;c&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;urrency &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;t&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;ranslation&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-left: 35.45pt; margin-bottom: 0pt; text-indent: -35.45pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt;(&lt;font&gt;1&lt;/font&gt;)&lt;/font&gt;&lt;font style="font: 7pt 'Times New Roman'; -aw-import: spaces;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt;Functional&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt; and presentation&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt; currency&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-left: 54pt; margin-bottom: 0pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;IAS &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;21&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;(&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;revised&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;)&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#8220;The effects of changes in foreign exchange rates&amp;#8221; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;defines the functional currency as the currency of the primary economic environment in which &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;an &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;entity operates.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;The functional &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;and presentation &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;curren&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;c&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;y of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;the Company &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;is the U.S. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;dollar&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;. The U.S. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;d&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;ollar&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; is the currency that best reflects the economic substance of the underlying events and circumstances relevant to &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Tenaris&amp;#8217;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; global operations. &lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Except f&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;or&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; the Brazilian and Italian subsidiaries whose functional currenci&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;es are their local currencies, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Tenaris determined that the functional currency of its&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; other subsidiaries &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;is the U.S. dollar, based on the following principal considerations&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;:&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;ul style="margin: 0pt; padding-left: 0pt; margin-left: 2.58pt;" type="square"&gt;
&lt;li style="margin-left: 9.58pt; text-align: justify; line-height: 12pt; padding-left: 8.27pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Wingdings'; -aw-font-weight: normal; -aw-number-format: '&amp;#61607;';"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;S&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;ales are mainly negotiated, denominated and settled in U.S. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;dollar&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;. If priced in a currency other than the U.S. dollar, the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;sales &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;price &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;may consider&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; exposure to fluctuation in the exchange rate versus the U.S. dollar;&lt;/font&gt;&lt;/li&gt;
&lt;li style="margin-left: 9.58pt; text-align: justify; line-height: 12pt; padding-left: 8.27pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Wingdings'; -aw-font-weight: normal; -aw-number-format: '&amp;#61607;';"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;P&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;rices of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;their &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;critical raw materials and inputs are priced and&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;/&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;or&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; settled in U.S. dollars; &lt;/font&gt;&lt;/li&gt;
&lt;li style="margin-left: 9.58pt; text-align: justify; line-height: 12pt; padding-left: 8.27pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Wingdings'; -aw-font-weight: normal; -aw-number-format: '&amp;#61607;';"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Transaction&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and operational&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; environment and the cash flow &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;of these &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;operations ha&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;ve&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; the U.S&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;. dollar&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; as reference currency;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;/li&gt;
&lt;li style="margin-left: 9.58pt; text-align: justify; line-height: 12pt; padding-left: 8.27pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Wingdings'; -aw-font-weight: normal; -aw-number-format: '&amp;#61607;';"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;S&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;ignificant level of integration of the l&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;ocal operations within &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Tenaris&amp;#8217;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;international &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;global distribution network&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;;&lt;/font&gt;&lt;/li&gt;
&lt;li style="margin-left: 9.58pt; text-align: justify; line-height: 12pt; padding-left: 8.27pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Wingdings'; -aw-font-weight: normal; -aw-number-format: '&amp;#61607;';"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;N&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;et financial assets and liabilities are mainly received and maintained in U.S. dollars;&lt;/font&gt;&lt;/li&gt;
&lt;li style="margin-left: 9.58pt; text-align: justify; line-height: 12pt; padding-left: 8.27pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Wingdings'; -aw-font-weight: normal; -aw-number-format: '&amp;#61607;';"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The exchange rate of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;certain legal currencies&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;has long-been affected by recurring and seve&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;re economic crise&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;s.&lt;/font&gt;&lt;/li&gt;
&lt;/ul&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt;(&lt;font&gt;2&lt;/font&gt;)&lt;/font&gt;&lt;font style="width: 24.34pt; display: inline-block;"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt;Transactions in currencies other than the functional currency&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;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 valuati&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;on where items are re-measured.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;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&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; the fair value was determined.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;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 &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt;Other financial results&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; in the Consolidated Income Statement, except when deferred in equity as qualifying cash flow hedges and qu&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;alifying net investment hedges.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt;(&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt;&lt;font&gt;3&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt;)&lt;/font&gt;&lt;font style="width: 24.34pt; display: inline-block;"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt;Translation of financial &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt;information &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt;in currencies other than the functional currency&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Results of operations for&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; subsidiar&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;i&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;es &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;whose functional &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;currencies are&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; not &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;the U.S. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;d&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;ollar&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; are translated into U.S. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;dollars&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; at the average exchange rates for &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;each quarter of the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;year&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Financial s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;tatement &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;position&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;s are translated at the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;year&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;-end&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;exchange rates. Translation differences are recognized in &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;a separate component of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;equity&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; as &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;currency &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;translation adjustments&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;. In the case of a sale or other dispos&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;al&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; of any of such subsidiaries&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;, any accumulated translation difference&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; would be&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; recognized in income as &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;a&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; gain or loss &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;f&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;rom&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;sale.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Goodwill and fair value adjustments arising &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;from&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; the acquisition of a foreign operation are treated as assets and liabilities of the foreign operation and translated at the closing rate.&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;</ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory>
  <ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory id="Tag885" contextRef="D20201231_3">&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;F&lt;/font&gt;&lt;font style="width: 29.89pt; display: inline-block;"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;Intangible assets&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt;(&lt;font&gt;1&lt;/font&gt;)&lt;/font&gt;&lt;font style="width: 24.34pt; display: inline-block;"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt;Goodwill &lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Goodwill represents the excess of the acquisition cost &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;over the fair value of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Tenaris&amp;#8217;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; share of net identifiable assets acquired as part of business combinations determined mainly by independent valuations. Goodwill is tested &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;at least &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;annually for impairment and carried at cost less accumulated impairment losses. Impairment losses on goodwill are not reversed. Goodwill is included &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;in&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; the Consolidated Statement of Financial Position under &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt;Intangible assets, net.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;For the purpose of impairment testing, g&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;oodwill is allocated to a &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;cash generating unit (&amp;#8220;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;CGU&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#8221;)&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; or group of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;CGUs&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; that are expected to benefit from the business combination which generated the goodwill being tested.&lt;/font&gt;&lt;/p&gt;

&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt;(&lt;font&gt;2&lt;/font&gt;)&lt;/font&gt;&lt;font style="width: 24.34pt; display: inline-block;"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt;Information systems projects&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;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 &lt;font style="border-left: none; border-right: none;"&gt;&lt;font&gt;one&lt;/font&gt;&lt;/font&gt; year and comply with the recognition criteria of IAS &lt;font&gt;38&lt;/font&gt;, &lt;/font&gt;&lt;font style="font-family: 'Times New (W1)'; font-size: 10pt;"&gt;&amp;#8220;Intangible Assets&amp;#8221;.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Information systems projects recognized as assets are amortized using the straight-line method over their useful lives, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;generally &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;not exceeding a period of &lt;font&gt;3&lt;/font&gt; years. Amortization charges are &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;mainly &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;classified as &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt;Selling, general and administrative expenses&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; in the&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Consolidated&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;I&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;ncome &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;S&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;tatement.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New (W1)'; font-size: 10pt;"&gt;Management&amp;#8217;s re-estimation of assets useful lives, performed in accordance with IAS &lt;font&gt;38&lt;/font&gt;, &lt;/font&gt;&lt;font style="font-family: 'Times New (W1)'; font-size: 10pt;"&gt;resulted in additional amortization expenses for &lt;font&gt;2020&lt;/font&gt; of $&lt;/font&gt;&lt;font style="font-family: 'Times New (W1)'; font-size: 10pt;"&gt;&lt;font&gt;11.1&lt;/font&gt; million&lt;/font&gt;&lt;font style="font-family: 'Times New (W1)'; font-size: 10pt;"&gt; and did not materially affect amortization expenses for &lt;font&gt;2019&lt;/font&gt; and &lt;font&gt;2018&lt;/font&gt;.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 12pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt;(&lt;font&gt;3&lt;/font&gt;)&lt;/font&gt;&lt;font style="width: 24.34pt; display: inline-block;"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt;Licenses, patents, trademarks and proprietary technology &lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;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 not exceed a period of &lt;font&gt;10&lt;/font&gt; years.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Amortization charges are mainly classified as &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt;Selling, general and administrative expenses&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; in the Consolidated Income Statement.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;The balance of acquired t&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;rademarks&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; that have indefinite useful lives according to external appraisal&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; amo&lt;font&gt;unt&lt;/font&gt;&lt;/font&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; to&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;$&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;86.7&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;" class="selected"&gt; &lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;m&lt;/font&gt;illion&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; at December 31, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;, &lt;font&gt;201&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;9&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; and &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;201&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;8&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;and are &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;included in Hydril CGU&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;. Main factors considered in the determination of the&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; indefinite useful lives&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; include the years that &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;they have&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; been in service and &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;their &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;recognition among customers in the industry.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; line-height: 10pt;"&gt;&lt;font style="font-family: 'MS Shell Dlg'; font-size: 10pt; font-style: italic; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New (W1)'; font-size: 10pt;"&gt;Management&amp;#8217;s re-estimation of assets useful lives, performed in accordance with IAS &lt;font&gt;38&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New (W1)'; font-size: 10pt;"&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New (W1)'; font-size: 10pt;"&gt; did no&lt;/font&gt;&lt;font style="font-family: 'Times New (W1)'; font-size: 10pt;"&gt;t materially affect amortization&lt;/font&gt;&lt;font style="font-family: 'Times New (W1)'; font-size: 10pt;"&gt; expenses for &lt;font&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New (W1)'; font-size: 10pt;"&gt;&lt;font&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New (W1)'; font-size: 10pt;"&gt;, &lt;font&gt;201&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New (W1)'; font-size: 10pt;"&gt;&lt;font&gt;9&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New (W1)'; font-size: 10pt;"&gt; and &lt;font&gt;201&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New (W1)'; font-size: 10pt;"&gt;&lt;font&gt;8&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New (W1)'; font-size: 10pt;"&gt;.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; line-height: 10pt;"&gt;&lt;font style="font-family: 'MS Shell Dlg'; font-size: 10pt; font-style: italic; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt;(&lt;font&gt;4&lt;/font&gt;)&lt;/font&gt;&lt;font style="width: 24.34pt; display: inline-block;"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt;Research and development&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 12pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;Research expenditures as well as &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;development costs that do not fulfill the criteria for capitalization are recorded as &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt;Cost of sales&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; in the Consolidated Income Statement as incurred. Research and development expenditures included in &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt;Cost of sales&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; for the years &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;20&lt;/font&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;201&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;9&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; and &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;201&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;8&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; totaled $&lt;font&gt;41.8&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;million, $&lt;font&gt;61.1&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; million and $&lt;font&gt;63.4&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;million, respectively.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Capitalized costs were not material for the years &lt;font&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;, &lt;font&gt;201&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;9&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; and &lt;font&gt;201&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;8&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-left: 36pt; margin-bottom: 0pt; text-indent: -36pt; text-align: justify; line-height: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; letter-spacing: -0.1pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-left: 36pt; margin-bottom: 0pt; text-indent: -36pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; letter-spacing: -0.1pt;"&gt;(&lt;font&gt;5&lt;/font&gt;) &lt;/font&gt;&lt;font style="width: 21.84pt; text-indent: 0pt; display: inline-block;"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; letter-spacing: -0.1pt;"&gt;Customer relationship&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; letter-spacing: -0.1pt;"&gt;s&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0.85pt 0pt 13.9pt; line-height: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; letter-spacing: -0.1pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-right: 0.9pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;In accordance with IFRS &lt;font&gt;3&lt;/font&gt;, "Business Combinations" and IAS &lt;font&gt;38&lt;/font&gt;, Tenaris has recognized the value of customer relationships separately from goodwill attributable to the acquisition of Maverick&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt; Tube Corporation (&amp;#8220;Maverick&amp;#8221;)&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt; and Hydril&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt; Company (&amp;#8220;Hydril&amp;#8221;)&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt; groups, as well as the more recent acquisi&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;tion&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt; of S&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;audi &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;S&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;teel &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;P&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;ipes (&amp;#8220;SSPC&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;&amp;#8221;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;) and Ipsco Tubulars Inc. (&amp;#8220;IPSCO&amp;#8221;)&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-right: 0.85pt; margin-bottom: 0pt; text-align: justify; line-height: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-right: 0.9pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;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 &lt;font&gt;14&lt;/font&gt; years for Maverick, &lt;font&gt;10&lt;/font&gt; y&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;ears for Hydril&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt; &lt;font&gt;9&lt;/font&gt; years for &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;SSP&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;C and &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;&lt;font&gt;3&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt; year&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt; for IPSCO&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-right: 0.85pt; margin-bottom: 0pt; text-align: justify; line-height: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt; widows: 0; orphans: 0;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;In &lt;font&gt;2018&lt;/font&gt; the Company reviewed the useful life of Maverick&amp;#8217;s Tubes customer relationships and decided to reduce the remaining useful life from &lt;font&gt;2&lt;/font&gt; years to &lt;font&gt;zero&lt;/font&gt;, consequently a higher amortization charge of approximately $&lt;font&gt;109&lt;/font&gt; million was recorded in the Consolidated Income Statement under &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; letter-spacing: -0.1pt;"&gt;Selling, general and administrative expenses&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt; for the year ended December 31, 2018.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 10pt; widows: 0; orphans: 0;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;As o&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;f December 31, 20&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;&lt;font&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt; the net book&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt; value of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;IPSCO&amp;#8217;s customer relationship amounts &lt;font&gt;to $&lt;/font&gt;&lt;font&gt;51.3&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;&lt;font&gt;&amp;nbsp;with&lt;/font&gt; a residual life of &lt;font&gt;2&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt; years, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;SSP&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;C&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;&amp;#8217;s customer relationship amounts to&lt;font&gt; $&lt;/font&gt;&lt;font&gt;63.8&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;&lt;font&gt;&amp;nbsp;mill&lt;/font&gt;ion, with a residual useful life of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;&lt;font&gt;7&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt; years&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;, w&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;hile &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;Maverick&amp;#8217;s &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;and&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt; Hydril&amp;#8217;s customer relationships &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;are&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt; fully amortized.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New (W1)'; font-size: 10pt;"&gt;Management&amp;#8217;s re-estimation of assets useful lives, performed in accordance with IAS &lt;font&gt;38&lt;/font&gt;, did not materially affect&lt;/font&gt;&lt;font style="font-family: 'Times New (W1)'; font-size: 10pt;"&gt; amortization expenses for &lt;font&gt;2020&lt;/font&gt; and&lt;/font&gt;&lt;font style="font-family: 'Times New (W1)'; font-size: 10pt;"&gt; &lt;font&gt;2019&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New (W1)'; font-size: 10pt;"&gt;.&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;</ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory>
  <ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory id="Tag886" contextRef="D20201231_3">&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;C&lt;/font&gt;&lt;font style="width: 28.78pt; display: inline-block;"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;Segment information&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 12pt;"&gt; &lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 12pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;The Company is organized in &lt;font&gt;one&lt;/font&gt; major business segment, Tubes, which is also the reportable operating segment.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;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 (&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#8220;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;OCTG&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#8221;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;) 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 &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;are &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;made through local subsidiaries.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Corporate general and administrative expenses have been allocated to the Tubes segment.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Others include&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; all other business activities and operating segments that are not required to be separately reported, including the production and selling of sucker rods, industrial equipment, coiled tubing&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;utility conduits&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10.5pt;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;for buildings&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; heat exchangers,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;energy&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; and &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;raw materials that exceed internal requirements. &lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Tenaris&amp;#8217;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Chief Operating Decision Maker (&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#8220;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;C&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;O&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;DM&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#8221;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;) 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:&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;ul style="margin: 0pt; padding-left: 0pt; margin-left: 2.58pt;" type="square"&gt;
&lt;li style="margin-left: 9.58pt; text-align: justify; line-height: 12pt; padding-left: 8.27pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Wingdings'; -aw-font-weight: normal; -aw-number-format: '&amp;#61607;';"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The use of direct cost methodology to calculate the inventories, while under IFRS &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;it &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;is at full cost, including absorption of production overheads and depreciation&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;;&lt;/font&gt;&lt;/li&gt;
&lt;li style="margin-left: 9.58pt; text-align: justify; line-height: 12pt; padding-left: 8.27pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Wingdings'; -aw-font-weight: normal; -aw-number-format: '&amp;#61607;';"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The use of costs based on previously internally defined cost estimates, while, under IFRS, costs are calculated at historical cost&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;;&lt;/font&gt;&lt;/li&gt;
&lt;li style="margin-left: 9.58pt; text-align: justify; line-height: 12pt; padding-left: 8.27pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Wingdings'; -aw-font-weight: normal; -aw-number-format: '&amp;#61607;';"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Other timing differences, if any.&lt;/font&gt;&lt;/li&gt;
&lt;/ul&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;T&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;enaris&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; presents&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; its geographical information in &lt;font style="border-left: none; border-right: none;"&gt;&lt;font&gt;five&lt;/font&gt;&lt;/font&gt; areas:&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; North America,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; South America, Europe, Middle East and Afri&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;ca&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; and &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Asia Pacific&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;. For purposes of reporting geographical information, net sales are &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;allocated&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; to geographical areas based on the customer&amp;#8217;s location; allocation of assets&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; capital expenditures and associated depreciation&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; and amortization&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; are based on the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;geographical&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; location of the assets&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;.&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;</ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory>
  <ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents id="Tag887" contextRef="D20201231_3">&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt; padding-top: 5pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;L&lt;/font&gt;&lt;font style="width: 29.33pt; display: inline-block;"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;Cash and cash equivalents&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;Cash and cash equi&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;valents are comprised of cash at&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt; banks, liquidity funds and short-term investments with a maturity of less than &lt;font&gt;three&lt;/font&gt; 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 &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;approximates fair market value.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;In the Consolidated Statement of Financial Position, bank overdrafts are included in &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; letter-spacing: -0.1pt;"&gt;Borrowings&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt; in current liabilities.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;For the purposes of the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;Consolidated Statement of C&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;ash &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;F&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;low&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; letter-spacing: -0.1pt;"&gt;C&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; letter-spacing: -0.1pt;"&gt;ash and cash equivalents&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt; includes &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;overdrafts&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;.&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;</ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents>
  <ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory id="Tag888" contextRef="D20201231_3">&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt; padding-top: 5pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;B&lt;/font&gt;&lt;font style="width: 29.33pt; display: inline-block;"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;Group accounting&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 12pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt;(&lt;font&gt;1&lt;/font&gt;)&lt;/font&gt;&lt;font style="width: 24.34pt; display: inline-block;"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt;Subsidiaries and transactions with non-controlling interests&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;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 no longer consolidated from the date control ceases. &lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;The &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;acquisition&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; method of accounting is used to account for the acquisition of subsidiaries by &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Tenaris&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;. The cost of an acquisition is measured as the fair value of the assets &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;transferred&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;, equity instruments issued and liabilities incurred or assumed at the date of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;exchange&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;. Acquisition-related costs are expensed as incurred.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Identifiable assets acquired&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;. Any non-controlling interest in the acquiree is measured either at fair value or at the non-controlling interest&amp;#8217;s proportionate share of the acquiree&amp;#8217;s net assets. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;The excess of the&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; aggregate of the&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;consideration transferred&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; and&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; the amount of any non-controlling interest in the acquiree&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;over the fair value of the identifiable net assets acquired is recorded as goodwill. If &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;this&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; is less than the fair value of the net assets of the subsidiary acquired, the difference is recognized directly in the&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Consolidated&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;I&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;ncome &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;S&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;tatement.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Contingent consideration is classified either as equity or a&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;a &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;financial liability. Amounts classified as a financial liability are subsequently remeasured to fair value with changes in fair value recognized in profit or loss.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;If the business combination is achieved in stages, the acquisition date carrying value of the acquirer&amp;#8217;s previously held equity interest in the acquire&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;e&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; is remeasured to fair value at the acquisition date. Any gains or losses arising from such remeasurement are recognized in profit or loss.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;T&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;ransactions with non-controlling interests &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;that do not result in a loss of control&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; are accounted&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;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.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;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 may mean that amounts previously recognized in other comprehensive income are reclassified to profit or loss. &lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Material intercompany transactions&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;balances &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;and unrealized gains (losses) on transactions &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;between Tenaris subsidiaries have been eliminated in consolidation. However, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;since&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; the functional currency of some subsidiaries &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;is &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;i&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;t&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;s respective local currency, some financial gains (losses) arising from intercompany transactions&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; are generated. These&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; are included in the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;C&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;onsolidated &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;I&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;ncome &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;S&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;tatement under &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt;Other f&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt;inancial results&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; -aw-import: spaces;"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt;(&lt;font&gt;2&lt;/font&gt;)&lt;/font&gt;&lt;font style="width: 21.84pt; display: inline-block;"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt;Non-consolidated companies&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 12pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Non-consolidated companies&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; are&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; all&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;entities&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; in which Tenaris &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;has significant influence but not control&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; generally accompanying a shareholding of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;between &lt;font style="border-left: none; border-right: none;"&gt;&lt;font&gt;20&lt;/font&gt;&lt;/font&gt;% and &lt;font style="border-left: none; border-right: none;"&gt;&lt;font&gt;50&lt;/font&gt;&lt;/font&gt;% of the voting rights.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Investments in &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;non-&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;consolidated companies&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;(associated &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;and joint ventures&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;)&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;are accounted for by the equity method of accounting and&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; are&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; initially recognized at cost.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;The Company&amp;#8217;s investment in &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;non-&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;consolidated companies&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; includes goodwill identified in acquisition, net of any accumulated impairment loss.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Under the equity method of accounting, the investments are initially recognized at cost and adjusted thereafter to recognize Tenaris&amp;#8217;s share of the post-acquisition profits or losses of the investee in profit or loss, and Tenaris&amp;#8217;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.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;If material, u&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;nrealized results on transactions between Tenaris and its &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;non-consolidated companies&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; are eliminated to the extent of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Tenaris&amp;#8217;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; interest in the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;non-consolidated companies&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Unreali&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;z&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;ed losses are also eliminated &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;unless the transaction provides evidence of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;an impairment &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;indicator &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;of the asset transferred. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Financial &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;tatements of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;non-consolidated companies &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;have been&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; adjusted&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; where necessary to ensure consistency with&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; IFRS&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;br/&gt;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;div style="border-right: none; border-left: none;"&gt;

&lt;/div&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt;(&lt;font&gt;2&lt;/font&gt;)&lt;/font&gt;&lt;font style="width: 24.34pt; display: inline-block;"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt;Non-consolidated companies (Cont.)&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;The Company&amp;#8217;s pro-rata share of earnings in non-consolidated companies is recorded in the Consolidated Income Statement under &lt;/font&gt;&lt;font style="font-family: 'Times New (W1)'; font-size: 10pt; font-style: italic;"&gt;Equity in earnings&lt;/font&gt;&lt;font style="font-family: 'Times New (W1)'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New (W1)'; font-size: 10pt; font-style: italic;"&gt;of non-consolidated companies&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;. The Company&amp;#8217;s pro-rata share of changes in other comprehensive income is recognized in the Consolidated Statement of Comprehensive Income.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt;Ternium&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;At December 31, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font style="border-left: none; border-right: none;"&gt;&lt;font&gt;20&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;, Tenaris h&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;e&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;ld &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;11.46&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;%&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Ternium S.A (&amp;#8220;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Ternium&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#8221;)&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#8217;s common stock&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;. The following factors and circumstances evidence that Tenaris has significant influence (as defined by IAS &lt;font style="border-left: none; border-right: none;"&gt;&lt;font&gt;28&lt;/font&gt;&lt;/font&gt;, &amp;#8220;Investments in &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;associates&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; companies&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;and Joint Ventures&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#8221;) &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;over Ternium&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;, and as a result the Company&amp;#8217;s investment in Ternium has been accounted for under the equity method:&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: spaces;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;ul style="margin: 0pt; padding-left: 0pt; margin-left: 2.58pt;" type="square"&gt;
&lt;li style="margin-left: 9.58pt; text-align: justify; line-height: 12pt; padding-left: 8.27pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Wingdings'; -aw-font-weight: normal; -aw-number-format: '&amp;#61607;';"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Both the Company and Ternium are under&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; the&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; indirect com&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;mon control of San Faustin S.A.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&amp;#8220;San Faustin&amp;#8221;)&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;;&lt;/font&gt;&lt;/li&gt;
&lt;li style="margin-left: 9.58pt; text-align: justify; line-height: 12pt; padding-left: 8.27pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Wingdings'; -aw-font-weight: normal; -aw-number-format: '&amp;#61607;';"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font style="border-left: none; border-right: none;"&gt;&lt;font&gt;Four&lt;/font&gt;&lt;/font&gt; out of&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font style="border-left: none; border-right: none;"&gt;&lt;font&gt;eight&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; members of Ternium&amp;#8217;s Board of D&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;irectors (including Ternium&amp;#8217;s &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;C&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;hairman) are also members of t&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;he Company&amp;#8217;s &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Board of D&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;irectors&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;;&lt;/font&gt;&lt;/li&gt;
&lt;li style="margin-left: 9.58pt; text-align: justify; line-height: 12pt; padding-left: 8.27pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Wingdings'; -aw-font-weight: normal; -aw-number-format: '&amp;#61607;';"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Under the shareholders&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&amp;#8217;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; agreement by and between &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;the Company and Techint Holdings S.&amp;#224;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;r.l, a wholly owned subsidiary of San Faustin &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;and Ternium&amp;#8217;s main shareholder, dated January 9, 2006, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Techint Holdings&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;S.&amp;#224;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;r.l, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;is required to take actions within its power to cause&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (a) &lt;font style="border-left: none; border-right: none;"&gt;&lt;font&gt;one&lt;/font&gt;&lt;/font&gt; of the members of Ternium&amp;#8217;s &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Board of D&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;irectors to be nominated by &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;the Company&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and (b) any director nominated by &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;the Company&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; to be only removed &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;from Ternium&amp;#8217;s Board of D&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;irectors pursuant to previous written instructions of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;the Company&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;/li&gt;
&lt;/ul&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 12pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt;Usiminas&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;At December 31, 2020, Tenaris he&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;ld, through its Brazilian subsidiary Confab Industrial S.A. (&amp;#8220;Confab&amp;#8221;), &lt;font&gt;36.5&lt;/font&gt; million ordinary shares and &lt;font&gt;1.3&lt;/font&gt; million preferred shares of Usinas Sider&amp;#250;rgicas de Minas Gerais S.A. - Usiminas (&amp;#8220;Usiminas&amp;#8221;), representing &lt;/font&gt;&lt;font style="border-right: none; border-left: none;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font style="border-left: none; border-right: none;"&gt;&lt;font&gt;5.19&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;% of its shares with voting rights and &lt;font&gt;3.07&lt;/font&gt;% of its total share capital. &lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Confab&amp;#8217;s acquisition of the Usiminas shares was part of a larger transaction performed on January 16, 2012, pursuant to which Tenaris&amp;#8217;s affiliate Ternium (through certain of its subsidiaries) and Confab acquired a large block of Usiminas ordinary shares and joined Usiminas&amp;#8217; existing control group. Subsequently, in &lt;font style="border-left: none; border-right: none;"&gt;&lt;font&gt;2016&lt;/font&gt;&lt;/font&gt;, Ternium and Confab subscribed to additional ordinary shares and to preferred shares.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: spaces;"&gt;&amp;nbsp;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;At December 31, 202&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font style="border-left: none; border-right: none;"&gt;&lt;font&gt;0&lt;/font&gt;&lt;/font&gt;, the Usiminas control group he&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;ld, in the aggregate, &lt;font&gt;483.6&lt;/font&gt; million ordinary shares bound to the Usiminas shareholders&amp;#8217; agreement, representing approximately &lt;font&gt;68.6&lt;/font&gt;% of Usiminas&amp;#8217; voting capital. The Usiminas control group, which is bound by a long-term shareholders&amp;#8217; agreement that governs the rights and obligations of Usiminas&amp;#8217; control group members, is currently composed of &lt;font style="border-left: none; border-right: none;"&gt;&lt;font&gt;three&lt;/font&gt;&lt;/font&gt; sub-groups: the T/T Group, comprising Confab and certain Ternium entities; the NSC Group, comprising Nippon Steel Corporation (&amp;#8220;NSC&amp;#8221;), Metal &lt;font style="border-left: none; border-right: none;"&gt;&lt;font&gt;One&lt;/font&gt;&lt;/font&gt; Corporation and Mitsubishi Corporation; and Usiminas&amp;#8217; pension fund Previd&amp;#234;ncia Usiminas. The T/T Group holds approximately &lt;font&gt;47.1&lt;/font&gt;% of the total shares held by the control group (&lt;font&gt;39.5&lt;/font&gt;% corresponding to the Ternium entities and the other &lt;font&gt;7.6&lt;/font&gt;% corresponding to Confab); the NSC Group holds approximately &lt;font&gt;45.9&lt;/font&gt;% of the total shares held by the control group; and Previd&amp;#234;ncia Usiminas holds the remaining &lt;font&gt;7&lt;/font&gt;%.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;The corporate governance rules reflected in the Usiminas shareholders agreement include, among others, an alternation mechanism for the nomination of each of the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;C&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;hief &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;E&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;xecutive &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;O&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;fficer&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&amp;#8220;CEO&amp;#8221;)&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; and the C&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;hairman of the board of directors of Usiminas, as well as a mechanism for the nomination of other members of Usiminas&amp;#8217; executive board. The Usiminas shareholders agreement also provides for an exit mechanism consisting of a buy-and-sell procedure&amp;#8212;exercisable at any time after November 16, 2022 and applicable with respect to shares held by NSC and the T/T Group&amp;#8212;, which would allow either Ternium or NSC to purchase all or a majority of the Usiminas shares held by the other shareholder. &lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Confab and the Ternium entities party to the Usiminas shareholders agreement have a separate shareholders agreement governing their respective rights and obligations as members of the T/T Group. Such separate agreement includes, among others, provisions granting Confab certain rights relating to the T/T Group&amp;#8217;s nomination of Usiminas&amp;#8217; officers and directors under the Usiminas shareholders agreement. Those circumstances evidence that Tenaris has significant influence over Usiminas, and consequently, Tenaris accounts for its investment in Usiminas under the equity method (as defined by IAS &lt;font style="border-left: none; border-right: none;"&gt;&lt;font&gt;28&lt;/font&gt;&lt;/font&gt;).&lt;/font&gt;&lt;/p&gt;

&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt;Techgen&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Techgen S.A. de C.V. (&amp;#8220;Techgen&amp;#8221;)&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;, which operates an electric power plant in Mexico,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; is a joint venture company owned &lt;font&gt;48&lt;/font&gt;% by Ternium, &lt;font&gt;30&lt;/font&gt;% by Tecpetrol International S.A.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&amp;#8220;Tecpetrol&amp;#8221;)&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; and &lt;font&gt;22&lt;/font&gt;% by Tenaris. Tenaris, Ternium and Tecpetrol are parties to a shareholders&amp;#8217; agreement relating to the governa&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;nce of Techgen. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;T&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;he Company, Ternium and Tecpetrol are under the indirect com&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;mon control of San Faustin&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; consequently&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Tenaris&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; account&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; it&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;s interest &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;in Techgen &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;under the equity method (as defined by IAS &lt;font style="border-left: none; border-right: none;"&gt;&lt;font&gt;28&lt;/font&gt;&lt;/font&gt;).&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt;Global Pipe Company&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Global Pipe Company (&amp;#8220;GPC&amp;#8221;) &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;is a Saudi-German joint venture, established in &lt;font style="border-left: none; border-right: none;"&gt;&lt;font&gt;2010&lt;/font&gt;&lt;/font&gt; and located in Jubail&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Saudi Arabia&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;, which manufactures LSAW pipes. Tenaris, through its subsidiary Saudi Steel Pipe Company (&amp;#8220;SSPC&amp;#8221;), currently owns &lt;font&gt;35&lt;/font&gt;% of the share capital of GPC. Through the shareholders agreement, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;SSPC&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; is entitled to choose &lt;font&gt;one&lt;/font&gt; of the &lt;font&gt;five&lt;/font&gt; members of the Board of Directors of GPC&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;In addition, SSPC has the ability to block any shareholder resolution&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;. Based on the facts stated above, the Company has determined that it has signifi&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;cant influence over this entity and accounts for its investment in GPC under the equity method (as defined by IAS &lt;font style="border-left: none; border-right: none;"&gt;&lt;font&gt;28&lt;/font&gt;&lt;/font&gt;).&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Tenaris carries its investment&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;s in non consolidated companies&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;under &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;the equity method, with &lt;font&gt;no&lt;/font&gt; 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&amp;#8217;s carrying amount may not be recoverable. At December 31, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font style="border-left: none; border-right: none;"&gt;&lt;font&gt;2020&lt;/font&gt;&lt;/font&gt;, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font style="border-left: none; border-right: none;"&gt;&lt;font&gt;2019&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; and&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font style="border-left: none; border-right: none;"&gt;&lt;font&gt;2018&lt;/font&gt;&lt;/font&gt;, &lt;font&gt;no&lt;/font&gt; impairment provisions were recorded in any of the aforementioned investments. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;See n&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;ote &lt;font&gt;1&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;3&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;.&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;</ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory>
  <ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory id="Tag889" contextRef="D20201231_3">&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;K&lt;/font&gt;&lt;font style="width: 28.22pt; display: inline-block;"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;Trade &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;and other &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;receivables&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;Trade and other receivables are recognized initially at&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt; fair value that corresponds to&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt; the amount of consideration that is unconditional unless they contain significant financing c&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;omponents. The Company holds&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt; trade receivables with the objective to collect the contractual cash flows and therefore measu&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;res them subsequently at amortiz&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;ed cost using the effective interest method. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;Due to the short-term nature, their carrying amount is considered to be the same as their fair value&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;Tenaris applies the&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt; IFRS &lt;font&gt;9&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt; &amp;#8220;Financial Instruments&amp;#8221;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;simplified approach to measure&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt; expected credit losses&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt; 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 &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;&lt;font&gt;three&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;years&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt; and the corresponding historical credit losses exp&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;erienced within this period. The expected loss allowance also&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt; reflect&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt; current and forward-looking information on macroeconomic factors affecting the ability&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt; of&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;each &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;custo&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;mer to settle the receivables.&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;</ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory>
  <ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories id="Tag890" contextRef="D20201231_3">&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;J&lt;/font&gt;&lt;font style="width: 31pt; display: inline-block;"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;Inventories&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;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&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;, freights&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; and other direct costs and related production overhead costs, and it excludes borrowing costs. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;The a&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;llocation of fixed production costs&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;, including depreciation and amortization charges,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; is based on&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; the&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; normal&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; level of production capacity. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Inventories&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; cost is mainly based on &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;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. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;G&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;oods in transit &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;as of&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; year-&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;end are valued based on &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;supplier&amp;#8217;s invoice cost.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;T&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;enaris&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; establish&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;es&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; a&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;n allowance for &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;obsolete or &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;slow-moving inventories&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; related to finished goods&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;goods in proc&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;ess, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;supplies and spare parts&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;For slow moving or obsolete finished product&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;, an allowance is established &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;based on management&amp;#8217;s analysis of product aging&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;An allowance for&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; obsolete and&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; slow-moving inventory &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;sup&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;plies and spare parts &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;is &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;established&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; based on management's analysis of such &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;item&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;s to be used&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; as intended &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;and the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;consideration of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;potential obsolescence due to technological changes&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; aging and consumption patterns&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;.&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;</ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories>
  <ifrs-full:DisclosureOfEmployeeBenefitsExplanatory id="Tag891" contextRef="D20201231_3">&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-left: 22.5pt; margin-bottom: 0pt; text-indent: -22.5pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt;&lt;font style="border-left: none; border-right: none;"&gt;4&lt;/font&gt;&lt;/font&gt;&lt;font style="font: 7pt 'Times New Roman'; -aw-import: spaces;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt;Labor costs (included in Cost of sales and in Selling, general and administrative expenses)&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0px; text-align: justify; font-size: 10pt; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="10" style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; Year ended December 31, &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (all amounts in thousands of U.S. dollars) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 15px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &lt;font&gt;2020&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 15px;" colspan="3"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &lt;font&gt;2019&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 15px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &lt;font&gt;2018&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 7pt;"&gt;&amp;nbsp; &amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="10" style="border-top: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 55%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Wages, salaries and social security costs &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 12%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,036,211&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="2" style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 12%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,274,474&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 12%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,250,783&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Severance indemnities &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;142,458&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="2" style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;24,637&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;25,225&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Defined contribution plans &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;12,442&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="2" style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;12,663&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;13,217&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Pension benefits - defined benefit plans &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;11,097&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="2" style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;18,207&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;15,390&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Employee retention and long term incentive program &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;413&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="2" style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;22,134&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;21,353&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &lt;font&gt;1,201,795&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="2" style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &lt;font&gt;1,352,115&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &lt;font&gt;1,325,968&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;The following table shows the geographical distribution of the employees&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;:&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;div&gt;

&lt;/div&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 7pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 99.8994%; height: 222px;" width="100%"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: middle; background-color: #ffffff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; Country &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #ffffff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &lt;font&gt;2020&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &lt;font&gt;2019&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #ffffff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #ffffff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #ffffff; height: 17px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &lt;font&gt;2018&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #ffffff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 55%; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Mexico &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 12%; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;4,501&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 12%; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;5,370&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 12%; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;5,595&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Argentina &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;4,376&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;5,405&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;5,427&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Italy &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,039&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,144&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,155&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; USA &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,596&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,255&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,382&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Romania &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,552&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,815&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,852&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Brazil &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,360&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,360&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,287&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Colombia &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;746&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,040&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,082&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Canada &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;561&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;772&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,030&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Indonesia &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;521&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;616&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;554&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Japan &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;399&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;400&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;399&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Other &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,377&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,023&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,204&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px;"&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &lt;font&gt;19,028&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &lt;font&gt;23,200&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &lt;font&gt;22,967&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-left: 21.25pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;</ifrs-full:DisclosureOfEmployeeBenefitsExplanatory>
  <ifrs-full:NumberOfEmployees id="Tag892" contextRef="I20191231_MX" unitRef="Pure" decimals="INF">5370</ifrs-full:NumberOfEmployees>
  <ifrs-full:NumberOfEmployees id="Tag893" contextRef="I20181231_BR" unitRef="Pure" decimals="INF">1287</ifrs-full:NumberOfEmployees>
  <ifrs-full:NumberOfEmployees id="Tag894" contextRef="I20181231" unitRef="Pure" decimals="INF">22967</ifrs-full:NumberOfEmployees>
  <ifrs-full:NumberOfEmployees id="Tag895" contextRef="I20201231_AR" unitRef="Pure" decimals="INF">4376</ifrs-full:NumberOfEmployees>
  <ifrs-full:NumberOfEmployees id="Tag896" contextRef="I20201231" unitRef="Pure" decimals="INF">19028</ifrs-full:NumberOfEmployees>
  <ifrs-full:TerminationBenefitsExpense id="Tag897" contextRef="D20181231" unitRef="USD" decimals="-3">25225000</ifrs-full:TerminationBenefitsExpense>
  <ifrs-full:OtherLongtermBenefits id="Tag898" contextRef="D20181231" unitRef="USD" decimals="-3">21353000</ifrs-full:OtherLongtermBenefits>
  <ifrs-full:PostemploymentBenefitExpenseDefinedContributionPlans id="Tag899" contextRef="D20201231_3" unitRef="USD" decimals="-3">12442000</ifrs-full:PostemploymentBenefitExpenseDefinedContributionPlans>
  <ifrs-full:NumberOfEmployees id="Tag900" contextRef="I20201231_BR" unitRef="Pure" decimals="INF">1360</ifrs-full:NumberOfEmployees>
  <ifrs-full:NumberOfEmployees id="Tag901" contextRef="I20191231_CA" unitRef="Pure" decimals="INF">772</ifrs-full:NumberOfEmployees>
  <ifrs-full:PostemploymentBenefitExpenseDefinedBenefitPlans id="Tag902" contextRef="D20191231_3" unitRef="USD" decimals="-3">18207000</ifrs-full:PostemploymentBenefitExpenseDefinedBenefitPlans>
  <ifrs-full:ShorttermEmployeeBenefitsExpense id="Tag903" contextRef="D20191231_3" unitRef="USD" decimals="-3">1274474000</ifrs-full:ShorttermEmployeeBenefitsExpense>
  <ifrs-full:NumberOfEmployees id="Tag904" contextRef="I20191231_US" unitRef="Pure" decimals="INF">2255</ifrs-full:NumberOfEmployees>
  <ifrs-full:NumberOfEmployees id="Tag905" contextRef="I20181231_CO" unitRef="Pure" decimals="INF">1082</ifrs-full:NumberOfEmployees>
  <ifrs-full:EmployeeBenefitsExpense id="Tag906" contextRef="D20191231_3" unitRef="USD" decimals="-3">1352115000</ifrs-full:EmployeeBenefitsExpense>
  <ifrs-full:NumberOfEmployees id="Tag907" contextRef="I20201231_RO" unitRef="Pure" decimals="INF">1552</ifrs-full:NumberOfEmployees>
  <ifrs-full:NumberOfEmployees id="Tag908" contextRef="I20181231_OtherGeographicalAreasMember" unitRef="Pure" decimals="INF">1204</ifrs-full:NumberOfEmployees>
  <ifrs-full:NumberOfEmployees id="Tag909" contextRef="I20181231_RO" unitRef="Pure" decimals="INF">1852</ifrs-full:NumberOfEmployees>
  <ifrs-full:PostemploymentBenefitExpenseDefinedBenefitPlans id="Tag910" contextRef="D20201231_3" unitRef="USD" decimals="-3">11097000</ifrs-full:PostemploymentBenefitExpenseDefinedBenefitPlans>
  <ifrs-full:NumberOfEmployees id="Tag911" contextRef="I20191231_RO" unitRef="Pure" decimals="INF">1815</ifrs-full:NumberOfEmployees>
  <ifrs-full:PostemploymentBenefitExpenseDefinedContributionPlans id="Tag912" contextRef="D20191231_3" unitRef="USD" decimals="-3">12663000</ifrs-full:PostemploymentBenefitExpenseDefinedContributionPlans>
  <ifrs-full:NumberOfEmployees id="Tag913" contextRef="I20191231_JP" unitRef="Pure" decimals="INF">400</ifrs-full:NumberOfEmployees>
  <ifrs-full:TerminationBenefitsExpense id="Tag914" contextRef="D20191231_3" unitRef="USD" decimals="-3">24637000</ifrs-full:TerminationBenefitsExpense>
  <ifrs-full:NumberOfEmployees id="Tag915" contextRef="I20201231_JP" unitRef="Pure" decimals="INF">399</ifrs-full:NumberOfEmployees>
  <ifrs-full:NumberOfEmployees id="Tag916" contextRef="I20191231_BR" unitRef="Pure" decimals="INF">1360</ifrs-full:NumberOfEmployees>
  <ifrs-full:NumberOfEmployees id="Tag917" contextRef="I20201231_ID" unitRef="Pure" decimals="INF">521</ifrs-full:NumberOfEmployees>
  <ifrs-full:NumberOfEmployees id="Tag918" contextRef="I20191231_ID" unitRef="Pure" decimals="INF">616</ifrs-full:NumberOfEmployees>
  <ifrs-full:OtherLongtermBenefits id="Tag919" contextRef="D20201231_3" unitRef="USD" decimals="-3">-413000</ifrs-full:OtherLongtermBenefits>
  <ifrs-full:NumberOfEmployees id="Tag920" contextRef="I20191231_AR" unitRef="Pure" decimals="INF">5405</ifrs-full:NumberOfEmployees>
  <ifrs-full:NumberOfEmployees id="Tag921" contextRef="I20201231_CO" unitRef="Pure" decimals="INF">746</ifrs-full:NumberOfEmployees>
  <ifrs-full:PostemploymentBenefitExpenseDefinedBenefitPlans id="Tag922" contextRef="D20181231" unitRef="USD" decimals="-3">15390000</ifrs-full:PostemploymentBenefitExpenseDefinedBenefitPlans>
  <ifrs-full:TerminationBenefitsExpense id="Tag923" contextRef="D20201231_3" unitRef="USD" decimals="-3">142458000</ifrs-full:TerminationBenefitsExpense>
  <ifrs-full:NumberOfEmployees id="Tag924" contextRef="I20191231_CO" unitRef="Pure" decimals="INF">1040</ifrs-full:NumberOfEmployees>
  <ifrs-full:NumberOfEmployees id="Tag925" contextRef="I20201231_IT" unitRef="Pure" decimals="INF">2039</ifrs-full:NumberOfEmployees>
  <ifrs-full:EmployeeBenefitsExpense id="Tag926" contextRef="D20201231_3" unitRef="USD" decimals="-3">1201795000</ifrs-full:EmployeeBenefitsExpense>
  <ifrs-full:NumberOfEmployees id="Tag927" contextRef="I20181231_JP" unitRef="Pure" decimals="INF">399</ifrs-full:NumberOfEmployees>
  <ifrs-full:NumberOfEmployees id="Tag928" contextRef="I20181231_AR" unitRef="Pure" decimals="INF">5427</ifrs-full:NumberOfEmployees>
  <ifrs-full:NumberOfEmployees id="Tag929" contextRef="I20181231_ID" unitRef="Pure" decimals="INF">554</ifrs-full:NumberOfEmployees>
  <ifrs-full:OtherLongtermBenefits id="Tag930" contextRef="D20191231_3" unitRef="USD" decimals="-3">22134000</ifrs-full:OtherLongtermBenefits>
  <ifrs-full:NumberOfEmployees id="Tag931" contextRef="I20181231_US" unitRef="Pure" decimals="INF">2382</ifrs-full:NumberOfEmployees>
  <ifrs-full:NumberOfEmployees id="Tag932" contextRef="I20201231_CA" unitRef="Pure" decimals="INF">561</ifrs-full:NumberOfEmployees>
  <ifrs-full:NumberOfEmployees id="Tag933" contextRef="I20191231_IT" unitRef="Pure" decimals="INF">2144</ifrs-full:NumberOfEmployees>
  <ifrs-full:NumberOfEmployees id="Tag934" contextRef="I20201231_US" unitRef="Pure" decimals="INF">1596</ifrs-full:NumberOfEmployees>
  <ifrs-full:ShorttermEmployeeBenefitsExpense id="Tag935" contextRef="D20181231" unitRef="USD" decimals="-3">1250783000</ifrs-full:ShorttermEmployeeBenefitsExpense>
  <ifrs-full:NumberOfEmployees id="Tag936" contextRef="I20191231" unitRef="Pure" decimals="INF">23200</ifrs-full:NumberOfEmployees>
  <ifrs-full:ShorttermEmployeeBenefitsExpense id="Tag937" contextRef="D20201231_3" unitRef="USD" decimals="-3">1036211000</ifrs-full:ShorttermEmployeeBenefitsExpense>
  <ifrs-full:NumberOfEmployees id="Tag938" contextRef="I20201231_MX" unitRef="Pure" decimals="INF">4501</ifrs-full:NumberOfEmployees>
  <ifrs-full:NumberOfEmployees id="Tag939" contextRef="I20181231_IT" unitRef="Pure" decimals="INF">2155</ifrs-full:NumberOfEmployees>
  <ts:DividendsPayableAmountPerAmericanDepositarySecurity id="Tag940" contextRef="I20201104" unitRef="USDPerShare" decimals="2">0.14</ts:DividendsPayableAmountPerAmericanDepositarySecurity>
  <ifrs-full:ProportionOfOwnershipInterestInJointVenture id="Tag941" contextRef="D20201231_TechgenSAMember_TerniumSAMember" unitRef="Pure" decimals="2">0.48</ifrs-full:ProportionOfOwnershipInterestInJointVenture>
  <ts:PercentOfCompanyVotingCapital id="Tag942" contextRef="I20201231_UsiminasMember_TheNewSHAMember" unitRef="Pure" decimals="3">0.686</ts:PercentOfCompanyVotingCapital>
  <ts:NetDefinedContributionPlanLiabilityAssetAtEndOfPeriod id="Tag943" contextRef="I20201231_FundedPostemploymentBenefitsMember_Canada1Member" unitRef="USD" decimals="-5">10600000</ts:NetDefinedContributionPlanLiabilityAssetAtEndOfPeriod>
  <ifrs-full:LiabilityAssetOfDefinedBenefitPlans id="Tag944" contextRef="I20191231" unitRef="USD" decimals="-5">99000000</ifrs-full:LiabilityAssetOfDefinedBenefitPlans>
  <ts:FinitelivedIntangibleAssetUsefulLife id="Tag945" contextRef="D20201231_CustomerrelatedIntangibleAssetsMember_HydrillAcquisitionMember">P10Y</ts:FinitelivedIntangibleAssetUsefulLife>
  <ts:NumberOfSharesSubscribedTo id="Tag946" contextRef="I20201231_UsiminasMember_TerniumSAMember_PreferenceSharesMember" unitRef="Shares" decimals="-5">1300000</ts:NumberOfSharesSubscribedTo>
  <ifrs-full:UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment id="Tag947" contextRef="D20201231_BuildingsAndImprovementsMember_BottomOfRangeMember">P30Y</ifrs-full:UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment>
  <ts:ImpairmentLossOnEquityMethodInvestmentInNonconsolidatedCompanies id="Tag948" contextRef="D20191231_3" unitRef="USD" decimals="-3">0</ts:ImpairmentLossOnEquityMethodInvestmentInNonconsolidatedCompanies>
  <ts:ImpairmentLossOnEquityMethodInvestmentInNonconsolidatedCompanies id="Tag949" contextRef="D20201231_3" unitRef="USD" decimals="-3">0</ts:ImpairmentLossOnEquityMethodInvestmentInNonconsolidatedCompanies>
  <ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory id="Tag950" contextRef="D20201231_3">&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-left: 21.3pt; margin-bottom: 0pt; text-indent: -21.3pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;&lt;font&gt;5&lt;/font&gt;&lt;/font&gt;&lt;font style="font: 7pt 'Times New Roman'; -aw-import: spaces;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;Impairment charge&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-left: 21.3pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Tenaris&amp;#8217;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.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;A decline during &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;the first months of &lt;font&gt;2020&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; in oil prices and futures resulted in reductions in Tenaris customers` investments. Drilling activity and demand of products and services, particularly in North America, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;also declined&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;. Selling prices of products in North America were also affected by low levels of consumption caused by the spread of COVID-&lt;font&gt;19&lt;/font&gt; pandemic. For more information on&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; these effects, refer to n&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;ote &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;3&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;9&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;The Company conducts regular 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 &lt;font&gt;five&lt;/font&gt; year period (or higher if the period can be justified) based on forecasts approved by management.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;For the subsequent years beyond the &lt;font&gt;five&lt;/font&gt;-year period, a terminal value is calculated based on perpetuity considering a nominal growth rate of &lt;font&gt;2&lt;/font&gt;% &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;taking into account&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;among others, mainly &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;the historical inflation rate.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;The main key assumptions used in estimating the value in use are discount rate, growth rate and competitive and economic factors applied to determine cash flow projections, such as oil and gas prices, average number of active oil and gas drilling rigs (rig count) and raw material costs.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;For purposes of assessing key assumptions, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;to estimate discounted future cash flows, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;the Company uses external sources of information and management judgment based on past experience.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Management has determined the value of each of the key assumptions as follows:&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;- Discount rate: based on the applicable weighted average cost of capital (&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#8220;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;WACC&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#8221;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;), 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 &lt;font&gt;2020&lt;/font&gt;, the main discount rates used were in a range between &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;8.0&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;% and &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;13.6&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;%.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;- Growth rate: considers &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;mainly &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;the inflation impact on prices and costs,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; the long-term average growth rate for the oil and gas industry,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; the higher demand to offset depletion of existing fields and the Company&amp;#8217;s expected market penetration. In &lt;font&gt;2020&lt;/font&gt;, a nominal growth rate of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;2&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;% was considered.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;- Oil and gas prices: based on industry analysts&amp;#8217; reports and&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;management&amp;#8217;s expectations of market development respectively.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;- Rig count: based on information published by Baker Hughes and management&amp;#8217;s expectations.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;- Raw material costs: based on industry analysts&amp;#8217; reports and management&amp;#8217;s expectations.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;div&gt;

&lt;/div&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;In March, 2020, as a result of the deterioration of business conditions and in light of the presence of impairment indicators for its assets in the United States, the Company decided to write down the goodwill and other&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; long lived&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; assets recording an impairment charge of approximately $&lt;font&gt;622&lt;/font&gt; million, impacting the carrying value of goodwill of the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;CGUs OCTG-&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;USA, IPSCO and Coiled Tubing for $&lt;font&gt;225&lt;/font&gt; million, $&lt;font&gt;357&lt;/font&gt; million and $&lt;font&gt;4&lt;/font&gt; million&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;respectively, and the carrying value of fixed assets of the CGU Rods&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;-&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;USA for $&lt;font&gt;36&lt;/font&gt; million. Out of the total amount, $&lt;font&gt;582&lt;/font&gt; million were allocated to the Tubes segment.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; No impairment charges were recorded for the years &lt;font&gt;2019&lt;/font&gt; and &lt;font&gt;2018&lt;/font&gt;.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;table style="margin-left: 0.1px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 90px;" width="100%" cellspacing="0" cellpadding="0"&gt;

&lt;tr style="height: 30px;"&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 30px; width: 54.9677%;" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (all amounts i&lt;font&gt;n millions of U.S. dollars) &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 30px; width: 14.9677%;" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Assets before &lt;br/&gt;impairment &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 30px; width: 14.9677%;" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;Impairment &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 30px; width: 14.9677%;" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Assets after &lt;br/&gt;impairment &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: middle; width: 54.9677%; background-color: #cceeff; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; OCTG - USA &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 14.9677%; background-color: #cceeff; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;544&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 14.9677%; background-color: #cceeff; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;225&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 14.9677%; background-color: #cceeff; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;319&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: middle; height: 15px; width: 54.9677%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; IPSCO &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; width: 14.9677%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,169&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; width: 14.9677%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;357&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; width: 14.9677%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;812&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: middle; background-color: #cceeff; height: 15px; width: 54.9677%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Coiled Tubing &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 14.9677%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;108&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 14.9677%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;4&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 14.9677%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;104&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: middle; height: 15px; width: 54.9677%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Rods - USA &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; width: 14.9677%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;73&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; width: 14.9677%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;36&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; width: 14.9677%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;37&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-left: 21.3pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;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&amp;#8217;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.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-left: 21.3pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;A&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;n increase of &lt;font style="border-left: none; border-right: none;"&gt;&lt;font&gt;1&lt;/font&gt;00&lt;/font&gt; Bps in the discount rate, a decline of &lt;font style="border-left: none; border-right: none;"&gt;&lt;font style="border-left: none; border-right: none;"&gt;1&lt;/font&gt;00&lt;/font&gt; Bps in the growth rate or a decline of &lt;font style="border-left: none; border-right: none;"&gt;5&lt;/font&gt;% in the cash flow projections, would have generated an additional impairment as showed in the below table.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-left: 21.3pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;table style="margin-left: 0.1px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 90px;" width="100%" cellspacing="0" cellpadding="0"&gt;

&lt;tr style="height: 30px;"&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; width: 54.9677%; height: 30px;" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (all amounts&lt;font&gt; in millions&lt;/font&gt; of U.S. dollars) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 14.9677%; height: 30px;" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; +&lt;font&gt;100&lt;/font&gt;Bps Discount rate &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 14.9677%; height: 30px;" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;-&lt;font style="border-left: none; border-right: none;"&gt;&lt;font&gt;1&lt;/font&gt;00&lt;/font&gt;Bps Growth &lt;br/&gt;rate&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 14.9677%; height: 30px;" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; -&lt;font&gt;5&lt;/font&gt;% Cash flows &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 54.9677%; background-color: #cceeff; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; OCTG - USA &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 14.9677%; background-color: #cceeff; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;60&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 14.9677%; background-color: #cceeff; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;43&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 14.9677%; background-color: #cceeff; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;16&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 54.9677%; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; IPSCO &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 14.9677%; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;117&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 14.9677%; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;77&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 14.9677%; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;41&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 54.9677%; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Coiled Tubing &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 14.9677%; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;12&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 14.9677%; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;6&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 14.9677%; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;5&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 54.9677%; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Rods - USA &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 14.9677%; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;5&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 14.9677%; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;3&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 14.9677%; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;2&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-left: 21.3pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10.5pt; font-weight: bold; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;</ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory>
  <ts:DisclosureOfDetailedInformationAboutOtherOperatingIncomeAndExpensesTextBlock id="Tag951" contextRef="D20201231_3">&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px; height: 255px;" width="100%"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="10" style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; Year ended December 31, &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (all amounts in thousands of U.S. dollars) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &lt;font&gt;2020&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;" colspan="3"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &lt;font&gt;2019&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &lt;font&gt;2018&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="5" style="border-top: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="5" style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"&gt; Other operating income &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 55%; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Net income from other sales &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 1%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 12%; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;9,891&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="2" style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 12%; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;8,651&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 12%; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;3,604&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Net rents &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;5,501&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="2" style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;5,089&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;4,909&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Other &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;18,001&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="2" style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;8,025&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;6,546&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Recovery on allowance for doubtful receivables &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="2" style="border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,239&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &lt;font&gt;33,393&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="2" style="border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &lt;font&gt;23,004&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &lt;font&gt;15,059&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: top; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="2" style="padding: 0px 0px 0px 7px; vertical-align: top; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"&gt; Other operating expenses &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="2" style="padding: 0px 0px 0px 7px; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Contributions to welfare projects and non-profit organizations &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;12,989&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="2" style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;11,199&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;11,379&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Allowance for doubtful receivables &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,263&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="2" style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,179&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &lt;font&gt;14,252&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="2" style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &lt;font&gt;11,199&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &lt;font&gt;12,558&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="height: 17px;"&gt;&lt;/td&gt;
&lt;td style="height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="height: 17px;"&gt;&lt;/td&gt;
&lt;td style="height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="height: 17px;"&gt;&lt;/td&gt;
&lt;td style="height: 17px;"&gt;&lt;/td&gt;
&lt;td style="height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="height: 17px;"&gt;&lt;/td&gt;
&lt;td style="height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;</ts:DisclosureOfDetailedInformationAboutOtherOperatingIncomeAndExpensesTextBlock>
  <ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory id="Tag952" contextRef="D20201231_3">&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-left: 21.3pt; margin-bottom: 0pt; text-indent: -21.3pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;&lt;font style="border-left: none; border-right: none;"&gt;6&lt;/font&gt;&lt;/font&gt;&lt;font style="font: 7pt 'Times New Roman'; -aw-import: spaces;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;Other operating income and expenses&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-left: 22.5pt; margin-bottom: 0pt; text-indent: -22.5pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px; height: 255px;" width="100%"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="10" style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; Year ended December 31, &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (all amounts in thousands of U.S. dollars) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &lt;font&gt;2020&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;" colspan="3"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &lt;font&gt;2019&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &lt;font&gt;2018&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="5" style="border-top: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="5" style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"&gt; Other operating income &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 55%; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Net income from other sales &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 1%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 12%; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;9,891&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="2" style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 12%; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;8,651&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 12%; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;3,604&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Net rents &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;5,501&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="2" style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;5,089&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;4,909&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Other &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;18,001&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="2" style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;8,025&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;6,546&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Recovery on allowance for doubtful receivables &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="2" style="border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,239&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &lt;font&gt;33,393&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="2" style="border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &lt;font&gt;23,004&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &lt;font&gt;15,059&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: top; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="2" style="padding: 0px 0px 0px 7px; vertical-align: top; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"&gt; Other operating expenses &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="2" style="padding: 0px 0px 0px 7px; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Contributions to welfare projects and non-profit organizations &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;12,989&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="2" style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;11,199&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;11,379&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Allowance for doubtful receivables &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,263&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="2" style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,179&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &lt;font&gt;14,252&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="2" style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &lt;font&gt;11,199&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &lt;font&gt;12,558&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="height: 17px;"&gt;&lt;/td&gt;
&lt;td style="height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="height: 17px;"&gt;&lt;/td&gt;
&lt;td style="height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="height: 17px;"&gt;&lt;/td&gt;
&lt;td style="height: 17px;"&gt;&lt;/td&gt;
&lt;td style="height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="height: 17px;"&gt;&lt;/td&gt;
&lt;td style="height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;</ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory>
  <ts:OtherOperatingIncomeNetIncomeFromOtherSales id="Tag953" contextRef="D20191231_3" unitRef="USD" decimals="-3">8651000</ts:OtherOperatingIncomeNetIncomeFromOtherSales>
  <ifrs-full:MiscellaneousOtherOperatingIncome id="Tag954" contextRef="D20181231" unitRef="USD" decimals="-3">6546000</ifrs-full:MiscellaneousOtherOperatingIncome>
  <ts:OtherOperatingExpenseContributionsToWelfareProjectsAndNonprofitsOrganizations id="Tag955" contextRef="D20191231_3" unitRef="USD" decimals="-3">11199000</ts:OtherOperatingExpenseContributionsToWelfareProjectsAndNonprofitsOrganizations>
  <ifrs-full:MiscellaneousOtherOperatingIncome id="Tag956" contextRef="D20191231_3" unitRef="USD" decimals="-3">8025000</ifrs-full:MiscellaneousOtherOperatingIncome>
  <ts:OtherOperatingExpenseContributionsToWelfareProjectsAndNonprofitsOrganizations id="Tag957" contextRef="D20201231_3" unitRef="USD" decimals="-3">12989000</ts:OtherOperatingExpenseContributionsToWelfareProjectsAndNonprofitsOrganizations>
  <ts:OtherOperatingExpensesAllowanceForDoubtfulReceivables id="Tag958" contextRef="D20201231_3" unitRef="USD" decimals="-3">1263000</ts:OtherOperatingExpensesAllowanceForDoubtfulReceivables>
  <ts:OtherOperatingExpensesAllowanceForDoubtfulReceivables id="Tag959" contextRef="D20181231" unitRef="USD" decimals="-3">1179000</ts:OtherOperatingExpensesAllowanceForDoubtfulReceivables>
  <ifrs-full:RentalIncome id="Tag960" contextRef="D20191231_3" unitRef="USD" decimals="-3">5089000</ifrs-full:RentalIncome>
  <ifrs-full:MiscellaneousOtherOperatingIncome id="Tag961" contextRef="D20201231_3" unitRef="USD" decimals="-3">18001000</ifrs-full:MiscellaneousOtherOperatingIncome>
  <ts:OtherOperatingExpensesAllowanceForDoubtfulReceivables id="Tag962" contextRef="D20191231_3" unitRef="USD" xsi:nil="true" />
  <ifrs-full:RentalIncome id="Tag963" contextRef="D20201231_3" unitRef="USD" decimals="-3">5501000</ifrs-full:RentalIncome>
  <ts:OtherOperatingIncomeNetIncomeFromOtherSales id="Tag964" contextRef="D20181231" unitRef="USD" decimals="-3">3604000</ts:OtherOperatingIncomeNetIncomeFromOtherSales>
  <ts:OtherOperatingIncomeRecoveryOnAllowanceForDoubtfulAccounts id="Tag965" contextRef="D20181231" unitRef="USD" xsi:nil="true" />
  <ifrs-full:RentalIncome id="Tag966" contextRef="D20181231" unitRef="USD" decimals="-3">4909000</ifrs-full:RentalIncome>
  <ts:OtherOperatingIncomeRecoveryOnAllowanceForDoubtfulAccounts id="Tag967" contextRef="D20201231_3" unitRef="USD" xsi:nil="true" />
  <ts:OtherOperatingExpenseContributionsToWelfareProjectsAndNonprofitsOrganizations id="Tag968" contextRef="D20181231" unitRef="USD" decimals="-3">11379000</ts:OtherOperatingExpenseContributionsToWelfareProjectsAndNonprofitsOrganizations>
  <ts:OtherOperatingIncomeRecoveryOnAllowanceForDoubtfulAccounts id="Tag969" contextRef="D20191231_3" unitRef="USD" decimals="-3">1239000</ts:OtherOperatingIncomeRecoveryOnAllowanceForDoubtfulAccounts>
  <ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory id="Tag970" contextRef="D20201231_3">&lt;div&gt;
&lt;p style="margin-top: 0pt;margin-left: 22.5pt;margin-bottom: 0pt;text-indent: -22.5pt;line-height: 12pt;padding-top: 5pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;&lt;font&gt;7&lt;/font&gt;&lt;/font&gt;&lt;font style="font: 7pt 'Times New Roman'; -aw-import: spaces;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;Financial &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;results&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt; &lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px;" width="100%"&gt;

&lt;tr style="height: 1pt;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 53.3871%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (all amounts in thousands of U.S. dollars) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 0.967742%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; width: 44.2742%;" colspan="10"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Year ended December 31, &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; width: 1.29032%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 1pt;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 53.3871%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 0.967742%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; width: 12.9839%;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;2020&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; width: 1.29032%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; width: 1.29032%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; width: 13.0645%;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;2019&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; width: 1.29032%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; width: 1.29032%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; width: 13.0645%;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;2018&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; width: 1.29032%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 1pt;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 53.3871%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 0.967742%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; width: 1.37097%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; width: 11.6129%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; width: 1.29032%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; width: 1.29032%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; width: 1.29032%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; width: 11.7742%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; width: 1.29032%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; width: 1.29032%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; width: 1.29032%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; width: 11.7742%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; width: 1.29032%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 1pt; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 53.3871%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; Interest Income &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 0.967742%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.37097%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 11.6129%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;21,625&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.29032%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.29032%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.29032%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 11.7742%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;48,061&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.29032%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.29032%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.29032%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 11.7742%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;42,244&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.29032%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 1pt;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 53.3871%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; Net result on changes in FV of financial assets at FVPL &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 0.967742%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.37097%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 11.6129%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.29032%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.29032%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.29032%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 11.7742%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;64&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.29032%;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.29032%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.29032%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 11.7742%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;2,388&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.29032%;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 1pt; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 53.3871%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;"&gt; &amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; Impairment result on financial assets at FVTOCI &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 0.967742%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.37097%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; width: 11.6129%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;3,238&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; width: 1.29032%; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.29032%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.29032%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; width: 11.7742%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; width: 1.29032%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.29032%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.29032%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; width: 11.7742%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; width: 1.29032%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 1pt;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 53.3871%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Finance income (*) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 0.967742%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.37097%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; width: 11.6129%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;18,387&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; width: 1.29032%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.29032%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.29032%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; width: 11.7742%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;47,997&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; width: 1.29032%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.29032%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.29032%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; width: 11.7742%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;39,856&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; width: 1.29032%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 1pt; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 53.3871%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Finance cost &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 0.967742%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.37097%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 11.6129%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; (&lt;font&gt;27,014&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.29032%; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.29032%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.29032%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 11.7742%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; (&lt;font&gt;43,381&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.29032%; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.29032%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.29032%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 11.7742%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; (&lt;font&gt;36,942&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.29032%; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 1pt;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 53.3871%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; Net foreign exchange transactions results (**) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 0.967742%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.37097%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 11.6129%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;74,422&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.29032%;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.29032%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.29032%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 11.7742%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;27,868&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.29032%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.29032%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.29032%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 11.7742%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;28,845&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.29032%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 1pt; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 53.3871%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; Foreign exchange derivatives contracts results (***) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 0.967742%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.37097%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 11.6129%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;19,644&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.29032%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.29032%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.29032%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 11.7742%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;11,616&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.29032%; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.29032%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.29032%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 11.7742%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;6,576&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.29032%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 1pt;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 53.3871%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; Other &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 0.967742%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.37097%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; width: 11.6129%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;1,590&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; width: 1.29032%;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.29032%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.29032%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; width: 11.7742%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;1,585&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; width: 1.29032%;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.29032%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.29032%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; width: 11.7742%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;1,035&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; width: 1.29032%;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 1pt; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 53.3871%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Other financial results &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 0.967742%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.37097%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; width: 11.6129%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; (&lt;font&gt;56,368&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; width: 1.29032%; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt; font-weight: bold;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.29032%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.29032%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; width: 11.7742%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;14,667&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; width: 1.29032%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.29032%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.29032%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; width: 11.7742%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;34,386&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; width: 1.29032%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 1pt;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 53.3871%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Net financial results &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 0.967742%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: top; width: 1.37097%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: top; width: 11.6129%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; (&lt;font&gt;64,995&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px; vertical-align: top; width: 1.29032%;"&gt;&lt;font style="font-size: 10pt; font-weight: bold;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: top; width: 1.29032%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: top; width: 1.29032%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: top; width: 11.7742%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;19,283&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px; vertical-align: top; width: 1.29032%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: top; width: 1.29032%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: top; width: 1.29032%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: top; width: 11.7742%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;37,300&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: top; width: 1.29032%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 12pt; font-weight: bold; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: &amp;quot;Times New Roman&amp;quot;; font-style: italic;"&gt;(*) &lt;/font&gt;&lt;font style="font-family: &amp;quot;Times New Roman&amp;quot;; font-style: italic;"&gt;Finance Income&lt;/font&gt;&lt;font style="font-family: &amp;quot;Times New Roman&amp;quot;; font-style: italic;"&gt;:&lt;/font&gt;&lt;font style="font-family: &amp;quot;Times New Roman&amp;quot;; font-style: italic;"&gt; &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: &amp;quot;Times New Roman&amp;quot;; font-style: italic;"&gt;&lt;br/&gt;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: &amp;quot;Times New Roman&amp;quot;;"&gt;In &lt;/font&gt;&lt;font style="font-family: &amp;quot;Times New Roman&amp;quot;;"&gt;&lt;font&gt;2020&lt;/font&gt;, &lt;/font&gt;&lt;font style="font-family: &amp;quot;Times New Roman&amp;quot;;"&gt;&lt;font&gt;2019&lt;/font&gt; and &lt;font&gt;2018&lt;/font&gt; includes&lt;/font&gt;&lt;font style="font-family: &amp;quot;Times New Roman&amp;quot;;"&gt; $&lt;/font&gt;&lt;font style="border-right: none; border-left: none;"&gt;&lt;font style="border-left: none; border-right: none;"&gt;&lt;font style="font-family: &amp;quot;Times New Roman&amp;quot;;"&gt;&lt;font style="border-left: none; border-right: none;"&gt;&lt;font&gt;6.5&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: &amp;quot;Times New Roman&amp;quot;;"&gt;, &lt;/font&gt;&lt;font style="font-family: &amp;quot;Times New Roman&amp;quot;;"&gt;$&lt;font&gt;7.6&lt;/font&gt; and $&lt;font&gt;3.6&lt;/font&gt; million of interest relat&lt;/font&gt;&lt;font style="font-family: &amp;quot;Times New Roman&amp;quot;;"&gt;ed to instruments carried at FV&lt;/font&gt;&lt;font style="font-family: &amp;quot;Times New Roman&amp;quot;;"&gt;PL, respectively.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 10pt;"&gt;&lt;font style="font-family: &amp;quot;Times New Roman&amp;quot;; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: &amp;quot;Times New Roman&amp;quot;;"&gt;(**)&lt;/font&gt;&lt;font style="font-family: &amp;quot;Times New Roman&amp;quot;;"&gt; &lt;/font&gt;&lt;font style="font-family: &amp;quot;Times New Roman&amp;quot;; font-style: italic;"&gt;Net foreign exchange transactions results:&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: &amp;quot;Times New Roman&amp;quot;; font-style: italic;"&gt;&lt;br/&gt;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: &amp;quot;Times New Roman&amp;quot;;"&gt;In &lt;font&gt;2020&lt;/font&gt; mainly&lt;/font&gt;&lt;font style="font-family: &amp;quot;Times New Roman&amp;quot;;"&gt; includes&lt;/font&gt;&lt;font style="font-family: &amp;quot;Times New Roman&amp;quot;;"&gt; the negative impact from Euro appreciation against the U.S. dollar on Euro denominated intercompany liabilities in subsidiaries with functional currency U.S. &lt;/font&gt;&lt;font style="font-family: &amp;quot;Times New Roman&amp;quot;;"&gt;d&lt;/font&gt;&lt;font style="font-family: &amp;quot;Times New Roman&amp;quot;;"&gt;ollar, largely offset by &lt;/font&gt;&lt;font style="font-family: &amp;quot;Times New Roman&amp;quot;;"&gt;the&lt;/font&gt;&lt;font style="font-family: &amp;quot;Times New Roman&amp;quot;;"&gt; currency translation adjustment reserve from our Italian subsidiary, together with the negative impact from Brazilian Real depreciation against the U.S. dollar on U.S. dollar denominated intercompany liabilities in subsidiaries with functional currency Brazilian Real, largely offset by &lt;/font&gt;&lt;font style="font-family: &amp;quot;Times New Roman&amp;quot;;"&gt;the&lt;/font&gt;&lt;font style="font-family: &amp;quot;Times New Roman&amp;quot;;"&gt; currency translation adjustment reser&lt;/font&gt;&lt;font style="font-family: &amp;quot;Times New Roman&amp;quot;;"&gt;ve from our Brazilian subsidiaries&lt;/font&gt;&lt;font style="font-family: &amp;quot;Times New Roman&amp;quot;;"&gt;. Also includes the&lt;/font&gt;&lt;font style="font-family: &amp;quot;Times New Roman&amp;quot;;"&gt;&amp;nbsp; &lt;/font&gt;&lt;font style="font-family: &amp;quot;Times New Roman&amp;quot;;"&gt;negative result from the Mexican peso depreciation against the U.S. dol&lt;/font&gt;&lt;font style="font-family: &amp;quot;Times New Roman&amp;quot;;"&gt;l&lt;/font&gt;&lt;font style="font-family: &amp;quot;Times New Roman&amp;quot;;"&gt;ar on p&lt;/font&gt;&lt;font style="font-family: &amp;quot;Times New Roman&amp;quot;;"&gt;eso denominated trade, social, fiscal and financial &lt;/font&gt;&lt;font style="font-family: &amp;quot;Times New Roman&amp;quot;;"&gt;positions&lt;/font&gt;&lt;font style="font-family: &amp;quot;Times New Roman&amp;quot;;"&gt; at Mexican subsidiaries with functional currency U.S. dollar.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: &amp;quot;Times New Roman&amp;quot;;"&gt;In &lt;font&gt;2019&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: &amp;quot;Times New Roman&amp;quot;;"&gt; mainly&lt;/font&gt;&lt;font style="font-family: &amp;quot;Times New Roman&amp;quot;;"&gt; includes the result from the Argentine peso depreciation against the U.S. dollar on &lt;/font&gt;&lt;font style="font-family: &amp;quot;Times New Roman&amp;quot;;"&gt;p&lt;/font&gt;&lt;font style="font-family: &amp;quot;Times New Roman&amp;quot;;"&gt;eso denominated financial, trade, social and fiscal payables and receivables at Argentine subsidiaries with functional currency U.S. dollar.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt; background-color: #ffffff;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: &amp;quot;Times New Roman&amp;quot;;"&gt;In &lt;font&gt;2018&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: &amp;quot;Times New Roman&amp;quot;;"&gt; mainly&lt;/font&gt;&lt;font style="font-family: &amp;quot;Times New Roman&amp;quot;;"&gt; includes the result from the Argentine peso depreciation against the U.S. dollar on &lt;/font&gt;&lt;font style="font-family: &amp;quot;Times New Roman&amp;quot;;"&gt;p&lt;/font&gt;&lt;font style="font-family: &amp;quot;Times New Roman&amp;quot;;"&gt;eso 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&lt;/font&gt;&lt;font style="font-family: &amp;quot;Times New Roman&amp;quot;;"&gt; with functional currency U.S. d&lt;/font&gt;&lt;font style="font-family: &amp;quot;Times New Roman&amp;quot;;"&gt;ollar, largely offset by &lt;/font&gt;&lt;font style="font-family: &amp;quot;Times New Roman&amp;quot;;"&gt;the&lt;/font&gt;&lt;font style="font-family: &amp;quot;Times New Roman&amp;quot;;"&gt; currency translation adjustment reserve from our Italian subsidiary.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt; background-color: #ffffff;"&gt;&lt;font style="font-family: &amp;quot;Times New Roman&amp;quot;; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: &amp;quot;Times New Roman&amp;quot;;"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="font-family: &amp;quot;Times New Roman&amp;quot;;"&gt;(***) &lt;/font&gt;&lt;font style="font-family: &amp;quot;Times New Roman&amp;quot;; font-style: italic;"&gt;Foreign exchange derivatives contracts results&lt;/font&gt;&lt;font style="font-family: &amp;quot;Times New Roman&amp;quot;; font-style: italic;"&gt;:&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: &amp;quot;Times New Roman&amp;quot;; font-style: italic;"&gt;&lt;br/&gt;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: &amp;quot;Times New Roman&amp;quot;;"&gt;In &lt;font&gt;2020&lt;/font&gt; includes mainly gain on derivatives covering net receivab&lt;/font&gt;&lt;font style="font-family: &amp;quot;Times New Roman&amp;quot;;"&gt;les in Mexican peso, Brazilian re&lt;/font&gt;&lt;font style="font-family: &amp;quot;Times New Roman&amp;quot;;"&gt;al and&lt;/font&gt;&lt;font style="font-family: &amp;quot;Times New Roman&amp;quot;;"&gt; Canadian dollar and net payables in Euro.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: &amp;quot;Times New Roman&amp;quot;; font-size: 10pt;"&gt;In &lt;font&gt;2019&lt;/font&gt; includes mainly losses on derivatives covering net payables in Argentine peso and Euro and net receivables in Canadian dollar.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: &amp;quot;Times New Roman&amp;quot;; font-size: 10pt;"&gt;In &lt;font&gt;2018&lt;/font&gt; includes mainly gain on derivatives covering net receivables in Canadian dollar.&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;</ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory>
  <ts:DisclosureOfDetailedInformationAboutFinancialIncomeCost id="Tag971" contextRef="D20201231_3">&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px;" width="100%"&gt;

&lt;tr style="height: 1pt;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 53.3871%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (all amounts in thousands of U.S. dollars) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 0.967742%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; width: 44.2742%;" colspan="10"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Year ended December 31, &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; width: 1.29032%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 1pt;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 53.3871%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 0.967742%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; width: 12.9839%;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;2020&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; width: 1.29032%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; width: 1.29032%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; width: 13.0645%;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;2019&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; width: 1.29032%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; width: 1.29032%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; width: 13.0645%;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;2018&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; width: 1.29032%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 1pt;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 53.3871%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 0.967742%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; width: 1.37097%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; width: 11.6129%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; width: 1.29032%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; width: 1.29032%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; width: 1.29032%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; width: 11.7742%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; width: 1.29032%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; width: 1.29032%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; width: 1.29032%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; width: 11.7742%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; width: 1.29032%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 1pt; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 53.3871%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; Interest Income &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 0.967742%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.37097%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 11.6129%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;21,625&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.29032%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.29032%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.29032%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 11.7742%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;48,061&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.29032%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.29032%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.29032%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 11.7742%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;42,244&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.29032%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 1pt;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 53.3871%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; Net result on changes in FV of financial assets at FVPL &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 0.967742%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.37097%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 11.6129%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.29032%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.29032%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.29032%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 11.7742%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;64&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.29032%;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.29032%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.29032%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 11.7742%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;2,388&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.29032%;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 1pt; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 53.3871%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;"&gt; &amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; Impairment result on financial assets at FVTOCI &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 0.967742%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.37097%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; width: 11.6129%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;3,238&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; width: 1.29032%; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.29032%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.29032%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; width: 11.7742%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; width: 1.29032%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.29032%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.29032%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; width: 11.7742%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; width: 1.29032%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 1pt;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 53.3871%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Finance income (*) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 0.967742%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.37097%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; width: 11.6129%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;18,387&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; width: 1.29032%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.29032%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.29032%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; width: 11.7742%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;47,997&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; width: 1.29032%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.29032%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.29032%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; width: 11.7742%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;39,856&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; width: 1.29032%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 1pt; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 53.3871%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Finance cost &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 0.967742%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.37097%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 11.6129%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; (&lt;font&gt;27,014&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.29032%; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.29032%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.29032%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 11.7742%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; (&lt;font&gt;43,381&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.29032%; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.29032%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.29032%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 11.7742%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; (&lt;font&gt;36,942&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.29032%; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 1pt;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 53.3871%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; Net foreign exchange transactions results (**) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 0.967742%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.37097%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 11.6129%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;74,422&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.29032%;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.29032%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.29032%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 11.7742%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;27,868&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.29032%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.29032%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.29032%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 11.7742%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;28,845&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.29032%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 1pt; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 53.3871%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; Foreign exchange derivatives contracts results (***) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 0.967742%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.37097%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 11.6129%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;19,644&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.29032%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.29032%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.29032%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 11.7742%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;11,616&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.29032%; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.29032%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.29032%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 11.7742%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;6,576&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.29032%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 1pt;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 53.3871%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; Other &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 0.967742%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.37097%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; width: 11.6129%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;1,590&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; width: 1.29032%;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.29032%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.29032%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; width: 11.7742%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;1,585&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; width: 1.29032%;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.29032%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.29032%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; width: 11.7742%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;1,035&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; width: 1.29032%;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 1pt; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 53.3871%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Other financial results &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 0.967742%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.37097%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; width: 11.6129%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; (&lt;font&gt;56,368&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; width: 1.29032%; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt; font-weight: bold;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.29032%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.29032%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; width: 11.7742%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;14,667&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; width: 1.29032%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.29032%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.29032%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; width: 11.7742%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;34,386&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; width: 1.29032%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 1pt;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 53.3871%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Net financial results &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 0.967742%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: top; width: 1.37097%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: top; width: 11.6129%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; (&lt;font&gt;64,995&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px; vertical-align: top; width: 1.29032%;"&gt;&lt;font style="font-size: 10pt; font-weight: bold;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: top; width: 1.29032%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: top; width: 1.29032%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: top; width: 11.7742%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;19,283&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px; vertical-align: top; width: 1.29032%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: top; width: 1.29032%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: top; width: 1.29032%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: top; width: 11.7742%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;37,300&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: top; width: 1.29032%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;</ts:DisclosureOfDetailedInformationAboutFinancialIncomeCost>
  <ifrs-full:RevenueFromInterest id="Tag972" contextRef="D20201231_3" unitRef="USD" decimals="-3">21625000</ifrs-full:RevenueFromInterest>
  <ifrs-full:ImpairmentLossOnFinancialAssets id="Tag973" contextRef="D20181231" unitRef="USD" xsi:nil="true" />
  <ifrs-full:DisclosureOfFinancialRiskManagementExplanatory id="Tag974" contextRef="D20201231_3">&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt; padding-top: 5pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; text-transform: uppercase;"&gt;iii&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; text-transform: uppercase;"&gt;.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; text-transform: uppercase;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; text-transform: uppercase;"&gt;Financial risk management&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; text-transform: uppercase;"&gt; &lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;The multinational nature of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Tenaris&amp;#8217;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; operations and customer base expose&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;C&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;ompany &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;to &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;a variety of risks,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; mainly related to market risks (&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;including the effects of changes in foreign currency exchange rates and interest rates&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;)&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;, credit risk&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; and capital&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; market&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; risk&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;In order to &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;manage the volatility related to these exposures, management evaluates &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;exposures&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; on a consolidated basis&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; tak&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;ing&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; advantage of exposure netting. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;T&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;he Company or its subsidiaries may &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;then &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;enter into various derivative transactions &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;in order&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; to &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;prevent&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; potential adverse impacts on &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Tenaris&amp;#8217;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;financial &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;performance&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;. Such derivative transactions are executed in accordance with internal policies and hedging practices.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; font-style: italic; text-transform: uppercase; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;A. Financial Risk Factors&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt;(i) &lt;/font&gt;&lt;font style="width: 24.06pt; display: inline-block;"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt;Capital Risk Management&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Tenar&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;is seeks to maintain a low&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; debt&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; to total &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;equity ratio considering the industry and the mark&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;ets where it operates. The year-&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;end &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;ratio of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;debt &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;to total &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;equity &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;(where &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#8220;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;debt&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#8221;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; comprises financial borrowings and &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#8220;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;total &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;equity&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#8221;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; is the sum of financial borrowings and equity) &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;is &lt;font&gt;0.05&lt;/font&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;as of December&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; 31&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;and &lt;font style="border-left: none; border-right: none;"&gt;&lt;font&gt;0.06&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;as of December 31, 20&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;1&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;9&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;. The Company does not have to comply with regulatory capital adequacy requirements&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; font-style: italic; text-transform: uppercase; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; -aw-import: spaces;"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt;(ii)&lt;/font&gt;&lt;font style="width: 21.28pt; display: inline-block;"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt;Foreign exchange risk &lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;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&amp;#8217;s functional currency is the U.S. dollar the purpose of Tenaris&amp;#8217;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&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Tenaris&amp;#8217;s exposure to currency fluctuations is reviewed on a periodic &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;and &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;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 fo&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;rward exchange rates contracts. S&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;ee &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;n&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;ote &lt;font&gt;2&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;5&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Tenaris does not&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;enter into derivative financial instruments for trading or other speculative purposes, other than non-material investments in structured products&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;In the case of&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; subsidiaries &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;with&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; functional currencies other than the U.S. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;dollar&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;, the results of hedging activities&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; reported in accordance with IFRS&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; may not&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;reflect&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; entirely&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; the&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; management&amp;#8217;s assessment of its foreign exchange risk hedging program. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;I&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;ntercompany balances between &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Tenaris&amp;#8217;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; subsidiaries may generate financial gains (losses) to the extent that functional currencies differ.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;The value&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Tenaris&amp;#8217;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; financial assets and liabilities &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;is&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;ubject to changes arising from&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; the variation of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;foreign currency&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; exchange rates. The following table &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;provides&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; a breakdown of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Tenaris&amp;#8217;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;main financial assets and liabilities &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;(including foreign exchange derivative contracts) &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;which impact the Company&amp;#8217;s profit and loss &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;as of December 31, 20&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; and &lt;font&gt;201&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;9&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;table style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px; height: 78px;" width="100%" cellspacing="0" cellpadding="0"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; All amounts Long / (Short) in thousands of U.S. dollars &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;" colspan="6"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt; As of December 31, &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Currency Exposure / Functional currency &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt; &lt;font&gt;2020&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt; &lt;font&gt;2019&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 10px; width: 70%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Argentine Peso / U.S. dollar &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 10px; width: 1%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 10px; width: 1%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 10px; width: 12%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;39,561&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; width: 1%; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 10px; width: 1%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 10px; width: 1%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 10px; width: 12%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;95,811&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; width: 1%; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Euro / U.S. dollar &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;291,362&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;103,518&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Saudi Arabian Riyal / U.S. dollar &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;125,789&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;107,582&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;The main relevant exposures correspond to:&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 9pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;ul style="margin: 0pt; padding-left: 0pt; margin-left: 2.58pt;" type="square"&gt;
&lt;li style="margin-left: 9.58pt; text-align: justify; line-height: 12pt; padding-left: 8.42pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Wingdings'; -aw-font-weight: normal; -aw-number-format: '&amp;#61607;';"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Argentine Peso / U.S. dollar&lt;/font&gt;&lt;/li&gt;
&lt;/ul&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-left: 14.2pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;As of December 31, 20&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; and &lt;font&gt;201&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;9&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; 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 &lt;font&gt;1&lt;/font&gt;% in the ARS/USD exchange rate would have generated a pre-tax gain / loss of $&lt;font&gt;0.4&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; million and $&lt;font&gt;1.0&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;million as of December 31, 20&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; and &lt;font&gt;201&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;9&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; respectively.&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;

&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt;(ii)&lt;/font&gt;&lt;font style="width: 23.78pt; display: inline-block;"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt;Foreign exchange risk (Cont.)&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;ul style="margin: 0pt; padding-left: 0pt; margin-left: 2.58pt;" type="square"&gt;
&lt;li style="margin-left: 9.58pt; text-align: justify; line-height: 12pt; padding-left: 8.42pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Wingdings'; -aw-font-weight: normal; -aw-number-format: '&amp;#61607;';"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Euro / U.S. dollar&lt;/font&gt;&lt;/li&gt;
&lt;/ul&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-left: 18pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;As of December 31, 20&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; and &lt;font&gt;201&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;9&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;, consisting primarily of Euro-denominated intercompany liabilities at certain subsidiaries whose functional currency is the U.S. dollar. A change of &lt;font&gt;1&lt;/font&gt;% in the EUR/USD exchange rate would have generated a pre-tax gain / loss of $&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;2.9&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; million and $&lt;font&gt;1.0&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;million as of December 31, 20&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; and &lt;font&gt;201&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;9&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;, respectively, which would have been to a large extent offset by changes in currency translation adjustment included in Tenaris&amp;#8217;s net equity position.&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-left: 18pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;ul style="margin: 0pt; padding-left: 0pt; margin-left: 2.58pt;" type="square"&gt;
&lt;li style="margin-left: 9.58pt; text-align: justify; line-height: 12pt; padding-left: 8.42pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Wingdings'; -aw-font-weight: normal; -aw-number-format: '&amp;#61607;';"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Saudi Arabian Riyal / U. S. d&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;ollar&lt;/font&gt;&lt;/li&gt;
&lt;/ul&gt;
&lt;p style="margin-top: 0pt; margin-left: 18pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: Arial; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-left: 18pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;As of December 31, 20&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;20&lt;/font&gt; and &lt;font&gt;2019&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; consisting primarily of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Saudi Arabian Riyal-denominated financial and trade payables&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;. The Saudi Arabian Riyal is tied to the dollar.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-left: 18pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: Arial; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Considering the balances held as of December 31, 20&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; on financial assets and liabilities exposed to foreign exchange rate fluctuations, Tenaris estimates that the impact of a simultaneous &lt;font&gt;1&lt;/font&gt;% appreciation / depreciation movement in the levels of foreign currencies exchange rates relative to the U.S. dollar, woul&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;d be a pre-tax gain / loss of $&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;5.1&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;million (including a loss / gain of&lt;font&gt; $&lt;/font&gt;&lt;/font&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;1.0&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; million due to &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;foreign exchange derivative contracts), &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;which would be partially offset by changes to Tenaris&amp;#8217;s net equity position of $&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;2.3&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; million&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; For balances held as of December 31, 201&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;9&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;, a simultaneous &lt;font&gt;1&lt;/font&gt;% favorable / unfavorable movement in the foreign currencies exchange rates relative to the U.S. dollar, would have generated a pre-tax gain / loss of $&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;4.6&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;million (including a loss / gain &lt;font&gt;of $&lt;/font&gt;&lt;/font&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;4.9&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; m&lt;/font&gt;illion due to &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;foreign exchange derivative contracts), &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;which would have been partially offset by changes to Tenaris&amp;#8217;s net equity position of $&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;0.6&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; million.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;The Company entered into foreign exchange derivative contracts to mitigate the exposure to fluctuations in exchange rates.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 9pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt;(iii)&lt;/font&gt;&lt;font style="width: 21pt; display: inline-block;"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt;Interest rate risk&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Tenaris is subject to interest rate risk&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; on&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; its investment portfolio&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; and its debt&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;The Company uses a mix of variable and fixed rate debt in combination with its investment portfolio strategy. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;T&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;he Company may choose to enter into &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;foreign exchange derivative contracts and / or &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;interest rate swaps to mitigate the exposure to changes in the interest rates. &lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;The following &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;table &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;summarizes&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;the proportions of variable-rate and fixed-rate debt as of each year end&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;table style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px; height: 95px;" width="100%" cellspacing="0" cellpadding="0"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; height: 17px; width: 41.1243%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; height: 17px; width: 1.47929%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; height: 17px; width: 1.47929%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="10" style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; height: 17px; width: 55.9527%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt; As of December 31, &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; height: 17px; width: 41.1243%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; height: 17px; width: 1.47929%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; height: 17px; width: 1.47929%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="4" style="border-bottom: 0.75pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; height: 17px; width: 26.497%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt; &lt;font&gt;2020&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; height: 17px; width: 1.47929%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; height: 17px; width: 1.47929%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="4" style="border-bottom: 0.75pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; height: 17px; width: 26.497%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt; &lt;font&gt;2019&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: middle; height: 10px; width: 41.1243%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: middle; height: 10px; width: 1.47929%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; height: 10px; width: 13.4793%;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt; Amount in thousands of U.S. dollars &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; height: 10px; width: 1.47929%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; height: 10px; width: 1.47929%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 10px; width: 11.5385%;" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt; % &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; height: 10px; width: 1.47929%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; height: 10px; width: 13.4793%;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt; Amount in thousands of U.S. dollars &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; height: 10px; width: 1.47929%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; height: 10px; width: 1.47929%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 10px; width: 11.5385%;" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt; % &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; width: 41.1243%; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Fixed rate (*) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; width: 1.47929%; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; width: 1.47929%; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 4px; vertical-align: bottom; width: 12%; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;237,320&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; width: 1.47929%; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; width: 1.47929%; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 4px; vertical-align: top; width: 11.5385%; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;38&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; width: 1.47929%; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; width: 1.47929%; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 4px; vertical-align: bottom; width: 12%; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;768,002&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; width: 1.47929%; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; width: 1.47929%; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 4px; vertical-align: top; width: 11.5385%; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;93&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; height: 17px; width: 41.1243%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Variable rate &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; height: 17px; width: 1.47929%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; width: 1.47929%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px; width: 12%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;381,687&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; width: 1.47929%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; width: 1.47929%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 4px; vertical-align: top; height: 17px; width: 11.5385%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;62&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; width: 1.47929%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; width: 1.47929%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px; width: 12%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;54,150&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; width: 1.47929%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; width: 1.47929%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 4px; vertical-align: top; height: 17px; width: 11.5385%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;7&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 41.1243%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt; Total &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.47929%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.47929%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px 0px 0px 4px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 12%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt; &lt;font&gt;619,007&lt;/font&gt; &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.47929%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.47929%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 11.5385%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.47929%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.47929%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px 0px 0px 4px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 12%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt; &lt;font&gt;822,152&lt;/font&gt; &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.47929%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.47929%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 11.5385%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: spaces;"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;(*) &lt;/font&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Out of the $&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;23&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;7&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; m&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;illion fixed rate &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;borrowings,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; $&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;197&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; m&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;illion are short-term.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;The Company estimates that&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; if&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; market&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; interest rates&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; applicable to &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Tenaris&amp;#8217;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; borrowings&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;had&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; been &lt;font&gt;100&lt;/font&gt; basis points higher&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;then the additional &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;pre-tax &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;loss&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; would have been &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;$&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;7.1&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; color: #ff0000;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;million &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;in &lt;font&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; and&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; $&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;7.7&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; million &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;in &lt;font&gt;201&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;9&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt;(iv)&lt;/font&gt;&lt;font style="width: 22.12pt; display: inline-block;"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt;Credit risk&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;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.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;There is no significant concentration of credit risk from customers. No single customer comprised more than &lt;font&gt;10&lt;/font&gt;% of Tenaris&amp;#8217;s net sales in &lt;font&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;, &lt;font&gt;201&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;9&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; and &lt;font&gt;201&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;8&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;br/&gt;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;

&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt;(iv)&lt;/font&gt;&lt;font style="width: 22.12pt; display: inline-block;"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt;Credit risk (Cont.)&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Tenaris&amp;#8217;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 &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;whenever deemed necessary. Tenaris maintains allowances for impairment for potential credit losses.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; See Section II.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;K&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;As of December 31, 2020&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; and &lt;font&gt;201&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;9&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; trade receivables amount&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;ed&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; to&lt;font&gt; $&lt;/font&gt;&lt;/font&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;968.1&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;" class="selected"&gt; million and $&lt;font&gt;1,348.2&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; million respectively. Trade receivables have guarantees under credit insurance of $&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;134.9&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; million and $&lt;font&gt;178.7&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;million, letter of credit and other bank guarantees of $&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;47.8&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; million and $&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;55.2&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; million, and other guarantees of $&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;8.8&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; million and $&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;0.6&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; million as of December 31, 20&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; and &lt;font&gt;201&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;9&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; respectively.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;As of December 31, 20&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; and &lt;font&gt;201&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;9&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;overdue&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; trade receivables amounted to $&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;195.9&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; million and $&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;242.7&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; million, respectively. As of December 31, 20&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; and &lt;font&gt;201&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;9&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;overdue &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;guaranteed trade receivables amounted to &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;$&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;20.7&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;million and $&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;28.7&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; million&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;; and the allowance for doubtful accounts amounted to&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;$&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;53.7&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; million and $&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;48.8&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; million&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; respectively.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Both the allowance for doubtful accounts and the existing guarantees are sufficient to cover doubtful trade receivables. &lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt;(v) &lt;/font&gt;&lt;font style="width: 22.4pt; display: inline-block;"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt;Counterparty risk&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;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.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Approximately &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;88&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;% of Tenaris&amp;#8217;s liquid financial assets correspond&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;ed&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; to Investment Grade-rated instruments as of December 31, 20&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;, in comparison with approximately &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;96&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;% as of December 31, 201&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;9&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt;(&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt;v&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt;i&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt;)&lt;/font&gt;&lt;font style="width: 22.12pt; display: inline-block;"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt;Liquidity risk&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; -aw-import: spaces;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Tenaris financing strategy &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;a&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;i&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;m&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;s to maintain adequate financial resources and access to additional liquidity. During &lt;font&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;, Tenaris has counted on cash flows from operations as well as additional bank financing to fund its transactions. &lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Management maintains sufficient cash and marketable securities to finance normal operations and believes that Tenaris also has &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;appropriate &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;access to market for short-term working capital needs. &lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Liquid financial assets as a whole (comprising cash and cash equivalents and other investments) were &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;12&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;%&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; of&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; total asset&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;s at the end of &lt;font&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;and&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;201&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;9&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Tenaris has a conservative approach to the management of its liquidity, which consists of i)&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;cash and cash equivalents (cash in banks, liquidity funds and investments&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;with a&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;maturity of less than &lt;font&gt;three&lt;/font&gt; months&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;at the date of purchase), and ii) &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;o&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;ther &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;i&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;nvestments (fixed income securities, time d&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;eposits, and fund investments).&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Tenaris holds primarily investments in money market funds and variable or fixed-rate securities from investment grade issuers. As of December 31, 20&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; and &lt;font&gt;201&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;9&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;, Tenaris does not have direct exposure to financial instruments issued by European sovereign counterparties&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Tenaris holds its investments primarily in U.S. dollars. As of December 31, 2020 and &lt;font&gt;2019&lt;/font&gt;, U.S. dollar denominated liquid assets plus investments denominated in other currencies hedged to the U.S. dollar represented approximate&lt;font&gt;ly &lt;/font&gt;&lt;font&gt;95&lt;/font&gt;&lt;font&gt;%&lt;/font&gt; of total liquid financial assets.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt;(vii)&lt;/font&gt;&lt;font style="width: 19.34pt; display: inline-block;"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt;Commodity price risk&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;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 not in excess of &lt;font&gt;one&lt;/font&gt; year, in general Tenaris does not hedge this risk. &lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;

&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt; padding-top: 5pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;B. Category of financial instruments and classification w&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;ithin th&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;e fair value h&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;ierarchy&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;As mentioned in note II.A, the Company classifies its financial instruments in the following measurement categories: amortized cost, fair value through othe&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;r comprehensive income&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; and fair &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;value through profit and loss&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;For financial instruments that are measured in the statement of financial position at fair value, IFRS &lt;font&gt;13&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#8220;Fair value measurement&amp;#8221; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;requires a disclosure of fair value measurements by level according to the following fair value measurement hierarchy:&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Level &lt;font&gt;1&lt;/font&gt; - Quoted prices (unadjusted) in active markets for identical assets or liabilities.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Level &lt;font&gt;2&lt;/font&gt; - Inputs other than quoted prices included within Level &lt;font&gt;1&lt;/font&gt; that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices).&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Level &lt;font&gt;3&lt;/font&gt; - Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs).&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;The following tables present the financial instruments by category and levels as of December 31, 20&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; and &lt;font&gt;201&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;9&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;(all amounts in thousands of U.S. dollars)&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;table style="height: 402px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px;" width="100%" cellspacing="0" cellpadding="0"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; background-color: #ffffff; height: 27px; vertical-align: bottom;" rowspan="2" colspan="2" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt;&lt;font&gt;&lt;font class="selected"&gt;Ca&lt;font&gt;rrying Amount&lt;/font&gt;&lt;/font&gt;&lt;br/&gt;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; background-color: #ffffff; height: 27px; vertical-align: bottom;" rowspan="2" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; background-color: #ffffff; height: 27px; vertical-align: bottom;" rowspan="2" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; background-color: #ffffff; height: 17px; vertical-align: bottom; border-top: 1pt solid #000000;" colspan="10" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; Measurement Categories &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; height: 17px; vertical-align: bottom;" colspan="10" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; At Fair Value &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: middle; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px; background-color: #ffffff; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; December 31, 2020 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: top; background-color: #ffffff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; background-color: #ffffff; height: 10px; vertical-align: bottom;" colspan="2" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; Amortized Cost &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; height: 10px; vertical-align: bottom;" colspan="2" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; FVOCI &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; height: 10px; vertical-align: bottom;" colspan="2" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; FVPL &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; height: 10px; vertical-align: bottom;" colspan="2" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; Level &lt;font&gt;1&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; height: 10px; vertical-align: bottom;" colspan="2" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; Level &lt;font&gt;2&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; height: 10px; vertical-align: bottom;" colspan="2" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; Level &lt;font&gt;3&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: middle; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px; vertical-align: top; background-color: #ffffff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; Assets &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: top; background-color: #ffffff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px; vertical-align: top; height: 10px; background-color: #cceeff; width: 37%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt; Cash and cash equivalents &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: top; height: 10px; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 6%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt; &lt;font&gt;584,681&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 6%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt; &lt;font&gt;486,498&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 6%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 6%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt; &lt;font&gt;98,183&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 6%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt; &lt;font&gt;98,183&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 6%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 6%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt; Other investments &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt; &lt;font&gt;872,488&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt; &lt;font&gt;763,697&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt; &lt;font&gt;108,791&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt; &lt;font&gt;108,791&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"&gt; Fixed income (time-deposit, &lt;font&gt;zero&lt;/font&gt; coupon bonds, commercial papers) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: top; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"&gt;&lt;font&gt;763,697&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"&gt;&lt;font&gt;763,697&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 7.1pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; U.S. Sovereign Bills &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"&gt; &lt;font&gt;97,982&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;97,982&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px; vertical-align: top; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 7.1pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Non - U.S. Sovereign Bills &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: top; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"&gt; &lt;font&gt;14,586&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;14,586&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 7.1pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Certificates of deposits &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"&gt; &lt;font&gt;222,132&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;222,132&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px; vertical-align: top; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 7.1pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Commercial papers &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: top; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"&gt; &lt;font&gt;268,737&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;268,737&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 7.1pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Other notes &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"&gt; &lt;font&gt;160,260&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;160,260&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: top; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"&gt; Bonds and other fixed income &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: top; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"&gt; &lt;font&gt;108,791&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: top; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt; &lt;font&gt;247,082&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt; &lt;font&gt;239,422&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt; &lt;font&gt;7,660&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt; &lt;font&gt;239,422&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt; &lt;font&gt;7,660&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px; vertical-align: top; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 7.1pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Bonds and other fixed income &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: top; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"&gt; &lt;font&gt;239,422&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;239,422&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;239,422&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px; vertical-align: top; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 7.1pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Other investments &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: top; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"&gt; &lt;font&gt;7,660&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;7,660&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;7,660&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt; Trade receivables &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt; &lt;font&gt;968,148&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt; &lt;font&gt;968,148&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px; vertical-align: top; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt; Receivables C and NC (*) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: top; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt; &lt;font&gt;232,152&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt; &lt;font&gt;90,330&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt; &lt;font&gt;48,659&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt; &lt;font&gt;48,659&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 7.1pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Other receivables &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"&gt; &lt;font&gt;138,989&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;90,330&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;48,659&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;48,659&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px; vertical-align: top; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 7.1pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Other receivables (non-financial) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: top; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"&gt; &lt;font&gt;93,163&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"&gt; &amp;nbsp;- &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; Total &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &lt;font&gt;2,308,673&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &lt;font&gt;396,872&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &lt;font&gt;117,292&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &lt;font&gt;446,396&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px; vertical-align: top; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt; Derivative financial instruments &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: top; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt; &lt;font&gt;3,217&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt; &lt;font&gt;3,217&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt; &lt;font&gt;3,217&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; Total &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &lt;font&gt;1,338,455&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &lt;font&gt;3,217&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &lt;font&gt;3,217&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;(*) Includes &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;balances&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; related to&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;interest in our &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Venezuelan&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;companies&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;. S&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;ee &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;n&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;ote &lt;font&gt;3&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;8&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;div&gt;

&lt;/div&gt;
&lt;p style="margin-top: 10pt; margin-bottom: 10pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;(all amounts in thousands of U.S. dollars)&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;table style="height: 462px; margin-left: 0.1px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%" cellspacing="0" cellpadding="0"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; background-color: #ffffff; vertical-align: bottom; height: 27px;" rowspan="2" colspan="2" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt;&lt;font&gt; Carrying amount&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; background-color: #ffffff; vertical-align: bottom; height: 27px;" rowspan="2" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; background-color: #ffffff; vertical-align: bottom; height: 27px;" rowspan="2" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; background-color: #ffffff; vertical-align: bottom; height: 17px; border-top: 1pt solid #000000;" colspan="10" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; Measurement Categories &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;" colspan="10" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; At Fair Value &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px; background-color: #ffffff; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; December 31, 2019 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: top; background-color: #ffffff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; background-color: #ffffff; vertical-align: bottom; height: 10px;" colspan="2" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; Amortized Cost &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;" colspan="2" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; FVOCI &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;" colspan="2" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; FVPL &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;" colspan="2" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; Level &lt;font&gt;1&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;" colspan="2" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; Level &lt;font&gt;2&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;" colspan="2" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; Level &lt;font&gt;3&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px; vertical-align: top; background-color: #ffffff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; Assets &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: top; background-color: #ffffff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px; vertical-align: top; height: 17px; background-color: #cceeff; width: 37%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt; Cash and cash equivalents &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: top; height: 17px; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 6%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt; &lt;font&gt;1,554,299&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 6%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt; &lt;font&gt;387,602&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 6%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 6%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt; &lt;font&gt;1,166,697&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 6%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt; &lt;font&gt;1,166,697&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 6%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 6%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt; Other investments &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt; &lt;font&gt;210,376&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt; &lt;font&gt;65,874&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt; &lt;font&gt;144,502&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt; &lt;font&gt;134,990&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt; &lt;font&gt;9,512&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt; &amp;nbsp;- &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: top; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"&gt; Fixed income (time-deposit, &lt;font&gt;zero&lt;/font&gt; coupon bonds, commercial papers) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: top; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"&gt; &lt;font&gt;65,874&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"&gt; &lt;font&gt;65,874&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 8.55pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Certificates of deposits &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"&gt; &lt;font&gt;20,637&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;20,637&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px; vertical-align: top; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 8.55pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Commercial papers &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: top; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"&gt; &lt;font&gt;4,993&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;4,993&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; -&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 8.55pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Other notes &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"&gt; &lt;font&gt;40,244&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;40,244&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; -&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: top; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"&gt; Bonds and other fixed income &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: top; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"&gt; &lt;font&gt;144,502&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
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&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
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&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 8.55pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Non - U.S. government securities &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 8.55pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Corporates securities &lt;/font&gt;&lt;/p&gt;
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&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
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&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
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&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
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&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
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&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px; vertical-align: top; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt; Derivative financial instruments &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: top; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt; &lt;font&gt;19,929&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt; &lt;font&gt;19,929&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt; &amp;nbsp;-&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt; &lt;font&gt;19,929&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt; Other Investments Non-current &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt; &lt;font&gt;24,934&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt; &lt;font&gt;18,012&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt; &lt;font&gt;6,922&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt; &lt;font&gt;18,012&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt; &lt;font&gt;6,922&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px; vertical-align: top; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 8.55pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Bonds and other fixed income &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: top; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"&gt; &lt;font&gt;18,012&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;18,012&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;18,012&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 8.55pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Other investments &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"&gt; &lt;font&gt;6,922&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;6,922&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;6,922&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px; vertical-align: top; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt; Trade receivables &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: top; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt; &lt;font&gt;1,348,160&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt; &lt;font&gt;1,348,160&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt; Receivables C and NC (*) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt; &lt;font&gt;261,678&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt; &lt;font&gt;93,239&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt; &lt;font&gt;48,659&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt; &lt;font&gt;48,659&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px; vertical-align: top; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 8.55pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Other receivables &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: top; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"&gt; &lt;font&gt;141,898&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;93,239&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;48,659&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;48,659&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 8.55pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Other receivables (non-financial) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"&gt; &lt;font&gt;119,780&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: top; height: 17px; background-color: #cceeff;"&gt;
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&lt;/td&gt;
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&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
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&lt;/td&gt;
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&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &lt;font&gt;1,894,875&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
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&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &lt;font&gt;211,173&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &lt;font&gt;1,193,548&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
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&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &lt;font&gt;1,319,699&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &lt;font&gt;29,441&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &lt;font&gt;55,581&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; Liabilities &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px; vertical-align: top; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt; Borrowings C and NC &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: top; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt; &lt;font&gt;822,152&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt; &lt;font&gt;822,152&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
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&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 10pt; margin-bottom: 10pt; line-height: 12pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;(*) Includes balances related to interest in our Venezuelan companies&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;. S&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;ee n&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;ote &lt;font&gt;3&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;8&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 10pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;T&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;here were no transfers between l&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;evel&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; during the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;year&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 10pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;The fair value of financial instruments traded in active markets is based on quoted market prices at the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;reporting&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; 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&amp;#8217;s length basis. The quoted market price used for financial assets held by &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Tenaris&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; is the current bid price. These instruments are included in &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;L&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;evel &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;1&lt;/font&gt; and comprise primar&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;il&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;y corporate and sovereign debt securities.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 10pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;The fair value of financial instruments that are not traded in an active market (such as certain debt securities, certificates of deposits with original maturity of more than &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;three&lt;/font&gt; months&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;f&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;orward and &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;i&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;nterest &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;r&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;ate derivative in&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;truments) is determined by using valuation techniques&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; which&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; maximiz&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;e the use&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; of observable market data when&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; 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 &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;L&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;evel &lt;font&gt;2&lt;/font&gt;.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; 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 &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;obtained &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;from market contributors as of the valuation date.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 10pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;If &lt;font&gt;one&lt;/font&gt; or more of the significant inputs &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;are&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; not based on observable market data, the instruments are included in &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;L&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;evel &lt;font&gt;3&lt;/font&gt;. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Tenaris values its assets and liabilities in this level using observable market inputs and management assumptions which reflect the Company&amp;#8217;s best estimate on how market participants would price the asset or liability at measurement date. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Main balances included in this level correspond to &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;the Company interest in Venezuelan companies&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;S&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;ee &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;n&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;ote &lt;font&gt;3&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;8&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;.&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;

&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 6pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;The following table presents the changes&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; in &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;L&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;evel &lt;font&gt;3&lt;/font&gt; assets&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;:&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;table style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px; height: 120px;" width="100%" cellspacing="0" cellpadding="0"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 68.2739%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.54291%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px; width: 29.0858%;" colspan="6"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; Year ended December 31, &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px; width: 1.54291%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 68.2739%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (all amounts in thousands of U.S. dollars) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 1.54291%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px; width: 13%;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &lt;font&gt;2020&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px; width: 1.54291%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px; width: 1.54291%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px; width: 13%;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &lt;font&gt;2019&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px; width: 1.54291%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 68.2739%; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; At the beginning of the year &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 1.54291%; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 12%; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;55,581&lt;/font&gt; &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.54291%; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.54291%; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 12%; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;52,985&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.54291%; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 68.2739%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (Decrease) / Addition &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 1.54291%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 12%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;3,604&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.54291%;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 1.54291%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 12%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,933&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 1.54291%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 68.2739%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Increase due to business combinations &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.54291%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 12%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;3,915&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.54291%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.54291%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 12%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.54291%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 68.2739%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Currency translation adjustment and others &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 1.54291%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 12%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;427&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 1.54291%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 1.54291%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 12%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;337&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.54291%;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 18px; width: 68.2739%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; At the end of the year &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 18px; width: 1.54291%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px; width: 12%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &lt;font&gt;56,319&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px; width: 1.54291%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px; width: 1.54291%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px; width: 12%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &lt;font&gt;55,581&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px; width: 1.54291%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 7pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;C&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;Fair value estimation&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt; &lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;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.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;The fair values of quoted investments are&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; generally&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; based on current bid prices. If the market for a financial asset is not active or no market is available, fair values are established using standard valuation techniques. &lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;The fair value of all outstanding derivatives is determined using speci&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;fic pricing models that include&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; inputs that are observable in the market or can be derived from or corroborated by observable data.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;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.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 12pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Borrowings are classified under &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;other financial liabilities &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;and measured at their amortized cost&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;. Tenaris estimates that the fair value of its main financial liabilities is approximately&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;100.0&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;%&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; of its carrying amount &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;(&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;inc&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;luding interests accrued&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;)&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; in &lt;font&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; and &lt;font&gt;2019&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Fair values were calculated using standard valuation techniques for floating rate instruments and comparable market rates for discounting flows.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;The carrying&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; amount of investments&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; valuated at amortized cos&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;t approximates its fair value.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;D. Accounting for derivative financial instruments and hedging activities&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;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&amp;#8217;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. &lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;As a general rule, Tenaris recognizes the full amount related to the change in fair value of derivative financial instruments in &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt;Financial Results&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; in the Consolidated Income Statement.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt; widows: 0; orphans: 0;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;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&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; 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&amp;#8217;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 derivati&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;ve and the leasing liability is&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; classified as a current or non-current asset or liability according to its expiry date.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 8pt; widows: 0; orphans: 0;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt; widows: 0; orphans: 0;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;For transactions designated and qualifying for hedge accounting, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Tenaris&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; 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 undertak&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;ing various hedge transactions.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Tenaris also documents its assessment on an ongoing basis, of whether the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;hedging instrument&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; are highly effective in offsetting changes in &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;fair value or cash flow of hedged items.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; At December 31, 20&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; and &lt;font&gt;201&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;9&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;, the effective portion of designated cash flow hedges &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;which is included&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; in &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt;Other Reserves&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; in equity &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;amount&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;ed&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; to &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; background-color: #ffffff;"&gt;$&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; background-color: #ffffff;"&gt;&lt;font&gt;4.8&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; million&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;debit&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;and&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;$&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;2.6&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; million &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;credit&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; respectively&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;S&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;ee n&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;ote &lt;font&gt;2&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;5&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 8pt; widows: 0; orphans: 0;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt; widows: 0; orphans: 0;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;The fair values of various derivative instruments used for hedging purposes &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;and the movements of the hedging reserve included within &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt;Other Reserves&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; in equity &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;are disclosed in &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;n&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;ote &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;2&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;5&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;.&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;

&lt;/div&gt;
&lt;/div&gt;</ifrs-full:DisclosureOfFinancialRiskManagementExplanatory>
  <ifrs-full:GainsLossesOnExchangeDifferencesOnTranslationRecognisedInProfitOrLoss id="Tag975" contextRef="D20191231_3" unitRef="USD" decimals="-3">27868000</ifrs-full:GainsLossesOnExchangeDifferencesOnTranslationRecognisedInProfitOrLoss>
  <ifrs-full:GainsLossesOnExchangeDifferencesOnTranslationRecognisedInProfitOrLoss id="Tag976" contextRef="D20201231_3" unitRef="USD" decimals="-3">-74422000</ifrs-full:GainsLossesOnExchangeDifferencesOnTranslationRecognisedInProfitOrLoss>
  <ts:FinanceIncomeCostContinuingOperations id="Tag977" contextRef="D20201231_3" unitRef="USD" decimals="-3">-64995000</ts:FinanceIncomeCostContinuingOperations>
  <ts:ForeignExchangeDerivativesContractsResults id="Tag978" contextRef="D20201231_3" unitRef="USD" decimals="-3">19644000</ts:ForeignExchangeDerivativesContractsResults>
  <ts:OtherForeignExchangeResults id="Tag979" contextRef="D20201231_3" unitRef="USD" decimals="-3">-1590000</ts:OtherForeignExchangeResults>
  <ifrs-full:RevenueFromInterest id="Tag980" contextRef="D20191231_3" unitRef="USD" decimals="-3">48061000</ifrs-full:RevenueFromInterest>
  <ts:NetFinancialIncomeOnChangesInFVOfFinancialAssetsAtFVTPL id="Tag981" contextRef="D20191231_3" unitRef="USD" decimals="-3">-64000</ts:NetFinancialIncomeOnChangesInFVOfFinancialAssetsAtFVTPL>
  <ifrs-full:InterestIncomeOnFinancialAssetsDesignatedAtFairValueThroughProfitOrLoss id="Tag982" contextRef="D20191231_3" unitRef="USD" decimals="-5">7600000</ifrs-full:InterestIncomeOnFinancialAssetsDesignatedAtFairValueThroughProfitOrLoss>
  <ifrs-full:RevenueFromInterest id="Tag983" contextRef="D20181231" unitRef="USD" decimals="-3">42244000</ifrs-full:RevenueFromInterest>
  <ts:OtherForeignExchangeResults id="Tag984" contextRef="D20191231_3" unitRef="USD" decimals="-3">-1585000</ts:OtherForeignExchangeResults>
  <ifrs-full:InterestIncomeOnFinancialAssetsDesignatedAtFairValueThroughProfitOrLoss id="Tag985" contextRef="D20201231_3" unitRef="USD" decimals="-5">6500000</ifrs-full:InterestIncomeOnFinancialAssetsDesignatedAtFairValueThroughProfitOrLoss>
  <ts:NetFinancialIncomeOnChangesInFVOfFinancialAssetsAtFVTPL id="Tag986" contextRef="D20201231_3" unitRef="USD" xsi:nil="true" />
  <ifrs-full:AmortisationIntangibleAssetsOtherThanGoodwill id="Tag987" contextRef="D20201231_AccumulatedDepreciationAmortisationAndImpairmentMember_LicensesPatentsAndTrademarksMember" unitRef="USD" decimals="-3">8760000</ifrs-full:AmortisationIntangibleAssetsOtherThanGoodwill>
  <ts:FinanceIncomeCostContinuingOperations id="Tag988" contextRef="D20191231_3" unitRef="USD" decimals="-3">19283000</ts:FinanceIncomeCostContinuingOperations>
  <ifrs-full:GainsLossesOnExchangeDifferencesOnTranslationRecognisedInProfitOrLoss id="Tag989" contextRef="D20181231" unitRef="USD" decimals="-3">28845000</ifrs-full:GainsLossesOnExchangeDifferencesOnTranslationRecognisedInProfitOrLoss>
  <ifrs-full:DisclosureOfSensitivityAnalysisForActuarialAssumptionsExplanatory id="Tag990" contextRef="D20201231_3">&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px;" width="100%"&gt;

&lt;tr style="height: 1pt;"&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="4" style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Year ended December 31, &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 1pt;"&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font style="border-left: none; border-right: none;"&gt;2020&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font style="border-left: none; border-right: none;"&gt;2019&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 1pt; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 73%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Discount rate &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 1%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 11%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;1&lt;/font&gt;% - &lt;font&gt;7&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 11%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;1&lt;/font&gt;% - &lt;font&gt;7&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 1pt;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Rate of compensation increase &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;0&lt;/font&gt;% - &lt;font&gt;3&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;0&lt;/font&gt;% - &lt;font&gt;3&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;

&lt;table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px; height: 61px;" width="100%"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="4" style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Year ended December 31, &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font style="border-left: none; border-right: none;"&gt;2020&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font style="border-left: none; border-right: none;"&gt;2019&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 74%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Discount rate &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: right;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;1&lt;/font&gt; % - &lt;font&gt;3&lt;/font&gt; % &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 2%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: right;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;3&lt;/font&gt; % - &lt;font&gt;4&lt;/font&gt; % &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Rate of compensation increase &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: right;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;0&lt;/font&gt; % - &lt;font&gt;3&lt;/font&gt; % &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: right;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;0&lt;/font&gt; % - &lt;font&gt;3&lt;/font&gt; % &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;</ifrs-full:DisclosureOfSensitivityAnalysisForActuarialAssumptionsExplanatory>
  <ifrs-full:TaxEffectFromChangeInTaxRate id="Tag991" contextRef="D20191231_3" unitRef="USD" decimals="-3">13000</ifrs-full:TaxEffectFromChangeInTaxRate>
  <ts:ChargeRelatedToWithholdingTaxesForIntraGroupInternationalOperations id="Tag992" contextRef="D20201231_3" unitRef="USD" decimals="-6">10000000</ts:ChargeRelatedToWithholdingTaxesForIntraGroupInternationalOperations>
  <ts:ChargeRelatedToWithholdingTaxesForIntraGroupInternationalOperations id="Tag993" contextRef="D20191231_3" unitRef="USD" decimals="-6">34000000</ts:ChargeRelatedToWithholdingTaxesForIntraGroupInternationalOperations>
  <ts:ProfitLossBeforeImpairmentLossReversalOfImpairmentLossRecognisedAndIncomeTax id="Tag994" contextRef="D20181231" unitRef="USD" decimals="-3">1103107000</ts:ProfitLossBeforeImpairmentLossReversalOfImpairmentLossRecognisedAndIncomeTax>
  <ts:TaxEffectOfRevenuesExemptFromTaxationAndExpenseNotDeductibleInDeterminingTaxableProfitTaxLoss id="Tag995" contextRef="D20181231" unitRef="USD" decimals="-3">57591000</ts:TaxEffectOfRevenuesExemptFromTaxationAndExpenseNotDeductibleInDeterminingTaxableProfitTaxLoss>
  <ifrs-full:TaxEffectFromChangeInTaxRate id="Tag996" contextRef="D20181231" unitRef="USD" decimals="-3">-1824000</ifrs-full:TaxEffectFromChangeInTaxRate>
  <ts:DisclosureOfDetailedInformationAboutIncomeTaxExpenseBenefitTextBlock id="Tag997" contextRef="D20201231_3">&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="height: 102px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px;" width="100%"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;" colspan="10"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; Year ended December 31, &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (all amounts in thousands of U.S. dollars) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &lt;font&gt;2020&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &lt;font&gt;2019&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &lt;font&gt;2018&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 55%; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Current tax &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 12%; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;121,048&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 12%; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;299,692&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 12%; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;343,104&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Deferred tax &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;97,898&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;97,240&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;113,897&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; Tax charge &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; (&lt;font&gt;23,150&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;" valign="bottom"&gt;&lt;font style="font-size: 10pt; font-weight: bold;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; (&lt;font&gt;202,452&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;" valign="bottom"&gt;&lt;font style="font-size: 10pt; font-weight: bold;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; (&lt;font&gt;229,207&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;" valign="bottom"&gt;&lt;font style="font-size: 10pt; font-weight: bold;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;</ts:DisclosureOfDetailedInformationAboutIncomeTaxExpenseBenefitTextBlock>
  <ts:ProfitLossBeforeImpairmentLossReversalOfImpairmentLossRecognisedAndIncomeTax id="Tag998" contextRef="D20201231_3" unitRef="USD" decimals="-3">3135000</ts:ProfitLossBeforeImpairmentLossReversalOfImpairmentLossRecognisedAndIncomeTax>
  <ifrs-full:TaxEffectFromChangeInTaxRate id="Tag999" contextRef="D20201231_3" unitRef="USD" decimals="-3">-958000</ifrs-full:TaxEffectFromChangeInTaxRate>
  <ifrs-full:CurrentTaxExpenseIncome id="Tag1000" contextRef="D20181231" unitRef="USD" decimals="-3">-343104000</ifrs-full:CurrentTaxExpenseIncome>
  <ts:AfterTaxEffectOfExpenseNotDeductibleInDeterminingProfitLoss id="Tag1001" contextRef="D20191231_3" unitRef="USD" decimals="-6">66000000</ts:AfterTaxEffectOfExpenseNotDeductibleInDeterminingProfitLoss>
  <ifrs-full:CurrentTaxExpenseIncome id="Tag1002" contextRef="D20191231_3" unitRef="USD" decimals="-3">-299692000</ifrs-full:CurrentTaxExpenseIncome>
  <ts:AfterTaxEffectOfExpenseNotDeductibleInDeterminingProfitLoss id="Tag1003" contextRef="D20201231_3" unitRef="USD" decimals="-6">61000000</ts:AfterTaxEffectOfExpenseNotDeductibleInDeterminingProfitLoss>
  <ts:ProfitLossBeforeImpairmentLossReversalOfImpairmentLossRecognisedAndIncomeTax id="Tag1004" contextRef="D20191231_3" unitRef="USD" decimals="-3">933710000</ts:ProfitLossBeforeImpairmentLossReversalOfImpairmentLossRecognisedAndIncomeTax>
  <ts:TaxEffectOfRevenuesExemptFromTaxationAndExpenseNotDeductibleInDeterminingTaxableProfitTaxLoss id="Tag1005" contextRef="D20201231_3" unitRef="USD" decimals="-3">29594000</ts:TaxEffectOfRevenuesExemptFromTaxationAndExpenseNotDeductibleInDeterminingTaxableProfitTaxLoss>
  <ts:AfterTaxEffectOfExpenseNotDeductibleInDeterminingProfitLoss id="Tag1006" contextRef="D20181231" unitRef="USD" decimals="-6">65000000</ts:AfterTaxEffectOfExpenseNotDeductibleInDeterminingProfitLoss>
  <ifrs-full:TaxEffectOfTaxLosses id="Tag1007" contextRef="D20201231_3" unitRef="USD" decimals="-3">98000</ifrs-full:TaxEffectOfTaxLosses>
  <ifrs-full:TaxExpenseIncomeAtApplicableTaxRate id="Tag1008" contextRef="D20181231" unitRef="USD" decimals="-3">-207422000</ifrs-full:TaxExpenseIncomeAtApplicableTaxRate>
  <ifrs-full:DisclosureOfDividendsExplanatory id="Tag1009" contextRef="D20201231_3">&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-left: 22.5pt; margin-bottom: 0pt; text-indent: -22.5pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;&lt;font&gt;9&lt;/font&gt;&lt;/font&gt;&lt;font style="font: 7pt 'Times New Roman'; -aw-import: spaces;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;D&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;ividends&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt; distribution&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 14pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;On November 4, 2020, the Company&amp;#8217;s Board of Directors approved the payment of an interim dividend of $&lt;font&gt;0.07&lt;/font&gt; per share ($&lt;font&gt;0.14&lt;/font&gt; per ADS), or approximate&lt;font&gt;ly $&lt;/font&gt;&lt;font&gt;82.6&lt;/font&gt; million, payable on November 25, 2020, with an ex-dividend date of November 23, 2020.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 14pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;On June 2, 2020, the Company&amp;#8217;s Shareholders approved that, as a consequence of liquidity preservation initiatives, no further dividends be distributed in respect of fiscal year &lt;font&gt;2019&lt;/font&gt; beyond the interim dividend of approximately $&lt;font&gt;153&lt;/font&gt; million already paid in November 2019.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 14pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;On May 6, 2019, &lt;/font&gt;&lt;font style="width: 1.45pt; display: inline-block;"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;the Company&amp;#8217;s Shareholders approved an annual dividend in the amount of $&lt;font&gt;0.41&lt;/font&gt; per share ($&lt;font&gt;0.82&lt;/font&gt; per ADS). The amount approved included the int&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;erim dividend previously paid on&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; November 21, 2018 in the amount of $&lt;font&gt;0.13&lt;/font&gt; per share ($&lt;font&gt;0.26&lt;/font&gt; per ADS). The balance, amounting to $&lt;font&gt;0.28&lt;/font&gt; per share ($&lt;font&gt;0.56&lt;/font&gt; per ADS), was paid on May 22, 2019. In the aggregate, the interim dividend paid in November 2018 and the balance paid in May 2019 amounted to approximately $&lt;font&gt;484&lt;/font&gt; million.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 14pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;On May 2, 2018, the Company&amp;#8217;s Shareholders approved an annual dividend in the amount of $&lt;font&gt;0.41&lt;/font&gt; per share ($&lt;font&gt;0.82&lt;/font&gt; per ADS). The amount approved included the int&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;erim dividend previously paid on&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; November 22, 2017 in the amount of $&lt;font&gt;0.13&lt;/font&gt; per share ($&lt;font&gt;0.26&lt;/font&gt; per ADS). The balance, amounting to $&lt;font&gt;0.28&lt;/font&gt; per share ($&lt;font&gt;0.56&lt;/font&gt; per ADS), was paid on May 23, 2018. In the aggregate, the interim dividend paid in November 2017 and the balance paid in May 2018 &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;amounted to approximately $&lt;font&gt;484&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; million.&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;</ifrs-full:DisclosureOfDividendsExplanatory>
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  <ifrs-full:DividendsPaid id="Tag1011" contextRef="D20191120" unitRef="USD" decimals="-6">153000000</ifrs-full:DividendsPaid>
  <ts:DividendsPayableAmountPerShareIncludingInterimDividend id="Tag1012" contextRef="I20190506" unitRef="USDPerShare" decimals="2">0.41</ts:DividendsPayableAmountPerShareIncludingInterimDividend>
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  <ifrs-full:DividendsPaidOrdinarySharesPerShare id="Tag1016" contextRef="D20180523" unitRef="USDPerShare" decimals="2">0.28</ifrs-full:DividendsPaidOrdinarySharesPerShare>
  <ts:DividendsPaidPerAmericanDepositarySecurity id="Tag1017" contextRef="I20180523" unitRef="USDPerShare" decimals="2">0.56</ts:DividendsPaidPerAmericanDepositarySecurity>
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  <ts:DividendsPayableAmountPerAmericanDepositarySecurityIncludingInterimDividend id="Tag1020" contextRef="I20190506" unitRef="USDPerShare" decimals="2">0.82</ts:DividendsPayableAmountPerAmericanDepositarySecurityIncludingInterimDividend>
  <ts:DividendsPaidPerAmericanDepositarySecurity id="Tag1021" contextRef="I20190522" unitRef="USDPerShare" decimals="2">0.56</ts:DividendsPaidPerAmericanDepositarySecurity>
  <ts:PaymentsForDividendsApproved id="Tag1022" contextRef="D20201104" unitRef="USD" decimals="-5">82600000</ts:PaymentsForDividendsApproved>
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  <ts:AnnualDividendPayable id="Tag1024" contextRef="I20210526_AnnualDividendProposalMember" unitRef="USD" decimals="-6">165000000</ts:AnnualDividendPayable>
  <ifrs-full:DividendsPaidOrdinarySharesPerShare id="Tag1025" contextRef="D20181121" unitRef="USDPerShare" decimals="2">0.13</ifrs-full:DividendsPaidOrdinarySharesPerShare>
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  <ts:TaxEffectOfRevenuesExemptFromTaxationAndExpenseNotDeductibleInDeterminingTaxableProfitTaxLoss id="Tag1028" contextRef="D20191231_3" unitRef="USD" decimals="-3">37036000</ts:TaxEffectOfRevenuesExemptFromTaxationAndExpenseNotDeductibleInDeterminingTaxableProfitTaxLoss>
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  <ifrs-full:TaxExpenseIncomeAtApplicableTaxRate id="Tag1030" contextRef="D20201231_3" unitRef="USD" decimals="-3">21052000</ifrs-full:TaxExpenseIncomeAtApplicableTaxRate>
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  <ts:ChargeRelatedToWithholdingTaxesForIntraGroupInternationalOperations id="Tag1032" contextRef="D20181231" unitRef="USD" decimals="-6">26000000</ts:ChargeRelatedToWithholdingTaxesForIntraGroupInternationalOperations>
  <ifrs-full:TaxEffectOfTaxLosses id="Tag1033" contextRef="D20181231" unitRef="USD" xsi:nil="true" />
  <ifrs-full:TaxEffectOfTaxLosses id="Tag1034" contextRef="D20191231_3" unitRef="USD" decimals="-3">547000</ifrs-full:TaxEffectOfTaxLosses>
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  <ts:DisclosureOfDifferenceBetweenIncomeBeforeTaxAndTheTheoreticalAmountThatWouldAriseUsingTaxRateInEachCountryTextBlock id="Tag1036" contextRef="D20201231_3">&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="height: 238px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px;" width="100%"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;" colspan="10"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; Year ended December 31, &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (all amounts in thousands of U.S. dollars) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-bottom: 1pt solid #000000; height: 17px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &lt;font&gt;2020&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-bottom: 1pt solid #000000; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-bottom: 1pt solid #000000; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-bottom: 1pt solid #000000; height: 17px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &lt;font&gt;2019&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-bottom: 1pt solid #000000; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-bottom: 1pt solid #000000; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-bottom: 1pt solid #000000; height: 17px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &lt;font&gt;2018&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; border-bottom: 1pt solid #000000; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 55%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (Loss) Income before income tax &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 12%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;619,267&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 12%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;933,710&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 12%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,103,107&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Less Impairment charges (non deductible) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;622,402&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; Income before income tax without impairment charges &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &lt;font&gt;3,135&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &lt;font&gt;933,710&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &lt;font&gt;1,103,107&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Tax calculated at the tax rate in each country &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;21,052&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;186,752&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;207,422&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Effect of currency translation on tax base &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;72,936&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;53,296&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;77,552&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Changes in the tax rates &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;958&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;13&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;1,824&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Utilization of previously unrecognized tax losses &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;98&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;547&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Tax revaluation, withholding tax and others &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;29,594&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;37,036&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;57,591&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; Tax charges &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; (&lt;font&gt;23,150&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 7px 0px 0px; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;font style="font-size: 10pt; font-weight: bold;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; (&lt;font&gt;202,452&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 7px 0px 0px; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;font style="font-size: 10pt; font-weight: bold;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; (&lt;font&gt;229,207&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 7px 0px 0px; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;font style="font-size: 10pt; font-weight: bold;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;</ts:DisclosureOfDifferenceBetweenIncomeBeforeTaxAndTheTheoreticalAmountThatWouldAriseUsingTaxRateInEachCountryTextBlock>
  <ts:ForeignExchangeDerivativesContractsResults id="Tag1037" contextRef="D20181231" unitRef="USD" decimals="-3">6576000</ts:ForeignExchangeDerivativesContractsResults>
  <ts:OtherForeignExchangeResults id="Tag1038" contextRef="D20181231" unitRef="USD" decimals="-3">-1035000</ts:OtherForeignExchangeResults>
  <ts:FinanceIncomeCostContinuingOperations id="Tag1039" contextRef="D20181231" unitRef="USD" decimals="-3">37300000</ts:FinanceIncomeCostContinuingOperations>
  <ts:NetFinancialIncomeOnChangesInFVOfFinancialAssetsAtFVTPL id="Tag1040" contextRef="D20181231" unitRef="USD" decimals="-3">-2388000</ts:NetFinancialIncomeOnChangesInFVOfFinancialAssetsAtFVTPL>
  <ts:ForeignExchangeDerivativesContractsResults id="Tag1041" contextRef="D20191231_3" unitRef="USD" decimals="-3">-11616000</ts:ForeignExchangeDerivativesContractsResults>
  <ifrs-full:ImpairmentLossOnFinancialAssets id="Tag1042" contextRef="D20191231_3" unitRef="USD" xsi:nil="true" />
  <ifrs-full:DisclosureOfFairValueMeasurementExplanatory id="Tag1043" contextRef="D20201231_3">&lt;div&gt;
&lt;table style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px; height: 120px;" width="100%" cellspacing="0" cellpadding="0"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 68.2739%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.54291%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px; width: 29.0858%;" colspan="6"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; Year ended December 31, &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px; width: 1.54291%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 68.2739%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (all amounts in thousands of U.S. dollars) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 1.54291%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px; width: 13%;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &lt;font&gt;2020&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px; width: 1.54291%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px; width: 1.54291%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px; width: 13%;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &lt;font&gt;2019&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px; width: 1.54291%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 68.2739%; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; At the beginning of the year &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 1.54291%; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 12%; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;55,581&lt;/font&gt; &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.54291%; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.54291%; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 12%; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;52,985&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.54291%; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 68.2739%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (Decrease) / Addition &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 1.54291%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 12%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;3,604&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.54291%;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 1.54291%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 12%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,933&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 1.54291%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 68.2739%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Increase due to business combinations &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.54291%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 12%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;3,915&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.54291%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.54291%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 12%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.54291%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 68.2739%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Currency translation adjustment and others &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 1.54291%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 12%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;427&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 1.54291%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 1.54291%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 12%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;337&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.54291%;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 18px; width: 68.2739%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; At the end of the year &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 18px; width: 1.54291%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px; width: 12%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &lt;font&gt;56,319&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px; width: 1.54291%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px; width: 1.54291%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px; width: 12%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &lt;font&gt;55,581&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px; width: 1.54291%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;</ifrs-full:DisclosureOfFairValueMeasurementExplanatory>
  <ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory id="Tag1044" contextRef="D20201231_3">&lt;div&gt;
&lt;table style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px; height: 78px;" width="100%" cellspacing="0" cellpadding="0"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; All amounts Long / (Short) in thousands of U.S. dollars &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;" colspan="6"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt; As of December 31, &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Currency Exposure / Functional currency &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt; &lt;font&gt;2020&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt; &lt;font&gt;2019&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 10px; width: 70%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Argentine Peso / U.S. dollar &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 10px; width: 1%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 10px; width: 1%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 10px; width: 12%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;39,561&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; width: 1%; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 10px; width: 1%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 10px; width: 1%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 10px; width: 12%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;95,811&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; width: 1%; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Euro / U.S. dollar &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;291,362&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;103,518&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Saudi Arabian Riyal / U.S. dollar &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;125,789&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;107,582&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;</ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory>
  <ifrs-full:OtherReceivables id="Tag1045" contextRef="I20201231_OtherReceivablesMember_FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember" unitRef="USD" decimals="-3">48659000</ifrs-full:OtherReceivables>
  <ifrs-full:NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod id="Tag1046" contextRef="I20201231_BondsAndOtherFixedIncomeMember_FinancialAssetsAtAmortisedCostCategoryMember" unitRef="USD" xsi:nil="true" />
  <ifrs-full:DisclosureOfDetailedInformationAboutPropertyPlantAndEquipmentExplanatory id="Tag1047" contextRef="D20201231_3">&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 300px;" width="100%"&gt;

&lt;tr style="height: 75px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 75px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Year ended December 31, 2020 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 75px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 75px;" colspan="2" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt;Land and &lt;br/&gt;civil &lt;br/&gt;buildings&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 75px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 75px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 75px;" colspan="2" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt;Industrial &lt;br/&gt;buildings,&lt;br/&gt;plant and &lt;br/&gt;production &lt;br/&gt;equipment&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 75px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 75px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 75px;" colspan="2" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt;Vehicles, &lt;br/&gt;furniture &lt;br/&gt;and &lt;br/&gt;fixtures&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 75px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 75px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 75px;" colspan="2" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt;Work in &lt;br/&gt;progress&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 75px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 75px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 75px;" colspan="2" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt;Spare &lt;br/&gt;parts&amp;nbsp;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt;and &lt;br/&gt;equipment&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 75px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 75px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 75px;" colspan="2" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Total &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 75px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Cost &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px; width: 22%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Values at the beginning of the year &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;799,139&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;12,468,813&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;399,724&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;108,308&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;60,602&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;13,836,586&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Currency translation adjustment &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;545&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;72,650&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;443&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;2,095&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;162&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;70,291&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Increase due to business combinations (*) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;39,622&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;440,366&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;7,195&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;16,255&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;503,438&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Additions &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;1,451&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;1,524&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;620&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;157,315&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;6,845&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;167,755&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Transfers / Reclassifications &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;5,881&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;157,473&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;15,586&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;176,589&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;2,351&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Disposals / Consumptions &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;5,964&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;61,281&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;8,811&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;968&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;5,392&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;82,416&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Values at the end of the year &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;839,584&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;13,079,545&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;414,757&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;102,226&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;61,893&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;14,498,005&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Depreciation and impairment &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Accumulated at the beginning of the year &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;121,468&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;7,302,135&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;322,966&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;7,746,569&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Currency translation adjustment &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;288&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;56,560&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;405&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;56,677&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Depreciation charge &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;11,368&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;492,973&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;26,198&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;530,539&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Impairment charge (See note &lt;font&gt;5&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;36,000&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;36,000&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Transfers / Reclassifications &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;1&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;349&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;475&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;
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&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px;"&gt;
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&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;89&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;
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&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;6,848&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;64,834&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Accumulated at the end of the year &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;132,458&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;7,830,120&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;342,246&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;8,304,824&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; At December 31, 2020 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;707,126&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;5,249,425&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;72,511&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;
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&lt;td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;61,893&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;6,193,181&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;</ifrs-full:DisclosureOfDetailedInformationAboutPropertyPlantAndEquipmentExplanatory>
  <ifrs-full:DerivativeFinancialAssets id="Tag1048" contextRef="I20201231_DerivativesMember_Level2OfFairValueHierarchyMember" unitRef="USD" decimals="-3">11449000</ifrs-full:DerivativeFinancialAssets>
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&lt;table style="height: 462px; margin-left: 0.1px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%" cellspacing="0" cellpadding="0"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; background-color: #ffffff; vertical-align: bottom; height: 27px;" rowspan="2" colspan="2" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt;&lt;font&gt; Carrying amount&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; background-color: #ffffff; vertical-align: bottom; height: 27px;" rowspan="2" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; background-color: #ffffff; vertical-align: bottom; height: 27px;" rowspan="2" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; background-color: #ffffff; vertical-align: bottom; height: 17px; border-top: 1pt solid #000000;" colspan="10" valign="bottom"&gt;
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&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;" colspan="10" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; At Fair Value &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px; background-color: #ffffff; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; December 31, 2019 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: top; background-color: #ffffff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; background-color: #ffffff; vertical-align: bottom; height: 10px;" colspan="2" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; Amortized Cost &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;" colspan="2" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; FVOCI &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;" colspan="2" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; FVPL &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;" colspan="2" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; Level &lt;font&gt;1&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;" colspan="2" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; Level &lt;font&gt;2&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;" colspan="2" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; Level &lt;font&gt;3&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px; vertical-align: top; background-color: #ffffff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; Assets &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: top; background-color: #ffffff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px; vertical-align: top; height: 17px; background-color: #cceeff; width: 37%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt; Cash and cash equivalents &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: top; height: 17px; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 6%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt; &lt;font&gt;1,554,299&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 6%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt; &lt;font&gt;387,602&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 6%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 6%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt; &lt;font&gt;1,166,697&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 6%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt; &lt;font&gt;1,166,697&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 6%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 6%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt; Other investments &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt; &lt;font&gt;210,376&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt; &lt;font&gt;65,874&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt; &lt;font&gt;144,502&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt; &lt;font&gt;134,990&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt; &lt;font&gt;9,512&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt; &amp;nbsp;- &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: top; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"&gt; Fixed income (time-deposit, &lt;font&gt;zero&lt;/font&gt; coupon bonds, commercial papers) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: top; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"&gt; &lt;font&gt;65,874&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"&gt; &lt;font&gt;65,874&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 8.55pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Certificates of deposits &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"&gt; &lt;font&gt;20,637&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;20,637&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px; vertical-align: top; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 8.55pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Commercial papers &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: top; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"&gt; &lt;font&gt;4,993&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;4,993&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; -&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 8.55pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Other notes &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"&gt; &lt;font&gt;40,244&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;40,244&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; -&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
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&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: top; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"&gt; Bonds and other fixed income &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: top; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"&gt; &lt;font&gt;144,502&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
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&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
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&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"&gt; &lt;font&gt;144,502&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
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&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"&gt; &lt;font&gt;134,990&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
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&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"&gt; &lt;font&gt;9,512&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
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&lt;td style="padding: 0px; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 8.55pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; U.S. government securities &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"&gt; &lt;font&gt;10,211&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;10,211&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding: 0px; vertical-align: top; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 8.55pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Non - U.S. government securities &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: top; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
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&lt;/td&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
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&lt;/td&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;9,512&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 8.55pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Corporates securities &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"&gt; &lt;font&gt;105,654&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
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&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
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&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
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&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;105,654&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px; vertical-align: top; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt; Derivative financial instruments &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: top; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt; &lt;font&gt;19,929&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt; &lt;font&gt;19,929&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt; &amp;nbsp;-&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt; &lt;font&gt;19,929&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt; Other Investments Non-current &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt; &lt;font&gt;24,934&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt; &lt;font&gt;18,012&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt; &lt;font&gt;6,922&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt; &lt;font&gt;18,012&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt; &lt;font&gt;6,922&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px; vertical-align: top; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 8.55pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Bonds and other fixed income &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: top; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"&gt; &lt;font&gt;18,012&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;18,012&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;18,012&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 8.55pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Other investments &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"&gt; &lt;font&gt;6,922&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;6,922&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;6,922&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px; vertical-align: top; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt; Trade receivables &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: top; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt; &lt;font&gt;1,348,160&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt; &lt;font&gt;1,348,160&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt; Receivables C and NC (*) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt; &lt;font&gt;261,678&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt; &lt;font&gt;93,239&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt; &lt;font&gt;48,659&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt; &lt;font&gt;48,659&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px; vertical-align: top; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 8.55pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Other receivables &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: top; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"&gt; &lt;font&gt;141,898&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;93,239&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;48,659&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;48,659&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 8.55pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Other receivables (non-financial) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"&gt; &lt;font&gt;119,780&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
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&lt;/td&gt;
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&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
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&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &lt;font&gt;1,193,548&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
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&lt;/td&gt;
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&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &lt;font&gt;29,441&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;/tr&gt;
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&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &amp;nbsp;- &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &lt;font&gt;1,814&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;

&lt;table style="height: 402px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px;" width="100%" cellspacing="0" cellpadding="0"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; background-color: #ffffff; height: 27px; vertical-align: bottom;" rowspan="2" colspan="2" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt;&lt;font&gt;&lt;font class="selected"&gt;Ca&lt;font&gt;rrying Amount&lt;/font&gt;&lt;/font&gt;&lt;br/&gt;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; background-color: #ffffff; height: 27px; vertical-align: bottom;" rowspan="2" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; background-color: #ffffff; height: 27px; vertical-align: bottom;" rowspan="2" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; background-color: #ffffff; height: 17px; vertical-align: bottom; border-top: 1pt solid #000000;" colspan="10" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; Measurement Categories &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; height: 17px; vertical-align: bottom;" colspan="10" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; At Fair Value &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: middle; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px; background-color: #ffffff; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; December 31, 2020 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: top; background-color: #ffffff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; background-color: #ffffff; height: 10px; vertical-align: bottom;" colspan="2" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; Amortized Cost &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; height: 10px; vertical-align: bottom;" colspan="2" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; FVOCI &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; height: 10px; vertical-align: bottom;" colspan="2" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; FVPL &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; height: 10px; vertical-align: bottom;" colspan="2" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; Level &lt;font&gt;1&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; height: 10px; vertical-align: bottom;" colspan="2" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; Level &lt;font&gt;2&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; height: 10px; vertical-align: bottom;" colspan="2" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; Level &lt;font&gt;3&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: middle; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px; vertical-align: top; background-color: #ffffff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; Assets &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: top; background-color: #ffffff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px; vertical-align: top; height: 10px; background-color: #cceeff; width: 37%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt; Cash and cash equivalents &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: top; height: 10px; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 6%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt; &lt;font&gt;584,681&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 6%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt; &lt;font&gt;486,498&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 6%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 6%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt; &lt;font&gt;98,183&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 6%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt; &lt;font&gt;98,183&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 6%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 6%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt; Other investments &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt; &lt;font&gt;872,488&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt; &lt;font&gt;763,697&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt; &lt;font&gt;108,791&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt; &lt;font&gt;108,791&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"&gt; Fixed income (time-deposit, &lt;font&gt;zero&lt;/font&gt; coupon bonds, commercial papers) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: top; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"&gt;&lt;font&gt;763,697&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"&gt;&lt;font&gt;763,697&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 7.1pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; U.S. Sovereign Bills &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"&gt; &lt;font&gt;97,982&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;97,982&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px; vertical-align: top; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 7.1pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Non - U.S. Sovereign Bills &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: top; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"&gt; &lt;font&gt;14,586&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;14,586&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 7.1pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Certificates of deposits &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"&gt; &lt;font&gt;222,132&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;222,132&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px; vertical-align: top; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 7.1pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Commercial papers &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: top; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"&gt; &lt;font&gt;268,737&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;268,737&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 7.1pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Other notes &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"&gt; &lt;font&gt;160,260&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;160,260&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: top; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"&gt; Bonds and other fixed income &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: top; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"&gt; &lt;font&gt;108,791&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"&gt; &lt;font&gt;108,791&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"&gt; &lt;font&gt;108,791&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt; &lt;font&gt;7,660&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt; &lt;font&gt;239,422&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt; &lt;font&gt;7,660&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px; vertical-align: top; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 7.1pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Bonds and other fixed income &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: top; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"&gt; &lt;font&gt;239,422&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;239,422&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;239,422&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px; vertical-align: top; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 7.1pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Other investments &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: top; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"&gt; &lt;font&gt;7,660&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;7,660&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;7,660&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt; Trade receivables &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt; &lt;font&gt;968,148&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt; &lt;font&gt;968,148&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px; vertical-align: top; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt; Receivables C and NC (*) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: top; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt; &lt;font&gt;232,152&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt; &lt;font&gt;90,330&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt; &lt;font&gt;48,659&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt; &lt;font&gt;48,659&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 7.1pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Other receivables &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"&gt; &lt;font&gt;138,989&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;90,330&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;48,659&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;48,659&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px; vertical-align: top; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 7.1pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Other receivables (non-financial) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: top; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"&gt; &lt;font&gt;93,163&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"&gt; &amp;nbsp;- &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; Total &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &lt;font&gt;2,308,673&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &lt;font&gt;396,872&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &lt;font&gt;117,292&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &lt;font&gt;446,396&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &lt;font&gt;11,449&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &lt;font&gt;56,319&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px; vertical-align: top; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; Liabilities &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
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&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px; vertical-align: top; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt; Derivative financial instruments &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: top; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt; &lt;font&gt;3,217&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt; &lt;font&gt;3,217&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt; &lt;font&gt;3,217&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; Total &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &lt;font&gt;1,338,455&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &lt;font&gt;3,217&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &lt;font&gt;3,217&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;</ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory>
  <ifrs-full:CurrentInvestments id="Tag1052" contextRef="I20191231_CorporatesSecuritiesMember_Level3OfFairValueHierarchyMember" unitRef="USD" xsi:nil="true" />
  <ts:DebtToEquityRatio id="Tag1053" contextRef="I20191231" unitRef="Pure" decimals="2">0.06</ts:DebtToEquityRatio>
  <ifrs-full:CurrentInvestments id="Tag1054" contextRef="I20201231_FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember_UsSovereignBillsMember" unitRef="USD" xsi:nil="true" />
  <ifrs-full:CurrentInvestments id="Tag1055" contextRef="I20201231_FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember_UsSovereignBillsMember" unitRef="USD" xsi:nil="true" />
  <ifrs-full:OtherReceivables id="Tag1056" contextRef="I20201231_OtherReceivablesNonfinancialMember_Level2OfFairValueHierarchyMember" unitRef="USD" xsi:nil="true" />
  <ifrs-full:FinancialLiabilities id="Tag1057" contextRef="I20201231_FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember" unitRef="USD" decimals="-3">3217000</ifrs-full:FinancialLiabilities>
  <ifrs-full:CurrentInvestments id="Tag1058" contextRef="I20191231_CorporatesSecuritiesMember_Level2OfFairValueHierarchyMember" unitRef="USD" xsi:nil="true" />
  <ifrs-full:CurrentInvestments id="Tag1059" contextRef="I20201231_CommercialPapersMember" unitRef="USD" decimals="-3">268737000</ifrs-full:CurrentInvestments>
  <ifrs-full:CurrentInvestments id="Tag1060" contextRef="I20201231_FixedIncomeTimedepositZeroCouponBondsCommercialPapersMember_Level1OfFairValueHierarchyMember" unitRef="USD" xsi:nil="true" />
  <ifrs-full:NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod id="Tag1061" contextRef="I20191231_OtherInvestments1Member_Level1OfFairValueHierarchyMember" unitRef="USD" xsi:nil="true" />
  <ifrs-full:LeaseLiabilities id="Tag1062" contextRef="I20201231_FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember" unitRef="USD" xsi:nil="true" />
  <ifrs-full:CashAndCashEquivalents id="Tag1063" contextRef="I20201231_FinancialAssetsAtAmortisedCostCategoryMember" unitRef="USD" decimals="-3">486498000</ifrs-full:CashAndCashEquivalents>
  <ifrs-full:LeaseLiabilities id="Tag1064" contextRef="I20201231_FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember" unitRef="USD" xsi:nil="true" />
  <ifrs-full:CashAndCashEquivalents id="Tag1065" contextRef="I20201231_Level3OfFairValueHierarchyMember" unitRef="USD" xsi:nil="true" />
  <ifrs-full:ReserveOfExchangeDifferencesOnTranslation id="Tag1066" contextRef="I20201231_OnePercentChangeArgentinePesoUsDollarForeignExchangeRiskMember" unitRef="USD" decimals="-5">400000</ifrs-full:ReserveOfExchangeDifferencesOnTranslation>
  <ifrs-full:NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod id="Tag1067" contextRef="I20191231_FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember" unitRef="USD" decimals="-3">18012000</ifrs-full:NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod>
  <ts:LiquidFinancialAssetsPercentage id="Tag1068" contextRef="I20201231" unitRef="Pure" decimals="2">0.12</ts:LiquidFinancialAssetsPercentage>
  <ifrs-full:FinancialAssets id="Tag1069" contextRef="I20191231_Level2OfFairValueHierarchyMember" unitRef="USD" decimals="-3">29441000</ifrs-full:FinancialAssets>
  <ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory id="Tag1070" contextRef="D20201231_3">&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-left: 22.5pt; margin-bottom: 0pt; text-indent: -22.5pt; text-align: justify; font-size: 10pt; padding-top: 5pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt;&lt;font style="border-left: none; border-right: none;"&gt;10&lt;/font&gt;&lt;/font&gt;&lt;font style="font: 7pt 'Times New Roman'; -aw-import: spaces;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt;Property, plant and equipment, net&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;(all amounts in thousands of U.S. dollars)&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 300px;" width="100%"&gt;

&lt;tr style="height: 75px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 75px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Year ended December 31, 2020 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 75px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 75px;" colspan="2" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt;Land and &lt;br/&gt;civil &lt;br/&gt;buildings&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 75px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 75px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 75px;" colspan="2" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt;Industrial &lt;br/&gt;buildings,&lt;br/&gt;plant and &lt;br/&gt;production &lt;br/&gt;equipment&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 75px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 75px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 75px;" colspan="2" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt;Vehicles, &lt;br/&gt;furniture &lt;br/&gt;and &lt;br/&gt;fixtures&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 75px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 75px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 75px;" colspan="2" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt;Work in &lt;br/&gt;progress&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 75px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 75px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 75px;" colspan="2" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt;Spare &lt;br/&gt;parts&amp;nbsp;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt;and &lt;br/&gt;equipment&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 75px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 75px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 75px;" colspan="2" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Total &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 75px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Cost &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px; width: 22%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Values at the beginning of the year &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;799,139&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;12,468,813&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;399,724&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;108,308&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;60,602&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;13,836,586&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Currency translation adjustment &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;545&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;72,650&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;443&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;2,095&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;162&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;70,291&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Increase due to business combinations (*) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;39,622&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;440,366&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;7,195&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;16,255&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;503,438&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Additions &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;1,451&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;1,524&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;620&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;157,315&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;6,845&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;167,755&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Transfers / Reclassifications &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;5,881&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;157,473&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;15,586&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;176,589&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;2,351&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Disposals / Consumptions &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;5,964&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;61,281&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;8,811&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;968&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;5,392&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;82,416&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Values at the end of the year &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;839,584&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;13,079,545&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;414,757&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;102,226&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;61,893&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;14,498,005&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
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&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
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&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
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&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Depreciation and impairment &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;
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&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
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&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
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&lt;/td&gt;
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&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
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&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Accumulated at the beginning of the year &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;121,468&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
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&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;7,302,135&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;
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&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;
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&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;
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&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
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&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Currency translation adjustment &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
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&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;405&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;56,677&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Depreciation charge &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;11,368&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;492,973&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;26,198&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;530,539&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Impairment charge (See note &lt;font&gt;5&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;36,000&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;36,000&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Transfers / Reclassifications &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;1&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;349&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;475&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;127&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Disposals / Consumptions &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;89&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;57,897&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;6,848&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;64,834&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Accumulated at the end of the year &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;132,458&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;7,830,120&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;342,246&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;8,304,824&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; At December 31, 2020 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;707,126&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;5,249,425&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;72,511&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;102,226&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;61,893&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;6,193,181&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;

&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;(all amounts in thousands of U.S. dollars)&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100.04%; height: 366px;" width="100%"&gt;

&lt;tr style="height: 60px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 60px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Year ended December 31, 2019 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 60px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 60px;" colspan="2" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt;Land and &lt;br/&gt;civil &lt;br/&gt;buildings&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 60px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 60px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 60px;" colspan="2" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt;Industrial &lt;br/&gt;buildings, &lt;br/&gt;plant and &lt;br/&gt;production &lt;br/&gt;equipment&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 60px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 60px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 60px;" colspan="2" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt;Vehicles, &lt;br/&gt;furniture &lt;br/&gt;and &lt;br/&gt;fixtures&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 60px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 60px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 60px;" colspan="2" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt;Work in &lt;br/&gt;progress&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 60px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 60px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 60px;" colspan="2" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; font-weight: bold;"&gt;Spare&lt;br/&gt;parts&amp;nbsp;&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; font-weight: bold;"&gt;and&lt;br/&gt;equipment&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 60px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 60px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 60px;" colspan="2" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Total &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 60px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Cost &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 22%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Values at the beginning of the year &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;732,578&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;12,121,569&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;377,260&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;127,378&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;63,197&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;13,421,982&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Currency translation adjustment &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;1,611&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;38,961&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;1,615&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;864&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;256&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;43,307&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Increase due to business combinations (**)&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;59,468&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;115,908&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;1,733&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;1,630&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;178,739&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Additions &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;16&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;1,178&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;1,107&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;299,412&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;12,202&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;313,915&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Transfers / Reclassifications &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;8,723&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;296,272&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;28,349&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;317,128&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;11,984&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;4,232&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Disposals / Consumptions &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;35&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;27,153&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;7,110&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;2,120&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;2,557&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;38,975&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Values at the end of the year &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;799,139&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;12,468,813&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;399,724&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;108,308&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;60,602&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;13,836,586&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
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&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
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&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
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&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
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&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
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&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
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&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
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&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
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&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
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&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;26,878&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Depreciation charge &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;11,409&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;415,826&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;20,080&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;447,315&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Transfers / Reclassifications &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;362&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;38&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;400&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Disposals / Consumptions &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;73&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;25,580&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;5,889&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;31,542&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Accumulated at the end of the year &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;121,468&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;7,302,135&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;322,966&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;7,746,569&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; At December 31, 2019 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;677,671&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;5,166,678&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;76,758&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;108,308&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;60,602&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;6,090,017&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;(*) &lt;font&gt;Related to IPSCO acquisition. See note &lt;font&gt;32&lt;/font&gt;.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;(**) &lt;font&gt;Related to SSPC acquisition. See note &lt;font&gt;32&lt;/font&gt;.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-left: 35pt; margin-bottom: 0pt; text-indent: -35pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Property, plant and equipment &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;include&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;capitalized &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;interest&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;for&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; net amount&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; at December 31, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;and &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;201&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;9&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;of&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;$&lt;font&gt;33.6&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&amp;nbsp;million&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;and&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;$&lt;font&gt;35.4&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&amp;nbsp;million&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;respectively&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; The&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;re&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;were no&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;interest &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;capitalized during &lt;font&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and &lt;font&gt;201&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;9&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;The carrying amounts of assets pledged as security for current and non-current borrowings are immaterial for the years &lt;font&gt;2020&lt;/font&gt; and &lt;font&gt;2019&lt;/font&gt;.&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;</ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory>
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  <ifrs-full:PropertyPlantAndEquipment id="Tag1072" contextRef="I20181231_AccumulatedDepreciationAmortisationAndImpairmentMember" unitRef="USD" decimals="-3">7358074000</ifrs-full:PropertyPlantAndEquipment>
  <ifrs-full:DepreciationPropertyPlantAndEquipment id="Tag1073" contextRef="D20201231_LandAndCivilBuildingsMember_AccumulatedDepreciationAmortisationAndImpairmentMember" unitRef="USD" decimals="-3">11368000</ifrs-full:DepreciationPropertyPlantAndEquipment>
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  <ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment id="Tag1085" contextRef="D20201231_IndustrialBuildingsPlantAndProductionEquipmentMember_GrossCarryingAmountMember_1" unitRef="USD" decimals="-3">72650000</ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment>
  <ifrs-full:PropertyPlantAndEquipment id="Tag1086" contextRef="I20181231_VehiclesFurnitureAndFixturesMember_GrossCarryingAmountMember_1" unitRef="USD" decimals="-3">377260000</ifrs-full:PropertyPlantAndEquipment>
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  <ifrs-full:DisposalsAndRetirementsPropertyPlantAndEquipment id="Tag1094" contextRef="D20191231_AccumulatedDepreciationAmortisationAndImpairmentMember" unitRef="USD" decimals="-3">31542000</ifrs-full:DisposalsAndRetirementsPropertyPlantAndEquipment>
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  <ifrs-full:DisposalsAndRetirementsPropertyPlantAndEquipment id="Tag1097" contextRef="D20191231_LandAndCivilBuildingsMember_GrossCarryingAmountMember_1" unitRef="USD" decimals="-3">35000</ifrs-full:DisposalsAndRetirementsPropertyPlantAndEquipment>
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  <ifrs-full:DepreciationPropertyPlantAndEquipment id="Tag1099" contextRef="D20201231_VehiclesFurnitureAndFixturesMember_AccumulatedDepreciationAmortisationAndImpairmentMember" unitRef="USD" decimals="-3">26198000</ifrs-full:DepreciationPropertyPlantAndEquipment>
  <ifrs-full:DisposalsAndRetirementsPropertyPlantAndEquipment id="Tag1100" contextRef="D20191231_SparePartsAndEquipmentMember_GrossCarryingAmountMember" unitRef="USD" decimals="-3">2557000</ifrs-full:DisposalsAndRetirementsPropertyPlantAndEquipment>
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  <ifrs-full:ReserveOfExchangeDifferencesOnTranslation id="Tag1102" contextRef="I20191231" unitRef="USD" decimals="-5">600000</ifrs-full:ReserveOfExchangeDifferencesOnTranslation>
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  <ifrs-full:AcquisitionsThroughBusinessCombinationsPropertyPlantAndEquipment id="Tag1108" contextRef="D20201231_IndustrialBuildingsPlantAndProductionEquipmentMember_GrossCarryingAmountMember_1" unitRef="USD" decimals="-3">440366000</ifrs-full:AcquisitionsThroughBusinessCombinationsPropertyPlantAndEquipment>
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  <ifrs-full:DisclosureOfIntangibleAssetsExplanatory id="Tag1430" contextRef="D20201231_3">&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-left: 22.5pt; margin-bottom: 0pt; text-indent: -22.5pt; line-height: 12pt; padding-top: 5pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;&lt;font style="border-left: none; border-right: none;"&gt;11&lt;/font&gt;&lt;/font&gt;&lt;font style="font: 7pt 'Times New Roman'; -aw-import: spaces;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;Intangible assets, net&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;(all amounts in thousands of U.S. dollars)&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 99.8983%; height: 354px;" width="100%"&gt;

&lt;tr style="height: 45px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 45px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Year ended December 31, 2020 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 45px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; height: 45px; vertical-align: bottom;" colspan="2" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt;Information &lt;br/&gt;system projects&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; height: 45px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; height: 45px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; height: 45px; vertical-align: bottom;" colspan="2" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt;Licenses,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;"&gt;&amp;nbsp;&lt;br/&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt;patents&amp;nbsp;and&lt;br/&gt;trademarks&amp;nbsp;(*)&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 45px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 45px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 45px;" colspan="2" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Goodwill &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 45px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 45px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 45px;" colspan="2" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Customer&lt;br/&gt;relationships &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 45px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 45px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 45px;" colspan="2" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Total &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 45px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Cost &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 35%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Values at the beginning of the year &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;604,870&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;463,742&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;2,117,837&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;2,140,051&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;5,326,500&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Currency translation adjustment &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;1,108&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;220&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;5,058&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;3,730&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Increase due to business combinations (**)&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;11,563&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;87,000&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;357,183&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;71,100&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;526,846&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Additions &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;24,965&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;602&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;25,567&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Transfers / Reclassifications &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;1,393&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;1,393&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Disposals &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;3,761&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;1,064&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;4,825&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Values at the end of the year &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;637,352&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;550,500&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;2,469,962&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;2,211,151&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;5,868,965&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Amortization and impairment &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Accumulated at the beginning of the year &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;536,337&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;373,772&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;797,592&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;2,057,240&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;3,764,941&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Currency translation adjustment &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;890&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;1&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;889&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Amortization charge &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;42,931&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;8,760&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;38,785&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;90,476&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Impairment charge (See note &lt;font&gt;5&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
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&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
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&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;586,402&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;586,402&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Transfers / Reclassifications &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;931&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
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&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;931&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Disposals &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;3,730&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
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&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
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&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;3,730&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Accumulated at the end of the year &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;577,359&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;382,531&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;1,383,994&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;2,096,025&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;4,439,909&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; At December 31, 2020 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
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&lt;/td&gt;
&lt;td style="border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
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&lt;td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;167,969&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
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&lt;td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;1,085,968&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;115,126&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;1,429,056&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 2px solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;

&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;br/&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;(all amounts in thousands of U.S. dollars)&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 262px;" width="100%"&gt;

&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Year ended December 31, 2019 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;" colspan="2" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt;Information &lt;br/&gt;system projects&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;" colspan="2" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt;Licenses,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;"&gt;&amp;nbsp;&lt;br/&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt;patents and trademarks (*)&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;" colspan="2" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Goodwill &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;" colspan="2" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Customer relationships &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;" colspan="2" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Total &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Cost &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 35%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Values at the beginning of the year &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;580,622&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;464,571&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;2,085,936&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;2,058,859&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;5,189,988&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Currency translation adjustment &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;1,917&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;70&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;968&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;2,955&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Increase due to business combinations (***)&amp;nbsp;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;405&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;32,869&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;81,192&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;114,466&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Additions &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;35,487&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;772&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;36,259&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Transfers / Reclassifications &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;4,665&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;4,665&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Disposals &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;5,062&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;1,531&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;6,593&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Values at the end of the year &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;604,870&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;463,742&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;2,117,837&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;2,140,051&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;5,326,500&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: left;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"&gt;Amortization and impairment &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Accumulated at the beginning of the year &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;513,984&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;373,466&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;797,592&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;2,038,981&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;3,724,023&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Currency translation adjustment &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;1,734&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;1,734&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Amortization charge &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;28,937&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;719&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;18,259&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;47,915&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Disposals &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;4,850&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;413&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;5,263&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Accumulated at the end of the year &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;536,337&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;373,772&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;797,592&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;2,057,240&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;3,764,941&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; At December 31, 2019 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;68,533&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;89,970&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;1,320,245&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;82,811&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;1,561,559&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;(*) &lt;font&gt;&lt;font style="border-right: none; border-left: none;"&gt;Includes Proprietary Technology.&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;(**) &lt;font&gt;Related to IPSCO acquisition. See note 32.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;(***) &lt;font&gt;Related to SSPC acquisition. See note 32.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The geographical &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;allocation of goodwill &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;for the year&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; ended December 31, 20&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;was $&lt;/font&gt;&lt;font style="border-right: none; border-left: none;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font style="border-left: none; border-right: none;"&gt;&lt;font&gt;939.2&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&amp;nbsp;million for North America&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;$&lt;font&gt;111.1&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&amp;nbsp;million for South America&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;$&lt;font&gt;33.7&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&amp;nbsp;million for&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Middle East &amp;amp; Africa&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and $&lt;font&gt;2.0&lt;/font&gt; million for Europe&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The carrying amount of goodwill allocated&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; by CGU, as of December 31, 20&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, was as follows:&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="margin-left: 0.1px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 99.836%; height: 136px;" width="100%"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (all amounts in millions of U.S. dollars) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;" colspan="6"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Tubes Segment&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 30px;"&gt;
&lt;td style="padding-right: 4.9pt; padding-left: 4.9pt; border-bottom: 1pt solid #000000; vertical-align: bottom; border-left: 1pt solid #000000; height: 30px;" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; CGU &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 4.9pt; padding-left: 4.9pt; border-bottom: 1pt solid #000000; vertical-align: bottom; height: 30px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 4.9pt; padding-left: 4.9pt; border-bottom: 1pt solid #000000; vertical-align: bottom; border-left: 1pt solid #000000; height: 30px;" colspan="2" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Hydril &lt;br/&gt;Acquisition&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; border-bottom: 1pt solid #000000; vertical-align: bottom; height: 30px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; border-bottom: 1pt solid #000000; vertical-align: bottom; height: 30px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; border-bottom: 1pt solid #000000; vertical-align: bottom; height: 30px;" colspan="2" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Other&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 4.9pt; padding-left: 5.4pt; border-bottom: 1pt solid #000000; vertical-align: bottom; height: 30px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 4.9pt; padding-left: 5.4pt; border-bottom: 1pt solid #000000; vertical-align: bottom; height: 30px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 4.9pt; padding-left: 5.4pt; border-bottom: 1pt solid #000000; border-left: 1pt solid #000000; vertical-align: bottom; height: 30px;" colspan="2" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Total&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; border-bottom: 1pt solid #000000; border-right: 1pt solid #000000; height: 30px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 61%; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Tamsa (Hydril and other) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 10%; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;346&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 10%; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;19&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 10%; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;365&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Siderca (Hydril and other) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;265&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;93&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;358&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Hydril &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;309&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;309&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Other &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;54&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;54&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Total &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; border-top: 1pt solid #000000; border-bottom: 2px solid #000000; background-color: #cceeff; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;920&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;166&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;1,086&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;</ifrs-full:DisclosureOfIntangibleAssetsExplanatory>
  <ifrs-full:DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillExplanatory id="Tag1431" contextRef="D20201231_3">&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 262px;" width="100%"&gt;

&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Year ended December 31, 2019 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;" colspan="2" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt;Information &lt;br/&gt;system projects&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;" colspan="2" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt;Licenses,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;"&gt;&amp;nbsp;&lt;br/&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt;patents and trademarks (*)&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;" colspan="2" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Goodwill &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;" colspan="2" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Customer relationships &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;" colspan="2" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Total &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Cost &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 35%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Values at the beginning of the year &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;580,622&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;464,571&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;2,085,936&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;2,058,859&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;5,189,988&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Currency translation adjustment &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;1,917&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;70&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;968&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;2,955&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Increase due to business combinations (***)&amp;nbsp;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;405&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;32,869&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;81,192&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;114,466&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Additions &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;35,487&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;772&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;36,259&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Transfers / Reclassifications &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;4,665&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;4,665&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Disposals &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;5,062&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;1,531&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;6,593&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Values at the end of the year &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;604,870&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;463,742&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;2,117,837&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;2,140,051&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;5,326,500&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: left;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"&gt;Amortization and impairment &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Accumulated at the beginning of the year &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;513,984&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;373,466&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;797,592&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;2,038,981&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;3,724,023&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Currency translation adjustment &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;1,734&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;1,734&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Amortization charge &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;28,937&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;719&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;18,259&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;47,915&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Disposals &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;4,850&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;413&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;5,263&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Accumulated at the end of the year &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;536,337&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;373,772&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;797,592&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;2,057,240&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;3,764,941&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; At December 31, 2019 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;68,533&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;89,970&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;1,320,245&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;82,811&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;1,561,559&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;

&lt;table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 99.8983%; height: 354px;" width="100%"&gt;

&lt;tr style="height: 45px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 45px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Year ended December 31, 2020 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 45px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; height: 45px; vertical-align: bottom;" colspan="2" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt;Information &lt;br/&gt;system projects&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; height: 45px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; height: 45px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; height: 45px; vertical-align: bottom;" colspan="2" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt;Licenses,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;"&gt;&amp;nbsp;&lt;br/&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt;patents&amp;nbsp;and&lt;br/&gt;trademarks&amp;nbsp;(*)&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 45px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 45px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 45px;" colspan="2" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Goodwill &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 45px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 45px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 45px;" colspan="2" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Customer&lt;br/&gt;relationships &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 45px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 45px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 45px;" colspan="2" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Total &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 45px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Cost &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 35%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Values at the beginning of the year &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;604,870&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;463,742&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;2,117,837&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;2,140,051&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;5,326,500&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Currency translation adjustment &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;1,108&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;220&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;5,058&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;3,730&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Increase due to business combinations (**)&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;11,563&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;87,000&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;357,183&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;71,100&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;526,846&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Additions &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;24,965&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;602&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;25,567&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Transfers / Reclassifications &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;1,393&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;1,393&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Disposals &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;3,761&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;1,064&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;4,825&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Values at the end of the year &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;637,352&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;550,500&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;2,469,962&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;2,211,151&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;5,868,965&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Amortization and impairment &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Accumulated at the beginning of the year &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;536,337&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;373,772&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;797,592&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;2,057,240&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;3,764,941&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Currency translation adjustment &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;890&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;1&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;889&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Amortization charge &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;42,931&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;8,760&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;38,785&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;90,476&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Impairment charge (See note &lt;font&gt;5&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
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&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;586,402&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;586,402&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Transfers / Reclassifications &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;931&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
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&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;931&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Disposals &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;3,730&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
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&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
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&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;3,730&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Accumulated at the end of the year &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;577,359&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;382,531&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;1,383,994&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;2,096,025&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;4,439,909&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; At December 31, 2020 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
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&lt;/td&gt;
&lt;td style="border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;167,969&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
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&lt;td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
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&lt;/td&gt;
&lt;td style="border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
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&lt;td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;115,126&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;1,429,056&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 2px solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;</ifrs-full:DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillExplanatory>
  <ifrs-full:DisclosureOfInformationForIndividualAssetOrCashgeneratingUnitWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesExplanatory id="Tag1432" contextRef="D20201231_3">&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="margin-left: 0.1px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 99.836%; height: 136px;" width="100%"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (all amounts in millions of U.S. dollars) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;" colspan="6"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Tubes Segment&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 30px;"&gt;
&lt;td style="padding-right: 4.9pt; padding-left: 4.9pt; border-bottom: 1pt solid #000000; vertical-align: bottom; border-left: 1pt solid #000000; height: 30px;" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; CGU &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 4.9pt; padding-left: 4.9pt; border-bottom: 1pt solid #000000; vertical-align: bottom; height: 30px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 4.9pt; padding-left: 4.9pt; border-bottom: 1pt solid #000000; vertical-align: bottom; border-left: 1pt solid #000000; height: 30px;" colspan="2" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Hydril &lt;br/&gt;Acquisition&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; border-bottom: 1pt solid #000000; vertical-align: bottom; height: 30px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; border-bottom: 1pt solid #000000; vertical-align: bottom; height: 30px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; border-bottom: 1pt solid #000000; vertical-align: bottom; height: 30px;" colspan="2" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Other&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 4.9pt; padding-left: 5.4pt; border-bottom: 1pt solid #000000; vertical-align: bottom; height: 30px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 4.9pt; padding-left: 5.4pt; border-bottom: 1pt solid #000000; vertical-align: bottom; height: 30px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 4.9pt; padding-left: 5.4pt; border-bottom: 1pt solid #000000; border-left: 1pt solid #000000; vertical-align: bottom; height: 30px;" colspan="2" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Total&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; border-bottom: 1pt solid #000000; border-right: 1pt solid #000000; height: 30px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 61%; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Tamsa (Hydril and other) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 10%; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;346&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 10%; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;19&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 10%; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;365&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Siderca (Hydril and other) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;265&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;93&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;358&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Hydril &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;309&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;309&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Other &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;54&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;54&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Total &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; border-top: 1pt solid #000000; border-bottom: 2px solid #000000; background-color: #cceeff; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 18px;"&gt;
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&lt;div style="-aw-different-first-page: true; -aw-headerfooter-type: header-primary; clear: both;"&gt;
&lt;div style="border-bottom: 0.75pt solid #000000; clear: both;"&gt;

&lt;/div&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-left: 22.5pt; margin-bottom: 0pt; text-indent: -22.5pt; line-height: 12pt; padding-top: 5pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;&lt;font style="border-left: none; border-right: none;"&gt;&lt;font&gt;12&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="font: 7pt 'Times New Roman'; -aw-import: spaces;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;Right-of-use assets, net and lease liabilities&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-left: 36pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: Arial; font-size: 8pt; font-style: italic; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt;Right of use assets evolution&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;(all amounts in thousands of U.S. dollars)&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 347px;" width="100%"&gt;

&lt;tr style="height: 60px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #ffffff; height: 60px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Year ended December 31, 2020 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 60px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 60px;" colspan="2" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt;Land and Civil &lt;br/&gt;Buildings&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 60px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 60px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 60px;" colspan="2" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt;Industrial &lt;br/&gt;Buildings, Plant &lt;br/&gt;and Production Equipment&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 60px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 60px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 60px;" colspan="2" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt;Vehicles, furniture &lt;br/&gt;and fixtures&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 60px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 60px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 60px;" colspan="2" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Total &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 60px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Cost &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: middle; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 48%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Opening net book amount &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;36,137&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;225,389&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;14,194&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;275,720&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Currency translation adjustment &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;839&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;746&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;530&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;437&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 12px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Increase due to business combinations (*) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 12px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 12px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 12px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;3,461&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 12px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 12px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 12px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 12px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;13,730&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 12px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 12px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 12px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 12px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;7,556&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 12px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 12px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 12px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 12px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;24,747&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 12px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Additions &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;11,534&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;42,573&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;5,034&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;59,141&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Transfers / Reclassifications &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
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&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Accumulated at the beginning of the year &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;8,330&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;30,581&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;3,683&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;42,594&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Currency translation adjustment &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;92&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;145&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;190&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;243&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Depreciation charge &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;13,200&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;37,671&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;6,920&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;57,791&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Transfers / Reclassifications &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;2,876&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;1,702&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;1,291&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;117&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Disposals &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;3,420&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;2,106&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;3,267&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;8,793&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Accumulated at the end of the year &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;15,142&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;67,993&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;8,817&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;91,952&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; At December 31, 2020 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;26,790&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;205,365&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;9,798&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;241,953&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;

&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;(all amounts in thousands of U.S. dollars)&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; height: 300px; width: 100.062%;" width="100%"&gt;

&lt;tr style="height: 30px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #ffffff; height: 30px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Year ended December 31, 2019 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 30px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; height: 30px; vertical-align: bottom;" colspan="2" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt;Land and Civil &lt;br/&gt;Buildings&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; height: 30px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; height: 30px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; height: 30px; vertical-align: bottom;" colspan="2" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman'; font-size: 12px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;Industrial&lt;/font&gt;&lt;br/&gt;&lt;font style="color: #000000; font-family: 'Times New Roman'; font-size: 12px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;Buildings, Plant&lt;/font&gt;&lt;br/&gt;&lt;font style="color: #000000; font-family: 'Times New Roman'; font-size: 12px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;and Production Equipment&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; height: 30px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; height: 30px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; height: 30px; vertical-align: bottom;" colspan="2" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt;Vehicles, furniture &lt;br/&gt;and fixtures&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 30px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 30px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 30px;" colspan="2" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Total &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 30px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Cost &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 15px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: middle; height: 15px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 15px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 15px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: middle; height: 15px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 15px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 15px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; width: 48%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Opening net book amount &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;27,713&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;202,352&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;8,335&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;238,400&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Currency translation adjustment &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;88&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;6&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;8&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;74&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Increase due to business combinations (**) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;229&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
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&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
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&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;2,267&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;/tr&gt;
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&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Additions &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;9,292&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;24,985&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
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&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;41,442&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15px;"&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Transfers / Reclassifications &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;
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&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;496&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;
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&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;
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&lt;/tr&gt;
&lt;tr style="height: 15px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Disposals &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
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&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
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&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
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&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
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&lt;/tr&gt;
&lt;tr style="height: 15px;"&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; At December 31, 2019 &lt;/font&gt;&lt;/p&gt;
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&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
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&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Depreciation &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Accumulated at the beginning of the year &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Currency translation adjustment &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;3&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;3&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;8&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;8&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Depreciation charge &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;8,514&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;31,869&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;3,908&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;44,291&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Transfers / Reclassifications &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;62&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;62&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Disposals &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;181&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;1,229&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;295&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;1,705&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Accumulated at the end of the year &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;8,330&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;30,581&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;3,683&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;42,594&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; At December 31, 2019 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;27,807&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;194,808&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;10,511&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;233,126&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;(*) &lt;font&gt;&lt;font style="border-right: none; border-left: none;"&gt;&lt;font style="border-right: none; border-left: none;"&gt;Related to IPSCO acquisition. See note 32.&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;(**) &lt;font&gt;&lt;font style="border-right: none; border-left: none;"&gt;Related to SSPC acquisition.&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Depreciation of right-of-use assets &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;is&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; mainly included in Tubes segment.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;The initial cost of right-of-use assets consists of the initial lease liability plus lease payments made in &lt;font&gt;2018&lt;/font&gt; of approximatel&lt;font&gt;y $&lt;/font&gt;&lt;font&gt;4&lt;/font&gt;&lt;font&gt; mi&lt;/font&gt;llion.&lt;/font&gt;&lt;/p&gt;

&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;br/&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt;Lease liability evolution&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px; height: 188px;" width="100%"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;" colspan="6"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Year ended December 31, &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (all amounts in thousands of U.S. dollars) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;2020&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;2019&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 74%; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Opening net book amount &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 10%; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;230,167&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 10%; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;234,149&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Increase due to business combinations &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;26,046&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;2,267&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Translation differences &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;7,656&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;2,690&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Additions &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;58,536&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;36,957&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Cancellations &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;17,529&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;4,688&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Repayments (*) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;51,666&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;43,974&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Interest accrued &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;4,133&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;2,766&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; At December 31, &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;257,343&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;230,167&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 12pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;(*) &lt;font&gt;Repayments include capital and interest.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;The amount of remaining payments with maturity less than &lt;font&gt;1&lt;/font&gt; year, between &lt;font&gt;2&lt;/font&gt; and &lt;font&gt;5&lt;/font&gt; years and more than &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;5&lt;/font&gt; years is approximately &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;16.9&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;%, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;40.5&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;% an&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;d &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;42.6&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;% of the total remaining payments, respectively. &lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Expense&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; relat&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;ed&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; to short-term leases and low value leases (included in &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt;cost of sales and selling, general and administrative expense&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;)&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;for the year &lt;font&gt;2020&lt;/font&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;amounted to $&lt;font&gt;1.7&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; million and $&lt;font&gt;3.2&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; million respectively&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; and for the year &lt;font&gt;2019&lt;/font&gt; amounted to $&lt;font&gt;15.1&lt;/font&gt; million and $&lt;font&gt;1.3&lt;/font&gt; million respectively&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Expenses relat&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;ed&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; to variable leases (included in &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt;cost of sales and selling, general and administrative expenses&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;) were not material for the years &lt;font&gt;2020&lt;/font&gt; and &lt;font&gt;2019&lt;/font&gt;.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;/div&gt;</ifrs-full:DisclosureOfLeasesExplanatory>
  <ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory id="Tag1639" contextRef="D20201231_3">&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 347px;" width="100%"&gt;

&lt;tr style="height: 60px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #ffffff; height: 60px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Year ended December 31, 2020 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 60px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 60px;" colspan="2" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt;Land and Civil &lt;br/&gt;Buildings&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 60px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 60px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 60px;" colspan="2" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt;Industrial &lt;br/&gt;Buildings, Plant &lt;br/&gt;and Production Equipment&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 60px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 60px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 60px;" colspan="2" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt;Vehicles, furniture &lt;br/&gt;and fixtures&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 60px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 60px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 60px;" colspan="2" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Total &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 60px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Cost &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: middle; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 48%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Opening net book amount &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;36,137&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;225,389&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;14,194&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;275,720&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Currency translation adjustment &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;839&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;746&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;530&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;437&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 12px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Increase due to business combinations (*) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 12px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 12px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 12px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;3,461&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 12px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 12px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 12px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 12px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;13,730&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 12px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 12px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 12px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 12px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;7,556&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 12px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 12px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 12px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 12px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;24,747&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 12px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Additions &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;11,534&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;42,573&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;5,034&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;59,141&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Transfers / Reclassifications &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;439&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;458&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;136&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;117&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Disposals &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;8,800&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;8,622&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;8,835&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;26,257&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; At December 31, 2020 &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;41,932&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;273,358&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
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&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;18,615&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;333,905&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
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&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Depreciation &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Accumulated at the beginning of the year &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;8,330&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;30,581&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;3,683&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;42,594&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Currency translation adjustment &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;92&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;145&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;190&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;243&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Depreciation charge &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;13,200&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;37,671&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;6,920&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;57,791&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Transfers / Reclassifications &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;2,876&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;1,702&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;1,291&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;117&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Disposals &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;3,420&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;2,106&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;3,267&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;8,793&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Accumulated at the end of the year &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;15,142&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;67,993&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;8,817&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;91,952&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; At December 31, 2020 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;26,790&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;205,365&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;9,798&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;241,953&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;

&lt;table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; height: 300px; width: 100.062%;" width="100%"&gt;

&lt;tr style="height: 30px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #ffffff; height: 30px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Year ended December 31, 2019 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 30px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; height: 30px; vertical-align: bottom;" colspan="2" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt;Land and Civil &lt;br/&gt;Buildings&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; height: 30px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; height: 30px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; height: 30px; vertical-align: bottom;" colspan="2" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman'; font-size: 12px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;Industrial&lt;/font&gt;&lt;br/&gt;&lt;font style="color: #000000; font-family: 'Times New Roman'; font-size: 12px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;Buildings, Plant&lt;/font&gt;&lt;br/&gt;&lt;font style="color: #000000; font-family: 'Times New Roman'; font-size: 12px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;and Production Equipment&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; height: 30px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; height: 30px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; height: 30px; vertical-align: bottom;" colspan="2" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt;Vehicles, furniture &lt;br/&gt;and fixtures&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 30px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 30px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 30px;" colspan="2" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Total &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 30px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Cost &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 15px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: middle; height: 15px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 15px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 15px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: middle; height: 15px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 15px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 15px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; width: 48%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Opening net book amount &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;27,713&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;202,352&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; width: 10%;"&gt;
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&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; width: 10%;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Currency translation adjustment &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
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&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
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&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
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&lt;/tr&gt;
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&lt;/tr&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Additions &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Transfers / Reclassifications &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
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&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; At December 31, 2019 &lt;/font&gt;&lt;/p&gt;
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&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;225,389&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;14,194&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;275,720&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Depreciation &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Accumulated at the beginning of the year &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Currency translation adjustment &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;3&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;3&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;8&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;8&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Depreciation charge &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;8,514&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;31,869&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;3,908&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;44,291&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Transfers / Reclassifications &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;62&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;62&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Disposals &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;181&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;1,229&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;295&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;1,705&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Accumulated at the end of the year &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;8,330&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;30,581&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;3,683&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;42,594&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; At December 31, 2019 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;27,807&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;194,808&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;10,511&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;233,126&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;</ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory>
  <ts:LeaseLiabilityEvolutionTextBlock id="Tag1640" contextRef="D20201231_3">&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px; height: 188px;" width="100%"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;" colspan="6"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Year ended December 31, &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (all amounts in thousands of U.S. dollars) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;2020&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;2019&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 74%; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Opening net book amount &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 10%; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;230,167&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 10%; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;234,149&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Increase due to business combinations &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;26,046&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;2,267&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Translation differences &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;7,656&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;2,690&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Additions &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;58,536&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;36,957&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Cancellations &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;17,529&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;4,688&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Repayments (*) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;51,666&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;43,974&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Interest accrued &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;4,133&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;2,766&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; At December 31, &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;257,343&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;230,167&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;</ts:LeaseLiabilityEvolutionTextBlock>
  <ts:IncreaseDecreaseThroughNetExchangeDifferencesRightOfUseAssets id="Tag1641" contextRef="D20191231_LandAndCivilBuildingsMember_GrossCarryingAmountMember" unitRef="USD" decimals="-3">-88000</ts:IncreaseDecreaseThroughNetExchangeDifferencesRightOfUseAssets>
  <ifrs-full:AdditionsToRightofuseAssets id="Tag1642" contextRef="D20201231_LandAndCivilBuildingsMember_GrossCarryingAmountMember" unitRef="USD" decimals="-3">11534000</ifrs-full:AdditionsToRightofuseAssets>
  <ifrs-full:RightofuseAssets id="Tag1643" contextRef="I20191231_LandAndCivilBuildingsMember_AccumulatedDepreciationAmortisationAndImpairmentMember_1" unitRef="USD" decimals="-3">8330000</ifrs-full:RightofuseAssets>
  <ts:IncreaseDecreaseThroughTransfersReclassificationsAndOtherChangesRightOfUseAssets id="Tag1644" contextRef="D20191231_LandAndCivilBuildingsMember_AccumulatedDepreciationAmortisationAndImpairmentMember_1" unitRef="USD" xsi:nil="true" />
  <ts:IncreaseDecreaseThroughNetExchangeDifferencesRightOfUseAssets id="Tag1645" contextRef="D20201231_LandAndCivilBuildingsMember_GrossCarryingAmountMember" unitRef="USD" decimals="-3">-839000</ts:IncreaseDecreaseThroughNetExchangeDifferencesRightOfUseAssets>
  <ts:IncreaseDecreaseThroughTransfersReclassificationsAndOtherChangesRightOfUseAssets id="Tag1646" contextRef="D20191231_GrossCarryingAmountMember" unitRef="USD" xsi:nil="true" />
  <ts:IncreaseDecreaseThroughNetExchangeDifferencesRightOfUseAssets id="Tag1647" contextRef="D20201231_VehiclesFurnitureAndFixturesMember_GrossCarryingAmountMember" unitRef="USD" decimals="-3">530000</ts:IncreaseDecreaseThroughNetExchangeDifferencesRightOfUseAssets>
  <ifrs-full:AdditionsToRightofuseAssets id="Tag1648" contextRef="D20201231_GrossCarryingAmountMember" unitRef="USD" decimals="-3">59141000</ifrs-full:AdditionsToRightofuseAssets>
  <ifrs-full:DepreciationRightofuseAssets id="Tag1649" contextRef="D20201231_VehiclesFurnitureAndFixturesMember_AccumulatedDepreciationAmortisationAndImpairmentMember_1" unitRef="USD" decimals="-3">6920000</ifrs-full:DepreciationRightofuseAssets>
  <ts:DisposalsConsumptionsRightOfUseAssets id="Tag1650" contextRef="D20201231_LandAndCivilBuildingsMember_GrossCarryingAmountMember" unitRef="USD" decimals="-3">8800000</ts:DisposalsConsumptionsRightOfUseAssets>
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  <ifrs-full:ImpairmentLossRecognisedInProfitOrLossIntangibleAssetsAndGoodwill id="Tag1760" contextRef="D20201231_AccumulatedDepreciationAmortisationAndImpairmentMember_LicensesPatentsAndTrademarksMember" unitRef="USD" xsi:nil="true" />
  <ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsAndGoodwill id="Tag1761" contextRef="D20201231_AccumulatedDepreciationAmortisationAndImpairmentMember_InformationSystemProjectsMember" unitRef="USD" decimals="-3">890000</ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsAndGoodwill>
  <ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesIntangibleAssetsAndGoodwill id="Tag1762" contextRef="D20201231_AccumulatedDepreciationAmortisationAndImpairmentMember_CustomerrelatedIntangibleAssetsMember" unitRef="USD" xsi:nil="true" />
  <ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsAndGoodwill id="Tag1763" contextRef="D20201231_InformationSystemProjectsMember_GrossCarryingAmountMember" unitRef="USD" decimals="-3">1108000</ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsAndGoodwill>
  <ifrs-full:IntangibleAssetsAndGoodwill id="Tag1764" contextRef="I20191231_GoodwillMember_GrossCarryingAmountMember" unitRef="USD" decimals="-3">2117837000</ifrs-full:IntangibleAssetsAndGoodwill>
  <ifrs-full:DepreciationRightofuseAssets id="Tag1765" contextRef="D20201231_AccumulatedDepreciationAmortisationAndImpairmentMember" unitRef="USD" decimals="-3">57791000</ifrs-full:DepreciationRightofuseAssets>
  <ts:LeaseLiabilitiesIncreaseDueToBusinessCombinations id="Tag1766" contextRef="D20191231_3" unitRef="USD" decimals="-3">2267000</ts:LeaseLiabilitiesIncreaseDueToBusinessCombinations>
  <ts:IncreaseDecreaseThroughTransfersReclassificationsAndOtherChangesRightOfUseAssets id="Tag1767" contextRef="D20191231_AccumulatedDepreciationAmortisationAndImpairmentMember" unitRef="USD" xsi:nil="true" />
  <ts:DisposalsConsumptionsRightOfUseAssets id="Tag1768" contextRef="D20191231_LandAndCivilBuildingsMember_GrossCarryingAmountMember" unitRef="USD" decimals="-3">1009000</ts:DisposalsConsumptionsRightOfUseAssets>
  <ifrs-full:AdditionsToRightofuseAssets id="Tag1769" contextRef="D20191231_IndustrialBuildingsPlantAndProductionEquipmentMember_GrossCarryingAmountMember" unitRef="USD" decimals="-3">24985000</ifrs-full:AdditionsToRightofuseAssets>
  <ifrs-full:RightofuseAssets id="Tag1770" contextRef="I20201231_LandAndCivilBuildingsMember_GrossCarryingAmountMember" unitRef="USD" decimals="-3">41932000</ifrs-full:RightofuseAssets>
  <ts:IncreaseDecreaseThroughTransfersReclassificationsAndOtherChangesRightOfUseAssets id="Tag1771" contextRef="D20201231_VehiclesFurnitureAndFixturesMember_AccumulatedDepreciationAmortisationAndImpairmentMember_1" unitRef="USD" decimals="-3">1291000</ts:IncreaseDecreaseThroughTransfersReclassificationsAndOtherChangesRightOfUseAssets>
  <ts:IncreaseDecreaseThroughTransfersReclassificationsAndOtherChangesRightOfUseAssets id="Tag1772" contextRef="D20201231_IndustrialBuildingsPlantAndProductionEquipmentMember_GrossCarryingAmountMember" unitRef="USD" decimals="-3">-458000</ts:IncreaseDecreaseThroughTransfersReclassificationsAndOtherChangesRightOfUseAssets>
  <ts:IncreaseDecreaseThroughNetExchangeDifferencesRightOfUseAssets id="Tag1773" contextRef="D20191231_AccumulatedDepreciationAmortisationAndImpairmentMember" unitRef="USD" decimals="-3">8000</ts:IncreaseDecreaseThroughNetExchangeDifferencesRightOfUseAssets>
  <ts:IncreaseDecreaseThroughTransfersReclassificationsAndOtherChangesRightOfUseAssets id="Tag1774" contextRef="D20201231_LandAndCivilBuildingsMember_GrossCarryingAmountMember" unitRef="USD" decimals="-3">439000</ts:IncreaseDecreaseThroughTransfersReclassificationsAndOtherChangesRightOfUseAssets>
  <ts:AcquisitionsThroughBusinessCombinationsRightOfUseAssets id="Tag1775" contextRef="D20201231_LandAndCivilBuildingsMember_GrossCarryingAmountMember" unitRef="USD" decimals="-3">3461000</ts:AcquisitionsThroughBusinessCombinationsRightOfUseAssets>
  <ifrs-full:RightofuseAssets id="Tag1776" contextRef="I20201231_VehiclesFurnitureAndFixturesMember_3" unitRef="USD" decimals="-3">9798000</ifrs-full:RightofuseAssets>
  <ifrs-full:DepreciationRightofuseAssets id="Tag1777" contextRef="D20191231_AccumulatedDepreciationAmortisationAndImpairmentMember" unitRef="USD" decimals="-3">44291000</ifrs-full:DepreciationRightofuseAssets>
  <ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory id="Tag1778" contextRef="D20201231_3">&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-left: 22.5pt; margin-bottom: 0pt; text-indent: -22.5pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;&lt;font style="border-left: none; border-right: none;"&gt;13&lt;/font&gt;&lt;/font&gt;&lt;font style="font: 7pt 'Times New Roman'; -aw-import: spaces;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;Investments in &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;non-consolidated&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt; companies&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-left: 22.5pt; margin-bottom: 0pt; text-indent: -22.5pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;&lt;br/&gt;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px; height: 172px;" width="100%"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #ffffff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #ffffff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; height: 17px;" colspan="6"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Year ended December 31, &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: top; background-color: #ffffff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (all amounts in thousands of U.S. dollars) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; background-color: #ffffff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; height: 17px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;2020&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; height: 17px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;2019&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; width: 74%; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; At the beginning of the year &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; width: 1%; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; width: 1%; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 10%; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;879,965&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; width: 1%; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; width: 1%; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; width: 1%; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 4px; vertical-align: bottom; width: 10%; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;805,568&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 1%; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Translation differences &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;31,977&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;10,781&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Equity in earnings of non-consolidated companies &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;108,799&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;82,036&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Increase due to business combinations &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt;&lt;font&gt;-&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;20,635&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Dividends and distributions declared (*) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;861&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;28,037&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Additions &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;19,610&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Increase / (decrease) in equity reserves and others &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 4px; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;1,426&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 4px; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;9,066&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; At the end of the year &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 4px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;957,352&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 4px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;879,965&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-left: 22.5pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: Arial; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;(*&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;)&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Related to Ternium&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and Usiminas&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;. During &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;2020&lt;/font&gt; and &lt;font&gt;2019&lt;/font&gt; $&lt;font&gt;0.3&lt;/font&gt; million and&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;$&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;29.0&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; million&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; respectively&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; were collected&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-left: 4.3pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 12pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;The principal &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;non-consolidated&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; companies are:&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 99.9179%; margin-left: 0.1px; height: 129px;" width="100%"&gt;

&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="3" style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; % ownership at December 31, &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="5" style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Value at December 31, &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Company &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Country of incorporation &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;2020&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;2019&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;2020&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;2019&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="border-top: 1pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; width: 25%; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; a) Ternium (*) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; width: 25%; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Luxembourg &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 11%; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;11.46&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 11%; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;11.46&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 10%; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;830,028&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 10%; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;751,105&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; b) Usiminas (**) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Brazil &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;3.07&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;3.07&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;65,144&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;74,593&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; c) Techgen &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Mexico &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font style="border-left: none; border-right: none;"&gt;&lt;font&gt;22.00&lt;/font&gt;&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font style="border-left: none; border-right: none;"&gt;&lt;font&gt;22.00&lt;/font&gt;&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;19,536&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;9,888&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; d) Global Pipe Company &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Saudi Arabia &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font style="border-left: none; border-right: none;"&gt;&lt;font&gt;35.00&lt;/font&gt;&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font style="border-left: none; border-right: none;"&gt;&lt;font&gt;35.00&lt;/font&gt;&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font style="border-left: none; border-right: none;"&gt;&lt;font&gt;23,421&lt;/font&gt;&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font style="border-left: none; border-right: none;"&gt;&lt;font&gt;22,550&lt;/font&gt;&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; Others &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;19,223&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;21,829&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;957,352&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;879,965&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;(*) &lt;font&gt;Including treasury shares.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;(**)&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;At December 31,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and &lt;font&gt;201&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;9&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;the voting rights were &lt;font&gt;5.19&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;%&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;div&gt;

&lt;/div&gt;
&lt;/div&gt;
&lt;p style="margin: 7pt 0pt; text-align: justify; line-height: 12pt; text-indent: 36pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; font-style: italic;"&gt;a) Ternium&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Ternium&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;, is a steel producer with production facilities in Mexico, Argentina, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Brazil, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Colombia, Un&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;ited States and Guatemala and&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; is &lt;font&gt;one&lt;/font&gt; of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Tenaris&amp;#8217;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; main suppliers of round steel bars and flat steel products for its pipes business.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;At December 31, 20&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;, the closing price of Ternium&amp;#8217;s ADSs as quoted on the New York Stock Exchange w&lt;font&gt;as&lt;/font&gt;&lt;/font&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; $&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;29.08&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; per ADS, giving &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Tenaris&amp;#8217;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; ownership stake a ma&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;rket value of approximately $&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;668&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; million&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;. A&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;t December 31, 20&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;, the carrying value of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Tenaris&amp;#8217;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; ownership stake in Ternium, based on Ternium&amp;#8217;s IFRS &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Financial S&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;ta&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;tements, was approximately $&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;830&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; million.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;As of December 31, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;2020&lt;/font&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;the Company concluded that&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;the carrying amount does not exceed the recoverable value of the investment.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 7pt; text-align: justify; line-height: 12pt; text-indent: 0pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Summarized selected financial information of Ternium, including the aggregated amounts of assets, liabilities, revenues and profit or loss is as follows:&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px; height: 248px;" width="100%"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (all amounts in thousands of U.S. dollars) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="5" style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt; Ternium &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt; &lt;font&gt;2020&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt; &lt;font&gt;2019&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 74%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Non-current assets &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;8,289,460&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;8,757,320&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Current assets &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;4,566,775&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;4,178,213&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt; Total assets &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt; &lt;font&gt;12,856,235&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt; &lt;font&gt;12,935,533&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Non-current liabilities &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,559,485&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;3,452,535&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Current liabilities &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,853,597&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,768,125&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt; Total liabilities &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt; &lt;font&gt;4,413,082&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt; &lt;font&gt;5,220,660&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt; Equity &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt; &lt;font&gt;8,443,153&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt; &lt;font&gt;7,714,873&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Revenues &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;8,735,435&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;10,192,818&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Gross profit &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,635,512&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,740,378&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Net income for the year attributable to owners of the parent &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;778,468&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;564,269&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Total comprehensive income for the year, net of tax, attributable to owners of the parent &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;666,667&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;445,473&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 12pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 36pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; font-style: italic;"&gt;b) Usiminas&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 7pt; text-align: justify; line-height: 12pt; text-indent: 0pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Usiminas is a Brazilian producer of high quality flat steel products used in the energy, automotive and other industries.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 7pt; text-align: justify; line-height: 12pt; text-indent: 0pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;As of December 31, 20&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;, the closing price of the Usiminas&amp;#8217; ordinary and preferred shares, as quoted on the B&lt;font&gt;3&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; - Brasil Bolsa Balc&amp;#227;o S.A&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;, was BRL&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;15.69&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;($&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;3.02&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;) and BRL&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;14.61&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;($&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;2.81&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;), respectively, giving Tenaris&amp;#8217;s ownership stake a market value of approximately $&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;113.8&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; million. As&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; of&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; that date, the carrying value of Tenaris&amp;#8217;s ownership stake in Usiminas was approximately $&lt;font&gt;65.1&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;million.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 5pt; line-height: 12pt; text-indent: 0pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Summarized selected financial information of Usiminas, including the aggregated amounts of assets, liabilities, revenues and profit or loss is as follows:&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;div&gt;

&lt;/div&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 12pt; -aw-import: spaces;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px; height: 238px;" width="100%"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (all amounts in thousands of U.S. dollars) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="5" style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;"&gt; &amp;nbsp;Usiminas &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;2020&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;2019&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 74%; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Non-current assets &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 10%; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;3,487,317&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 10%; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;4,335,662&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Current assets &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;2,276,368&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;2,198,449&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Total assets &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;5,763,685&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;6,534,111&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Non-current liabilities &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;1,661,605&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;1,955,395&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Current liabilities &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;861,912&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;716,930&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Total liabilities &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;2,523,517&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;2,672,325&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Equity &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;3,240,168&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;3,861,786&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Revenues &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;3,132,949&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;3,790,206&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Gross profit &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;624,199&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;478,141&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Net income for the year attributable to owners of the parent &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;106,361&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;52,779&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 36pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; font-style: italic;"&gt;c) Techgen&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 36pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; font-style: italic; letter-spacing: -0.1pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Techgen is a Mexican company that operates a natural gas-fired combined cycle electric power plant in the Pesquer&amp;#237;a area of the State of Nuevo Le&amp;#243;n, Mexico, and started producing energy on December 1, 2016, with a power capacity of &lt;font&gt;900&lt;/font&gt; megawatts. As of December 31, 2020, Tenaris held &lt;font&gt;22&lt;/font&gt;% of Techgen&amp;#8217;s share capital, and its affiliates, Ternium and Tecpetrol (both controlled by San Faustin), held &lt;font&gt;48&lt;/font&gt;% and &lt;font&gt;30&lt;/font&gt;% respectively.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;As of December 31, 2020, the carrying value of Tenaris&amp;#8217;s ownership stake in &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Techgen&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; was approximately $&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;19.5&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;million.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Techgen &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;entered into certain &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;tra&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;nsportation capacity agreements,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; a contract for the purchase of power generation equipment and other services related to the equipment&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;, and an agreement for the purchase of clean energy certificates&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;. As of December 31, 20&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;, Tenaris&amp;#8217;s exposure under these agreements amounted to $&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;48.8&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; million&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;$&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;0.9&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; million &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;and&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; $&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;17.6&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;million&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; respectively&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;During &lt;font&gt;2019&lt;/font&gt;, Techgen repaid certain subordinated loans to Techgen&amp;#8217;s sponsors; the p&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;ortion&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; corresponding to Tenaris amounted to $&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;40.5&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; million. As of December 31, 20&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;, the aggregate outstanding principal amount under these subordinated loans was $&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;58.1&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; million.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Techgen &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;is a party to a &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;$&lt;font&gt;640&lt;/font&gt; million syndicated loan agreement, which is &amp;#8220;non-recourse&amp;#8221; on the sponsors&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;. Techgen&amp;#8217;s obligations thereunder&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; are guaranteed by a Mexican security trust &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;(&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;covering shares, assets&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; accounts &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;and contract rights), account pledges and certain direct agreements &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#8211;customary for these type of transactions&amp;#8211;. The commercial terms and conditions governing the purc&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;hase &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;of &lt;font&gt;22&lt;/font&gt;% of the energy generated by &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Techgen&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;by the Company&amp;#8217;s Mexican subsidiary, Tamsa, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;remain &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;substantially &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;unchanged.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Under the loan agreement, Techgen is committed to maintain a debt service reserve account covering debt service becoming due during &lt;font&gt;two&lt;/font&gt; consecutive quarters; such account is funded by stand-by letters of credit issued for the account of Techgen&amp;#8217;s sponsors in proportion to their respective participations in Techgen. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Accordingly, the Company and its Swiss subsidiary, Tenaris Investments Switzerland AG, applied for stand-by letters of credit covering &lt;font&gt;22&lt;/font&gt;% of the debt service coverage ratio, which as of the date hereof amounts to $&lt;font&gt;9.8&lt;/font&gt; million.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-left: 49.65pt; margin-bottom: 0pt; text-indent: -18pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; font-style: italic; letter-spacing: -0.1pt;"&gt;d)&lt;/font&gt;&lt;font style="font: 7pt 'Times New Roman'; -aw-import: spaces;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; font-style: italic; letter-spacing: -0.1pt;"&gt;GPC&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-left: 31.45pt; margin-bottom: 0pt; line-height: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; font-style: italic; letter-spacing: -0.1pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;GPC is a Saudi-German joint venture, established in &lt;font&gt;2010&lt;/font&gt; and located in Jubail&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;, Saudi Arabia&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;, which manufactures LSAW pipes. Tenaris, through its subsidiary SSPC, currently owns &lt;font&gt;35&lt;/font&gt;% of the share capital of GPC. As of December 31, 2020, the carrying value of Tenaris&amp;#8217;s ownership stake in GPC was approximately $&lt;font&gt;23.4&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;million.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;SSPC and the other &lt;font&gt;three&lt;/font&gt; owners of GPC have issued corporate guarantees to secure repayment of loan agreements entered into by GPC, with the Saudi Investment Development Fund, the Saudi British Bank, the National Commercial Bank and Banque Saudi Fransi to finance GPC&amp;#8217;s capital expenditures and working capital. As of December 31, 2020, SSPC&amp;#8217;s exposure under the guarantees amounted to $&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;131.5&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; million.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;/div&gt;</ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory>
  <ts:InvestmentsInSubsidiariesJointVenturesAndAssociatesIncreaseDueToBusinessCombinations id="Tag1779" contextRef="D20191231_3" unitRef="USD" decimals="-3">20635000</ts:InvestmentsInSubsidiariesJointVenturesAndAssociatesIncreaseDueToBusinessCombinations>
  <ifrs-full:DividendsReceivedFromAssociatesClassifiedAsInvestingActivities id="Tag1780" contextRef="D20191231_TerniumAndUsiminasMember" unitRef="USD" decimals="-5">29000000</ifrs-full:DividendsReceivedFromAssociatesClassifiedAsInvestingActivities>
  <ifrs-full:Assets id="Tag1781" contextRef="I20201231_UsiminasMember" unitRef="USD" decimals="-3">5763685000</ifrs-full:Assets>
  <ts:CorporateGuaranteeCoveringObligations id="Tag1782" contextRef="I20201231_GlobalPipeCompanyMember_SaudiSteelPipeCompanyMember" unitRef="USD" decimals="-5">131500000</ts:CorporateGuaranteeCoveringObligations>
  <ifrs-full:DebtSecurities id="Tag1783" contextRef="I20190219_TechgenSAMember_SeveralBanksToRefinanceObligationsMember" unitRef="USD" decimals="-6">640000000</ifrs-full:DebtSecurities>
  <ts:CurrentOtherTaxLiabilities id="Tag1784" contextRef="I20191231" unitRef="USD" decimals="-3">52678000</ts:CurrentOtherTaxLiabilities>
  <ifrs-full:CurrentValueAddedTaxPayables id="Tag1785" contextRef="I20191231" unitRef="USD" decimals="-3">9953000</ifrs-full:CurrentValueAddedTaxPayables>
  <ts:DisclosureOfDetailedInformationAboutSelectedFinancialInformationTextBlock id="Tag1786" contextRef="D20201231_3">&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px; height: 248px;" width="100%"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (all amounts in thousands of U.S. dollars) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="5" style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt; Ternium &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt; &lt;font&gt;2020&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt; &lt;font&gt;2019&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 74%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Non-current assets &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;8,289,460&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;8,757,320&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Current assets &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;4,566,775&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;4,178,213&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt; Total assets &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt; &lt;font&gt;12,856,235&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt; &lt;font&gt;12,935,533&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Non-current liabilities &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,559,485&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;3,452,535&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Current liabilities &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,853,597&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,768,125&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt; Total liabilities &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt; &lt;font&gt;4,413,082&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt; &lt;font&gt;5,220,660&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt; Equity &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt; &lt;font&gt;8,443,153&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt; &lt;font&gt;7,714,873&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Revenues &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;8,735,435&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;10,192,818&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Gross profit &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,635,512&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,740,378&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Net income for the year attributable to owners of the parent &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;778,468&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;564,269&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Total comprehensive income for the year, net of tax, attributable to owners of the parent &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;666,667&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;445,473&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;

&lt;table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px; height: 238px;" width="100%"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (all amounts in thousands of U.S. dollars) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="5" style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;"&gt; &amp;nbsp;Usiminas &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;2020&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;2019&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 74%; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Non-current assets &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 10%; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;3,487,317&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 10%; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;4,335,662&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Current assets &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;2,276,368&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;2,198,449&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Total assets &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;5,763,685&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;6,534,111&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Non-current liabilities &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;1,661,605&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;1,955,395&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Current liabilities &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;861,912&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;716,930&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Total liabilities &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;2,523,517&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;2,672,325&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Equity &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;3,240,168&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;3,861,786&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
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&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Revenues &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
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&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;3,790,206&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Gross profit &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;624,199&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;478,141&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Net income for the year attributable to owners of the parent &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;106,361&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;52,779&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
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&lt;table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; margin-left: 0.1px; width: 100%; height: 171px;" width="100%"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="5" style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Year ended December 31, &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (all amounts in thousands of U.S. dollars) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font style="border-left: none; border-right: none;"&gt;2020&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font style="border-left: none; border-right: none;"&gt;2019&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 74%; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Employee advances and loans &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 10%; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;4,563&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 10%; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;6,008&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Tax credits &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;18,046&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;20,065&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Receivables from related parties &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;62,790&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;59,999&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Legal deposits &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;8,600&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;12,378&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Advances to suppliers and other advances &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;4,803&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;3,772&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Receivable Venezuelan subsidiaries &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;48,659&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;48,659&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Others &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;6,842&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;6,222&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px;"&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;154,303&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;157,103&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;</ts:DisclosureOfDetailedInformationAboutNoncurrentReceivablesTextBlock>
  <ts:DisclosureOfNoncurrentReceivablesTextBlock id="Tag1832" contextRef="D20201231_3">&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-left: 21.3pt; margin-bottom: 0pt; text-indent: -21.3pt; line-height: 12pt; padding-top: 5pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;&lt;font style="border-left: none; border-right: none;"&gt;14&lt;/font&gt;&lt;/font&gt;&lt;font style="font: 7pt 'Times New Roman'; -aw-import: spaces;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;Receivables &amp;#8211; non current&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 2pt; font-weight: bold; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; margin-left: 0.1px; width: 100%; height: 171px;" width="100%"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="5" style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Year ended December 31, &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (all amounts in thousands of U.S. dollars) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font style="border-left: none; border-right: none;"&gt;2020&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font style="border-left: none; border-right: none;"&gt;2019&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 74%; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Employee advances and loans &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 10%; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;4,563&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 10%; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;6,008&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Tax credits &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;18,046&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;20,065&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Receivables from related parties &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;62,790&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;59,999&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Legal deposits &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;8,600&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;12,378&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Advances to suppliers and other advances &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;4,803&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;3,772&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Receivable Venezuelan subsidiaries &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;48,659&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;48,659&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Others &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;6,842&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;6,222&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px;"&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;154,303&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;157,103&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;</ts:DisclosureOfNoncurrentReceivablesTextBlock>
  <ifrs-full:OtherNoncurrentReceivables id="Tag1833" contextRef="I20191231" unitRef="USD" decimals="-3">6222000</ifrs-full:OtherNoncurrentReceivables>
  <ts:NoncurrentReceivablesFromInterestInVenezuelanCompanies id="Tag1834" contextRef="I20191231" unitRef="USD" decimals="-3">48659000</ts:NoncurrentReceivablesFromInterestInVenezuelanCompanies>
  <ts:NoncurrentReceivablesAdvancesToSuppliersAndOtherAdvances id="Tag1835" contextRef="I20191231" unitRef="USD" decimals="-3">3772000</ts:NoncurrentReceivablesAdvancesToSuppliersAndOtherAdvances>
  <ifrs-full:NoncurrentPrepayments id="Tag1836" contextRef="I20191231" unitRef="USD" decimals="-3">12378000</ifrs-full:NoncurrentPrepayments>
  <ifrs-full:NoncurrentReceivablesDueFromRelatedParties id="Tag1837" contextRef="I20191231" unitRef="USD" decimals="-3">59999000</ifrs-full:NoncurrentReceivablesDueFromRelatedParties>
  <ifrs-full:NoncurrentReceivablesFromTaxesOtherThanIncomeTax id="Tag1838" contextRef="I20191231" unitRef="USD" decimals="-3">20065000</ifrs-full:NoncurrentReceivablesFromTaxesOtherThanIncomeTax>
  <ifrs-full:OtherNoncurrentReceivables id="Tag1839" contextRef="I20201231" unitRef="USD" decimals="-3">6842000</ifrs-full:OtherNoncurrentReceivables>
  <ts:NoncurrentReceivablesFromInterestInVenezuelanCompanies id="Tag1840" contextRef="I20201231" unitRef="USD" decimals="-3">48659000</ts:NoncurrentReceivablesFromInterestInVenezuelanCompanies>
  <ts:NoncurrentReceivablesAdvancesToSuppliersAndOtherAdvances id="Tag1841" contextRef="I20201231" unitRef="USD" decimals="-3">4803000</ts:NoncurrentReceivablesAdvancesToSuppliersAndOtherAdvances>
  <ifrs-full:NoncurrentPrepayments id="Tag1842" contextRef="I20201231" unitRef="USD" decimals="-3">8600000</ifrs-full:NoncurrentPrepayments>
  <ifrs-full:NoncurrentReceivablesDueFromRelatedParties id="Tag1843" contextRef="I20201231" unitRef="USD" decimals="-3">62790000</ifrs-full:NoncurrentReceivablesDueFromRelatedParties>
  <ifrs-full:NoncurrentReceivablesFromTaxesOtherThanIncomeTax id="Tag1844" contextRef="I20201231" unitRef="USD" decimals="-3">18046000</ifrs-full:NoncurrentReceivablesFromTaxesOtherThanIncomeTax>
  <ts:NoncurrentReceivablesEmployeeAdvancesAndLoans id="Tag1845" contextRef="I20191231" unitRef="USD" decimals="-3">6008000</ts:NoncurrentReceivablesEmployeeAdvancesAndLoans>
  <ts:NoncurrentReceivablesEmployeeAdvancesAndLoans id="Tag1846" contextRef="I20201231" unitRef="USD" decimals="-3">4563000</ts:NoncurrentReceivablesEmployeeAdvancesAndLoans>
  <ts:DisclosureOfDetailedInformationAboutInventoriesTextBlock id="Tag1847" contextRef="D20201231_3">&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px; height: 171px;" width="100%"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="5" style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Year ended December 31, &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; background-color: #ffffff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (all amounts in thousands of U.S. dollars) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #ffffff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font style="border-left: none; border-right: none;"&gt;2020&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font style="border-left: none; border-right: none;"&gt;2019&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 74%; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Finished goods &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 10%; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;691,922&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 10%; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;968,329&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Goods in process &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;417,097&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;612,888&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Raw materials &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;143,558&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;221,954&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Supplies &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;488,802&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;486,411&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Goods in transit &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;158,929&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;194,015&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;1,900,308&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;2,483,597&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Allowance for obsolescence, see note &lt;font&gt;24&lt;/font&gt; (i) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;263,635&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;217,717&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: top; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;1,636,673&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: top; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;2,265,880&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

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  <ifrs-full:ProportionOfOwnershipInterestInAssociate id="Tag1875" contextRef="D20191231_UsiminasMember_BR" unitRef="Pure" decimals="4">0.0307</ifrs-full:ProportionOfOwnershipInterestInAssociate>
  <ifrs-full:CurrentLiabilities id="Tag1876" contextRef="I20191231_TerniumSAMember" unitRef="USD" decimals="-3">1768125000</ifrs-full:CurrentLiabilities>
  <ifrs-full:ProportionOfOwnershipInterestInAssociate id="Tag1877" contextRef="D20191231_MX_TechgenSAMember" unitRef="Pure" decimals="4">0.2200</ifrs-full:ProportionOfOwnershipInterestInAssociate>
  <ifrs-full:ComprehensiveIncomeAttributableToOwnersOfParent id="Tag1878" contextRef="D20191231_TerniumSAMember" unitRef="USD" decimals="-3">445473000</ifrs-full:ComprehensiveIncomeAttributableToOwnersOfParent>
  <ifrs-full:Equity id="Tag1879" contextRef="I20201231_UsiminasMember" unitRef="USD" decimals="-3">3240168000</ifrs-full:Equity>
  <ifrs-full:DisclosureOfInventoriesExplanatory id="Tag1880" contextRef="D20201231_3">&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-left: 21.3pt; margin-bottom: 7pt; text-indent: -21.3pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;&lt;font style="border-left: none; border-right: none;"&gt;15&lt;/font&gt;&lt;/font&gt;&lt;font style="font: 7pt 'Times New Roman'; -aw-import: spaces;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;Inventories&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;, net&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px; height: 171px;" width="100%"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="5" style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Year ended December 31, &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; background-color: #ffffff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (all amounts in thousands of U.S. dollars) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #ffffff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font style="border-left: none; border-right: none;"&gt;2020&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font style="border-left: none; border-right: none;"&gt;2019&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 74%; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Finished goods &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 10%; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;691,922&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 10%; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;968,329&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Goods in process &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;417,097&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;612,888&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Raw materials &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;143,558&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;221,954&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Supplies &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;488,802&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;486,411&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Goods in transit &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;158,929&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;194,015&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;1,900,308&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;2,483,597&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Allowance for obsolescence, see note &lt;font&gt;24&lt;/font&gt; (i) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;263,635&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;217,717&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: top; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;1,636,673&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: top; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;2,265,880&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;</ifrs-full:DisclosureOfInventoriesExplanatory>
  <ifrs-full:InvestmentsInSubsidiariesJointVenturesAndAssociates id="Tag1881" contextRef="I20191231_UsiminasMember_BR" unitRef="USD" decimals="-3">74593000</ifrs-full:InvestmentsInSubsidiariesJointVenturesAndAssociates>
  <ts:ProvisionForExposureToTransportationCapacityAgreements id="Tag1882" contextRef="I20201231_TechgenSAMember" unitRef="USD" decimals="-5">48800000</ts:ProvisionForExposureToTransportationCapacityAgreements>
  <ts:ClosingPricePerShare id="Tag1883" contextRef="I20201231_UsiminasMember_PreferenceSharesMember" unitRef="BRLPerShare" decimals="2">14.61</ts:ClosingPricePerShare>
  <ifrs-full:InvestmentsInSubsidiariesJointVenturesAndAssociates id="Tag1884" contextRef="I20191231_OtherMember" unitRef="USD" decimals="-3">21829000</ifrs-full:InvestmentsInSubsidiariesJointVenturesAndAssociates>
  <ifrs-full:ProportionOfOwnershipInterestInAssociate id="Tag1885" contextRef="D20201231_TechgenSAMember_TecpetrolInternationalSAMember_1" unitRef="Pure" decimals="2">0.30</ifrs-full:ProportionOfOwnershipInterestInAssociate>
  <ifrs-full:Revenue id="Tag1886" contextRef="D20191231_UsiminasMember" unitRef="USD" decimals="-3">3790206000</ifrs-full:Revenue>
  <ifrs-full:ProportionOfOwnershipInterestInAssociate id="Tag1887" contextRef="D20191231_TerniumSAMember_LU" unitRef="Pure" decimals="4">0.1146</ifrs-full:ProportionOfOwnershipInterestInAssociate>
  <ifrs-full:Liabilities id="Tag1888" contextRef="I20201231_UsiminasMember" unitRef="USD" decimals="-3">2523517000</ifrs-full:Liabilities>
  <ts:ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethodIncludingDividendsDeclaredNetOfTax id="Tag1889" contextRef="D20191231_3" unitRef="USD" decimals="-3">-9066000</ts:ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethodIncludingDividendsDeclaredNetOfTax>
  <ts:DisclosureOfDetailedInformationAboutPrincipalNonconsolidatedCompaniesTextBlock id="Tag1890" contextRef="D20201231_3">&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 99.9179%; margin-left: 0.1px; height: 129px;" width="100%"&gt;

&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="3" style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; % ownership at December 31, &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="5" style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Value at December 31, &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Company &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Country of incorporation &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;2020&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;2019&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;2020&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;2019&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="border-top: 1pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; width: 25%; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; a) Ternium (*) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; width: 25%; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Luxembourg &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 11%; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;11.46&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 11%; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;11.46&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 10%; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;830,028&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 10%; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;751,105&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; b) Usiminas (**) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Brazil &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;3.07&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;3.07&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;65,144&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;74,593&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; c) Techgen &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Mexico &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font style="border-left: none; border-right: none;"&gt;&lt;font&gt;22.00&lt;/font&gt;&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font style="border-left: none; border-right: none;"&gt;&lt;font&gt;22.00&lt;/font&gt;&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;19,536&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;9,888&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; d) Global Pipe Company &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Saudi Arabia &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font style="border-left: none; border-right: none;"&gt;&lt;font&gt;35.00&lt;/font&gt;&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font style="border-left: none; border-right: none;"&gt;&lt;font&gt;35.00&lt;/font&gt;&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font style="border-left: none; border-right: none;"&gt;&lt;font&gt;23,421&lt;/font&gt;&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font style="border-left: none; border-right: none;"&gt;&lt;font&gt;22,550&lt;/font&gt;&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; Others &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;19,223&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;21,829&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;957,352&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;879,965&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
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  <ifrs-full:ProportionOfOwnershipInterestInAssociate id="Tag1891" contextRef="D20201231_TechgenSAMember_TechgenSAMember" unitRef="Pure" decimals="2">0.48</ifrs-full:ProportionOfOwnershipInterestInAssociate>
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  <ts:DividendsDeclaredByNonconsolidatedCompanies id="Tag1895" contextRef="D20201231_3" unitRef="USD" decimals="-3">861000</ts:DividendsDeclaredByNonconsolidatedCompanies>
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  <ifrs-full:CurrentValueAddedTaxPayables id="Tag1897" contextRef="I20201231" unitRef="USD" decimals="-3">9933000</ifrs-full:CurrentValueAddedTaxPayables>
  <ts:CurrentIncomeTaxLiabilities id="Tag1898" contextRef="I20201231" unitRef="USD" decimals="-3">27616000</ts:CurrentIncomeTaxLiabilities>
  <ts:CurrentPrepaidTaxes id="Tag1899" contextRef="I20201231" unitRef="USD" decimals="-3">30091000</ts:CurrentPrepaidTaxes>
  <ifrs-full:CurrentValueAddedTaxReceivables id="Tag1900" contextRef="I20201231" unitRef="USD" decimals="-3">106293000</ifrs-full:CurrentValueAddedTaxReceivables>
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  <ifrs-full:InvestmentsInSubsidiariesJointVenturesAndAssociates id="Tag1903" contextRef="I20201231_SA_GlobalPipeCompanyMember" unitRef="USD" decimals="-3">23421000</ifrs-full:InvestmentsInSubsidiariesJointVenturesAndAssociates>
  <ts:DebtServiceCoverageRatioCoveredPercent id="Tag1904" contextRef="I20201231_SeveralBanksToRefinanceObligationsMember" unitRef="Pure" decimals="2">0.22</ts:DebtServiceCoverageRatioCoveredPercent>
  <ifrs-full:DividendsReceivedFromAssociatesClassifiedAsInvestingActivities id="Tag1905" contextRef="D20201231_TerniumAndUsiminasMember" unitRef="USD" decimals="-5">300000</ifrs-full:DividendsReceivedFromAssociatesClassifiedAsInvestingActivities>
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&lt;table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; width: 100%; margin-left: 0.1px; height: 190px;" width="100%"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="5" style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Year ended December 31, &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; background-color: #ffffff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (all amounts in thousands of U.S. dollars) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; background-color: #ffffff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font style="border-left: none; border-right: none;"&gt;2020&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font style="border-left: none; border-right: none;"&gt;2019&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 74%; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Prepaid expenses and other receivables &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 10%; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;26,457&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 10%; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;30,579&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Government entities &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;3,075&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;1,867&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Employee advances and loans &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;4,672&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;8,189&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Advances to suppliers and other advances &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;14,661&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;17,180&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Government tax refunds on exports &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;2,723&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;670&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Receivables from related parties &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;16,217&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;19,837&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: rgb(204, 238, 255);"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Miscellaneous &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;13,961&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;31,145&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;81,766&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;109,467&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Allowance for other doubtful accounts, see note &lt;font&gt;24&lt;/font&gt; (i) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;3,917&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;4,892&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid rgb(0, 0, 0); border-bottom: 1.5pt solid rgb(0, 0, 0); padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid rgb(0, 0, 0); border-bottom: 1.5pt solid rgb(0, 0, 0); padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;77,849&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid rgb(0, 0, 0); border-bottom: 1.5pt solid rgb(0, 0, 0); padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid rgb(0, 0, 0); border-bottom: 1.5pt solid rgb(0, 0, 0); padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid rgb(0, 0, 0); border-bottom: 1.5pt solid rgb(0, 0, 0); padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid rgb(0, 0, 0); border-bottom: 1.5pt solid rgb(0, 0, 0); padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;104,575&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid rgb(0, 0, 0); border-bottom: 1.5pt solid rgb(0, 0, 0); padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;</ts:DisclosureOfDetailedInformationAboutReceivablesAndPrepaymentsTextBlock>
  <ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory id="Tag1909" contextRef="D20201231_3">&lt;div&gt;
&lt;p style="margin-top: 0pt;margin-left: 21.25pt;margin-bottom: 7pt;text-indent: -21.25pt;line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;&lt;font style="border-left: none; border-right: none;"&gt;16&lt;/font&gt;&lt;/font&gt;&lt;font style="font: 7pt 'Times New Roman'; -aw-import: spaces;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;Receivables and prepayments&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;, net&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; width: 100%; margin-left: 0.1px; height: 190px;" width="100%"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="5" style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Year ended December 31, &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; background-color: #ffffff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (all amounts in thousands of U.S. dollars) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; background-color: #ffffff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font style="border-left: none; border-right: none;"&gt;2020&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font style="border-left: none; border-right: none;"&gt;2019&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 74%; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Prepaid expenses and other receivables &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 10%; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;26,457&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 10%; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;30,579&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Government entities &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;3,075&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;1,867&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Employee advances and loans &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;4,672&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;8,189&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Advances to suppliers and other advances &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;14,661&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;17,180&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Government tax refunds on exports &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;2,723&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;670&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Receivables from related parties &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;16,217&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;19,837&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: rgb(204, 238, 255);"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Miscellaneous &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;13,961&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;31,145&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;81,766&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;109,467&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Allowance for other doubtful accounts, see note &lt;font&gt;24&lt;/font&gt; (i) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;3,917&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;4,892&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid rgb(0, 0, 0); border-bottom: 1.5pt solid rgb(0, 0, 0); padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid rgb(0, 0, 0); border-bottom: 1.5pt solid rgb(0, 0, 0); padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;77,849&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid rgb(0, 0, 0); border-bottom: 1.5pt solid rgb(0, 0, 0); padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid rgb(0, 0, 0); border-bottom: 1.5pt solid rgb(0, 0, 0); padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid rgb(0, 0, 0); border-bottom: 1.5pt solid rgb(0, 0, 0); padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid rgb(0, 0, 0); border-bottom: 1.5pt solid rgb(0, 0, 0); padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;104,575&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid rgb(0, 0, 0); border-bottom: 1.5pt solid rgb(0, 0, 0); padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;</ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory>
  <ts:CurrentAllowanceForOtherDoubtfulAccounts id="Tag1910" contextRef="I20201231" unitRef="USD" decimals="-3">-3917000</ts:CurrentAllowanceForOtherDoubtfulAccounts>
  <ts:CurrentReceivablesAndPrepaymentsGross id="Tag1911" contextRef="I20191231" unitRef="USD" decimals="-3">109467000</ts:CurrentReceivablesAndPrepaymentsGross>
  <ifrs-full:OtherCurrentReceivables id="Tag1912" contextRef="I20191231" unitRef="USD" decimals="-3">31145000</ifrs-full:OtherCurrentReceivables>
  <ts:CurrentReceivablesAndPrepaymentsReceivablesFromRelatedParties id="Tag1913" contextRef="I20191231" unitRef="USD" decimals="-3">19837000</ts:CurrentReceivablesAndPrepaymentsReceivablesFromRelatedParties>
  <ifrs-full:CurrentReceivablesFromTaxesOtherThanIncomeTax id="Tag1914" contextRef="I20191231" unitRef="USD" decimals="-3">670000</ifrs-full:CurrentReceivablesFromTaxesOtherThanIncomeTax>
  <ts:CurrentReceivablesAndPrepaymentsAdvancesToSuppliersAndOtherAdvances id="Tag1915" contextRef="I20191231" unitRef="USD" decimals="-3">17180000</ts:CurrentReceivablesAndPrepaymentsAdvancesToSuppliersAndOtherAdvances>
  <ts:CurrentReceivablesAndPrepaymentsEmployeeAdvancesAndLoans id="Tag1916" contextRef="I20191231" unitRef="USD" decimals="-3">8189000</ts:CurrentReceivablesAndPrepaymentsEmployeeAdvancesAndLoans>
  <ts:CurrentReceivablesAndPrepaymentsGovernmentEntities id="Tag1917" contextRef="I20191231" unitRef="USD" decimals="-3">1867000</ts:CurrentReceivablesAndPrepaymentsGovernmentEntities>
  <ts:CurrentReceivablesAndPrepaymentsPrepaidExpensesAndOtherReceivables id="Tag1918" contextRef="I20201231" unitRef="USD" decimals="-3">26457000</ts:CurrentReceivablesAndPrepaymentsPrepaidExpensesAndOtherReceivables>
  <ifrs-full:Liabilities id="Tag1919" contextRef="I20201231_TerniumSAMember" unitRef="USD" decimals="-3">4413082000</ifrs-full:Liabilities>
  <ifrs-full:CurrentLiabilities id="Tag1920" contextRef="I20191231_UsiminasMember" unitRef="USD" decimals="-3">716930000</ifrs-full:CurrentLiabilities>
  <ts:CurrentAllowanceForOtherDoubtfulAccounts id="Tag1921" contextRef="I20191231" unitRef="USD" decimals="-3">-4892000</ts:CurrentAllowanceForOtherDoubtfulAccounts>
  <ts:CurrentReceivablesAndPrepaymentsGross id="Tag1922" contextRef="I20201231" unitRef="USD" decimals="-3">81766000</ts:CurrentReceivablesAndPrepaymentsGross>
  <ifrs-full:OtherCurrentReceivables id="Tag1923" contextRef="I20201231" unitRef="USD" decimals="-3">13961000</ifrs-full:OtherCurrentReceivables>
  <ts:CurrentReceivablesAndPrepaymentsReceivablesFromRelatedParties id="Tag1924" contextRef="I20201231" unitRef="USD" decimals="-3">16217000</ts:CurrentReceivablesAndPrepaymentsReceivablesFromRelatedParties>
  <ifrs-full:CurrentReceivablesFromTaxesOtherThanIncomeTax id="Tag1925" contextRef="I20201231" unitRef="USD" decimals="-3">2723000</ifrs-full:CurrentReceivablesFromTaxesOtherThanIncomeTax>
  <ts:CurrentReceivablesAndPrepaymentsAdvancesToSuppliersAndOtherAdvances id="Tag1926" contextRef="I20201231" unitRef="USD" decimals="-3">14661000</ts:CurrentReceivablesAndPrepaymentsAdvancesToSuppliersAndOtherAdvances>
  <ts:CurrentReceivablesAndPrepaymentsEmployeeAdvancesAndLoans id="Tag1927" contextRef="I20201231" unitRef="USD" decimals="-3">4672000</ts:CurrentReceivablesAndPrepaymentsEmployeeAdvancesAndLoans>
  <ts:CurrentReceivablesAndPrepaymentsGovernmentEntities id="Tag1928" contextRef="I20201231" unitRef="USD" decimals="-3">3075000</ts:CurrentReceivablesAndPrepaymentsGovernmentEntities>
  <ts:CurrentReceivablesAndPrepaymentsPrepaidExpensesAndOtherReceivables id="Tag1929" contextRef="I20191231" unitRef="USD" decimals="-3">30579000</ts:CurrentReceivablesAndPrepaymentsPrepaidExpensesAndOtherReceivables>
  <ifrs-full:GrossProfit id="Tag1930" contextRef="D20191231_UsiminasMember" unitRef="USD" decimals="-3">478141000</ifrs-full:GrossProfit>
  <ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory id="Tag1931" contextRef="D20201231_3">&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-left: 21.3pt; margin-bottom: 0pt; text-indent: -21.3pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;&lt;font style="border-left: none; border-right: none;"&gt;17&lt;/font&gt;&lt;/font&gt;&lt;font style="font: 7pt 'Times New Roman'; -aw-import: spaces;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;Current tax assets&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt; and liabilities&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 2pt; font-weight: bold; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;(all amounts in thousands of U.S. dollars)&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="height: 76px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px;" width="100%"&gt;

&lt;tr style="height: 15px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; background-color: #ffffff; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; background-color: #ffffff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="5" style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Year ended December 31, &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Current tax assets &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font style="border-left: none; border-right: none;"&gt;2020&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font style="border-left: none; border-right: none;"&gt;2019&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; background-color: #cceeff; width: 74%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; V.A.T. credits &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;106,293&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;112,161&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Prepaid taxes &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;30,091&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;55,227&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;136,384&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;167,388&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 2pt; font-weight: bold; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="height: 90px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px;" width="100%"&gt;

&lt;tr style="height: 15px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; background-color: #ffffff; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; background-color: #ffffff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="5" style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; Year ended December 31, &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; Current tax liabilities &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &lt;font style="border-left: none; border-right: none;"&gt;2020&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &lt;font style="border-left: none; border-right: none;"&gt;2019&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; background-color: #cceeff; width: 74%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Income tax liabilities &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;27,616&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;64,994&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; V.A.T. liabilities &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;9,933&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;9,953&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Other taxes &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;53,044&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;52,678&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15px;"&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &lt;font&gt;90,593&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &lt;font&gt;127,625&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;</ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory>
  <ts:DisclosureOfDetailedInformationAboutTaxLiabilitiesTextBlock id="Tag1932" contextRef="D20201231_3">&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="height: 90px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px;" width="100%"&gt;

&lt;tr style="height: 15px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; background-color: #ffffff; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; background-color: #ffffff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="5" style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; Year ended December 31, &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; Current tax liabilities &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &lt;font style="border-left: none; border-right: none;"&gt;2020&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &lt;font style="border-left: none; border-right: none;"&gt;2019&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; background-color: #cceeff; width: 74%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Income tax liabilities &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;27,616&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;64,994&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; V.A.T. liabilities &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;9,933&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;9,953&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Other taxes &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;53,044&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;52,678&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15px;"&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &lt;font&gt;90,593&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &lt;font&gt;127,625&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;</ts:DisclosureOfDetailedInformationAboutTaxLiabilitiesTextBlock>
  <ts:DisclosureOfDetailedInformationAboutCurrentTaxAssetsTextBlock id="Tag1933" contextRef="D20201231_3">&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="height: 76px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px;" width="100%"&gt;

&lt;tr style="height: 15px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; background-color: #ffffff; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; background-color: #ffffff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="5" style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Year ended December 31, &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Current tax assets &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font style="border-left: none; border-right: none;"&gt;2020&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font style="border-left: none; border-right: none;"&gt;2019&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; background-color: #cceeff; width: 74%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; V.A.T. credits &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;106,293&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;112,161&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Prepaid taxes &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;30,091&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;55,227&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;136,384&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;167,388&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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  <ts:DetailedDisclosureOfCashAndCashEquivalentsAndOtherInvestmentsTextBlock id="Tag1983" contextRef="D20201231_3">&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px; height: 258px;" width="100%"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="5" style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Year ended December 31, &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; background-color: #ffffff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (all amounts in thousands of U.S. dollars) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; background-color: #ffffff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;2020&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;2019&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 74%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Cash and cash equivalents &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: Times;"&gt; Cash at banks &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;117,807&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;118,314&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: Times;"&gt; Liquidity funds &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;98,183&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;1,166,697&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: Times;"&gt; Short &amp;#8211; term investments &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;368,691&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;269,288&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;584,681&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;1,554,299&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Other investments - current &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Fixed income (time-deposit, &lt;font&gt;zero&lt;/font&gt; coupon bonds, commercial papers) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;763,697&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;65,874&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Bonds and other fixed income &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;108,791&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;144,502&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;872,488&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;210,376&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Other investments - Non-current &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Bonds and other fixed income &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;239,422&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;18,012&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Others &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;7,660&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;6,922&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;247,082&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;24,934&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;</ts:DetailedDisclosureOfCashAndCashEquivalentsAndOtherInvestmentsTextBlock>
  <ts:DisclosureOfCashAndCashEquivalentsAndOtherInvestmentsTextBlock id="Tag1984" contextRef="D20201231_3">&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-left: 21.3pt; margin-bottom: 0pt; text-indent: -21.3pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;&lt;font style="border-left: none; border-right: none;"&gt;19&lt;/font&gt;&lt;/font&gt;&lt;font style="font: 7pt 'Times New Roman'; -aw-import: spaces;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;Cash and cash equivalents&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt; and &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;o&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;ther investments&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px; height: 258px;" width="100%"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="5" style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Year ended December 31, &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; background-color: #ffffff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (all amounts in thousands of U.S. dollars) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; background-color: #ffffff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;2020&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;2019&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 74%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Cash and cash equivalents &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: Times;"&gt; Cash at banks &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;117,807&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;118,314&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: Times;"&gt; Liquidity funds &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;98,183&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;1,166,697&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: Times;"&gt; Short &amp;#8211; term investments &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;368,691&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;269,288&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;584,681&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;1,554,299&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Other investments - current &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Fixed income (time-deposit, &lt;font&gt;zero&lt;/font&gt; coupon bonds, commercial papers) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;763,697&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;65,874&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Bonds and other fixed income &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;108,791&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;144,502&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;872,488&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;210,376&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Other investments - Non-current &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Bonds and other fixed income &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;239,422&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;18,012&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Others &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;7,660&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;6,922&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;247,082&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;24,934&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 12pt;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;/div&gt;</ts:DisclosureOfCashAndCashEquivalentsAndOtherInvestmentsTextBlock>
  <ifrs-full:BalancesWithBanks id="Tag1985" contextRef="I20191231" unitRef="USD" decimals="-3">118314000</ifrs-full:BalancesWithBanks>
  <ifrs-full:BalancesWithBanks id="Tag1986" contextRef="I20201231" unitRef="USD" decimals="-3">117807000</ifrs-full:BalancesWithBanks>
  <ifrs-full:ShorttermInvestmentsClassifiedAsCashEquivalents id="Tag1987" contextRef="I20201231" unitRef="USD" decimals="-3">368691000</ifrs-full:ShorttermInvestmentsClassifiedAsCashEquivalents>
  <ts:OtherInvestmentsCurrentFixedIncome id="Tag1988" contextRef="I20201231" unitRef="USD" decimals="-3">763697000</ts:OtherInvestmentsCurrentFixedIncome>
  <ts:OtherInvestmentsCurrentFixedIncome id="Tag1989" contextRef="I20191231" unitRef="USD" decimals="-3">65874000</ts:OtherInvestmentsCurrentFixedIncome>
  <ts:OtherInvestmentsNoncurrentBondsAndOtherFixedIncome id="Tag1990" contextRef="I20191231" unitRef="USD" decimals="-3">18012000</ts:OtherInvestmentsNoncurrentBondsAndOtherFixedIncome>
  <ifrs-full:ShorttermDepositsClassifiedAsCashEquivalents id="Tag1991" contextRef="I20201231" unitRef="USD" decimals="-3">98183000</ifrs-full:ShorttermDepositsClassifiedAsCashEquivalents>
  <ts:OtherInvestmentsCurrentBondsAndOtherFixedIncome id="Tag1992" contextRef="I20201231" unitRef="USD" decimals="-3">108791000</ts:OtherInvestmentsCurrentBondsAndOtherFixedIncome>
  <ts:OtherInvestmentsCurrentBondsAndOtherFixedIncome id="Tag1993" contextRef="I20191231" unitRef="USD" decimals="-3">144502000</ts:OtherInvestmentsCurrentBondsAndOtherFixedIncome>
  <ifrs-full:ShorttermInvestmentsClassifiedAsCashEquivalents id="Tag1994" contextRef="I20191231" unitRef="USD" decimals="-3">269288000</ifrs-full:ShorttermInvestmentsClassifiedAsCashEquivalents>
  <ifrs-full:ShorttermDepositsClassifiedAsCashEquivalents id="Tag1995" contextRef="I20191231" unitRef="USD" decimals="-3">1166697000</ifrs-full:ShorttermDepositsClassifiedAsCashEquivalents>
  <ts:OtherInvestmentsNoncurrentOthers id="Tag1996" contextRef="I20201231" unitRef="USD" decimals="-3">7660000</ts:OtherInvestmentsNoncurrentOthers>
  <ts:OtherInvestmentsNoncurrentOthers id="Tag1997" contextRef="I20191231" unitRef="USD" decimals="-3">6922000</ts:OtherInvestmentsNoncurrentOthers>
  <ts:OtherInvestmentsNoncurrentBondsAndOtherFixedIncome id="Tag1998" contextRef="I20201231" unitRef="USD" decimals="-3">239422000</ts:OtherInvestmentsNoncurrentBondsAndOtherFixedIncome>
  <ifrs-full:DisclosureOfBorrowingsExplanatory id="Tag1999" contextRef="D20201231_3">&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-left: 21.3pt; margin-bottom: 0pt; text-indent: -21.3pt; line-height: 12pt; padding-top: 5pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;&lt;font style="border-left: none; border-right: none;"&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font: 7pt 'Times New Roman'; -aw-import: spaces;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;Borrowings&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-left: 21.3pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: Arial; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px; height: 205px;" width="100%"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="5" style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Year ended December 31, &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; background-color: #ffffff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (all amounts in thousands of U.S. dollars) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #ffffff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;2020&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;2019&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #ffffff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Non-current &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 74%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Bank borrowings &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;315,884&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;40,896&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Costs of issue of debt &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;145&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;16&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;315,739&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;40,880&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Current &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Bank borrowings &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;303,170&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;781,258&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Bank overdrafts &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;98&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;24&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Costs of issue of debt &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: spaces;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;10&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;303,268&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;781,272&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Total Borrowings &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;619,007&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;822,152&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 12pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The maturity of borrowings is as follows:&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;(all amounts in thousands of U.S. dollars)&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 113px;" width="100%"&gt;

&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt;&lt;font&gt;1&lt;/font&gt; year or &lt;br/&gt;less&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt;&lt;font&gt;1&lt;/font&gt; - &lt;font&gt;2&lt;/font&gt; &lt;br/&gt;years&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt;&lt;font&gt;2&lt;/font&gt; &amp;#8211; &lt;font&gt;3&lt;/font&gt; &lt;br/&gt;years&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt;&lt;font&gt;3&lt;/font&gt; - &lt;font&gt;4&lt;/font&gt; &lt;br/&gt;years&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt;&lt;font&gt;4&lt;/font&gt; - &lt;font&gt;5&lt;/font&gt; &lt;br/&gt;years&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt;Over &lt;font&gt;5&lt;/font&gt; &lt;br/&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt;years&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Total &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; At December 31, 2020 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: top; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 30%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Borrowings &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 7%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;303,268&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 7%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;104,147&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 7%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;207,595&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 7%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;3,997&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 7%;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 7%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &lt;font&gt;-&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 7%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;619,007&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Total borrowings &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;303,268&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;104,147&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;207,595&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;3,997&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
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&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
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&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Interest to be accrued (*) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;9,829&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;5,068&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;1,014&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;22&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;15,933&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Total &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;313,097&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;109,215&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;208,609&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;4,019&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;634,940&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 99.7548%; height: 106px;" width="100%"&gt;

&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt;&lt;font&gt;1&lt;/font&gt; year or &lt;br/&gt;less&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt;&lt;font&gt;1&lt;/font&gt; - &lt;font&gt;2&lt;/font&gt; &lt;br/&gt;years&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt;&lt;font&gt;2&lt;/font&gt; &amp;#8211; &lt;font&gt;3&lt;/font&gt; &lt;br/&gt;years&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt;&lt;font&gt;3&lt;/font&gt; - &lt;font&gt;4&lt;/font&gt; &lt;br/&gt;years&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt;&lt;font&gt;4&lt;/font&gt; - &lt;font&gt;5&lt;/font&gt; &lt;br/&gt;years&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt;Over &lt;font&gt;5&lt;/font&gt; &lt;br/&gt;years&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Total &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; At December 31, 2019 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: top; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px; width: 30%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Borrowings &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 10px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 10px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px; width: 7%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;781,272&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 10px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 10px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 10px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px; width: 7%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;17,307&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 10px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 10px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 10px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px; width: 7%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;23,573&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 10px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 10px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 10px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px; width: 7%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 10px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 10px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 10px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px; width: 7%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 10px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 10px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 10px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px; width: 7%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 10px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 10px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 10px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px; width: 7%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;822,152&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 10px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Total borrowings &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;781,272&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;17,307&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;23,573&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;822,152&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Interest to be accrued (*) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;11,370&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;1,045&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;117&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;12,532&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Total &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;792,642&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;18,352&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;23,690&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;834,684&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt; background-color: #ffffff;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 9pt; -aw-import: spaces;"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;(*) &lt;font&gt;&lt;font style="border-right: none; border-left: none;"&gt;Includes the effect of hedge accounting.&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Significant borrowings include:&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt;" width="100%"&gt;

&lt;tr style="height: 1pt;"&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; In million of U.S. dollars &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 1pt;"&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Disbursement date &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Borrower &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Type &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Original &amp;amp; Outstanding &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Final maturity &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 1pt; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 26%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;2020&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 13%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Maverick &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 15%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Bilateral &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 23%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;50&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 23%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;2021&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 1pt;"&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;2020&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Maverick &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Bilateral &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;75&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;2022&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 1pt; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;2020&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Tamsa &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Bilateral &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;60&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;2023&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 1pt;"&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;2020&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Tamsa &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Bilateral &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;80&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;2023&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 1pt; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;2020&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Tamsa &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Bilateral &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;60&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;2023&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 1pt;"&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;2020&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; SSPC &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Multiple Banks &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;81&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;2021&lt;/font&gt; - &lt;font&gt;2024&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;As of December 31, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;, Tenaris wa&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;s in compliance with all of its &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;covenants. &lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;div&gt;

&lt;/div&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;The weighted average interest rates before tax shown below were calculated using the rates set for each instrument in its corresponding currency as of December 31, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; and &lt;font&gt;201&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;9&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;considering hedge accounting&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; where applicable&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%"&gt;

&lt;tr style="height: 13pt;"&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt; &lt;font&gt;2020&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt; &lt;font&gt;2019&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 13pt; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 74%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Total borrowings &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 10%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2.51&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 1%; background-color: #cceeff;"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 10%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;3.18&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 1%; background-color: #cceeff;"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Breakdown of long-term borrowings by currency and rate is as follows:&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;Non-current borrowings&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px; height: 137px;" width="100%"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: middle; background-color: #ffffff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (all amounts in thousands of U.S. dollars) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="5" style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Year ended December 31, &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #ffffff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Currency &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Interest rates &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 17px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;2020&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 17px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;2019&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; USD &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Variable &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;274,600&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 37%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; USD &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 36%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Fixed &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;17,936&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;18,370&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; SAR &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Fixed &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;20,902&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;16,106&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; EUR &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Fixed &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;1,828&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;5,108&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; EUR &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Variable &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;473&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;1,296&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Total non-current borrowings &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;315,739&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;40,880&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Breakdown of short-term borrowings by currency and rate is as follows:&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;Current&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt; borrowings&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px;" width="100%"&gt;

&lt;tr style="height: 1pt;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: middle; background-color: #ffffff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (all amounts in thousands of U.S. dollars) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: middle; background-color: #ffffff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #ffffff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #ffffff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #ffffff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="5" style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #ffffff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt; Year ended December 31, &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #ffffff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 1pt;"&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #ffffff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt; Currency &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #ffffff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #ffffff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt; Interest rates &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #ffffff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #ffffff;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt; &lt;font&gt;2020&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #ffffff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #ffffff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #ffffff;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt; &lt;font&gt;2019&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #ffffff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 1pt; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 37%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; USD &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 36%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Variable &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;67,823&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;17,092&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 1pt;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; USD &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Fixed &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,322&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;274,799&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 1pt; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; EUR &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Variable &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,015&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;80&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 1pt;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; EUR &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Fixed &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;3,886&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;3,772&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 1pt; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; MXN &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Fixed &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;147,997&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;424,964&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 1pt;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; ARS &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Fixed &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;3,699&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;86&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 1pt; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; SAR &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Variable &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;37,776&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;35,666&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 1pt;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; SAR &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Fixed &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;38,750&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;24,797&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 1pt; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Others &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Variable &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: spaces;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;16&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 1pt;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt; Total current borrowings &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt; &lt;font&gt;303,268&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt; &lt;font&gt;781,272&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt;Borrowing&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; evolution&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px; height: 171px;" width="100%"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #ffffff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #ffffff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="5" style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Year ended December 31, 2020 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; background-color: #ffffff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (all amounts in thousands of U.S. dollars) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; background-color: #ffffff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: middle; height: 17px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Non current &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: middle; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: middle; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: middle; height: 17px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Current &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: middle; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 74%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; At the beginning of the year &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;40,880&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;781,272&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Translation differences &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;266&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;(&lt;font&gt;487&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Proceeds and repayments, net &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;234,455&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;(&lt;font&gt;478,913&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Interests accrued less payments &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;426&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;(&lt;font&gt;12,016&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Reclassifications &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;(&lt;font&gt;12,940&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;12,940&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Increase due to business combinations &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;52,652&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;398&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Overdrafts variation &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;74&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; At the end of the year &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;315,739&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;303,268&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;</ifrs-full:DisclosureOfBorrowingsExplanatory>
  <ts:DisclosureOfBorrowingsEvolutionTextBlock id="Tag2000" contextRef="D20201231_3">&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px; height: 171px;" width="100%"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #ffffff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #ffffff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="5" style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Year ended December 31, 2020 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; background-color: #ffffff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (all amounts in thousands of U.S. dollars) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; background-color: #ffffff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: middle; height: 17px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Non current &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: middle; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: middle; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: middle; height: 17px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Current &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: middle; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 74%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; At the beginning of the year &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;40,880&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;781,272&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Translation differences &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;266&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;(&lt;font&gt;487&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Proceeds and repayments, net &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;234,455&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;(&lt;font&gt;478,913&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Interests accrued less payments &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;426&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;(&lt;font&gt;12,016&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Reclassifications &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;(&lt;font&gt;12,940&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;12,940&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Increase due to business combinations &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;52,652&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;398&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Overdrafts variation &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;74&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; At the end of the year &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;315,739&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;303,268&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;</ts:DisclosureOfBorrowingsEvolutionTextBlock>
  <ifrs-full:LongtermBorrowings id="Tag2001" contextRef="I20201231_FixedInterestRateMember_SAR" unitRef="USD" decimals="-3">20902000</ifrs-full:LongtermBorrowings>
  <ts:CurrentCostsOfIssueOfDebt id="Tag2002" contextRef="I20191231" unitRef="USD" decimals="-3">10000</ts:CurrentCostsOfIssueOfDebt>
  <ts:CurrentBorrowingsBeforeCostsOfIssueOfDebt id="Tag2003" contextRef="I20201231_BankOverdrafts1Member" unitRef="USD" decimals="-3">98000</ts:CurrentBorrowingsBeforeCostsOfIssueOfDebt>
  <ifrs-full:Borrowings id="Tag2004" contextRef="I20201231_OtherBorrowingsMember_LaterThanFiveYearsMember" unitRef="USD" xsi:nil="true" />
  <ifrs-full:LongtermBorrowings id="Tag2005" contextRef="I20201231_FixedInterestRateMember_EUR" unitRef="USD" decimals="-3">1828000</ifrs-full:LongtermBorrowings>
  <ifrs-full:CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings id="Tag2006" contextRef="I20191231_FixedInterestRateMember_ARS" unitRef="USD" decimals="-3">86000</ifrs-full:CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings>
  <ifrs-full:Borrowings id="Tag2007" contextRef="I20191231_OtherBorrowingsMember_LaterThanFiveYearsMember" unitRef="USD" xsi:nil="true" />
  <ts:EffectOfOverdraftsVariationOnLongtermBorrowings id="Tag2008" contextRef="D20201231_3" unitRef="USD" xsi:nil="true" />
  <ts:EffectOfReclassificationsOnLongtermBorrowings id="Tag2009" contextRef="D20201231_3" unitRef="USD" decimals="-3">-12940000</ts:EffectOfReclassificationsOnLongtermBorrowings>
  <ts:DisclosureOfDetailedInformationAboutTheMaturityOfBorrowingsTextBlock id="Tag2010" contextRef="D20201231_3">&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 113px;" width="100%"&gt;

&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt;&lt;font&gt;1&lt;/font&gt; year or &lt;br/&gt;less&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt;&lt;font&gt;1&lt;/font&gt; - &lt;font&gt;2&lt;/font&gt; &lt;br/&gt;years&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt;&lt;font&gt;2&lt;/font&gt; &amp;#8211; &lt;font&gt;3&lt;/font&gt; &lt;br/&gt;years&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt;&lt;font&gt;3&lt;/font&gt; - &lt;font&gt;4&lt;/font&gt; &lt;br/&gt;years&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt;&lt;font&gt;4&lt;/font&gt; - &lt;font&gt;5&lt;/font&gt; &lt;br/&gt;years&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt;Over &lt;font&gt;5&lt;/font&gt; &lt;br/&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt;years&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Total &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; At December 31, 2020 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: top; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 30%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Borrowings &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 7%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;303,268&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 7%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;104,147&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 7%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;207,595&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 7%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;3,997&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 7%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 7%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &lt;font&gt;-&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 7%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;619,007&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Total borrowings &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;303,268&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;104,147&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;207,595&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;3,997&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;619,007&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Interest to be accrued (*) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;9,829&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;5,068&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;1,014&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;22&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;15,933&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Total &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;313,097&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;109,215&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;208,609&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;4,019&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;634,940&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;

&lt;table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 99.7548%; height: 106px;" width="100%"&gt;

&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt;&lt;font&gt;1&lt;/font&gt; year or &lt;br/&gt;less&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt;&lt;font&gt;1&lt;/font&gt; - &lt;font&gt;2&lt;/font&gt; &lt;br/&gt;years&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt;&lt;font&gt;2&lt;/font&gt; &amp;#8211; &lt;font&gt;3&lt;/font&gt; &lt;br/&gt;years&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt;&lt;font&gt;3&lt;/font&gt; - &lt;font&gt;4&lt;/font&gt; &lt;br/&gt;years&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt;&lt;font&gt;4&lt;/font&gt; - &lt;font&gt;5&lt;/font&gt; &lt;br/&gt;years&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt;Over &lt;font&gt;5&lt;/font&gt; &lt;br/&gt;years&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Total &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; At December 31, 2019 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: top; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px; width: 30%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Borrowings &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 10px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 10px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px; width: 7%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;781,272&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 10px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 10px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 10px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px; width: 7%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;17,307&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 10px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 10px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 10px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px; width: 7%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;23,573&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 10px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 10px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 10px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px; width: 7%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 10px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 10px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 10px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px; width: 7%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 10px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 10px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 10px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px; width: 7%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 10px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 10px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 10px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px; width: 7%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;822,152&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 10px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Total borrowings &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;781,272&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;17,307&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;23,573&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;822,152&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Interest to be accrued (*) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;11,370&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;1,045&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;117&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;12,532&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Total &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;792,642&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;18,352&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;23,690&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;834,684&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;</ts:DisclosureOfDetailedInformationAboutTheMaturityOfBorrowingsTextBlock>
  <ts:DisclosureOfDetailedInformationAboutBorrowingsByCurrencyAndRateTextBlock id="Tag2011" contextRef="D20201231_3">&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px; height: 137px;" width="100%"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: middle; background-color: #ffffff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (all amounts in thousands of U.S. dollars) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="5" style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Year ended December 31, &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #ffffff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Currency &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Interest rates &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 17px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;2020&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 17px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;2019&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; USD &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Variable &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;274,600&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 37%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; USD &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 36%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Fixed &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;17,936&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;18,370&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; SAR &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Fixed &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;20,902&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;16,106&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; EUR &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Fixed &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;1,828&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;5,108&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; EUR &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Variable &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;473&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;1,296&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Total non-current borrowings &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;315,739&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;40,880&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;

&lt;table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px;" width="100%"&gt;

&lt;tr style="height: 1pt;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: middle; background-color: #ffffff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (all amounts in thousands of U.S. dollars) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: middle; background-color: #ffffff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #ffffff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #ffffff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #ffffff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="5" style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #ffffff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt; Year ended December 31, &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #ffffff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 1pt;"&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #ffffff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt; Currency &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #ffffff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #ffffff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt; Interest rates &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #ffffff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #ffffff;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt; &lt;font&gt;2020&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #ffffff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #ffffff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #ffffff;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt; &lt;font&gt;2019&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #ffffff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 1pt; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 37%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; USD &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 36%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Variable &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;67,823&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;17,092&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 1pt;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; USD &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Fixed &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,322&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;274,799&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 1pt; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; EUR &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Variable &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,015&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;80&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 1pt;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; EUR &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Fixed &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;3,886&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;3,772&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 1pt; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; MXN &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Fixed &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;147,997&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;424,964&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 1pt;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; ARS &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Fixed &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;3,699&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;86&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 1pt; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; SAR &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Variable &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;37,776&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;35,666&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 1pt;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; SAR &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Fixed &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;38,750&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;24,797&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 1pt; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Others &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Variable &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: spaces;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;16&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 1pt;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt; Total current borrowings &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt; &lt;font&gt;303,268&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt; &lt;font&gt;781,272&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;</ts:DisclosureOfDetailedInformationAboutBorrowingsByCurrencyAndRateTextBlock>
  <ts:DisclosureOfDetailedInformationAboutSignificantBorrowingsTextBlock id="Tag2012" contextRef="D20201231_3">&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt;" width="100%"&gt;

&lt;tr style="height: 1pt;"&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; In million of U.S. dollars &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 1pt;"&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Disbursement date &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Borrower &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Type &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Original &amp;amp; Outstanding &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Final maturity &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 1pt; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 26%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;2020&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 13%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Maverick &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 15%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Bilateral &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 23%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;50&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 23%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;2021&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 1pt;"&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;2020&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Maverick &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Bilateral &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;75&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;2022&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 1pt; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;2020&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Tamsa &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Bilateral &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;60&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;2023&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 1pt;"&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;2020&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Tamsa &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Bilateral &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;80&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;2023&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 1pt; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;2020&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Tamsa &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Bilateral &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;60&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;2023&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 1pt;"&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;2020&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; SSPC &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Multiple Banks &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;81&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;2021&lt;/font&gt; - &lt;font&gt;2024&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;</ts:DisclosureOfDetailedInformationAboutSignificantBorrowingsTextBlock>
  <ts:DisclosureOfDetailedInformationAboutWeightedAverageInterestRatesOfBorrowingsTextBlock id="Tag2013" contextRef="D20201231_3">&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%"&gt;

&lt;tr style="height: 13pt;"&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt; &lt;font&gt;2020&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt; &lt;font&gt;2019&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 13pt; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 74%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Total borrowings &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 10%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2.51&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 1%; background-color: #cceeff;"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 10%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;3.18&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 1%; background-color: #cceeff;"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;</ts:DisclosureOfDetailedInformationAboutWeightedAverageInterestRatesOfBorrowingsTextBlock>
  <ifrs-full:DisclosureOfDetailedInformationAboutBorrowingsExplanatory id="Tag2014" contextRef="D20201231_3">&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px; height: 205px;" width="100%"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="5" style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Year ended December 31, &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; background-color: #ffffff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (all amounts in thousands of U.S. dollars) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #ffffff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;2020&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;2019&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #ffffff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Non-current &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 74%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Bank borrowings &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;315,884&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;40,896&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Costs of issue of debt &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;145&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;16&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;315,739&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;40,880&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Current &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Bank borrowings &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;303,170&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;781,258&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Bank overdrafts &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;98&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;24&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Costs of issue of debt &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: spaces;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;10&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;303,268&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;781,272&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Total Borrowings &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;619,007&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;822,152&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;</ifrs-full:DisclosureOfDetailedInformationAboutBorrowingsExplanatory>
  <ifrs-full:Borrowings id="Tag2015" contextRef="I20201231_LaterThanTwoYearsAndNotLaterThanThreeYearsMember" unitRef="USD" decimals="-3">207595000</ifrs-full:Borrowings>
  <ifrs-full:CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings id="Tag2016" contextRef="I20191231_FixedInterestRateMember_MXN" unitRef="USD" decimals="-3">424964000</ifrs-full:CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings>
  <ifrs-full:Borrowings id="Tag2017" contextRef="I20191231_OtherBorrowingsMember_NotLaterThanOneYearMember" unitRef="USD" decimals="-3">781272000</ifrs-full:Borrowings>
  <ifrs-full:InterestPayable id="Tag2018" contextRef="I20201231_LaterThanOneYearAndNotLaterThanTwoYearsMember" unitRef="USD" decimals="-3">5068000</ifrs-full:InterestPayable>
  <ts:BorrowingsIncludingInterestToBeAccrued id="Tag2019" contextRef="I20191231_LaterThanTwoYearsAndNotLaterThanThreeYearsMember" unitRef="USD" decimals="-3">23690000</ts:BorrowingsIncludingInterestToBeAccrued>
  <ifrs-full:CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings id="Tag2020" contextRef="I20201231_FloatingInterestRateMember_OtherCurrencyMember" unitRef="USD" xsi:nil="true" />
  <ts:NoncurrentBorrowingsBeforeCostsOfIssueOfDebt id="Tag2021" contextRef="I20191231_BankBorrowingsMember" unitRef="USD" decimals="-3">40896000</ts:NoncurrentBorrowingsBeforeCostsOfIssueOfDebt>
  <ifrs-full:CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings id="Tag2022" contextRef="I20191231_FloatingInterestRateMember_USD" unitRef="USD" decimals="-3">17092000</ifrs-full:CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings>
  <ts:EffectOfBusinessCombinationsOnLongtermBorrowings id="Tag2023" contextRef="D20201231_3" unitRef="USD" decimals="-3">52652000</ts:EffectOfBusinessCombinationsOnLongtermBorrowings>
  <ts:EffectOfOverdraftsVariationOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings id="Tag2024" contextRef="D20201231_3" unitRef="USD" decimals="-3">74000</ts:EffectOfOverdraftsVariationOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings>
  <ifrs-full:Borrowings id="Tag2025" contextRef="I20201231_SignificantBorrowingsAsOfClosingDateMember_TamsaHydrilAndOtherTwoMember" unitRef="USD" decimals="-6">80000000</ifrs-full:Borrowings>
  <ifrs-full:InterestPayable id="Tag2026" contextRef="I20191231_NotLaterThanOneYearMember" unitRef="USD" decimals="-3">11370000</ifrs-full:InterestPayable>
  <ifrs-full:CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings id="Tag2027" contextRef="I20201231_FixedInterestRateMember_USD" unitRef="USD" decimals="-3">2322000</ifrs-full:CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings>
  <ifrs-full:Borrowings id="Tag2028" contextRef="I20191231_OtherBorrowingsMember_LaterThanTwoYearsAndNotLaterThanThreeYearsMember" unitRef="USD" decimals="-3">23573000</ifrs-full:Borrowings>
  <ts:EffectOfBusinessCombinationsOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings id="Tag2029" contextRef="D20201231_3" unitRef="USD" decimals="-3">398000</ts:EffectOfBusinessCombinationsOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings>
  <ifrs-full:Borrowings id="Tag2030" contextRef="I20191231_LaterThanTwoYearsAndNotLaterThanThreeYearsMember" unitRef="USD" decimals="-3">23573000</ifrs-full:Borrowings>
  <ifrs-full:Borrowings id="Tag2031" contextRef="I20191231_LaterThanOneYearAndNotLaterThanTwoYearsMember" unitRef="USD" decimals="-3">17307000</ifrs-full:Borrowings>
  <ifrs-full:BorrowingsInterestRate id="Tag2032" contextRef="I20201231_WeightedAverageMember" unitRef="Pure" decimals="4">0.0251</ifrs-full:BorrowingsInterestRate>
  <ts:BorrowingsIncludingInterestToBeAccrued id="Tag2033" contextRef="I20191231" unitRef="USD" decimals="-3">834684000</ts:BorrowingsIncludingInterestToBeAccrued>
  <ts:EffectOfInterestsAccruedNetOfPaymentsOnLongtermBorrowings id="Tag2034" contextRef="D20201231_3" unitRef="USD" decimals="-3">426000</ts:EffectOfInterestsAccruedNetOfPaymentsOnLongtermBorrowings>
  <ts:BorrowingsIncludingInterestToBeAccrued id="Tag2035" contextRef="I20201231_LaterThanTwoYearsAndNotLaterThanThreeYearsMember" unitRef="USD" decimals="-3">208609000</ts:BorrowingsIncludingInterestToBeAccrued>
  <ifrs-full:CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings id="Tag2036" contextRef="I20201231_FixedInterestRateMember_SAR" unitRef="USD" decimals="-3">38750000</ifrs-full:CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings>
  <ifrs-full:Borrowings id="Tag2037" contextRef="I20201231_OtherBorrowingsMember_LaterThanThreeYearsAndNotLaterThanFourYearsMember" unitRef="USD" decimals="-3">3997000</ifrs-full:Borrowings>
  <ifrs-full:LongtermBorrowings id="Tag2038" contextRef="I20191231_FloatingInterestRateMember_EUR" unitRef="USD" decimals="-3">1296000</ifrs-full:LongtermBorrowings>
  <ts:BorrowingsIncludingInterestToBeAccrued id="Tag2039" contextRef="I20191231_NotLaterThanOneYearMember" unitRef="USD" decimals="-3">792642000</ts:BorrowingsIncludingInterestToBeAccrued>
  <ifrs-full:CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings id="Tag2040" contextRef="I20201231_FixedInterestRateMember_MXN" unitRef="USD" decimals="-3">147997000</ifrs-full:CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings>
  <ifrs-full:CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings id="Tag2041" contextRef="I20201231_FloatingInterestRateMember_EUR" unitRef="USD" decimals="-3">1015000</ifrs-full:CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings>
  <ifrs-full:Borrowings id="Tag2042" contextRef="I20201231_SignificantBorrowingsAsOfClosingDateMember_TamsaHydrilAndOtherOneMember" unitRef="USD" decimals="-6">60000000</ifrs-full:Borrowings>
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&lt;table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px;" width="100%"&gt;

&lt;tr style="height: 1pt;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: middle; background-color: #ffffff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (all amounts in thousands of U.S. dollars) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: middle; background-color: #ffffff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="5" style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Year ended December 31, &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: middle; background-color: #ffffff; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #ffffff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 10px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt; &lt;font&gt;2020&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 10px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt; &lt;font&gt;2019&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 1pt; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 74%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Deferred tax assets &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;205,590&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 1%;"&gt;)&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;225,680&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 1%;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 1pt;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Deferred tax liabilities &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;254,801&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;336,982&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 1pt; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;49,211&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;111,302&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

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&lt;table cellspacing="0" cellpadding="0" style="height: 129px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px;" width="100%"&gt;

&lt;tr style="height: 16px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #ffffff; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #ffffff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="5" style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt; Year ended December 31, &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: middle; background-color: #ffffff; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #ffffff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 10px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt; &lt;font&gt;2020&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 10px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt; &lt;font&gt;2019&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 74%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; At the beginning of the year &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;111,302&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;197,433&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Translation differences &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;6,854&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,100&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Increase due to business combinations &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;32,099&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;10,847&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Charged to other comprehensive income &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: spaces;"&gt; &amp;nbsp;(&lt;font&gt;3,146&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom;"&gt;)&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: spaces;"&gt; &amp;nbsp;(&lt;font&gt;838&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Income statement (credit) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: spaces;"&gt; &amp;nbsp;(&lt;font&gt;97,898&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: spaces;"&gt; &amp;nbsp;(&lt;font&gt;97,240&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt; At the end of the year &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt; &lt;font&gt;49,211&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt; &lt;font&gt;111,302&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

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  <ts:CurrentTradeReceivablesNotGuaranteed id="Tag2141" contextRef="I20201231_CurrentTradeReceivablesPastDueLessThan180DaysMember" unitRef="USD" decimals="-3">116802000</ts:CurrentTradeReceivablesNotGuaranteed>
  <ts:CurrentTradeReceivablesGuaranteed id="Tag2142" contextRef="I20201231_CurrentTradeReceivablesNotDueMember" unitRef="USD" decimals="-3">170796000</ts:CurrentTradeReceivablesGuaranteed>
  <ts:CurrentTradeReceivablesGuaranteed id="Tag2143" contextRef="I20201231_CurrentTradeReceivablesPastDueLessThan180DaysMember" unitRef="USD" decimals="-3">18778000</ts:CurrentTradeReceivablesGuaranteed>
  <ts:CurrentTradeReceivablesExpectedLossRate id="Tag2144" contextRef="I20191231_CurrentTradeReceivablesPastDueLessThan180DaysMember" unitRef="Pure" decimals="4">0.0024</ts:CurrentTradeReceivablesExpectedLossRate>
  <ts:CurrentTradeReceivablesExpectedLossRate id="Tag2145" contextRef="I20191231_CurrentTradeReceivablesPastDueGreaterThan180DaysMember" unitRef="Pure" decimals="4">0.0057</ts:CurrentTradeReceivablesExpectedLossRate>
  <ts:CurrentTradeReceivablesExpectedLossRate id="Tag2146" contextRef="I20191231" unitRef="Pure" decimals="4">0.0009</ts:CurrentTradeReceivablesExpectedLossRate>
  <ifrs-full:CurrentTradeReceivables id="Tag2147" contextRef="I20201231_CurrentTradeReceivablesPastDueLessThan180DaysMember" unitRef="USD" decimals="-3">134238000</ifrs-full:CurrentTradeReceivables>
  <ts:CurrentTradeReceivablesAllowanceForDoubtfulAccounts id="Tag2148" contextRef="I20201231" unitRef="USD" decimals="-3">53676000</ts:CurrentTradeReceivablesAllowanceForDoubtfulAccounts>
  <ts:DisclosureOfDetailedInformationAboutCurrentTradeReceivablesTextBlock id="Tag2149" contextRef="D20201231_3">&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="height: 106px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px;" width="100%"&gt;

&lt;tr style="height: 15px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #ffffff; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #ffffff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="5" style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Year ended December 31, &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; background-color: #ffffff; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (all amounts in thousands of U.S. dollars) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; background-color: #ffffff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &lt;font style="border-left: none; border-right: none;"&gt;2020&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &lt;font style="border-left: none; border-right: none;"&gt;2019&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; background-color: #cceeff; width: 74%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Current accounts &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,017,663&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,387,494&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Receivables from related parties &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;4,161&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;9,448&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,021,824&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,396,942&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Allowance for doubtful accounts, see note &lt;font style="border-left: none; border-right: none;"&gt;24&lt;/font&gt; (i) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;53,676&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;48,782&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &lt;font&gt;968,148&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &lt;font&gt;1,348,160&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;</ts:DisclosureOfDetailedInformationAboutCurrentTradeReceivablesTextBlock>
  <ts:DisclosureIfDetailedInformationAboutTheAgingOfTradeReceivablesTextBlock id="Tag2150" contextRef="D20201231_3">&lt;div&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;table cellspacing="0" cellpadding="0" style="height: 146px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px;" width="100%"&gt;

&lt;tr style="height: 15px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; background-color: #ffffff; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;(all amounts in thousands of U.S. dollars) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.03pt; padding-left: 5.4pt; vertical-align: bottom; height: 25px;" rowspan="2" colspan="4"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Trade Receivables &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.03pt; padding-left: 5.4pt; vertical-align: bottom; height: 25px;" rowspan="2" colspan="4"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Not Due &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000;" colspan="7"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Past due &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: bottom; border-bottom: 1pt solid #000000; height: 10px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font style="border-left: none; border-right: none;"&gt;1&lt;/font&gt; - &lt;font style="border-left: none; border-right: none;"&gt;180&lt;/font&gt; days &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-bottom: 1pt solid #000000; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &amp;gt; &lt;font style="border-left: none; border-right: none;"&gt;180&lt;/font&gt; days &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; At December 31, 2020 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; width: 45%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Guaranteed &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; width: 11%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;191,514&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; width: 11%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;170,796&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; width: 11%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;18,778&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; width: 11%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;1,940&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Not guaranteed &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;830,310&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;655,132&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;116,802&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;58,376&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Guaranteed and not guaranteed &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;1,021,824&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;825,928&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;135,580&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;60,316&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Expected loss rate &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: middle; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: middle; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;0.07&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: #cceeff; height: 15px; text-align: left;"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: middle; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: middle; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: middle; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;0.04&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: #cceeff; height: 15px; text-align: left;"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: middle; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: middle; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: middle; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;0.23&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: #cceeff; height: 15px; text-align: left;"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: middle; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: middle; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: middle; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;0.72&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: #cceeff; height: 15px; text-align: left;"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Allowances for doubtful accounts &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;721&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;321&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;331&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;69&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Nominative allowances for doubtful accounts &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;52,955&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;718&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;1,011&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;51,226&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Net Value &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;968,148&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;824,889&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;134,238&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;9,021&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;table cellspacing="0" cellpadding="0" style="height: 162px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px;" width="100%"&gt;

&lt;tr style="height: 15px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; background-color: #ffffff; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (all amounts in thousands of U.S. dollars) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.03pt; padding-left: 5.4pt; vertical-align: bottom; height: 25px;" rowspan="2" colspan="4"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Trade Receivables &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.03pt; padding-left: 5.4pt; vertical-align: bottom; height: 25px;" rowspan="2" colspan="4"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Not Due &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000;" colspan="7"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Past due &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: bottom; border-bottom: 1pt solid #000000; height: 10px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font style="border-left: none; border-right: none;"&gt;1&lt;/font&gt; - &lt;font style="border-left: none; border-right: none;"&gt;180&lt;/font&gt; days &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-bottom: 1pt solid #000000; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &amp;gt; &lt;font style="border-left: none; border-right: none;"&gt;180&lt;/font&gt; days &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; At December 31, 2019 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 45%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Guaranteed &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 11%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;234,427&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 11%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;205,764&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 11%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;26,899&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 11%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;1,764&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Not guaranteed &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;1,162,515&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;948,449&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;157,960&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;56,106&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Guaranteed and not guaranteed &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;1,396,942&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;1,154,213&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;184,859&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;57,870&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Expected loss rate &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;0.09&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: #cceeff; height: 17px; text-align: left;"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;0.04&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: #cceeff; height: 17px; text-align: left;"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;0.24&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: #cceeff; height: 17px; text-align: left;"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;0.57&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: #cceeff; height: 17px; text-align: left;"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Allowances for doubtful accounts &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;1,294&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;529&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;455&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;310&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Nominative allowances for doubtful accounts &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;47,488&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;1,922&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;45,566&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Net Value &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;1,348,160&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;1,153,684&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;182,482&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;11,994&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;</ts:DisclosureIfDetailedInformationAboutTheAgingOfTradeReceivablesTextBlock>
  <ts:CurrentTradeReceivablesCurrentAccounts id="Tag2151" contextRef="I20201231" unitRef="USD" decimals="-3">1017663000</ts:CurrentTradeReceivablesCurrentAccounts>
  <ts:CurrentTradeReceivablesNotGuaranteed id="Tag2152" contextRef="I20191231_CurrentTradeReceivablesNotDueMember" unitRef="USD" decimals="-3">948449000</ts:CurrentTradeReceivablesNotGuaranteed>
  <ts:CurrentTradeReceivablesGross id="Tag2153" contextRef="I20191231" unitRef="USD" decimals="-3">1396942000</ts:CurrentTradeReceivablesGross>
  <ts:CurrentTradeReceivablesGross id="Tag2154" contextRef="I20201231_CurrentTradeReceivablesPastDueGreaterThan180DaysMember" unitRef="USD" decimals="-3">60316000</ts:CurrentTradeReceivablesGross>
  <ts:CurrentTradeReceivablesNotGuaranteed id="Tag2155" contextRef="I20191231" unitRef="USD" decimals="-3">1162515000</ts:CurrentTradeReceivablesNotGuaranteed>
  <ts:CurrentTradeReceivablesNominativeAllowancesForDoubtfulAccounts id="Tag2156" contextRef="I20201231" unitRef="USD" decimals="-3">52955000</ts:CurrentTradeReceivablesNominativeAllowancesForDoubtfulAccounts>
  <ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory id="Tag2157" contextRef="D20201231_3">&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-left: 21.3pt; margin-bottom: 0pt; text-indent: -21.3pt; line-height: 12pt; padding-top: 5pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;&lt;font style="border-left: none; border-right: none;"&gt;18&lt;/font&gt;&lt;/font&gt;&lt;font style="font: 7pt 'Times New Roman'; -aw-import: spaces;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;Trade receivables, net&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 2pt; font-weight: bold; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="height: 106px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px;" width="100%"&gt;

&lt;tr style="height: 15px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #ffffff; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #ffffff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="5" style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Year ended December 31, &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; background-color: #ffffff; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (all amounts in thousands of U.S. dollars) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; background-color: #ffffff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &lt;font style="border-left: none; border-right: none;"&gt;2020&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &lt;font style="border-left: none; border-right: none;"&gt;2019&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; background-color: #cceeff; width: 74%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Current accounts &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,017,663&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,387,494&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Receivables from related parties &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;4,161&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;9,448&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,021,824&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,396,942&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Allowance for doubtful accounts, see note &lt;font style="border-left: none; border-right: none;"&gt;24&lt;/font&gt; (i) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;53,676&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;48,782&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &lt;font&gt;968,148&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &lt;font&gt;1,348,160&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The following table sets forth details &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;of the aging&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; of trade receivables:&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;div&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;table cellspacing="0" cellpadding="0" style="height: 146px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px;" width="100%"&gt;

&lt;tr style="height: 15px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; background-color: #ffffff; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;(all amounts in thousands of U.S. dollars) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.03pt; padding-left: 5.4pt; vertical-align: bottom; height: 25px;" rowspan="2" colspan="4"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Trade Receivables &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.03pt; padding-left: 5.4pt; vertical-align: bottom; height: 25px;" rowspan="2" colspan="4"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Not Due &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000;" colspan="7"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Past due &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: bottom; border-bottom: 1pt solid #000000; height: 10px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font style="border-left: none; border-right: none;"&gt;1&lt;/font&gt; - &lt;font style="border-left: none; border-right: none;"&gt;180&lt;/font&gt; days &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-bottom: 1pt solid #000000; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &amp;gt; &lt;font style="border-left: none; border-right: none;"&gt;180&lt;/font&gt; days &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; At December 31, 2020 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; width: 45%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Guaranteed &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; width: 11%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;191,514&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; width: 11%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;170,796&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; width: 11%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;18,778&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; width: 11%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;1,940&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Not guaranteed &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;830,310&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;655,132&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;116,802&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;58,376&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Guaranteed and not guaranteed &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;1,021,824&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;825,928&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;135,580&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;60,316&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Expected loss rate &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: middle; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: middle; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;0.07&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: #cceeff; height: 15px; text-align: left;"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: middle; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: middle; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: middle; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;0.04&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: #cceeff; height: 15px; text-align: left;"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: middle; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: middle; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: middle; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;0.23&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: #cceeff; height: 15px; text-align: left;"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: middle; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: middle; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: middle; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;0.72&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: #cceeff; height: 15px; text-align: left;"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Allowances for doubtful accounts &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;721&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;321&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;331&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;69&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Nominative allowances for doubtful accounts &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;52,955&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;718&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;1,011&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;51,226&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Net Value &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;968,148&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;824,889&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;134,238&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;9,021&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;table cellspacing="0" cellpadding="0" style="height: 162px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px;" width="100%"&gt;

&lt;tr style="height: 15px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; background-color: #ffffff; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (all amounts in thousands of U.S. dollars) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.03pt; padding-left: 5.4pt; vertical-align: bottom; height: 25px;" rowspan="2" colspan="4"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Trade Receivables &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.03pt; padding-left: 5.4pt; vertical-align: bottom; height: 25px;" rowspan="2" colspan="4"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Not Due &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000;" colspan="7"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Past due &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: bottom; border-bottom: 1pt solid #000000; height: 10px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font style="border-left: none; border-right: none;"&gt;1&lt;/font&gt; - &lt;font style="border-left: none; border-right: none;"&gt;180&lt;/font&gt; days &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-bottom: 1pt solid #000000; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &amp;gt; &lt;font style="border-left: none; border-right: none;"&gt;180&lt;/font&gt; days &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; At December 31, 2019 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 45%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Guaranteed &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 11%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;234,427&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 11%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;205,764&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 11%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;26,899&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 11%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;1,764&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Not guaranteed &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;1,162,515&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;948,449&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;157,960&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;56,106&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Guaranteed and not guaranteed &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;1,396,942&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;1,154,213&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;184,859&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;57,870&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Expected loss rate &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;0.09&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: #cceeff; height: 17px; text-align: left;"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;0.04&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: #cceeff; height: 17px; text-align: left;"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;0.24&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: #cceeff; height: 17px; text-align: left;"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;0.57&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: #cceeff; height: 17px; text-align: left;"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Allowances for doubtful accounts &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;1,294&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;529&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;455&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;310&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Nominative allowances for doubtful accounts &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;47,488&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;1,922&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;45,566&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Net Value &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;1,348,160&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;1,153,684&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;182,482&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;11,994&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Trade receivables are mainly denominated in &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;U.S. dollars.&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;</ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory>
  <ifrs-full:DisclosureOfOtherLiabilitiesExplanatory id="Tag2158" contextRef="D20201231_3">&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-left: 35.45pt; margin-bottom: 0pt; text-indent: -35.45pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;&lt;font style="border-left: none; border-right: none;"&gt;22&lt;/font&gt;&lt;/font&gt;&lt;font style="font: 7pt 'Times New Roman'; -aw-import: spaces;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;Other liabilities&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-left: 36pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-left: 54pt; margin-bottom: 0pt; text-indent: -36pt; line-height: 12pt;"&gt;&lt;font style="font-weight: bold;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;(i)&lt;/font&gt;&lt;font style="font-style: normal; font-variant: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: 'Times New Roman';"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Other liabilities &amp;#8211; Non current&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="height: 102px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px;" width="100%"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #ffffff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #ffffff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="5" style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Year ended December 31, &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; background-color: #ffffff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (all amounts in thousands of U.S. dollars) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; background-color: #ffffff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font style="border-left: none; border-right: none;"&gt;2020&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font style="border-left: none; border-right: none;"&gt;2019&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 74%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Post-employment benefits &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 1%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 1%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 10%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;136,811&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 10%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;144,993&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Other-long term benefits &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;64,928&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;85,473&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Miscellaneous &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;43,896&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;20,917&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;245,635&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;251,383&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 12pt; font-weight: bold; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 36pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;Post-employment benefits&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px;" width="100%"&gt;

&lt;tr style="height: 1pt;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="5" style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Year ended December 31, &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 1pt;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (all amounts in thousands of U.S. dollars) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font style="border-left: none; border-right: none;"&gt;2020&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font style="border-left: none; border-right: none;"&gt;2019&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 1pt; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 74%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Unfunded &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 1%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 10%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;115,774&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 10%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;125,573&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 1pt;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Funded &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;21,037&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;19,420&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 1pt; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;136,811&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;144,993&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;

&lt;ul type="square" style="margin: 0pt; padding-left: 0pt;"&gt;
&lt;li style="margin-left: 14.08pt; line-height: 12pt; padding-left: 8.42pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Wingdings'; -aw-font-weight: normal; -aw-number-format: '&amp;#61607;';"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt;Unfunded&lt;/font&gt;&lt;/li&gt;
&lt;/ul&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px; height: 205px;" width="100%"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #ffffff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #ffffff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="5" style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Year ended December 31, &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (all amounts in thousands of U.S. dollars) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font style="border-left: none; border-right: none;"&gt;2020&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font style="border-left: none; border-right: none;"&gt;2019&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 74%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Values at the beginning of the year &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;125,573&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;97,318&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Current service cost &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;4,796&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;7,978&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Interest cost &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;6,496&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;5,526&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Curtailments and settlements &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;(&lt;font&gt;1,237&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Remeasurements (*) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;(&lt;font&gt;2,230&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;7,010&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Translation differences &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;(&lt;font&gt;415&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;(&lt;font&gt;1,567&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Increase due to business combinations &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;1,566&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;15,660&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Benefits paid from the plan &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;(&lt;font&gt;22,955&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;(&lt;font&gt;9,328&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Other &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;4,180&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;2,976&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; At the end of the year &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;115,774&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;125,573&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;(*) &lt;/font&gt;&lt;font&gt;&lt;font style="border-right: none; border-left: none;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;For 2020 &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;a &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;loss&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;of $&lt;/font&gt;&lt;font style="border-left: none; border-right: none;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font style="border-left: none; border-right: none;"&gt;&lt;font&gt;1.6&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; million is attributable to demographic assumption&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; and a &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;gain&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; of $&lt;font&gt;3.8&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; million to financ&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;ial assumptions. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;For &lt;font style="border-left: none; border-right: none;"&gt;2019&lt;/font&gt; a loss of $&lt;font&gt;1.3&lt;/font&gt; million is attributable to demographic assumptions and a loss of $&lt;font&gt;5.7&lt;/font&gt; million to financial assumptions.&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-left: 4.5pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 12pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;The actuarial assumptions&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; for the most relevant plans&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; were as follows:&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px;" width="100%"&gt;

&lt;tr style="height: 1pt;"&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="4" style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Year ended December 31, &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 1pt;"&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font style="border-left: none; border-right: none;"&gt;2020&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font style="border-left: none; border-right: none;"&gt;2019&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 1pt; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 73%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Discount rate &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 1%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 11%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;1&lt;/font&gt;% - &lt;font&gt;7&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 11%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;1&lt;/font&gt;% - &lt;font&gt;7&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 1pt;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Rate of compensation increase &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;0&lt;/font&gt;% - &lt;font&gt;3&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;0&lt;/font&gt;% - &lt;font&gt;3&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: spaces;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;As o&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;f December 31, 20&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font style="border-left: none; border-right: none;"&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;, an increase / (decrease) of &lt;font&gt;1&lt;/font&gt;% in the discount rate assumption &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;of the main plans &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;would have generated a (decrease) / increase on the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;defined benefit obligation of $&lt;font&gt;6.0&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;million and &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;$&lt;font&gt;7.2&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;million respectively, and an increase / (decrease) of &lt;font&gt;1&lt;/font&gt;% in the rate of compensation assumption &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;of the main plans &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;would have generated an increase / (decrease) impact on the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;defined benefit obligation of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;$&lt;font&gt;3.1&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;million and &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;$&lt;/font&gt;&lt;font style="border-left: none; border-right: none;"&gt;&lt;font style="border-left: none; border-right: none;"&gt;&lt;font&gt;2.8&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; million respectivel&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;y. The above sensitivity analyse&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;s &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;are&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; 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 may be correlated&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 12pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;ul type="square" style="margin: 0pt; padding-left: 0pt;"&gt;
&lt;li style="margin-left: 14.08pt; line-height: 12pt; padding-left: 8.42pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Wingdings'; -aw-font-weight: normal; -aw-number-format: '&amp;#61607;';"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt;Funded&lt;/font&gt;&lt;/li&gt;
&lt;/ul&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 12pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;The amounts recognized in the statement of financial position&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; for the current annual period and&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; the&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; previous &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;annual period&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;are as follows:&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px; height: 86px;" width="100%"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="5" style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt; Year ended December 31, &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (all amounts in thousands of U.S. dollars) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt; &lt;font style="border-left: none; border-right: none;"&gt;2020&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt; &lt;font style="border-left: none; border-right: none;"&gt;2019&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 74%; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Present value of funded obligations &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 10%; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;176,309&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 10%; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;160,412&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Fair value of plan assets &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;157,335&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;145,160&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt; Liability (*) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt; &lt;font&gt;18,974&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt; &lt;font&gt;15,252&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; line-height: 80%; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: spaces;"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;(*) &lt;/font&gt;&lt;font&gt;&lt;font style="border-right: none; border-left: none;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font style="border-left: none; border-right: none;"&gt;In 2020 and 2019&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;, $&lt;font&gt;2.1&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; million &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;and $&lt;font&gt;4.2&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; million &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;corresponding to a&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;plan &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;with a surplus balance w&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;ere&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;reclassified&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; within other &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;non-&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;current assets&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;, respectively&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;. &lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;

&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;The movement in the present value of funded obligations is as follows:&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px; height: 170px;" width="100%"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="5" style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Year ended December 31, &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (all amounts in thousands of U.S. dollars) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font style="border-left: none; border-right: none;"&gt;2020&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font style="border-left: none; border-right: none;"&gt;2019&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 74%; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; At the beginning of the year &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 10%; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;160,412&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 10%; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;146,885&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Translation differences &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;2,148&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;4,542&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Current service cost &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;850&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;721&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Interest cost &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;5,009&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;5,754&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Remeasurements (*) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;18,025&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;12,769&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Benefits paid &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font style="border-left: none; border-right: none;"&gt;&lt;font&gt;9,266&lt;/font&gt;&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;(&lt;font style="border-left: none; border-right: none;"&gt;&lt;font&gt;10,259&lt;/font&gt;&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Other &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;869&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; At the end of the year &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;176,309&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;160,412&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;(*) &lt;/font&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;For &lt;font style="border-left: none; border-right: none;"&gt;2020&lt;/font&gt; a loss of $&lt;font&gt;3.7&lt;/font&gt; million is attributable to demographic assumptions and a loss of $&lt;font&gt;14.3&lt;/font&gt; million to financial assumptions.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;For &lt;font style="border-left: none; border-right: none;"&gt;2019&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; a loss&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; of $&lt;font&gt;0.4&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; million is attributable to demograp&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;hic assumptions and a &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;loss&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; of $&lt;font&gt;12.4&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; million to finan&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;cial assumptions. &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;The movement in the fair value of plan assets is as follows:&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px; height: 171px;" width="100%"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="5" style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt; Year ended December 31, &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (all amounts in thousands of U.S. dollars) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font style="border-left: none; border-right: none;"&gt;2020&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font style="border-left: none; border-right: none;"&gt;2019&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 74%; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; At the beginning of the year &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 10%; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: spaces;"&gt; &amp;nbsp;(&lt;font&gt;145,160&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 10%; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: spaces;"&gt; &amp;nbsp;(&lt;font&gt;132,438&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Translation differences &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;1,729&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: spaces;"&gt; &amp;nbsp;(&lt;font&gt;4,137&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Return on plan assets &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;4,411&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: spaces;"&gt; &amp;nbsp;(&lt;font&gt;5,018&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Remeasurements &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;10,396&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: spaces;"&gt; &amp;nbsp;(&lt;font&gt;10,507&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Contributions paid to the plan &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;5,017&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: spaces;"&gt; &amp;nbsp;(&lt;font&gt;3,589&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Benefits paid from the plan &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;9,266&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;10,259&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Other &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;112&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;270&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt; At the end of the year &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; -aw-import: spaces;"&gt; &amp;nbsp;(&lt;font&gt;157,335&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px; vertical-align: bottom; height: 18px;"&gt;&lt;font style="font-size: 10pt; font-weight: bold;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; -aw-import: spaces;"&gt; &amp;nbsp;(&lt;font&gt;145,160&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px; vertical-align: bottom; height: 18px;"&gt;&lt;font style="font-size: 10pt; font-weight: bold;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;The major categories of plan assets as a percentage of total plan assets are as follows: &lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px; height: 85px;" width="100%"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="5" style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt; Year ended December 31, &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt; &lt;font style="border-left: none; border-right: none;"&gt;2020&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt; &lt;font style="border-left: none; border-right: none;"&gt;2019&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 74%; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Equity instruments &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 10%; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;49.3&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; text-align: left; height: 17px;"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 10%; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;49.0&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; text-align: left; height: 17px;"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Debt instruments &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;46.8&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; text-align: left; height: 17px;"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;47.0&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; text-align: left; height: 17px;"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Others &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;3.9&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; text-align: left; height: 17px;"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;4.0&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; text-align: left; height: 17px;"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The actuarial assumptions for the most relevant plans were as follows:&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px; height: 61px;" width="100%"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="4" style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Year ended December 31, &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font style="border-left: none; border-right: none;"&gt;2020&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font style="border-left: none; border-right: none;"&gt;2019&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 74%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Discount rate &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: right;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;1&lt;/font&gt; % - &lt;font&gt;3&lt;/font&gt; % &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 2%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: right;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;3&lt;/font&gt; % - &lt;font&gt;4&lt;/font&gt; % &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Rate of compensation increase &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: right;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;0&lt;/font&gt; % - &lt;font&gt;3&lt;/font&gt; % &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: right;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;0&lt;/font&gt; % - &lt;font&gt;3&lt;/font&gt; % &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 12pt; font-style: italic; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;The expected return on plan assets is determined by considering the expected returns available on the assets underlying the current investment policy. Expected &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;return&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; on &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;plan assets is determined&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; based on &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;long-term, prospective rates of return as of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;the end of the reporting period. &lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;As of December 31, 20&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font style="border-left: none; border-right: none;"&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;, an increase / (decrease) of &lt;font&gt;1&lt;/font&gt;% in the discount rate assumption &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;of the main plans &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;would have generated a &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;(decrease) / increase&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; on the defined benefit obligation of $&lt;font&gt;19.7&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;million and $&lt;font&gt;24.2&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;million &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;respectively,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; and an increase / (decrease) of &lt;font&gt;1&lt;/font&gt;% in the compensation rate assumption &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;of the main plans &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;would have generated an &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;increase / (decrease) &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;on the defined benefit obligation of $&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;1.9&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; million and $&lt;font&gt;1.7&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; million &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;respectively&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Th&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;e above sensitivity analyse&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;s &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;are&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; based on a change in &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;discount rate and rate of compensation &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;while holding all other assumptions constant. In practice, this is unlikely to occur, and changes in some of the assumptions may be correlated&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;.&lt;/font&gt;&lt;/p&gt;

&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;The employer contributions expected to be paid&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; for the year &lt;font style="border-left: none; border-right: none;"&gt;202&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font style="border-left: none; border-right: none;"&gt;1&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; amount&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; approximately&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; to&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;$&lt;/font&gt;&lt;font style="border-left: none; border-right: none;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font style="border-left: none; border-right: none;"&gt;&lt;font&gt;2.8&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; million.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;The methods and types of assumptions used in p&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;reparing the sensitivity analyse&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;s did not change compared to the previous period.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-left: 54pt; margin-bottom: 0pt; text-indent: -36pt; line-height: 12pt;"&gt;&lt;font style="font-weight: bold;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;(ii)&lt;/font&gt;&lt;font style="font-style: normal; font-variant: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: 'Times New Roman';"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Other liabilities &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#8211;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;current&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px; height: 86px;" width="100%"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="5" style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Year ended December 31, &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; background-color: #ffffff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (all amounts in thousands of U.S. dollars) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; background-color: #ffffff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font style="border-left: none; border-right: none;"&gt;2020&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font style="border-left: none; border-right: none;"&gt;2019&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 74%; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Payroll and social security payable &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 10%; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;175,175&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 10%; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;153,009&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Miscellaneous &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;27,651&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;23,255&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;202,826&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;176,264&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;/div&gt;</ifrs-full:DisclosureOfOtherLiabilitiesExplanatory>
  <ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory id="Tag2159" contextRef="D20201231_3">&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px; height: 86px;" width="100%"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="5" style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Year ended December 31, &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; background-color: #ffffff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (all amounts in thousands of U.S. dollars) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; background-color: #ffffff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font style="border-left: none; border-right: none;"&gt;2020&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font style="border-left: none; border-right: none;"&gt;2019&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 74%; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Payroll and social security payable &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 10%; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;175,175&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 10%; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;153,009&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Miscellaneous &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;27,651&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;23,255&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;202,826&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;176,264&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;</ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory>
  <ifrs-full:DisclosureOfFairValueOfPlanAssetsExplanatory id="Tag2160" contextRef="D20201231_3">&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px; height: 171px;" width="100%"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="5" style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt; Year ended December 31, &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (all amounts in thousands of U.S. dollars) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font style="border-left: none; border-right: none;"&gt;2020&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font style="border-left: none; border-right: none;"&gt;2019&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 74%; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; At the beginning of the year &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 10%; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: spaces;"&gt; &amp;nbsp;(&lt;font&gt;145,160&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 10%; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: spaces;"&gt; &amp;nbsp;(&lt;font&gt;132,438&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Translation differences &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;1,729&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: spaces;"&gt; &amp;nbsp;(&lt;font&gt;4,137&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Return on plan assets &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;4,411&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: spaces;"&gt; &amp;nbsp;(&lt;font&gt;5,018&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Remeasurements &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;10,396&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: spaces;"&gt; &amp;nbsp;(&lt;font&gt;10,507&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Contributions paid to the plan &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;5,017&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: spaces;"&gt; &amp;nbsp;(&lt;font&gt;3,589&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Benefits paid from the plan &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;9,266&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;10,259&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Other &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;112&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;270&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt; At the end of the year &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; -aw-import: spaces;"&gt; &amp;nbsp;(&lt;font&gt;157,335&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px; vertical-align: bottom; height: 18px;"&gt;&lt;font style="font-size: 10pt; font-weight: bold;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; -aw-import: spaces;"&gt; &amp;nbsp;(&lt;font&gt;145,160&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px; vertical-align: bottom; height: 18px;"&gt;&lt;font style="font-size: 10pt; font-weight: bold;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;

&lt;table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px; height: 85px;" width="100%"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="5" style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt; Year ended December 31, &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt; &lt;font style="border-left: none; border-right: none;"&gt;2020&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt; &lt;font style="border-left: none; border-right: none;"&gt;2019&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 74%; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Equity instruments &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 10%; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;49.3&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; text-align: left; height: 17px;"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 10%; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;49.0&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; text-align: left; height: 17px;"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Debt instruments &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;46.8&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; text-align: left; height: 17px;"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;47.0&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; text-align: left; height: 17px;"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Others &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;3.9&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; text-align: left; height: 17px;"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;4.0&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; text-align: left; height: 17px;"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;</ifrs-full:DisclosureOfFairValueOfPlanAssetsExplanatory>
  <ifrs-full:DisclosureOfNetDefinedBenefitLiabilityAssetExplanatory id="Tag2161" contextRef="D20201231_3">&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px;" width="100%"&gt;

&lt;tr style="height: 1pt;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="5" style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Year ended December 31, &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 1pt;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (all amounts in thousands of U.S. dollars) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font style="border-left: none; border-right: none;"&gt;2020&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font style="border-left: none; border-right: none;"&gt;2019&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 1pt; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 74%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Unfunded &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 1%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 10%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;115,774&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 10%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;125,573&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 1pt;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Funded &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;21,037&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;19,420&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 1pt; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;136,811&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;144,993&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;

&lt;table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px; height: 205px;" width="100%"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #ffffff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #ffffff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="5" style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Year ended December 31, &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (all amounts in thousands of U.S. dollars) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font style="border-left: none; border-right: none;"&gt;2020&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font style="border-left: none; border-right: none;"&gt;2019&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 74%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Values at the beginning of the year &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;125,573&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;97,318&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Current service cost &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;4,796&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;7,978&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Interest cost &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;6,496&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;5,526&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Curtailments and settlements &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;(&lt;font&gt;1,237&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Remeasurements (*) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;(&lt;font&gt;2,230&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;7,010&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Translation differences &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;(&lt;font&gt;415&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;(&lt;font&gt;1,567&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Increase due to business combinations &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;1,566&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;15,660&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Benefits paid from the plan &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;(&lt;font&gt;22,955&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;(&lt;font&gt;9,328&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Other &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;4,180&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;2,976&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; At the end of the year &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;115,774&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;125,573&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;

&lt;table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px; height: 86px;" width="100%"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="5" style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt; Year ended December 31, &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (all amounts in thousands of U.S. dollars) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt; &lt;font style="border-left: none; border-right: none;"&gt;2020&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt; &lt;font style="border-left: none; border-right: none;"&gt;2019&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 74%; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Present value of funded obligations &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 10%; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;176,309&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 10%; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;160,412&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Fair value of plan assets &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;157,335&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;145,160&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt; Liability (*) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt; &lt;font&gt;18,974&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt; &lt;font&gt;15,252&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;

&lt;table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px; height: 170px;" width="100%"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="5" style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Year ended December 31, &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (all amounts in thousands of U.S. dollars) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font style="border-left: none; border-right: none;"&gt;2020&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font style="border-left: none; border-right: none;"&gt;2019&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 74%; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; At the beginning of the year &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 10%; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;160,412&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 10%; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;146,885&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Translation differences &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;2,148&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;4,542&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Current service cost &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;850&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;721&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Interest cost &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;5,009&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;5,754&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Remeasurements (*) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;18,025&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;12,769&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Benefits paid &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font style="border-left: none; border-right: none;"&gt;&lt;font&gt;9,266&lt;/font&gt;&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;(&lt;font style="border-left: none; border-right: none;"&gt;&lt;font&gt;10,259&lt;/font&gt;&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Other &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;869&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; At the end of the year &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;176,309&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;160,412&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;</ifrs-full:DisclosureOfNetDefinedBenefitLiabilityAssetExplanatory>
  <ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory id="Tag2162" contextRef="D20201231_3">&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="height: 102px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px;" width="100%"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #ffffff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #ffffff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="5" style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Year ended December 31, &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; background-color: #ffffff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (all amounts in thousands of U.S. dollars) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; background-color: #ffffff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font style="border-left: none; border-right: none;"&gt;2020&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font style="border-left: none; border-right: none;"&gt;2019&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 74%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Post-employment benefits &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 1%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 1%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 10%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;136,811&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 10%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;144,993&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Other-long term benefits &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;64,928&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;85,473&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Miscellaneous &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;43,896&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;20,917&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;245,635&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;251,383&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;</ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory>
  <ifrs-full:IncreaseDecreaseThroughOtherChangesNetDefinedBenefitLiabilityAsset id="Tag2163" contextRef="D20201231_FundedPostemploymentBenefitsMember" unitRef="USD" decimals="-3">-869000</ifrs-full:IncreaseDecreaseThroughOtherChangesNetDefinedBenefitLiabilityAsset>
  <ts:OverfundedPlan id="Tag2164" contextRef="I20201231" unitRef="USD" decimals="-5">2100000</ts:OverfundedPlan>
  <ts:NoncurrentPostemploymentBenefits id="Tag2165" contextRef="I20201231" unitRef="USD" decimals="-3">136811000</ts:NoncurrentPostemploymentBenefits>
  <ifrs-full:GainLossOnRemeasurementOfNetDefinedBenefitLiabilityAsset id="Tag2166" contextRef="D20191231_UnfundedPostemploymentBenefitsMember" unitRef="USD" decimals="-3">-7010000</ifrs-full:GainLossOnRemeasurementOfNetDefinedBenefitLiabilityAsset>
  <ifrs-full:IncreaseDecreaseInDefinedBenefitObligationDueToReasonablyPossibleDecreaseInActuarialAssumption id="Tag2167" contextRef="I20201231_ActuarialAssumptionOfDiscountRatesMember_UnfundedPostemploymentBenefitsMember" unitRef="USD" decimals="-5">6000000</ifrs-full:IncreaseDecreaseInDefinedBenefitObligationDueToReasonablyPossibleDecreaseInActuarialAssumption>
  <ifrs-full:ReturnOnPlanAssetsNetDefinedBenefitLiabilityAsset id="Tag2168" contextRef="D20191231_FairValueOfFundedPostemploymentBenefitsMember" unitRef="USD" decimals="-3">-5018000</ifrs-full:ReturnOnPlanAssetsNetDefinedBenefitLiabilityAsset>
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  <ifrs-full:LiabilityAssetOfDefinedBenefitPlans id="Tag2170" contextRef="I20181231_FairValueOfFundedPostemploymentBenefitsMember" unitRef="USD" decimals="-3">-132438000</ifrs-full:LiabilityAssetOfDefinedBenefitPlans>
  <ifrs-full:LiabilityAssetOfDefinedBenefitPlans id="Tag2171" contextRef="I20191231_UnfundedPostemploymentBenefitsMember" unitRef="USD" decimals="-3">125573000</ifrs-full:LiabilityAssetOfDefinedBenefitPlans>
  <ts:GainsLossesArisingFromCurtailmentsAndSettlementsNetDefinedBenefitLiabilityAsset id="Tag2172" contextRef="D20191231_UnfundedPostemploymentBenefitsMember" unitRef="USD" xsi:nil="true" />
  <ifrs-full:PlanAssetsAtFairValue id="Tag2173" contextRef="I20191231_FundedPostemploymentBenefitsMember" unitRef="USD" decimals="-3">145160000</ifrs-full:PlanAssetsAtFairValue>
  <ifrs-full:ReturnOnPlanAssetsNetDefinedBenefitLiabilityAsset id="Tag2174" contextRef="D20201231_FairValueOfFundedPostemploymentBenefitsMember" unitRef="USD" decimals="-3">-4411000</ifrs-full:ReturnOnPlanAssetsNetDefinedBenefitLiabilityAsset>
  <ifrs-full:IncreaseDecreaseThroughOtherChangesNetDefinedBenefitLiabilityAsset id="Tag2175" contextRef="D20191231_FundedPostemploymentBenefitsMember" unitRef="USD" xsi:nil="true" />
  <ts:OtherAssetsPercentContributedToFairValueOfPlanAssets id="Tag2176" contextRef="I20191231_FundedPostemploymentBenefitsMember" unitRef="Pure" decimals="3">0.040</ts:OtherAssetsPercentContributedToFairValueOfPlanAssets>
  <ifrs-full:ActuarialAssumptionOfDiscountRates id="Tag2177" contextRef="I20201231_BottomOfRangeMember_FundedPostemploymentBenefitsMember" unitRef="Pure" decimals="2">0.01</ifrs-full:ActuarialAssumptionOfDiscountRates>
  <ifrs-full:ContributionsToPlanNetDefinedBenefitLiabilityAsset id="Tag2178" contextRef="D20201231_FairValueOfFundedPostemploymentBenefitsMember" unitRef="USD" decimals="-3">5017000</ifrs-full:ContributionsToPlanNetDefinedBenefitLiabilityAsset>
  <ts:OtherCurrentMiscellaneousLiabilities id="Tag2179" contextRef="I20191231" unitRef="USD" decimals="-3">23255000</ts:OtherCurrentMiscellaneousLiabilities>
  <ifrs-full:ActuarialGainsLossesArisingFromChangesInDemographicAssumptionsNetDefinedBenefitLiabilityAsset id="Tag2180" contextRef="D20191231_UnfundedPostemploymentBenefitsMember" unitRef="USD" decimals="-5">1300000</ifrs-full:ActuarialGainsLossesArisingFromChangesInDemographicAssumptionsNetDefinedBenefitLiabilityAsset>
  <ifrs-full:GainLossOnRemeasurementOfNetDefinedBenefitLiabilityAsset id="Tag2181" contextRef="D20201231_UnfundedPostemploymentBenefitsMember" unitRef="USD" decimals="-3">2230000</ifrs-full:GainLossOnRemeasurementOfNetDefinedBenefitLiabilityAsset>
  <ts:OtherAssetsPercentContributedToFairValueOfPlanAssets id="Tag2182" contextRef="I20201231_FundedPostemploymentBenefitsMember" unitRef="Pure" decimals="3">0.039</ts:OtherAssetsPercentContributedToFairValueOfPlanAssets>
  <ifrs-full:ActuarialAssumptionOfDiscountRates id="Tag2183" contextRef="I20191231_BottomOfRangeMember_UnfundedPostemploymentBenefitsMember" unitRef="Pure" decimals="2">0.01</ifrs-full:ActuarialAssumptionOfDiscountRates>
  <ifrs-full:ActuarialAssumptionOfExpectedRatesOfSalaryIncreases id="Tag2184" contextRef="I20201231_BottomOfRangeMember_UnfundedPostemploymentBenefitsMember" unitRef="Pure" decimals="2">0.00</ifrs-full:ActuarialAssumptionOfExpectedRatesOfSalaryIncreases>
  <ifrs-full:PercentageOfReasonablyPossibleIncreaseInActuarialAssumption id="Tag2185" contextRef="I20201231_ActuarialAssumptionOfExpectedRatesOfSalaryIncreasesMember_FundedPostemploymentBenefitsMember" unitRef="Pure" decimals="2">0.01</ifrs-full:PercentageOfReasonablyPossibleIncreaseInActuarialAssumption>
  <ifrs-full:ActuarialAssumptionOfExpectedRatesOfSalaryIncreases id="Tag2186" contextRef="I20201231_TopOfRangeMember_FundedPostemploymentBenefitsMember" unitRef="Pure" decimals="2">0.03</ifrs-full:ActuarialAssumptionOfExpectedRatesOfSalaryIncreases>
  <ifrs-full:IncreaseDecreaseThroughOtherChangesNetDefinedBenefitLiabilityAsset id="Tag2187" contextRef="D20191231_FairValueOfFundedPostemploymentBenefitsMember" unitRef="USD" decimals="-3">270000</ifrs-full:IncreaseDecreaseThroughOtherChangesNetDefinedBenefitLiabilityAsset>
  <ifrs-full:InterestExpenseIncomeNetDefinedBenefitLiabilityAsset id="Tag2188" contextRef="D20191231_FundedPostemploymentBenefitsMember" unitRef="USD" decimals="-3">5754000</ifrs-full:InterestExpenseIncomeNetDefinedBenefitLiabilityAsset>
  <ts:OverfundedPlan id="Tag2189" contextRef="I20191231" unitRef="USD" decimals="-5">4200000</ts:OverfundedPlan>
  <ifrs-full:ActuarialAssumptionOfDiscountRates id="Tag2190" contextRef="I20201231_TopOfRangeMember_UnfundedPostemploymentBenefitsMember" unitRef="Pure" decimals="2">0.07</ifrs-full:ActuarialAssumptionOfDiscountRates>
  <ifrs-full:CurrentServiceCostNetDefinedBenefitLiabilityAsset id="Tag2191" contextRef="D20191231_UnfundedPostemploymentBenefitsMember" unitRef="USD" decimals="-3">7978000</ifrs-full:CurrentServiceCostNetDefinedBenefitLiabilityAsset>
  <ifrs-full:PaymentsFromPlanNetDefinedBenefitLiabilityAsset id="Tag2192" contextRef="D20191231_FundedPostemploymentBenefitsMember" unitRef="USD" decimals="-3">10259000</ifrs-full:PaymentsFromPlanNetDefinedBenefitLiabilityAsset>
  <ifrs-full:ActuarialAssumptionOfExpectedRatesOfSalaryIncreases id="Tag2193" contextRef="I20201231_BottomOfRangeMember_FundedPostemploymentBenefitsMember" unitRef="Pure" decimals="2">0.00</ifrs-full:ActuarialAssumptionOfExpectedRatesOfSalaryIncreases>
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&lt;p style="margin-top: 0pt; margin-left: 38.75pt; margin-bottom: 0pt; text-indent: -38.75pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;&lt;font&gt;38&lt;/font&gt;&lt;/font&gt;&lt;font style="font: 7pt 'Times New Roman'; -aw-import: spaces;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;Nationalization of Venezuelan Subsidiaries&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt; &lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;In May 2009, within the framework of Decree Law &lt;font&gt;6058&lt;/font&gt;, Venezuela&amp;#8217;s President announced the nationalization of, among other companies, the Company's majority-owned subsidiaries TAVSA - Tubos de Acero de Venezuela S.A. (&amp;#8220;Tavsa&amp;#8221;) and, Matesi Materiales Sider&amp;#250;rgicos S.A (&amp;#8220;Matesi&amp;#8221;), and Complejo Sider&amp;#250;rgico de Guayana, C.A (&amp;#8220;Comsigua&amp;#8221;), in which the Company has a non-controlling interest (collectively, the &amp;#8220;Venezuelan Companies&amp;#8221;). Tenaris and its wholly-owned subsidiary, Talta - Trading e Marketing Sociedad Unipessoal Lda (&amp;#8220;Talta&amp;#8221;), initiated arbitration proceedings against Venezuela before the ICSID in Washington D.C. in connection with these nationalizations.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; font-style: italic; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; font-style: italic;"&gt;Matesi&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;On January 29, 2016, the tribunal released its award on the arbitration proceeding concerning the nationalization of Matesi. The award upheld Tenaris&amp;#8217;s and Talta&amp;#8217;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 $&lt;font&gt;87.3&lt;/font&gt; million for the breaches and ordered Venezuela to pay an additional amount of $&lt;font&gt;85.5&lt;/font&gt; million in pre-award interest, aggregating to a total award of $&lt;font&gt;172.8&lt;/font&gt; million, payable in full and net of any applicable Venezuelan tax, duty or charge. The tribunal granted Venezuela a grace period of &lt;font&gt;six&lt;/font&gt; 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 no, or no full, payment is made by then, post-award interest will apply at the rate of &lt;font&gt;9&lt;/font&gt;% per annum compounded at &lt;font&gt;six&lt;/font&gt;-monthly rests from the date of the award until payment in full. As of Dec&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;ember &lt;font&gt;31&lt;/font&gt;, &lt;font&gt;2020&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;, post-award intere&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;st amounted to approximately $&lt;font&gt;83.4&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; million. &lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;On March 14, 2016, Venezuela requested the rectification of the award pursuant to article &lt;font&gt;49&lt;/font&gt;(&lt;font&gt;2&lt;/font&gt;) of the ICSID Convention and ICSID Arbitration Rule &lt;font&gt;49&lt;/font&gt;. The tribunal denied Venezuela&amp;#8217;s request on June 24, 2016, ordering Venezuela to reimburse Tenaris and Talta for their costs incurred in connection with the rectification proceedings. On September 21, 2016, 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 March 24, 2017, an ad hoc committee constituted to decide on Venezuela&amp;#180;s requests rendered its decision to lift the stay of enforcement of the award. On August 8, 2018, the ad hoc committee rejected Venezuela&amp;#8217;s application to annul the award.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;On June 8, 2018, Tenaris and Talta filed &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;an &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;action in federal court in the District of Columbia to recognize and enforce the award. Tenaris and Talta effected service on Venezuela in accordance with US law, and Venezuela failed to file an answer in the proceeding.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Tenaris and Talta then moved for default judgment. Venezuela subsequently appeared &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;in the proceedings &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;but did not oppose the entry of default judgment on the award. On July 17, 2020, the Court entered judgment recognizing the Matesi award. The judgment orders Venezuela to pay to Tenaris and Talta an amount of $&lt;font&gt;256.2&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;million, including principal and post-award interest through the judgment date, and provides for post-judgment interest to accrue on this sum at the U.S. federal s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;tatutory rate.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;The judgment, however, may not be enforced in the U.S. to the extent prohibited by the Venezuelan sanctions regulations issued by the U.S. Treasury Department&amp;#8217;s Office of Foreign Assets Control.&lt;/font&gt;&lt;/p&gt;

&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; font-style: italic;"&gt;Tavsa and Comsigua&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;On December 12, 2016, the tribunal issued its award upholding Tenaris&amp;#8217;s and Talta&amp;#8217;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 $&lt;font&gt;137.0&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; million and ordered Venezuela to reimburse Tenaris and Talta $&lt;font&gt;3.3&lt;/font&gt; million in legal fees and ICSID administrative costs. In addition, Venezuela was ordered to pay interest from April 30, 2008 until the day of effective payment at a rate equivalent to &lt;font&gt;LIBOR&lt;/font&gt; + &lt;font&gt;4&lt;/font&gt;% per annum, which as of December 31, 20&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; amounted to approximately $&lt;font&gt;132.4&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; million. &lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;On April 11, 2017, 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 February 23, 2018, an ad hoc committee constituted to decide on Venezuela&amp;#8217;s requests rendered its decision to lift the stay of enforcement of the award. On December 28, 2018, the ad hoc committee rejected Venezuela&amp;#8217;s application to annul the award.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;On June 8, 2018, Tenaris and Talta filed &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;an&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; action in federal court in the District of Columbia to recognize and enforce the award. Tenaris and Talta effected service on Venezuela in accordance with US law, and Venezuela failed to file an answer in the proceeding.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Tenaris and Talta then moved for default judgment. Venezuela subsequently appeared &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;in the proceedings &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;but did not oppose the entry of default judgment on the award. It is expected that the Tavsa award will also be converted into a judgment.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;The judgment, however, may not be enforced in the U.S. to the extent prohibited by the Venezuelan sanctions regulations issued by the U.S. Treasury Department&amp;#8217;s Office of Foreign Assets Control.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;As of December 31, 20&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;, Tenaris or its subsidiaries have net receivables related to its interest in the Venezuelan Companies for a total amount of approximately $&lt;font&gt;48.7&lt;/font&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;million&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;. See &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;n&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;ote III.B&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;.&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;</ts:DisclosureOfNationalizationOfSubsidiariesTextBlock>
  <ts:NationalizationOfSubsidiariesReimbursementOfLegalFees id="Tag2272" contextRef="D20161212_TavsaAndComsiguaMember_VE" unitRef="USD" decimals="-5">3300000</ts:NationalizationOfSubsidiariesReimbursementOfLegalFees>
  <ts:NationalizationOfSubsidiariesCompensationAwardIncludingPreawardInterest id="Tag2273" contextRef="D20161212_TavsaAndComsiguaMember_VE" unitRef="USD" decimals="-5">137000000</ts:NationalizationOfSubsidiariesCompensationAwardIncludingPreawardInterest>
  <ts:NationalizationOfSubsidiariesPostawardInterestRate id="Tag2274" contextRef="I20160129_MatesiMaterialesSiderrgicosSaMember_VE" unitRef="Pure" decimals="2">0.09</ts:NationalizationOfSubsidiariesPostawardInterestRate>
  <ts:NationalizationOfSubsidiariesCompensationAwardIncludingPrincipalAndPostAwardInterest id="Tag2275" contextRef="D20200717_MatesiMaterialesSiderrgicosSaMember_VE" unitRef="USD" decimals="-5">256200000</ts:NationalizationOfSubsidiariesCompensationAwardIncludingPrincipalAndPostAwardInterest>
  <ifrs-full:AcquisitionsThroughBusinessCombinationsOtherProvisions id="Tag2276" contextRef="D20201231_SalesRisksMember" unitRef="USD" decimals="-3">116000</ifrs-full:AcquisitionsThroughBusinessCombinationsOtherProvisions>
  <ts:NationalizationOfSubsidiariesCompensationAwardIncludingPreawardInterest id="Tag2277" contextRef="D20160129_MatesiMaterialesSiderrgicosSaMember_VE" unitRef="USD" decimals="-5">172800000</ts:NationalizationOfSubsidiariesCompensationAwardIncludingPreawardInterest>
  <ts:NationalizationOfSubsidiariesCompensationAwardPostawardInterest id="Tag2278" contextRef="D20201231_3" unitRef="USD" decimals="-5">83400000</ts:NationalizationOfSubsidiariesCompensationAwardPostawardInterest>
  <ifrs-full:InterestReceivable id="Tag2279" contextRef="I20201231_TavsaAndComsiguaMember_VE" unitRef="USD" decimals="-5">132400000</ifrs-full:InterestReceivable>
  <ts:NationalizationOfSubsidiariesPreawardInterest id="Tag2280" contextRef="D20160129_MatesiMaterialesSiderrgicosSaMember_VE" unitRef="USD" decimals="-5">85500000</ts:NationalizationOfSubsidiariesPreawardInterest>
  <ts:NationalizationOfSubsidiariesCompensationAwardNotIncludingPreawardInterest id="Tag2281" contextRef="D20160129_MatesiMaterialesSiderrgicosSaMember_VE" unitRef="USD" decimals="-5">87300000</ts:NationalizationOfSubsidiariesCompensationAwardNotIncludingPreawardInterest>
  <ts:DisclosureOfDetailedInformationAboutNoncurrentAllowancesAndProvisionsFromLiabilitiesTextBlock id="Tag2282" contextRef="D20201231_3">&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-left: 38.75pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt;Liabilities&lt;/font&gt;&lt;/p&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px; height: 160px;" width="100%"&gt;

&lt;tr style="height: 16px;"&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="5" style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Year ended December 31, &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px;"&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 16px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;2020&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 16px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;2019&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (all amounts in thousands of U.S. dollars) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 74%; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Values at the beginning of the year &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 10%; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;54,599&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 10%; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;36,089&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Translation differences &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;5,739&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;1,571&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Increase due to business combinations &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;26,542&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Additional provisions &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;478&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;19,904&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Reclassifications &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;557&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;5,641&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Used &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;3,219&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;5,464&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Values at the end of the year &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;73,218&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;54,599&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 16px;"&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;</ts:DisclosureOfDetailedInformationAboutNoncurrentAllowancesAndProvisionsFromLiabilitiesTextBlock>
  <ts:DisclosureOfNoncurrentAllowancesAndProvisionsTextBlock id="Tag2283" contextRef="D20201231_3">&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-left: 36pt; margin-bottom: 0pt; text-indent: -36pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;&lt;font style="border-left: none; border-right: none;"&gt;23&lt;/font&gt;&lt;/font&gt;&lt;font style="font: 7pt 'Times New Roman'; -aw-import: spaces;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;Non-current allowances and provisions&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-left: 38.75pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt;Liabilities&lt;/font&gt;&lt;/p&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px; height: 160px;" width="100%"&gt;

&lt;tr style="height: 16px;"&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="5" style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Year ended December 31, &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px;"&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 16px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;2020&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 16px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;2019&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (all amounts in thousands of U.S. dollars) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 74%; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Values at the beginning of the year &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 10%; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;54,599&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 10%; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;36,089&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Translation differences &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;5,739&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;1,571&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Increase due to business combinations &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;26,542&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Additional provisions &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;478&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;19,904&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Reclassifications &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;557&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;5,641&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Used &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;3,219&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;5,464&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Values at the end of the year &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;73,218&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;54,599&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 16px;"&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;</ts:DisclosureOfNoncurrentAllowancesAndProvisionsTextBlock>
  <ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory id="Tag2284" contextRef="D20201231_3">&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; height: 476px; width: 100%;" width="100%"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td rowspan="2" style="width: 37.5%; border-width: 1pt 1pt 0.75pt; border-style: solid; border-color: #000000; padding-right: 4.9pt; padding-left: 4.9pt; vertical-align: middle; height: 34px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt; Company &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td rowspan="2" style="width: 10.48%; border-top: 1pt solid #000000; border-right: 1pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 4.9pt; padding-left: 5.4pt; height: 34px; vertical-align: top;" valign="top"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;Country of &lt;br/&gt;Incorporation&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td rowspan="2" style="width: 33.5%; border-top: 1pt solid #000000; border-right: 1pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 34px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt; Main activity &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="3" style="border-top: 1pt solid #000000; border-right: 1pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;Percentage of ownership at &lt;br/&gt;December 31, (*)&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="width: 6.16%; border-width: 0.75pt 1pt 1pt; border-style: solid; border-color: #000000; padding-right: 4.9pt; padding-left: 4.9pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt; &lt;font style="border-left: none; border-right: none;"&gt;2020&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 6.16%; border-top: 0.75pt solid #000000; border-right: 1pt solid #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt; &lt;font style="border-left: none; border-right: none;"&gt;2019&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 6.16%; border-top: 0.75pt solid #000000; border-right: 1pt solid #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt; &lt;font style="border-left: none; border-right: none;"&gt;2018&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="width: 37.5%; border-width: 0.75pt 1pt; border-style: solid solid dotted; border-color: #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; ALGOMA TUBES INC. &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 10.48%; border-top: 0.75pt solid #000000; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Canada &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 33.5%; border-top: 0.75pt solid #000000; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Manufacturing of seamless steel pipes &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;100&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 6.16%; border-top: 1pt solid #000000; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;100&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 6.16%; border-top: 1pt solid #000000; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;100&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="width: 37.5%; border-width: 0.75pt 1pt; border-style: dotted solid; border-color: #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; CONFAB INDUSTRIAL S.A. and subsidiaries &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 10.48%; border-top: 0.75pt dotted #000000; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Brazil &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 33.5%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Manufacturing of welded steel pipes and capital goods &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;100&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;100&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;100&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="width: 37.5%; border-width: 0.75pt 1pt; border-style: dotted solid; border-color: #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; DALMINE S.p.A. &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 10.48%; border-top: 0.75pt dotted #000000; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Italy &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 33.5%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Manufacturing of seamless steel pipes &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;100&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;100&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;100&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="width: 37.5%; border-width: 0.75pt 1pt; border-style: dotted solid; border-color: #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; HYDRIL COMPANY and subsidiaries (except detailed) (a) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 10.48%; border-top: 0.75pt dotted #000000; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; USA &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 33.5%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Manufacture and marketing of premium connections &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;100&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;100&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;100&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="width: 37.5%; border-width: 0.75pt 1pt; border-style: dotted solid; border-color: #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; IPSCO TUBULARS INC. and subsidiaries &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 10.48%; border-top: 0.75pt dotted #000000; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; USA &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 33.5%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Manufacturing of welded and seamless steel pipes &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;100&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; NA &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; NA &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="width: 37.5%; border-width: 0.75pt 1pt; border-style: dotted solid; border-color: #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; KAZAKHSTAN PIPE THREADERS LIMITED LIABILITY PARTNERSHIP &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 10.48%; border-top: 0.75pt dotted #000000; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Kazakhstan &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 33.5%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Threading of premium products &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;100&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;100&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;100&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="width: 37.5%; border-width: 0.75pt 1pt; border-style: dotted solid; border-color: #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; MAVERICK TUBE CORPORATION and subsidiaries &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 10.48%; border-top: 0.75pt dotted #000000; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; USA &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 33.5%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Manufacturing of welded steel pipes &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;100&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;100&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;100&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="width: 37.5%; border-width: 0.75pt 1pt; border-style: dotted solid; border-color: #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; NKKTUBES &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 10.48%; border-top: 0.75pt dotted #000000; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Japan &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 33.5%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Manufacturing of seamless steel pipes &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;51&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;51&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;51&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="width: 37.5%; border-width: 0.75pt 1pt; border-style: dotted solid; border-color: #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; P.T. SEAMLESS PIPE INDONESIA JAYA &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 10.48%; border-top: 0.75pt dotted #000000; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Indonesia &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 33.5%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Manufacturing of seamless steel products &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;89&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;89&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;89&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="width: 37.5%; border-width: 0.75pt 1pt; border-style: dotted solid; border-color: #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; PRUDENTIAL STEEL LTD. (b) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 10.48%; border-top: 0.75pt dotted #000000; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Canada &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 33.5%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Manufacturing of welded steel pipes &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;100&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;100&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;100&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="width: 37.5%; border-width: 0.75pt 1pt; border-style: dotted solid; border-color: #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; S.C. SILCOTUB S.A. &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 10.48%; border-top: 0.75pt dotted #000000; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Romania &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 33.5%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Manufacturing of seamless steel pipes &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;100&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;100&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;100&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="width: 37.5%; border-width: 0.75pt 1pt; border-style: dotted solid; border-color: #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; SAUDI STEEL PIPE CO. &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 10.48%; border-top: 0.75pt dotted #000000; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Saudi Arabia &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 33.5%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Manufacturing of welded&lt;font&gt; steel pipes &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;48&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;48&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; NA &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="width: 37.5%; border-width: 0.75pt 1pt; border-style: dotted solid; border-color: #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; SIAT SOCIEDAD ANONIMA&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 10.48%; border-top: 0.75pt dotted #000000; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Argentina &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 33.5%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Manufacturing of welded and seamless steel pipes &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;100&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;100&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;100&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="width: 37.5%; border-width: 0.75pt 1pt; border-style: dotted solid; border-color: #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; SIDERCA SOCIEDAD ANONIMA INDUSTRIAL Y COMERCIAL and subsidiaries &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 10.48%; border-top: 0.75pt dotted #000000; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Argentina &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 33.5%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Manufacturing of seamless steel pipes &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;100&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;100&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;100&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="width: 37.5%; border-width: 0.75pt 1pt; border-style: dotted solid; border-color: #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; TALTA - TRADING E MARKETING SOCIEDADE UNIPESSOAL LDA. &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 10.48%; border-top: 0.75pt dotted #000000; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Portugal &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 33.5%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Holding Company &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;100&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;100&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;100&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="width: 37.5%; border-width: 0.75pt 1pt; border-style: dotted solid; border-color: #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; TENARIS BAY CITY, INC. &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 10.48%; border-top: 0.75pt dotted #000000; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; USA &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 33.5%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Manufacturing of seamless steel pipes &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;100&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;100&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;100&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="width: 37.5%; border-width: 0.75pt 1pt; border-style: dotted solid; border-color: #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; TENARIS CONNECTIONS BV &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 10.48%; border-top: 0.75pt dotted #000000; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Netherlands &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 33.5%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Development, management and licensing of intellectual property &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;100&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;100&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;100&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="width: 37.5%; border-width: 0.75pt 1pt; border-style: dotted solid; border-color: #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; TENARIS FINANCIAL SERVICES S.A. &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 10.48%; border-top: 0.75pt dotted #000000; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Uruguay &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 33.5%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Financial company &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;100&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;100&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;100&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="width: 37.5%; border-width: 0.75pt 1pt; border-style: dotted solid; border-color: #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; TENARIS GLOBAL SERVICES (CANADA) INC. &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 10.48%; border-top: 0.75pt dotted #000000; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Canada &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 33.5%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Marketing of steel products &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;100&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;100&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;100&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="width: 37.5%; border-width: 0.75pt 1pt; border-style: dotted solid; border-color: #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; TENARIS GLOBAL SERVICES (U.S.A.) CORPORATION &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 10.48%; border-top: 0.75pt dotted #000000; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; USA &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 33.5%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Marketing of steel products &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;100&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;100&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;100&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="width: 37.5%; border-width: 0.75pt 1pt; border-style: dotted solid; border-color: #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; TENARIS GLOBAL SERVICES (UK) LTD &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 10.48%; border-top: 0.75pt dotted #000000; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; United Kingdom &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 33.5%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Holding company and marketing of steel products &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;100&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;100&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;100&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="width: 37.5%; border-width: 0.75pt 1pt; border-style: dotted solid; border-color: #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; TENARIS GLOBAL SERVICES S.A. and subsidiaries (except detailed) (c) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 10.48%; border-top: 0.75pt dotted #000000; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Uruguay &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 33.5%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Holding company and marketing of steel products &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;100&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;100&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;100&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="width: 37.5%; border-width: 0.75pt 1pt; border-style: dotted solid; border-color: #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; TENARIS INVESTMENTS (NL) B.V. and subsidiaries &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 10.48%; border-top: 0.75pt dotted #000000; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Netherlands &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 33.5%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Holding company &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;100&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;100&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; NA &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="width: 37.5%; border-width: 0.75pt 1pt; border-style: dotted solid; border-color: #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; TENARIS INVESTMENTS S.&amp;#224;r.l.&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 10.48%; border-top: 0.75pt dotted #000000; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Luxembourg &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 33.5%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Holding company &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;100&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;100&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;100&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="width: 37.5%; border-width: 0.75pt 1pt; border-style: dotted solid; border-color: #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; TENARIS TUBOCARIBE LTDA.&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 10.48%; border-top: 0.75pt dotted #000000; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Colombia &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 33.5%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Manufacturing of welded and seamless steel pipes &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;100&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;100&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;100&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="width: 37.5%; border-width: 0.75pt 1pt; border-style: dotted solid solid; border-color: #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; TUBOS DE ACERO DE MEXICO, S.A. &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 10.48%; border-top: 0.75pt dotted #000000; border-right: 1pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Mexico &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 33.5%; border-top: 0.75pt dotted #000000; border-right: 1pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Manufacturing of seamless steel pipes &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 6.16%; border-top: 0.75pt dotted #000000; border-right: 1pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;100&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 6.16%; border-top: 0.75pt dotted #000000; border-right: 1pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;100&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 6.16%; border-top: 0.75pt dotted #000000; border-right: 1pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;100&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;</ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory>
  <ifrs-full:DisclosureOfInterestsInSubsidiariesExplanatory id="Tag2285" contextRef="D20201231_3">&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-left: 38.75pt; margin-bottom: 0pt; text-indent: -38.75pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;&lt;font style="border-left: none; border-right: none;"&gt;31&lt;/font&gt;&lt;/font&gt;&lt;font style="font: 7pt 'Times New Roman'; -aw-import: spaces;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;Principal subsidiaries&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;The following is a list of Tenaris&amp;#8217;s principal subsidiaries and its direct and indirect percentage of ownership of each controlled company at December 31, 2020.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; height: 476px; width: 100%;" width="100%"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td rowspan="2" style="width: 37.5%; border-width: 1pt 1pt 0.75pt; border-style: solid; border-color: #000000; padding-right: 4.9pt; padding-left: 4.9pt; vertical-align: middle; height: 34px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt; Company &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td rowspan="2" style="width: 10.48%; border-top: 1pt solid #000000; border-right: 1pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 4.9pt; padding-left: 5.4pt; height: 34px; vertical-align: top;" valign="top"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;Country of &lt;br/&gt;Incorporation&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td rowspan="2" style="width: 33.5%; border-top: 1pt solid #000000; border-right: 1pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 34px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt; Main activity &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="3" style="border-top: 1pt solid #000000; border-right: 1pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;Percentage of ownership at &lt;br/&gt;December 31, (*)&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="width: 6.16%; border-width: 0.75pt 1pt 1pt; border-style: solid; border-color: #000000; padding-right: 4.9pt; padding-left: 4.9pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt; &lt;font style="border-left: none; border-right: none;"&gt;2020&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 6.16%; border-top: 0.75pt solid #000000; border-right: 1pt solid #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt; &lt;font style="border-left: none; border-right: none;"&gt;2019&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 6.16%; border-top: 0.75pt solid #000000; border-right: 1pt solid #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt; &lt;font style="border-left: none; border-right: none;"&gt;2018&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="width: 37.5%; border-width: 0.75pt 1pt; border-style: solid solid dotted; border-color: #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; ALGOMA TUBES INC. &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 10.48%; border-top: 0.75pt solid #000000; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Canada &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 33.5%; border-top: 0.75pt solid #000000; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Manufacturing of seamless steel pipes &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;100&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 6.16%; border-top: 1pt solid #000000; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;100&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 6.16%; border-top: 1pt solid #000000; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;100&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="width: 37.5%; border-width: 0.75pt 1pt; border-style: dotted solid; border-color: #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; CONFAB INDUSTRIAL S.A. and subsidiaries &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 10.48%; border-top: 0.75pt dotted #000000; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Brazil &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 33.5%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Manufacturing of welded steel pipes and capital goods &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;100&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;100&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;100&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="width: 37.5%; border-width: 0.75pt 1pt; border-style: dotted solid; border-color: #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; DALMINE S.p.A. &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 10.48%; border-top: 0.75pt dotted #000000; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Italy &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 33.5%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Manufacturing of seamless steel pipes &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;100&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;100&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;100&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="width: 37.5%; border-width: 0.75pt 1pt; border-style: dotted solid; border-color: #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; HYDRIL COMPANY and subsidiaries (except detailed) (a) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 10.48%; border-top: 0.75pt dotted #000000; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; USA &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 33.5%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Manufacture and marketing of premium connections &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;100&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;100&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;100&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="width: 37.5%; border-width: 0.75pt 1pt; border-style: dotted solid; border-color: #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; IPSCO TUBULARS INC. and subsidiaries &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 10.48%; border-top: 0.75pt dotted #000000; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; USA &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 33.5%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Manufacturing of welded and seamless steel pipes &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;100&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; NA &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; NA &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="width: 37.5%; border-width: 0.75pt 1pt; border-style: dotted solid; border-color: #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; KAZAKHSTAN PIPE THREADERS LIMITED LIABILITY PARTNERSHIP &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 10.48%; border-top: 0.75pt dotted #000000; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Kazakhstan &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 33.5%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Threading of premium products &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;100&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;100&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;100&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="width: 37.5%; border-width: 0.75pt 1pt; border-style: dotted solid; border-color: #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; MAVERICK TUBE CORPORATION and subsidiaries &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 10.48%; border-top: 0.75pt dotted #000000; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; USA &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 33.5%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Manufacturing of welded steel pipes &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;100&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;100&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;100&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="width: 37.5%; border-width: 0.75pt 1pt; border-style: dotted solid; border-color: #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; NKKTUBES &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 10.48%; border-top: 0.75pt dotted #000000; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Japan &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 33.5%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Manufacturing of seamless steel pipes &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;51&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;51&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;51&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="width: 37.5%; border-width: 0.75pt 1pt; border-style: dotted solid; border-color: #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; P.T. SEAMLESS PIPE INDONESIA JAYA &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 10.48%; border-top: 0.75pt dotted #000000; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Indonesia &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 33.5%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Manufacturing of seamless steel products &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;89&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;89&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;89&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="width: 37.5%; border-width: 0.75pt 1pt; border-style: dotted solid; border-color: #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; PRUDENTIAL STEEL LTD. (b) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 10.48%; border-top: 0.75pt dotted #000000; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Canada &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 33.5%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Manufacturing of welded steel pipes &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;100&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;100&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;100&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="width: 37.5%; border-width: 0.75pt 1pt; border-style: dotted solid; border-color: #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; S.C. SILCOTUB S.A. &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 10.48%; border-top: 0.75pt dotted #000000; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Romania &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 33.5%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Manufacturing of seamless steel pipes &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;100&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;100&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;100&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="width: 37.5%; border-width: 0.75pt 1pt; border-style: dotted solid; border-color: #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; SAUDI STEEL PIPE CO. &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 10.48%; border-top: 0.75pt dotted #000000; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Saudi Arabia &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 33.5%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Manufacturing of welded&lt;font&gt; steel pipes &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;48&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;48&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; NA &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="width: 37.5%; border-width: 0.75pt 1pt; border-style: dotted solid; border-color: #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; SIAT SOCIEDAD ANONIMA&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 10.48%; border-top: 0.75pt dotted #000000; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Argentina &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 33.5%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Manufacturing of welded and seamless steel pipes &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;100&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;100&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;100&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="width: 37.5%; border-width: 0.75pt 1pt; border-style: dotted solid; border-color: #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; SIDERCA SOCIEDAD ANONIMA INDUSTRIAL Y COMERCIAL and subsidiaries &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 10.48%; border-top: 0.75pt dotted #000000; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Argentina &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 33.5%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Manufacturing of seamless steel pipes &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;100&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;100&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;100&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="width: 37.5%; border-width: 0.75pt 1pt; border-style: dotted solid; border-color: #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; TALTA - TRADING E MARKETING SOCIEDADE UNIPESSOAL LDA. &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 10.48%; border-top: 0.75pt dotted #000000; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Portugal &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 33.5%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Holding Company &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;100&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;100&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;100&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="width: 37.5%; border-width: 0.75pt 1pt; border-style: dotted solid; border-color: #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; TENARIS BAY CITY, INC. &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 10.48%; border-top: 0.75pt dotted #000000; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; USA &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 33.5%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Manufacturing of seamless steel pipes &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;100&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;100&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;100&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="width: 37.5%; border-width: 0.75pt 1pt; border-style: dotted solid; border-color: #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; TENARIS CONNECTIONS BV &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 10.48%; border-top: 0.75pt dotted #000000; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Netherlands &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 33.5%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Development, management and licensing of intellectual property &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;100&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;100&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;100&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="width: 37.5%; border-width: 0.75pt 1pt; border-style: dotted solid; border-color: #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; TENARIS FINANCIAL SERVICES S.A. &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 10.48%; border-top: 0.75pt dotted #000000; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Uruguay &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 33.5%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Financial company &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;100&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;100&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;100&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="width: 37.5%; border-width: 0.75pt 1pt; border-style: dotted solid; border-color: #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; TENARIS GLOBAL SERVICES (CANADA) INC. &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 10.48%; border-top: 0.75pt dotted #000000; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Canada &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 33.5%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Marketing of steel products &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;100&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;100&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;100&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="width: 37.5%; border-width: 0.75pt 1pt; border-style: dotted solid; border-color: #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; TENARIS GLOBAL SERVICES (U.S.A.) CORPORATION &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 10.48%; border-top: 0.75pt dotted #000000; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; USA &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 33.5%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Marketing of steel products &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;100&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;100&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;100&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="width: 37.5%; border-width: 0.75pt 1pt; border-style: dotted solid; border-color: #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; TENARIS GLOBAL SERVICES (UK) LTD &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 10.48%; border-top: 0.75pt dotted #000000; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; United Kingdom &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 33.5%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Holding company and marketing of steel products &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;100&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;100&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;100&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="width: 37.5%; border-width: 0.75pt 1pt; border-style: dotted solid; border-color: #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; TENARIS GLOBAL SERVICES S.A. and subsidiaries (except detailed) (c) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 10.48%; border-top: 0.75pt dotted #000000; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Uruguay &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 33.5%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Holding company and marketing of steel products &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;100&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;100&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;100&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="width: 37.5%; border-width: 0.75pt 1pt; border-style: dotted solid; border-color: #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; TENARIS INVESTMENTS (NL) B.V. and subsidiaries &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 10.48%; border-top: 0.75pt dotted #000000; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Netherlands &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 33.5%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Holding company &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;100&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;100&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; NA &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="width: 37.5%; border-width: 0.75pt 1pt; border-style: dotted solid; border-color: #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; TENARIS INVESTMENTS S.&amp;#224;r.l.&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 10.48%; border-top: 0.75pt dotted #000000; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Luxembourg &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 33.5%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Holding company &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;100&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;100&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;100&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="width: 37.5%; border-width: 0.75pt 1pt; border-style: dotted solid; border-color: #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; TENARIS TUBOCARIBE LTDA.&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 10.48%; border-top: 0.75pt dotted #000000; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Colombia &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 33.5%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Manufacturing of welded and seamless steel pipes &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;100&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;100&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;100&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="width: 37.5%; border-width: 0.75pt 1pt; border-style: dotted solid solid; border-color: #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; TUBOS DE ACERO DE MEXICO, S.A. &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 10.48%; border-top: 0.75pt dotted #000000; border-right: 1pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Mexico &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 33.5%; border-top: 0.75pt dotted #000000; border-right: 1pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Manufacturing of seamless steel pipes &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 6.16%; border-top: 0.75pt dotted #000000; border-right: 1pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;100&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 6.16%; border-top: 0.75pt dotted #000000; border-right: 1pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;100&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 6.16%; border-top: 0.75pt dotted #000000; border-right: 1pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;100&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: spaces;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;(*) &lt;font&gt;All percentages rounded.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;(a) &lt;font&gt;Tenaris Investments S.a.r.l. holds &lt;font&gt;100&lt;/font&gt; % of Hydril's subsidiaries shares except for Technical Drilling &amp;amp; Production Services Nigeria. Ltd where it held &lt;font&gt;80&lt;/font&gt;% for 2019 and 2018.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;(b) &lt;font&gt;See note &lt;font style="border-left: none; border-right: none;"&gt;36&lt;/font&gt;.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;(&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;c&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;) &lt;font&gt;Tenaris holds &lt;font&gt;97.5&lt;/font&gt;% of Tenaris Supply Chain S.A. and &lt;font&gt;40&lt;/font&gt;% of Tubular Technical Services Ltd. and Pipe Coaters Nigeria Ltd., &lt;font&gt;49&lt;/font&gt;% of Amaja Tubular Services Limited, &lt;font&gt;49&lt;/font&gt;% of Tubular Services Angola Lda and &lt;font&gt;60&lt;/font&gt;% of Tenaris Baogang Baotou Steel Pipes Ltd.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;</ifrs-full:DisclosureOfInterestsInSubsidiariesExplanatory>
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  <ifrs-full:ProportionOfOwnershipInterestInSubsidiary id="Tag2287" contextRef="D20191231_TechnicalDrillingProductionServicesNigeriaLtdMember" unitRef="Pure" decimals="2">0.80</ifrs-full:ProportionOfOwnershipInterestInSubsidiary>
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  <ifrs-full:ProportionOfOwnershipInterestInSubsidiary id="Tag2306" contextRef="D20201231_TenarisGlobalServicesSaAndSubsidiariesMember_UY" unitRef="Pure" decimals="2">1.00</ifrs-full:ProportionOfOwnershipInterestInSubsidiary>
  <ifrs-full:ProportionOfOwnershipInterestInSubsidiary id="Tag2307" contextRef="D20191231_TenarisBayCityIncMember_US" unitRef="Pure" decimals="2">1.00</ifrs-full:ProportionOfOwnershipInterestInSubsidiary>
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  <ifrs-full:ProportionOfOwnershipInterestInSubsidiary id="Tag2310" contextRef="D20201231_TenarisFinancialServicesSaMember_UY" unitRef="Pure" decimals="2">1.00</ifrs-full:ProportionOfOwnershipInterestInSubsidiary>
  <ifrs-full:ProportionOfOwnershipInterestInSubsidiary id="Tag2311" contextRef="D20191231_KZ_KazakhstanPipeThreadersLimitedMember" unitRef="Pure" decimals="2">1.00</ifrs-full:ProportionOfOwnershipInterestInSubsidiary>
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  <ifrs-full:ProportionOfOwnershipInterestInSubsidiary id="Tag2314" contextRef="D20181231_KZ_KazakhstanPipeThreadersLimitedMember" unitRef="Pure" decimals="2">1.00</ifrs-full:ProportionOfOwnershipInterestInSubsidiary>
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  <ifrs-full:ProportionOfOwnershipInterestInSubsidiary id="Tag2317" contextRef="D20201231_AmajaTubularServicesLimitedMember" unitRef="Pure" decimals="2">0.49</ifrs-full:ProportionOfOwnershipInterestInSubsidiary>
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  <ifrs-full:ProportionOfOwnershipInterestInSubsidiary id="Tag2328" contextRef="D20191231_ID_PtSeamlessPipeIndonesiaJayaMember" unitRef="Pure" decimals="2">0.89</ifrs-full:ProportionOfOwnershipInterestInSubsidiary>
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  <ts:AdditionalProvisionsOtherProvisionsReversals id="Tag2335" contextRef="D20191231_ProvisionsForCurrentLiabilitiesMember" unitRef="USD" decimals="-3">8661000</ts:AdditionalProvisionsOtherProvisionsReversals>
  <ts:DisclosureOfCurrentAllowancesAndProvisionsTextBlock id="Tag2336" contextRef="D20201231_3">&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-left: 38.75pt; margin-bottom: 0pt; text-indent: -38.75pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;&lt;font style="border-left: none; border-right: none;"&gt;24&lt;/font&gt;&lt;/font&gt;&lt;font style="font: 7pt 'Times New Roman'; -aw-import: spaces;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;Current &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;allowances and &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;provisions&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt;(i)&lt;/font&gt;&lt;font style="width: 26.56pt; display: inline-block;"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt;Deducted from assets&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 99.9182%; height: 143px;" width="100%"&gt;

&lt;tr style="height: 31px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: middle; background-color: #ffffff; width: 47.0486%; height: 31px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt; Year ended December 31, 2020 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: middle; background-color: #ffffff; width: 0.954861%; height: 31px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; width: 15.1042%; height: 31px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;Allowance for doubtful &lt;br/&gt;accounts - Trade receivables&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; width: 1.38889%; height: 31px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; width: 1.38889%; height: 31px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; width: 15.1042%; height: 31px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt; Allowance for other doubtful accounts - Other receivables &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; width: 1.38889%; height: 31px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; width: 1.38889%; height: 31px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; width: 15.1042%; height: 31px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-left: 0.65pt; margin-bottom: 0pt; text-indent: -0.65pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;Allowance for &lt;br/&gt;inventory obsolescence&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; width: 1.38889%; height: 31px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; background-color: #ffffff; width: 47.0486%; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (all amounts in thousands of U.S. dollars) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; background-color: #ffffff; width: 0.954861%; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1.38889%; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 13.7153%; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1.38889%; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1.38889%; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1.38889%; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 13.7153%; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1.38889%; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1.38889%; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1.38889%; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 13.7153%; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1.38889%; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 47.0486%; background-color: #cceeff; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Values at the beginning of the year &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 0.954861%; background-color: #cceeff; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.38889%; background-color: #cceeff; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 13.7153%; background-color: #cceeff; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;48,782&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.38889%; background-color: #cceeff; height: 16px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.38889%; background-color: #cceeff; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.38889%; background-color: #cceeff; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 13.7153%; background-color: #cceeff; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;4,892&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.38889%; background-color: #cceeff; height: 16px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.38889%; background-color: #cceeff; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.38889%; background-color: #cceeff; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 13.7153%; background-color: #cceeff; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;217,717&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.38889%; background-color: #cceeff; height: 16px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 47.0486%; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Translation differences &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 0.954861%; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.38889%; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 13.7153%; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;37&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.38889%; height: 16px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.38889%; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.38889%; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 13.7153%; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;801&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.38889%; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.38889%; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.38889%; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 13.7153%; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,560&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.38889%; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 47.0486%; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Increase due to business combinations &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 0.954861%; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1.38889%; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 13.7153%; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;1,930&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.38889%; height: 16px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1.38889%; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1.38889%; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 13.7153%; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: spaces;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.38889%; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1.38889%; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1.38889%; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 13.7153%; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;76,776&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.38889%; height: 16px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 47.0486%; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (Additional) allowances &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 0.954861%; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.38889%; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 13.7153%; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;4,644&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.38889%; height: 16px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.38889%; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.38889%; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 13.7153%; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;1,263&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.38889%; height: 16px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.38889%; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.38889%; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 13.7153%; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;35,809&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.38889%; height: 16px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 47.0486%; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Used &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 0.954861%; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1.38889%; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 13.7153%; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,717&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.38889%; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1.38889%; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1.38889%; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 13.7153%; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,437&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.38889%; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1.38889%; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1.38889%; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 13.7153%; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;65,107&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.38889%; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 47.0486%; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt; At December 31, 2020 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 0.954861%; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.38889%; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; width: 13.7153%; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt; (&lt;font&gt;53,676&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px; vertical-align: bottom; width: 1.38889%; height: 16px;"&gt;&lt;font style="font-size: 10pt; font-weight: bold;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.38889%; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.38889%; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; width: 13.7153%; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt; (&lt;font&gt;3,917&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px; vertical-align: bottom; width: 1.38889%; height: 16px;"&gt;&lt;font style="font-size: 10pt; font-weight: bold;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.38889%; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.38889%; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; width: 13.7153%; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt; (&lt;font&gt;263,635&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px; vertical-align: bottom; width: 1.38889%; height: 16px;"&gt;&lt;font style="font-size: 10pt; font-weight: bold;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;div&gt;
&lt;div&gt;

&lt;/div&gt;
&lt;/div&gt;
&lt;p style="margin: 0px; font-size: 10pt; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 99.8367%; height: 123px;" width="100%"&gt;

&lt;tr style="height: 11px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; background-color: #ffffff; height: 11px; width: 47.1764%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Year ended December 31, 2019 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: middle; background-color: #ffffff; height: 11px; width: 0.955691%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 11px; width: 15.0304%;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt;Allowance for doubtful &lt;br/&gt;accounts - Trade receivables&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 11px; width: 1.3901%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 11px; width: 1.3901%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 11px; width: 15.0304%;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Allowance for other doubtful accounts - Other receivables &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 11px; width: 1.3901%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 11px; width: 1.3901%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 11px; width: 15.1173%;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt;Allowance for &lt;br/&gt;inventory obsolescence&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 11px; width: 1.3901%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; background-color: #ffffff; height: 16px; width: 47.1764%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (all amounts in thousands of U.S. dollars) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; background-color: #ffffff; height: 16px; width: 0.955691%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 1.3901%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 13.6403%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 1.3901%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 1.3901%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 1.3901%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 13.6403%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 1.3901%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 1.3901%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 1.3901%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 13.7272%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 1.3901%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 47.1764%; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Values at the beginning of the year &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 0.955691%; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1.3901%; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 13.6403%; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;66,535&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.3901%; height: 16px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1.3901%; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1.3901%; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 13.6403%; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;6,784&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.3901%; height: 16px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1.3901%; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1.3901%; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 13.7272%; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;209,796&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.3901%; height: 16px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px; width: 47.1764%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Translation differences &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px; width: 0.955691%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; width: 1.3901%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; width: 13.6403%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;9&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; width: 1.3901%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; width: 1.3901%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; width: 1.3901%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; width: 13.6403%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;88&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; width: 1.3901%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; width: 1.3901%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; width: 1.3901%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; width: 13.7272%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;794&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; width: 1.3901%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 47.1764%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Increase due to business combinations &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 0.955691%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 1.3901%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 13.6403%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;1,788&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 1.3901%;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 1.3901%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 1.3901%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 13.6403%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 1.3901%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 1.3901%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 1.3901%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 13.7272%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;10,761&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 1.3901%;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px; width: 47.1764%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (Additional) / reversals allowances &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px; width: 0.955691%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; width: 1.3901%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; width: 13.6403%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;16,256&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; width: 1.3901%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; width: 1.3901%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; width: 1.3901%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; width: 13.6403%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;1,239&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; width: 1.3901%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; width: 1.3901%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; width: 1.3901%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; width: 13.7272%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;29,138&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; width: 1.3901%;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 47.1764%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Used &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 0.955691%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 1.3901%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 13.6403%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;3,276&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 1.3901%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 1.3901%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 1.3901%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 13.6403%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;565&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 1.3901%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 1.3901%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 1.3901%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 13.7272%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;31,184&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 1.3901%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px; width: 47.1764%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; At December 31, 2019 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px; width: 0.955691%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; width: 1.3901%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; width: 13.6403%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; (&lt;font&gt;48,782&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px; vertical-align: bottom; height: 16px; width: 1.3901%;"&gt;&lt;font style="font-size: 10pt; font-weight: bold;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; width: 1.3901%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; width: 1.3901%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; width: 13.6403%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; (&lt;font&gt;4,892&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px; vertical-align: bottom; height: 16px; width: 1.3901%;"&gt;&lt;font style="font-size: 10pt; font-weight: bold;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; width: 1.3901%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; width: 1.3901%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; width: 13.7272%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; (&lt;font&gt;217,717&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px; vertical-align: bottom; height: 16px; width: 1.3901%;"&gt;&lt;font style="font-size: 10pt; font-weight: bold;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;p style="margin: 0px; text-align: justify; font-size: 10pt; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-left: 36pt; margin-bottom: 0pt; text-indent: -36pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt;(ii)&lt;/font&gt;&lt;font style="font: 7pt 'Times New Roman'; -aw-import: spaces;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt;Liabilities&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-left: 36pt; margin-bottom: 0pt; line-height: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 159px;" width="100%"&gt;

&lt;tr style="height: 31px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #ffffff; height: 31px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Year ended December 31, 2020 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #ffffff; height: 31px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 31px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Sales risks &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 31px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 31px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 31px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Other claims and contingencies (*) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 31px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 31px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 31px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Total &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 31px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (all amounts in thousands of U.S. dollars) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 61%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Values at the beginning of the year &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;5,867&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;11,150&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;17,017&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Translation differences &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;5&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;975&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;980&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Increase due to business combinations &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;116&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;398&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;514&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Additional provisions &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;9,728&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;1,751&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;11,479&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Reclassifications &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;557&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 16px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;557&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 16px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Used &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;13,911&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;1,283&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;15,194&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; At December 31, 2020 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;1,795&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;10,484&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;12,279&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-left: 36pt; margin-bottom: 0pt; line-height: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; height: 135px; width: 100%;" width="100%"&gt;

&lt;tr style="height: 15px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #ffffff; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Year ended December 31, 2019 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #ffffff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 15px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Sales risks &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 15px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Other claims and contingencies (*) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 15px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Total &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (all amounts in thousands of U.S. dollars) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; background-color: #cceeff; width: 61%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Values at the beginning of the year &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;6,814&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;17,469&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;24,283&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Translation differences &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;28&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;570&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;598&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Increase due to business combinations &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;505&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;8,000&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;8,505&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Additional / (reversals) provisions &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;11,880&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;3,219&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;8,661&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Reclassifications &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;5,641&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;5,641&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Used &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;13,304&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;4,889&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;18,193&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; At December 31, 2019 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;5,867&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;11,150&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;17,017&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 12pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;(*) &lt;/font&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Other claims and contingencies mainly include lawsuits and other legal proceedings, including employee, tax and environmental-related claims.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;

&lt;/div&gt;</ts:DisclosureOfCurrentAllowancesAndProvisionsTextBlock>
  <ts:DisclosureOfDetailedInformationAboutCurrentAllowancesAndProvisionsFromLiabilitiesTextBlock id="Tag2337" contextRef="D20201231_3">&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-left: 36pt; margin-bottom: 0pt; text-indent: -36pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt;(ii)&lt;/font&gt;&lt;font style="font: 7pt 'Times New Roman'; -aw-import: spaces;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt;Liabilities&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-left: 36pt; margin-bottom: 0pt; line-height: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 159px;" width="100%"&gt;

&lt;tr style="height: 31px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #ffffff; height: 31px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Year ended December 31, 2020 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #ffffff; height: 31px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 31px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Sales risks &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 31px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 31px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 31px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Other claims and contingencies (*) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 31px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 31px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 31px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Total &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 31px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (all amounts in thousands of U.S. dollars) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
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&lt;/tr&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Values at the beginning of the year &lt;/font&gt;&lt;/p&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Translation differences &lt;/font&gt;&lt;/p&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;980&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Increase due to business combinations &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Additional provisions &lt;/font&gt;&lt;/p&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;12,279&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-left: 36pt; margin-bottom: 0pt; line-height: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; height: 135px; width: 100%;" width="100%"&gt;

&lt;tr style="height: 15px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #ffffff; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Year ended December 31, 2019 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #ffffff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 15px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Sales risks &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 15px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Other claims and contingencies (*) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 15px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Total &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (all amounts in thousands of U.S. dollars) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; background-color: #cceeff; width: 61%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Values at the beginning of the year &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;6,814&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;17,469&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;24,283&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Translation differences &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;28&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;570&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;598&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Increase due to business combinations &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;505&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;8,000&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;8,505&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Additional / (reversals) provisions &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;11,880&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;3,219&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;8,661&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Reclassifications &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;5,641&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;5,641&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Used &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;13,304&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;4,889&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;18,193&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; At December 31, 2019 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;5,867&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;11,150&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;17,017&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;</ts:DisclosureOfDetailedInformationAboutCurrentAllowancesAndProvisionsFromLiabilitiesTextBlock>
  <ifrs-full:ProvisionUsedOtherProvisions id="Tag2338" contextRef="D20191231_SalesRisksMember" unitRef="USD" decimals="-3">13304000</ifrs-full:ProvisionUsedOtherProvisions>
  <ifrs-full:AcquisitionsThroughBusinessCombinationsOtherProvisions id="Tag2339" contextRef="D20191231_SalesRisksMember" unitRef="USD" decimals="-3">505000</ifrs-full:AcquisitionsThroughBusinessCombinationsOtherProvisions>
  <ifrs-full:AcquisitionsThroughBusinessCombinationsOtherProvisions id="Tag2340" contextRef="D20191231_ProvisionsForCurrentLiabilitiesMember" unitRef="USD" decimals="-3">8505000</ifrs-full:AcquisitionsThroughBusinessCombinationsOtherProvisions>
  <ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesOtherProvisions id="Tag2341" contextRef="D20201231_ProvisionsForCurrentLiabilitiesMember" unitRef="USD" decimals="-3">-557000</ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesOtherProvisions>
  <ts:IncreaseDecreaseAdditionalAllowancesOtherProvisions id="Tag2342" contextRef="D20201231_AllowanceForOtherDoubtfulAccountsOtherReceivablesMember" unitRef="USD" decimals="-3">1263000</ts:IncreaseDecreaseAdditionalAllowancesOtherProvisions>
  <ts:IncreaseDecreaseAdditionalAllowancesOtherProvisions id="Tag2343" contextRef="D20201231_AllowanceForInventoryObsolescenceMember" unitRef="USD" decimals="-3">35809000</ts:IncreaseDecreaseAdditionalAllowancesOtherProvisions>
  <ifrs-full:AcquisitionsThroughBusinessCombinationsOtherProvisions id="Tag2344" contextRef="D20201231_MiscellaneousOtherProvisionsMember" unitRef="USD" decimals="-3">398000</ifrs-full:AcquisitionsThroughBusinessCombinationsOtherProvisions>
  <ifrs-full:AcquisitionsThroughBusinessCombinationsOtherProvisions id="Tag2345" contextRef="D20191231_AllowanceForOtherDoubtfulAccountsOtherReceivablesMember" unitRef="USD" xsi:nil="true" />
  <ts:AdditionalProvisionsOtherProvisionsReversals id="Tag2346" contextRef="D20191231_MiscellaneousOtherProvisionsMember" unitRef="USD" decimals="-3">-3219000</ts:AdditionalProvisionsOtherProvisionsReversals>
  <ts:DisclosureOfDetailedInformationAboutCurrentAllowancesAndProvisionsDeductedFromAssetsTextBlock id="Tag2347" contextRef="D20201231_3">&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt;(i)&lt;/font&gt;&lt;font style="width: 26.56pt; display: inline-block;"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt;Deducted from assets&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 99.9182%; height: 143px;" width="100%"&gt;

&lt;tr style="height: 31px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: middle; background-color: #ffffff; width: 47.0486%; height: 31px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt; Year ended December 31, 2020 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: middle; background-color: #ffffff; width: 0.954861%; height: 31px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; width: 15.1042%; height: 31px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;Allowance for doubtful &lt;br/&gt;accounts - Trade receivables&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; width: 1.38889%; height: 31px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; width: 1.38889%; height: 31px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; width: 15.1042%; height: 31px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt; Allowance for other doubtful accounts - Other receivables &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; width: 1.38889%; height: 31px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; width: 1.38889%; height: 31px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; width: 15.1042%; height: 31px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-left: 0.65pt; margin-bottom: 0pt; text-indent: -0.65pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;Allowance for &lt;br/&gt;inventory obsolescence&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; width: 1.38889%; height: 31px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; background-color: #ffffff; width: 47.0486%; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (all amounts in thousands of U.S. dollars) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; background-color: #ffffff; width: 0.954861%; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1.38889%; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 13.7153%; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1.38889%; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1.38889%; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1.38889%; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 13.7153%; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1.38889%; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1.38889%; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1.38889%; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 13.7153%; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1.38889%; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 47.0486%; background-color: #cceeff; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Values at the beginning of the year &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 0.954861%; background-color: #cceeff; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.38889%; background-color: #cceeff; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 13.7153%; background-color: #cceeff; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;48,782&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.38889%; background-color: #cceeff; height: 16px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.38889%; background-color: #cceeff; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.38889%; background-color: #cceeff; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 13.7153%; background-color: #cceeff; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;4,892&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.38889%; background-color: #cceeff; height: 16px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.38889%; background-color: #cceeff; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.38889%; background-color: #cceeff; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 13.7153%; background-color: #cceeff; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;217,717&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.38889%; background-color: #cceeff; height: 16px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 47.0486%; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Translation differences &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 0.954861%; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.38889%; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 13.7153%; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;37&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.38889%; height: 16px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.38889%; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.38889%; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 13.7153%; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;801&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.38889%; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.38889%; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.38889%; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 13.7153%; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,560&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.38889%; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 47.0486%; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Increase due to business combinations &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 0.954861%; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1.38889%; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 13.7153%; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;1,930&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.38889%; height: 16px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1.38889%; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1.38889%; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 13.7153%; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: spaces;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.38889%; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1.38889%; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1.38889%; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 13.7153%; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;76,776&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.38889%; height: 16px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 47.0486%; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (Additional) allowances &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 0.954861%; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.38889%; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 13.7153%; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;4,644&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.38889%; height: 16px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.38889%; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.38889%; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 13.7153%; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;1,263&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.38889%; height: 16px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.38889%; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.38889%; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 13.7153%; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;35,809&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.38889%; height: 16px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 47.0486%; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Used &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 0.954861%; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1.38889%; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 13.7153%; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,717&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.38889%; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1.38889%; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1.38889%; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 13.7153%; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,437&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.38889%; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1.38889%; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1.38889%; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 13.7153%; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;65,107&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.38889%; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 47.0486%; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt; At December 31, 2020 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 0.954861%; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.38889%; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; width: 13.7153%; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt; (&lt;font&gt;53,676&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px; vertical-align: bottom; width: 1.38889%; height: 16px;"&gt;&lt;font style="font-size: 10pt; font-weight: bold;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.38889%; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.38889%; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; width: 13.7153%; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt; (&lt;font&gt;3,917&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px; vertical-align: bottom; width: 1.38889%; height: 16px;"&gt;&lt;font style="font-size: 10pt; font-weight: bold;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.38889%; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.38889%; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; width: 13.7153%; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt; (&lt;font&gt;263,635&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px; vertical-align: bottom; width: 1.38889%; height: 16px;"&gt;&lt;font style="font-size: 10pt; font-weight: bold;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;div&gt;
&lt;div&gt;

&lt;/div&gt;
&lt;/div&gt;
&lt;p style="margin: 0px; font-size: 10pt; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 99.8367%; height: 123px;" width="100%"&gt;

&lt;tr style="height: 11px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; background-color: #ffffff; height: 11px; width: 47.1764%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Year ended December 31, 2019 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: middle; background-color: #ffffff; height: 11px; width: 0.955691%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 11px; width: 15.0304%;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt;Allowance for doubtful &lt;br/&gt;accounts - Trade receivables&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 11px; width: 1.3901%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 11px; width: 1.3901%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 11px; width: 15.0304%;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Allowance for other doubtful accounts - Other receivables &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 11px; width: 1.3901%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 11px; width: 1.3901%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 11px; width: 15.1173%;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt;Allowance for &lt;br/&gt;inventory obsolescence&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 11px; width: 1.3901%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; background-color: #ffffff; height: 16px; width: 47.1764%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (all amounts in thousands of U.S. dollars) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; background-color: #ffffff; height: 16px; width: 0.955691%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 1.3901%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 13.6403%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 1.3901%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 1.3901%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 1.3901%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 13.6403%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 1.3901%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 1.3901%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 1.3901%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 13.7272%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 1.3901%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 47.1764%; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Values at the beginning of the year &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 0.955691%; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1.3901%; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 13.6403%; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;66,535&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.3901%; height: 16px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1.3901%; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1.3901%; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 13.6403%; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;6,784&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.3901%; height: 16px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1.3901%; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1.3901%; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 13.7272%; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;209,796&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.3901%; height: 16px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px; width: 47.1764%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Translation differences &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px; width: 0.955691%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; width: 1.3901%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; width: 13.6403%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;9&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; width: 1.3901%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; width: 1.3901%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; width: 1.3901%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; width: 13.6403%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;88&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; width: 1.3901%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; width: 1.3901%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; width: 1.3901%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; width: 13.7272%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;794&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; width: 1.3901%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 47.1764%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Increase due to business combinations &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 0.955691%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 1.3901%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 13.6403%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;1,788&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 1.3901%;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 1.3901%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 1.3901%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 13.6403%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 1.3901%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 1.3901%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 1.3901%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 13.7272%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;10,761&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 1.3901%;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
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&lt;tr style="height: 16px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px; width: 47.1764%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (Additional) / reversals allowances &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px; width: 0.955691%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; width: 1.3901%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; width: 13.6403%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;16,256&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; width: 1.3901%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; width: 1.3901%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; width: 1.3901%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; width: 13.6403%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;1,239&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; width: 1.3901%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; width: 1.3901%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; width: 1.3901%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; width: 13.7272%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;29,138&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; width: 1.3901%;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
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&lt;tr style="height: 16px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 47.1764%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Used &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 0.955691%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 1.3901%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 13.6403%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;3,276&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 1.3901%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 1.3901%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 1.3901%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 13.6403%;"&gt;
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&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 1.3901%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 1.3901%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 13.7272%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;31,184&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 1.3901%;"&gt;&lt;br/&gt;&lt;/td&gt;
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&lt;tr style="height: 16px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px; width: 47.1764%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; At December 31, 2019 &lt;/font&gt;&lt;/p&gt;
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&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; width: 13.6403%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; (&lt;font&gt;48,782&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px; vertical-align: bottom; height: 16px; width: 1.3901%;"&gt;&lt;font style="font-size: 10pt; font-weight: bold;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; width: 1.3901%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; width: 1.3901%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; width: 13.6403%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; (&lt;font&gt;4,892&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px; vertical-align: bottom; height: 16px; width: 1.3901%;"&gt;&lt;font style="font-size: 10pt; font-weight: bold;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; width: 1.3901%;"&gt;&lt;br/&gt;&lt;/td&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; (&lt;font&gt;217,717&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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  <ifrs-full:DisclosureOfDetailedInformationAboutHedgedItemsExplanatory id="Tag2440" contextRef="D20201231_3">&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px; height: 248px;" width="100%"&gt;

&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px; width: 27.2021%;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (all amounts in thousands of U.S. dollars) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px; width: 13.6442%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="5" style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px; width: 25.7634%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Fair Value &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="5" style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 10px; width: 25.7634%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Hedge Accounting Reserve &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 10px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 13.5579%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Purchase currency &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 13.6442%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Sell currency &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 13.6442%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Term &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 12.3817%;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;2020&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 17px; width: 12%;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;2019&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 12.3817%;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;2020&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 17px; width: 12%;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;2019&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: middle; background-color: #cceeff; width: 13.5579%; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; MXN &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: middle; background-color: #cceeff; width: 13.6442%; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; USD &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: middle; background-color: #cceeff; width: 13.6442%; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;2021&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #cceeff; width: 1.38169%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #cceeff; width: 1.38169%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 11%; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;9,838&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1.38169%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1.38169%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 11%; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;18,999&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1.38169%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1.38169%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1.38169%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 11%; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;156&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1.38169%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1.38169%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 11%; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;404&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1.38169%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: middle; height: 17px; width: 13.5579%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; USD &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: middle; height: 17px; width: 13.6442%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; MXN &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: middle; height: 17px; width: 13.6442%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;2021&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 11%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;(&lt;font&gt;5&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 1.38169%;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 11%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;(&lt;font&gt;576&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 1.38169%;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 11%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 11%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: middle; background-color: #cceeff; height: 17px; width: 13.5579%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; USD &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: middle; background-color: #cceeff; height: 17px; width: 13.6442%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; EUR &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: middle; background-color: #cceeff; height: 17px; width: 13.6442%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;2021&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 11%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;(&lt;font&gt;1,969&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 11%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 11%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;5&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 11%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: middle; height: 17px; width: 13.5579%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; EUR &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: middle; height: 17px; width: 13.6442%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; USD &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: middle; height: 17px; width: 13.6442%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;2021&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 11%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;543&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 11%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;588&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 11%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 11%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: middle; background-color: #cceeff; height: 17px; width: 13.5579%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; JPY &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: middle; background-color: #cceeff; height: 17px; width: 13.6442%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; USD &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: middle; background-color: #cceeff; height: 17px; width: 13.6442%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;2021&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 11%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 11%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;(&lt;font&gt;190&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 11%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 11%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: middle; height: 17px; width: 13.5579%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; USD &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: middle; height: 17px; width: 13.6442%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; BRL &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: middle; height: 17px; width: 13.6442%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;2021&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 11%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;412&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 11%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;(&lt;font&gt;234&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 1.38169%;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 11%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;85&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 11%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: middle; background-color: #cceeff; height: 17px; width: 13.5579%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; JPY &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: middle; background-color: #cceeff; height: 17px; width: 13.6442%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; USD &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: middle; background-color: #cceeff; height: 17px; width: 13.6442%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;2030&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 11%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;94&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 11%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 11%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;(&lt;font&gt;4,958&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 11%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;2,149&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: middle; height: 17px; width: 13.5579%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; USD &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: middle; height: 17px; width: 13.6442%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; KWD &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: middle; height: 17px; width: 13.6442%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;2021&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 11%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;(&lt;font&gt;246&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 1.38169%;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 11%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;103&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 11%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;(&lt;font&gt;59&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 1.38169%;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 11%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;38&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: middle; background-color: #cceeff; height: 17px; width: 13.5579%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; USD &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: middle; background-color: #cceeff; height: 17px; width: 13.6442%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; CAD &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: middle; background-color: #cceeff; height: 17px; width: 13.6442%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;2021&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 11%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 11%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;(&lt;font&gt;200&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 11%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 11%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: middle; height: 17px; width: 13.5579%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; USD &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: middle; height: 17px; width: 13.6442%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; COP &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: middle; height: 17px; width: 13.6442%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;2021&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 11%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 11%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;(&lt;font&gt;345&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 1.38169%;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 11%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 11%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: middle; background-color: #cceeff; height: 17px; width: 13.5579%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; USD &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: middle; background-color: #cceeff; height: 17px; width: 13.6442%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; CNY &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: middle; background-color: #cceeff; height: 17px; width: 13.6442%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;2021&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 11%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;(&lt;font&gt;482&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 11%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;(&lt;font&gt;167&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 11%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 11%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: middle; height: 17px; width: 13.5579%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Others &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: middle; height: 17px; width: 13.6442%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: middle; height: 17px; width: 13.6442%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;2021&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 11%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;47&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 11%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;137&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 11%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 11%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 13.5579%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Total &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 13.6442%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 2px solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 13.6442%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 11%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;8,232&lt;/font&gt; &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 11%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;18,115&lt;/font&gt; &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 11%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;"&gt; &amp;nbsp;(&lt;font&gt;4,771&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"&gt;&lt;font style="font-size: 10pt; font-weight: bold;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 11%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;2,591&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;</ifrs-full:DisclosureOfDetailedInformationAboutHedgedItemsExplanatory>
  <ts:DisclosureOfDetailedInformationOfTheHedgeReserveEvolutionTextBlock id="Tag2441" contextRef="D20201231_3">&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100.062%; height: 63px;" width="100%"&gt;

&lt;tr style="height: 31px;"&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 31px; width: 32.9016%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 31px; width: 11%;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;Equity Reserve &lt;br/&gt;Dec-18&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 31px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 31px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 31px; width: 11%;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;Movements &lt;br/&gt;&lt;font&gt;2019&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 31px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 31px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 31px; width: 11%;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;Equity Reserve &lt;br/&gt;Dec-19&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 31px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 31px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 31px; width: 11%;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;Movements &lt;br/&gt;&lt;font&gt;2020&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 31px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 31px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 31px; width: 11%;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;Equity Reserve &lt;br/&gt;Dec-20&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 31px; width: 1.72712%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 32.9016%; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Foreign Exchange &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 10%; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: spaces;"&gt; &amp;nbsp;(&lt;font&gt;916&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 1.38169%; height: 16px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1.38169%; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 10%; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;3,507&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1.38169%; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1.38169%; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 10%; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,591&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1.38169%; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1.38169%; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 10%; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: spaces;"&gt; &amp;nbsp;(&lt;font&gt;7,362&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 1.38169%; height: 16px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1.38169%; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 10%; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: spaces;"&gt; &amp;nbsp;(&lt;font&gt;4,771&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1.72712%; height: 16px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px; width: 32.9016%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Total Cash flow Hedge &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; -aw-import: spaces;"&gt; &amp;nbsp;(&lt;font&gt;916&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px; width: 1.38169%;"&gt;&lt;font style="font-size: 10pt; font-weight: bold;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt; &lt;font&gt;3,507&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt; &lt;font&gt;2,591&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; -aw-import: spaces;"&gt; &amp;nbsp;(&lt;font&gt;7,362&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px; width: 1.38169%;"&gt;&lt;font style="font-size: 10pt; font-weight: bold;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; -aw-import: spaces;"&gt; &amp;nbsp;(&lt;font&gt;4,771&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 1.72712%;"&gt;)&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;</ts:DisclosureOfDetailedInformationOfTheHedgeReserveEvolutionTextBlock>
  <ts:DerivativeFinancialAssetsLiabilities id="Tag2442" contextRef="I20201231" unitRef="USD" decimals="-3">8232000</ts:DerivativeFinancialAssetsLiabilities>
  <ts:DerivativeFinancialAssetsLiabilities id="Tag2443" contextRef="I20191231_ForeignExchangeContractPurchaseCurrencyJpySellCurrencyUsdMember_CashFlowHedgesMember_TermOneMember" unitRef="USD" decimals="-3">-190000</ts:DerivativeFinancialAssetsLiabilities>
  <ifrs-full:ReserveOfCashFlowHedgesContinuingHedges id="Tag2444" contextRef="I20191231_CashFlowHedgesMember_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyBrlMember" unitRef="USD" xsi:nil="true" />
  <ts:DerivativeFinancialAssetsLiabilities id="Tag2445" contextRef="I20201231_CashFlowHedgesMember" unitRef="USD" decimals="-3">8232000</ts:DerivativeFinancialAssetsLiabilities>
  <ifrs-full:ReserveOfCashFlowHedgesContinuingHedges id="Tag2446" contextRef="I20201231_CashFlowHedgesMember_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyEurMember" unitRef="USD" decimals="-3">5000</ifrs-full:ReserveOfCashFlowHedgesContinuingHedges>
  <ifrs-full:ReserveOfCashFlowHedgesContinuingHedges id="Tag2447" contextRef="I20201231_ForeignExchangeContractPurchaseCurrencyJpySellCurrencyUsdMember_CashFlowHedgesMember_TermTwoMember" unitRef="USD" decimals="-3">-4958000</ifrs-full:ReserveOfCashFlowHedgesContinuingHedges>
  <ts:DerivativeFinancialAssetsLiabilities id="Tag2448" contextRef="I20201231_CashFlowHedgesMember_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyCnyMember" unitRef="USD" decimals="-3">-482000</ts:DerivativeFinancialAssetsLiabilities>
  <ifrs-full:ReserveOfCashFlowHedgesContinuingHedges id="Tag2449" contextRef="I20201231_CashFlowHedgesMember_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyKwdMember" unitRef="USD" decimals="-3">-59000</ifrs-full:ReserveOfCashFlowHedgesContinuingHedges>
  <ifrs-full:ReserveOfCashFlowHedgesContinuingHedges id="Tag2450" contextRef="I20191231_CashFlowHedgesMember_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyEurMember" unitRef="USD" xsi:nil="true" />
  <ifrs-full:ReserveOfCashFlowHedgesContinuingHedges id="Tag2451" contextRef="I20191231_CashFlowHedgesMember_ForeignExchangeContractOtherMember" unitRef="USD" xsi:nil="true" />
  <ifrs-full:GainLossOnChangeInFairValueOfHedgedItemUsedAsBasisForRecognisingHedgeIneffectiveness id="Tag2452" contextRef="D20191231_CashFlowHedgesMember" unitRef="USD" decimals="-3">3507000</ifrs-full:GainLossOnChangeInFairValueOfHedgedItemUsedAsBasisForRecognisingHedgeIneffectiveness>
  <ts:DerivativeFinancialAssetsLiabilities id="Tag2453" contextRef="I20201231_CashFlowHedgesMember_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyCopMember" unitRef="USD" xsi:nil="true" />
  <ifrs-full:GainLossOnChangeInFairValueOfHedgedItemUsedAsBasisForRecognisingHedgeIneffectiveness id="Tag2454" contextRef="D20201231_CashFlowHedgesMember_ForeignExchangeDerivativesContractsMember" unitRef="USD" decimals="-3">-7362000</ifrs-full:GainLossOnChangeInFairValueOfHedgedItemUsedAsBasisForRecognisingHedgeIneffectiveness>
  <ifrs-full:ReserveOfCashFlowHedgesContinuingHedges id="Tag2455" contextRef="I20181231_CashFlowHedgesMember" unitRef="USD" decimals="-3">-916000</ifrs-full:ReserveOfCashFlowHedgesContinuingHedges>
  <ts:DerivativeFinancialAssetsLiabilities id="Tag2456" contextRef="I20191231" unitRef="USD" decimals="-3">18115000</ts:DerivativeFinancialAssetsLiabilities>
  <ifrs-full:ReserveOfCashFlowHedgesContinuingHedges id="Tag2457" contextRef="I20201231_CashFlowHedgesMember" unitRef="USD" decimals="-3">-4771000</ifrs-full:ReserveOfCashFlowHedgesContinuingHedges>
  <ts:DerivativeFinancialAssetsLiabilities id="Tag2458" contextRef="I20191231_CashFlowHedgesMember_ForeignExchangeContractPurchaseCurrencyMxnSellCurrencyUsdMember" unitRef="USD" decimals="-3">18999000</ts:DerivativeFinancialAssetsLiabilities>
  <ts:DerivativeFinancialAssetsLiabilities id="Tag2459" contextRef="I20191231_CashFlowHedgesMember_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyBrlMember" unitRef="USD" decimals="-3">-234000</ts:DerivativeFinancialAssetsLiabilities>
  <ifrs-full:ReserveOfCashFlowHedgesContinuingHedges id="Tag2460" contextRef="I20181231_CashFlowHedgesMember_ForeignExchangeDerivativesContractsMember" unitRef="USD" decimals="-3">-916000</ifrs-full:ReserveOfCashFlowHedgesContinuingHedges>
  <ifrs-full:ReserveOfCashFlowHedgesContinuingHedges id="Tag2461" contextRef="I20201231_CashFlowHedgesMember_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyMxnMember" unitRef="USD" xsi:nil="true" />
  <ifrs-full:ReserveOfCashFlowHedgesContinuingHedges id="Tag2462" contextRef="I20201231_CashFlowHedgesMember_ForeignExchangeContractPurchaseCurrencyEurSellCurrencyUsdMember" unitRef="USD" xsi:nil="true" />
  <ts:DerivativeFinancialAssetsLiabilities id="Tag2463" contextRef="I20191231_CashFlowHedgesMember_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyCnyMember" unitRef="USD" decimals="-3">-167000</ts:DerivativeFinancialAssetsLiabilities>
  <ifrs-full:DerivativeFinancialAssets id="Tag2464" contextRef="I20191231_DerivativesHedgingBorrowingsAndInvestmentsMember" unitRef="USD" decimals="-3">19000000</ifrs-full:DerivativeFinancialAssets>
  <ifrs-full:ReserveOfCashFlowHedgesContinuingHedges id="Tag2465" contextRef="I20191231_ForeignExchangeContractPurchaseCurrencyJpySellCurrencyUsdMember_CashFlowHedgesMember_TermOneMember" unitRef="USD" xsi:nil="true" />
  <ifrs-full:ReserveOfCashFlowHedgesContinuingHedges id="Tag2466" contextRef="I20191231_CashFlowHedgesMember_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyKwdMember" unitRef="USD" decimals="-3">38000</ifrs-full:ReserveOfCashFlowHedgesContinuingHedges>
  <ts:DerivativeFinancialAssetsLiabilities id="Tag2467" contextRef="I20201231_CashFlowHedgesMember_ForeignExchangeContractPurchaseCurrencyEurSellCurrencyUsdMember" unitRef="USD" decimals="-3">543000</ts:DerivativeFinancialAssetsLiabilities>
  <ifrs-full:ProportionOfOwnershipInterestInSubsidiary id="Tag2468" contextRef="D20191231_US_MaverickTubeCorporationAndSubsidiariesMember" unitRef="Pure" decimals="2">1.00</ifrs-full:ProportionOfOwnershipInterestInSubsidiary>
  <ifrs-full:ProportionOfOwnershipInterestInSubsidiary id="Tag2469" contextRef="D20181231_TenarisGlobalServicesUsaCorporationMember_US" unitRef="Pure" decimals="2">1.00</ifrs-full:ProportionOfOwnershipInterestInSubsidiary>
  <ifrs-full:ProportionOfOwnershipInterestInSubsidiary id="Tag2470" contextRef="D20181231_TenarisTubocaribeLtdaMember_Colombia1Member" unitRef="Pure" decimals="2">1.00</ifrs-full:ProportionOfOwnershipInterestInSubsidiary>
  <ifrs-full:ProportionOfOwnershipInterestInSubsidiary id="Tag2471" contextRef="D20201231_TubularServicesAngolaLdaMember" unitRef="Pure" decimals="2">0.49</ifrs-full:ProportionOfOwnershipInterestInSubsidiary>
  <ifrs-full:ProportionOfOwnershipInterestInSubsidiary id="Tag2472" contextRef="D20201231_TenarisBaogangBaotouSteelPipesLtdMember" unitRef="Pure" decimals="2">0.60</ifrs-full:ProportionOfOwnershipInterestInSubsidiary>
  <ifrs-full:DisclosureOfAdditionalInformationExplanatory id="Tag2473" contextRef="D20201231_3">&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-left: 38.75pt; margin-bottom: 0pt; text-indent: -38.75pt; line-height: 12pt; padding-top: 5pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;&lt;font style="border-left: none; border-right: none;"&gt;30&lt;/font&gt;&lt;/font&gt;&lt;font style="font: 7pt 'Times New Roman'; -aw-import: spaces;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;Fees paid to the Company's principal accountant&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Total fees accrued for professional services rendered by PwC Network firms to Tenaris S.A. and its subsidiaries are detailed as follows:&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="height: 106px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px;" width="100%"&gt;

&lt;tr style="height: 15px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (all amounts in thousands of U.S. dollars) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #ffffff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="9" style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #ffffff; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Year ended December 31, &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #ffffff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #ffffff;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;2020&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #ffffff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #ffffff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #ffffff;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;2019&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #ffffff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #ffffff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #ffffff;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;2018&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #ffffff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 15px; background-color: #cceeff; width: 61%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Audit fees &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;3,781&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;3,846&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;3,841&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Audit-related fees &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;134&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;50&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;43&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Tax fees &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;102&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;7&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; All other fees &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;1&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;7&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Total &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;4,017&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;3,904&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;3,891&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-left: 38.85pt; margin-bottom: 0pt; line-height: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;</ifrs-full:DisclosureOfAdditionalInformationExplanatory>
  <ifrs-full:AuditorsRemunerationForAuditServices id="Tag2474" contextRef="D20181231" unitRef="USD" decimals="-3">3841000</ifrs-full:AuditorsRemunerationForAuditServices>
  <ifrs-full:AuditorsRemuneration id="Tag2475" contextRef="D20191231_3" unitRef="USD" decimals="-3">3904000</ifrs-full:AuditorsRemuneration>
  <ifrs-full:AuditorsRemunerationForTaxServices id="Tag2476" contextRef="D20181231" unitRef="USD" xsi:nil="true" />
  <ifrs-full:AuditorsRemunerationForOtherServices id="Tag2477" contextRef="D20181231" unitRef="USD" decimals="-3">7000</ifrs-full:AuditorsRemunerationForOtherServices>
  <ts:AuditorsRemunerationForAuditrelatedFees id="Tag2478" contextRef="D20181231" unitRef="USD" decimals="-3">43000</ts:AuditorsRemunerationForAuditrelatedFees>
  <ifrs-full:AuditorsRemunerationForAuditServices id="Tag2479" contextRef="D20191231_3" unitRef="USD" decimals="-3">3846000</ifrs-full:AuditorsRemunerationForAuditServices>
  <ifrs-full:AuditorsRemunerationForTaxServices id="Tag2480" contextRef="D20201231_3" unitRef="USD" decimals="-3">102000</ifrs-full:AuditorsRemunerationForTaxServices>
  <ifrs-full:AuditorsRemuneration id="Tag2481" contextRef="D20181231" unitRef="USD" decimals="-3">3891000</ifrs-full:AuditorsRemuneration>
  <ts:AuditorsRemunerationForAuditrelatedFees id="Tag2482" contextRef="D20191231_3" unitRef="USD" decimals="-3">50000</ts:AuditorsRemunerationForAuditrelatedFees>
  <ifrs-full:AuditorsRemunerationForOtherServices id="Tag2483" contextRef="D20201231_3" unitRef="USD" xsi:nil="true" />
  <ifrs-full:DisclosureOfAuditorsRemunerationExplanatory id="Tag2484" contextRef="D20201231_3">&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="height: 106px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px;" width="100%"&gt;

&lt;tr style="height: 15px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (all amounts in thousands of U.S. dollars) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #ffffff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="9" style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #ffffff; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Year ended December 31, &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #ffffff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #ffffff;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;2020&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #ffffff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #ffffff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #ffffff;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;2019&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #ffffff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #ffffff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #ffffff;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;2018&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #ffffff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 15px; background-color: #cceeff; width: 61%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Audit fees &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;3,781&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;3,846&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;3,841&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Audit-related fees &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;134&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;50&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;43&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Tax fees &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;102&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;7&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; All other fees &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;1&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;7&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Total &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;4,017&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;3,904&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;3,891&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;</ifrs-full:DisclosureOfAuditorsRemunerationExplanatory>
  <ts:DisclosureOfDetailedInformationAboutDerivativeFinancialInstrumentsTextBlock id="Tag2485" contextRef="D20201231_3">&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="height: 164px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px;" width="100%"&gt;

&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (all amounts in thousands of U.S. dollars) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="5" style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Year ended December 31, &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;2020&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;2019&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 74%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Derivatives hedging borrowings and investments &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;10,119&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;19,000&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Other Derivatives &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;1,330&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;929&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Contracts with positive fair values &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;11,449&lt;/font&gt; &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;19,929&lt;/font&gt; &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Derivatives hedging borrowings and investments &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;(&lt;font&gt;2,250&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Other Derivatives &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;(&lt;font&gt;967&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;(&lt;font&gt;1,814&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Contracts with negative fair values &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;"&gt; &amp;nbsp;(&lt;font&gt;3,217&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;font style="font-size: 10pt; font-weight: bold;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;"&gt; &amp;nbsp;(&lt;font&gt;1,814&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;font style="font-size: 10pt; font-weight: bold;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Total &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;8,232&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;18,115&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;</ts:DisclosureOfDetailedInformationAboutDerivativeFinancialInstrumentsTextBlock>
  <ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory id="Tag2486" contextRef="D20201231_3">&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-left: 38.75pt; margin-bottom: 0pt; text-indent: -36pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;&lt;font style="border-left: none; border-right: none;"&gt;25&lt;/font&gt;&lt;/font&gt;&lt;font style="font: 7pt 'Times New Roman'; -aw-import: spaces;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;Derivative financial instruments&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt; &lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 12pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt;Net fair values of derivative financial instruments&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; line-height: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-variant: small-caps; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;The net fair values of derivative financial instruments&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;, in accordance with &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;IFRS &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;13&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;a&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;re:&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="height: 164px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px;" width="100%"&gt;

&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (all amounts in thousands of U.S. dollars) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="5" style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Year ended December 31, &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;2020&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;2019&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 74%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Derivatives hedging borrowings and investments &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;10,119&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;19,000&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Other Derivatives &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;1,330&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;929&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Contracts with positive fair values &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;11,449&lt;/font&gt; &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;19,929&lt;/font&gt; &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Derivatives hedging borrowings and investments &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;(&lt;font&gt;2,250&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Other Derivatives &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;(&lt;font&gt;967&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;(&lt;font&gt;1,814&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Contracts with negative fair values &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;"&gt; &amp;nbsp;(&lt;font&gt;3,217&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;font style="font-size: 10pt; font-weight: bold;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;"&gt; &amp;nbsp;(&lt;font&gt;1,814&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;font style="font-size: 10pt; font-weight: bold;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Total &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;8,232&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;18,115&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt;Foreign e&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt;xchange derivative&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt; contracts&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt; and hedge accounting&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt; widows: 0; orphans: 0;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;Te&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;naris applies hedge accounting &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;to certain cash flow hedges of highly probable forecast transactions. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;The net fair values of exchange rate derivatives&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; and those derivat&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;iv&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;es that were designated for hedge accounting as of December&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; 31,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; and &lt;font&gt;201&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;9&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; were as follows:&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 10pt; widows: 0; orphans: 0;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px; height: 248px;" width="100%"&gt;

&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px; width: 27.2021%;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (all amounts in thousands of U.S. dollars) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px; width: 13.6442%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="5" style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px; width: 25.7634%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Fair Value &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="5" style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 10px; width: 25.7634%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Hedge Accounting Reserve &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 10px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 13.5579%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Purchase currency &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 13.6442%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Sell currency &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 13.6442%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Term &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 12.3817%;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;2020&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 17px; width: 12%;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;2019&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 12.3817%;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;2020&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 17px; width: 12%;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;2019&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: middle; background-color: #cceeff; width: 13.5579%; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; MXN &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: middle; background-color: #cceeff; width: 13.6442%; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; USD &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: middle; background-color: #cceeff; width: 13.6442%; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;2021&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #cceeff; width: 1.38169%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #cceeff; width: 1.38169%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 11%; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;9,838&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1.38169%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1.38169%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 11%; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;18,999&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1.38169%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1.38169%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1.38169%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 11%; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;156&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1.38169%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1.38169%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 11%; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;404&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1.38169%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: middle; height: 17px; width: 13.5579%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; USD &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: middle; height: 17px; width: 13.6442%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; MXN &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: middle; height: 17px; width: 13.6442%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;2021&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 11%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;(&lt;font&gt;5&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 1.38169%;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 11%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;(&lt;font&gt;576&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 1.38169%;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 11%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 11%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: middle; background-color: #cceeff; height: 17px; width: 13.5579%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; USD &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: middle; background-color: #cceeff; height: 17px; width: 13.6442%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; EUR &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: middle; background-color: #cceeff; height: 17px; width: 13.6442%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;2021&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 11%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;(&lt;font&gt;1,969&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 11%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 11%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;5&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 11%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: middle; height: 17px; width: 13.5579%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; EUR &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: middle; height: 17px; width: 13.6442%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; USD &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: middle; height: 17px; width: 13.6442%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;2021&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 11%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;543&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 11%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;588&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 11%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 11%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: middle; background-color: #cceeff; height: 17px; width: 13.5579%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; JPY &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: middle; background-color: #cceeff; height: 17px; width: 13.6442%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; USD &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: middle; background-color: #cceeff; height: 17px; width: 13.6442%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;2021&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 11%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 11%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;(&lt;font&gt;190&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 11%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 11%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: middle; height: 17px; width: 13.5579%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; USD &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: middle; height: 17px; width: 13.6442%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; BRL &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: middle; height: 17px; width: 13.6442%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;2021&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 11%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;412&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 11%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;(&lt;font&gt;234&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 1.38169%;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 11%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;85&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 11%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: middle; background-color: #cceeff; height: 17px; width: 13.5579%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; JPY &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: middle; background-color: #cceeff; height: 17px; width: 13.6442%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; USD &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: middle; background-color: #cceeff; height: 17px; width: 13.6442%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;2030&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 11%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;94&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 11%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 11%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;(&lt;font&gt;4,958&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 11%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;2,149&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: middle; height: 17px; width: 13.5579%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; USD &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: middle; height: 17px; width: 13.6442%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; KWD &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: middle; height: 17px; width: 13.6442%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;2021&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 11%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;(&lt;font&gt;246&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 1.38169%;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 11%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;103&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 11%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;(&lt;font&gt;59&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 1.38169%;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 11%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;38&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: middle; background-color: #cceeff; height: 17px; width: 13.5579%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; USD &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: middle; background-color: #cceeff; height: 17px; width: 13.6442%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; CAD &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: middle; background-color: #cceeff; height: 17px; width: 13.6442%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;2021&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 11%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 11%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;(&lt;font&gt;200&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 11%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 11%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: middle; height: 17px; width: 13.5579%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; USD &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: middle; height: 17px; width: 13.6442%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; COP &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: middle; height: 17px; width: 13.6442%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;2021&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 11%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 11%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;(&lt;font&gt;345&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 1.38169%;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 11%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 11%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: middle; background-color: #cceeff; height: 17px; width: 13.5579%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; USD &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: middle; background-color: #cceeff; height: 17px; width: 13.6442%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; CNY &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: middle; background-color: #cceeff; height: 17px; width: 13.6442%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;2021&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 11%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;(&lt;font&gt;482&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 11%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;(&lt;font&gt;167&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 11%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 11%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: middle; height: 17px; width: 13.5579%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Others &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: middle; height: 17px; width: 13.6442%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: middle; height: 17px; width: 13.6442%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;2021&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 11%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;47&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 11%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;137&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 11%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 11%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 13.5579%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Total &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 13.6442%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 2px solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 13.6442%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 11%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;8,232&lt;/font&gt; &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 11%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;18,115&lt;/font&gt; &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 11%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;"&gt; &amp;nbsp;(&lt;font&gt;4,771&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"&gt;&lt;font style="font-size: 10pt; font-weight: bold;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 11%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;2,591&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;

&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;F&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;ollowing is a summary&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; of the hedge reserve evolution:&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;(all amounts in thousands of U.S. dollars)&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100.062%; height: 63px;" width="100%"&gt;

&lt;tr style="height: 31px;"&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 31px; width: 32.9016%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 31px; width: 11%;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;Equity Reserve &lt;br/&gt;Dec-18&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 31px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 31px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 31px; width: 11%;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;Movements &lt;br/&gt;&lt;font&gt;2019&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 31px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 31px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 31px; width: 11%;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;Equity Reserve &lt;br/&gt;Dec-19&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 31px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 31px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 31px; width: 11%;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;Movements &lt;br/&gt;&lt;font&gt;2020&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 31px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 31px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 31px; width: 11%;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;Equity Reserve &lt;br/&gt;Dec-20&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 31px; width: 1.72712%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 32.9016%; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Foreign Exchange &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 10%; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: spaces;"&gt; &amp;nbsp;(&lt;font&gt;916&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 1.38169%; height: 16px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1.38169%; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 10%; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;3,507&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1.38169%; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1.38169%; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 10%; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,591&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1.38169%; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1.38169%; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 10%; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: spaces;"&gt; &amp;nbsp;(&lt;font&gt;7,362&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 1.38169%; height: 16px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1.38169%; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 10%; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: spaces;"&gt; &amp;nbsp;(&lt;font&gt;4,771&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1.72712%; height: 16px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px; width: 32.9016%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Total Cash flow Hedge &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; -aw-import: spaces;"&gt; &amp;nbsp;(&lt;font&gt;916&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px; width: 1.38169%;"&gt;&lt;font style="font-size: 10pt; font-weight: bold;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt; &lt;font&gt;3,507&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt; &lt;font&gt;2,591&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; -aw-import: spaces;"&gt; &amp;nbsp;(&lt;font&gt;7,362&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px; width: 1.38169%;"&gt;&lt;font style="font-size: 10pt; font-weight: bold;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 1.38169%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; -aw-import: spaces;"&gt; &amp;nbsp;(&lt;font&gt;4,771&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 1.72712%;"&gt;)&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;Tenaris estimates that t&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;he cash flow he&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;dge reserve &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;corresponding to derivatives instruments &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;at &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;December 31, 20&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;&lt;font&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt; will be recycled to the Consolida&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;ted Income &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;Statement &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;during &lt;font&gt;202&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;&lt;font&gt;1&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt; For informa&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;tion on &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;hedge accounting reserve,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;see&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt; Section III.D&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;.&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;</ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory>
  <ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities id="Tag2487" contextRef="D20191231_3" unitRef="USD" decimals="-3">1332716000</ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities>
  <ts:ProportionOfCorporateGuaranteeCoveringObligations id="Tag2488" contextRef="I20201231_TechgenSAMember" unitRef="Pure" decimals="2">0.22</ts:ProportionOfCorporateGuaranteeCoveringObligations>
  <ts:AllegedOverpriceThatWillBeReducedAmount id="Tag2489" contextRef="I20200928_TribunalDeContasDaUniaoMember_LegalProceedingsContingentLiabilityMember_BottomOfRangeMember" unitRef="USD" decimals="-3">77000</ts:AllegedOverpriceThatWillBeReducedAmount>
  <ts:DisclosureOfDetailedInformationAboutCashFlowDisclosuresTextBlock id="Tag2490" contextRef="D20201231_3">&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px; height: 309px;" width="100%"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="9" style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Year ended December 31, &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (i) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Changes in working capital &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;2020&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;2019&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;2018&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 5%; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 56%; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Inventories &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 10%; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;828,796&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 10%; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;311,459&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 10%; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;176,443&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Receivables and prepayments and current tax assets &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;74,877&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;34,368&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;30,144&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Trade receivables &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;409,163&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;428,326&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;517,579&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Other liabilities &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;34,871&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;18,295&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;22,984&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Customer advances &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;34,388&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;16,844&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;5,976&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Trade payables &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;184,442&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;180,857&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;57,066&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;1,059,135&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;523,109&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; (&lt;font&gt;737,952&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 18px;"&gt;&lt;font style="font-size: 10pt; font-weight: bold;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (ii) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Income tax accruals less payments &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 1.5pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 1.5pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 1.5pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Tax accrued &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;23,150&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;202,452&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;229,207&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Taxes paid &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;140,364&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;395,869&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;170,713&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; (&lt;font&gt;117,214&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 18px;"&gt;&lt;font style="font-size: 10pt; font-weight: bold;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; (&lt;font&gt;193,417&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 18px;"&gt;&lt;font style="font-size: 10pt; font-weight: bold;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;58,494&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (iii) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Interest accruals less payments, net &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 1.5pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 1.5pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 1.5pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Interest accrued &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;8,627&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;4,616&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;2,914&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Interest received &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;19,613&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;30,890&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;40,613&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Interest paid &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;28,778&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;30,655&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;31,548&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; (&lt;font&gt;538&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px; vertical-align: bottom; height: 18px;"&gt;&lt;font style="font-size: 10pt; font-weight: bold;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; (&lt;font&gt;4,381&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px; vertical-align: bottom; height: 18px;"&gt;&lt;font style="font-size: 10pt; font-weight: bold;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;6,151&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px; vertical-align: bottom; height: 18px;"&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;</ts:DisclosureOfDetailedInformationAboutCashFlowDisclosuresTextBlock>
  <ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory id="Tag2491" contextRef="D20201231_3">&lt;div&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;table cellspacing="0" cellpadding="0" style="height: 248px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px;" width="100%"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: top; background-color: #ffffff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: #ffffff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;(all amounts in thousands of U.S. dollars)&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #ffffff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; background-color: #ffffff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="9" style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; background-color: #ffffff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Year ended December 31, &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; background-color: #ffffff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: top; background-color: #ffffff; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: top; background-color: #ffffff; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; background-color: #ffffff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; background-color: #ffffff; height: 10px; vertical-align: bottom;" colspan="2" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;2020&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; background-color: #ffffff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; background-color: #ffffff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 10px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;2019&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; background-color: #ffffff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; background-color: #ffffff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; background-color: #ffffff; height: 10px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;2018&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; background-color: #ffffff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: top; background-color: #ffffff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; (i) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: top; background-color: #ffffff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Transactions &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; background-color: #ffffff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; background-color: #ffffff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; background-color: #ffffff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; background-color: #ffffff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: top; background-color: #ffffff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: #ffffff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; (a) Sales of goods and services &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #ffffff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; background-color: #ffffff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; background-color: #ffffff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; background-color: #ffffff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; background-color: #ffffff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; background-color: #ffffff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; background-color: #ffffff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; background-color: #ffffff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; background-color: #ffffff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; background-color: #ffffff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; background-color: #ffffff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; background-color: #ffffff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: top; height: 17px; background-color: #cceeff; width: 5%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 59%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Sales of goods to non-consolidated parties &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 9%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;20,183&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 9%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;20,577&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 9%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;23,709&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Sales of goods to other related parties &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;18,243&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;69,972&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;131,548&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: top; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Sales of services to non-consolidated parties &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;5,829&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;5,620&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;7,641&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Sales of services to other related parties &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;5,049&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;4,386&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;5,647&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: top; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;49,304&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;100,555&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;168,545&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; (b) Purchases of goods and services &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Purchases of goods to non-consolidated parties &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;84,485&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;174,588&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;245,186&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Purchases of goods to other related parties &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;12,892&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;51,765&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;106,624&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Purchases of services to non-consolidated parties &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;6,979&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;9,404&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;9,556&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Purchases of services to other related parties &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;18,133&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;54,514&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;46,179&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;122,489&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;290,271&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;407,545&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px; height: 221px;" width="100%"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #ffffff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #ffffff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt;(all amounts in thousands of U.S. dollars)&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #ffffff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #ffffff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="5" style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #ffffff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; At December 31, &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #ffffff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #ffffff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: Arial;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #ffffff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: Arial;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #ffffff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #ffffff; height: 17px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;2020&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #ffffff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #ffffff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #ffffff; height: 17px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;2019&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #ffffff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; background-color: #ffffff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; (ii) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #ffffff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Period-end balances &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #ffffff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #ffffff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #ffffff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #ffffff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #ffffff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #ffffff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #ffffff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #ffffff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; background-color: #ffffff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #ffffff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; (a) Arising from sales / purchases of goods / services &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #ffffff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #ffffff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #ffffff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #ffffff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #ffffff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #ffffff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #ffffff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #ffffff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 17px; background-color: #cceeff; width: 5%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 69%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Receivables from non-consolidated parties &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;78,721&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;78,884&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Receivables from other related parties &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;4,447&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;10,400&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Payables to non-consolidated parties &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;(&lt;font&gt;24,914&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;(&lt;font&gt;19,100&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Payables to other related parties &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;(&lt;font&gt;2,310&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;(&lt;font&gt;7,048&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;55,944&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;63,136&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; (b) Financial debt &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Finance lease liabilities from non-consolidated parties &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;(&lt;font&gt;2,042&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;(&lt;font&gt;2,064&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Finance lease liabilities from other related parties &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;(&lt;font&gt;810&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: Arial;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: Arial;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;"&gt; &amp;nbsp;(&lt;font&gt;2,852&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt; font-weight: bold;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: Arial; font-weight: bold;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;"&gt; &amp;nbsp;(&lt;font&gt;2,064&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt; font-weight: bold;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;</ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory>
  <ifrs-full:AdjustmentsForIncreaseDecreaseInOtherLiabilities id="Tag2492" contextRef="D20181231" unitRef="USD" decimals="-3">-22984000</ifrs-full:AdjustmentsForIncreaseDecreaseInOtherLiabilities>
  <ifrs-full:CashFlowsFromUsedInDecreaseIncreaseInShorttermDepositsAndInvestments id="Tag2493" contextRef="D20191231_3" unitRef="USD" decimals="-3">389815000</ifrs-full:CashFlowsFromUsedInDecreaseIncreaseInShorttermDepositsAndInvestments>
  <ifrs-full:IncomeTaxesPaidRefundClassifiedAsOperatingActivities id="Tag2494" contextRef="D20191231_3" unitRef="USD" decimals="-3">395869000</ifrs-full:IncomeTaxesPaidRefundClassifiedAsOperatingActivities>
  <ifrs-full:AdjustmentsForIncreaseDecreaseInOtherLiabilities id="Tag2495" contextRef="D20201231_3" unitRef="USD" decimals="-3">-34871000</ifrs-full:AdjustmentsForIncreaseDecreaseInOtherLiabilities>
  <ts:IncomeTaxesAccruedIncludingPortionOfSaleOfDiscontinuedOperations id="Tag2496" contextRef="D20191231_3" unitRef="USD" decimals="-3">202452000</ts:IncomeTaxesAccruedIncludingPortionOfSaleOfDiscontinuedOperations>
  <ifrs-full:InterestPaidClassifiedAsOperatingActivities id="Tag2497" contextRef="D20181231" unitRef="USD" decimals="-3">31548000</ifrs-full:InterestPaidClassifiedAsOperatingActivities>
  <ifrs-full:AdjustmentsForInterestIncome id="Tag2498" contextRef="D20191231_3" unitRef="USD" decimals="-3">30890000</ifrs-full:AdjustmentsForInterestIncome>
  <ts:InterestAccrued id="Tag2499" contextRef="D20191231_3" unitRef="USD" decimals="-3">4616000</ts:InterestAccrued>
  <ts:InterestAccrued id="Tag2500" contextRef="D20181231" unitRef="USD" decimals="-3">2914000</ts:InterestAccrued>
  <ifrs-full:AdjustmentsForDecreaseIncreaseInInventories id="Tag2501" contextRef="D20181231" unitRef="USD" decimals="-3">-176443000</ifrs-full:AdjustmentsForDecreaseIncreaseInInventories>
  <ifrs-full:IncomeTaxesPaidRefundClassifiedAsOperatingActivities id="Tag2502" contextRef="D20201231_3" unitRef="USD" decimals="-3">140364000</ifrs-full:IncomeTaxesPaidRefundClassifiedAsOperatingActivities>
  <ifrs-full:InterestPaidClassifiedAsOperatingActivities id="Tag2503" contextRef="D20191231_3" unitRef="USD" decimals="-3">30655000</ifrs-full:InterestPaidClassifiedAsOperatingActivities>
  <ifrs-full:AdjustmentsForIncreaseDecreaseInOtherLiabilities id="Tag2504" contextRef="D20191231_3" unitRef="USD" decimals="-3">-18295000</ifrs-full:AdjustmentsForIncreaseDecreaseInOtherLiabilities>
  <ts:AdjustmentsForIncreaseDecreaseInReceivablesAndPrepaymentsAndCurrentTaxAssets id="Tag2505" contextRef="D20191231_3" unitRef="USD" decimals="-3">-34368000</ts:AdjustmentsForIncreaseDecreaseInReceivablesAndPrepaymentsAndCurrentTaxAssets>
  <ts:AdjustmentsForIncreaseDecreaseInReceivablesAndPrepaymentsAndCurrentTaxAssets id="Tag2506" contextRef="D20181231" unitRef="USD" decimals="-3">30144000</ts:AdjustmentsForIncreaseDecreaseInReceivablesAndPrepaymentsAndCurrentTaxAssets>
  <ts:LossIncomeBeforeEquityInEarningsOfNonconsolidatedCompaniesAndIncomeTax id="Tag2507" contextRef="D20191231_3" unitRef="USD" decimals="-3">851674000</ts:LossIncomeBeforeEquityInEarningsOfNonconsolidatedCompaniesAndIncomeTax>
  <ifrs-full:DisclosureOfCashFlowStatementExplanatory id="Tag2508" contextRef="D20201231_3">&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-left: 2.85pt; margin-bottom: 0pt; text-indent: 0pt; text-align: justify; line-height: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;&lt;font style="border-left: none; border-right: none;"&gt;28&lt;/font&gt;&lt;/font&gt;&lt;font style="font: 7pt 'Times New Roman'; -aw-import: spaces;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;Cash flow disclosures&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-left: 2.85pt; margin-bottom: 0pt; text-align: justify; line-height: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;(all amounts in thousands of U.S. dollars)&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-left: 2.85pt; margin-bottom: 0pt; text-align: justify; line-height: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px; height: 309px;" width="100%"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="9" style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Year ended December 31, &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (i) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Changes in working capital &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;2020&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;2019&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;2018&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 5%; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 56%; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Inventories &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 10%; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;828,796&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 10%; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;311,459&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 10%; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;176,443&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Receivables and prepayments and current tax assets &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;74,877&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;34,368&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;30,144&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Trade receivables &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;409,163&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;428,326&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;517,579&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Other liabilities &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;34,871&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;18,295&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;22,984&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Customer advances &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;34,388&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;16,844&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;5,976&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Trade payables &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;184,442&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;180,857&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;57,066&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;1,059,135&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;523,109&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; (&lt;font&gt;737,952&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 18px;"&gt;&lt;font style="font-size: 10pt; font-weight: bold;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (ii) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Income tax accruals less payments &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 1.5pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 1.5pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 1.5pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Tax accrued &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;23,150&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;202,452&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;229,207&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Taxes paid &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;140,364&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;395,869&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;170,713&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; (&lt;font&gt;117,214&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 18px;"&gt;&lt;font style="font-size: 10pt; font-weight: bold;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; (&lt;font&gt;193,417&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 18px;"&gt;&lt;font style="font-size: 10pt; font-weight: bold;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;58,494&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (iii) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Interest accruals less payments, net &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 1.5pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 1.5pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 1.5pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Interest accrued &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;8,627&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;4,616&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;2,914&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Interest received &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;19,613&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;30,890&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;40,613&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Interest paid &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;28,778&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;30,655&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;31,548&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; (&lt;font&gt;538&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px; vertical-align: bottom; height: 18px;"&gt;&lt;font style="font-size: 10pt; font-weight: bold;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; (&lt;font&gt;4,381&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px; vertical-align: bottom; height: 18px;"&gt;&lt;font style="font-size: 10pt; font-weight: bold;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;6,151&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px; vertical-align: bottom; height: 18px;"&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;</ifrs-full:DisclosureOfCashFlowStatementExplanatory>
  <ifrs-full:InterestPaidClassifiedAsOperatingActivities id="Tag2509" contextRef="D20201231_3" unitRef="USD" decimals="-3">28778000</ifrs-full:InterestPaidClassifiedAsOperatingActivities>
  <ifrs-full:AdjustmentsForDecreaseIncreaseInTradeAndOtherReceivables id="Tag2510" contextRef="D20181231" unitRef="USD" decimals="-3">-517579000</ifrs-full:AdjustmentsForDecreaseIncreaseInTradeAndOtherReceivables>
  <ifrs-full:AdjustmentsForDecreaseIncreaseInLoansAndAdvancesToCustomers id="Tag2511" contextRef="D20191231_3" unitRef="USD" decimals="-3">16844000</ifrs-full:AdjustmentsForDecreaseIncreaseInLoansAndAdvancesToCustomers>
  <ts:InterestAccrued id="Tag2512" contextRef="D20201231_3" unitRef="USD" decimals="-3">-8627000</ts:InterestAccrued>
  <ifrs-full:AdjustmentsForDecreaseIncreaseInTradeAndOtherReceivables id="Tag2513" contextRef="D20201231_3" unitRef="USD" decimals="-3">409163000</ifrs-full:AdjustmentsForDecreaseIncreaseInTradeAndOtherReceivables>
  <ifrs-full:AdjustmentsForInterestIncome id="Tag2514" contextRef="D20181231" unitRef="USD" decimals="-3">40613000</ifrs-full:AdjustmentsForInterestIncome>
  <ifrs-full:PurchasesOfGoodsRelatedPartyTransactions id="Tag2515" contextRef="D20181231_AssociatesMember" unitRef="USD" decimals="-3">245186000</ifrs-full:PurchasesOfGoodsRelatedPartyTransactions>
  <ifrs-full:KeyManagementPersonnelCompensationSharebasedPayment id="Tag2516" contextRef="D20201231_3" unitRef="USD" decimals="-5">5000000</ifrs-full:KeyManagementPersonnelCompensationSharebasedPayment>
  <ifrs-full:KeyManagementPersonnelCompensationShorttermEmployeeBenefits id="Tag2517" contextRef="D20201231_3" unitRef="USD" decimals="-5">27400000</ifrs-full:KeyManagementPersonnelCompensationShorttermEmployeeBenefits>
  <ifrs-full:KeyManagementPersonnelCompensationShorttermEmployeeBenefits id="Tag2518" contextRef="D20191231_3" unitRef="USD" decimals="-5">33700000</ifrs-full:KeyManagementPersonnelCompensationShorttermEmployeeBenefits>
  <ifrs-full:AmountsReceivableRelatedPartyTransactions id="Tag2519" contextRef="I20191231_OtherRelatedPartiesMember" unitRef="USD" decimals="-3">10400000</ifrs-full:AmountsReceivableRelatedPartyTransactions>
  <ifrs-full:RevenueFromSaleOfGoodsRelatedPartyTransactions id="Tag2520" contextRef="D20191231_OtherRelatedPartiesMember" unitRef="USD" decimals="-3">69972000</ifrs-full:RevenueFromSaleOfGoodsRelatedPartyTransactions>
  <ts:UnitsIssuedRelatedPartyTransactions id="Tag2521" contextRef="D20191231_KeyManagementPersonnelOfEntityOrParentMember" unitRef="Shares" decimals="-3">468000</ts:UnitsIssuedRelatedPartyTransactions>
  <ifrs-full:AmountsPayableRelatedPartyTransactions id="Tag2522" contextRef="I20191231_OtherRelatedPartiesMember" unitRef="USD" decimals="-3">7048000</ifrs-full:AmountsPayableRelatedPartyTransactions>
  <ts:FinanceLeaseLiabilitiesFromOtherRelatedNonconsolidatedParties id="Tag2523" contextRef="I20191231" unitRef="USD" xsi:nil="true" />
  <ts:AmountsReceivablePayableRelatedPartyTransactions id="Tag2524" contextRef="I20201231" unitRef="USD" decimals="-3">55944000</ts:AmountsReceivablePayableRelatedPartyTransactions>
  <ifrs-full:DisclosureOfRelatedPartyExplanatory id="Tag2525" contextRef="D20201231_3">&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-left: 38.75pt; margin-bottom: 0pt; text-indent: -38.75pt; text-align: justify; line-height: 12pt; padding-top: 5pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;&lt;font style="border-left: none; border-right: none;"&gt;29&lt;/font&gt;&lt;/font&gt;&lt;font style="font: 7pt 'Times New Roman'; -aw-import: spaces;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;Related party transactions&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 6pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;As of December 31, 2020:&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;ul type="square" style="margin: 0pt; padding-left: 0pt; margin-left: 2.8pt;"&gt;
&lt;li style="margin-left: 9.58pt; text-align: justify; line-height: 12pt; padding-left: 8.42pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Wingdings'; -aw-font-weight: normal; -aw-number-format: '&amp;#61607;';"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;San Faustin owned &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;713,605,187&lt;/font&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;shares in the Company, represen&lt;font&gt;ting &lt;/font&gt;&lt;font&gt;60.45&lt;/font&gt;&lt;font&gt;% of&lt;/font&gt; the Company&amp;#8217;s capital and voting rights.&lt;/font&gt;&lt;/li&gt;
&lt;/ul&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;ul type="square" style="margin: 0pt; padding-left: 0pt; margin-left: 2.8pt;"&gt;
&lt;li style="margin-left: 9.58pt; text-align: justify; line-height: 12pt; padding-left: 8.42pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Wingdings'; -aw-font-weight: normal; -aw-number-format: '&amp;#61607;';"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;San Faustin owned all of its shares in the Company through its wholly-owned subsidiary Techint Holdings S.&amp;#224;.r.l., a Luxembourg soci&amp;#233;t&amp;#233; &amp;#224; responsabilit&amp;#233; limit&amp;#233;e (&amp;#8220;Techint&amp;#8221;), who is the holder of record of the above-mentioned Tenaris shares.&lt;/font&gt;&lt;/li&gt;
&lt;/ul&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 12pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;ul type="square" style="margin: 0pt; padding-left: 0pt; margin-left: 2.8pt;"&gt;
&lt;li style="margin-left: 20.75pt; text-indent: -20.75pt; text-align: justify; line-height: 12pt; font-family: serif; font-size: 10pt; list-style-position: inside; -aw-font-family: 'Wingdings'; -aw-font-weight: normal; -aw-list-padding-sml: 8.42pt; -aw-number-format: '&amp;#61607;';"&gt;&lt;font style="font: 7pt 'Times New Roman'; -aw-import: ignore;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Rocca &amp;amp; Partners Stichting Administratiekantoor Aandelen San Faustin, a private foundation located in the Netherlands (Stichting) (&amp;#8220;RP STAK&amp;#8221;) held voting shares in San Faustin sufficient in number to control San Faustin.&lt;/font&gt;&lt;/li&gt;
&lt;/ul&gt;
&lt;p style="margin-top: 0pt; margin-left: 36pt; margin-bottom: 0pt; line-height: 8pt;"&gt;&lt;font style="font-family: Arial; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;ul type="square" style="margin: 0pt; padding-left: 0pt; margin-left: 2.8pt;"&gt;
&lt;li style="margin-left: 20.75pt; text-indent: -20.75pt; text-align: justify; line-height: 12pt; font-family: serif; font-size: 10pt; list-style-position: inside; -aw-font-family: 'Wingdings'; -aw-font-weight: normal; -aw-list-padding-sml: 8.42pt; -aw-number-format: '&amp;#61607;';"&gt;&lt;font style="font: 7pt 'Times New Roman'; -aw-import: ignore;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;No person or group of persons controls RP STAK&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;/li&gt;
&lt;/ul&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Based on the information most recently available to the Company, Tenaris&amp;#8217;s directors and senior management as a group o&lt;font&gt;wned &lt;/font&gt;&lt;font&gt;0.08&lt;/font&gt;&lt;font&gt;%&lt;/font&gt; of the Company&amp;#8217;s outstanding shares.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Transactions and balances disclosed as with &amp;#8220;non-consolidated parties&amp;#8221; 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 &amp;#8220;Other&amp;#8221;. The following transactions were carried out with related parties:&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;table cellspacing="0" cellpadding="0" style="height: 248px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px;" width="100%"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: top; background-color: #ffffff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: #ffffff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;(all amounts in thousands of U.S. dollars)&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #ffffff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; background-color: #ffffff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="9" style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; background-color: #ffffff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Year ended December 31, &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; background-color: #ffffff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: top; background-color: #ffffff; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: top; background-color: #ffffff; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; background-color: #ffffff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; background-color: #ffffff; height: 10px; vertical-align: bottom;" colspan="2" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;2020&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; background-color: #ffffff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; background-color: #ffffff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 10px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;2019&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; background-color: #ffffff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; background-color: #ffffff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; background-color: #ffffff; height: 10px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;2018&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; background-color: #ffffff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: top; background-color: #ffffff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; (i) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: top; background-color: #ffffff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Transactions &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; background-color: #ffffff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; background-color: #ffffff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; background-color: #ffffff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; background-color: #ffffff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: top; background-color: #ffffff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: #ffffff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; (a) Sales of goods and services &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #ffffff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; background-color: #ffffff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; background-color: #ffffff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; background-color: #ffffff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; background-color: #ffffff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; background-color: #ffffff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; background-color: #ffffff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; background-color: #ffffff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; background-color: #ffffff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; background-color: #ffffff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; background-color: #ffffff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; background-color: #ffffff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: top; height: 17px; background-color: #cceeff; width: 5%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 59%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Sales of goods to non-consolidated parties &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 9%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;20,183&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 9%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;20,577&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 9%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;23,709&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Sales of goods to other related parties &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;18,243&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;69,972&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;131,548&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: top; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Sales of services to non-consolidated parties &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;5,829&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;5,620&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;7,641&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Sales of services to other related parties &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;5,049&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;4,386&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;5,647&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: top; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;49,304&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;100,555&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;168,545&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; (b) Purchases of goods and services &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Purchases of goods to non-consolidated parties &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;84,485&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;174,588&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;245,186&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Purchases of goods to other related parties &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;12,892&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;51,765&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;106,624&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Purchases of services to non-consolidated parties &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;6,979&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;9,404&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;9,556&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Purchases of services to other related parties &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;18,133&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;54,514&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;46,179&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;122,489&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;290,271&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;407,545&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px; height: 221px;" width="100%"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #ffffff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #ffffff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt;(all amounts in thousands of U.S. dollars)&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #ffffff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #ffffff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="5" style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #ffffff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; At December 31, &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #ffffff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #ffffff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: Arial;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #ffffff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: Arial;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #ffffff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #ffffff; height: 17px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;2020&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #ffffff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #ffffff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #ffffff; height: 17px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;2019&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #ffffff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; background-color: #ffffff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; (ii) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #ffffff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Period-end balances &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #ffffff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #ffffff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #ffffff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #ffffff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #ffffff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #ffffff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #ffffff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #ffffff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; background-color: #ffffff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #ffffff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; (a) Arising from sales / purchases of goods / services &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #ffffff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #ffffff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #ffffff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #ffffff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #ffffff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #ffffff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #ffffff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #ffffff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 17px; background-color: #cceeff; width: 5%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 69%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Receivables from non-consolidated parties &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;78,721&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;78,884&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Receivables from other related parties &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;4,447&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;10,400&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Payables to non-consolidated parties &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;(&lt;font&gt;24,914&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;(&lt;font&gt;19,100&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Payables to other related parties &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;(&lt;font&gt;2,310&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;(&lt;font&gt;7,048&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;55,944&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;63,136&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; (b) Financial debt &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Finance lease liabilities from non-consolidated parties &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;In addition to the tables above, the Company issued various guarantees in favor of Techgen and GPC; for further details, please see note &lt;font&gt;13&lt;/font&gt; (c and d)&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; and note &lt;font&gt;26&lt;/font&gt; (ii)&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;. No other material guarantees were issued in favor of other related parties.&lt;/font&gt;&lt;/p&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;Directors&amp;#8217; and senior management compensation&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
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&lt;p style="margin-top: 0pt; margin-left: 38.75pt; margin-bottom: 0pt; text-indent: -38.75pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;26&lt;/font&gt;&lt;font style="font: 7pt 'Times New Roman'; -aw-import: spaces;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;Contingencies,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt; commitments and restrictions &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;o&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;n&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt; the distribution of profits&lt;/font&gt;&lt;font style="font-family: Arial; font-size: 10pt; font-weight: bold; letter-spacing: -0.1pt;"&gt; &lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-left: 28.35pt; margin-bottom: 0pt; text-indent: -28.35pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; font-style: italic;"&gt;(i)&lt;/font&gt;&lt;font style="width: 26.56pt; display: inline-block;"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; font-style: italic;"&gt;Contingencies&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-left: 17.85pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;T&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;enaris &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;is from time to time subject to various claims, lawsuits and other legal proceedings, including customer, employee, tax and environmental-related claims, in which third 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. &lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;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, the Company is unable to make a reliable estimate of the expected financial effect that will result from ultimate resolution of the proceeding. In those cases, the Company has not accrued a provision for the potential outcome of these cases.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;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, the Company 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 the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Tenaris&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&amp;#8217;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 not disclosed its estimate of the range of potential loss. &lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The Company believes that the aggregate provisions recorded for potential losses in these Consolidated Financial Statements&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;are adequate based upon currently available information. However, if management&amp;#8217;s estimates prove incorrect, current reserves could be inadequate and the Company could incur a charge to earnings which could have a material adverse effect on its results of operations, financial condition, net worth and cash flows. &lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 12pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Below is a summary description of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Tenaris&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#8217;s material legal proceedings which are outstanding as of the date of these Consolidated Financial Statements. In addition, the Company is subject to other legal proceedings, none of which is believed to be material.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 12pt; font-weight: bold; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;ul type="square" style="margin: 0pt; padding-left: 0pt;"&gt;
&lt;li style="margin-left: 23.08pt; text-align: justify; line-height: 12pt; padding-left: 8.42pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Wingdings'; -aw-font-weight: normal; -aw-number-format: '&amp;#61607;';"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;CSN claims relating to the January 2012 acquisition of Usiminas shares&lt;/font&gt;&lt;/li&gt;
&lt;/ul&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 12pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt; widows: 0; orphans: 0; margin-left: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Confab, a Brazilian subsidiary of the Company, is &lt;font&gt;one&lt;/font&gt; of the defendants in a lawsuit filed in Brazil by Companhia Sider&amp;#250;rgica Nacional (&amp;#8220;CSN&amp;#8221;) and various entities affiliated with CSN against Confab and several Ternium subsidiaries that acquired a participation in Usiminas&amp;#8217; control group in January 2012.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 12pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt; widows: 0; orphans: 0; margin-left: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;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&amp;#8217; ordinary shares for a price per share equal to &lt;font&gt;80&lt;/font&gt;% of the price per share paid in such acquisition, or BRL&lt;font&gt;28.8&lt;/font&gt;, 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 &lt;font&gt;182,609,851&lt;/font&gt; ordinary shares of Usiminas not belonging to Usiminas&amp;#8217; control group, and Confab would have a &lt;font&gt;17.9&lt;/font&gt;% share in that offer.&lt;/font&gt;&lt;/p&gt;

&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 12pt; font-weight: bold; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;ul type="square" style="margin: 0pt; padding-left: 0pt;"&gt;
&lt;li style="margin-left: 23.08pt; text-align: justify; line-height: 12pt; padding-left: 8.42pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Wingdings'; -aw-font-weight: normal; -aw-number-format: '&amp;#61607;';"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;CSN claims relating to the January 2012 acquisition of Usiminas shares (Cont.)&lt;/font&gt;&lt;/li&gt;
&lt;/ul&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt; margin-left: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;On September 23, 2013, the first instance court dismissed the CSN lawsuit, and on February 8, 2017, the court of appeals maintained the understanding of the first instance court. On March 6, 2017, CSN filed a motion for clarification against the decision of the Court of Appeals of S&amp;#227;o Paulo, which was rejected on July 19, 2017. On August 18, 2017, 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 March 5, 2018, the court of appeals ruled that CSN&amp;#8217;s appeal did not meet the requirements for submission to the Superior Court of Justice and rejected the appeal. On May 8, 2018, CSN appealed against such ruling and on January 22, 2019, the court of appeals rejected it and ordered that the case be submitted to the Superior Court of Justice. On September 10, 2019, the Superior Court of Justice declared CSN&amp;#8217;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.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="width: 78.5pt; display: inline-block; -aw-tabstop-align: left; -aw-tabstop-pos: 78.5pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt; margin-left: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;The Company continues to believe that all of CSN&amp;#8217;s claims and allegations are groundless and without merit, as confirmed by several opinions of Brazilian legal counsel, &lt;font&gt;two&lt;/font&gt; decisions issued by the Brazilian securities regulator (&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#8220;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;CVM&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#8221;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;) in February 2012 and December 2016, and the first and second instance court decisions referred to above.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-left: 21.55pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;ul type="square" style="margin: 0pt; padding-left: 0pt;"&gt;
&lt;li style="margin-left: 23.08pt; text-align: justify; line-height: 12pt; padding-left: 8.42pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Wingdings'; -aw-font-weight: normal; -aw-number-format: '&amp;#61607;';"&gt;&lt;font style="font-style: italic; font-weight: bold;"&gt;Veracel celulose accident litigation&lt;/font&gt;&lt;/li&gt;
&lt;/ul&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt; margin-left: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;On September 21, 2007, an accident occurred in the premises of Veracel Celulose S.A. (&amp;#8220;Veracel&amp;#8221;) in connection with a rupture in &lt;font&gt;one&lt;/font&gt; of the tanks used in an evaporation system manufactured by Confab. The Veracel accident allegedly resulted in material damages to Veracel.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Ita&amp;#250; Seguros S.A. (&amp;#8220;Ita&amp;#250;&amp;#8221;), Veracel&amp;#8217;s insurer at the time of the Veracel accident and then replaced by Chubb Seguros Brasil S/A (&amp;#8220;Chubb&amp;#8221;), initiated a lawsuit against Confab seeking reimbursement of damages paid to Veracel in connection with the Veracel accident. Veracel initiated a second lawsuit against Confab seeking reimbursement of the amount paid as insurance deductible with respect to the Veracel accident and other amounts not covered by insurance. Ita&amp;#250; 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&amp;#8217;s personnel of the equipment supplied by Confab in violation of Confab&amp;#8217;s instructions. The &lt;font&gt;two&lt;/font&gt; lawsuits were consolidated and are considered by the &lt;font&gt;6&lt;/font&gt;th Civil Court of S&amp;#227;o Caetano do Sul&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;. H&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;owever, each lawsuit will be adjudicated separately. &lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt; margin-left: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;On September 28, 2018 Confab and Chubb entered into a settlement agreement pursuant to which on October 9, 2018, Confab paid an amount of approximately $&lt;font style="border-right: none; border-left: none;"&gt;&lt;font&gt;3.5&lt;/font&gt;&lt;/font&gt; million to Chubb, without assuming any liability for the accident or the claim. &lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt; margin-left: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;On October 10, 2018, Confab was notified that the court had issued rulings for both lawsuits. Both decisions were unfavorable to Confab:&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;ul type="disc" style="margin: 0pt; padding-left: 0pt;"&gt;
&lt;li style="margin-left: 30pt;text-align: justify;line-height: 12pt;font-family: serif;font-size: 9pt;-aw-font-family: 'Symbol';-aw-font-weight: normal;-aw-number-format: '&amp;#61623;';"&gt;&lt;font style="font-family: &amp;quot;Times New Roman&amp;quot;;font-size: 10pt;line-height: 12pt;"&gt;With respect to Chubb&amp;#8217;s claim, on October 9, 2018, Confab paid an amount of approximately BRL&lt;font&gt;13.1&lt;/font&gt; million (approximatel&lt;font style="line-height: inherit;"&gt;y $&lt;/font&gt;&lt;font style="border-right: none; border-left: none; line-height: inherit;"&gt;&lt;font&gt;3.5&lt;/font&gt;&lt;/font&gt;&lt;font style="line-height: inherit;"&gt; mi&lt;/font&gt;llion at historical exchange rate), including interest, fees and expenses, settling the Chubb claim in full.&lt;/font&gt;&lt;/li&gt;
&lt;/ul&gt;
&lt;p style="margin-top: 0pt; margin-left: 14.2pt; margin-bottom: 0pt; text-align: justify; line-height: 108%; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;ul type="disc" style="margin: 0pt; padding-left: 0pt;"&gt;
&lt;li style="margin-left: 30pt; text-align: justify; line-height: 12pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&amp;#61623;';"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;With respect to Veracel&amp;#8217;s claim, Confab was ordered to pay the insurance deductible and other concepts not covered by insurance, currently estimated to amount to BRL&lt;font&gt;69.9&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; million (approximately $&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;13.5&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; million) including interest, fees and expenses. Both parties filed motions for clarification against the court&amp;#8217;s decision, which were partially granted. Although the contract between Confab and Veracel expressly provided that Confab would not be liable for damages arising from lost profits, the court award would appear to include BRL&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;59.9&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; million (approximately $&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;11.5&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; million) of damages arising therefrom. Confab has additional defense arguments in respect of a claim for lost profits. On December 18, 2018, Confab filed an appeal against the first instance court decision, and on April 30, 2019, 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.&lt;/font&gt;&lt;/li&gt;
&lt;/ul&gt;

&lt;p style="margin-top: 0pt; margin-left: 13.7pt; margin-bottom: 0pt; text-indent: -13.7pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;ul type="square" style="margin: 0pt; padding-left: 0pt;"&gt;
&lt;li style="margin-left: 23.08pt; text-align: justify; line-height: 12pt; padding-left: 8.42pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Wingdings'; -aw-font-weight: normal; -aw-number-format: '&amp;#61607;';"&gt;&lt;b&gt;&lt;i&gt;Ongoing investigation&lt;/i&gt;&lt;/b&gt;&lt;/li&gt;
&lt;/ul&gt;
&lt;p style="margin: 12pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;The&lt;font&gt; Company is aware that Brazilian, Italian and Swiss authorit&lt;/font&gt;ies have been investigating whether certain payments were made prior to &lt;font&gt;2014&lt;/font&gt; from accounts of entities presumably associated with affiliates of the Company to accounts allegedly linked to individuals related to Petr&amp;#243;leo Brasileiro S.A. (&amp;#8220;Petrobras&amp;#8221;) and whether any such payments were intended to benefit the Company&amp;#8217;s Brazilian subsidiary Confab. Any such payments could violate certain applicable laws, including the U.S. Foreign Corrupt Practices Act.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt; margin-left: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;The Company had previously reviewed certain of these matters in connection with an investigation by the Brazilian authorities related to &amp;#8220;Operation Lava Jato,&amp;#8221; and did not 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 not found evidence that Petrobras had benefitted Confab or had misused applicable local content rules.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: spaces;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt; margin-left: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;The Audit Committee of the Company's Board of Directors engaged external counsel in connection with the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Company&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#8217;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; review of these matters. In addition, the Company voluntarily notified the U.S. Securities and Exchange Commission &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;(&amp;#8220;SEC&amp;#8221;) &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;and the U.S. Department of Justice&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&amp;#8220;DOJ&amp;#8221;)&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; in October 2016.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: spaces;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt; margin-left: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;In July 2019, the Company learned that the public prosecutors&amp;#8217; office of Milan, Italy, had completed a preliminary investigation into the alleged payments and had included in the investigation, among other persons, the Company&amp;#8217;s Chairman and Chief Executive Officer, &lt;font&gt;two&lt;/font&gt; other board members, Gianfelice Rocca and Roberto Bonatti, and &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;the Company&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#8217;s controlling shareholder, San Faustin. The Company is not a party to the proceedings. In February 2020, the Company learned that the magistrate overseeing the investigation decided to move the case to trial. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;The Company&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#8217;s outside counsel had previously reviewed the Italian prosecutors&amp;#8217; investigative file and has informed the Board that neither that file nor this magistrate&amp;#8217;s decision sets forth evidence of involvement by any of the &lt;font&gt;three&lt;/font&gt; directors in the alleged wrongdoing. Accordingly, the Board concluded that no particular action was warranted at that time, other than inviting the referred board members to continue discharging their respective responsibilities with the full support of the Board. The trial has not yet started.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: spaces;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt; margin-left: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;In June 2020, the Company learned that the Brazilian public prosecutors&amp;#8217; office requested the indictment of several individuals, including &lt;font&gt;three&lt;/font&gt; executives or former executives of Confab and a former agent of Confab, charging them with the alleged crimes of corruption in relation to contracts executed between &lt;font&gt;2007&lt;/font&gt; and &lt;font&gt;2010&lt;/font&gt;, and money laundering in relation to payments between &lt;font&gt;2009&lt;/font&gt; and &lt;font&gt;2013&lt;/font&gt;. Neither the Company nor Confab is a party to the proceedings.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: spaces;"&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: spaces;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt; margin-left: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;The Company continues to respond to requests from and otherwise cooperate with the appropriate authorities. The Company has engaged in discussions with the SEC and the DOJ towards a potential resolution of the investigation. There are no assurances that the discussions with the SEC or the DOJ will result in a final resolution of the investigation or, if a resolution is achieved, the timing, scope and terms of any such resolution. 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 may result from the resolution of these matters.&lt;/font&gt;&lt;/p&gt;

&lt;p style="margin-top: 0pt; margin-left: 42.55pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 7pt; font-weight: bold; font-style: italic; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;ul type="square" style="margin: 0pt; padding-left: 0pt;"&gt;
&lt;li style="margin-left: 23.08pt; text-align: justify; line-height: 12pt; padding-left: 8.42pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Wingdings'; -aw-font-weight: normal; -aw-number-format: '&amp;#61607;';"&gt;&lt;b&gt;&lt;i&gt;Putative class actions&lt;/i&gt;&lt;/b&gt;&lt;/li&gt;
&lt;/ul&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt; margin-left: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Following the Company&amp;#8217;s November 27, 2018 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), &lt;font&gt;two&lt;/font&gt; putative class action complaints were filed in the U.S. District Court for the Eastern District of New York. On April 29, 2019, the court consolidated the complaints into a single case, captioned &amp;#8220;In re Tenaris S.A. Securities Litigation&amp;#8221;, and appointed lead plaintiffs and lead counsel. On July 19, 2019, the lead plaintiffs filed an amended complaint purportedly on behalf of purchasers of Tenaris securities during the putative class period of May 1, 2014 through December 5, 2018. The individual defendants named in the complaint are Tenaris&amp;#8217;s Chairman and CEO and Tenaris&amp;#8217;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 the nationalization proceeds received by Ternium (in which the Company hel&lt;font&gt;d an &lt;/font&gt;&lt;font&gt;11.46&lt;/font&gt;&lt;font&gt;% sta&lt;/font&gt;ke) when Sidor was expropriated by Venezuela were received or expedited as a result of allegedly improper payments made to Argentine officials. The complaint does not specify the damages that plaintiff is seeking. On October 9, 2020, the court granted in part and denied in part the defendants&amp;#8217; motions to dismiss. The court partially granted and partially denied the motion to dismiss the claims against the Company and its Chairman and CEO. In addition, the court granted the motions to dismiss as to all claims against San Faustin, Techint, and Tenaris&amp;#8217;s former CFO. The case will now proceed based on the claims that survived the motion to dismiss. Management believes the Company has meritorious defenses to these claims; however, at this stage Tenaris cannot predict the outcome of the claim or the amount or range of loss in case of an unfavorable outcome.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;ul type="square" style="margin: 0pt; padding-left: 0pt;"&gt;
&lt;li style="margin-left: 23.08pt; text-align: justify; line-height: 12pt; padding-left: 8.42pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Wingdings'; -aw-font-weight: normal; -aw-number-format: '&amp;#61607;';"&gt;&lt;b&gt;&lt;i&gt;Investigation concerning alleged price overcharges in Brazil&lt;/i&gt;&lt;/b&gt;&lt;/li&gt;
&lt;/ul&gt;
&lt;p style="margin-top: 0pt; margin-left: 36pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt; margin-left: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;In &lt;font&gt;2018&lt;/font&gt;, &lt;font&gt;two&lt;/font&gt; Brazilian subsidiaries of the Company were notified of formal charges arising from a review by the Tribunal de Contas da Uniao (&amp;#8220;TCU&amp;#8221;) for alleged price overcharges on goods supplied to Petr&amp;#243;leo Brasileiro S.A. - Petrobras under a supply contract. Both companies have already filed their defenses. On September 28, 2020, TCU&amp;#8217;s technical unit, advised TCU that the alleged overprice should be reduced from BRL&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;9&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; million (approximately $&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font style="border-left: none; border-right: none;"&gt;&lt;font&gt;1.7&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;million) to BRL&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;401&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; thousand (approximately $&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;77&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; thousand), &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;and further &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;stated that because of its immateriality, the alleged overcharge should not give rise to any penalties or indemnification obligations and acknowledged that any potential penalties would be barred as a result of the applicable statute of limitations.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; On November 19, 2020 the Public Prosecutor&amp;#8217;s Of&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;fice filed an&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; opinion supporting the TCU&amp;#8217;s technical unit&amp;#8217;s views. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;TCU&amp;#8217;s final judgment is pending. The estimated amount of this claim is BRL&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font style="border-left: none; border-right: none;"&gt;&lt;font&gt;30.6&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;million (approximately $&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font style="border-left: none; border-right: none;"&gt;&lt;font&gt;5.9&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;million). The Company believes, based on the advice of counsel and external consultants, that the prices charged under the Petrobras contract do not result in overprices and that it is unlikely that the ultimate resolution of this matter will result in a material obligation.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;ul type="square" style="margin: 0pt; padding-left: 0pt;"&gt;
&lt;li style="margin-left: 23.08pt; text-align: justify; line-height: 12pt; padding-left: 8.42pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Wingdings'; -aw-font-weight: normal; -aw-number-format: '&amp;#61607;';"&gt;&lt;b&gt;&lt;i&gt;Administrative proceeding concerning Brazilian tax credits&lt;/i&gt;&lt;/b&gt;&lt;/li&gt;
&lt;/ul&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt; margin-left: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;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&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;/&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;or transfer. The proceeding resulted in the imposition of a fine against Confab representing approximately &lt;font&gt;75&lt;/font&gt;% of the allegedly undue credits, which was appealed by Confab. On January 21, 2019, Confab was notified of an administrative decision denying Confab&amp;#8217;s appeal, thereby upholding the tax determination and the fine against Confab. On January 28, 2019, Confab challenged such administrative decision and is currently awaiting a resolution. In case of an unfavorable resolution, Confab may still appeal before the courts. The estimated amount of this claim is BRL&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;57.2&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; million (approximately $&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;11&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;million). At this stage, the Company cannot predict the outcome of this claim.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; font-style: italic; letter-spacing: -0.1pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;ul type="square" style="margin: 0pt; padding-left: 0pt;"&gt;
&lt;li style="margin-left: 23.08pt; text-align: justify; line-height: 12pt; padding-left: 8.42pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Wingdings'; -aw-font-weight: normal; -aw-number-format: '&amp;#61607;';"&gt;&lt;b&gt;&lt;i&gt;U.S. patent infringement litigation&lt;/i&gt;&lt;/b&gt;&lt;/li&gt;
&lt;/ul&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt; margin-left: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Tenaris Coiled Tubes, LLC (&amp;#8220;TCT&amp;#8221;), a U.S. subsidiary of the Company, was sued on &lt;font&gt;2017&lt;/font&gt; by its competitor Global Tubing, alleging violations to certain intellectual property regulations and seeking a declaration that certain Global Tubing products do not infringe patents held by TCT. TCT filed a counterclaim seeking declaration that certain Global Tubing products infringe patents held by TCT, and Global Tubing responded alleging that such patents should be invalidated. On December 13, 2019, 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. The trial is set for August 2021. At this time, it is not possible to predict the outcome of this matter or estimate the range of potential losses that may result fro&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;m the resolution of this claim.&lt;/font&gt;&lt;/p&gt;

&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;ul type="square" style="margin: 0pt; padding-left: 0pt;"&gt;
&lt;li style="margin-left: 23.08pt; text-align: justify; line-height: 12pt; padding-left: 8.42pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Wingdings'; -aw-font-weight: normal; -aw-number-format: '&amp;#61607;';"&gt;&lt;b&gt;&lt;i&gt;Tax assessment from Italian tax authorities&lt;/i&gt;&lt;/b&gt;&lt;/li&gt;
&lt;/ul&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt; margin-left: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;The Company&amp;#8217;s Italian subsidiary, Dalmine, received on December 27, 2019, a tax assessment from the Italian tax authorities related to fiscal year &lt;font&gt;2014&lt;/font&gt;. As of December 31, 2020, the claim amounted to approximately EUR&lt;font&gt;25.7&lt;/font&gt; million (approximately $&lt;font&gt;31.6&lt;/font&gt; million), comprising EUR&lt;font&gt;20.7&lt;/font&gt; million (approximately $&lt;font&gt;25.5&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; million) in principal and EUR&lt;font&gt;5.0&lt;/font&gt; million (approximately $&lt;font&gt;6.1&lt;/font&gt; million) in interest and penalties. In the report for a tax audit conducted in &lt;font&gt;2019&lt;/font&gt;, the Italian tax inspectors indicated that they also intend to bring claims for fiscal year &lt;font&gt;2015&lt;/font&gt; with respect to the same matters; as of December 31, 2020, these additional claims would amount to approximately EUR&lt;font&gt;10.5&lt;/font&gt; million (approximately $&lt;font&gt;12.9&lt;/font&gt; million), comprising &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;EUR&lt;font&gt;8.1&lt;/font&gt; million (approximately $&lt;font&gt;10.0&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; million) in principal and EUR&lt;font&gt;2.4&lt;/font&gt; million (approximately $&lt;font&gt;2.9&lt;/font&gt; 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;amp;D activities. On July 27, 2020, Dalmine filed a first-instance appeal before the Milan tax court against the &lt;font&gt;2014&lt;/font&gt; tax assessment. Based on the advice of counsel, the Company believes that it is unlikely that the ultimate resolution of these matters will result in a material obligation.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;ul type="square" style="margin: 0pt; padding-left: 0pt;"&gt;
&lt;li style="margin-left: 23.08pt; text-align: justify; line-height: 12pt; padding-left: 8.42pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Wingdings'; -aw-font-weight: normal; -aw-number-format: '&amp;#61607;';"&gt;&lt;b&gt;&lt;i&gt;Product liability litigation&lt;/i&gt;&lt;/b&gt;&lt;/li&gt;
&lt;/ul&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; font-style: italic; letter-spacing: -0.1pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt; margin-left: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;The Company&amp;#8217;s recently acquired U.S. subsidiary, IPSCO, or its subsidiaries, are parties to several product liability claims, which may result in damages for an aggregate amount estimated at approximately $&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font style="border-left: none; border-right: none;"&gt;&lt;font&gt;17.6&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;million. This includes a lawsuit alleging product liability and negligent misrepresentation in which the plaintiff alleges that defects in certain casing provided by IPSCO resulted in &lt;font&gt;three&lt;/font&gt; well failures causing damages for an amount of approximately $&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;15&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; million. Although at this time the Company cannot predict the outcome of any of these matters, the Company believes that provisions have been recorded in an amount sufficient to cover potential exposure under these claims.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-left: 18pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-left: 45pt; margin-bottom: 0pt; text-indent: -40.5pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; font-style: italic; letter-spacing: -0.1pt;"&gt;(ii)&lt;/font&gt;&lt;font style="font: 7pt 'Times New Roman'; -aw-import: spaces;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; font-style: italic; letter-spacing: -0.1pt;"&gt;Commitments and guarantees&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; font-style: italic; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Set forth is a description of the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Tenaris&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#8217;s main outstanding commitments:&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-left: 21.55pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;ul type="square" style="margin: 0pt; padding-left: 0pt;"&gt;
&lt;li style="margin-left: 16pt; text-align: justify; line-height: 12pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Wingdings'; -aw-font-weight: normal; -aw-number-format: '&amp;#61607;';"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;An Argentine subsidiary of the Company entered into a contract with Transportadora de Gas del Norte S.A. for the service of natural gas transportation to its facilities. As of December 31, 2020, the aggregate commitment to take or pay the committed volumes for a&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;n original&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font style="border-left: none; border-right: none;"&gt;&lt;font&gt;9&lt;/font&gt;&lt;/font&gt; -year term total&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;l&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;ed approximately $&lt;font&gt;16.8&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; color: #ff0000;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;million.&lt;/font&gt;&lt;/li&gt;
&lt;/ul&gt;
&lt;p style="margin-top: 0pt; margin-left: 17.85pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;ul type="square" style="margin: 0pt; padding-left: 0pt;"&gt;
&lt;li style="margin-left: 16pt; text-align: justify; line-height: 12pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Wingdings'; -aw-font-weight: normal; -aw-number-format: '&amp;#61607;';"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Several of the Company&amp;#8217;s subsidiaries entered into a contract with Praxair S.A. for the service of oxygen and nitrogen supply. As of December 31, 2020, the aggregate commitment to take or pay the committed volumes for a&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;n original&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;14&lt;/font&gt;-year term total&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;l&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;ed approximately $&lt;font&gt;31&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; color: #ff0000;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;million.&lt;/font&gt;&lt;/li&gt;
&lt;/ul&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 12pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;ul type="square" style="margin: 0pt; padding-left: 0pt;"&gt;
&lt;li style="margin-left: 16pt; text-align: justify; line-height: 105%; font-family: serif; font-size: 10pt; -aw-font-family: 'Wingdings'; -aw-font-weight: normal; -aw-number-format: '&amp;#61607;';"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Several of the Company&amp;#8217;s subsidiaries entered into a contract with Graftech for the supply of graphite electrodes. As of December 31, 2020, the aggregate commitment to take or pay the committed volumes total&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;l&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;ed approximately $&lt;font&gt;10.9&lt;/font&gt; million.&lt;/font&gt;&lt;/li&gt;
&lt;/ul&gt;
&lt;p style="margin-top: 0pt; margin-left: 36pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;ul type="square" style="margin: 0pt; padding-left: 0pt;"&gt;
&lt;li style="margin-left: 16pt; text-align: justify; line-height: 12pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Wingdings'; -aw-font-weight: normal; -aw-number-format: '&amp;#61607;';"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;A subsidiary &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;of the Company &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;entered into a &lt;font&gt;25&lt;/font&gt;-year contract (effective as of December 1, 2016, through December 1, 2041) with Techgen for the supply of &lt;font&gt;197&lt;/font&gt; MW (which represents &lt;font&gt;22&lt;/font&gt;% of Techgen&amp;#8217;s capacity). Monthly payments are determined on the basis of capacity charges, operation costs, back-up power charges, and transmission charges. As of the seventh contract year (as long as Techgen&amp;#8217;s existing or replacing bank facility has been repaid in full), the Company&amp;#8217;s subsidiary 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&amp;#243;n Federal de Electricidad (&amp;#8220;CFE&amp;#8221;) or its successors. The Company&amp;#8217;s subsidiary may instruct Techgen to sell to any affiliate, to CFE, or to any other third party all or any part of unused contracted energy under the agreement and the Company&amp;#8217;s subsidiary will benefit from the proceeds of such sale.&lt;/font&gt;&lt;/li&gt;
&lt;/ul&gt;
&lt;p style="margin-top: 0pt; margin-left: 36pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;ul type="square" style="margin: 0pt; padding-left: 0pt;"&gt;
&lt;li style="margin-left: 16pt; text-align: justify; line-height: 12pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Wingdings'; -aw-font-weight: normal; -aw-number-format: '&amp;#61607;';"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;A subsidiary&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; of the Company&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; entered into a contract with Air Liquide Mexico, S. de R.L de C.V. for the supply of argon gas. As of December 31, 2020, the aggregate commitment total&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;l&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;ed approximately $&lt;font&gt;19&lt;/font&gt; million.&lt;/font&gt;&lt;/li&gt;
&lt;/ul&gt;

&lt;p style="margin-top: 0pt; margin-left: 9.35pt; margin-bottom: 0pt; text-align: justify; line-height: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;ul type="square" style="margin: 0pt; padding-left: 0pt;"&gt;
&lt;li style="margin-left: 16pt; text-align: justify; line-height: 12pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Wingdings'; -aw-font-weight: normal; -aw-number-format: '&amp;#61607;';"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Tenaris Bay City, a U.S. subsidiary of the Company, is a party to a contract with Nucor Steel Memphis Inc. under which it is committed to purchase on a monthly basis a specified minimum volume of steel bars, at prices subject to quarterly adjustments. The contract will become effective upon delivery of the first purchase order, which has not yet occurred, and will remain in force for a &lt;font&gt;3&lt;/font&gt; year term. As of December 31, 2020, the estimated aggregate contract amount calculated at current prices, is approximately $&lt;font&gt;113.4&lt;/font&gt; million. The contract gives Tenaris Bay City the right to temporarily reduce the quantities to be purchased thereunder to &lt;font&gt;75&lt;/font&gt;% of the agreed-upon minimum volume in cases of material adverse changes in prevailing economic or market conditions.&lt;/font&gt;&lt;/li&gt;
&lt;/ul&gt;
&lt;p style="margin-top: 0pt; margin-left: 7.1pt; margin-bottom: 0pt; text-align: justify; line-height: 10pt;"&gt;&lt;font style="font-family: Arial; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;ul type="square" style="margin: 0pt; padding-left: 0pt;"&gt;
&lt;li style="margin-left: 16pt; text-align: justify; line-height: 12pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Wingdings'; -aw-font-weight: normal; -aw-number-format: '&amp;#61607;';"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;In connection with the closing of the acquisition of IPSCO, a &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;U&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;S&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; subsidiary&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; of the Company,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; entered into a &lt;font&gt;6&lt;/font&gt;-year master distribution agreement (the &amp;#8220;MDA&amp;#8221;) with PAO TMK (&amp;#8220;TMK&amp;#8221;) whereby, since January 2, 2020, Tenaris is the exclusive distributor of TMK&amp;#8217;s OCTG and line pipe products in United States and Canada. At the end of the MDA&amp;#8217;s &lt;font&gt;6&lt;/font&gt;-years term, TMK will have the option to extend the duration of its term for an additional &lt;font&gt;12&lt;/font&gt; month period. Under the MDA, the Company is required to purchase specified minimum volumes of TMK-manufactured OCTG and line pipe products, based on the aggregate market demand for the relevant product category in the United States in the relevant year. In light of the adverse scenario of declining oil and gas prices and unprecedented oversupply in the oil market, Tenaris and TMK have agreed to certain accommodations relating to the MDA&amp;#8217;s minimum annual purchase requirement for &lt;font&gt;2020&lt;/font&gt; to minimize the negative impact of the crisis on both parties. Because of th&lt;font&gt;is, &lt;font&gt;no&lt;/font&gt; pen&lt;/font&gt;alties will be applied for year &lt;font&gt;2020&lt;/font&gt;. As of December 31, 2020, the Company&amp;#8217;s commitment under the MDA for the remainder of its &lt;font&gt;6&lt;/font&gt;-year term total&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;l&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;ed approximately $&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font style="border-left: none; border-right: none;"&gt;&lt;font&gt;498.3&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&amp;nbsp;million.&lt;/font&gt;&lt;/li&gt;
&lt;/ul&gt;
&lt;p style="margin-top: 0pt; margin-left: 7.1pt; margin-bottom: 0pt; text-align: justify; line-height: 10pt;"&gt;&lt;font style="font-family: Arial; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;In addition, Tenaris (i) applied for stand-by letters of credit&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; as well as corporate guarantees&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; covering certain obligations of Techgen as described in note &lt;font&gt;1&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;3&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (c), (ii) issued corporate guarantees securing certain obligations of GPC, as described in note &lt;font&gt;1&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;3&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (d); and (iii) issued performance guarantees mainly related to long term commercial contracts with several customers and parent companies for approximately $&lt;font&gt;2.5&lt;/font&gt; billion as of December 31, 2020.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 12pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; font-style: italic;"&gt;(iii)&lt;/font&gt;&lt;font style="width: 21pt; display: inline-block;"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; font-style: italic; letter-spacing: -0.1pt;"&gt;Restrictions to the distribution of profits and payment of dividends&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; font-style: italic; letter-spacing: -0.1pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;In accordance with Luxembourg Law, the Company is required to transfer a minimum o&lt;font&gt;f &lt;/font&gt;&lt;font&gt;5&lt;/font&gt;&lt;font&gt;%&lt;/font&gt; of its net profit for each financial year to a legal reserve until such reserve eq&lt;font&gt;uals &lt;/font&gt;&lt;font&gt;10&lt;/font&gt;&lt;font&gt;% o&lt;/font&gt;f the issued share capital.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;As of December 31, 2020, this reserve is fully allocated and additional allocations to the reserve are not required under Luxembourg law. Dividends may not be paid out of the legal reserve.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;The Company may pay dividends to the extent, among other conditions, that it has distributable retained earnings calculated in accordance with Luxembourg law and regulations.&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;</ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory>
  <ts:TermOfSupplyContract id="Tag2590" contextRef="D20201231_TransportadoraDeGasDelNorteSaMember">P14Y</ts:TermOfSupplyContract>
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  <ts:PenaltiesImposed id="Tag2614" contextRef="D20201231_IpscoTubularsIncMember_ContingentLiabilityForGuaranteesMember" unitRef="USD" decimals="-3">0</ts:PenaltiesImposed>
  <ifrs-full:EstimatedFinancialEffectOfContingentLiabilities id="Tag2615" contextRef="I20201231_DalmineSPAMember_TaxContingentLiabilityRelatedToFiscalYear2015PrincipalMember_IT" unitRef="EUR" decimals="-5">8100000</ifrs-full:EstimatedFinancialEffectOfContingentLiabilities>
  <ifrs-full:EstimatedFinancialEffectOfContingentLiabilities id="Tag2616" contextRef="I20201231_DalmineSPAMember_TaxContingentLiabilityRelatedToFiscalYear2015InterestAndPenaltiesMember_IT" unitRef="USD" decimals="-5">2900000</ifrs-full:EstimatedFinancialEffectOfContingentLiabilities>
  <ifrs-full:EstimatedFinancialEffectOfContingentLiabilities id="Tag2617" contextRef="I20201231_DalmineSPAMember_TaxContingentLiabilityRelatedToFiscalYear2015PrincipalMember_IT" unitRef="USD" decimals="-5">10000000</ifrs-full:EstimatedFinancialEffectOfContingentLiabilities>
  <ifrs-full:DisclosureOfUnconsolidatedStructuredEntitiesExplanatory id="Tag2618" contextRef="D20201231_3">&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px; height: 172px;" width="100%"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #ffffff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #ffffff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; height: 17px;" colspan="6"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Year ended December 31, &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: top; background-color: #ffffff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (all amounts in thousands of U.S. dollars) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; background-color: #ffffff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; height: 17px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;2020&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; height: 17px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;2019&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; width: 74%; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; At the beginning of the year &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; width: 1%; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; width: 1%; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 10%; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;879,965&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; width: 1%; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; width: 1%; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; width: 1%; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 4px; vertical-align: bottom; width: 10%; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;805,568&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 1%; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Translation differences &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;31,977&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;10,781&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Equity in earnings of non-consolidated companies &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;108,799&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;82,036&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Increase due to business combinations &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt;&lt;font&gt;-&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;20,635&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Dividends and distributions declared (*) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;861&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;28,037&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Additions &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;19,610&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Increase / (decrease) in equity reserves and others &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 4px; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;1,426&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 4px; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;9,066&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; At the end of the year &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 4px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;957,352&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 4px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;879,965&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;</ifrs-full:DisclosureOfUnconsolidatedStructuredEntitiesExplanatory>
  <ifrs-full:Equity id="Tag2619" contextRef="I20201231_TerniumSAMember" unitRef="USD" decimals="-3">8443153000</ifrs-full:Equity>
  <ifrs-full:ImpairmentLossRecognisedInProfitOrLossIntangibleAssetsAndGoodwill id="Tag2620" contextRef="D20201231_AccumulatedDepreciationAmortisationAndImpairmentMember_GoodwillMember" unitRef="USD" decimals="-3">586402000</ifrs-full:ImpairmentLossRecognisedInProfitOrLossIntangibleAssetsAndGoodwill>
  <ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsAndGoodwill id="Tag2621" contextRef="D20201231_AccumulatedDepreciationAmortisationAndImpairmentMember_LicensesPatentsAndTrademarksMember" unitRef="USD" decimals="-3">-1000</ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsAndGoodwill>
  <ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsAndGoodwill id="Tag2622" contextRef="D20191231_CustomerrelatedIntangibleAssetsMember_AccumulatedDepreciationAmortisationAndImpairmentMember" unitRef="USD" xsi:nil="true" />
  <ifrs-full:DisposalsIntangibleAssetsAndGoodwill id="Tag2623" contextRef="D20191231_GrossCarryingAmountMember" unitRef="USD" decimals="-3">6593000</ifrs-full:DisposalsIntangibleAssetsAndGoodwill>
  <ifrs-full:DisposalsIntangibleAssetsAndGoodwill id="Tag2624" contextRef="D20191231_CustomerrelatedIntangibleAssetsMember_GrossCarryingAmountMember" unitRef="USD" xsi:nil="true" />
  <ifrs-full:ProportionOfOwnershipInterestInAssociate id="Tag2625" contextRef="D20191231_SA_GlobalPipeCompanyMember" unitRef="Pure" decimals="4">0.3500</ifrs-full:ProportionOfOwnershipInterestInAssociate>
  <ifrs-full:ProportionOfVotingPowerHeldInAssociate id="Tag2626" contextRef="D20201231_UsiminasMember_ConfabIndustrialSaAndSubsidiariesMember" unitRef="Pure" decimals="4">0.0519</ifrs-full:ProportionOfVotingPowerHeldInAssociate>
  <ifrs-full:InvestmentsInJointVentures id="Tag2627" contextRef="I20190205_WeldedPipePlantInWestSiberiaMember" unitRef="USD" decimals="-6">280000000</ifrs-full:InvestmentsInJointVentures>
  <ifrs-full:ProportionOfOwnershipInterestInJointVenture id="Tag2628" contextRef="D20190205_WeldedPipePlantInWestSiberiaMember" unitRef="Pure" decimals="2">0.49</ifrs-full:ProportionOfOwnershipInterestInJointVenture>
  <ts:ManufacturingCapacitySteelPipes id="Tag2629" contextRef="I20190205_WeldedPipePlantInWestSiberiaMember" unitRef="Tonne" decimals="0">300000</ts:ManufacturingCapacitySteelPipes>
  <ifrs-full:DisclosureOfBusinessCombinationsExplanatory id="Tag2630" contextRef="D20201231_3">&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-left: 38.75pt; margin-bottom: 0pt; text-indent: -38.75pt; text-align: justify; line-height: 12pt; padding-top: 5pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; letter-spacing: -0.1pt;"&gt;&lt;font&gt;32&lt;/font&gt;&lt;/font&gt;&lt;font style="font: 7pt 'Times New Roman'; -aw-import: spaces;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; letter-spacing: -0.1pt;"&gt;Business combinations&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; letter-spacing: -0.1pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; letter-spacing: -0.1pt;"&gt;Acquisition of IPSCO Tubulars, Inc.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 12pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;ul type="square" style="margin: 0pt; padding-left: 0pt;"&gt;
&lt;li style="margin-left: 27.58pt; text-align: justify; line-height: 12pt; padding-left: 8.42pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Wingdings'; -aw-font-weight: normal; -aw-number-format: '&amp;#61607;';"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Acquisition and price determination&lt;/font&gt;&lt;/li&gt;
&lt;/ul&gt;
&lt;p style="margin-top: 0pt; margin-left: 36pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;On January 2, 2020, Tenaris acquired &lt;font&gt;100&lt;/font&gt;% of the shares of IPSCO, a U.S. manufacturer of steel pipes, from PAO TMK (&amp;#8220;TMK&amp;#8221;). 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 $&lt;font&gt;1,067&lt;/font&gt; million. The final acquisition price was 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. On June 25, 2020 Tenaris and PAO TMK signed a Letter Agreement in which they settled the discussions regarding certain adjustments on the transaction price.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;The parties finally determined the closing price in an amount equal to $&lt;font&gt;1,029&lt;/font&gt; million, which is less than the closing price paid by an amount equal to $&lt;font&gt;38.5&lt;/font&gt; million.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;This amount was collected on July 2, 2020 and this agreement implies that all disputes relating to the closing statement were resolved.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;IPSCO&amp;#8217;s facilities are located mainly in the midwestern and northeastern regions of the country. IPSCO&amp;#8217;s steel shop in Koppel, Pennsylvania, is Tenaris&amp;#8217;s first in the United States, providing vertical integration through domestic production of a relevant part of its steel bar needs. The Ambridge, Pennsylvania, mill adds a second seamless manufacturing facility and complements Tenaris&amp;#8217;s seamless plant in Bay City, Texas. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Given the abrupt and steep decline in market demand in &lt;font&gt;2020&lt;/font&gt;, all of IPSCO&amp;#8217;s facilities were temporarily closed but some of them are expected to resume operations during the &lt;font&gt;2021&lt;/font&gt; as market continues to improve.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;In connection with the closing of the transaction, subsidiaries of Tenaris and TMK entered into a &lt;font&gt;6&lt;/font&gt;-year master distribution agreement (the &amp;#8220;MDA&amp;#8221;) for more information see note &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;26&lt;/font&gt; (ii)&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;The Company has begun consolidating IPSCO&amp;#8217;s balances and results of operations as from January 2, 2020. The acquired business contributed revenues for $&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;186.7&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; million&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;, mainly assigned to Tubes segment,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; with a minor contribution to the Company&amp;#8217;s margin for the period starting January 2, 2020 and ending &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;December&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; 3&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;1&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;, &lt;font&gt;2020&lt;/font&gt;.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;ul type="square" style="margin: 0pt; padding-left: 0pt;"&gt;
&lt;li style="margin-left: 27.58pt; text-align: justify; line-height: 12pt; padding-left: 8.42pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Wingdings'; -aw-font-weight: normal; -aw-number-format: '&amp;#61607;';"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Fair value of net assets acquired&lt;/font&gt;&lt;/li&gt;
&lt;/ul&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;The application of the purchase method requires certain estimates and assumptions, mainly 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&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;, including the timing and amounts of cash flow projections, the revenue growth rates, the customer attrition rates and the discount rate&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;. The fair values determined at the acquisition date are based mainly on discounted cash flows and other valuation techniques.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;The purchase price allocation was carried out with the assistance of a third-party expert. Following IFRS &lt;font&gt;3&lt;/font&gt;, during the period ended &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Dec&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;ember &lt;font&gt;3&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;1&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;, &lt;font&gt;2020&lt;/font&gt;, the Company continued reviewing the allocation and, based on new information related to events or circumstances existing at the acquisition date, made certain adjustments over the value of the identifiable assets acquired such as inventory, property, plant and equipment, other liabilities and def&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;erred tax assets.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-left: 31.75pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;The allocation of the fair values determined for the assets and liabilities arising from the acquisition is as follows:&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: Calibri; font-size: 11pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="height: 97px; margin: 0px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 70%; text-indent: 0px;" width="70%"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt; Fair value of acquired assets and liabilities: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: middle; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: middle; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt; $ million &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: middle; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 82%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; line-height: 12pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Property, Plant and Equipment &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 15%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; line-height: 12pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;503&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; line-height: 12pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Intangible assets &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; line-height: 12pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;170&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; line-height: 12pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Working capital &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; line-height: 12pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;138&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; line-height: 12pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Cash and Cash Equivalents &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; line-height: 12pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;4&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; line-height: 12pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Borrowings &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; line-height: 12pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;(&lt;font&gt;53&lt;/font&gt; &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; line-height: 12pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Provisions &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; line-height: 12pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;(&lt;font&gt;27&lt;/font&gt; &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; line-height: 12pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Other assets and liabilities, net &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; line-height: 12pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;(&lt;font&gt;63&lt;/font&gt; &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; line-height: 12pt; text-indent: 0px; padding-left: 0px; padding-right: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt; Net assets acquired &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; line-height: 12pt; text-indent: 0px; padding-left: 0px; padding-right: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;&lt;font&gt;672&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;br/&gt;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;

&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Tenaris acquired total assets and liabilities shown above, for approximately $&lt;font&gt;1,029&lt;/font&gt; million. As a result of the acquisition, Tenaris recognized goodwill for approximately $&lt;font&gt;357&lt;/font&gt; million. The goodwill is not deductible for tax purposes.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;br/&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;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&amp;#8217;s position as well as its local manufacturing presence in the U.S. market, and also expand its product range and services capabilities.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;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, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;goodwill mentioned above&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; was impaired&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;, for more information see note &lt;font&gt;5&lt;/font&gt;.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Acquisition-related costs of&lt;font&gt; $&lt;/font&gt;&lt;font&gt;9.7&lt;/font&gt;&lt;font&gt; mill&lt;/font&gt;ion were included in general and administrative expenses ($&lt;font&gt;9.4&lt;/font&gt; and $&lt;font&gt;0.3&lt;/font&gt; in &lt;font&gt;2019&lt;/font&gt; and &lt;font&gt;2020&lt;/font&gt; respectively). For contingent liabilities related to the acquisition see note &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;26&lt;/font&gt; (i)&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;. &lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; letter-spacing: -0.1pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; letter-spacing: -0.1pt;"&gt;Acquisition of Saudi Steel Pipe Company&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 12pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;ul type="square" style="margin: 0pt; padding-left: 0pt;"&gt;
&lt;li style="margin-left: 30.88pt; text-align: justify; line-height: 12pt; padding-left: 5.12pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Wingdings'; -aw-font-weight: normal; -aw-number-format: '&amp;#61607;';"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Acquisition&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and price determination&lt;/font&gt;&lt;/li&gt;
&lt;/ul&gt;
&lt;p style="margin-top: 0pt; margin-left: 36pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;On January 21, 2019, Tenaris acquired &lt;font&gt;47.79&lt;/font&gt;% of the shares of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;SSP&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;C&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;, a welded steel pipes producer listed on the Saudi stock market, for a total amount of SAR&lt;font&gt;530&lt;/font&gt; million (approximately $&lt;font&gt;141&lt;/font&gt; million). The amount was paid with Tenaris cash in hand. SSP&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;C&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#8217;s facilities are located in the Eastern Province of the Kingdom of Saudi Arabia and have a manufacturing capacity of &lt;font&gt;360,000&lt;/font&gt; tons per year. SSP started its operations in &lt;font&gt;1980&lt;/font&gt; and serves energy industrial and commercial segments, is qualified to supply products with major national oil companies in the region. &lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Upon closing of the acquisition, &lt;font&gt;four&lt;/font&gt; Tenaris&amp;#8217;s nominees were appointed as new members of the SSP&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;C&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#8217;s board of directors and a Tenaris senior executive was appointed as managing director and chief executive officer of SSP&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;C&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;. Such appointment was ratified at the shareholders meeting of SSP&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;C&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; held on May 7, 2019, where the shareholders also approved the reappointment of the Tenaris&amp;#8217;s nominees until June 6, 2022.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;The Company has begun consolidating SSP&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;C&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;#8217;s balances and results of operations as from January 21, 2019.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; letter-spacing: -0.1pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;ul type="square" style="margin: 0pt; padding-left: 0pt;"&gt;
&lt;li style="margin-left: 27.58pt; line-height: 12pt; padding-left: 8.42pt; font-family: serif; font-size: 10pt; font-weight: bold; -aw-font-family: 'Wingdings'; -aw-font-weight: bold; -aw-number-format: '&amp;#61607;';"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: normal;"&gt;Fair value of net assets acquired&lt;/font&gt;&lt;/li&gt;
&lt;/ul&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 12pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;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.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: spaces;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;The allocation of the fair values determined for the assets and liabilities arising from the acquisition is as follows:&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="height: 152px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 70%; margin-left: 0.1px;" width="70%"&gt;

&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: middle; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 9pt; font-weight: bold;"&gt; Fair value of acquired assets and liabilities: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 10px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 9pt; font-weight: bold;"&gt; SAR million &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 10px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 9pt; font-weight: bold;"&gt; $ million &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 64%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Property, Plant and Equipment &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 15%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 9pt;"&gt; &lt;font&gt;671&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 15%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 9pt;"&gt; &lt;font&gt;179&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Customer relationship &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 9pt;"&gt; &lt;font&gt;305&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 9pt;"&gt; &lt;font&gt;81&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Investment in associated &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 9pt;"&gt; &lt;font&gt;77&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 9pt;"&gt; &lt;font&gt;21&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Working capital &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 9pt;"&gt; &lt;font&gt;167&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 9pt;"&gt; &lt;font&gt;45&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Cash and Cash Equivalents &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 9pt;"&gt; &lt;font&gt;32&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 9pt;"&gt; &lt;font&gt;9&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Other Receivables &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 9pt;"&gt; &lt;font&gt;11&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 9pt;"&gt; &lt;font&gt;3&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Borrowings &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 9pt; -aw-import: spaces;"&gt; &amp;nbsp;(&lt;font&gt;304&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;font style="font-size: 9pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 9pt; -aw-import: spaces;"&gt; &amp;nbsp;(&lt;font&gt;81&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;font style="font-size: 9pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Employees end of service benefits &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 9pt; -aw-import: spaces;"&gt; &amp;nbsp;(&lt;font&gt;59&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px;"&gt;&lt;font style="font-size: 9pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 9pt; -aw-import: spaces;"&gt; &amp;nbsp;(&lt;font&gt;16&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px;"&gt;&lt;font style="font-size: 9pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Deferred Tax Liabilities &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 9pt; -aw-import: spaces;"&gt; &amp;nbsp;(&lt;font&gt;47&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;font style="font-size: 9pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 9pt; -aw-import: spaces;"&gt; &amp;nbsp;(&lt;font&gt;13&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;font style="font-size: 9pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt; Net assets acquired &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 9pt; font-weight: bold;"&gt; &lt;font&gt;853&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 9pt; font-weight: bold;"&gt; &lt;font&gt;228&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 5pt; text-align: justify; line-height: 12pt; text-indent: 0pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Tenaris acquired &lt;font style="border-left: none; border-right: none;"&gt;47.79&lt;/font&gt;% of total assets and liabilities shown above, approximately $&lt;font&gt;109&lt;/font&gt; million. As of the result of the acquisition, the Company recognized a&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Goodwill of approximately $&lt;font&gt;32.9&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; million. Tenaris has chosen to recognize the non-controlling interest at the proportionate share of the acquiree&amp;#8217;s net identifiable assets.&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;div&gt;

&lt;/div&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;The acquired busine&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;ss contributed revenues for $&lt;font&gt;170.6&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; million with a minor contribution to Tenaris&amp;#8217;s margin for the period starting January 21, 2019 and ending &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;December 31&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;, &lt;font&gt;2019&lt;/font&gt;. &lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;If the acquisition had occurred on January&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; 1,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2019&lt;/font&gt;, consolidated revenue and profit after tax would have not changed significantly.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="width: 14.2pt; display: inline-block; -aw-tabstop-align: center; -aw-tabstop-pos: 14.2pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt; widows: 0; orphans: 0;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;The purchase price allocation has been done with the ass&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;istance of a third party expert.&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;</ifrs-full:DisclosureOfBusinessCombinationsExplanatory>
  <ifrs-full:DisclosureOfDetailedInformationAboutBusinessCombinationsExplanatory id="Tag2631" contextRef="D20201231_IpscoTubularsIncMember">&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="height: 97px; margin: 0px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 70%; text-indent: 0px;" width="70%"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt; Fair value of acquired assets and liabilities: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: middle; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: middle; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt; $ million &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: middle; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 82%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; line-height: 12pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Property, Plant and Equipment &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 15%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; line-height: 12pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;503&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; line-height: 12pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Intangible assets &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; line-height: 12pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;170&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; line-height: 12pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Working capital &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; line-height: 12pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;138&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; line-height: 12pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Cash and Cash Equivalents &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; line-height: 12pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;4&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; line-height: 12pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Borrowings &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; line-height: 12pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;(&lt;font&gt;53&lt;/font&gt; &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; line-height: 12pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Provisions &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; line-height: 12pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;(&lt;font&gt;27&lt;/font&gt; &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; line-height: 12pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Other assets and liabilities, net &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; line-height: 12pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;(&lt;font&gt;63&lt;/font&gt; &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; line-height: 12pt; text-indent: 0px; padding-left: 0px; padding-right: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt; Net assets acquired &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; line-height: 12pt; text-indent: 0px; padding-left: 0px; padding-right: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;&lt;font&gt;672&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
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&lt;/table&gt;
&lt;/div&gt;</ifrs-full:DisclosureOfDetailedInformationAboutBusinessCombinationsExplanatory>
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  <ifrs-full:DisclosureOfJointVenturesExplanatory id="Tag2717" contextRef="D20201231_WeldedPipePlantInWestSiberiaMember">&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-left: 38.9pt; margin-bottom: 0pt; text-indent: -38.9pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;&lt;font&gt;33&lt;/font&gt;&lt;/font&gt;&lt;font style="font: 7pt 'Times New Roman'; -aw-import: spaces;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;Agreement to build a welded pipe plant in West Siberia&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-left: 35pt; margin-bottom: 0pt; text-indent: -35pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; letter-spacing: -0.1pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;In &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;2019&lt;/font&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Tenaris entered into an agreement with Severstal to build a welded pipe plant to produce OCTG products in the Surgut area, West Siberia, Russian Federation. Tenaris holds a &lt;font&gt;49&lt;/font&gt;% interest in the company, while Severstal owns the remaining &lt;font&gt;51&lt;/font&gt;%. The plant,&lt;font&gt;&amp;nbsp;&lt;/font&gt;which is estimated to require a total&lt;font&gt;&amp;nbsp;&lt;/font&gt;investment of $&lt;font&gt;280&lt;/font&gt;&lt;font&gt;&amp;nbsp;&lt;/font&gt;million is planned to have an annual production capacity&lt;font&gt;&amp;nbsp;&lt;/font&gt;of&lt;font&gt;&amp;nbsp;&lt;/font&gt;&lt;font&gt;300,000&lt;/font&gt;&lt;font&gt;&amp;nbsp;&lt;/font&gt;tons.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;During &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;2019&lt;/font&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; we invested $&lt;font&gt;19.6&lt;/font&gt; million in the project. In 2020, the parties completed all the engineering to get the construction permit but on-site activities faced some delays due to the COVID-19 pandemic. Therefore, no additional contributions were made during 2020.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;br/&gt;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;In March 2021, the joint venture parties put on hold the construction activities, while they assess the impact of the changes in the relevant markets and competitive environment and determine whether any adjustments or changes to the project could be necessary.&lt;/font&gt;&lt;/font&gt;&lt;font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;</ifrs-full:DisclosureOfJointVenturesExplanatory>
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  <ts:DisclosureOfForeignExchangeControlMeasuresInForiegnCountriesTextBlock id="Tag2754" contextRef="D20201231_3">&lt;div&gt;
&lt;p style="margin: 0px; text-indent: 0px; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-weight: bold;"&gt;27&lt;font style="color: #000000; font-family: 'Times New Roman'; font-size: 9.33333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -51.6667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;Foreign exchange control measures in Argentina&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Beginning in September 2019, the Argentine government has imposed &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;and continues to impose &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;significant restrictions on foreign exchange transactions. The main currently applicable &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;measures&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; are described below:&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;ul type="square" style="margin: 0pt; padding-left: 0pt; margin-left: 2.8pt;"&gt;
&lt;li style="margin-left: 9.58pt; text-align: justify; line-height: 12pt; padding-left: 11.72pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Wingdings'; -aw-font-weight: normal; -aw-number-format: '&amp;#61607;';"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Foreign currency proceeds derived from exports of goods must be sold into the Argentine foreign exchange market and converted into Argentine pesos within &lt;font&gt;60&lt;/font&gt; days from shipment date (if made to related parties) or &lt;font&gt;180&lt;/font&gt; days from shipment date (if made to unrelated parties)&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;or within &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;5&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; days of collection, if&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; collected earlier&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;/li&gt;
&lt;/ul&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;ul type="square" style="margin: 0pt; padding-left: 0pt; margin-left: 2.8pt;"&gt;
&lt;li style="margin-left: 9.58pt; text-align: justify; line-height: 12pt; padding-left: 11.72pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Wingdings'; -aw-font-weight: normal; -aw-number-format: '&amp;#61607;';"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Foreign currency proceeds from exports of services must be sold into the Argentine foreign exchange market and converted into Argentine pesos within &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;5&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; business days of collection.&lt;/font&gt;&lt;/li&gt;
&lt;/ul&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;ul type="square" style="margin: 0pt; padding-left: 0pt; margin-left: 2.8pt;"&gt;
&lt;li style="margin-left: 9.58pt; text-align: justify; line-height: 12pt; padding-left: 11.72pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Wingdings'; -aw-font-weight: normal; -aw-number-format: '&amp;#61607;';"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Access to the Argentine foreign exchange market to pay for imports of services rendered by related parties (including royalties) is subject to A&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;rgentine Central Bank approval.&lt;/font&gt;&lt;/li&gt;
&lt;/ul&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;ul type="square" style="margin: 0pt; padding-left: 0pt; margin-left: 2.8pt;"&gt;
&lt;li style="margin-left: 9.58pt; text-align: justify; line-height: 12pt; padding-left: 11.72pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Wingdings'; -aw-font-weight: normal; -aw-number-format: '&amp;#61607;';"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Access to the Argentine foreign exchange market to pay for imports of goods and services provided by third parties requires the importer not to have more than $&lt;font&gt;100,000&lt;/font&gt; deposited in any foreign account. In addition, it will have to declare it has not accessed the market to purchase bonds and sell them for foreign currency for a period of &lt;font&gt;90&lt;/font&gt; days prior to the required payment of imports, and will not do so for a period of &lt;font&gt;90&lt;/font&gt; days after the Argentine Central Bank provides the foreign currency.&lt;/font&gt;&lt;/li&gt;
&lt;/ul&gt;

&lt;p style="margin-top: 0pt; margin-left: 38.85pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt; widows: 0; orphans: 0;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; letter-spacing: -0.1pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;ul type="square" style="margin: 0pt; padding-left: 0pt; margin-left: 2.8pt;"&gt;
&lt;li style="margin-left: 9.58pt; text-align: justify; line-height: 12pt; padding-left: 11.72pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Wingdings'; -aw-font-weight: normal; -aw-number-format: '&amp;#61607;';"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Access to the Argentine foreign exchange market to pay debt service (principal and interests) for financial debts with related parties requires prior Argentine Central Bank approval, unless such debts are obtained and sold into the Argentine foreign exchange market and converted into Argentine pesos after October 2, 2020 and carry an averag&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;e life of no less than &lt;font&gt;2&lt;/font&gt; years.&lt;/font&gt;&lt;/li&gt;
&lt;/ul&gt;
&lt;p style="margin-top: 0pt; margin-left: 21.3pt; margin-bottom: 0pt; text-indent: -21.3pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: Calibri; font-size: 11pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;ul type="square" style="margin: 0pt; padding-left: 0pt; margin-left: 2.8pt;"&gt;
&lt;li style="margin-left: 9.58pt; text-align: justify; line-height: 12pt; padding-left: 11.72pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Wingdings'; -aw-font-weight: normal; -aw-number-format: '&amp;#61607;';"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Debts with foreign creditors larger than $&lt;font&gt;1&lt;/font&gt; million maturing between October 15, 2020 and March 31, 2021 will need to be refinanced in at least &lt;font&gt;60&lt;/font&gt;% of outstanding principal and for a minimum period of &lt;font&gt;2&lt;/font&gt; years.&lt;/font&gt;&lt;/li&gt;
&lt;/ul&gt;
&lt;p style="margin-top: 0pt; margin-left: 21.3pt; margin-bottom: 0pt; text-indent: -21.3pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;ul type="square" style="margin: 0pt; padding-left: 0pt; margin-left: 2.8pt;"&gt;
&lt;li style="margin-left: 9.58pt; text-align: justify; line-height: 12pt; padding-left: 11.72pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Wingdings'; -aw-font-weight: normal; -aw-number-format: '&amp;#61607;';"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Access to the Argentine foreign exchange market to make dividend payments generally requires prior A&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;rgentine Central Bank approval.&lt;/font&gt;&lt;/li&gt;
&lt;/ul&gt;
&lt;p style="margin-top: 0pt; margin-left: 36pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;When required, Argentine Central Bank approvals are granted on a very restricted basis.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Tenaris&amp;#8217;s Argentine subsidiaries continue to have access to the official foreign currency markets for their foreign exchange transactions. Therefore, assets and liabilities denominated in foreign currency as of December 31, 2020, have been valued at the prev&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;ailing official exchange rates.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Tenaris&amp;#8217;s f&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;inancial position in Argentine p&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;eso&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; as of December 31, 2020, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;amounted to &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;a &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;net short exposure&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; of approximately $&lt;/font&gt;&lt;font style="border-left: none; border-right: none;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;39.6&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; million.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;As of December 31, 2020, t&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;he total net equity of Argentine subsidiaries &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;represented approximately &lt;font&gt;8&lt;/font&gt;% of the total equity of Tenaris&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; and the sales performed by Argentine subsidiaries during the year ended on December 31, 2020 amounted approximately to &lt;font&gt;12&lt;/font&gt;% of Tenaris&amp;#8217;s total sales.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Management continues to monitor closely the evolution of the main variables affecting its business, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;identifying the potential impact thereof on its &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;financial and economic situation&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; and determining the appropriate course of action in each case&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;. The Company&amp;#8217;s &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Consolidated F&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;inancial &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;St&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;atements should be read taking into account these circumstances. &lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;As the context of volatility and uncertainty remains in place as of the issue date of these Consolidated Financial Statements, additional Argentine Central Bank regulations that could be imposed in the future could further restrict our Argentine subsidiary&amp;#8217;s ability to access the official foreign exchange market.&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;</ts:DisclosureOfForeignExchangeControlMeasuresInForiegnCountriesTextBlock>
  <ifrs-full:DisclosureOfInformationAboutUnconsolidatedStructuredEntitiesControlledByInvestmentEntityExplanatory id="Tag2755" contextRef="D20201231_JfeMember_NkktubesMember">&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-left: 38.75pt; margin-bottom: 0pt; text-indent: -38.75pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;35&lt;/font&gt;&lt;font style="font: 7pt 'Times New Roman'; -aw-import: spaces;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt; Closure of facilities at JFE&amp;#8217;s Keihin steel complex&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Tenaris&amp;#8217;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; seamless pipe manufacturing facility in Asia, operated by NKKTubes, is located in Kawasaki, Japan, in the Keihin steel complex owned by JFE Holdings Inc. (&amp;#8220;JFE&amp;#8221;). Steel bars and other essential inputs and services for NKKTubes are supplied under a long-term agreement by JFE, which retains a &lt;font&gt;49&lt;/font&gt;% interest in NKKTubes. On March 27, 2020, JFE informed Tenaris of its decision to permanently cease as from JFE&amp;#8217;s fiscal year ending March 2024 the operations of certain of its steel manufacturing facilities and other facilities located at the Keihin complex. The closure of JFE&amp;#8217;s Keihin facilities may result in the unavailability of steel bars and other essential inputs or services used in NKKTubes&amp;#8217; manufacturing process, thereby affecting its operations. Tenaris and JFE have agreed to engage in discussions to seek mutually acceptable solutions.&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;</ifrs-full:DisclosureOfInformationAboutUnconsolidatedStructuredEntitiesControlledByInvestmentEntityExplanatory>
  <ts:IsclosureOfCancellationOfTitleDeedInAffiliatesTextBlock id="Tag2756" contextRef="D20201231_3">&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-left: 38.75pt; margin-bottom: 0pt; text-indent: -38.75pt; line-height: 12pt; padding-top: 5pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;37&lt;/font&gt;&lt;font style="font: 7pt 'Times New Roman'; -aw-import: spaces;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;C&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;ancellation of title deed in Saudi &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;Steel Pipe Company&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;T&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;he Company has recently learned through the Ministry of Justice&amp;#8217;s online portal that the electronic title deeds to certain land plots of its Saudi Arabian subsidiary SSPC had become inactive due to cancellation by court order.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;The affected land plots, with a total surface of &lt;font&gt;811,284&lt;/font&gt; square meters, are located in Dammam and were purchased from a private entity on February 13, 2010, pursuant to a written purchase agreement duly executed by SSPC in full compliance with the laws of the Kingdom of Saudi Arabia. The purchase &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;of the land &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;occurred before Tenaris&amp;#8217;s acquisition of &lt;font&gt;a &lt;/font&gt;&lt;font&gt;47.79&lt;/font&gt;&lt;font&gt;%&lt;/font&gt; interest in SSPC&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; in 2019&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;. The affected plots are not part of the production facility of SSPC, have been partially used as a warehouse, and have a carrying value on Tenaris&amp;#8217;s financial statements of $&lt;font&gt;56.2&lt;/font&gt; million.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;As of the date hereof, neither the cancellation nor the court order have been notified to SSPC or otherwise been made public, and the legal basis for the court order is unknown. SSPC is currently assessing the effects of the court order and the available alternatives to protect the land and reinstate the title deeds. At this time, it is not possible to predict the outcome of this matter.&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;</ts:IsclosureOfCancellationOfTitleDeedInAffiliatesTextBlock>
  <ts:DisclosureOfDetailedInformationAboutTheEstimatedUsefulLivesOfPropertyPlantAndEquipmentTextBlock id="Tag2757" contextRef="D20201231_3">&lt;div&gt;
&lt;table style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; height: 58px; width: 100%;" width="100%" cellspacing="0" cellpadding="0"&gt;

&lt;tr style="height: 16px;"&gt;
&lt;td style="width: 4.92%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 54.22%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt; Land &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 40.86%; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt; No Depreciation &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px;"&gt;
&lt;td style="width: 4.92%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 54.22%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt; Buildings and improvements&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 40.86%; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt; &lt;font style="border-right: none; border-left: none;"&gt;&lt;font&gt;30&lt;/font&gt;&lt;/font&gt;-&lt;font&gt;50&lt;/font&gt; years &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px;"&gt;
&lt;td style="width: 4.92%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 54.22%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt; Plant and production equipment&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 40.86%; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt; &lt;font&gt;10&lt;/font&gt;-&lt;font&gt;40&lt;/font&gt; years &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="width: 4.92%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 54.22%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"&gt; Vehicles, furniture and fixtures, and other equipment &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 40.86%; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px;"&gt;&lt;font&gt;4&lt;/font&gt; -&lt;font&gt;10&lt;/font&gt; years&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;</ts:DisclosureOfDetailedInformationAboutTheEstimatedUsefulLivesOfPropertyPlantAndEquipmentTextBlock>
  <ts:DescriptionOfAccountingPolicyForBasisOfPresentationTextBlock id="Tag2758" contextRef="D20201231_3">&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;A&lt;/font&gt;&lt;font style="width: 28.78pt; display: inline-block;"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;Basis of presentation&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 12pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;The Consolidated Financial Statements of Tenaris have been prepared in accordance with International Financial Reporting Standards (&amp;#8220;IFRS&amp;#8221;), as issued by the International Accounting Standards Board (&amp;#8220;IASB&amp;#8221;) and&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; in accordance with IFRS&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; as adopted by the European Union,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;under the historical cost convention, as modified by the revaluation of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;certain &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;financial assets&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;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 (&amp;#8220;$&amp;#8221;).&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Whenever necessary, c&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;ertain comparative amounts&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;have been reclassified to conform to changes in presentation in the current year.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;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 may differ from these estimates.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; The&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; main&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; areas involving significant estimates or judgements are: &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;i&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;mpairment of goodwill and long-lived assets (not&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;e II.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;H&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;); i&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;ncome &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;t&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;axes (note II.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;O&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;); &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;obsolescence of inventory (note &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;II.J&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;); loss contingencies (note II.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Q&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;); &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;allowance for trade receivables (note II.K)&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;d&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;efined be&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;nefit obligations (note II.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;P&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;);&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;business combinations &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;(notes II.B, I&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;V&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;3&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;2&lt;/font&gt;); u&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;seful lives of property, plant and equipment&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; and&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; other long-lived assets (notes II.E, II.F&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;, II.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;H&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;)&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;; property title ownership &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;restriction&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (note &lt;font&gt;37&lt;/font&gt;). &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;During the period there were no material changes in the significant accounting estimates.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Management has reviewed the Company&amp;#8217;s exposure to the effects of the oil and gas crisis and the COVID-&lt;font&gt;19&lt;/font&gt; pandemic and their impact over its business, financial position and performance, monitoring the recognition of deferred tax assets, and their recoverability, impairment testing, financial risk management -in particular credit and liquidity risks- and the adequacy of its provisions for contingent liabilities. In the &lt;font&gt;twelve&lt;/font&gt;-month period ended December 31, 2020, management conducted impairment tests and recorded impairment charges over certa&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;in long-lived assets. Refer to n&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;otes &lt;font&gt;5&lt;/font&gt; and &lt;font&gt;3&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;9&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; for further information on impairment of assets and the impact of the oil and gas crisis and the COVID-&lt;font&gt;19&lt;/font&gt; pandemic.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-left: 36pt; margin-bottom: 0pt; text-indent: -36pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt;(&lt;font&gt;1&lt;/font&gt;)&lt;/font&gt;&lt;font style="font: 7pt 'Times New Roman'; -aw-import: spaces;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt;Accounting pronouncements applicable as from J&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt;anuary &lt;font&gt;1&lt;/font&gt;, &lt;font&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt;&lt;font&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt; and relevant for Tenaris&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;IFRS &lt;font&gt;16&lt;/font&gt; &amp;#8220;Leases&amp;#8221;, &amp;#8220;COVID-&lt;font&gt;19&lt;/font&gt; - Related Rent Concessions&amp;#8221;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;The Company chose not to adopt the optional amendment to IFRS &lt;font&gt;16&lt;/font&gt; &amp;#8220;Leases&amp;#8221;, &amp;#8220;COVID-&lt;font&gt;19&lt;/font&gt; - Related Rent Concessions&amp;#8221;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;. An assessment was conducted and the Company concluded that &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;the impact &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;was &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;not material.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Other accounting pronouncements t&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;hat became effective during &lt;font&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; have no material effect on the Company&amp;#8217;s financial condition or results of operations.&lt;/font&gt;&lt;/p&gt;
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&lt;table style="margin-left: 0.1px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 90px;" width="100%" cellspacing="0" cellpadding="0"&gt;

&lt;tr style="height: 30px;"&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; width: 54.9677%; height: 30px;" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (all amounts&lt;font&gt; in millions&lt;/font&gt; of U.S. dollars) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 14.9677%; height: 30px;" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; +&lt;font&gt;100&lt;/font&gt;Bps Discount rate &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 14.9677%; height: 30px;" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;-&lt;font style="border-left: none; border-right: none;"&gt;&lt;font&gt;1&lt;/font&gt;00&lt;/font&gt;Bps Growth &lt;br/&gt;rate&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 14.9677%; height: 30px;" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; -&lt;font&gt;5&lt;/font&gt;% Cash flows &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 54.9677%; background-color: #cceeff; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; OCTG - USA &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 14.9677%; background-color: #cceeff; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;60&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 14.9677%; background-color: #cceeff; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;43&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 14.9677%; background-color: #cceeff; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;16&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 54.9677%; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; IPSCO &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 14.9677%; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;117&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 14.9677%; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;77&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 14.9677%; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;41&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 54.9677%; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Coiled Tubing &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 14.9677%; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;12&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 14.9677%; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;6&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 14.9677%; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;5&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 54.9677%; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Rods - USA &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 14.9677%; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;5&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 14.9677%; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;3&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 14.9677%; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;2&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;</ts:DisclosureOfSensitivityAnalysisForAdditionalImpairmentToChangesInKeyAssumptionsTextBlock>
  <ifrs-full:DisclosureOfInformationForEachMaterialImpairmentLossRecognisedOrReversedForIndividualAssetOrCashgeneratingUnitExplanatory id="Tag2804" contextRef="D20201231_3">&lt;div&gt;
&lt;table style="margin-left: 0.1px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 90px;" width="100%" cellspacing="0" cellpadding="0"&gt;

&lt;tr style="height: 30px;"&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 30px; width: 54.9677%;" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (all amounts i&lt;font&gt;n millions of U.S. dollars) &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 30px; width: 14.9677%;" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Assets before &lt;br/&gt;impairment &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 30px; width: 14.9677%;" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;Impairment &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 30px; width: 14.9677%;" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Assets after &lt;br/&gt;impairment &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: middle; width: 54.9677%; background-color: #cceeff; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; OCTG - USA &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 14.9677%; background-color: #cceeff; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;544&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 14.9677%; background-color: #cceeff; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;225&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 14.9677%; background-color: #cceeff; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;319&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: middle; height: 15px; width: 54.9677%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; IPSCO &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; width: 14.9677%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,169&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; width: 14.9677%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;357&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; width: 14.9677%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;812&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: middle; background-color: #cceeff; height: 15px; width: 54.9677%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Coiled Tubing &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 14.9677%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;108&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 14.9677%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;4&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 14.9677%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;104&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: middle; height: 15px; width: 54.9677%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Rods - USA &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; width: 14.9677%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;73&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; width: 14.9677%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;36&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; width: 14.9677%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;37&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;</ifrs-full:DisclosureOfInformationForEachMaterialImpairmentLossRecognisedOrReversedForIndividualAssetOrCashgeneratingUnitExplanatory>
  <ifrs-full:DescriptionOfDiscountRatesUsedInCurrentEstimateOfValueInUse id="Tag2805" contextRef="I20201231_TopOfRangeMember" unitRef="Pure" decimals="3">0.136</ifrs-full:DescriptionOfDiscountRatesUsedInCurrentEstimateOfValueInUse>
  <ts:AdditionalImpairmentDueToReasonablyPossibleIncreaseDecreaseInKeyAssumption id="Tag2806" contextRef="D20201231_GrowthRateMeasurementInputMember_OCTGUSAMember" unitRef="USD" decimals="-6">43000000</ts:AdditionalImpairmentDueToReasonablyPossibleIncreaseDecreaseInKeyAssumption>
  <ts:AdditionalImpairmentDueToReasonablyPossibleIncreaseDecreaseInKeyAssumption id="Tag2807" contextRef="D20201231_ProjectedChangeRateInFutureCashFlowsMeasurementInputMember_IPSCOMember" unitRef="USD" decimals="-6">41000000</ts:AdditionalImpairmentDueToReasonablyPossibleIncreaseDecreaseInKeyAssumption>
  <ts:AdditionalImpairmentDueToReasonablyPossibleIncreaseDecreaseInKeyAssumption id="Tag2808" contextRef="D20201231_GrowthRateMeasurementInputMember_CoiledTubingMember" unitRef="USD" decimals="-6">6000000</ts:AdditionalImpairmentDueToReasonablyPossibleIncreaseDecreaseInKeyAssumption>
  <ts:AdditionalImpairmentDueToReasonablyPossibleIncreaseDecreaseInKeyAssumption id="Tag2809" contextRef="D20201231_DiscountRateMeasurementInputMember_CoiledTubingMember" unitRef="USD" decimals="-6">12000000</ts:AdditionalImpairmentDueToReasonablyPossibleIncreaseDecreaseInKeyAssumption>
  <ifrs-full:ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss id="Tag2810" contextRef="D20201231_IPSCOMember" unitRef="USD" decimals="-6">357000000</ifrs-full:ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss>
  <ts:AssetsAfterImpairment id="Tag2811" contextRef="I20201231_RodsUSAMember" unitRef="USD" decimals="-6">37000000</ts:AssetsAfterImpairment>
  <ts:AssetsBeforeImpairment id="Tag2812" contextRef="I20201231_RodsUSAMember" unitRef="USD" decimals="-6">73000000</ts:AssetsBeforeImpairment>
  <ts:AdditionalImpairmentDueToReasonablyPossibleIncreaseDecreaseInKeyAssumption id="Tag2813" contextRef="D20201231_DiscountRateMeasurementInputMember_IPSCOMember" unitRef="USD" decimals="-6">117000000</ts:AdditionalImpairmentDueToReasonablyPossibleIncreaseDecreaseInKeyAssumption>
  <ifrs-full:ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss id="Tag2814" contextRef="D20201231_CoiledTubingMember" unitRef="USD" decimals="-6">4000000</ifrs-full:ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss>
  <ifrs-full:ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss id="Tag2815" contextRef="D20200331_IPSCOMember" unitRef="USD" decimals="-6">357000000</ifrs-full:ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss>
  <ifrs-full:ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss id="Tag2816" contextRef="D20200331_OCTGUSAMember" unitRef="USD" decimals="-6">225000000</ifrs-full:ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss>
  <ifrs-full:ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss id="Tag2817" contextRef="D20201231_RodsUSAMember" unitRef="USD" decimals="-6">36000000</ifrs-full:ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss>
  <ts:AssetsAfterImpairment id="Tag2818" contextRef="I20201231_IPSCOMember" unitRef="USD" decimals="-6">812000000</ts:AssetsAfterImpairment>
  <ifrs-full:ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss id="Tag2819" contextRef="D20200331_RodsUSAMember" unitRef="USD" decimals="-6">36000000</ifrs-full:ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss>
  <ts:AssetsBeforeImpairment id="Tag2820" contextRef="I20201231_CoiledTubingMember" unitRef="USD" decimals="-6">108000000</ts:AssetsBeforeImpairment>
  <ts:AdditionalImpairmentDueToReasonablyPossibleIncreaseDecreaseInKeyAssumption id="Tag2821" contextRef="D20201231_ProjectedChangeRateInFutureCashFlowsMeasurementInputMember_RodsUSAMember" unitRef="USD" decimals="-6">2000000</ts:AdditionalImpairmentDueToReasonablyPossibleIncreaseDecreaseInKeyAssumption>
  <ts:AssetsBeforeImpairment id="Tag2822" contextRef="I20201231_IPSCOMember" unitRef="USD" decimals="-6">1169000000</ts:AssetsBeforeImpairment>
  <ts:AssetsAfterImpairment id="Tag2823" contextRef="I20201231_CoiledTubingMember" unitRef="USD" decimals="-6">104000000</ts:AssetsAfterImpairment>
  <ts:AdditionalImpairmentDueToReasonablyPossibleIncreaseDecreaseInKeyAssumption id="Tag2824" contextRef="D20201231_DiscountRateMeasurementInputMember_RodsUSAMember" unitRef="USD" decimals="-6">5000000</ts:AdditionalImpairmentDueToReasonablyPossibleIncreaseDecreaseInKeyAssumption>
  <ifrs-full:ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss id="Tag2825" contextRef="D20200331_CoiledTubingMember" unitRef="USD" decimals="-6">4000000</ifrs-full:ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss>
  <ts:AdditionalImpairmentDueToReasonablyPossibleIncreaseDecreaseInKeyAssumption id="Tag2826" contextRef="D20201231_GrowthRateMeasurementInputMember_RodsUSAMember" unitRef="USD" decimals="-6">3000000</ts:AdditionalImpairmentDueToReasonablyPossibleIncreaseDecreaseInKeyAssumption>
  <ifrs-full:BorrowingsRecognisedAsOfAcquisitionDate id="Tag2827" contextRef="I20200102_IpscoTubularsIncMember" unitRef="USD" decimals="-6">53000000</ifrs-full:BorrowingsRecognisedAsOfAcquisitionDate>
  <ifrs-full:RevenueOfAcquiree id="Tag2828" contextRef="D20200102_IpscoTubularsIncMember_TubesMember" unitRef="USD" decimals="-5">186700000</ifrs-full:RevenueOfAcquiree>
  <ts:EmployeeServiceBenefitsRecognisedAsOfAcquisitionDate id="Tag2829" contextRef="I20190121_SaudiSteelPipeCompanyMember" unitRef="USD" decimals="-6">16000000</ts:EmployeeServiceBenefitsRecognisedAsOfAcquisitionDate>
  <ts:OtherAssetsAndLiabilitiesNetRecognisedAsOfAcquisitionDate id="Tag2830" contextRef="I20200102_IpscoTubularsIncMember" unitRef="USD" decimals="-6">-63000000</ts:OtherAssetsAndLiabilitiesNetRecognisedAsOfAcquisitionDate>
  <ifrs-full:CashTransferred id="Tag2831" contextRef="I20200102_IpscoTubularsIncMember" unitRef="USD" decimals="-6">1067000000</ifrs-full:CashTransferred>
  <ifrs-full:CustomerrelatedIntangibleAssetsRecognisedAsOfAcquisitionDate id="Tag2832" contextRef="I20190121_SaudiSteelPipeCompanyMember" unitRef="USD" decimals="-6">81000000</ifrs-full:CustomerrelatedIntangibleAssetsRecognisedAsOfAcquisitionDate>
  <ifrs-full:AcquisitionrelatedCostsRecognisedAsExpenseForTransactionRecognisedSeparatelyFromAcquisitionOfAssetsAndAssumptionOfLiabilitiesInBusinessCombination id="Tag2833" contextRef="D20201231_IpscoTubularsIncMember_4" unitRef="USD" decimals="-2">9700</ifrs-full:AcquisitionrelatedCostsRecognisedAsExpenseForTransactionRecognisedSeparatelyFromAcquisitionOfAssetsAndAssumptionOfLiabilitiesInBusinessCombination>
  <ifrs-full:DisclosureOfDetailedInformationAboutBusinessCombinationsExplanatory id="Tag2834" contextRef="D20201231_SaudiSteelPipeCompanyMember_3">&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="height: 152px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 70%; margin-left: 0.1px;" width="70%"&gt;

&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: middle; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 9pt; font-weight: bold;"&gt; Fair value of acquired assets and liabilities: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 10px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 9pt; font-weight: bold;"&gt; SAR million &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 10px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 9pt; font-weight: bold;"&gt; $ million &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 64%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Property, Plant and Equipment &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 15%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 9pt;"&gt; &lt;font&gt;671&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 15%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 9pt;"&gt; &lt;font&gt;179&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Customer relationship &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 9pt;"&gt; &lt;font&gt;305&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 9pt;"&gt; &lt;font&gt;81&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Investment in associated &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 9pt;"&gt; &lt;font&gt;77&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 9pt;"&gt; &lt;font&gt;21&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Working capital &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 9pt;"&gt; &lt;font&gt;167&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 9pt;"&gt; &lt;font&gt;45&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Cash and Cash Equivalents &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 9pt;"&gt; &lt;font&gt;32&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 9pt;"&gt; &lt;font&gt;9&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Other Receivables &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 9pt;"&gt; &lt;font&gt;11&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 9pt;"&gt; &lt;font&gt;3&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Borrowings &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 9pt; -aw-import: spaces;"&gt; &amp;nbsp;(&lt;font&gt;304&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;font style="font-size: 9pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 9pt; -aw-import: spaces;"&gt; &amp;nbsp;(&lt;font&gt;81&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;font style="font-size: 9pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Employees end of service benefits &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 9pt; -aw-import: spaces;"&gt; &amp;nbsp;(&lt;font&gt;59&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px;"&gt;&lt;font style="font-size: 9pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 9pt; -aw-import: spaces;"&gt; &amp;nbsp;(&lt;font&gt;16&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px;"&gt;&lt;font style="font-size: 9pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Deferred Tax Liabilities &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 9pt; -aw-import: spaces;"&gt; &amp;nbsp;(&lt;font&gt;47&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;font style="font-size: 9pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 9pt; -aw-import: spaces;"&gt; &amp;nbsp;(&lt;font&gt;13&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;&lt;font style="font-size: 9pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt; Net assets acquired &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 9pt; font-weight: bold;"&gt; &lt;font&gt;853&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 9pt; font-weight: bold;"&gt; &lt;font&gt;228&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;</ifrs-full:DisclosureOfDetailedInformationAboutBusinessCombinationsExplanatory>
  <ts:UnusualOrInfrequentItems1DisclosureTextBlock id="Tag2835" contextRef="D20201231_3">&lt;div&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 38.75pt; margin-bottom: 0pt; text-indent: -38.75pt; text-align: justify; line-height: 12pt; widows: 0; orphans: 0;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; letter-spacing: -0.1pt;"&gt;39&lt;/font&gt;&lt;font style="font: 7pt 'Times New Roman'; -aw-import: spaces;"&gt;&amp;nbsp; &amp;nbsp; &amp;nbsp; &amp;nbsp; &amp;nbsp; &amp;nbsp; &amp;nbsp; &amp;nbsp; &amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; letter-spacing: -0.1pt;"&gt;The COVID-&lt;font&gt;19&lt;/font&gt; pandemic and the oil &amp;amp; gas crisis and their impact on Tenaris&amp;#8217;s operations and financial condition&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-left: 36pt; margin-bottom: 0pt; text-align: justify; line-height: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; letter-spacing: -0.1pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;A novel strain of coronavirus (&amp;#8220;SARS-CoV-&lt;font&gt;2&lt;/font&gt;&amp;#8221;) surfaced in China in December 2019 and subsequently spread to the rest of the world in early &lt;font&gt;2020&lt;/font&gt;. In March 2020, the World Health Organization declared COVID-&lt;font&gt;19&lt;/font&gt;, the disease caused by the SARS-CoV-&lt;font&gt;2&lt;/font&gt; virus, a global pandemic. In response to the COVID-&lt;font&gt;19&lt;/font&gt; 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, Saudi Arabia and the United States). The rapid expansion of the virus&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;, the surfacing of new strains of the virus in several countries, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;and the measures taken to contain it have triggered a severe fall in global economic activity and &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;precipitated &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;a serious crisis in the energy sector.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;While the extent of the effects of COVID-&lt;font&gt;19&lt;/font&gt; on the global economy and oil demand were still unclear, in March 2020, the members of OPEC+ (OPEC plus other major oil producers including Russia) did not agree to extend their agreement to cut oil production and Saudi Arabia &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;launched&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; a wave of additional supply on the market triggering a collapse in oil prices below $&lt;font&gt;30&lt;/font&gt; 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 agreement to cut production by as much as &lt;font&gt;9.7&lt;/font&gt; million barrels per day, the situation of acute oversupply continued, causing oil prices to hit record lows. By the end of trading on April 20, 2020, the West Texas Intermediate (&amp;#8220;WTI&amp;#8221;) forward price for delivery in May, which had to be closed out the following day, fell to a negative value for the first time in history, as oil storage facilities were completely committed, and producers were forced to pay buyers to take their barrels. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Since then, the price of oil has been recovering and currently stands above the level of $&lt;font&gt;5&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;5&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; per barrel, bolstered by the actions to cut production taken by OPEC+ and the recovery of oil demand, as the global economy, especially industrial production, recovers and COVID-&lt;font&gt;19&lt;/font&gt; vaccination programs begin. With consumption exceeding production excess oil inventories built up in the first half of &lt;font&gt;2020&lt;/font&gt; are being gradually reduced. The worldwide demand of oil, which stood at &lt;font&gt;100&lt;/font&gt; million barrels per day in December 2019, fell to around &lt;font&gt;75&lt;/font&gt;-&lt;font&gt;80&lt;/font&gt; million barrels per day in April 2020 bef&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;ore recovering to around &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;94&lt;/font&gt; million barrels per day in December 2020. Drilling activity in the United States and Canada, where it was most affected, has begun to recover but remains well below the level it was prior to the pandemic, while, in the rest of the world, any recovery will take longer following the reductions in investment plans made by oil and gas companies in response to the pandemic. There remains considerable uncertainty about the future duration and extent of the pandemic with new and more contagious variants of the COVID-&lt;font&gt;19&lt;/font&gt; virus appearing and the effectiveness of vaccination programs still to be seen.&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;
&lt;div&gt;
&lt;div style="border-right: none; border-left: none;"&gt;

&lt;/div&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt;Status of our operations&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Although restrictions imposed in connection with the COVID-&lt;font&gt;19&lt;/font&gt; pandemic have been lifted in some countries where Tenaris operates, it is currently not possible to predict whether such measures will be relaxed further, reinstated or made more stringent. In addition, Tenaris has adjusted production levels at its facilities, which are operating with reduced volumes in line with market demand, and may perform additional adjustments.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;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 professional 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 not materially adversely affected Tenaris&amp;#8217;s ability to conduct operations. In addition, these alternative working arrangements have not adversely affected our financial reporting systems, internal control over financial reporting or disclosure controls and procedures.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt;Risks associated with the COVID-&lt;font&gt;19&lt;/font&gt; pandemic and the oil &amp;amp; gas crisis&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;The COVID-&lt;font&gt;19&lt;/font&gt; pandemic and the ongoing oil &amp;amp; gas crisis poses the following main risks and challenges to Tenaris:&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: spaces;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;ul type="disc" style="margin: 0pt; padding-left: 0pt;"&gt;
&lt;li style="margin-left: 9.6pt; text-align: justify; line-height: 12pt; padding-left: 4.1pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&amp;#61623;';"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Global oil demand may fail to recover its former level 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.&lt;/font&gt;&lt;/li&gt;
&lt;/ul&gt;
&lt;p style="margin-top: 0pt; margin-left: 13.6pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: Arial; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;ul type="disc" style="margin: 0pt; padding-left: 0pt;"&gt;
&lt;li style="margin-left: 9.6pt; text-align: justify; line-height: 12pt; padding-left: 3.9pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&amp;#61623;';"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Tenaris or its employees, contractors, suppliers, customers and other business partners may 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, may refuse to work due to health concerns while the COVID-&lt;font&gt;19&lt;/font&gt; outbreak is ongoing, If that happens, the continuity of our future operations may be severely affected.&lt;/font&gt;&lt;/li&gt;
&lt;/ul&gt;
&lt;p style="margin-top: 0pt; margin-left: 13.7pt; margin-bottom: 0pt; text-indent: -13.7pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;ul type="disc" style="margin: 0pt; padding-left: 0pt;"&gt;
&lt;li style="margin-left: 9.6pt; text-align: justify; line-height: 12pt; padding-left: 3.9pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&amp;#61623;';"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;A continuing spread of COVID-&lt;font&gt;19&lt;/font&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;and new strains of the virus &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;may 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&amp;#8217;s profitability.&lt;/font&gt;&lt;/li&gt;
&lt;/ul&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt;Mitigating actions&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;In order to mitigate the impact of expected lower sales, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;starting from the first quarter &lt;font&gt;2020&lt;/font&gt;, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Tenaris &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;implemented&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; 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&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;se &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;actions include&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;d&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;:&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;ul type="disc" style="margin: 0pt; padding-left: 0pt;"&gt;
&lt;li style="margin-left: 27.6pt; text-align: justify; line-height: 12pt; padding-left: 8.4pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&amp;#61623;';"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;adjusting the level of our operations and workforce around the world, including through the temporary closure of certain&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; facilities or production lines&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;;&lt;/font&gt;&lt;/li&gt;
&lt;/ul&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;ul type="disc" style="margin: 0pt; padding-left: 0pt;"&gt;
&lt;li style="margin-left: 27.6pt; text-align: justify; line-height: 12pt; padding-left: 8.4pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&amp;#61623;';"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;introducing efficiency and productivity improvements throughout Tenaris&amp;#8217;s industrial system;&lt;/font&gt;&lt;/li&gt;
&lt;/ul&gt;
&lt;p style="margin-top: 0pt; margin-left: 18pt; margin-bottom: 0pt; text-indent: -18pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;ul type="disc" style="margin: 0pt; padding-left: 0pt;"&gt;
&lt;li style="margin-left: 27.6pt; text-align: justify; line-height: 12pt; padding-left: 8.4pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&amp;#61623;';"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;downsizing our fixed cost structure, including through pay reductions for senio&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;r management and board members, as well as R&amp;amp;D expenses, for a &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;total annual savings of approxim&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;ately $&lt;font&gt;230&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; million &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;on a yearly basis&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;;&lt;/font&gt;&lt;/li&gt;
&lt;/ul&gt;
&lt;p style="margin-top: 0pt; margin-left: 18pt; margin-bottom: 0pt; text-indent: -18pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;ul type="disc" style="margin: 0pt; padding-left: 0pt;"&gt;
&lt;li style="margin-left: 27.6pt; text-align: justify; line-height: 12pt; padding-left: 8.4pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&amp;#61623;';"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;reducing capital expenditures b&lt;font&gt;y $&lt;/font&gt;&lt;font&gt;157&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt; millio&lt;/font&gt;n in comparison to &lt;font&gt;2019&lt;/font&gt; levels&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;;&lt;/font&gt;&lt;/li&gt;
&lt;/ul&gt;
&lt;p style="margin-top: 0pt; margin-left: 18pt; margin-bottom: 0pt; text-indent: -18pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;ul type="disc" style="margin: 0pt; padding-left: 0pt;"&gt;
&lt;li style="margin-left: 27.6pt; text-align: justify; line-height: 12pt; padding-left: 8.4pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&amp;#61623;';"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;reducing working capital, especially inventories, in accordance with the expected levels of activity; and&lt;/font&gt;&lt;/li&gt;
&lt;/ul&gt;
&lt;p style="margin-top: 0pt; margin-left: 18pt; margin-bottom: 0pt; text-indent: -18pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;ul type="disc" style="margin: 0pt; padding-left: 0pt;"&gt;
&lt;li style="margin-left: 27.6pt; text-align: justify; line-height: 12pt; padding-left: 8.4pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&amp;#61623;';"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;increasing our focus on managing customer credit con&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;ditions.&lt;/font&gt;&lt;/li&gt;
&lt;/ul&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;As of the date of these Consolidated Financial Statements, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;the&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;se rightsizing initiatives &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;are &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;largely complete and the principal objectives have been achieved&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;some residual actions&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; are&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; still ongoing.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;div style="border-right: none; border-left: none;"&gt;

&lt;/div&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Segoe UI'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;As part of these liquidity preservation initiatives, on June 2, 2020, the Annual Shareholders Meeting approved that no further dividends be distributed in respect of fiscal year &lt;font&gt;2019&lt;/font&gt; on top of the interim dividend of approximately $&lt;font&gt;153&lt;/font&gt; million already paid in November 2019. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;On&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; November 4, 2020, the Company&amp;#8217;s Board of Directors approved the payment of an interim dividend of $&lt;font&gt;0.07&lt;/font&gt; per share ($&lt;font&gt;0.14&lt;/font&gt; per ADS), or approximately $&lt;font&gt;82.6&lt;/font&gt; million, paid on November 25, 2020.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;As of the date of these Consolidated Financial Statements, our capital and financial resources, and overall liquidity position, have not 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 $&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;1,085&lt;/font&gt;&lt;/font&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;sup&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 6.67pt; vertical-align: super; color: #000000;"&gt;[&lt;font&gt;1&lt;/font&gt;]&lt;/font&gt;&lt;/sup&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; million&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; a&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;s of the end of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Dec&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;ember &lt;font&gt;2020&lt;/font&gt; and a manageable debt amortization schedule. &lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;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.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Considering the global situation, the Company&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; has renegotiated and continues to renegotiate &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;existing contractual obligations with its counterparties to adapt the commitment&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;s to the decrease in activity.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Management does not expect to disclose or incur in any material COVID-&lt;font&gt;19&lt;/font&gt;-related contingency, and it considers its allowance for doubtful accounts sufficient to cover risks that could arise from credits with custo&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;mers in accordance with IFRS &lt;font&gt;9&lt;/font&gt;.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;br/&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0px; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration: underline; float: none; display: inline !important;"&gt;&amp;nbsp; &amp;nbsp; &amp;nbsp; &amp;nbsp; &amp;nbsp; &amp;nbsp; &amp;nbsp; &amp;nbsp; &amp;nbsp; &amp;nbsp; &amp;nbsp; &amp;nbsp; &amp;nbsp; &amp;nbsp; &amp;nbsp; &amp;nbsp; &amp;nbsp; &amp;nbsp; &amp;nbsp; &amp;nbsp; &amp;nbsp; &amp;nbsp; &amp;nbsp; &amp;nbsp; &amp;nbsp; &amp;nbsp; &amp;nbsp; &amp;nbsp; &amp;nbsp; &amp;nbsp; &amp;nbsp; &amp;nbsp;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0px; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: #ffffff; font-size: 8pt;"&gt;&lt;font&gt;&lt;sup&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 5.33pt; vertical-align: super; color: #000000;"&gt;&lt;font style="cursor: default;"&gt;1&lt;/font&gt;&lt;/font&gt;&lt;/sup&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&amp;nbsp;Net cash&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;/ debt&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;is calculated in the following manner:&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0px; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: #ffffff; font-size: 8pt;"&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Net cash= Cash and cash equivalents + Other investments (Current and Non-Current)&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;+/- Derivatives hedging borrowings and investments&amp;#8211; Borrowings (Current and Non-Current).&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
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  <ifrs-full:DisclosureOfDeferredTaxesExplanatory id="Tag2862" contextRef="D20201231_3">&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-left: 35.45pt; margin-bottom: 0pt; text-indent: -35.45pt; line-height: 12pt; padding-top: 5pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;&lt;font style="border-left: none; border-right: none;"&gt;21&lt;/font&gt;&lt;/font&gt;&lt;font style="font: 7pt 'Times New Roman'; -aw-import: spaces;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;Deferred income tax&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-left: 22.3pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 8pt; line-height: 12pt; text-indent: 0pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Deferred income taxes are calculated in full on temporary differences under the liability method using the tax rate of each country.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 8pt; line-height: 12pt; text-indent: 0pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;The &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;evolution of&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; deferred tax assets and liabilities&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;during the year &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;are&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; as follows:&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 8pt; text-align: justify; line-height: 12pt; text-indent: 0pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;Deferred tax liabilities&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="height: 101px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px;" width="100%"&gt;

&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; background-color: #ffffff; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (all amounts in thousands of U.S. dollars) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;" colspan="2" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Fixed assets&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;" colspan="2" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Inventories&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;" colspan="2" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Intangible&amp;nbsp;and&amp;nbsp;Other&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;" colspan="2" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Total&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #ffffff; height: 10px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 48%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; At the beginning of the year &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;651,339&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;19,396&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;118,062&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;788,797&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Translation differences &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;1,644&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;253&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;1,897&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Increase due to business combinations &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;89,306&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;43,397&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;132,703&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Charged to other comprehensive income &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;1,194&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;"&gt;)&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;1,194&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Income statement (credit) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px; border-bottom: 1pt solid #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;39,874&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 15px; border-bottom: 1pt solid #000000;"&gt;)&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px; border-bottom: 1pt solid #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;4,141&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 15px; border-bottom: 1pt solid #000000;"&gt;)&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px; border-bottom: 1pt solid #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;34,725&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 15px; border-bottom: 1pt solid #000000;"&gt;)&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px; border-bottom: 1pt solid #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;78,740&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 15px; border-bottom: 1pt solid #000000;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; At December 31, 2020 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; border-bottom: 2px solid #000000;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; border-bottom: 2px solid #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;702,415&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; border-bottom: 2px solid #000000;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; border-bottom: 2px solid #000000;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; border-bottom: 2px solid #000000;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; border-bottom: 2px solid #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;15,255&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; border-bottom: 2px solid #000000;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; border-bottom: 2px solid #000000;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; border-bottom: 2px solid #000000;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; border-bottom: 2px solid #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;125,793&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; border-bottom: 2px solid #000000;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; border-bottom: 2px solid #000000;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; border-bottom: 2px solid #000000;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; border-bottom: 2px solid #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;843,463&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; border-bottom: 2px solid #000000;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="height: 121px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px;" width="100%"&gt;

&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; background-color: #ffffff; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (all amounts in thousands of U.S. dollars) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;" colspan="2" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Fixed assets&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;" colspan="2" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Inventories&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;" colspan="2" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Intangible&amp;nbsp;and&amp;nbsp;Other&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;" colspan="2" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Total&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #ffffff; height: 10px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 48%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; At the beginning of the year &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;710,995&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;25,048&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;46,532&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;782,575&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Translation differences &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;347&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom;"&gt;)&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;4&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom;"&gt;)&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;351&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Increase due to business combinations &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;5,621&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;11,209&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;16,830&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Charged to other comprehensive income &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;423&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;423&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Income statement charge / (credit) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;64,930&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;5,652&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;59,902&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;10,680&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; At December 31, 2019 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;651,339&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;19,396&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;118,062&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;788,797&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin: 7pt 0pt; line-height: 12pt; text-indent: 0pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;Deferred tax assets&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="height: 107px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px;" width="100%"&gt;

&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; background-color: #ffffff; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (all amounts in thousands of U.S. dollars) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #ffffff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom;" colspan="2" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 1.1;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Provisions and allowances&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom;" colspan="2" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt; Inventories&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom;" colspan="2" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt; Tax losses&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom;" colspan="2" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt; Other&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom;" colspan="2" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt; Total&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #ffffff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 35%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; At the beginning of the year &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;19,653&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 16px;"&gt;)&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;93,404&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 16px;"&gt;)&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;382,832&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 16px;"&gt;)&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;181,606&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 16px;"&gt;)&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;677,495&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 16px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Translation differences &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,804&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;513&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,996&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;644&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;4,957&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Increase due to business combinations &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;7,452&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 16px;"&gt;)&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;24,580&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 16px;"&gt;)&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;33,598&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 16px;"&gt;)&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;34,974&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 16px;"&gt;)&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;100,604&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 16px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Charged to other comprehensive income &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: spaces;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: spaces;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: spaces;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;1,952&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px;"&gt;)&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;1,952&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Income statement charge / (credit) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;4,093&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;31,534&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;65,715&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 16px;"&gt;)&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;10,930&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;19,158&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 16px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt; At December 31, 2020 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt; (&lt;font&gt;21,208&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt; (&lt;font&gt;85,937&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt; (&lt;font&gt;480,149&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt; (&lt;font&gt;206,958&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt; (&lt;font&gt;794,252&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; height: 121px; width: 99.9171%;" width="100%"&gt;

&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; background-color: #ffffff; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (all amounts in thousands of U.S. dollars) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #ffffff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom;" colspan="2" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 1.1;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Provisions and allowances&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom;" colspan="2" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt; Inventories&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom;" colspan="2" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt; Tax losses&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom;" colspan="2" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt; Other&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom;" colspan="2" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt; Total&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #ffffff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 35%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; At the beginning of the year &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;16,116&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 1%;"&gt;)&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;86,585&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 1%;"&gt;)&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;396,257&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 1%;"&gt;)&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;86,184&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 1%;"&gt;)&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;585,142&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 1%;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Translation differences &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;362&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;306&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;497&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;286&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;1,451&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Increase due to business combinations &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;1,160&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;1,413&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;1,172&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;2,238&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;5,983&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Charged to other comprehensive income &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;1,261&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom;"&gt;)&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;1,261&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Income statement charge / (credit) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;2,739&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;5,712&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;14,100&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;92,209&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;86,560&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; At December 31, 2019 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; (&lt;font&gt;19,653&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom;"&gt;)&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; (&lt;font&gt;93,404&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom;"&gt;)&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; (&lt;font&gt;382,832&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom;"&gt;)&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; (&lt;font&gt;181,606&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom;"&gt;)&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; (&lt;font&gt;677,495&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom;"&gt;)&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin: 0pt 0pt 8pt; text-align: justify; font-size: 10pt; text-indent: 0pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;In &lt;font&gt;2019&lt;/font&gt; the effect of the adoption of IFRS &lt;font&gt;16&lt;/font&gt; has been recognized as &amp;#8220;Other&amp;#8221; both for deferred tax assets and liabilities.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 8pt; text-align: justify; font-size: 10pt; text-indent: 0pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;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 $&lt;/font&gt;&lt;font style="border-right: none; border-left: none;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font style="border-left: none; border-right: none;"&gt;&lt;font&gt;438.8&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&amp;nbsp;million related to U&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;S&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; subsidiaries mainly due to the recognition of accelera&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;ted fiscal depreciations, as well as the amounts &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;related to the acquisition of IPSCO.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The U&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;S&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; subsidiaries have incurred in fiscal losses in the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;past years&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The remaining balance mainly corresponds to Tenaris&amp;#8217;s &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Colombian, Japanese, Canadian and &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Saudi Arabian&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; subsidiar&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;ies. These subsidiaries have &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;incurred in fiscal losses in the past&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;one&lt;/font&gt; or &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;two&lt;/font&gt; years&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Tenaris has concluded that these deferred tax assets will be recoverable based on t&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;he business plans and budgets.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;

&lt;p style="margin: 5pt 0pt 0pt; text-align: justify; font-size: 10pt; text-indent: 0pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The expiration dates of the recognized tax losses&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; in&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; less than &lt;font&gt;1&lt;/font&gt; year, between &lt;font&gt;2&lt;/font&gt; and &lt;font&gt;5&lt;/font&gt; years and&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; in&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; more than &lt;font&gt;5&lt;/font&gt; years is &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;approximately &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;0&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;%, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;1.7&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;% and &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;98.3&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;% respectively.&lt;/font&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;As of December 31, 20&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;, the net unrecognized deferred tax assets amount&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;ed&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; t&lt;font&gt;o $&lt;/font&gt;&lt;font&gt;173.7&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;&amp;nbsp;m&lt;/font&gt;illion. The expiration dates of the unrecognized tax losses less than &lt;font&gt;1&lt;/font&gt; year, between &lt;font&gt;2&lt;/font&gt; and &lt;font&gt;5&lt;/font&gt; years and more than &lt;font&gt;5&lt;/font&gt; years is approximately &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;4.6&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;%, &lt;font&gt;17.1&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;% and &lt;font&gt;78.3&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;% respectively.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;The &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;estimated &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;recovery analysis of deferred tax assets and deferred tax liabilities is as follows:&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="height: 58px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px;" width="100%"&gt;

&lt;tr style="height: 16px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: middle; background-color: #ffffff; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (all amounts in thousands of U.S. dollars) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #ffffff; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="5" style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt; Year ended December 31, &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: middle; background-color: #ffffff; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #ffffff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 10px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt; &lt;font&gt;2020&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 10px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt; &lt;font&gt;2019&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 74%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Deferred tax assets to be recovered after &lt;font&gt;12&lt;/font&gt; months &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;640,603&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 16px;"&gt;)&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;538,274&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 16px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Deferred tax liabilities to be settled after &lt;font&gt;12&lt;/font&gt; months &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;840,892&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;766,852&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Deferred income tax assets and liabilities are offset when (&lt;font&gt;1&lt;/font&gt;) there is a legally enforceable right to set&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;-&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;off current tax assets against current tax liabilities and (&lt;font&gt;2&lt;/font&gt;)&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; when&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; the deferred income taxes relate to the same fiscal authority&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; on either the same taxable entity or different taxable entities where there is an intention to settle the balances on a net basis&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;. The following amounts, determined after appropriate set&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;-&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;off, are shown in the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;C&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;onsolidated &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;S&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;tatement of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;F&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;inancial &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;P&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;osition&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;:&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px;" width="100%"&gt;

&lt;tr style="height: 1pt;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: middle; background-color: #ffffff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (all amounts in thousands of U.S. dollars) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: middle; background-color: #ffffff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="5" style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; Year ended December 31, &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: middle; background-color: #ffffff; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #ffffff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 10px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt; &lt;font&gt;2020&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 10px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt; &lt;font&gt;2019&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 1pt; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 74%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Deferred tax assets &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;205,590&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 1%;"&gt;)&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;font&gt;225,680&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 1%;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 1pt;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Deferred tax liabilities &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;254,801&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;336,982&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 1pt; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;49,211&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;font&gt;111,302&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;The movement i&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;n the net deferred income tax liability account is as follows:&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="height: 129px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px;" width="100%"&gt;

&lt;tr style="height: 16px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #ffffff; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #ffffff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="5" style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt; Year ended December 31, &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: middle; background-color: #ffffff; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #ffffff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 10px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt; &lt;font&gt;2020&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 10px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt; &lt;font&gt;2019&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 74%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; At the beginning of the year &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;111,302&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;197,433&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Translation differences &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;6,854&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,100&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
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  <ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory id="Tag2978" contextRef="D20201231_3">&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-left: 38.75pt; margin-bottom: 0pt; text-indent: -38.75pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;40&lt;/font&gt;&lt;font style="font: 7pt 'Times New Roman'; -aw-import: spaces;"&gt;&amp;nbsp; &amp;nbsp; &amp;nbsp; &amp;nbsp; &amp;nbsp; &amp;nbsp; &amp;nbsp; &amp;nbsp; &amp;nbsp; &amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;Subsequent event&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; letter-spacing: -0.1pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; letter-spacing: -0.1pt;"&gt;Annual Dividend Proposal&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 12pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Upon approval of the Company&amp;#180;s annual accounts in March 202&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;1&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, the Board of D&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;irectors intends to propose,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; for the approval of the Annual General Shareholders' meeting to be held on &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;May&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;3&lt;/font&gt;, &lt;font&gt;2021&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, the payment of an annual dividend of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;$&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font style="border-left: none; border-right: none;"&gt;&lt;font&gt;0.21&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; per share ($&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;0.42&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; per ADS), or approximatel&lt;font&gt;y $&lt;/font&gt;&lt;/font&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;248&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt; mill&lt;/font&gt;ion, which includes the interim dividend of $&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;0.07&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; per share ($&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;0.14&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; per ADS) or approximate&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;ly $&lt;font&gt;83&lt;/font&gt; million, paid on November 25&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;2020&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;. If the annual dividend is approved by the shareholders, a dividend of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;$&lt;/font&gt;&lt;font style="border-left: none; border-right: none;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font style="border-left: none; border-right: none;"&gt;&lt;font&gt;0.14&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&amp;nbsp;per share ($&lt;/font&gt;&lt;font style="border-left: none; border-right: none;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font style="border-left: none; border-right: none;"&gt;&lt;font&gt;0.28&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&amp;nbsp;per ADS), or approximatel&lt;font&gt;y $&lt;/font&gt;&lt;/font&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;165&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt; mi&lt;/font&gt;llion will be paid on May &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;26, 2021&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, with an ex-dividend date of May &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;24, 2021&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;. These Consolidated Financial Statements do not reflect this dividend payable.&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;</ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory>
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&lt;p style="margin-top: 0pt; margin-left: 22.3pt; margin-bottom: 0pt; text-indent: -22.3pt; line-height: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;&lt;font&gt;8&lt;/font&gt;&lt;/font&gt;&lt;font style="font: 7pt 'Times New Roman'; -aw-import: spaces;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;Income t&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;ax&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-left: 22.3pt; margin-bottom: 0pt; line-height: 10pt;"&gt;&lt;font style="font-family: Arial; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="height: 102px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px;" width="100%"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;" colspan="10"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; Year ended December 31, &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (all amounts in thousands of U.S. dollars) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &lt;font&gt;2020&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &lt;font&gt;2019&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &lt;font&gt;2018&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 55%; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Current tax &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 12%; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;121,048&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 12%; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;299,692&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 12%; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;343,104&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Deferred tax &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;97,898&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;97,240&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;113,897&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; Tax charge &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; (&lt;font&gt;23,150&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;" valign="bottom"&gt;&lt;font style="font-size: 10pt; font-weight: bold;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; (&lt;font&gt;202,452&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;" valign="bottom"&gt;&lt;font style="font-size: 10pt; font-weight: bold;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; (&lt;font&gt;229,207&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;" valign="bottom"&gt;&lt;font style="font-size: 10pt; font-weight: bold;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 12pt; font-weight: bold; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;

&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;The tax on &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Tenaris&amp;#8217;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; income before tax differs from the theoretical amount that would arise using the tax rate in each country as follows&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;:&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="height: 238px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px;" width="100%"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;" colspan="10"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; Year ended December 31, &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (all amounts in thousands of U.S. dollars) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-bottom: 1pt solid #000000; height: 17px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &lt;font&gt;2020&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-bottom: 1pt solid #000000; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-bottom: 1pt solid #000000; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-bottom: 1pt solid #000000; height: 17px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &lt;font&gt;2019&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-bottom: 1pt solid #000000; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-bottom: 1pt solid #000000; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-bottom: 1pt solid #000000; height: 17px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &lt;font&gt;2018&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; border-bottom: 1pt solid #000000; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 55%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (Loss) Income before income tax &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 12%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;619,267&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 12%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;933,710&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 12%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,103,107&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Less Impairment charges (non deductible) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;622,402&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; Income before income tax without impairment charges &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &lt;font&gt;3,135&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &lt;font&gt;933,710&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &lt;font&gt;1,103,107&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
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&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Tax calculated at the tax rate in each country &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;21,052&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;186,752&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;207,422&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Effect of currency translation on tax base &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;72,936&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
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&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
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&lt;/td&gt;
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&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Changes in the tax rates &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
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&lt;/td&gt;
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&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;13&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
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&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;1,824&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Utilization of previously unrecognized tax losses &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;98&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;547&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;-&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Tax revaluation, withholding tax and others &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;29,594&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;37,036&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;57,591&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; Tax charges &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; (&lt;font&gt;23,150&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 7px 0px 0px; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;font style="font-size: 10pt; font-weight: bold;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; (&lt;font&gt;202,452&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 7px 0px 0px; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;font style="font-size: 10pt; font-weight: bold;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; (&lt;font&gt;229,207&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 7px 0px 0px; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;font style="font-size: 10pt; font-weight: bold;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; -aw-import: spaces;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt;Effect of currency translation on tax base,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Tenaris applies the liability method to recognize deferred income tax on temporary &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;differences between the tax base&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;s of assets&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;/&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;liabilities&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; 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 cha&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;nge in the value on the tax base&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;s in subsidiaries (mainly Argentina&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; and Mexico&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;), which have a functional currency different than their local currency. These gains and losses are required by IFRS even though &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;the revalued&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;/ devalued tax base&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;s of the relevant assets will not result in any deduction&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;/ obligation for tax purposes in future periods&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 14pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt;Tax revaluation, withholding tax &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt;and &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"&gt;others,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; includes &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;a net &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;tax income&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;$&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;61&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; million&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;$&lt;font&gt;66&lt;/font&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;million and $&lt;font&gt;65&lt;/font&gt; million for &lt;font&gt;2020&lt;/font&gt;, &lt;font&gt;2019&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; and &lt;font&gt;2018&lt;/font&gt; respectively related to the tax revaluation &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;regime&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; in Argentina and Mexico. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;I&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;t also includes a charge of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;$&lt;font&gt;10&lt;/font&gt; million, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;$&lt;font&gt;34&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; million &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;and $&lt;font&gt;26&lt;/font&gt; million for &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;2020&lt;/font&gt;, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;2019&lt;/font&gt; and &lt;font&gt;2018&lt;/font&gt; respectively related to withholding taxes for intra&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;-&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;group international operations.&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;</ifrs-full:DisclosureOfIncomeTaxExplanatory>
  <dei:EntityCommonStockSharesOutstanding id="Tag2982" contextRef="I20201231" unitRef="Shares" decimals="0">1180536830</dei:EntityCommonStockSharesOutstanding>
  <dei:Security12bTitle id="Tag2983" contextRef="D20201231_3">Ordinary Shares, par value $1.00 per share</dei:Security12bTitle>
  <dei:DocumentPeriodEndDate id="Tag2984" contextRef="D20201231_3">2020-12-31</dei:DocumentPeriodEndDate>
  <dei:DocumentType id="Tag2985" contextRef="D20201231_3">20-F</dei:DocumentType>
  <ifrs-full:DisclosureOfJointVenturesExplanatory id="Tag2986" contextRef="D20201231_SteelPipePremiumConnectionThreadingPlantInBaotouMember">&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-left: 38.75pt; margin-bottom: 0pt; text-indent: -38.75pt; text-align: justify; line-height: 12pt;"&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;&lt;font style="border-left: none; border-right: none;"&gt;34&lt;/font&gt;&lt;/font&gt;&lt;font style="font: 7pt 'Times New Roman'; -aw-import: spaces;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt;Agreement to build a steel pipe premium connection threading plant in Baotou&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font style="color: #222222; font-family: 'Times New Roman', serif; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 10pt;"&gt;In 2020,&amp;nbsp;&lt;font&gt;Tenaris&lt;/font&gt;&lt;font&gt;&amp;nbsp;&lt;/font&gt;&lt;/font&gt;&lt;font style="color: #222222; font-family: 'Times New Roman', serif; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 10pt;"&gt;entered into an agreement with&lt;/font&gt;&lt;font style="color: #222222; font-family: 'Times New Roman', serif; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 10pt;"&gt;&lt;font&gt;&amp;nbsp;&lt;/font&gt;Inner Mongolia Baotou Steel Union Co. Ltd. to build a steel pipe premium connection threading plant to produce OCTG products in Baotou, China. Under the agreement,&lt;font&gt;&amp;nbsp;&lt;/font&gt;&lt;font&gt;Tenaris&lt;/font&gt;&lt;font&gt;&amp;nbsp;&lt;/font&gt;owns&lt;/font&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;60&lt;/font&gt;% &lt;font style="color: #222222; font-family: 'Times New Roman', serif; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;&lt;font&gt;&amp;nbsp;&lt;/font&gt;of shares in the new company, while Inner Mongolia Baotou Steel Union Co. Ltd. holds the remaining&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;font&gt;40&lt;/font&gt;%.&amp;nbsp;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman', serif; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;&lt;font&gt;&lt;font style="color: #222222; font-family: 'Times New Roman', serif; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;The Company began consolidating balances and results of operations in December 2020. The plant, which is estimated to require a total investment of&lt;/font&gt; &lt;/font&gt;&lt;/font&gt;$&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;32.6&lt;/font&gt; million&lt;font style="color: #000000; font-family: 'Times New Roman', serif; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;,&lt;font style="color: #222222; font-family: 'Times New Roman', serif; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;and a &lt;font&gt;1&lt;/font&gt;-year construction period, is planned to have an annual production capacity of&lt;/font&gt;&lt;/font&gt;&lt;font&gt;&amp;nbsp;&lt;/font&gt;&lt;font&gt;70&lt;/font&gt;&lt;font&gt; &lt;font style="color: #222222; font-family: 'Times New Roman', serif; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;thousand tons. During 2020, the Company contributed&lt;/font&gt;&lt;/font&gt;&amp;nbsp;$&lt;font&gt;2.3&lt;/font&gt; &lt;font style="color: #222222; font-family: 'Times New Roman', serif; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;million to the project.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
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    <link:footnote xlink:type="resource" xml:lang="en-US" xlink:label="footnote1" xlink:role="http://www.xbrl.org/2003/role/footnote">For 2018 and 2019 Tenaris recognized its share over the effects on the adoption of IAS 29, &#x201C;Financial Reporting in Hyperinflationary Economies&#x201D; by Ternium in other comprehensive income as a currency translation adjustment. In 2020 Ternium changed the functional currency of its Argentine subsidiary to U.S. dollar and IAS 29 is no longer applicable.</link:footnote>
    <link:footnoteArc xlink:type="arc" xlink:from="value1" xlink:to="footnote1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="1" />
    <link:footnote xlink:type="resource" xml:lang="en-US" xlink:label="footnote2" xlink:role="http://www.xbrl.org/2003/role/footnote">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.</link:footnote>
    <link:footnoteArc xlink:type="arc" xlink:from="value2" xlink:to="footnote2" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="2" />
    <link:footnote xlink:type="resource" xml:lang="en-US" xlink:label="footnote3" xlink:role="http://www.xbrl.org/2003/role/footnote">The restrictions to the distribution of profits and payment of dividends according to Luxembourg Law are disclosed in note 26 (iii).</link:footnote>
    <link:footnoteArc xlink:type="arc" xlink:from="value3" xlink:to="footnote3" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="3" />
    <link:footnote xlink:type="resource" xml:lang="en-US" xlink:label="footnote4" xlink:role="http://www.xbrl.org/2003/role/footnote"> Mainly related to the agreement for the construction of Tenaris Baogang Baotou Steel Pipes Ltd. See note 34.</link:footnote>
    <link:footnoteArc xlink:type="arc" xlink:from="value4" xlink:to="footnote4" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="4" />
    <link:footnote xlink:type="resource" xml:lang="en-US" xlink:label="footnote5" xlink:role="http://www.xbrl.org/2003/role/footnote">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 and 2018 there were 1,180,536,830 shares issued. All issued shares are fully paid.</link:footnote>
    <link:footnoteArc xlink:type="arc" xlink:from="value5" xlink:to="footnote5" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="5" />
    <link:footnote xlink:type="resource" xml:lang="en-US" xlink:label="footnote6" xlink:role="http://www.xbrl.org/2003/role/footnote"> 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.</link:footnote>
    <link:footnoteArc xlink:type="arc" xlink:from="value6" xlink:to="footnote6" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="6" />
    <link:footnote xlink:type="resource" xml:lang="en-US" xlink:label="footnote7" xlink:role="http://www.xbrl.org/2003/role/footnote">Mainly related to Saudi Steel Pipe Company (&#x201C;SSPC&#x201D;) acquisition. See note 32.</link:footnote>
    <link:footnoteArc xlink:type="arc" xlink:from="value7" xlink:to="footnote7" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="7" />
    <link:footnote xlink:type="resource" xml:lang="en-US" xlink:label="footnote8" xlink:role="http://www.xbrl.org/2003/role/footnote">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, 2020 there were 1,180,536,830 shares issued. All issued shares are fully paid.</link:footnote>
    <link:footnoteArc xlink:type="arc" xlink:from="value8" xlink:to="footnote8" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="8" />
    <link:footnote xlink:type="resource" xml:lang="en-US" xlink:label="footnote9" xlink:role="http://www.xbrl.org/2003/role/footnote">Out of the $237 million fixed rate borrowings, $197 million are short-term.</link:footnote>
    <link:footnoteArc xlink:type="arc" xlink:from="value9" xlink:to="footnote9" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="9" />
    <link:footnote xlink:type="resource" xml:lang="en-US" xlink:label="footnote10" xlink:role="http://www.xbrl.org/2003/role/footnote">For 2020, 2019 and 2018 includes Investments in non-consolidated companies. See note 13.</link:footnote>
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    <link:footnote xlink:type="resource" xml:lang="en-US" xlink:label="footnote11" xlink:role="http://www.xbrl.org/2003/role/footnote">Related to IPSCO acquisition. See note 32.</link:footnote>
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    <link:footnote xlink:type="resource" xml:lang="en-US" xlink:label="footnote12" xlink:role="http://www.xbrl.org/2003/role/footnote">Related to SSPC acquisition. See note 32.</link:footnote>
    <link:footnoteArc xlink:type="arc" xlink:from="value12" xlink:to="footnote12" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="12" />
    <link:footnote xlink:type="resource" xml:lang="en-US" xlink:label="footnote13" xlink:role="http://www.xbrl.org/2003/role/footnote">Includes Proprietary Technology.</link:footnote>
    <link:footnoteArc xlink:type="arc" xlink:from="value13" xlink:to="footnote13" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="13" />
    <link:footnote xlink:type="resource" xml:lang="en-US" xlink:label="footnote14" xlink:role="http://www.xbrl.org/2003/role/footnote">Related to IPSCO acquisition. See note 32.</link:footnote>
    <link:footnoteArc xlink:type="arc" xlink:from="value14" xlink:to="footnote14" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="14" />
    <link:footnote xlink:type="resource" xml:lang="en-US" xlink:label="footnote15" xlink:role="http://www.xbrl.org/2003/role/footnote">Related to SSPC acquisition. See note 32.</link:footnote>
    <link:footnoteArc xlink:type="arc" xlink:from="value15" xlink:to="footnote15" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="15" />
    <link:footnote xlink:type="resource" xml:lang="en-US" xlink:label="footnote16" xlink:role="http://www.xbrl.org/2003/role/footnote">Related to IPSCO acquisition. See note 32.</link:footnote>
    <link:footnoteArc xlink:type="arc" xlink:from="value16" xlink:to="footnote16" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="16" />
    <link:footnote xlink:type="resource" xml:lang="en-US" xlink:label="footnote17" xlink:role="http://www.xbrl.org/2003/role/footnote">Related to SSPC acquisition.</link:footnote>
    <link:footnoteArc xlink:type="arc" xlink:from="value17" xlink:to="footnote17" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="17" />
    <link:footnote xlink:type="resource" xml:lang="en-US" xlink:label="footnote18" xlink:role="http://www.xbrl.org/2003/role/footnote">Repayments include capital and interest.</link:footnote>
    <link:footnoteArc xlink:type="arc" xlink:from="value18" xlink:to="footnote18" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="18" />
    <link:footnote xlink:type="resource" xml:lang="en-US" xlink:label="footnote19" xlink:role="http://www.xbrl.org/2003/role/footnote">Related to Ternium and Usiminas. During 2020 and 2019 $0.3 million and $29.0 million respectively were collected.</link:footnote>
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    <link:footnote xlink:type="resource" xml:lang="en-US" xlink:label="footnote20" xlink:role="http://www.xbrl.org/2003/role/footnote">Including treasury shares.</link:footnote>
    <link:footnoteArc xlink:type="arc" xlink:from="value20" xlink:to="footnote20" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="20" />
    <link:footnote xlink:type="resource" xml:lang="en-US" xlink:label="footnote21" xlink:role="http://www.xbrl.org/2003/role/footnote">At December 31, 2020 and 2019 the voting rights were 5.19%.</link:footnote>
    <link:footnoteArc xlink:type="arc" xlink:from="value21" xlink:to="footnote21" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="21" />
    <link:footnote xlink:type="resource" xml:lang="en-US" xlink:label="footnote22" xlink:role="http://www.xbrl.org/2003/role/footnote">Includes the effect of hedge accounting.</link:footnote>
    <link:footnoteArc xlink:type="arc" xlink:from="value22" xlink:to="footnote22" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="22" />
    <link:footnote xlink:type="resource" xml:lang="en-US" xlink:label="footnote23" xlink:role="http://www.xbrl.org/2003/role/footnote">For 2020 a loss of $3.7 million is attributable to demographic assumptions and a loss of $14.3 million to financial assumptions.For 2019 a loss of $0.4 million is attributable to demographic assumptions and a loss of $12.4 million to financial assumptions. </link:footnote>
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    <link:footnote xlink:type="resource" xml:lang="en-US" xlink:label="footnote24" xlink:role="http://www.xbrl.org/2003/role/footnote">For 2020 a loss of $1.6 million is attributable to demographic assumptions and a gain of $3.8 million to financial assumptions. For 2019 a loss of $1.3 million is attributable to demographic assumptions and a loss of $5.7 million to financial assumptions.</link:footnote>
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    <link:footnote xlink:type="resource" xml:lang="en-US" xlink:label="footnote25" xlink:role="http://www.xbrl.org/2003/role/footnote">In 2020 and 2019, $2.1 million and $4.2 million corresponding to a plan with a surplus balance were reclassified within other non-current assets, respectively. </link:footnote>
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    <link:footnote xlink:type="resource" xml:lang="en-US" xlink:label="footnote26" xlink:role="http://www.xbrl.org/2003/role/footnote">Other claims and contingencies mainly include lawsuits and other legal proceedings, including employee, tax and environmental-related claims.</link:footnote>
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    <link:footnote xlink:type="resource" xml:lang="en-US" xlink:label="footnote27" xlink:role="http://www.xbrl.org/2003/role/footnote">All percentages rounded.</link:footnote>
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    <link:footnote xlink:type="resource" xml:lang="en-US" xlink:label="footnote28" xlink:role="http://www.xbrl.org/2003/role/footnote">Tenaris Investments S.a.r.l. holds 100 % of Hydril's subsidiaries shares except for Technical Drilling &amp; Production Services Nigeria. Ltd where it held 80% for 2019 and 2018.</link:footnote>
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    <link:footnote xlink:type="resource" xml:lang="en-US" xlink:label="footnote29" xlink:role="http://www.xbrl.org/2003/role/footnote">See note 36.</link:footnote>
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    <link:footnote xlink:type="resource" xml:lang="en-US" xlink:label="footnote30" xlink:role="http://www.xbrl.org/2003/role/footnote">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% of Tubular Services Angola Lda and 60% of Tenaris Baogang Baotou Steel Pipes Ltd.</link:footnote>
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    <link:footnote xlink:type="resource" xml:lang="en-US" xlink:label="footnote31" xlink:role="http://www.xbrl.org/2003/role/footnote">Each ADS equals two shares.</link:footnote>
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        <link:definition>1390 - Disclosure - Note 35 - Closure of facilities at JFE's Keihin steel complex</link:definition>
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        <link:definition>1410 - Disclosure - Note 37 - Cancellation of title deed in Saudi Steel Pipe Company</link:definition>
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      <link:roleType roleURI="http://www.tenaris.com/role/DiscontinuedOperations" id="DiscontinuedOperations">
        <link:definition>1650 - Disclosure - Discontinued Operations</link:definition>
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        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
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      <link:roleType roleURI="http://www.tenaris.com/role/IIAccountingPoliciesPolicies" id="IIAccountingPoliciesPolicies">
        <link:definition>2020 - Disclosure - II. Accounting Policies (Policies)</link:definition>
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        <link:usedOn>link:definitionLink</link:usedOn>
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      <link:roleType roleURI="http://www.tenaris.com/role/statement-ii-accounting-policies-tables" id="statement-ii-accounting-policies-tables">
        <link:definition>3020 - Disclosure - II. Accounting Policies (Tables)</link:definition>
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        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.tenaris.com/role/statement-iii-financial-risk-management-tables" id="statement-iii-financial-risk-management-tables">
        <link:definition>3030 - Disclosure - III. Financial Risk Management (Tables)</link:definition>
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        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.tenaris.com/role/statement-note-1-segment-information-tables" id="statement-note-1-segment-information-tables">
        <link:definition>3040 - Disclosure - Note 1 - Segment Information (Tables)</link:definition>
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        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.tenaris.com/role/statement-note-2-cost-of-sales-tables" id="statement-note-2-cost-of-sales-tables">
        <link:definition>3050 - Disclosure - Note 2 - Cost of Sales (Tables)</link:definition>
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        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.tenaris.com/role/statement-note-3-selling-general-and-administrative-expenses-tables" id="statement-note-3-selling-general-and-administrative-expenses-tables">
        <link:definition>3060 - Disclosure - Note 3 - Selling, General and Administrative Expenses (Tables)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
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      <link:roleType roleURI="http://www.tenaris.com/role/Note4LaborcostsincludedinCostofsalesandinSellinggeneralandadministrativeexpensesTables" id="Note4LaborcostsincludedinCostofsalesandinSellinggeneralandadministrativeexpensesTables">
        <link:definition>3070 - Disclosure - Note 4 - Labor costs (included in Cost of sales and in Selling, general and administrative expenses) (Tables)</link:definition>
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        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.tenaris.com/role/Note5ImpairmentchargeTables" id="Note5ImpairmentchargeTables">
        <link:definition>3080 - Disclosure - Note 5 - Impairment charge (Tables)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.tenaris.com/role/Note6OtheroperatingincomeandexpensesTables" id="Note6OtheroperatingincomeandexpensesTables">
        <link:definition>3090 - Disclosure - Note 6 - Other operating income and expenses (Tables)</link:definition>
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        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.tenaris.com/role/Note7FinancialResultsTables" id="Note7FinancialResultsTables">
        <link:definition>3100 - Disclosure - Note 7 - Financial Results (Tables)</link:definition>
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        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.tenaris.com/role/Note8IncomeTaxTables" id="Note8IncomeTaxTables">
        <link:definition>3110 - Disclosure - Note 8 - Income Tax (Tables)</link:definition>
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        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.tenaris.com/role/Note10PropertyPlantandEquipmentNetTables" id="Note10PropertyPlantandEquipmentNetTables">
        <link:definition>3130 - Disclosure - Note 10 - Property, Plant and Equipment, Net (Tables)</link:definition>
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        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.tenaris.com/role/Note11IntangibleAssetsNetTables" id="Note11IntangibleAssetsNetTables">
        <link:definition>3140 - Disclosure - Note 11 - Intangible Assets, Net (Tables)</link:definition>
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        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.tenaris.com/role/Note12RightofuseAssetsNetandLeaseLiabilitiesTables" id="Note12RightofuseAssetsNetandLeaseLiabilitiesTables">
        <link:definition>3150 - Disclosure - Note 12 - Right-of-use Assets, Net and Lease Liabilities (Tables)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.tenaris.com/role/Note13InvestmentsinNonconsolidatedCompaniesTables" id="Note13InvestmentsinNonconsolidatedCompaniesTables">
        <link:definition>3160 - Disclosure - Note 13 - Investments in Non-consolidated Companies (Tables)</link:definition>
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        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.tenaris.com/role/Note14ReceivablesNonCurrentTables" id="Note14ReceivablesNonCurrentTables">
        <link:definition>3170 - Disclosure - Note 14 - Receivables - Non Current (Tables)</link:definition>
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        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
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      <link:roleType roleURI="http://www.tenaris.com/role/Note15InventoriesNetTables" id="Note15InventoriesNetTables">
        <link:definition>3180 - Disclosure - Note 15 - Inventories, Net (Tables)</link:definition>
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        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.tenaris.com/role/Note16ReceivablesandPrepaymentsNetTables" id="Note16ReceivablesandPrepaymentsNetTables">
        <link:definition>3190 - Disclosure - Note 16 - Receivables and Prepayments, Net (Tables)</link:definition>
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        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.tenaris.com/role/Note17CurrentTaxAssetsandLiabilitiesTables" id="Note17CurrentTaxAssetsandLiabilitiesTables">
        <link:definition>3200 - Disclosure - Note 17 - Current Tax Assets and Liabilities (Tables)</link:definition>
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        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.tenaris.com/role/Note18TradeReceivablesNetTables" id="Note18TradeReceivablesNetTables">
        <link:definition>3210 - Disclosure - Note 18 - Trade Receivables, Net (Tables)</link:definition>
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        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.tenaris.com/role/Note19CashandCashEquivalentsandOtherInvestmentsTables" id="Note19CashandCashEquivalentsandOtherInvestmentsTables">
        <link:definition>3220 - Disclosure - Note 19 - Cash and Cash Equivalents and Other Investments (Tables)</link:definition>
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        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.tenaris.com/role/Note20BorrowingsTables" id="Note20BorrowingsTables">
        <link:definition>3230 - Disclosure - Note 20 - Borrowings (Tables)</link:definition>
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        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
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      <link:roleType roleURI="http://www.tenaris.com/role/Note21DeferredIncomeTaxTables" id="Note21DeferredIncomeTaxTables">
        <link:definition>3240 - Disclosure - Note 21 - Deferred Income Tax (Tables)</link:definition>
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        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.tenaris.com/role/Note22OtherLiabilitiesTables" id="Note22OtherLiabilitiesTables">
        <link:definition>3250 - Disclosure - Note 22 - Other Liabilities (Tables)</link:definition>
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        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.tenaris.com/role/Note23NoncurrentallowancesandprovisionsTables" id="Note23NoncurrentallowancesandprovisionsTables">
        <link:definition>3260 - Disclosure - Note 23 - Non-current allowances and provisions (Tables)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.tenaris.com/role/Note24CurrentallowancesandprovisionsTables" id="Note24CurrentallowancesandprovisionsTables">
        <link:definition>3270 - Disclosure - Note 24 - Current allowances and provisions (Tables)</link:definition>
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        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
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      <link:roleType roleURI="http://www.tenaris.com/role/Note25DerivativeFinancialInstrumentsTables" id="Note25DerivativeFinancialInstrumentsTables">
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        <link:usedOn>link:definitionLink</link:usedOn>
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        <link:usedOn>link:definitionLink</link:usedOn>
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        <link:usedOn>link:definitionLink</link:usedOn>
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      <link:roleType roleURI="http://www.tenaris.com/role/Note30FeesPaidtotheCompanysPrincipalAccountantTables" id="Note30FeesPaidtotheCompanysPrincipalAccountantTables">
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        <link:usedOn>link:definitionLink</link:usedOn>
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      <link:roleType roleURI="http://www.tenaris.com/role/Note32BusinessCombinationsTables" id="Note32BusinessCombinationsTables">
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        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
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        <link:usedOn>link:definitionLink</link:usedOn>
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        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
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      <link:roleType roleURI="http://www.tenaris.com/role/DiscontinuedOperationsTables" id="DiscontinuedOperationsTables">
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        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
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        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
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        <link:definition>4021 - Disclosure - II. Accounting Policies - Estimated Useful Lives of Property, Plant and Equipment (Details)</link:definition>
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        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
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        <link:definition>4022 - Disclosure - II. Accounting Policies - Changes in Key Assumptions That Would Cause the Recoverable Amount to Equal the Carrying Value (Details)</link:definition>
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        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
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        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
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      <link:roleType roleURI="http://www.tenaris.com/role/IIIFinancialRiskManagementFinancialAssetsandLiabilitiesWhichImpactProfitandLossDetails" id="IIIFinancialRiskManagementFinancialAssetsandLiabilitiesWhichImpactProfitandLossDetails">
        <link:definition>4031 - Disclosure - III. Financial Risk Management - Financial Assets and Liabilities Which Impact Profit and Loss (Details)</link:definition>
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        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
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      <link:roleType roleURI="http://www.tenaris.com/role/IIIFinancialRiskManagementProportionsofVariablerateandFixedrateDebtDetails" id="IIIFinancialRiskManagementProportionsofVariablerateandFixedrateDebtDetails">
        <link:definition>4032 - Disclosure - III. Financial Risk Management - Proportions of Variable-rate and Fixed-rate Debt (Details)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
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      <link:roleType roleURI="http://www.tenaris.com/role/IIIFinancialRiskManagementFinancialInstrumentsandClassificationWithintheFairValueHierarchyDetails" id="IIIFinancialRiskManagementFinancialInstrumentsandClassificationWithintheFairValueHierarchyDetails">
        <link:definition>4033 - Disclosure - III. Financial Risk Management - Financial Instruments and Classification Within the Fair Value Hierarchy (Details)</link:definition>
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        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.tenaris.com/role/IIIFinancialRiskManagementChangesinLevel3AssetsandLiabilitiesDetails" id="IIIFinancialRiskManagementChangesinLevel3AssetsandLiabilitiesDetails">
        <link:definition>4034 - Disclosure - III. Financial Risk Management - Changes in Level 3 Assets and Liabilities (Details)</link:definition>
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        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.tenaris.com/role/statement-note-1-segment-information-details-textual" id="statement-note-1-segment-information-details-textual">
        <link:definition>4040 - Disclosure - Note 1 - Segment Information (Details Textual)</link:definition>
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        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.tenaris.com/role/statement-note-1-segment-information-reportable-operating-segments-details" id="statement-note-1-segment-information-reportable-operating-segments-details">
        <link:definition>4041 - Disclosure - Note 1 - Segment Information - Reportable Operating Segments (Details)</link:definition>
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        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.tenaris.com/role/statement-note-1-segment-information-geographical-information-details" id="statement-note-1-segment-information-geographical-information-details">
        <link:definition>4042 - Disclosure - Note 1 - Segment Information - Geographical Information (Details)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
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        <link:definition>4043 - Disclosure - Note 1 - Segment Information - Tubes Segment Revenues By Market (Details)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.tenaris.com/role/statement-note-2-cost-of-sales-components-of-cost-of-sales-details" id="statement-note-2-cost-of-sales-components-of-cost-of-sales-details">
        <link:definition>4050 - Disclosure - Note 2 - Cost of Sales - Components of Cost of Sales (Details)</link:definition>
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        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
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        <link:definition>4060 - Disclosure - Note 3 - Selling, General and Administrative Expenses - Components of Selling, General and Administrative Expenses (Details)</link:definition>
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        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
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        <link:definition>4070 - Disclosure - Note 4 - Labor Costs - Summary of Labor Costs (Included in Cost of Sales and in Selling, General and Administrative Expenses) (Details)</link:definition>
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        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.tenaris.com/role/statement-note-4-labor-costs-labor-costs-included-in-cost-of-sales-and-in-selling-general-and-administrative-expenses-number-of-employees-details" id="statement-note-4-labor-costs-labor-costs-included-in-cost-of-sales-and-in-selling-general-and-administrative-expenses-number-of-employees-details">
        <link:definition>4071 - Disclosure - Note 4 - Labor Costs - Labor Costs (Included in Cost of Sales and in Selling, General and Administrative Expenses) - Number of Employees (Details)</link:definition>
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        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.tenaris.com/role/Note5ImpairmentchargeDetails" id="Note5ImpairmentchargeDetails">
        <link:definition>4080 - Disclosure - Note 5 - Impairment charge (Details)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.tenaris.com/role/Note5ImpairmentchargeImpairmentallocatedbyCGUDetails" id="Note5ImpairmentchargeImpairmentallocatedbyCGUDetails">
        <link:definition>4081 - Disclosure - Note 5 - Impairment charge - Impairment allocated by CGU (Details)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
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        <link:definition>4151 - Disclosure - Note 12 - Right-of-use Assets, Net and Lease Liabilities - Evolution of Right-of-use Assets (Details)</link:definition>
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  <xsd:element name="DisclosureOfDetailedInformationAboutCurrentTradeReceivablesTextBlock" id="ts_DisclosureOfDetailedInformationAboutCurrentTradeReceivablesTextBlock" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
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  <xsd:element name="DisclosureOfDetailedInformationAboutWeightedAverageInterestRatesOfBorrowingsTextBlock" id="ts_DisclosureOfDetailedInformationAboutWeightedAverageInterestRatesOfBorrowingsTextBlock" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="DisclosureOfDetailedInformationAboutBorrowingsByCurrencyAndRateTextBlock" id="ts_DisclosureOfDetailedInformationAboutBorrowingsByCurrencyAndRateTextBlock" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
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  <xsd:element name="DisclosureOfDeferredTaxAssetsAndLiabilitiesTextBlock" id="ts_DisclosureOfDeferredTaxAssetsAndLiabilitiesTextBlock" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
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  <xsd:element name="DisclosureOfDetailedInformationAboutNoncurrentAllowancesAndProvisionsDeductedFromNoncurrentReceivablesTextBlock" id="ts_DisclosureOfDetailedInformationAboutNoncurrentAllowancesAndProvisionsDeductedFromNoncurrentReceivablesTextBlock" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="DisclosureOfDetailedInformationAboutNoncurrentAllowancesAndProvisionsFromLiabilitiesTextBlock" id="ts_DisclosureOfDetailedInformationAboutNoncurrentAllowancesAndProvisionsFromLiabilitiesTextBlock" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="DisclosureOfDetailedInformationAboutCurrentAllowancesAndProvisionsDeductedFromAssetsTextBlock" id="ts_DisclosureOfDetailedInformationAboutCurrentAllowancesAndProvisionsDeductedFromAssetsTextBlock" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="DisclosureOfDetailedInformationAboutCurrentAllowancesAndProvisionsFromLiabilitiesTextBlock" id="ts_DisclosureOfDetailedInformationAboutCurrentAllowancesAndProvisionsFromLiabilitiesTextBlock" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="DisclosureOfDetailedInformationAboutDerivativeFinancialInstrumentsTextBlock" id="ts_DisclosureOfDetailedInformationAboutDerivativeFinancialInstrumentsTextBlock" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="DisclosureOfDetailedInformationOfTheHedgeReserveEvolutionTextBlock" id="ts_DisclosureOfDetailedInformationOfTheHedgeReserveEvolutionTextBlock" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="DisclosureOfDetailedInformationAboutCashFlowDisclosuresTextBlock" id="ts_DisclosureOfDetailedInformationAboutCashFlowDisclosuresTextBlock" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="DisclosureOfDiscontinuedOperationsNetIncomeComponentsTextBlock" id="ts_DisclosureOfDiscontinuedOperationsNetIncomeComponentsTextBlock" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="DisclosureOfSaleOfDiscontinuedOperationsTextBlock" id="ts_DisclosureOfSaleOfDiscontinuedOperationsTextBlock" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="NumberOfSharesSubscribedTo" id="ts_NumberOfSharesSubscribedTo" type="xbrli:sharesItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xsd:element name="SharesSubscribedToPricePerShare" id="ts_SharesSubscribedToPricePerShare" type="num:perShareItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xsd:element name="SharesSubscribedToValue" id="ts_SharesSubscribedToValue" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="InterestInAssociateSharesOwned" id="ts_InterestInAssociateSharesOwned" type="xbrli:sharesItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xsd:element name="SharesBoundToSHA" id="ts_SharesBoundToSHA" type="xbrli:sharesItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xsd:element name="PercentOfCompanyVotingCapital" id="ts_PercentOfCompanyVotingCapital" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xsd:element name="ImpairmentLossOnEquityMethodInvestmentInNonconsolidatedCompanies" id="ts_ImpairmentLossOnEquityMethodInvestmentInNonconsolidatedCompanies" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="NumberOfMajorBusinessSegments" id="ts_NumberOfMajorBusinessSegments" type="xbrli:integerItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="NumberOfReportableOperatingSegments" id="ts_NumberOfReportableOperatingSegments" type="xbrli:integerItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="FinitelivedIntangibleAssetUsefulLife" id="ts_FinitelivedIntangibleAssetUsefulLife" type="xbrli:durationItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="SellingGeneralAndAdministrativeExpensesAmortizationOfIntangibleAssets" id="ts_SellingGeneralAndAdministrativeExpensesAmortizationOfIntangibleAssets" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="FinitelivedIntangibleAssetResidualValue" id="ts_FinitelivedIntangibleAssetResidualValue" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="FinitelivedIntangibleAssetResidualUsefulLife" id="ts_FinitelivedIntangibleAssetResidualUsefulLife" type="xbrli:durationItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="NumberOfVotesPerShare" id="ts_NumberOfVotesPerShare" type="xbrli:integerItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="NetDefinedContributionPlanLiabilityAssetAtEndOfPeriod" id="ts_NetDefinedContributionPlanLiabilityAssetAtEndOfPeriod" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="EmployeeBenefitsUnitVestingPeriod" id="ts_EmployeeBenefitsUnitVestingPeriod" type="xbrli:durationItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="EmployeeBenefitsCompanyRedemptionPeriod" id="ts_EmployeeBenefitsCompanyRedemptionPeriod" type="xbrli:durationItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="EmployeeBenefitsEarlyRedemptionPeriod" id="ts_EmployeeBenefitsEarlyRedemptionPeriod" type="xbrli:durationItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="CarryingValueOfUnitsGranted" id="ts_CarryingValueOfUnitsGranted" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="BuildingsAndImprovementsMember" id="ts_BuildingsAndImprovementsMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="PlantAndProductionEquipmentMember" id="ts_PlantAndProductionEquipmentMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="VehiclesFurnitureAndFixturesAndOtherEquipmentMember" id="ts_VehiclesFurnitureAndFixturesAndOtherEquipmentMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="GrowthRateMeasurementInputMember" id="ts_GrowthRateMeasurementInputMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="ProjectedChangeRateInFutureCashFlowsMeasurementInputMember" id="ts_ProjectedChangeRateInFutureCashFlowsMeasurementInputMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="AmountByWhichValueAssignedToKeyAssumptionMustChangeInOrderForUnitsRecoverableAmountToBeEqualToCarryingAmountPercentage" id="ts_AmountByWhichValueAssignedToKeyAssumptionMustChangeInOrderForUnitsRecoverableAmountToBeEqualToCarryingAmountPercentage" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xsd:element name="DebtToEquityRatio" id="ts_DebtToEquityRatio" type="xbrli:pureItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xsd:element name="ForeignExchangeRiskCurrencyExposure" id="ts_ForeignExchangeRiskCurrencyExposure" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="GainLossOnInterestRateRiskIfMarketInterestRatesWereHigher" id="ts_GainLossOnInterestRateRiskIfMarketInterestRatesWereHigher" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="ConcentrationRiskPercentage" id="ts_ConcentrationRiskPercentage" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="LiquidFinancialAssetsPercentage" id="ts_LiquidFinancialAssetsPercentage" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xsd:element name="LiquidFinancialAssetsPercentageDenominatedByASpecificCurrency" id="ts_LiquidFinancialAssetsPercentageDenominatedByASpecificCurrency" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xsd:element name="FinancialLiabilitiesFairValueAsAPercentageOfCarryingValue" id="ts_FinancialLiabilitiesFairValueAsAPercentageOfCarryingValue" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xsd:element name="ArgentinePesoUsDollarForeignExchangeRiskMember" id="ts_ArgentinePesoUsDollarForeignExchangeRiskMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="EuroUsDollarForeignExchangeRiskMember" id="ts_EuroUsDollarForeignExchangeRiskMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="SaudiArabianRiyalUsDollarExchangeRiskMember" id="ts_SaudiArabianRiyalUsDollarExchangeRiskMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="FixedIncomeTimedepositZeroCouponBondsCommercialPapersMember" id="ts_FixedIncomeTimedepositZeroCouponBondsCommercialPapersMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="CertificatesOfDepositsMember" id="ts_CertificatesOfDepositsMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="CommercialPapersMember" id="ts_CommercialPapersMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="OtherNotesMember" id="ts_OtherNotesMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="BondsAndOtherFixedIncomeMember" id="ts_BondsAndOtherFixedIncomeMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="UsGovernmentSecuritiesMember" id="ts_UsGovernmentSecuritiesMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="NonUsGovernmentSecuritiesMember" id="ts_NonUsGovernmentSecuritiesMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="CorporatesSecuritiesMember" id="ts_CorporatesSecuritiesMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="StructuredNotesMember" id="ts_StructuredNotesMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="OtherInvestments1Member" id="ts_OtherInvestments1Member" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="OtherReceivablesMember" id="ts_OtherReceivablesMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="OtherReceivablesNonfinancialMember" id="ts_OtherReceivablesNonfinancialMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="DerivativeLiabilitiesMember" id="ts_DerivativeLiabilitiesMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="CurrencyTranslationAdjustmentAndOthersFairValueMeasurementAssets" id="ts_CurrencyTranslationAdjustmentAndOthersFairValueMeasurementAssets" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="ManagementViewOperatingIncome" id="ts_ManagementViewOperatingIncome" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="ManagementViewDifferencesInCostOfSales" id="ts_ManagementViewDifferencesInCostOfSales" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="ManagementViewDifferencesInDepreciationAndAmortization" id="ts_ManagementViewDifferencesInDepreciationAndAmortization" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="ManagementViewDifferencesInSellingGeneralAndAdiministrativeExpenses" id="ts_ManagementViewDifferencesInSellingGeneralAndAdiministrativeExpenses" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="ManagementViewDifferencesInOtherOperatingIncomeExpensesNet" id="ts_ManagementViewDifferencesInOtherOperatingIncomeExpensesNet" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="AsiaPacific1Member" id="ts_AsiaPacific1Member" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="UnallocatedRegionMember" id="ts_UnallocatedRegionMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="ContinuingOperations1Member" id="ts_ContinuingOperations1Member" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="OilAndGasMember" id="ts_OilAndGasMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="HydrocarbonProcessingAndPowerGenerationMember" id="ts_HydrocarbonProcessingAndPowerGenerationMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="IndustrialAndOtherMember" id="ts_IndustrialAndOtherMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="IncreaseInInventoryDueToBusinessCombinations" id="ts_IncreaseInInventoryDueToBusinessCombinations" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="CostOfSalesRawMaterialsEnergyConsumablesAndOther" id="ts_CostOfSalesRawMaterialsEnergyConsumablesAndOther" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="CostOfSalesServicesAndFees" id="ts_CostOfSalesServicesAndFees" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="CostOfSalesLaborCost" id="ts_CostOfSalesLaborCost" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="CostOfSalesDepreciationOfPropertyPlantAndEquipment" id="ts_CostOfSalesDepreciationOfPropertyPlantAndEquipment" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="CostOfSalesAmortizationOfIntangibleAssets" id="ts_CostOfSalesAmortizationOfIntangibleAssets" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="DepreciationOfRightofuseAssetsInventoryImpactOnCostOfSales" id="ts_DepreciationOfRightofuseAssetsInventoryImpactOnCostOfSales" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="CostOfSalesMaintenanceExpenses" id="ts_CostOfSalesMaintenanceExpenses" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="CostOfSalesAllowanceForObsolescence" id="ts_CostOfSalesAllowanceForObsolescence" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="CostOfSalesTaxes" id="ts_CostOfSalesTaxes" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="CostOfSalesOther" id="ts_CostOfSalesOther" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="CostOfSalesIncludingDiscontinuedOperations" id="ts_CostOfSalesIncludingDiscontinuedOperations" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="InventoriesIncludingDiscontinuedOperations" id="ts_InventoriesIncludingDiscontinuedOperations" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="CostOfSalesDiscontinuedOperations" id="ts_CostOfSalesDiscontinuedOperations" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="SellingGeneralAndAdministrativeExpensesServicesAndFees" id="ts_SellingGeneralAndAdministrativeExpensesServicesAndFees" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="SellingGeneralAndAdministrativeExpensesLaborCost" id="ts_SellingGeneralAndAdministrativeExpensesLaborCost" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="SellingGeneralAndAdministrativeExpensesDepreciationOfPropertyPlantAndEquipment" id="ts_SellingGeneralAndAdministrativeExpensesDepreciationOfPropertyPlantAndEquipment" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="SellingGeneralAndAdministrativeExpensesDepreciationOfRightofuseAssets" id="ts_SellingGeneralAndAdministrativeExpensesDepreciationOfRightofuseAssets" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="SellingGeneralAndAdministrativeExpensesCommissionsFreightAndOtherSellingExpenses" id="ts_SellingGeneralAndAdministrativeExpensesCommissionsFreightAndOtherSellingExpenses" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="SellingGeneralAndAdministrativeExpensesProvisionsForContingencies" id="ts_SellingGeneralAndAdministrativeExpensesProvisionsForContingencies" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="SellingGeneralAndAdministrativeExpensesAllowancesForDoubtfulAccounts" id="ts_SellingGeneralAndAdministrativeExpensesAllowancesForDoubtfulAccounts" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="SellingGeneralAndAdministrativeExpensesTaxes" id="ts_SellingGeneralAndAdministrativeExpensesTaxes" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="SellingGeneralAndAdministrativeExpensesOther" id="ts_SellingGeneralAndAdministrativeExpensesOther" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="SellingGeneralAndAdministrativeExpensesIncludingDiscontinuedOperations" id="ts_SellingGeneralAndAdministrativeExpensesIncludingDiscontinuedOperations" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="SellingGeneralAndAdministrativeExpensesDiscontinuedOperations" id="ts_SellingGeneralAndAdministrativeExpensesDiscontinuedOperations" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="EmployeeBenefitsExpenseIncludingDiscontinuedOperations" id="ts_EmployeeBenefitsExpenseIncludingDiscontinuedOperations" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="EmployeeBenefitsExpenseDiscontinuedOperations" id="ts_EmployeeBenefitsExpenseDiscontinuedOperations" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="OtherGeographicalAreasMember" id="ts_OtherGeographicalAreasMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="OtherOperatingIncomeAbstract" id="ts_OtherOperatingIncomeAbstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="OtherOperatingIncomeNetIncomeFromOtherSales" id="ts_OtherOperatingIncomeNetIncomeFromOtherSales" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="OtherOperatingIncomeRecoveryOnAllowanceForDoubtfulAccounts" id="ts_OtherOperatingIncomeRecoveryOnAllowanceForDoubtfulAccounts" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="OtherOperatingExpensesAbstract" id="ts_OtherOperatingExpensesAbstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="OtherOperatingExpenseContributionsToWelfareProjectsAndNonprofitsOrganizations" id="ts_OtherOperatingExpenseContributionsToWelfareProjectsAndNonprofitsOrganizations" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="OtherOperatingExpensesAllowanceForDoubtfulReceivables" id="ts_OtherOperatingExpensesAllowanceForDoubtfulReceivables" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="OtherExpenseIncludingDiscontinuedOperations" id="ts_OtherExpenseIncludingDiscontinuedOperations" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="OtherOperatingExpenseDiscontinuedOperations" id="ts_OtherOperatingExpenseDiscontinuedOperations" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="NetFinancialIncomeOnChangesInFVOfFinancialAssetsAtFVTPL" id="ts_NetFinancialIncomeOnChangesInFVOfFinancialAssetsAtFVTPL" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="ForeignExchangeDerivativesContractsResults" id="ts_ForeignExchangeDerivativesContractsResults" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="OtherForeignExchangeResults" id="ts_OtherForeignExchangeResults" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="FinanceIncomeCostContinuingOperations" id="ts_FinanceIncomeCostContinuingOperations" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="FinanceIncomeCostDiscontinuedOperations" id="ts_FinanceIncomeCostDiscontinuedOperations" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="AfterTaxEffectOfExpenseNotDeductibleInDeterminingProfitLoss" id="ts_AfterTaxEffectOfExpenseNotDeductibleInDeterminingProfitLoss" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="ChargeRelatedToWithholdingTaxesForIntraGroupInternationalOperations" id="ts_ChargeRelatedToWithholdingTaxesForIntraGroupInternationalOperations" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="IncomeTaxesAccrued" id="ts_IncomeTaxesAccrued" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="TaxExpenseRelatingToProfitLossFromOrdinaryActivitiesAndDiscontinuanceOfDiscontinuedOperations" id="ts_TaxExpenseRelatingToProfitLossFromOrdinaryActivitiesAndDiscontinuanceOfDiscontinuedOperations" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="TaxEffectOfRevenuesExemptFromTaxationAndExpenseNotDeductibleInDeterminingTaxableProfitTaxLoss" id="ts_TaxEffectOfRevenuesExemptFromTaxationAndExpenseNotDeductibleInDeterminingTaxableProfitTaxLoss" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="DividendsPayableAmountPerShareIncludingInterimDividend" id="ts_DividendsPayableAmountPerShareIncludingInterimDividend" type="num:perShareItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xsd:element name="LandAndCivilBuildingsMember" id="ts_LandAndCivilBuildingsMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="IndustrialBuildingsPlantAndProductionEquipmentMember" id="ts_IndustrialBuildingsPlantAndProductionEquipmentMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="VehiclesFurnitureAndFixturesMember" id="ts_VehiclesFurnitureAndFixturesMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="SparePartsAndEquipmentMember" id="ts_SparePartsAndEquipmentMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="LicensesPatentsAndTrademarksMember" id="ts_LicensesPatentsAndTrademarksMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="TamsaHydrilAndOtherMember" id="ts_TamsaHydrilAndOtherMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="SidercaHydrilAndOtherMember" id="ts_SidercaHydrilAndOtherMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="HydrilMember" id="ts_HydrilMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="CoiledTubingMember" id="ts_CoiledTubingMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="OtherCguMember" id="ts_OtherCguMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="RemainingLeasePaymentsToBeMadePercentage" id="ts_RemainingLeasePaymentsToBeMadePercentage" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xsd:element name="RightofuseAssetsCost" id="ts_RightofuseAssetsCost" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="RightofuseAssetsAccumulatedDepreciation" id="ts_RightofuseAssetsAccumulatedDepreciation" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="LeaseLiabilitiesIncreaseDueToBusinessCombinations" id="ts_LeaseLiabilitiesIncreaseDueToBusinessCombinations" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="LeaseLiabilitiesTranslationDifferences" id="ts_LeaseLiabilitiesTranslationDifferences" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="LeaseLiabilitiesAdditions" id="ts_LeaseLiabilitiesAdditions" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="LeaseLiabilitiesCancellations" id="ts_LeaseLiabilitiesCancellations" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="LeaseLiabilitiesRepayments" id="ts_LeaseLiabilitiesRepayments" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="LeaseLiabilitiesInterestAccrued" id="ts_LeaseLiabilitiesInterestAccrued" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="ClosingPricePerShare" id="ts_ClosingPricePerShare" type="num:perShareItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xsd:element name="TransportationCapacityAgreementPurchasingCapacityOfNaturalGasPerDay" id="ts_TransportationCapacityAgreementPurchasingCapacityOfNaturalGasPerDay" type="xbrli:pureItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xsd:element name="ProvisionForExposureToTransportationCapacityAgreements" id="ts_ProvisionForExposureToTransportationCapacityAgreements" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="ProvisionForExposureToPurchaseAndOtherServiceAgreements" id="ts_ProvisionForExposureToPurchaseAndOtherServiceAgreements" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="ProvisionForExposureToThePurchaseOfCleanEnergyCertificates" id="ts_ProvisionForExposureToThePurchaseOfCleanEnergyCertificates" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="ProceedsFromRepaymentsOfLoansReceivableFromRelatedParties" id="ts_ProceedsFromRepaymentsOfLoansReceivableFromRelatedParties" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="ProportionOfCorporateGuaranteeCoveringObligations" id="ts_ProportionOfCorporateGuaranteeCoveringObligations" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xsd:element name="DebtServiceCoverageRatioCoveredPercent" id="ts_DebtServiceCoverageRatioCoveredPercent" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xsd:element name="LettersOfCreditCovered" id="ts_LettersOfCreditCovered" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="IncomeLossFromEquityMethodInvestmentsInNonconsolidatedCompanies" id="ts_IncomeLossFromEquityMethodInvestmentsInNonconsolidatedCompanies" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="InvestmentsInSubsidiariesJointVenturesAndAssociatesIncreaseDueToBusinessCombinations" id="ts_InvestmentsInSubsidiariesJointVenturesAndAssociatesIncreaseDueToBusinessCombinations" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="DividendsDeclaredByNonconsolidatedCompanies" id="ts_DividendsDeclaredByNonconsolidatedCompanies" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="InvestmentsInSubsidiariesJointVenturesAndAssociatesAdditions" id="ts_InvestmentsInSubsidiariesJointVenturesAndAssociatesAdditions" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethodIncludingDividendsDeclaredNetOfTax" id="ts_ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethodIncludingDividendsDeclaredNetOfTax" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="OtherMember" id="ts_OtherMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="NoncurrentReceivablesEmployeeAdvancesAndLoans" id="ts_NoncurrentReceivablesEmployeeAdvancesAndLoans" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="NoncurrentReceivablesAdvancesToSuppliersAndOtherAdvances" id="ts_NoncurrentReceivablesAdvancesToSuppliersAndOtherAdvances" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="InventoriesGross" id="ts_InventoriesGross" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="InventoriesAllowanceForObsolescence" id="ts_InventoriesAllowanceForObsolescence" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="CurrentPrepaidTaxes" id="ts_CurrentPrepaidTaxes" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="CurrentIncomeTaxLiabilities" id="ts_CurrentIncomeTaxLiabilities" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="CurrentOtherTaxLiabilities" id="ts_CurrentOtherTaxLiabilities" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="CurrentTradeReceivablesCurrentAccounts" id="ts_CurrentTradeReceivablesCurrentAccounts" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="CurrentTradeReceivablesGross" id="ts_CurrentTradeReceivablesGross" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="CurrentTradeReceivablesAllowanceForDoubtfulAccounts" id="ts_CurrentTradeReceivablesAllowanceForDoubtfulAccounts" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="CurrentTradeReceivablesNotDueMember" id="ts_CurrentTradeReceivablesNotDueMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="CurrentTradeReceivablesPastDueLessThan180DaysMember" id="ts_CurrentTradeReceivablesPastDueLessThan180DaysMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="CurrentTradeReceivablesPastDueGreaterThan180DaysMember" id="ts_CurrentTradeReceivablesPastDueGreaterThan180DaysMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="CurrentTradeReceivablesGuaranteed" id="ts_CurrentTradeReceivablesGuaranteed" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="CurrentTradeReceivablesNotGuaranteed" id="ts_CurrentTradeReceivablesNotGuaranteed" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="CurrentTradeReceivablesExpectedLossRate" id="ts_CurrentTradeReceivablesExpectedLossRate" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xsd:element name="AllowanceForDoubfulAccountsNetOfNominativeAllowances" id="ts_AllowanceForDoubfulAccountsNetOfNominativeAllowances" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="CurrentTradeReceivablesNominativeAllowancesForDoubtfulAccounts" id="ts_CurrentTradeReceivablesNominativeAllowancesForDoubtfulAccounts" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="OtherInvestmentsCurrentAbstract" id="ts_OtherInvestmentsCurrentAbstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="OtherInvestmentsNoncurrentAbstract" id="ts_OtherInvestmentsNoncurrentAbstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="BankBorrowingsMember" id="ts_BankBorrowingsMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="BankOverdrafts1Member" id="ts_BankOverdrafts1Member" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="FinanceLeaseLiabilitiesMember" id="ts_FinanceLeaseLiabilitiesMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="NoncurrentBorrowingsBeforeCostsOfIssueOfDebt" id="ts_NoncurrentBorrowingsBeforeCostsOfIssueOfDebt" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="NoncurrentCostsOfIssueOfDebt" id="ts_NoncurrentCostsOfIssueOfDebt" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="CurrentBorrowingsBeforeCostsOfIssueOfDebt" id="ts_CurrentBorrowingsBeforeCostsOfIssueOfDebt" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="CurrentCostsOfIssueOfDebt" id="ts_CurrentCostsOfIssueOfDebt" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="OtherBorrowingsMember" id="ts_OtherBorrowingsMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="BorrowingsIncludingInterestToBeAccrued" id="ts_BorrowingsIncludingInterestToBeAccrued" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="SignificantBorrowingsAsOfClosingDateMember" id="ts_SignificantBorrowingsAsOfClosingDateMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="SidercaSaicAndSubsidiariesMember" id="ts_SidercaSaicAndSubsidiariesMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="OtherCurrencyMember" id="ts_OtherCurrencyMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="EffectOfTranslationDifferencesOnLongtermBorrowings" id="ts_EffectOfTranslationDifferencesOnLongtermBorrowings" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="EffectOfTranslationDifferencesOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings" id="ts_EffectOfTranslationDifferencesOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="EffectOfNetProceedsAndRepaymentsOnLongtermBorrowings" id="ts_EffectOfNetProceedsAndRepaymentsOnLongtermBorrowings" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="EffectOfNetProceedsAndRepaymentsOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings" id="ts_EffectOfNetProceedsAndRepaymentsOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="EffectOfInterestsAccruedNetOfPaymentsOnLongtermBorrowings" id="ts_EffectOfInterestsAccruedNetOfPaymentsOnLongtermBorrowings" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="EffectOfInterestsAccruedNetOfPaymentsOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings" id="ts_EffectOfInterestsAccruedNetOfPaymentsOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="EffectOfReclassificationsOnLongtermBorrowings" id="ts_EffectOfReclassificationsOnLongtermBorrowings" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="EffectOfReclassificationsOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings" id="ts_EffectOfReclassificationsOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="EffectOfBusinessCombinationsOnLongtermBorrowings" id="ts_EffectOfBusinessCombinationsOnLongtermBorrowings" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="EffectOfBusinessCombinationsOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings" id="ts_EffectOfBusinessCombinationsOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="EffectOfOverdraftsVariationOnLongtermBorrowings" id="ts_EffectOfOverdraftsVariationOnLongtermBorrowings" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="EffectOfOverdraftsVariationOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings" id="ts_EffectOfOverdraftsVariationOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="DeferredTaxAssetsRelatedToTaxableLossesOfSubsidiaries" id="ts_DeferredTaxAssetsRelatedToTaxableLossesOfSubsidiaries" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="RecognizedTaxLossesExpiringWithinOneYearPercentage" id="ts_RecognizedTaxLossesExpiringWithinOneYearPercentage" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xsd:element name="RecognizedTaxLossesExpiringInTwoToFiveYearsPercentage" id="ts_RecognizedTaxLossesExpiringInTwoToFiveYearsPercentage" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xsd:element name="RecognizedTaxLossesExpiringInMoreThanFiveYearsPercentage" id="ts_RecognizedTaxLossesExpiringInMoreThanFiveYearsPercentage" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xsd:element name="UnusedTaxLossesForWhichNoDeferredTaxAssetRecognisedPercentExpiringInLessThanOneYear" id="ts_UnusedTaxLossesForWhichNoDeferredTaxAssetRecognisedPercentExpiringInLessThanOneYear" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xsd:element name="UnusedTaxLossesForWhichNoDeferredTaxAssetRecognisedPercentExpiringBetweenTwoAndFiveYears" id="ts_UnusedTaxLossesForWhichNoDeferredTaxAssetRecognisedPercentExpiringBetweenTwoAndFiveYears" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xsd:element name="UnusedTaxLossesForWhichNoDeferredTaxAssetRecognisedPercentExpiringInMoreThanFiveYears" id="ts_UnusedTaxLossesForWhichNoDeferredTaxAssetRecognisedPercentExpiringInMoreThanFiveYears" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xsd:element name="DeferredTaxLiabilitiesFixedAssetsMember" id="ts_DeferredTaxLiabilitiesFixedAssetsMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="DeferredTaxLiabilitiesInventoryMember" id="ts_DeferredTaxLiabilitiesInventoryMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="DeferredTaxLiabilitiesIntangibleAndOtherAssetsMember" id="ts_DeferredTaxLiabilitiesIntangibleAndOtherAssetsMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="DeferredTabLiabilitiesMember" id="ts_DeferredTabLiabilitiesMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="DeferredTaxAssetsProvisionsAndAllowancesMember" id="ts_DeferredTaxAssetsProvisionsAndAllowancesMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="DeferredTaxAssetsInventoryMember" id="ts_DeferredTaxAssetsInventoryMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="DeferredTaxAssetsTaxLossMember" id="ts_DeferredTaxAssetsTaxLossMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="DeferredTaxAssetsOtherMember" id="ts_DeferredTaxAssetsOtherMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="DeferredTaxAssetsMember" id="ts_DeferredTaxAssetsMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="DeferredTaxLiabilityIncreaseDecreaseDueToAdoptionOfNewAccountingStandards" id="ts_DeferredTaxLiabilityIncreaseDecreaseDueToAdoptionOfNewAccountingStandards" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="DeferredTaxAssetIncreaseDecreaseDueToAdoptionOfNewAccountingStandards" id="ts_DeferredTaxAssetIncreaseDecreaseDueToAdoptionOfNewAccountingStandards" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="OverfundedPlan" id="ts_OverfundedPlan" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="NoncurrentPostemploymentBenefits" id="ts_NoncurrentPostemploymentBenefits" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="OtherNoncurrentBenefits" id="ts_OtherNoncurrentBenefits" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="OtherNoncurrentMiscellaneousLiabilities" id="ts_OtherNoncurrentMiscellaneousLiabilities" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="FairValueOfFundedPostemploymentBenefitsMember" id="ts_FairValueOfFundedPostemploymentBenefitsMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="EquityInstrumentsPercentContributedToFairValueOfPlanAssets" id="ts_EquityInstrumentsPercentContributedToFairValueOfPlanAssets" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xsd:element name="DebtInstrumentsPercentContributedToFairValueOfPlanAssets" id="ts_DebtInstrumentsPercentContributedToFairValueOfPlanAssets" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xsd:element name="OtherAssetsPercentContributedToFairValueOfPlanAssets" id="ts_OtherAssetsPercentContributedToFairValueOfPlanAssets" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xsd:element name="CurrentEmployeeRelatedLiabilities" id="ts_CurrentEmployeeRelatedLiabilities" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="OtherCurrentMiscellaneousLiabilities" id="ts_OtherCurrentMiscellaneousLiabilities" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="NoncurrentAllowanceForReceivablesMember" id="ts_NoncurrentAllowanceForReceivablesMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="ProvisionForNoncurrentLiabilitiesMember" id="ts_ProvisionForNoncurrentLiabilitiesMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="AllowanceForOtherDoubtfulAccountsOtherReceivablesMember" id="ts_AllowanceForOtherDoubtfulAccountsOtherReceivablesMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="AllowanceForInventoryObsolescenceMember" id="ts_AllowanceForInventoryObsolescenceMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="IncreaseDecreaseThroughReversalsAndAdditionalAllowances" id="ts_IncreaseDecreaseThroughReversalsAndAdditionalAllowances" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="IncreaseDecreaseDueToEffectOfAdoptionOfNewAccountingStandardsOtherProvisions" id="ts_IncreaseDecreaseDueToEffectOfAdoptionOfNewAccountingStandardsOtherProvisions" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="IncreaseDecreaseAdditionalAllowancesOtherProvisions" id="ts_IncreaseDecreaseAdditionalAllowancesOtherProvisions" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="SalesRisksMember" id="ts_SalesRisksMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="ProvisionsForCurrentLiabilitiesMember" id="ts_ProvisionsForCurrentLiabilitiesMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="AdditionalProvisionsOtherProvisionsReversals" id="ts_AdditionalProvisionsOtherProvisionsReversals" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="DerivativesHedgingBorrowingsAndInvestmentsMember" id="ts_DerivativesHedgingBorrowingsAndInvestmentsMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="OtherDerivativesMember" id="ts_OtherDerivativesMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="DerivativeFinancialAssetsLiabilities" id="ts_DerivativeFinancialAssetsLiabilities" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="ForeignExchangeContractPurchaseCurrencyMxnSellCurrencyUsdMember" id="ts_ForeignExchangeContractPurchaseCurrencyMxnSellCurrencyUsdMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyMxnMember" id="ts_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyMxnMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="ForeignExchangeContractPurchaseCurrencyArsSellCurrencyUsdMember" id="ts_ForeignExchangeContractPurchaseCurrencyArsSellCurrencyUsdMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="ForeignExchangeContractPurchaseCurrencyEurSellCurrencyUsdMember" id="ts_ForeignExchangeContractPurchaseCurrencyEurSellCurrencyUsdMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyEurMember" id="ts_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyEurMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyKwdMember" id="ts_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyKwdMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="ForeignExchangeContractPurchaseCurrencyJpySellCurrencyUsdMember" id="ts_ForeignExchangeContractPurchaseCurrencyJpySellCurrencyUsdMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyArsMember" id="ts_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyArsMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyBrlMember" id="ts_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyBrlMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyGpbMember" id="ts_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyGpbMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="ForeignExchangeContractOtherMember" id="ts_ForeignExchangeContractOtherMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="TagalongTenderOfferToNoncontrollingInterestsPercentage" id="ts_TagalongTenderOfferToNoncontrollingInterestsPercentage" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xsd:element name="TagalongTenderOfferToNoncontrollingInterests" id="ts_TagalongTenderOfferToNoncontrollingInterests" type="num:perShareItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="TagalongTenderOfferToNoncontrollingInterestsShares" id="ts_TagalongTenderOfferToNoncontrollingInterestsShares" type="xbrli:sharesItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="TagalongTenderOfferToNoncontrollingInterestsContingentLiability" id="ts_TagalongTenderOfferToNoncontrollingInterestsContingentLiability" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xsd:element name="PaymentsForSettlement" id="ts_PaymentsForSettlement" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="SettlementAmountOrderedToPay" id="ts_SettlementAmountOrderedToPay" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="SettlementAmountOrderedToPayInsuranceDeductible" id="ts_SettlementAmountOrderedToPayInsuranceDeductible" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="SettlementAmountOrderedToPayDamages" id="ts_SettlementAmountOrderedToPayDamages" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="FineImposedPercentageOfAllegedlyUndueCredits" id="ts_FineImposedPercentageOfAllegedlyUndueCredits" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xsd:element name="TermOfSupplyContract" id="ts_TermOfSupplyContract" type="xbrli:durationItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="PurchaseCommitments" id="ts_PurchaseCommitments" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="PercentOfAnnualIronOreNeedsSupplied" id="ts_PercentOfAnnualIronOreNeedsSupplied" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xsd:element name="MaximumNumberOfTonsOfPelletsSuppliedAnnually" id="ts_MaximumNumberOfTonsOfPelletsSuppliedAnnually" type="num:massItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xsd:element name="PerformanceGuaranteesIssued" id="ts_PerformanceGuaranteesIssued" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="ManufacturingCapacitySteelPipes" id="ts_ManufacturingCapacitySteelPipes" type="num:massItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xsd:element name="TotalAssetsAndLiabilitiesAcquired" id="ts_TotalAssetsAndLiabilitiesAcquired" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="InvestmentsRecognisedAsOfAcquisitionDate" id="ts_InvestmentsRecognisedAsOfAcquisitionDate" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="WorkingCapitalRecognisedAsOfAcquisitionDate" id="ts_WorkingCapitalRecognisedAsOfAcquisitionDate" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="OtherReceivablesRecognisedAsOfAcquisitionDate" id="ts_OtherReceivablesRecognisedAsOfAcquisitionDate" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="EmployeeServiceBenefitsRecognisedAsOfAcquisitionDate" id="ts_EmployeeServiceBenefitsRecognisedAsOfAcquisitionDate" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="AdjustmentsForIncreaseDecreaseInReceivablesAndPrepaymentsAndCurrentTaxAssets" id="ts_AdjustmentsForIncreaseDecreaseInReceivablesAndPrepaymentsAndCurrentTaxAssets" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="IncomeTaxAccrualsLessPaymentsAbstract" id="ts_IncomeTaxAccrualsLessPaymentsAbstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="IncomeTaxesAccruedIncludingPortionOfSaleOfDiscontinuedOperations" id="ts_IncomeTaxesAccruedIncludingPortionOfSaleOfDiscontinuedOperations" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="InterestAccrualsLessPaymentsNetAbstract" id="ts_InterestAccrualsLessPaymentsNetAbstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="GrossProceedsFromDisposalOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperations" id="ts_GrossProceedsFromDisposalOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperations" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="TransactionAndOtherCostsRelatedToDisposalsOfDiscontinuedOperations" id="ts_TransactionAndOtherCostsRelatedToDisposalsOfDiscontinuedOperations" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="NetAssetsSoldInDisposalCarryingAmount" id="ts_NetAssetsSoldInDisposalCarryingAmount" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="GrossGainLossRecognisedOnMeasurementToFairValueLessCostsToSellOrOnDisposalOfAssetsOrDisposalGroupsConstitutingDiscontinuedOperation" id="ts_GrossGainLossRecognisedOnMeasurementToFairValueLessCostsToSellOrOnDisposalOfAssetsOrDisposalGroupsConstitutingDiscontinuedOperation" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="UnitsIssuedRelatedPartyTransactions" id="ts_UnitsIssuedRelatedPartyTransactions" type="xbrli:sharesItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="RevenueRelatedPartyTransactions" id="ts_RevenueRelatedPartyTransactions" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="PurchasesOfGoodsAndServicesRelatedPartyTransactions" id="ts_PurchasesOfGoodsAndServicesRelatedPartyTransactions" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="AmountsReceivablePayableRelatedPartyTransactions" id="ts_AmountsReceivablePayableRelatedPartyTransactions" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="FinanceLeaseLiabilitiesFromNonconsolidatedParties" id="ts_FinanceLeaseLiabilitiesFromNonconsolidatedParties" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="FinancialDebtRelatedParties" id="ts_FinancialDebtRelatedParties" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="AuditorsRemunerationForAuditrelatedFees" id="ts_AuditorsRemunerationForAuditrelatedFees" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="Colombia1Member" id="ts_Colombia1Member" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="AlgomaTubesIncMember" id="ts_AlgomaTubesIncMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="KazakhstanPipeThreadersLimitedMember" id="ts_KazakhstanPipeThreadersLimitedMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="MaverickTubeCorporationAndSubsidiariesMember" id="ts_MaverickTubeCorporationAndSubsidiariesMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="PtSeamlessPipeIndonesiaJayaMember" id="ts_PtSeamlessPipeIndonesiaJayaMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="PrudentialSteelLtdMember" id="ts_PrudentialSteelLtdMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="ScSilcotubSaMember" id="ts_ScSilcotubSaMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="SiatSociedadAnonimaMember" id="ts_SiatSociedadAnonimaMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="TaltatradingEMarketingSociedadeUnipessoalLdaMember" id="ts_TaltatradingEMarketingSociedadeUnipessoalLdaMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="TenarisBayCityIncMember" id="ts_TenarisBayCityIncMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="TenarisConnectionsBvMember" id="ts_TenarisConnectionsBvMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="TenarisFinancialServicesSaMember" id="ts_TenarisFinancialServicesSaMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="TenarisGlobalServicesCanadaIncMember" id="ts_TenarisGlobalServicesCanadaIncMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="TenarisGlobalServicesUsaCorporationMember" id="ts_TenarisGlobalServicesUsaCorporationMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="TenarisGlobalServicesUkLtdMember" id="ts_TenarisGlobalServicesUkLtdMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="TenarisGlobalServicesSaAndSubsidiariesMember" id="ts_TenarisGlobalServicesSaAndSubsidiariesMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="TenarisInvestmentsNLBVMember" id="ts_TenarisInvestmentsNLBVMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="TenarisInvestmentsSrlMember" id="ts_TenarisInvestmentsSrlMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="TenarisInvestmentsSwitzerlandAgAndSubsidiariesMember" id="ts_TenarisInvestmentsSwitzerlandAgAndSubsidiariesMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="TenarisTubocaribeLtdaMember" id="ts_TenarisTubocaribeLtdaMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="TubosDeAceroDeMexicoSaMember" id="ts_TubosDeAceroDeMexicoSaMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="NationalizationOfSubsidiariesCompensationAwardNotIncludingPreawardInterest" id="ts_NationalizationOfSubsidiariesCompensationAwardNotIncludingPreawardInterest" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="NationalizationOfSubsidiariesPreawardInterest" id="ts_NationalizationOfSubsidiariesPreawardInterest" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="NationalizationOfSubsidiariesCompensationAwardIncludingPreawardInterest" id="ts_NationalizationOfSubsidiariesCompensationAwardIncludingPreawardInterest" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="NationalizationOfSubsidiariesPostawardInterestRate" id="ts_NationalizationOfSubsidiariesPostawardInterestRate" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xsd:element name="NationalizationOfSubsidiariesCompensationAwardPostawardInterest" id="ts_NationalizationOfSubsidiariesCompensationAwardPostawardInterest" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="NationalizationOfSubsidiariesReimbursementOfLegalFees" id="ts_NationalizationOfSubsidiariesReimbursementOfLegalFees" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="NationalizationOfSubsidiariesBasisSpreadOnVariableRate" id="ts_NationalizationOfSubsidiariesBasisSpreadOnVariableRate" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xsd:element name="MasterDistributionAgreementTerm" id="ts_MasterDistributionAgreementTerm" type="xbrli:durationItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="MasterDistributionAgreementTermAvailableExtension" id="ts_MasterDistributionAgreementTermAvailableExtension" type="xbrli:durationItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="EstimatedAnnualSavingsFromTheReductionOfFixedCosts" id="ts_EstimatedAnnualSavingsFromTheReductionOfFixedCosts" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="ReductionOfCapitalExpendituresAndResearchAndDevelopmentExpenses" id="ts_ReductionOfCapitalExpendituresAndResearchAndDevelopmentExpenses" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="OtherAssetsRecognisedAsOfAcquisitionDate" id="ts_OtherAssetsRecognisedAsOfAcquisitionDate" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="ProvisionsRecognisedAsOfAcquisitionDate" id="ts_ProvisionsRecognisedAsOfAcquisitionDate" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="OtherLiabilitiesRecognisedAsOfAcquisitionDate" id="ts_OtherLiabilitiesRecognisedAsOfAcquisitionDate" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="BasicAndDilutedEarningsLossPerAmericanDepositaryShareFromContinuingOperations" id="ts_BasicAndDilutedEarningsLossPerAmericanDepositaryShareFromContinuingOperations" type="num:perShareItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="CorporateGuaranteeCoveringObligations" id="ts_CorporateGuaranteeCoveringObligations" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="OtherInvestmentsCurrentFixedIncome" id="ts_OtherInvestmentsCurrentFixedIncome" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="OtherInvestmentsCurrentBondsAndOtherFixedIncome" id="ts_OtherInvestmentsCurrentBondsAndOtherFixedIncome" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="OtherInvestmentsNoncurrentBondsAndOtherFixedIncome" id="ts_OtherInvestmentsNoncurrentBondsAndOtherFixedIncome" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="OtherInvestmentsNoncurrentOthers" id="ts_OtherInvestmentsNoncurrentOthers" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="CurrentReceivablesAndPrepaymentsPrepaidExpensesAndOtherReceivables" id="ts_CurrentReceivablesAndPrepaymentsPrepaidExpensesAndOtherReceivables" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="CurrentReceivablesAndPrepaymentsGovernmentEntities" id="ts_CurrentReceivablesAndPrepaymentsGovernmentEntities" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="CurrentReceivablesAndPrepaymentsEmployeeAdvancesAndLoans" id="ts_CurrentReceivablesAndPrepaymentsEmployeeAdvancesAndLoans" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="CurrentReceivablesAndPrepaymentsAdvancesToSuppliersAndOtherAdvances" id="ts_CurrentReceivablesAndPrepaymentsAdvancesToSuppliersAndOtherAdvances" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="CurrentReceivablesAndPrepaymentsReceivablesFromRelatedParties" id="ts_CurrentReceivablesAndPrepaymentsReceivablesFromRelatedParties" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="CurrentReceivablesAndPrepaymentsGross" id="ts_CurrentReceivablesAndPrepaymentsGross" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="CurrentAllowanceForOtherDoubtfulAccounts" id="ts_CurrentAllowanceForOtherDoubtfulAccounts" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="NoncurrentReceivablesFromInterestInVenezuelanCompanies" id="ts_NoncurrentReceivablesFromInterestInVenezuelanCompanies" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="ClosingPricePerAmericanDepositarySecurity" id="ts_ClosingPricePerAmericanDepositarySecurity" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="AcquisitionsThroughBusinessCombinationsRightOfUseAssets" id="ts_AcquisitionsThroughBusinessCombinationsRightOfUseAssets" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="IncreaseDecreaseThroughNetExchangeDifferencesRightOfUseAssets" id="ts_IncreaseDecreaseThroughNetExchangeDifferencesRightOfUseAssets" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="DisposalsConsumptionsRightOfUseAssets" id="ts_DisposalsConsumptionsRightOfUseAssets" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="IncreaseDecreaseThroughTransfersReclassificationsAndOtherChangesRightOfUseAssets" id="ts_IncreaseDecreaseThroughTransfersReclassificationsAndOtherChangesRightOfUseAssets" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="DividendsPayableAmountPerAmericanDepositarySecurity" id="ts_DividendsPayableAmountPerAmericanDepositarySecurity" type="num:perShareItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xsd:element name="DividendsPayableAmountPerAmericanDepositarySecurityIncludingInterimDividend" id="ts_DividendsPayableAmountPerAmericanDepositarySecurityIncludingInterimDividend" type="num:perShareItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xsd:element name="DividendsPaidPerAmericanDepositarySecurity" id="ts_DividendsPaidPerAmericanDepositarySecurity" type="num:perShareItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xsd:element name="IpscoTubularsIncMember" id="ts_IpscoTubularsIncMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="UsSovereignBillsMember" id="ts_UsSovereignBillsMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="NonUsSovereignBillsMember" id="ts_NonUsSovereignBillsMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="GlobalPipeCompanyMember" id="ts_GlobalPipeCompanyMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="GainsLossesArisingFromCurtailmentsAndSettlementsNetDefinedBenefitLiabilityAsset" id="ts_GainsLossesArisingFromCurtailmentsAndSettlementsNetDefinedBenefitLiabilityAsset" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="SteelPipePremiumConnectionThreadingPlantInBaotouMember" id="ts_SteelPipePremiumConnectionThreadingPlantInBaotouMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="InnerMongoliaBaotouSteelUnionCompanyLtdMember" id="ts_InnerMongoliaBaotouSteelUnionCompanyLtdMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="ManufacturingPlantEstimatedConstructionPeriod" id="ts_ManufacturingPlantEstimatedConstructionPeriod" type="xbrli:durationItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="NationalizationOfSubsidiariesCompensationAwardIncludingPrincipalAndPostAwardInterest" id="ts_NationalizationOfSubsidiariesCompensationAwardIncludingPrincipalAndPostAwardInterest" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnerPerAmericanDepositarySecurity" id="ts_DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnerPerAmericanDepositarySecurity" type="num:perShareItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="DividendsPayableAmountPerShares" id="ts_DividendsPayableAmountPerShares" type="num:perShareItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xsd:element name="AnnualDividendPayable" id="ts_AnnualDividendPayable" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="AnnualDividendProposalMember" id="ts_AnnualDividendProposalMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyCadMember" id="ts_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyCadMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyCopMember" id="ts_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyCopMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyCnyMember" id="ts_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyCnyMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="TermOneMember" id="ts_TermOneMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="TermTwoMember" id="ts_TermTwoMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="FinanceLeaseLiabilitiesFromOtherRelatedNonconsolidatedParties" id="ts_FinanceLeaseLiabilitiesFromOtherRelatedNonconsolidatedParties" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="TenarisBaogangBaotouSteelPipesLtdMember" id="ts_TenarisBaogangBaotouSteelPipesLtdMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="TenarisInvestmentsNLBVAndSubsidiariesMember" id="ts_TenarisInvestmentsNLBVAndSubsidiariesMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="IPSCOTUBULARSINCAndSubsidiariesMember" id="ts_IPSCOTUBULARSINCAndSubsidiariesMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="DisclosureOfForeignExchangeControlMeasuresInForiegnCountriesTextBlock" id="ts_DisclosureOfForeignExchangeControlMeasuresInForiegnCountriesTextBlock" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="PrudentialSteelLimitedMember" id="ts_PrudentialSteelLimitedMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="DisclosureOfCancellationOfTitleDeedInAffiliatesAbstract" id="ts_DisclosureOfCancellationOfTitleDeedInAffiliatesAbstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="IsclosureOfCancellationOfTitleDeedInAffiliatesTextBlock" id="ts_IsclosureOfCancellationOfTitleDeedInAffiliatesTextBlock" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="NumberOfBoardMembersCanBeAppointedThroughShareholdersAgreement" id="ts_NumberOfBoardMembersCanBeAppointedThroughShareholdersAgreement" type="xbrli:decimalItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xsd:element name="NumberOfBoardMembers" id="ts_NumberOfBoardMembers" type="xbrli:decimalItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xsd:element name="AdditionalDepreciationExpenses" id="ts_AdditionalDepreciationExpenses" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="AdditionalAmortizationExpenses" id="ts_AdditionalAmortizationExpenses" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="ProfitLossBeforeImpairmentLossReversalOfImpairmentLossRecognisedAndIncomeTax" id="ts_ProfitLossBeforeImpairmentLossReversalOfImpairmentLossRecognisedAndIncomeTax" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="PercentageOfEntitysNetEquity" id="ts_PercentageOfEntitysNetEquity" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="AdditionalInvestmentWillBeMade" id="ts_AdditionalInvestmentWillBeMade" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="RodsUSAMember" id="ts_RodsUSAMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="GrowthRatesUsedInCurrentEstimateOfValueInUse" id="ts_GrowthRatesUsedInCurrentEstimateOfValueInUse" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="PercentageOfReasonablyPossibleIncreaseDecreaseInKeyAssumptionResultingAdditionalImpairment" id="ts_PercentageOfReasonablyPossibleIncreaseDecreaseInKeyAssumptionResultingAdditionalImpairment" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xsd:element name="AssetsBeforeImpairment" id="ts_AssetsBeforeImpairment" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="AssetsAfterImpairment" id="ts_AssetsAfterImpairment" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="AdditionalImpairmentDueToReasonablyPossibleIncreaseDecreaseInKeyAssumption" id="ts_AdditionalImpairmentDueToReasonablyPossibleIncreaseDecreaseInKeyAssumption" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="OtherAssetsAndLiabilitiesNetRecognisedAsOfAcquisitionDate" id="ts_OtherAssetsAndLiabilitiesNetRecognisedAsOfAcquisitionDate" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="ExtraordinaryAndUnusualItems1Abstract" id="ts_ExtraordinaryAndUnusualItems1Abstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="UnusualOrInfrequentItems1DisclosureTextBlock" id="ts_UnusualOrInfrequentItems1DisclosureTextBlock" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="UnusualOrInfrequentItem1Table" id="ts_UnusualOrInfrequentItem1Table" type="xbrli:stringItemType" substitutionGroup="xbrldt:hypercubeItem" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="UnusualOrInfrequentItem1Axis" id="ts_UnusualOrInfrequentItem1Axis" type="xbrli:stringItemType" substitutionGroup="xbrldt:dimensionItem" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="UnusualOrInfrequentItem1Member" id="ts_UnusualOrInfrequentItem1Member" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="UnusualOrInfrequentItem1LineItems" id="ts_UnusualOrInfrequentItem1LineItems" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="ProductLiabilityLitigationMember" id="ts_ProductLiabilityLitigationMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="AllegedOverpriceThatWillBeReducedAmount" id="ts_AllegedOverpriceThatWillBeReducedAmount" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="PurchaseCommitmentsPercentageToBeMade" id="ts_PurchaseCommitmentsPercentageToBeMade" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xsd:element name="PenaltiesImposed" id="ts_PenaltiesImposed" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="AreaOfLand1" id="ts_AreaOfLand1" type="xbrli:decimalItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xsd:element name="MaverickTubeCorporationAndSubsidiariesOneMember" id="ts_MaverickTubeCorporationAndSubsidiariesOneMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="MaverickTubeCorporationAndSubsidiariesTwoMember" id="ts_MaverickTubeCorporationAndSubsidiariesTwoMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="TamsaHydrilAndOtherOneMember" id="ts_TamsaHydrilAndOtherOneMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="TamsaHydrilAndOtherTwoMember" id="ts_TamsaHydrilAndOtherTwoMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="TamsaHydrilAndOtherThreeMember" id="ts_TamsaHydrilAndOtherThreeMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="CostOfSalesLaborCostSeveranceCharges" id="ts_CostOfSalesLaborCostSeveranceCharges" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="SellingGeneralAndAdministrativeExpensesLaborCostSeveranceCharges" id="ts_SellingGeneralAndAdministrativeExpensesLaborCostSeveranceCharges" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="EstimatedInvestmentsInJointVenturesForNextFiscalYear" id="ts_EstimatedInvestmentsInJointVenturesForNextFiscalYear" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="EstimatedManufacturingCapacitySteelPipesForNextFiscalYear" id="ts_EstimatedManufacturingCapacitySteelPipesForNextFiscalYear" type="num:massItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
</xsd:schema>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.CAL
<SEQUENCE>4
<FILENAME>ts-20201231_cal.xml
<DESCRIPTION>CALCULATION
<TEXT>
<XBRL>
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    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DisclosureOfGeographicalAreasTable" xlink:label="DisclosureOfGeographicalAreasTable" xlink:title="DisclosureOfGeographicalAreasTable" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfGeographicalAreasTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfGeographicalAreasTable" xml:lang="en-US" id="label_DisclosureOfGeographicalAreasTable">Disclosure of geographical areas [table]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfGeographicalAreasTable" xlink:to="label_DisclosureOfGeographicalAreasTable" xlink:title="Label : DisclosureOfGeographicalAreasTable to label_DisclosureOfGeographicalAreasTable" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DisclosureOfGeneralAndAdministrativeExpenseExplanatory" xlink:label="DisclosureOfGeneralAndAdministrativeExpenseExplanatory" xlink:title="DisclosureOfGeneralAndAdministrativeExpenseExplanatory" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfGeneralAndAdministrativeExpenseExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DisclosureOfGeneralAndAdministrativeExpenseExplanatory" xml:lang="en-US" id="label_DisclosureOfGeneralAndAdministrativeExpenseExplanatory">Note 3 - Selling, General and Administrative Expenses</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfGeneralAndAdministrativeExpenseExplanatory" xlink:to="label_DisclosureOfGeneralAndAdministrativeExpenseExplanatory" xlink:title="Label : DisclosureOfGeneralAndAdministrativeExpenseExplanatory to label_DisclosureOfGeneralAndAdministrativeExpenseExplanatory" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DisclosureOfFinanceIncomeExpenseExplanatory" xlink:label="DisclosureOfFinanceIncomeExpenseExplanatory" xlink:title="DisclosureOfFinanceIncomeExpenseExplanatory" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfFinanceIncomeExpenseExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfFinanceIncomeExpenseExplanatory" xml:lang="en-US" id="label_DisclosureOfFinanceIncomeExpenseExplanatory">Disclosure of finance income (cost) [text block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfFinanceIncomeExpenseExplanatory" xlink:to="label_DisclosureOfFinanceIncomeExpenseExplanatory" xlink:title="Label : DisclosureOfFinanceIncomeExpenseExplanatory to label_DisclosureOfFinanceIncomeExpenseExplanatory" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DisclosureOfIncomeTaxExplanatory" xlink:label="DisclosureOfIncomeTaxExplanatory" xlink:title="DisclosureOfIncomeTaxExplanatory" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfIncomeTaxExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DisclosureOfIncomeTaxExplanatory" xml:lang="en-US" id="label_DisclosureOfIncomeTaxExplanatory">Note 8 - Income Tax</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfIncomeTaxExplanatory" xlink:to="label_DisclosureOfIncomeTaxExplanatory" xlink:title="Label : DisclosureOfIncomeTaxExplanatory to label_DisclosureOfIncomeTaxExplanatory" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_CostOfSalesLaborCostSeveranceCharges" xlink:label="CostOfSalesLaborCostSeveranceCharges" xlink:title="CostOfSalesLaborCostSeveranceCharges" />
    <link:label xlink:type="resource" xlink:label="label_CostOfSalesLaborCostSeveranceCharges" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CostOfSalesLaborCostSeveranceCharges" xml:lang="en-US" id="label_CostOfSalesLaborCostSeveranceCharges">Cost of sales, labor cost severance charges</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CostOfSalesLaborCostSeveranceCharges" xlink:to="label_CostOfSalesLaborCostSeveranceCharges" xlink:title="Label : CostOfSalesLaborCostSeveranceCharges to label_CostOfSalesLaborCostSeveranceCharges" />
    <link:label xlink:type="resource" xlink:label="label_CostOfSalesLaborCostSeveranceCharges_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CostOfSalesLaborCostSeveranceCharges_1" xml:lang="en-US" id="label_CostOfSalesLaborCostSeveranceCharges_1">Amount of labor cost severance charges attributable to cost of sales.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CostOfSalesLaborCostSeveranceCharges" xlink:to="label_CostOfSalesLaborCostSeveranceCharges_1" xlink:title="Label : CostOfSalesLaborCostSeveranceCharges to label_CostOfSalesLaborCostSeveranceCharges_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_PaymentsForDividendsApproved" xlink:label="PaymentsForDividendsApproved" xlink:title="PaymentsForDividendsApproved" />
    <link:label xlink:type="resource" xlink:label="label_PaymentsForDividendsApproved" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_PaymentsForDividendsApproved" xml:lang="en-US" id="label_PaymentsForDividendsApproved">The amount of dividends approved by Board of Directors.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PaymentsForDividendsApproved" xlink:to="label_PaymentsForDividendsApproved" xlink:title="Label : PaymentsForDividendsApproved to label_PaymentsForDividendsApproved" />
    <link:label xlink:type="resource" xlink:label="label_PaymentsForDividendsApproved_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_PaymentsForDividendsApproved_1" xml:lang="en-US" id="label_PaymentsForDividendsApproved_1">Payments for dividends approved</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PaymentsForDividendsApproved" xlink:to="label_PaymentsForDividendsApproved_1" xlink:title="Label : PaymentsForDividendsApproved to label_PaymentsForDividendsApproved_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_EstimatedManufacturingCapacitySteelPipesForNextFiscalYear" xlink:label="EstimatedManufacturingCapacitySteelPipesForNextFiscalYear" xlink:title="EstimatedManufacturingCapacitySteelPipesForNextFiscalYear" />
    <link:label xlink:type="resource" xlink:label="label_EstimatedManufacturingCapacitySteelPipesForNextFiscalYear" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EstimatedManufacturingCapacitySteelPipesForNextFiscalYear" xml:lang="en-US" id="label_EstimatedManufacturingCapacitySteelPipesForNextFiscalYear">Estimated Manufacturing Capacity Steel Pipes for Next Fiscal Year</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EstimatedManufacturingCapacitySteelPipesForNextFiscalYear" xlink:to="label_EstimatedManufacturingCapacitySteelPipesForNextFiscalYear" xlink:title="Label : EstimatedManufacturingCapacitySteelPipesForNextFiscalYear to label_EstimatedManufacturingCapacitySteelPipesForNextFiscalYear" />
    <link:label xlink:type="resource" xlink:label="label_EstimatedManufacturingCapacitySteelPipesForNextFiscalYear_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_EstimatedManufacturingCapacitySteelPipesForNextFiscalYear_1" xml:lang="en-US" id="label_EstimatedManufacturingCapacitySteelPipesForNextFiscalYear_1">The number of steel pipe manufacturing capacity estimated in the next fiscal year.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EstimatedManufacturingCapacitySteelPipesForNextFiscalYear" xlink:to="label_EstimatedManufacturingCapacitySteelPipesForNextFiscalYear_1" xlink:title="Label : EstimatedManufacturingCapacitySteelPipesForNextFiscalYear to label_EstimatedManufacturingCapacitySteelPipesForNextFiscalYear_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_EstimatedInvestmentsInJointVenturesForNextFiscalYear" xlink:label="EstimatedInvestmentsInJointVenturesForNextFiscalYear" xlink:title="EstimatedInvestmentsInJointVenturesForNextFiscalYear" />
    <link:label xlink:type="resource" xlink:label="label_EstimatedInvestmentsInJointVenturesForNextFiscalYear" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EstimatedInvestmentsInJointVenturesForNextFiscalYear" xml:lang="en-US" id="label_EstimatedInvestmentsInJointVenturesForNextFiscalYear">Estimated Investments in Joint Ventures for Next Fiscal Year</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EstimatedInvestmentsInJointVenturesForNextFiscalYear" xlink:to="label_EstimatedInvestmentsInJointVenturesForNextFiscalYear" xlink:title="Label : EstimatedInvestmentsInJointVenturesForNextFiscalYear to label_EstimatedInvestmentsInJointVenturesForNextFiscalYear" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_DisclosureOfCancellationOfTitleDeedInAffiliatesAbstract" xlink:label="DisclosureOfCancellationOfTitleDeedInAffiliatesAbstract" xlink:title="DisclosureOfCancellationOfTitleDeedInAffiliatesAbstract" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfCancellationOfTitleDeedInAffiliatesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfCancellationOfTitleDeedInAffiliatesAbstract" xml:lang="en-US" id="label_DisclosureOfCancellationOfTitleDeedInAffiliatesAbstract">Disclosure of Cancellation of title Deed in Affiliates [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfCancellationOfTitleDeedInAffiliatesAbstract" xlink:to="label_DisclosureOfCancellationOfTitleDeedInAffiliatesAbstract" xlink:title="Label : DisclosureOfCancellationOfTitleDeedInAffiliatesAbstract to label_DisclosureOfCancellationOfTitleDeedInAffiliatesAbstract" />
    <link:label xlink:type="resource" xlink:label="label_CostOfSalesLaborCostSeveranceCharges_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CostOfSalesLaborCostSeveranceCharges_2" xml:lang="en-US" id="label_CostOfSalesLaborCostSeveranceCharges_2">Cost of Sales Labor Cost Severance Charges</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CostOfSalesLaborCostSeveranceCharges" xlink:to="label_CostOfSalesLaborCostSeveranceCharges_2" xlink:title="Label : CostOfSalesLaborCostSeveranceCharges to label_CostOfSalesLaborCostSeveranceCharges_2" />
    <link:label xlink:type="resource" xlink:label="label_PaymentsForDividendsApproved_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PaymentsForDividendsApproved_2" xml:lang="en-US" id="label_PaymentsForDividendsApproved_2">Payments For Dividends Approved</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PaymentsForDividendsApproved" xlink:to="label_PaymentsForDividendsApproved_2" xlink:title="Label : PaymentsForDividendsApproved to label_PaymentsForDividendsApproved_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_PropertyPlantAndEquipmentCapitalizedInterest" xlink:label="PropertyPlantAndEquipmentCapitalizedInterest" xlink:title="PropertyPlantAndEquipmentCapitalizedInterest" />
    <link:label xlink:type="resource" xlink:label="label_PropertyPlantAndEquipmentCapitalizedInterest" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_PropertyPlantAndEquipmentCapitalizedInterest" xml:lang="en-US" id="label_PropertyPlantAndEquipmentCapitalizedInterest">The amount of property plant and equipment capitalized interest.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PropertyPlantAndEquipmentCapitalizedInterest" xlink:to="label_PropertyPlantAndEquipmentCapitalizedInterest" xlink:title="Label : PropertyPlantAndEquipmentCapitalizedInterest to label_PropertyPlantAndEquipmentCapitalizedInterest" />
    <link:label xlink:type="resource" xlink:label="label_PropertyPlantAndEquipmentCapitalizedInterest_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_PropertyPlantAndEquipmentCapitalizedInterest_1" xml:lang="en-US" id="label_PropertyPlantAndEquipmentCapitalizedInterest_1">Property, plant and equipment, capitalized interest</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PropertyPlantAndEquipmentCapitalizedInterest" xlink:to="label_PropertyPlantAndEquipmentCapitalizedInterest_1" xlink:title="Label : PropertyPlantAndEquipmentCapitalizedInterest to label_PropertyPlantAndEquipmentCapitalizedInterest_1" />
    <link:label xlink:type="resource" xlink:label="label_PropertyPlantAndEquipmentCapitalizedInterest_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PropertyPlantAndEquipmentCapitalizedInterest_2" xml:lang="en-US" id="label_PropertyPlantAndEquipmentCapitalizedInterest_2">Property Plant and Equipment Capitalized Interest</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PropertyPlantAndEquipmentCapitalizedInterest" xlink:to="label_PropertyPlantAndEquipmentCapitalizedInterest_2" xlink:title="Label : PropertyPlantAndEquipmentCapitalizedInterest to label_PropertyPlantAndEquipmentCapitalizedInterest_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_LeasesPaidInAdvance" xlink:label="LeasesPaidInAdvance" xlink:title="LeasesPaidInAdvance" />
    <link:label xlink:type="resource" xlink:label="label_LeasesPaidInAdvance" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LeasesPaidInAdvance" xml:lang="en-US" id="label_LeasesPaidInAdvance">Leases Paid In Advance</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LeasesPaidInAdvance" xlink:to="label_LeasesPaidInAdvance" xlink:title="Label : LeasesPaidInAdvance to label_LeasesPaidInAdvance" />
    <link:label xlink:type="resource" xlink:label="label_LeasesPaidInAdvance_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_LeasesPaidInAdvance_1" xml:lang="en-US" id="label_LeasesPaidInAdvance_1">Leases paid in advance</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LeasesPaidInAdvance" xlink:to="label_LeasesPaidInAdvance_1" xlink:title="Label : LeasesPaidInAdvance to label_LeasesPaidInAdvance_1" />
    <link:label xlink:type="resource" xlink:label="label_LeasesPaidInAdvance_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_LeasesPaidInAdvance_2" xml:lang="en-US" id="label_LeasesPaidInAdvance_2">It refers to the leases paid in advance as of beginning of year 2019 that were not considered as lease liabilities.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LeasesPaidInAdvance" xlink:to="label_LeasesPaidInAdvance_2" xlink:title="Label : LeasesPaidInAdvance to label_LeasesPaidInAdvance_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_PercentageOfOwnershipInterest" xlink:label="PercentageOfOwnershipInterest" xlink:title="PercentageOfOwnershipInterest" />
    <link:label xlink:type="resource" xlink:label="label_PercentageOfOwnershipInterest" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_PercentageOfOwnershipInterest" xml:lang="en-US" id="label_PercentageOfOwnershipInterest">Percentage of the voting interest owned by the reporting entity (directly or indirectly).</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PercentageOfOwnershipInterest" xlink:to="label_PercentageOfOwnershipInterest" xlink:title="Label : PercentageOfOwnershipInterest to label_PercentageOfOwnershipInterest" />
    <link:label xlink:type="resource" xlink:label="label_PercentageOfOwnershipInterest_1" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_PercentageOfOwnershipInterest_1" xml:lang="en-US" id="label_PercentageOfOwnershipInterest_1">Proportion of ownership interest in associate</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PercentageOfOwnershipInterest" xlink:to="label_PercentageOfOwnershipInterest_1" xlink:title="Label : PercentageOfOwnershipInterest to label_PercentageOfOwnershipInterest_1" />
    <link:label xlink:type="resource" xlink:label="label_PercentageOfOwnershipInterest_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PercentageOfOwnershipInterest_2" xml:lang="en-US" id="label_PercentageOfOwnershipInterest_2">Percentage of Ownership Interest</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PercentageOfOwnershipInterest" xlink:to="label_PercentageOfOwnershipInterest_2" xlink:title="Label : PercentageOfOwnershipInterest to label_PercentageOfOwnershipInterest_2" />
    <link:label xlink:type="resource" xlink:label="label_EstimatedInvestmentsInJointVenturesForNextFiscalYear_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_EstimatedInvestmentsInJointVenturesForNextFiscalYear_1" xml:lang="en-US" id="label_EstimatedInvestmentsInJointVenturesForNextFiscalYear_1">The amount of estimated investments in joint ventures to be completed in next fiscal year.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EstimatedInvestmentsInJointVenturesForNextFiscalYear" xlink:to="label_EstimatedInvestmentsInJointVenturesForNextFiscalYear_1" xlink:title="Label : EstimatedInvestmentsInJointVenturesForNextFiscalYear to label_EstimatedInvestmentsInJointVenturesForNextFiscalYear_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_DisclosureOfForeignExchangeControlMeasuresInForiegnCountriesTextBlock" xlink:label="DisclosureOfForeignExchangeControlMeasuresInForiegnCountriesTextBlock" xlink:title="DisclosureOfForeignExchangeControlMeasuresInForiegnCountriesTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfForeignExchangeControlMeasuresInForiegnCountriesTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfForeignExchangeControlMeasuresInForiegnCountriesTextBlock" xml:lang="en-US" id="label_DisclosureOfForeignExchangeControlMeasuresInForiegnCountriesTextBlock">Disclosure of Foreign Exchange Control Measures in Foriegn Countries [text block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfForeignExchangeControlMeasuresInForiegnCountriesTextBlock" xlink:to="label_DisclosureOfForeignExchangeControlMeasuresInForiegnCountriesTextBlock" xlink:title="Label : DisclosureOfForeignExchangeControlMeasuresInForiegnCountriesTextBlock to label_DisclosureOfForeignExchangeControlMeasuresInForiegnCountriesTextBlock" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_Land" xlink:label="Land" xlink:title="Land" />
    <link:label xlink:type="resource" xlink:label="label_Land" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_Land" xml:lang="en-US" id="label_Land">Land plots, carrying value</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Land" xlink:to="label_Land" xlink:title="Label : Land to label_Land" />
    <link:label xlink:type="resource" xlink:label="label_Land_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_Land_1" xml:lang="en-US" id="label_Land_1">Land</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Land" xlink:to="label_Land_1" xlink:title="Label : Land to label_Land_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_NoncurrentAssets" xlink:label="NoncurrentAssets" xlink:title="NoncurrentAssets" />
    <link:label xlink:type="resource" xlink:label="label_NoncurrentAssets" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_NoncurrentAssets" xml:lang="en-US" id="label_NoncurrentAssets">Non-current assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncurrentAssets" xlink:to="label_NoncurrentAssets" xlink:title="Label : NoncurrentAssets to label_NoncurrentAssets" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DisclosureOfContingentLiabilitiesLineItems" xlink:label="DisclosureOfContingentLiabilitiesLineItems" xlink:title="DisclosureOfContingentLiabilitiesLineItems" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfContingentLiabilitiesLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfContingentLiabilitiesLineItems" xml:lang="en-US" id="label_DisclosureOfContingentLiabilitiesLineItems">Disclosure of contingent liabilities [line items]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfContingentLiabilitiesLineItems" xlink:to="label_DisclosureOfContingentLiabilitiesLineItems" xlink:title="Label : DisclosureOfContingentLiabilitiesLineItems to label_DisclosureOfContingentLiabilitiesLineItems" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DisclosureOfContingentLiabilitiesTable" xlink:label="DisclosureOfContingentLiabilitiesTable" xlink:title="DisclosureOfContingentLiabilitiesTable" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfContingentLiabilitiesTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfContingentLiabilitiesTable" xml:lang="en-US" id="label_DisclosureOfContingentLiabilitiesTable">Disclosure of contingent liabilities [table]</link:label>
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StatementOfChangesInEquityTable" xlink:to="label_StatementOfChangesInEquityTable" xlink:title="Label : StatementOfChangesInEquityTable to label_StatementOfChangesInEquityTable" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_CurrentLiabilitiesAbstract" xlink:label="CurrentLiabilitiesAbstract" xlink:title="CurrentLiabilitiesAbstract" />
    <link:label xlink:type="resource" xlink:label="label_CurrentLiabilitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CurrentLiabilitiesAbstract" xml:lang="en-US" id="label_CurrentLiabilitiesAbstract">Current liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentLiabilitiesAbstract" xlink:to="label_CurrentLiabilitiesAbstract" xlink:title="Label : CurrentLiabilitiesAbstract to label_CurrentLiabilitiesAbstract" />
    <link:label xlink:type="resource" xlink:label="label_CurrentLiabilitiesAbstract_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CurrentLiabilitiesAbstract_1" xml:lang="en-US" id="label_CurrentLiabilitiesAbstract_1">Current liabilities [abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentLiabilitiesAbstract" xlink:to="label_CurrentLiabilitiesAbstract_1" xlink:title="Label : CurrentLiabilitiesAbstract to label_CurrentLiabilitiesAbstract_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_NoncurrentLiabilitiesAbstract" xlink:label="NoncurrentLiabilitiesAbstract" xlink:title="NoncurrentLiabilitiesAbstract" />
    <link:label xlink:type="resource" xlink:label="label_NoncurrentLiabilitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NoncurrentLiabilitiesAbstract" xml:lang="en-US" id="label_NoncurrentLiabilitiesAbstract">Non-current liabilities [abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncurrentLiabilitiesAbstract" xlink:to="label_NoncurrentLiabilitiesAbstract" xlink:title="Label : NoncurrentLiabilitiesAbstract to label_NoncurrentLiabilitiesAbstract" />
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    <link:label xlink:type="resource" xlink:label="label_DisclosureOfJointVenturesLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfJointVenturesLineItems" xml:lang="en-US" id="label_DisclosureOfJointVenturesLineItems">Disclosure of joint ventures [line items]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfJointVenturesLineItems" xlink:to="label_DisclosureOfJointVenturesLineItems" xlink:title="Label : DisclosureOfJointVenturesLineItems to label_DisclosureOfJointVenturesLineItems" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DisclosureOfJointVenturesTable" xlink:label="DisclosureOfJointVenturesTable" xlink:title="DisclosureOfJointVenturesTable" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfJointVenturesTable" xlink:to="label_DisclosureOfJointVenturesTable" xlink:title="Label : DisclosureOfJointVenturesTable to label_DisclosureOfJointVenturesTable" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DisclosureOfBusinessCombinationsLineItems" xlink:label="DisclosureOfBusinessCombinationsLineItems" xlink:title="DisclosureOfBusinessCombinationsLineItems" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfBusinessCombinationsLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfBusinessCombinationsLineItems" xml:lang="en-US" id="label_DisclosureOfBusinessCombinationsLineItems">Disclosure of detailed information about business combination [line items]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfBusinessCombinationsLineItems" xlink:to="label_DisclosureOfBusinessCombinationsLineItems" xlink:title="Label : DisclosureOfBusinessCombinationsLineItems to label_DisclosureOfBusinessCombinationsLineItems" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DisclosureOfBusinessCombinationsTable" xlink:label="DisclosureOfBusinessCombinationsTable" xlink:title="DisclosureOfBusinessCombinationsTable" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfBusinessCombinationsTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfBusinessCombinationsTable" xml:lang="en-US" id="label_DisclosureOfBusinessCombinationsTable">Disclosure of detailed information about business combination [table]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfBusinessCombinationsTable" xlink:to="label_DisclosureOfBusinessCombinationsTable" xlink:title="Label : DisclosureOfBusinessCombinationsTable to label_DisclosureOfBusinessCombinationsTable" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_CashAndCashEquivalents" xlink:label="CashAndCashEquivalents" xlink:title="CashAndCashEquivalents" />
    <link:label xlink:type="resource" xlink:label="label_CashAndCashEquivalents" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_CashAndCashEquivalents" xml:lang="en-US" id="label_CashAndCashEquivalents">Cash at banks, liquidity funds and short - term investments</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CashAndCashEquivalents" xlink:to="label_CashAndCashEquivalents" xlink:title="Label : CashAndCashEquivalents to label_CashAndCashEquivalents" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPositionAbstract" xlink:label="CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPositionAbstract" xlink:title="CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPositionAbstract" />
    <link:label xlink:type="resource" xlink:label="label_CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPositionAbstract" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPositionAbstract" xml:lang="en-US" id="label_CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPositionAbstract">Cash and cash equivalents</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPositionAbstract" xlink:to="label_CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPositionAbstract" xlink:title="Label : CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPositionAbstract to label_CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPositionAbstract" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_AdjustmentsForFinanceIncomeCost" xlink:label="AdjustmentsForFinanceIncomeCost" xlink:title="AdjustmentsForFinanceIncomeCost" />
    <link:label xlink:type="resource" xlink:label="label_AdjustmentsForFinanceIncomeCost" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AdjustmentsForFinanceIncomeCost" xml:lang="en-US" id="label_AdjustmentsForFinanceIncomeCost">Adjustments for finance income (cost)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdjustmentsForFinanceIncomeCost" xlink:to="label_AdjustmentsForFinanceIncomeCost" xlink:title="Label : AdjustmentsForFinanceIncomeCost to label_AdjustmentsForFinanceIncomeCost" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_InterestPaidClassifiedAsOperatingActivities" xlink:label="InterestPaidClassifiedAsOperatingActivities" xlink:title="InterestPaidClassifiedAsOperatingActivities" />
    <link:label xlink:type="resource" xlink:label="label_InterestPaidClassifiedAsOperatingActivities" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_InterestPaidClassifiedAsOperatingActivities" xml:lang="en-US" id="label_InterestPaidClassifiedAsOperatingActivities">Interest paid</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestPaidClassifiedAsOperatingActivities" xlink:to="label_InterestPaidClassifiedAsOperatingActivities" xlink:title="Label : InterestPaidClassifiedAsOperatingActivities to label_InterestPaidClassifiedAsOperatingActivities" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_AdjustmentsForInterestIncome" xlink:label="AdjustmentsForInterestIncome" xlink:title="AdjustmentsForInterestIncome" />
    <link:label xlink:type="resource" xlink:label="label_AdjustmentsForInterestIncome" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_AdjustmentsForInterestIncome" xml:lang="en-US" id="label_AdjustmentsForInterestIncome">Interest received</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdjustmentsForInterestIncome" xlink:to="label_AdjustmentsForInterestIncome" xlink:title="Label : AdjustmentsForInterestIncome to label_AdjustmentsForInterestIncome" />
    <link:label xlink:type="resource" xlink:label="label_AdjustmentsForInterestIncome_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AdjustmentsForInterestIncome_1" xml:lang="en-US" id="label_AdjustmentsForInterestIncome_1">Adjustments for interest income</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdjustmentsForInterestIncome" xlink:to="label_AdjustmentsForInterestIncome_1" xlink:title="Label : AdjustmentsForInterestIncome to label_AdjustmentsForInterestIncome_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_InterestAccrued" xlink:label="InterestAccrued" xlink:title="InterestAccrued" />
    <link:label xlink:type="resource" xlink:label="label_InterestAccrued" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_InterestAccrued" xml:lang="en-US" id="label_InterestAccrued">Interest Accrued</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestAccrued" xlink:to="label_InterestAccrued" xlink:title="Label : InterestAccrued to label_InterestAccrued" />
    <link:label xlink:type="resource" xlink:label="label_InterestAccrued_1" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_InterestAccrued_1" xml:lang="en-US" id="label_InterestAccrued_1">Interest accrued</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestAccrued" xlink:to="label_InterestAccrued_1" xlink:title="Label : InterestAccrued to label_InterestAccrued_1" />
    <link:label xlink:type="resource" xlink:label="label_InterestAccrued_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_InterestAccrued_2" xml:lang="en-US" id="label_InterestAccrued_2">The amount of interest accrued during the period.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestAccrued" xlink:to="label_InterestAccrued_2" xlink:title="Label : InterestAccrued to label_InterestAccrued_2" />
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    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesTable" xlink:label="DisclosureOfTransactionsBetweenRelatedPartiesTable" xlink:title="DisclosureOfTransactionsBetweenRelatedPartiesTable" />
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    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_DisclosureOfDelistingOfSharesFromStockExchangeAbstract" xlink:label="DisclosureOfDelistingOfSharesFromStockExchangeAbstract" xlink:title="DisclosureOfDelistingOfSharesFromStockExchangeAbstract" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfDelistingOfSharesFromStockExchangeAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfDelistingOfSharesFromStockExchangeAbstract" xml:lang="en-US" id="label_DisclosureOfDelistingOfSharesFromStockExchangeAbstract">Disclosure of Delisting of Shares from Stock Exchange [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfDelistingOfSharesFromStockExchangeAbstract" xlink:to="label_DisclosureOfDelistingOfSharesFromStockExchangeAbstract" xlink:title="Label : DisclosureOfDelistingOfSharesFromStockExchangeAbstract to label_DisclosureOfDelistingOfSharesFromStockExchangeAbstract" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_DisclosureOfNationalizationOfSubsidiariesAbstract" xlink:label="DisclosureOfNationalizationOfSubsidiariesAbstract" xlink:title="DisclosureOfNationalizationOfSubsidiariesAbstract" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfNationalizationOfSubsidiariesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfNationalizationOfSubsidiariesAbstract" xml:lang="en-US" id="label_DisclosureOfNationalizationOfSubsidiariesAbstract">Disclosure of Nationalization of Subsidiaries [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfNationalizationOfSubsidiariesAbstract" xlink:to="label_DisclosureOfNationalizationOfSubsidiariesAbstract" xlink:title="Label : DisclosureOfNationalizationOfSubsidiariesAbstract to label_DisclosureOfNationalizationOfSubsidiariesAbstract" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesAbstract" xlink:label="DisclosureOfSignificantInvestmentsInSubsidiariesAbstract" xlink:title="DisclosureOfSignificantInvestmentsInSubsidiariesAbstract" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfSignificantInvestmentsInSubsidiariesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfSignificantInvestmentsInSubsidiariesAbstract" xml:lang="en-US" id="label_DisclosureOfSignificantInvestmentsInSubsidiariesAbstract">Principal subsidiaries</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfSignificantInvestmentsInSubsidiariesAbstract" xlink:to="label_DisclosureOfSignificantInvestmentsInSubsidiariesAbstract" xlink:title="Label : DisclosureOfSignificantInvestmentsInSubsidiariesAbstract to label_DisclosureOfSignificantInvestmentsInSubsidiariesAbstract" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_AdditionalInformationAbstract" xlink:label="AdditionalInformationAbstract" xlink:title="AdditionalInformationAbstract" />
    <link:label xlink:type="resource" xlink:label="label_AdditionalInformationAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AdditionalInformationAbstract" xml:lang="en-US" id="label_AdditionalInformationAbstract">Additional information [abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdditionalInformationAbstract" xlink:to="label_AdditionalInformationAbstract" xlink:title="Label : AdditionalInformationAbstract to label_AdditionalInformationAbstract" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesAbstract" xlink:label="DisclosureOfTransactionsBetweenRelatedPartiesAbstract" xlink:title="DisclosureOfTransactionsBetweenRelatedPartiesAbstract" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfTransactionsBetweenRelatedPartiesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfTransactionsBetweenRelatedPartiesAbstract" xml:lang="en-US" id="label_DisclosureOfTransactionsBetweenRelatedPartiesAbstract">Disclosure of transactions between related parties [abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfTransactionsBetweenRelatedPartiesAbstract" xlink:to="label_DisclosureOfTransactionsBetweenRelatedPartiesAbstract" xlink:title="Label : DisclosureOfTransactionsBetweenRelatedPartiesAbstract to label_DisclosureOfTransactionsBetweenRelatedPartiesAbstract" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_DisclosureOfCashFlowAbstract" xlink:label="DisclosureOfCashFlowAbstract" xlink:title="DisclosureOfCashFlowAbstract" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfCashFlowAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfCashFlowAbstract" xml:lang="en-US" id="label_DisclosureOfCashFlowAbstract">Disclosure of Cash Flow [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfCashFlowAbstract" xlink:to="label_DisclosureOfCashFlowAbstract" xlink:title="Label : DisclosureOfCashFlowAbstract to label_DisclosureOfCashFlowAbstract" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DisclosureOfBusinessCombinationsAbstract" xlink:label="DisclosureOfBusinessCombinationsAbstract" xlink:title="DisclosureOfBusinessCombinationsAbstract" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfBusinessCombinationsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfBusinessCombinationsAbstract" xml:lang="en-US" id="label_DisclosureOfBusinessCombinationsAbstract">Disclosure of detailed information about business combination [abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfBusinessCombinationsAbstract" xlink:to="label_DisclosureOfBusinessCombinationsAbstract" xlink:title="Label : DisclosureOfBusinessCombinationsAbstract to label_DisclosureOfBusinessCombinationsAbstract" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DisclosureOfJointVenturesAbstract" xlink:label="DisclosureOfJointVenturesAbstract" xlink:title="DisclosureOfJointVenturesAbstract" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfJointVenturesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfJointVenturesAbstract" xml:lang="en-US" id="label_DisclosureOfJointVenturesAbstract">Disclosure of joint ventures [abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfJointVenturesAbstract" xlink:to="label_DisclosureOfJointVenturesAbstract" xlink:title="Label : DisclosureOfJointVenturesAbstract to label_DisclosureOfJointVenturesAbstract" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_DisclosureOfCurrentAllowancesAndProvisionsAbstract" xlink:label="DisclosureOfCurrentAllowancesAndProvisionsAbstract" xlink:title="DisclosureOfCurrentAllowancesAndProvisionsAbstract" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfCurrentAllowancesAndProvisionsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfCurrentAllowancesAndProvisionsAbstract" xml:lang="en-US" id="label_DisclosureOfCurrentAllowancesAndProvisionsAbstract">Disclosure of Current allowances and provisions [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfCurrentAllowancesAndProvisionsAbstract" xlink:to="label_DisclosureOfCurrentAllowancesAndProvisionsAbstract" xlink:title="Label : DisclosureOfCurrentAllowancesAndProvisionsAbstract to label_DisclosureOfCurrentAllowancesAndProvisionsAbstract" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_DisclosureOfNonCurrentAllowancesAndProvisionsAbstract" xlink:label="DisclosureOfNonCurrentAllowancesAndProvisionsAbstract" xlink:title="DisclosureOfNonCurrentAllowancesAndProvisionsAbstract" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfNonCurrentAllowancesAndProvisionsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfNonCurrentAllowancesAndProvisionsAbstract" xml:lang="en-US" id="label_DisclosureOfNonCurrentAllowancesAndProvisionsAbstract">Disclosure of Non-current allowances and provisions [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfNonCurrentAllowancesAndProvisionsAbstract" xlink:to="label_DisclosureOfNonCurrentAllowancesAndProvisionsAbstract" xlink:title="Label : DisclosureOfNonCurrentAllowancesAndProvisionsAbstract to label_DisclosureOfNonCurrentAllowancesAndProvisionsAbstract" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_DisclosureOfOtherLiabilitiesAbstract" xlink:label="DisclosureOfOtherLiabilitiesAbstract" xlink:title="DisclosureOfOtherLiabilitiesAbstract" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfOtherLiabilitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfOtherLiabilitiesAbstract" xml:lang="en-US" id="label_DisclosureOfOtherLiabilitiesAbstract">Disclosure of Other Liabilities [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfOtherLiabilitiesAbstract" xlink:to="label_DisclosureOfOtherLiabilitiesAbstract" xlink:title="Label : DisclosureOfOtherLiabilitiesAbstract to label_DisclosureOfOtherLiabilitiesAbstract" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_BorrowingsAbstract" xlink:label="BorrowingsAbstract" xlink:title="BorrowingsAbstract" />
    <link:label xlink:type="resource" xlink:label="label_BorrowingsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_BorrowingsAbstract" xml:lang="en-US" id="label_BorrowingsAbstract">Borrowings [abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BorrowingsAbstract" xlink:to="label_BorrowingsAbstract" xlink:title="Label : BorrowingsAbstract to label_BorrowingsAbstract" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_DisclosureOfCashAndCashEquivalentsAndOtherInvestmentsAbstract" xlink:label="DisclosureOfCashAndCashEquivalentsAndOtherInvestmentsAbstract" xlink:title="DisclosureOfCashAndCashEquivalentsAndOtherInvestmentsAbstract" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfCashAndCashEquivalentsAndOtherInvestmentsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfCashAndCashEquivalentsAndOtherInvestmentsAbstract" xml:lang="en-US" id="label_DisclosureOfCashAndCashEquivalentsAndOtherInvestmentsAbstract">Disclosure of Cash and Cash Equivalents and Other Investments [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfCashAndCashEquivalentsAndOtherInvestmentsAbstract" xlink:to="label_DisclosureOfCashAndCashEquivalentsAndOtherInvestmentsAbstract" xlink:title="Label : DisclosureOfCashAndCashEquivalentsAndOtherInvestmentsAbstract to label_DisclosureOfCashAndCashEquivalentsAndOtherInvestmentsAbstract" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_TradeAndOtherReceivablesAbstract" xlink:label="TradeAndOtherReceivablesAbstract" xlink:title="TradeAndOtherReceivablesAbstract" />
    <link:label xlink:type="resource" xlink:label="label_TradeAndOtherReceivablesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TradeAndOtherReceivablesAbstract" xml:lang="en-US" id="label_TradeAndOtherReceivablesAbstract">Trade and other receivables [abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TradeAndOtherReceivablesAbstract" xlink:to="label_TradeAndOtherReceivablesAbstract" xlink:title="Label : TradeAndOtherReceivablesAbstract to label_TradeAndOtherReceivablesAbstract" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_DisclosureOfCurrentTaxReceivablesAndPayablesAbstract" xlink:label="DisclosureOfCurrentTaxReceivablesAndPayablesAbstract" xlink:title="DisclosureOfCurrentTaxReceivablesAndPayablesAbstract" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfCurrentTaxReceivablesAndPayablesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfCurrentTaxReceivablesAndPayablesAbstract" xml:lang="en-US" id="label_DisclosureOfCurrentTaxReceivablesAndPayablesAbstract">Disclosure of Current Tax Receivables and Payables [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfCurrentTaxReceivablesAndPayablesAbstract" xlink:to="label_DisclosureOfCurrentTaxReceivablesAndPayablesAbstract" xlink:title="Label : DisclosureOfCurrentTaxReceivablesAndPayablesAbstract to label_DisclosureOfCurrentTaxReceivablesAndPayablesAbstract" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DisclosureOfPrepaymentsAndOtherAssetsExplanatory" xlink:label="DisclosureOfPrepaymentsAndOtherAssetsExplanatory" xlink:title="DisclosureOfPrepaymentsAndOtherAssetsExplanatory" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfPrepaymentsAndOtherAssetsExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DisclosureOfPrepaymentsAndOtherAssetsExplanatory" xml:lang="en-US" id="label_DisclosureOfPrepaymentsAndOtherAssetsExplanatory">Note 16 - Receivables and Prepayments, Net</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfPrepaymentsAndOtherAssetsExplanatory" xlink:to="label_DisclosureOfPrepaymentsAndOtherAssetsExplanatory" xlink:title="Label : DisclosureOfPrepaymentsAndOtherAssetsExplanatory to label_DisclosureOfPrepaymentsAndOtherAssetsExplanatory" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_CurrentPrepaymentsAndCurrentAccruedIncomeAbstract" xlink:label="CurrentPrepaymentsAndCurrentAccruedIncomeAbstract" xlink:title="CurrentPrepaymentsAndCurrentAccruedIncomeAbstract" />
    <link:label xlink:type="resource" xlink:label="label_CurrentPrepaymentsAndCurrentAccruedIncomeAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CurrentPrepaymentsAndCurrentAccruedIncomeAbstract" xml:lang="en-US" id="label_CurrentPrepaymentsAndCurrentAccruedIncomeAbstract">Current prepayments and current accrued income [abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentPrepaymentsAndCurrentAccruedIncomeAbstract" xlink:to="label_CurrentPrepaymentsAndCurrentAccruedIncomeAbstract" xlink:title="Label : CurrentPrepaymentsAndCurrentAccruedIncomeAbstract to label_CurrentPrepaymentsAndCurrentAccruedIncomeAbstract" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_ClassesOfInventoriesAbstract" xlink:label="ClassesOfInventoriesAbstract" xlink:title="ClassesOfInventoriesAbstract" />
    <link:label xlink:type="resource" xlink:label="label_ClassesOfInventoriesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ClassesOfInventoriesAbstract" xml:lang="en-US" id="label_ClassesOfInventoriesAbstract">Classes of current inventories [abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ClassesOfInventoriesAbstract" xlink:to="label_ClassesOfInventoriesAbstract" xlink:title="Label : ClassesOfInventoriesAbstract to label_ClassesOfInventoriesAbstract" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_NoncurrentReceivablesAbstract" xlink:label="NoncurrentReceivablesAbstract" xlink:title="NoncurrentReceivablesAbstract" />
    <link:label xlink:type="resource" xlink:label="label_NoncurrentReceivablesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NoncurrentReceivablesAbstract" xml:lang="en-US" id="label_NoncurrentReceivablesAbstract">Trade and other non-current receivables [abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncurrentReceivablesAbstract" xlink:to="label_NoncurrentReceivablesAbstract" xlink:title="Label : NoncurrentReceivablesAbstract to label_NoncurrentReceivablesAbstract" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DisclosureOfUnconsolidatedStructuredEntitiesAbstract" xlink:label="DisclosureOfUnconsolidatedStructuredEntitiesAbstract" xlink:title="DisclosureOfUnconsolidatedStructuredEntitiesAbstract" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfUnconsolidatedStructuredEntitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfUnconsolidatedStructuredEntitiesAbstract" xml:lang="en-US" id="label_DisclosureOfUnconsolidatedStructuredEntitiesAbstract">Disclosure of unconsolidated structured entities [abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfUnconsolidatedStructuredEntitiesAbstract" xlink:to="label_DisclosureOfUnconsolidatedStructuredEntitiesAbstract" xlink:title="Label : DisclosureOfUnconsolidatedStructuredEntitiesAbstract to label_DisclosureOfUnconsolidatedStructuredEntitiesAbstract" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_PresentationOfLeasesForLesseeAbstract" xlink:label="PresentationOfLeasesForLesseeAbstract" xlink:title="PresentationOfLeasesForLesseeAbstract" />
    <link:label xlink:type="resource" xlink:label="label_PresentationOfLeasesForLesseeAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PresentationOfLeasesForLesseeAbstract" xml:lang="en-US" id="label_PresentationOfLeasesForLesseeAbstract">Presentation of leases for lessee [abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PresentationOfLeasesForLesseeAbstract" xlink:to="label_PresentationOfLeasesForLesseeAbstract" xlink:title="Label : PresentationOfLeasesForLesseeAbstract to label_PresentationOfLeasesForLesseeAbstract" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DisclosureOfIntangibleAssetsAbstract" xlink:label="DisclosureOfIntangibleAssetsAbstract" xlink:title="DisclosureOfIntangibleAssetsAbstract" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfIntangibleAssetsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfIntangibleAssetsAbstract" xml:lang="en-US" id="label_DisclosureOfIntangibleAssetsAbstract">Disclosure of detailed information about intangible assets [abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfIntangibleAssetsAbstract" xlink:to="label_DisclosureOfIntangibleAssetsAbstract" xlink:title="Label : DisclosureOfIntangibleAssetsAbstract to label_DisclosureOfIntangibleAssetsAbstract" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_DisclosureOfDividendsDistributionAbstract" xlink:label="DisclosureOfDividendsDistributionAbstract" xlink:title="DisclosureOfDividendsDistributionAbstract" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfDividendsDistributionAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfDividendsDistributionAbstract" xml:lang="en-US" id="label_DisclosureOfDividendsDistributionAbstract">Disclosure of Dividends Distribution [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfDividendsDistributionAbstract" xlink:to="label_DisclosureOfDividendsDistributionAbstract" xlink:title="Label : DisclosureOfDividendsDistributionAbstract to label_DisclosureOfDividendsDistributionAbstract" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_MajorComponentsOfTaxExpenseIncomeAbstract" xlink:label="MajorComponentsOfTaxExpenseIncomeAbstract" xlink:title="MajorComponentsOfTaxExpenseIncomeAbstract" />
    <link:label xlink:type="resource" xlink:label="label_MajorComponentsOfTaxExpenseIncomeAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_MajorComponentsOfTaxExpenseIncomeAbstract" xml:lang="en-US" id="label_MajorComponentsOfTaxExpenseIncomeAbstract">Major components of tax expense (income) [abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MajorComponentsOfTaxExpenseIncomeAbstract" xlink:to="label_MajorComponentsOfTaxExpenseIncomeAbstract" xlink:title="Label : MajorComponentsOfTaxExpenseIncomeAbstract to label_MajorComponentsOfTaxExpenseIncomeAbstract" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_DisclosureOfFinancialResultsAbstract" xlink:label="DisclosureOfFinancialResultsAbstract" xlink:title="DisclosureOfFinancialResultsAbstract" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfFinancialResultsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfFinancialResultsAbstract" xml:lang="en-US" id="label_DisclosureOfFinancialResultsAbstract">Disclosure of Financial Results [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfFinancialResultsAbstract" xlink:to="label_DisclosureOfFinancialResultsAbstract" xlink:title="Label : DisclosureOfFinancialResultsAbstract to label_DisclosureOfFinancialResultsAbstract" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_DisclosureOfOtherOperatingIncomeExpenseAbstract" xlink:label="DisclosureOfOtherOperatingIncomeExpenseAbstract" xlink:title="DisclosureOfOtherOperatingIncomeExpenseAbstract" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfOtherOperatingIncomeExpenseAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfOtherOperatingIncomeExpenseAbstract" xml:lang="en-US" id="label_DisclosureOfOtherOperatingIncomeExpenseAbstract">Note 5 - Other Operating Income and Expenses</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfOtherOperatingIncomeExpenseAbstract" xlink:to="label_DisclosureOfOtherOperatingIncomeExpenseAbstract" xlink:title="Label : DisclosureOfOtherOperatingIncomeExpenseAbstract to label_DisclosureOfOtherOperatingIncomeExpenseAbstract" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_DisclosureOfLaborCostsAbstract" xlink:label="DisclosureOfLaborCostsAbstract" xlink:title="DisclosureOfLaborCostsAbstract" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfLaborCostsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfLaborCostsAbstract" xml:lang="en-US" id="label_DisclosureOfLaborCostsAbstract">4. Labor costs (included in Cost of sales and in Selling, general and administrative expenses)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfLaborCostsAbstract" xlink:to="label_DisclosureOfLaborCostsAbstract" xlink:title="Label : DisclosureOfLaborCostsAbstract to label_DisclosureOfLaborCostsAbstract" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_SellingGeneralAndAdministrativeExpenseAbstract" xlink:label="SellingGeneralAndAdministrativeExpenseAbstract" xlink:title="SellingGeneralAndAdministrativeExpenseAbstract" />
    <link:label xlink:type="resource" xlink:label="label_SellingGeneralAndAdministrativeExpenseAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SellingGeneralAndAdministrativeExpenseAbstract" xml:lang="en-US" id="label_SellingGeneralAndAdministrativeExpenseAbstract">Selling, general and administrative expense [abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SellingGeneralAndAdministrativeExpenseAbstract" xlink:to="label_SellingGeneralAndAdministrativeExpenseAbstract" xlink:title="Label : SellingGeneralAndAdministrativeExpenseAbstract to label_SellingGeneralAndAdministrativeExpenseAbstract" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DisclosureOfTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAbstract" xlink:label="DisclosureOfTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAbstract" xlink:title="DisclosureOfTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAbstract" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAbstract" xml:lang="en-US" id="label_DisclosureOfTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAbstract">Disclosure of temporary difference, unused tax losses and unused tax credits [abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAbstract" xlink:to="label_DisclosureOfTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAbstract" xlink:title="Label : DisclosureOfTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAbstract to label_DisclosureOfTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAbstract" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DisclosureOfPropertyPlantAndEquipmentAbstract" xlink:label="DisclosureOfPropertyPlantAndEquipmentAbstract" xlink:title="DisclosureOfPropertyPlantAndEquipmentAbstract" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfPropertyPlantAndEquipmentAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfPropertyPlantAndEquipmentAbstract" xml:lang="en-US" id="label_DisclosureOfPropertyPlantAndEquipmentAbstract">Disclosure of detailed information about property, plant and equipment [abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfPropertyPlantAndEquipmentAbstract" xlink:to="label_DisclosureOfPropertyPlantAndEquipmentAbstract" xlink:title="Label : DisclosureOfPropertyPlantAndEquipmentAbstract to label_DisclosureOfPropertyPlantAndEquipmentAbstract" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_SharePremiumMember" xlink:label="SharePremiumMember" xlink:title="SharePremiumMember" />
    <link:label xlink:type="resource" xlink:label="label_SharePremiumMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_SharePremiumMember" xml:lang="en-US" id="label_SharePremiumMember">Share Premium</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SharePremiumMember" xlink:to="label_SharePremiumMember" xlink:title="Label : SharePremiumMember to label_SharePremiumMember" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_IncreaseDecreaseDueToChangesInAccountingPolicyRequiredByIFRSsMember" xlink:label="IncreaseDecreaseDueToChangesInAccountingPolicyRequiredByIFRSsMember" xlink:title="IncreaseDecreaseDueToChangesInAccountingPolicyRequiredByIFRSsMember" />
    <link:label xlink:type="resource" xlink:label="label_IncreaseDecreaseDueToChangesInAccountingPolicyRequiredByIFRSsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_IncreaseDecreaseDueToChangesInAccountingPolicyRequiredByIFRSsMember" xml:lang="en-US" id="label_IncreaseDecreaseDueToChangesInAccountingPolicyRequiredByIFRSsMember">Changes in accounting policies (Section II AP)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseDueToChangesInAccountingPolicyRequiredByIFRSsMember" xlink:to="label_IncreaseDecreaseDueToChangesInAccountingPolicyRequiredByIFRSsMember" xlink:title="Label : IncreaseDecreaseDueToChangesInAccountingPolicyRequiredByIFRSsMember to label_IncreaseDecreaseDueToChangesInAccountingPolicyRequiredByIFRSsMember" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_StatutoryReserveMember" xlink:label="StatutoryReserveMember" xlink:title="StatutoryReserveMember" />
    <link:label xlink:type="resource" xlink:label="label_StatutoryReserveMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_StatutoryReserveMember" xml:lang="en-US" id="label_StatutoryReserveMember">Legal Reserves</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StatutoryReserveMember" xlink:to="label_StatutoryReserveMember" xlink:title="Label : StatutoryReserveMember to label_StatutoryReserveMember" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_IssuedCapitalMember" xlink:label="IssuedCapitalMember" xlink:title="IssuedCapitalMember" />
    <link:label xlink:type="resource" xlink:label="label_IssuedCapitalMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_IssuedCapitalMember" xml:lang="en-US" id="label_IssuedCapitalMember">Share Capital</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IssuedCapitalMember" xlink:to="label_IssuedCapitalMember" xlink:title="Label : IssuedCapitalMember to label_IssuedCapitalMember" />
    <link:label xlink:type="resource" xlink:label="label_IncreaseDecreaseDueToChangesInAccountingPolicyRequiredByIFRSsMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IncreaseDecreaseDueToChangesInAccountingPolicyRequiredByIFRSsMember_1" xml:lang="en-US" id="label_IncreaseDecreaseDueToChangesInAccountingPolicyRequiredByIFRSsMember_1">Increase (decrease) due to changes in accounting policy required by IFRSs [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseDueToChangesInAccountingPolicyRequiredByIFRSsMember" xlink:to="label_IncreaseDecreaseDueToChangesInAccountingPolicyRequiredByIFRSsMember_1" xlink:title="Label : IncreaseDecreaseDueToChangesInAccountingPolicyRequiredByIFRSsMember to label_IncreaseDecreaseDueToChangesInAccountingPolicyRequiredByIFRSsMember_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DividendsPaid" xlink:label="DividendsPaid" xlink:title="DividendsPaid" />
    <link:label xlink:type="resource" xlink:label="label_DividendsPaid" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DividendsPaid" xml:lang="en-US" id="label_DividendsPaid">ifrs-full_DividendsPaid</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DividendsPaid" xlink:to="label_DividendsPaid" xlink:title="Label : DividendsPaid to label_DividendsPaid" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_StatementOfChangesInEquityLineItems" xlink:label="StatementOfChangesInEquityLineItems" xlink:title="StatementOfChangesInEquityLineItems" />
    <link:label xlink:type="resource" xlink:label="label_StatementOfChangesInEquityLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_StatementOfChangesInEquityLineItems" xml:lang="en-US" id="label_StatementOfChangesInEquityLineItems">Statement of changes in equity [line items]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StatementOfChangesInEquityLineItems" xlink:to="label_StatementOfChangesInEquityLineItems" xlink:title="Label : StatementOfChangesInEquityLineItems to label_StatementOfChangesInEquityLineItems" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_ReserveOfExchangeDifferencesOnTranslationMember" xlink:label="ReserveOfExchangeDifferencesOnTranslationMember" xlink:title="ReserveOfExchangeDifferencesOnTranslationMember" />
    <link:label xlink:type="resource" xlink:label="label_ReserveOfExchangeDifferencesOnTranslationMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ReserveOfExchangeDifferencesOnTranslationMember" xml:lang="en-US" id="label_ReserveOfExchangeDifferencesOnTranslationMember">Reserve of exchange differences on translation [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ReserveOfExchangeDifferencesOnTranslationMember" xlink:to="label_ReserveOfExchangeDifferencesOnTranslationMember" xlink:title="Label : ReserveOfExchangeDifferencesOnTranslationMember to label_ReserveOfExchangeDifferencesOnTranslationMember" />
    <link:label xlink:type="resource" xlink:label="label_StatutoryReserveMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_StatutoryReserveMember_1" xml:lang="en-US" id="label_StatutoryReserveMember_1">Statutory reserve [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StatutoryReserveMember" xlink:to="label_StatutoryReserveMember_1" xlink:title="Label : StatutoryReserveMember to label_StatutoryReserveMember_1" />
    <link:label xlink:type="resource" xlink:label="label_NoncurrentLiabilitiesAbstract_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NoncurrentLiabilitiesAbstract_1" xml:lang="en-US" id="label_NoncurrentLiabilitiesAbstract_1">Non-current liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncurrentLiabilitiesAbstract" xlink:to="label_NoncurrentLiabilitiesAbstract_1" xlink:title="Label : NoncurrentLiabilitiesAbstract to label_NoncurrentLiabilitiesAbstract_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_LiabilitiesAbstract" xlink:label="LiabilitiesAbstract" xlink:title="LiabilitiesAbstract" />
    <link:label xlink:type="resource" xlink:label="label_LiabilitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_LiabilitiesAbstract" xml:lang="en-US" id="label_LiabilitiesAbstract">LIABILITIES</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LiabilitiesAbstract" xlink:to="label_LiabilitiesAbstract" xlink:title="Label : LiabilitiesAbstract to label_LiabilitiesAbstract" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_EquityAbstract" xlink:label="EquityAbstract" xlink:title="EquityAbstract" />
    <link:label xlink:type="resource" xlink:label="label_EquityAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_EquityAbstract" xml:lang="en-US" id="label_EquityAbstract">EQUITY</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EquityAbstract" xlink:to="label_EquityAbstract" xlink:title="Label : EquityAbstract to label_EquityAbstract" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_CurrentAssetsAbstract" xlink:label="CurrentAssetsAbstract" xlink:title="CurrentAssetsAbstract" />
    <link:label xlink:type="resource" xlink:label="label_CurrentAssetsAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CurrentAssetsAbstract" xml:lang="en-US" id="label_CurrentAssetsAbstract">Current assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentAssetsAbstract" xlink:to="label_CurrentAssetsAbstract" xlink:title="Label : CurrentAssetsAbstract to label_CurrentAssetsAbstract" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_NoncurrentAssetsAbstract" xlink:label="NoncurrentAssetsAbstract" xlink:title="NoncurrentAssetsAbstract" />
    <link:label xlink:type="resource" xlink:label="label_NoncurrentAssetsAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NoncurrentAssetsAbstract" xml:lang="en-US" id="label_NoncurrentAssetsAbstract">Non-current assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncurrentAssetsAbstract" xlink:to="label_NoncurrentAssetsAbstract" xlink:title="Label : NoncurrentAssetsAbstract to label_NoncurrentAssetsAbstract" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_AssetsAbstract" xlink:label="AssetsAbstract" xlink:title="AssetsAbstract" />
    <link:label xlink:type="resource" xlink:label="label_AssetsAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_AssetsAbstract" xml:lang="en-US" id="label_AssetsAbstract">ASSETS</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AssetsAbstract" xlink:to="label_AssetsAbstract" xlink:title="Label : AssetsAbstract to label_AssetsAbstract" />
    <link:label xlink:type="resource" xlink:label="label_EquityAbstract_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EquityAbstract_1" xml:lang="en-US" id="label_EquityAbstract_1">Equity [abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EquityAbstract" xlink:to="label_EquityAbstract_1" xlink:title="Label : EquityAbstract to label_EquityAbstract_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_LegalEntityAxis" xlink:label="LegalEntityAxis" xlink:title="LegalEntityAxis" />
    <link:label xlink:type="resource" xlink:label="label_LegalEntityAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LegalEntityAxis" xml:lang="en-US" id="label_LegalEntityAxis">Legal Entity [Axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LegalEntityAxis" xlink:to="label_LegalEntityAxis" xlink:title="Label : LegalEntityAxis to label_LegalEntityAxis" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityDomain" xlink:label="EntityDomain" xlink:title="EntityDomain" />
    <link:label xlink:type="resource" xlink:label="label_EntityDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EntityDomain" xml:lang="en-US" id="label_EntityDomain">Entity [Domain]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityDomain" xlink:to="label_EntityDomain" xlink:title="Label : EntityDomain to label_EntityDomain" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityRegistrantName" xlink:label="EntityRegistrantName" xlink:title="EntityRegistrantName" />
    <link:label xlink:type="resource" xlink:label="label_EntityRegistrantName" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EntityRegistrantName" xml:lang="en-US" id="label_EntityRegistrantName">Entity Registrant Name</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityRegistrantName" xlink:to="label_EntityRegistrantName" xlink:title="Label : EntityRegistrantName to label_EntityRegistrantName" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityCentralIndexKey" xlink:label="EntityCentralIndexKey" xlink:title="EntityCentralIndexKey" />
    <link:label xlink:type="resource" xlink:label="label_EntityCentralIndexKey" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EntityCentralIndexKey" xml:lang="en-US" id="label_EntityCentralIndexKey">Entity Central Index Key</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityCentralIndexKey" xlink:to="label_EntityCentralIndexKey" xlink:title="Label : EntityCentralIndexKey to label_EntityCentralIndexKey" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_TradingSymbol" xlink:label="TradingSymbol" xlink:title="TradingSymbol" />
    <link:label xlink:type="resource" xlink:label="label_TradingSymbol" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TradingSymbol" xml:lang="en-US" id="label_TradingSymbol">Trading Symbol</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TradingSymbol" xlink:to="label_TradingSymbol" xlink:title="Label : TradingSymbol to label_TradingSymbol" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_CurrentFiscalYearEndDate" xlink:label="CurrentFiscalYearEndDate" xlink:title="CurrentFiscalYearEndDate" />
    <link:label xlink:type="resource" xlink:label="label_CurrentFiscalYearEndDate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CurrentFiscalYearEndDate" xml:lang="en-US" id="label_CurrentFiscalYearEndDate">Current Fiscal Year End Date</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentFiscalYearEndDate" xlink:to="label_CurrentFiscalYearEndDate" xlink:title="Label : CurrentFiscalYearEndDate to label_CurrentFiscalYearEndDate" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityFilerCategory" xlink:label="EntityFilerCategory" xlink:title="EntityFilerCategory" />
    <link:label xlink:type="resource" xlink:label="label_EntityFilerCategory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EntityFilerCategory" xml:lang="en-US" id="label_EntityFilerCategory">Entity Filer Category</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityFilerCategory" xlink:to="label_EntityFilerCategory" xlink:title="Label : EntityFilerCategory to label_EntityFilerCategory" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityCurrentReportingStatus" xlink:label="EntityCurrentReportingStatus" xlink:title="EntityCurrentReportingStatus" />
    <link:label xlink:type="resource" xlink:label="label_EntityCurrentReportingStatus" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EntityCurrentReportingStatus" xml:lang="en-US" id="label_EntityCurrentReportingStatus">Entity Current Reporting Status</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityCurrentReportingStatus" xlink:to="label_EntityCurrentReportingStatus" xlink:title="Label : EntityCurrentReportingStatus to label_EntityCurrentReportingStatus" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityVoluntaryFilers" xlink:label="EntityVoluntaryFilers" xlink:title="EntityVoluntaryFilers" />
    <link:label xlink:type="resource" xlink:label="label_EntityVoluntaryFilers" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EntityVoluntaryFilers" xml:lang="en-US" id="label_EntityVoluntaryFilers">Entity Voluntary Filers</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityVoluntaryFilers" xlink:to="label_EntityVoluntaryFilers" xlink:title="Label : EntityVoluntaryFilers to label_EntityVoluntaryFilers" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityWellKnownSeasonedIssuer" xlink:label="EntityWellKnownSeasonedIssuer" xlink:title="EntityWellKnownSeasonedIssuer" />
    <link:label xlink:type="resource" xlink:label="label_EntityWellKnownSeasonedIssuer" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EntityWellKnownSeasonedIssuer" xml:lang="en-US" id="label_EntityWellKnownSeasonedIssuer">Entity Well-known Seasoned Issuer</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityWellKnownSeasonedIssuer" xlink:to="label_EntityWellKnownSeasonedIssuer" xlink:title="Label : EntityWellKnownSeasonedIssuer to label_EntityWellKnownSeasonedIssuer" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityEmergingGrowthCompany" xlink:label="EntityEmergingGrowthCompany" xlink:title="EntityEmergingGrowthCompany" />
    <link:label xlink:type="resource" xlink:label="label_EntityEmergingGrowthCompany" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EntityEmergingGrowthCompany" xml:lang="en-US" id="label_EntityEmergingGrowthCompany">Entity Emerging Growth Company</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityEmergingGrowthCompany" xlink:to="label_EntityEmergingGrowthCompany" xlink:title="Label : EntityEmergingGrowthCompany to label_EntityEmergingGrowthCompany" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityInteractiveDataCurrent" xlink:label="EntityInteractiveDataCurrent" xlink:title="EntityInteractiveDataCurrent" />
    <link:label xlink:type="resource" xlink:label="label_EntityInteractiveDataCurrent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EntityInteractiveDataCurrent" xml:lang="en-US" id="label_EntityInteractiveDataCurrent">Entity Interactive Data Current</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityInteractiveDataCurrent" xlink:to="label_EntityInteractiveDataCurrent" xlink:title="Label : EntityInteractiveDataCurrent to label_EntityInteractiveDataCurrent" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityCommonStockSharesOutstanding" xlink:label="EntityCommonStockSharesOutstanding" xlink:title="EntityCommonStockSharesOutstanding" />
    <link:label xlink:type="resource" xlink:label="label_EntityCommonStockSharesOutstanding" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EntityCommonStockSharesOutstanding" xml:lang="en-US" id="label_EntityCommonStockSharesOutstanding">Entity Common Stock, Shares Outstanding (in shares)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityCommonStockSharesOutstanding" xlink:to="label_EntityCommonStockSharesOutstanding" xlink:title="Label : EntityCommonStockSharesOutstanding to label_EntityCommonStockSharesOutstanding" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityShellCompany" xlink:label="EntityShellCompany" xlink:title="EntityShellCompany" />
    <link:label xlink:type="resource" xlink:label="label_EntityShellCompany" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EntityShellCompany" xml:lang="en-US" id="label_EntityShellCompany">Entity Shell Company</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityShellCompany" xlink:to="label_EntityShellCompany" xlink:title="Label : EntityShellCompany to label_EntityShellCompany" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_DocumentType" xlink:label="DocumentType" xlink:title="DocumentType" />
    <link:label xlink:type="resource" xlink:label="label_DocumentType" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DocumentType" xml:lang="en-US" id="label_DocumentType">Document Type</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DocumentType" xlink:to="label_DocumentType" xlink:title="Label : DocumentType to label_DocumentType" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_DocumentPeriodEndDate" xlink:label="DocumentPeriodEndDate" xlink:title="DocumentPeriodEndDate" />
    <link:label xlink:type="resource" xlink:label="label_DocumentPeriodEndDate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DocumentPeriodEndDate" xml:lang="en-US" id="label_DocumentPeriodEndDate">Document Period End Date</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DocumentPeriodEndDate" xlink:to="label_DocumentPeriodEndDate" xlink:title="Label : DocumentPeriodEndDate to label_DocumentPeriodEndDate" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_DocumentFiscalYearFocus" xlink:label="DocumentFiscalYearFocus" xlink:title="DocumentFiscalYearFocus" />
    <link:label xlink:type="resource" xlink:label="label_DocumentFiscalYearFocus" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DocumentFiscalYearFocus" xml:lang="en-US" id="label_DocumentFiscalYearFocus">Document Fiscal Year Focus</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DocumentFiscalYearFocus" xlink:to="label_DocumentFiscalYearFocus" xlink:title="Label : DocumentFiscalYearFocus to label_DocumentFiscalYearFocus" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_DocumentFiscalPeriodFocus" xlink:label="DocumentFiscalPeriodFocus" xlink:title="DocumentFiscalPeriodFocus" />
    <link:label xlink:type="resource" xlink:label="label_DocumentFiscalPeriodFocus" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DocumentFiscalPeriodFocus" xml:lang="en-US" id="label_DocumentFiscalPeriodFocus">Document Fiscal Period Focus</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DocumentFiscalPeriodFocus" xlink:to="label_DocumentFiscalPeriodFocus" xlink:title="Label : DocumentFiscalPeriodFocus to label_DocumentFiscalPeriodFocus" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_AmendmentFlag" xlink:label="AmendmentFlag" xlink:title="AmendmentFlag" />
    <link:label xlink:type="resource" xlink:label="label_AmendmentFlag" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AmendmentFlag" xml:lang="en-US" id="label_AmendmentFlag">Amendment Flag</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AmendmentFlag" xlink:to="label_AmendmentFlag" xlink:title="Label : AmendmentFlag to label_AmendmentFlag" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_Security12bTitle" xlink:label="Security12bTitle" xlink:title="Security12bTitle" />
    <link:label xlink:type="resource" xlink:label="label_Security12bTitle" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_Security12bTitle" xml:lang="en-US" id="label_Security12bTitle">Title of 12(b) Security</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Security12bTitle" xlink:to="label_Security12bTitle" xlink:title="Label : Security12bTitle to label_Security12bTitle" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_DocumentAnnualReport" xlink:label="DocumentAnnualReport" xlink:title="DocumentAnnualReport" />
    <link:label xlink:type="resource" xlink:label="label_DocumentAnnualReport" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DocumentAnnualReport" xml:lang="en-US" id="label_DocumentAnnualReport">Document Annual Report</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DocumentAnnualReport" xlink:to="label_DocumentAnnualReport" xlink:title="Label : DocumentAnnualReport to label_DocumentAnnualReport" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_DocumentTransitionReport" xlink:label="DocumentTransitionReport" xlink:title="DocumentTransitionReport" />
    <link:label xlink:type="resource" xlink:label="label_DocumentTransitionReport" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DocumentTransitionReport" xml:lang="en-US" id="label_DocumentTransitionReport">Document Transition Report</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DocumentTransitionReport" xlink:to="label_DocumentTransitionReport" xlink:title="Label : DocumentTransitionReport to label_DocumentTransitionReport" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_DocumentShellCompanyReport" xlink:label="DocumentShellCompanyReport" xlink:title="DocumentShellCompanyReport" />
    <link:label xlink:type="resource" xlink:label="label_DocumentShellCompanyReport" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DocumentShellCompanyReport" xml:lang="en-US" id="label_DocumentShellCompanyReport">Document Shell Company Report</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DocumentShellCompanyReport" xlink:to="label_DocumentShellCompanyReport" xlink:title="Label : DocumentShellCompanyReport to label_DocumentShellCompanyReport" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_IncomeStatementAbstract" xlink:label="IncomeStatementAbstract" xlink:title="IncomeStatementAbstract" />
    <link:label xlink:type="resource" xlink:label="label_IncomeStatementAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IncomeStatementAbstract" xml:lang="en-US" id="label_IncomeStatementAbstract">CONSOLIDATED INCOME STATEMENT</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncomeStatementAbstract" xlink:to="label_IncomeStatementAbstract" xlink:title="Label : IncomeStatementAbstract to label_IncomeStatementAbstract" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_StatementTable" xlink:label="StatementTable" xlink:title="StatementTable" />
    <link:label xlink:type="resource" xlink:label="label_StatementTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_StatementTable" xml:lang="en-US" id="label_StatementTable">Statement Table [Table]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StatementTable" xlink:to="label_StatementTable" xlink:title="Label : StatementTable to label_StatementTable" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_StatementLineItems" xlink:label="StatementLineItems" xlink:title="StatementLineItems" />
    <link:label xlink:type="resource" xlink:label="label_StatementLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_StatementLineItems" xml:lang="en-US" id="label_StatementLineItems">Statement Line Items [Line Items]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StatementLineItems" xlink:to="label_StatementLineItems" xlink:title="Label : StatementLineItems to label_StatementLineItems" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_ContinuingOperationsAbstract" xlink:label="ContinuingOperationsAbstract" xlink:title="ContinuingOperationsAbstract" />
    <link:label xlink:type="resource" xlink:label="label_ContinuingOperationsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ContinuingOperationsAbstract" xml:lang="en-US" id="label_ContinuingOperationsAbstract">Continuing operations</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ContinuingOperationsAbstract" xlink:to="label_ContinuingOperationsAbstract" xlink:title="Label : ContinuingOperationsAbstract to label_ContinuingOperationsAbstract" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_Revenue" xlink:label="Revenue" xlink:title="Revenue" />
    <link:label xlink:type="resource" xlink:label="label_Revenue" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_Revenue" xml:lang="en-US" id="label_Revenue">Revenues</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Revenue" xlink:to="label_Revenue" xlink:title="Label : Revenue to label_Revenue" />
    <link:label xlink:type="resource" xlink:label="label_Revenue_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_Revenue_1" xml:lang="en-US" id="label_Revenue_1">Net sales</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Revenue" xlink:to="label_Revenue_1" xlink:title="Label : Revenue to label_Revenue_1" />
    <link:label xlink:type="resource" xlink:label="label_Revenue_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_Revenue_2" xml:lang="en-US" id="label_Revenue_2">IFRS - Net Sales</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Revenue" xlink:to="label_Revenue_2" xlink:title="Label : Revenue to label_Revenue_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_CostOfSales" xlink:label="CostOfSales" xlink:title="CostOfSales" />
    <link:label xlink:type="resource" xlink:label="label_CostOfSales" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_CostOfSales" xml:lang="en-US" id="label_CostOfSales">Cost of sales</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CostOfSales" xlink:to="label_CostOfSales" xlink:title="Label : CostOfSales to label_CostOfSales" />
    <link:label xlink:type="resource" xlink:label="label_CostOfSales_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CostOfSales_1" xml:lang="en-US" id="label_CostOfSales_1">ifrs-full_CostOfSales</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CostOfSales" xlink:to="label_CostOfSales_1" xlink:title="Label : CostOfSales to label_CostOfSales_1" />
    <link:label xlink:type="resource" xlink:label="label_CostOfSales_2" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_CostOfSales_2" xml:lang="en-US" id="label_CostOfSales_2">Cost of sales</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CostOfSales" xlink:to="label_CostOfSales_2" xlink:title="Label : CostOfSales to label_CostOfSales_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_GrossProfit" xlink:label="GrossProfit" xlink:title="GrossProfit" />
    <link:label xlink:type="resource" xlink:label="label_GrossProfit" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_GrossProfit" xml:lang="en-US" id="label_GrossProfit">Gross profit</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GrossProfit" xlink:to="label_GrossProfit" xlink:title="Label : GrossProfit to label_GrossProfit" />
    <link:label xlink:type="resource" xlink:label="label_GrossProfit_1" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_GrossProfit_1" xml:lang="en-US" id="label_GrossProfit_1">Gross profit</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GrossProfit" xlink:to="label_GrossProfit_1" xlink:title="Label : GrossProfit to label_GrossProfit_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_SellingGeneralAndAdministrativeExpense" xlink:label="SellingGeneralAndAdministrativeExpense" xlink:title="SellingGeneralAndAdministrativeExpense" />
    <link:label xlink:type="resource" xlink:label="label_SellingGeneralAndAdministrativeExpense" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SellingGeneralAndAdministrativeExpense" xml:lang="en-US" id="label_SellingGeneralAndAdministrativeExpense">ifrs-full_SellingGeneralAndAdministrativeExpense</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SellingGeneralAndAdministrativeExpense" xlink:to="label_SellingGeneralAndAdministrativeExpense" xlink:title="Label : SellingGeneralAndAdministrativeExpense to label_SellingGeneralAndAdministrativeExpense" />
    <link:label xlink:type="resource" xlink:label="label_SellingGeneralAndAdministrativeExpense_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_SellingGeneralAndAdministrativeExpense_1" xml:lang="en-US" id="label_SellingGeneralAndAdministrativeExpense_1">Total selling, general and administrative expense</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SellingGeneralAndAdministrativeExpense" xlink:to="label_SellingGeneralAndAdministrativeExpense_1" xlink:title="Label : SellingGeneralAndAdministrativeExpense to label_SellingGeneralAndAdministrativeExpense_1" />
    <link:label xlink:type="resource" xlink:label="label_SellingGeneralAndAdministrativeExpense_2" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:title="label_SellingGeneralAndAdministrativeExpense_2" xml:lang="en-US" id="label_SellingGeneralAndAdministrativeExpense_2">Selling, general and administrative expenses</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SellingGeneralAndAdministrativeExpense" xlink:to="label_SellingGeneralAndAdministrativeExpense_2" xlink:title="Label : SellingGeneralAndAdministrativeExpense to label_SellingGeneralAndAdministrativeExpense_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_OtherIncome" xlink:label="OtherIncome" xlink:title="OtherIncome" />
    <link:label xlink:type="resource" xlink:label="label_OtherIncome" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OtherIncome" xml:lang="en-US" id="label_OtherIncome">Other operating income</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherIncome" xlink:to="label_OtherIncome" xlink:title="Label : OtherIncome to label_OtherIncome" />
    <link:label xlink:type="resource" xlink:label="label_OtherIncome_1" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_OtherIncome_1" xml:lang="en-US" id="label_OtherIncome_1">Other income</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherIncome" xlink:to="label_OtherIncome_1" xlink:title="Label : OtherIncome to label_OtherIncome_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_OtherExpenseByFunction" xlink:label="OtherExpenseByFunction" xlink:title="OtherExpenseByFunction" />
    <link:label xlink:type="resource" xlink:label="label_OtherExpenseByFunction" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_OtherExpenseByFunction" xml:lang="en-US" id="label_OtherExpenseByFunction">Other expense</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherExpenseByFunction" xlink:to="label_OtherExpenseByFunction" xlink:title="Label : OtherExpenseByFunction to label_OtherExpenseByFunction" />
    <link:label xlink:type="resource" xlink:label="label_OtherExpenseByFunction_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OtherExpenseByFunction_1" xml:lang="en-US" id="label_OtherExpenseByFunction_1">ifrs-full_OtherExpenseByFunction</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherExpenseByFunction" xlink:to="label_OtherExpenseByFunction_1" xlink:title="Label : OtherExpenseByFunction to label_OtherExpenseByFunction_1" />
    <link:label xlink:type="resource" xlink:label="label_OtherExpenseByFunction_2" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_OtherExpenseByFunction_2" xml:lang="en-US" id="label_OtherExpenseByFunction_2">Other operating expenses</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherExpenseByFunction" xlink:to="label_OtherExpenseByFunction_2" xlink:title="Label : OtherExpenseByFunction to label_OtherExpenseByFunction_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_ProfitLossFromOperatingActivities" xlink:label="ProfitLossFromOperatingActivities" xlink:title="ProfitLossFromOperatingActivities" />
    <link:label xlink:type="resource" xlink:label="label_ProfitLossFromOperatingActivities" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_ProfitLossFromOperatingActivities" xml:lang="en-US" id="label_ProfitLossFromOperatingActivities">Operating (loss) income</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProfitLossFromOperatingActivities" xlink:to="label_ProfitLossFromOperatingActivities" xlink:title="Label : ProfitLossFromOperatingActivities to label_ProfitLossFromOperatingActivities" />
    <link:label xlink:type="resource" xlink:label="label_ProfitLossFromOperatingActivities_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ProfitLossFromOperatingActivities_1" xml:lang="en-US" id="label_ProfitLossFromOperatingActivities_1">ifrs-full_ProfitLossFromOperatingActivities</link:label>
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    <link:label xlink:type="resource" xlink:label="label_ProfitLossFromOperatingActivities_2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_ProfitLossFromOperatingActivities_2" xml:lang="en-US" id="label_ProfitLossFromOperatingActivities_2">IFRS - operating income</link:label>
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinanceIncome" xlink:to="label_FinanceIncome" xlink:title="Label : FinanceIncome to label_FinanceIncome" />
    <link:label xlink:type="resource" xlink:label="label_FinanceIncome_1" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_FinanceIncome_1" xml:lang="en-US" id="label_FinanceIncome_1">Finance income</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinanceIncome" xlink:to="label_FinanceIncome_1" xlink:title="Label : FinanceIncome to label_FinanceIncome_1" />
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    <link:label xlink:type="resource" xlink:label="label_FinanceCosts" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_FinanceCosts" xml:lang="en-US" id="label_FinanceCosts">ifrs-full_FinanceCosts</link:label>
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    <link:label xlink:type="resource" xlink:label="label_FinanceCosts_1" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_FinanceCosts_1" xml:lang="en-US" id="label_FinanceCosts_1">Finance cost</link:label>
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    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_OtherFinanceIncomeCost" xlink:label="OtherFinanceIncomeCost" xlink:title="OtherFinanceIncomeCost" />
    <link:label xlink:type="resource" xlink:label="label_OtherFinanceIncomeCost" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OtherFinanceIncomeCost" xml:lang="en-US" id="label_OtherFinanceIncomeCost">Other financial results</link:label>
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    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_LossIncomeBeforeEquityInEarningsOfNonconsolidatedCompaniesAndIncomeTax" xlink:label="LossIncomeBeforeEquityInEarningsOfNonconsolidatedCompaniesAndIncomeTax" xlink:title="LossIncomeBeforeEquityInEarningsOfNonconsolidatedCompaniesAndIncomeTax" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LossIncomeBeforeEquityInEarningsOfNonconsolidatedCompaniesAndIncomeTax" xlink:to="label_LossIncomeBeforeEquityInEarningsOfNonconsolidatedCompaniesAndIncomeTax" xlink:title="Label : LossIncomeBeforeEquityInEarningsOfNonconsolidatedCompaniesAndIncomeTax to label_LossIncomeBeforeEquityInEarningsOfNonconsolidatedCompaniesAndIncomeTax" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LossIncomeBeforeEquityInEarningsOfNonconsolidatedCompaniesAndIncomeTax" xlink:to="label_LossIncomeBeforeEquityInEarningsOfNonconsolidatedCompaniesAndIncomeTax_1" xlink:title="Label : LossIncomeBeforeEquityInEarningsOfNonconsolidatedCompaniesAndIncomeTax to label_LossIncomeBeforeEquityInEarningsOfNonconsolidatedCompaniesAndIncomeTax_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_UnallocatedRegionMember" xlink:label="UnallocatedRegionMember" xlink:title="UnallocatedRegionMember" />
    <link:label xlink:type="resource" xlink:label="label_UnallocatedRegionMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_UnallocatedRegionMember" xml:lang="en-US" id="label_UnallocatedRegionMember">Unallocated [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="UnallocatedRegionMember" xlink:to="label_UnallocatedRegionMember" xlink:title="Label : UnallocatedRegionMember to label_UnallocatedRegionMember" />
    <link:label xlink:type="resource" xlink:label="label_LossIncomeBeforeEquityInEarningsOfNonconsolidatedCompaniesAndIncomeTax_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LossIncomeBeforeEquityInEarningsOfNonconsolidatedCompaniesAndIncomeTax_2" xml:lang="en-US" id="label_LossIncomeBeforeEquityInEarningsOfNonconsolidatedCompaniesAndIncomeTax_2">ts_LossIncomeBeforeEquityInEarningsOfNonconsolidatedCompaniesAndIncomeTax</link:label>
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    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod" xlink:label="ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod" xlink:title="ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod" />
    <link:label xlink:type="resource" xlink:label="label_ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod" xml:lang="en-US" id="label_ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod">Equity in earnings of non-consolidated companies</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod" xlink:to="label_ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod" xlink:title="Label : ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod to label_ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod" />
    <link:label xlink:type="resource" xlink:label="label_ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod_1" xlink:role="http://www.xbrl.org/2009/role/netLabel" xlink:title="label_ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod_1" xml:lang="en-US" id="label_ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod_1">Equity in earnings of non-consolidated companies</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod" xlink:to="label_ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod_1" xlink:title="Label : ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod to label_ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_ProfitLossBeforeTax" xlink:label="ProfitLossBeforeTax" xlink:title="ProfitLossBeforeTax" />
    <link:label xlink:type="resource" xlink:label="label_ProfitLossBeforeTax" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_ProfitLossBeforeTax" xml:lang="en-US" id="label_ProfitLossBeforeTax">(Loss) income before income tax</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProfitLossBeforeTax" xlink:to="label_ProfitLossBeforeTax" xlink:title="Label : ProfitLossBeforeTax to label_ProfitLossBeforeTax" />
    <link:label xlink:type="resource" xlink:label="label_ProfitLossBeforeTax_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ProfitLossBeforeTax_1" xml:lang="en-US" id="label_ProfitLossBeforeTax_1">Profit (loss) before tax</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProfitLossBeforeTax" xlink:to="label_ProfitLossBeforeTax_1" xlink:title="Label : ProfitLossBeforeTax to label_ProfitLossBeforeTax_1" />
    <link:label xlink:type="resource" xlink:label="label_ProfitLossBeforeTax_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ProfitLossBeforeTax_2" xml:lang="en-US" id="label_ProfitLossBeforeTax_2">Income before income tax</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProfitLossBeforeTax" xlink:to="label_ProfitLossBeforeTax_2" xlink:title="Label : ProfitLossBeforeTax to label_ProfitLossBeforeTax_2" />
    <link:label xlink:type="resource" xlink:label="label_ProfitLossBeforeTax_3" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_ProfitLossBeforeTax_3" xml:lang="en-US" id="label_ProfitLossBeforeTax_3">Income before income tax</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProfitLossBeforeTax" xlink:to="label_ProfitLossBeforeTax_3" xlink:title="Label : ProfitLossBeforeTax to label_ProfitLossBeforeTax_3" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_IncomeTaxExpenseContinuingOperations" xlink:label="IncomeTaxExpenseContinuingOperations" xlink:title="IncomeTaxExpenseContinuingOperations" />
    <link:label xlink:type="resource" xlink:label="label_IncomeTaxExpenseContinuingOperations" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_IncomeTaxExpenseContinuingOperations" xml:lang="en-US" id="label_IncomeTaxExpenseContinuingOperations">Tax income (expense)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncomeTaxExpenseContinuingOperations" xlink:to="label_IncomeTaxExpenseContinuingOperations" xlink:title="Label : IncomeTaxExpenseContinuingOperations to label_IncomeTaxExpenseContinuingOperations" />
    <link:label xlink:type="resource" xlink:label="label_IncomeTaxExpenseContinuingOperations_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IncomeTaxExpenseContinuingOperations_1" xml:lang="en-US" id="label_IncomeTaxExpenseContinuingOperations_1">ifrs-full_IncomeTaxExpenseContinuingOperations</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncomeTaxExpenseContinuingOperations" xlink:to="label_IncomeTaxExpenseContinuingOperations_1" xlink:title="Label : IncomeTaxExpenseContinuingOperations to label_IncomeTaxExpenseContinuingOperations_1" />
    <link:label xlink:type="resource" xlink:label="label_IncomeTaxExpenseContinuingOperations_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_IncomeTaxExpenseContinuingOperations_2" xml:lang="en-US" id="label_IncomeTaxExpenseContinuingOperations_2">Tax charge</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncomeTaxExpenseContinuingOperations" xlink:to="label_IncomeTaxExpenseContinuingOperations_2" xlink:title="Label : IncomeTaxExpenseContinuingOperations to label_IncomeTaxExpenseContinuingOperations_2" />
    <link:label xlink:type="resource" xlink:label="label_IncomeTaxExpenseContinuingOperations_3" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:title="label_IncomeTaxExpenseContinuingOperations_3" xml:lang="en-US" id="label_IncomeTaxExpenseContinuingOperations_3">Income tax</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncomeTaxExpenseContinuingOperations" xlink:to="label_IncomeTaxExpenseContinuingOperations_3" xlink:title="Label : IncomeTaxExpenseContinuingOperations to label_IncomeTaxExpenseContinuingOperations_3" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_ProfitLossFromContinuingOperations" xlink:label="ProfitLossFromContinuingOperations" xlink:title="ProfitLossFromContinuingOperations" />
    <link:label xlink:type="resource" xlink:label="label_ProfitLossFromContinuingOperations" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_ProfitLossFromContinuingOperations" xml:lang="en-US" id="label_ProfitLossFromContinuingOperations">(Loss) income for the year</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProfitLossFromContinuingOperations" xlink:to="label_ProfitLossFromContinuingOperations" xlink:title="Label : ProfitLossFromContinuingOperations to label_ProfitLossFromContinuingOperations" />
    <link:label xlink:type="resource" xlink:label="label_ProfitLossFromContinuingOperations_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ProfitLossFromContinuingOperations_1" xml:lang="en-US" id="label_ProfitLossFromContinuingOperations_1">ifrs-full_ProfitLossFromContinuingOperations</link:label>
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    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_BasicAndDilutedEarningsLossPerShareFromContinuingOperations" xlink:label="BasicAndDilutedEarningsLossPerShareFromContinuingOperations" xlink:title="BasicAndDilutedEarningsLossPerShareFromContinuingOperations" />
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    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_ProfitLoss" xlink:label="ProfitLoss" xlink:title="ProfitLoss" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProfitLoss" xlink:to="label_ProfitLoss" xlink:title="Label : ProfitLoss to label_ProfitLoss" />
    <link:label xlink:type="resource" xlink:label="label_ProfitLoss_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ProfitLoss_1" xml:lang="en-US" id="label_ProfitLoss_1">(Loss) income for the year</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProfitLoss" xlink:to="label_ProfitLoss_1" xlink:title="Label : ProfitLoss to label_ProfitLoss_1" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProfitLoss" xlink:to="label_ProfitLoss_2" xlink:title="Label : ProfitLoss to label_ProfitLoss_2" />
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    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_IncomeTaxRelatingToComponentsOfOtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLoss" xlink:label="IncomeTaxRelatingToComponentsOfOtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLoss" xlink:title="IncomeTaxRelatingToComponentsOfOtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLoss" />
    <link:label xlink:type="resource" xlink:label="label_IncomeTaxRelatingToComponentsOfOtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLoss" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IncomeTaxRelatingToComponentsOfOtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLoss" xml:lang="en-US" id="label_IncomeTaxRelatingToComponentsOfOtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLoss">ifrs-full_IncomeTaxRelatingToComponentsOfOtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLoss</link:label>
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    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethodThatWillNotBeReclassifiedToProfitOrLossNetOfTax" xlink:label="ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethodThatWillNotBeReclassifiedToProfitOrLossNetOfTax" xlink:title="ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethodThatWillNotBeReclassifiedToProfitOrLossNetOfTax" />
    <link:label xlink:type="resource" xlink:label="label_ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethodThatWillNotBeReclassifiedToProfitOrLossNetOfTax" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethodThatWillNotBeReclassifiedToProfitOrLossNetOfTax" xml:lang="en-US" id="label_ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethodThatWillNotBeReclassifiedToProfitOrLossNetOfTax">Remeasurements of post employment benefit obligations of non-consolidated companies</link:label>
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    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_OtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTax" xlink:label="OtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTax" xlink:title="OtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTax" />
    <link:label xlink:type="resource" xlink:label="label_OtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTax" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTax" xml:lang="en-US" id="label_OtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTax">ifrs-full_OtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTax</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTax" xlink:to="label_OtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTax" xlink:title="Label : OtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTax to label_OtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTax" />
    <link:label xlink:type="resource" xlink:label="label_OtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTax_1" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_OtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTax_1" xml:lang="en-US" id="label_OtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTax_1">Total other comprehensive income that will not be reclassified to profit or loss, net of tax</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTax" xlink:to="label_OtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTax_1" xlink:title="Label : OtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTax to label_OtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTax_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_OtherComprehensiveIncome" xlink:label="OtherComprehensiveIncome" xlink:title="OtherComprehensiveIncome" />
    <link:label xlink:type="resource" xlink:label="label_OtherComprehensiveIncome" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_OtherComprehensiveIncome" xml:lang="en-US" id="label_OtherComprehensiveIncome">Other comprehensive (loss) for the year, net of tax</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherComprehensiveIncome" xlink:to="label_OtherComprehensiveIncome" xlink:title="Label : OtherComprehensiveIncome to label_OtherComprehensiveIncome" />
    <link:label xlink:type="resource" xlink:label="label_OtherComprehensiveIncome_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OtherComprehensiveIncome_1" xml:lang="en-US" id="label_OtherComprehensiveIncome_1">Other comprehensive (loss) income for the year</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherComprehensiveIncome" xlink:to="label_OtherComprehensiveIncome_1" xlink:title="Label : OtherComprehensiveIncome to label_OtherComprehensiveIncome_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_ComprehensiveIncome" xlink:label="ComprehensiveIncome" xlink:title="ComprehensiveIncome" />
    <link:label xlink:type="resource" xlink:label="label_ComprehensiveIncome" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_ComprehensiveIncome" xml:lang="en-US" id="label_ComprehensiveIncome">Total comprehensive income (loss) for the year</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ComprehensiveIncome" xlink:to="label_ComprehensiveIncome" xlink:title="Label : ComprehensiveIncome to label_ComprehensiveIncome" />
    <link:label xlink:type="resource" xlink:label="label_ComprehensiveIncome_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ComprehensiveIncome_1" xml:lang="en-US" id="label_ComprehensiveIncome_1">Total comprehensive (loss) income for the year</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ComprehensiveIncome" xlink:to="label_ComprehensiveIncome_1" xlink:title="Label : ComprehensiveIncome to label_ComprehensiveIncome_1" />
    <link:label xlink:type="resource" xlink:label="label_ComprehensiveIncome_2" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_ComprehensiveIncome_2" xml:lang="en-US" id="label_ComprehensiveIncome_2">Total comprehensive (loss) income for the year</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ComprehensiveIncome" xlink:to="label_ComprehensiveIncome_2" xlink:title="Label : ComprehensiveIncome to label_ComprehensiveIncome_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_ComprehensiveIncomeAttributableToAbstract" xlink:label="ComprehensiveIncomeAttributableToAbstract" xlink:title="ComprehensiveIncomeAttributableToAbstract" />
    <link:label xlink:type="resource" xlink:label="label_ComprehensiveIncomeAttributableToAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ComprehensiveIncomeAttributableToAbstract" xml:lang="en-US" id="label_ComprehensiveIncomeAttributableToAbstract">Total comprehensive income (loss) for the year attributable to:</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ComprehensiveIncomeAttributableToAbstract" xlink:to="label_ComprehensiveIncomeAttributableToAbstract" xlink:title="Label : ComprehensiveIncomeAttributableToAbstract to label_ComprehensiveIncomeAttributableToAbstract" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_ComprehensiveIncomeAttributableToOwnersOfParent" xlink:label="ComprehensiveIncomeAttributableToOwnersOfParent" xlink:title="ComprehensiveIncomeAttributableToOwnersOfParent" />
    <link:label xlink:type="resource" xlink:label="label_ComprehensiveIncomeAttributableToOwnersOfParent" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_ComprehensiveIncomeAttributableToOwnersOfParent" xml:lang="en-US" id="label_ComprehensiveIncomeAttributableToOwnersOfParent">Owners of the parent</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ComprehensiveIncomeAttributableToOwnersOfParent" xlink:to="label_ComprehensiveIncomeAttributableToOwnersOfParent" xlink:title="Label : ComprehensiveIncomeAttributableToOwnersOfParent to label_ComprehensiveIncomeAttributableToOwnersOfParent" />
    <link:label xlink:type="resource" xlink:label="label_ComprehensiveIncomeAttributableToOwnersOfParent_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ComprehensiveIncomeAttributableToOwnersOfParent_1" xml:lang="en-US" id="label_ComprehensiveIncomeAttributableToOwnersOfParent_1">Total comprehensive income for the year, net of tax, attributable to owners of the parent</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ComprehensiveIncomeAttributableToOwnersOfParent" xlink:to="label_ComprehensiveIncomeAttributableToOwnersOfParent_1" xlink:title="Label : ComprehensiveIncomeAttributableToOwnersOfParent to label_ComprehensiveIncomeAttributableToOwnersOfParent_1" />
    <link:label xlink:type="resource" xlink:label="label_ComprehensiveIncomeAttributableToOwnersOfParent_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ComprehensiveIncomeAttributableToOwnersOfParent_2" xml:lang="en-US" id="label_ComprehensiveIncomeAttributableToOwnersOfParent_2">Comprehensive income, attributable to owners of parent</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ComprehensiveIncomeAttributableToOwnersOfParent" xlink:to="label_ComprehensiveIncomeAttributableToOwnersOfParent_2" xlink:title="Label : ComprehensiveIncomeAttributableToOwnersOfParent to label_ComprehensiveIncomeAttributableToOwnersOfParent_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_ComprehensiveIncomeAttributableToNoncontrollingInterests" xlink:label="ComprehensiveIncomeAttributableToNoncontrollingInterests" xlink:title="ComprehensiveIncomeAttributableToNoncontrollingInterests" />
    <link:label xlink:type="resource" xlink:label="label_ComprehensiveIncomeAttributableToNoncontrollingInterests" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_ComprehensiveIncomeAttributableToNoncontrollingInterests" xml:lang="en-US" id="label_ComprehensiveIncomeAttributableToNoncontrollingInterests">Non-controlling interests</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ComprehensiveIncomeAttributableToNoncontrollingInterests" xlink:to="label_ComprehensiveIncomeAttributableToNoncontrollingInterests" xlink:title="Label : ComprehensiveIncomeAttributableToNoncontrollingInterests to label_ComprehensiveIncomeAttributableToNoncontrollingInterests" />
    <link:label xlink:type="resource" xlink:label="label_ComprehensiveIncomeAttributableToNoncontrollingInterests_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ComprehensiveIncomeAttributableToNoncontrollingInterests_1" xml:lang="en-US" id="label_ComprehensiveIncomeAttributableToNoncontrollingInterests_1">ifrs-full_ComprehensiveIncomeAttributableToNoncontrollingInterests</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ComprehensiveIncomeAttributableToNoncontrollingInterests" xlink:to="label_ComprehensiveIncomeAttributableToNoncontrollingInterests_1" xlink:title="Label : ComprehensiveIncomeAttributableToNoncontrollingInterests to label_ComprehensiveIncomeAttributableToNoncontrollingInterests_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_StatementOfFinancialPositionAbstract" xlink:label="StatementOfFinancialPositionAbstract" xlink:title="StatementOfFinancialPositionAbstract" />
    <link:label xlink:type="resource" xlink:label="label_StatementOfFinancialPositionAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_StatementOfFinancialPositionAbstract" xml:lang="en-US" id="label_StatementOfFinancialPositionAbstract">CONSOLIDATED STATEMENT OF FINANCIAL POSITION</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StatementOfFinancialPositionAbstract" xlink:to="label_StatementOfFinancialPositionAbstract" xlink:title="Label : StatementOfFinancialPositionAbstract to label_StatementOfFinancialPositionAbstract" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_PropertyPlantAndEquipment" xlink:label="PropertyPlantAndEquipment" xlink:title="PropertyPlantAndEquipment" />
    <link:label xlink:type="resource" xlink:label="label_PropertyPlantAndEquipment" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PropertyPlantAndEquipment" xml:lang="en-US" id="label_PropertyPlantAndEquipment">Property, plant and equipment, net</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PropertyPlantAndEquipment" xlink:to="label_PropertyPlantAndEquipment" xlink:title="Label : PropertyPlantAndEquipment to label_PropertyPlantAndEquipment" />
    <link:label xlink:type="resource" xlink:label="label_PropertyPlantAndEquipment_1" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:title="label_PropertyPlantAndEquipment_1" xml:lang="en-US" id="label_PropertyPlantAndEquipment_1">Beginning of the year</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PropertyPlantAndEquipment" xlink:to="label_PropertyPlantAndEquipment_1" xlink:title="Label : PropertyPlantAndEquipment to label_PropertyPlantAndEquipment_1" />
    <link:label xlink:type="resource" xlink:label="label_PropertyPlantAndEquipment_2" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:title="label_PropertyPlantAndEquipment_2" xml:lang="en-US" id="label_PropertyPlantAndEquipment_2">End of the year</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PropertyPlantAndEquipment" xlink:to="label_PropertyPlantAndEquipment_2" xlink:title="Label : PropertyPlantAndEquipment to label_PropertyPlantAndEquipment_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_IntangibleAssetsAndGoodwill" xlink:label="IntangibleAssetsAndGoodwill" xlink:title="IntangibleAssetsAndGoodwill" />
    <link:label xlink:type="resource" xlink:label="label_IntangibleAssetsAndGoodwill" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_IntangibleAssetsAndGoodwill" xml:lang="en-US" id="label_IntangibleAssetsAndGoodwill">Intangible assets, net</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IntangibleAssetsAndGoodwill" xlink:to="label_IntangibleAssetsAndGoodwill" xlink:title="Label : IntangibleAssetsAndGoodwill to label_IntangibleAssetsAndGoodwill" />
    <link:label xlink:type="resource" xlink:label="label_IntangibleAssetsAndGoodwill_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IntangibleAssetsAndGoodwill_1" xml:lang="en-US" id="label_IntangibleAssetsAndGoodwill_1">ifrs-full_IntangibleAssetsAndGoodwill</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IntangibleAssetsAndGoodwill" xlink:to="label_IntangibleAssetsAndGoodwill_1" xlink:title="Label : IntangibleAssetsAndGoodwill to label_IntangibleAssetsAndGoodwill_1" />
    <link:label xlink:type="resource" xlink:label="label_IntangibleAssetsAndGoodwill_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_IntangibleAssetsAndGoodwill_2" xml:lang="en-US" id="label_IntangibleAssetsAndGoodwill_2">Total intangible assets and goodwill</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IntangibleAssetsAndGoodwill" xlink:to="label_IntangibleAssetsAndGoodwill_2" xlink:title="Label : IntangibleAssetsAndGoodwill to label_IntangibleAssetsAndGoodwill_2" />
    <link:label xlink:type="resource" xlink:label="label_IntangibleAssetsAndGoodwill_3" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:title="label_IntangibleAssetsAndGoodwill_3" xml:lang="en-US" id="label_IntangibleAssetsAndGoodwill_3">Values at the beginning of the year</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IntangibleAssetsAndGoodwill" xlink:to="label_IntangibleAssetsAndGoodwill_3" xlink:title="Label : IntangibleAssetsAndGoodwill to label_IntangibleAssetsAndGoodwill_3" />
    <link:label xlink:type="resource" xlink:label="label_IntangibleAssetsAndGoodwill_4" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:title="label_IntangibleAssetsAndGoodwill_4" xml:lang="en-US" id="label_IntangibleAssetsAndGoodwill_4">Values at the end of the year</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IntangibleAssetsAndGoodwill" xlink:to="label_IntangibleAssetsAndGoodwill_4" xlink:title="Label : IntangibleAssetsAndGoodwill to label_IntangibleAssetsAndGoodwill_4" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_RightofuseAssets" xlink:label="RightofuseAssets" xlink:title="RightofuseAssets" />
    <link:label xlink:type="resource" xlink:label="label_RightofuseAssets" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:title="label_RightofuseAssets" xml:lang="en-US" id="label_RightofuseAssets">Cost and Depreciation end of the year</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RightofuseAssets" xlink:to="label_RightofuseAssets" xlink:title="Label : RightofuseAssets to label_RightofuseAssets" />
    <link:label xlink:type="resource" xlink:label="label_RightofuseAssets_1" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:title="label_RightofuseAssets_1" xml:lang="en-US" id="label_RightofuseAssets_1">Cost and Depreciation beginning of the year</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RightofuseAssets" xlink:to="label_RightofuseAssets_1" xlink:title="Label : RightofuseAssets to label_RightofuseAssets_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_InvestmentsInSubsidiariesJointVenturesAndAssociates" xlink:label="InvestmentsInSubsidiariesJointVenturesAndAssociates" xlink:title="InvestmentsInSubsidiariesJointVenturesAndAssociates" />
    <link:label xlink:type="resource" xlink:label="label_InvestmentsInSubsidiariesJointVenturesAndAssociates" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_InvestmentsInSubsidiariesJointVenturesAndAssociates" xml:lang="en-US" id="label_InvestmentsInSubsidiariesJointVenturesAndAssociates">Investments in non-consolidated companies</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InvestmentsInSubsidiariesJointVenturesAndAssociates" xlink:to="label_InvestmentsInSubsidiariesJointVenturesAndAssociates" xlink:title="Label : InvestmentsInSubsidiariesJointVenturesAndAssociates to label_InvestmentsInSubsidiariesJointVenturesAndAssociates" />
    <link:label xlink:type="resource" xlink:label="label_InvestmentsInSubsidiariesJointVenturesAndAssociates_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_InvestmentsInSubsidiariesJointVenturesAndAssociates_1" xml:lang="en-US" id="label_InvestmentsInSubsidiariesJointVenturesAndAssociates_1">Value</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InvestmentsInSubsidiariesJointVenturesAndAssociates" xlink:to="label_InvestmentsInSubsidiariesJointVenturesAndAssociates_1" xlink:title="Label : InvestmentsInSubsidiariesJointVenturesAndAssociates to label_InvestmentsInSubsidiariesJointVenturesAndAssociates_1" />
    <link:label xlink:type="resource" xlink:label="label_InvestmentsInSubsidiariesJointVenturesAndAssociates_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_InvestmentsInSubsidiariesJointVenturesAndAssociates_2" xml:lang="en-US" id="label_InvestmentsInSubsidiariesJointVenturesAndAssociates_2">Total investments in subsidiaries, joint ventures and associates</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InvestmentsInSubsidiariesJointVenturesAndAssociates" xlink:to="label_InvestmentsInSubsidiariesJointVenturesAndAssociates_2" xlink:title="Label : InvestmentsInSubsidiariesJointVenturesAndAssociates to label_InvestmentsInSubsidiariesJointVenturesAndAssociates_2" />
    <link:label xlink:type="resource" xlink:label="label_InvestmentsInSubsidiariesJointVenturesAndAssociates_3" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:title="label_InvestmentsInSubsidiariesJointVenturesAndAssociates_3" xml:lang="en-US" id="label_InvestmentsInSubsidiariesJointVenturesAndAssociates_3">At the beginning of the year</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InvestmentsInSubsidiariesJointVenturesAndAssociates" xlink:to="label_InvestmentsInSubsidiariesJointVenturesAndAssociates_3" xlink:title="Label : InvestmentsInSubsidiariesJointVenturesAndAssociates to label_InvestmentsInSubsidiariesJointVenturesAndAssociates_3" />
    <link:label xlink:type="resource" xlink:label="label_InvestmentsInSubsidiariesJointVenturesAndAssociates_4" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:title="label_InvestmentsInSubsidiariesJointVenturesAndAssociates_4" xml:lang="en-US" id="label_InvestmentsInSubsidiariesJointVenturesAndAssociates_4">At the end of the year</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InvestmentsInSubsidiariesJointVenturesAndAssociates" xlink:to="label_InvestmentsInSubsidiariesJointVenturesAndAssociates_4" xlink:title="Label : InvestmentsInSubsidiariesJointVenturesAndAssociates to label_InvestmentsInSubsidiariesJointVenturesAndAssociates_4" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod" xlink:label="NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod" xlink:title="NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod" />
    <link:label xlink:type="resource" xlink:label="label_NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod" xml:lang="en-US" id="label_NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod">Other investments - non-current</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod" xlink:to="label_NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod" xlink:title="Label : NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod to label_NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod" />
    <link:label xlink:type="resource" xlink:label="label_NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod_1" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod_1" xml:lang="en-US" id="label_NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod_1">Other investments</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod" xlink:to="label_NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod_1" xlink:title="Label : NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod to label_NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DeferredTaxAssets" xlink:label="DeferredTaxAssets" xlink:title="DeferredTaxAssets" />
    <link:label xlink:type="resource" xlink:label="label_DeferredTaxAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DeferredTaxAssets" xml:lang="en-US" id="label_DeferredTaxAssets">Deferred tax assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DeferredTaxAssets" xlink:to="label_DeferredTaxAssets" xlink:title="Label : DeferredTaxAssets to label_DeferredTaxAssets" />
    <link:label xlink:type="resource" xlink:label="label_DeferredTaxAssets_1" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_DeferredTaxAssets_1" xml:lang="en-US" id="label_DeferredTaxAssets_1">Deferred tax assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DeferredTaxAssets" xlink:to="label_DeferredTaxAssets_1" xlink:title="Label : DeferredTaxAssets to label_DeferredTaxAssets_1" />
    <link:label xlink:type="resource" xlink:label="label_DeferredTaxAssets_2" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:title="label_DeferredTaxAssets_2" xml:lang="en-US" id="label_DeferredTaxAssets_2">Deferred tax assets to be recovered after 12 months</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DeferredTaxAssets" xlink:to="label_DeferredTaxAssets_2" xlink:title="Label : DeferredTaxAssets to label_DeferredTaxAssets_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_NoncurrentReceivables" xlink:label="NoncurrentReceivables" xlink:title="NoncurrentReceivables" />
    <link:label xlink:type="resource" xlink:label="label_NoncurrentReceivables" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NoncurrentReceivables" xml:lang="en-US" id="label_NoncurrentReceivables">Receivables, net</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncurrentReceivables" xlink:to="label_NoncurrentReceivables" xlink:title="Label : NoncurrentReceivables to label_NoncurrentReceivables" />
    <link:label xlink:type="resource" xlink:label="label_NoncurrentReceivables_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NoncurrentReceivables_1" xml:lang="en-US" id="label_NoncurrentReceivables_1">Total trade and other non-current receivables</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncurrentReceivables" xlink:to="label_NoncurrentReceivables_1" xlink:title="Label : NoncurrentReceivables to label_NoncurrentReceivables_1" />
    <link:label xlink:type="resource" xlink:label="label_NoncurrentAssets_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NoncurrentAssets_1" xml:lang="en-US" id="label_NoncurrentAssets_1">Non-current assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncurrentAssets" xlink:to="label_NoncurrentAssets_1" xlink:title="Label : NoncurrentAssets to label_NoncurrentAssets_1" />
    <link:label xlink:type="resource" xlink:label="label_NoncurrentAssets_2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_NoncurrentAssets_2" xml:lang="en-US" id="label_NoncurrentAssets_2">Non-current assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncurrentAssets" xlink:to="label_NoncurrentAssets_2" xlink:title="Label : NoncurrentAssets to label_NoncurrentAssets_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_Inventories" xlink:label="Inventories" xlink:title="Inventories" />
    <link:label xlink:type="resource" xlink:label="label_Inventories" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_Inventories" xml:lang="en-US" id="label_Inventories">Inventories, net</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Inventories" xlink:to="label_Inventories" xlink:title="Label : Inventories to label_Inventories" />
    <link:label xlink:type="resource" xlink:label="label_Inventories_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_Inventories_1" xml:lang="en-US" id="label_Inventories_1">Inventories</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Inventories" xlink:to="label_Inventories_1" xlink:title="Label : Inventories to label_Inventories_1" />
    <link:label xlink:type="resource" xlink:label="label_Inventories_2" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_Inventories_2" xml:lang="en-US" id="label_Inventories_2">Total current inventories</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Inventories" xlink:to="label_Inventories_2" xlink:title="Label : Inventories to label_Inventories_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_CurrentPrepaymentsAndOtherCurrentAssets" xlink:label="CurrentPrepaymentsAndOtherCurrentAssets" xlink:title="CurrentPrepaymentsAndOtherCurrentAssets" />
    <link:label xlink:type="resource" xlink:label="label_CurrentPrepaymentsAndOtherCurrentAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CurrentPrepaymentsAndOtherCurrentAssets" xml:lang="en-US" id="label_CurrentPrepaymentsAndOtherCurrentAssets">Receivables and prepayments, net</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentPrepaymentsAndOtherCurrentAssets" xlink:to="label_CurrentPrepaymentsAndOtherCurrentAssets" xlink:title="Label : CurrentPrepaymentsAndOtherCurrentAssets to label_CurrentPrepaymentsAndOtherCurrentAssets" />
    <link:label xlink:type="resource" xlink:label="label_CurrentPrepaymentsAndOtherCurrentAssets_1" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_CurrentPrepaymentsAndOtherCurrentAssets_1" xml:lang="en-US" id="label_CurrentPrepaymentsAndOtherCurrentAssets_1">Current prepayments and other current assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentPrepaymentsAndOtherCurrentAssets" xlink:to="label_CurrentPrepaymentsAndOtherCurrentAssets_1" xlink:title="Label : CurrentPrepaymentsAndOtherCurrentAssets to label_CurrentPrepaymentsAndOtherCurrentAssets_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_CurrentTaxAssetsCurrent" xlink:label="CurrentTaxAssetsCurrent" xlink:title="CurrentTaxAssetsCurrent" />
    <link:label xlink:type="resource" xlink:label="label_CurrentTaxAssetsCurrent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CurrentTaxAssetsCurrent" xml:lang="en-US" id="label_CurrentTaxAssetsCurrent">Current tax assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentTaxAssetsCurrent" xlink:to="label_CurrentTaxAssetsCurrent" xlink:title="Label : CurrentTaxAssetsCurrent to label_CurrentTaxAssetsCurrent" />
    <link:label xlink:type="resource" xlink:label="label_CurrentTaxAssetsCurrent_1" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_CurrentTaxAssetsCurrent_1" xml:lang="en-US" id="label_CurrentTaxAssetsCurrent_1">Current tax assets, current</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentTaxAssetsCurrent" xlink:to="label_CurrentTaxAssetsCurrent_1" xlink:title="Label : CurrentTaxAssetsCurrent to label_CurrentTaxAssetsCurrent_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_CurrentTradeReceivables" xlink:label="CurrentTradeReceivables" xlink:title="CurrentTradeReceivables" />
    <link:label xlink:type="resource" xlink:label="label_CurrentTradeReceivables" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_CurrentTradeReceivables" xml:lang="en-US" id="label_CurrentTradeReceivables">Net Value</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentTradeReceivables" xlink:to="label_CurrentTradeReceivables" xlink:title="Label : CurrentTradeReceivables to label_CurrentTradeReceivables" />
    <link:label xlink:type="resource" xlink:label="label_CurrentTradeReceivables_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CurrentTradeReceivables_1" xml:lang="en-US" id="label_CurrentTradeReceivables_1">Current trade receivables</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentTradeReceivables" xlink:to="label_CurrentTradeReceivables_1" xlink:title="Label : CurrentTradeReceivables to label_CurrentTradeReceivables_1" />
    <link:label xlink:type="resource" xlink:label="label_CurrentTradeReceivables_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CurrentTradeReceivables_2" xml:lang="en-US" id="label_CurrentTradeReceivables_2">Trade receivables, net</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentTradeReceivables" xlink:to="label_CurrentTradeReceivables_2" xlink:title="Label : CurrentTradeReceivables to label_CurrentTradeReceivables_2" />
    <link:label xlink:type="resource" xlink:label="label_CurrentTradeReceivables_3" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_CurrentTradeReceivables_3" xml:lang="en-US" id="label_CurrentTradeReceivables_3">Trade receivables</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentTradeReceivables" xlink:to="label_CurrentTradeReceivables_3" xlink:title="Label : CurrentTradeReceivables to label_CurrentTradeReceivables_3" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_CurrentDerivativeFinancialAssets" xlink:label="CurrentDerivativeFinancialAssets" xlink:title="CurrentDerivativeFinancialAssets" />
    <link:label xlink:type="resource" xlink:label="label_CurrentDerivativeFinancialAssets" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_CurrentDerivativeFinancialAssets" xml:lang="en-US" id="label_CurrentDerivativeFinancialAssets">Derivative financial instruments</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentDerivativeFinancialAssets" xlink:to="label_CurrentDerivativeFinancialAssets" xlink:title="Label : CurrentDerivativeFinancialAssets to label_CurrentDerivativeFinancialAssets" />
    <link:label xlink:type="resource" xlink:label="label_CurrentDerivativeFinancialAssets_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CurrentDerivativeFinancialAssets_1" xml:lang="en-US" id="label_CurrentDerivativeFinancialAssets_1">ifrs-full_CurrentDerivativeFinancialAssets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentDerivativeFinancialAssets" xlink:to="label_CurrentDerivativeFinancialAssets_1" xlink:title="Label : CurrentDerivativeFinancialAssets to label_CurrentDerivativeFinancialAssets_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_CurrentInvestments" xlink:label="CurrentInvestments" xlink:title="CurrentInvestments" />
    <link:label xlink:type="resource" xlink:label="label_CurrentInvestments" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CurrentInvestments" xml:lang="en-US" id="label_CurrentInvestments">Other investments - current</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentInvestments" xlink:to="label_CurrentInvestments" xlink:title="Label : CurrentInvestments to label_CurrentInvestments" />
    <link:label xlink:type="resource" xlink:label="label_CurrentInvestments_1" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_CurrentInvestments_1" xml:lang="en-US" id="label_CurrentInvestments_1">Other investments</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentInvestments" xlink:to="label_CurrentInvestments_1" xlink:title="Label : CurrentInvestments to label_CurrentInvestments_1" />
    <link:label xlink:type="resource" xlink:label="label_CashAndCashEquivalents_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CashAndCashEquivalents_1" xml:lang="en-US" id="label_CashAndCashEquivalents_1">Cash and bank deposits</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CashAndCashEquivalents" xlink:to="label_CashAndCashEquivalents_1" xlink:title="Label : CashAndCashEquivalents to label_CashAndCashEquivalents_1" />
    <link:label xlink:type="resource" xlink:label="label_CashAndCashEquivalents_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CashAndCashEquivalents_2" xml:lang="en-US" id="label_CashAndCashEquivalents_2">Cash and cash equivalents</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CashAndCashEquivalents" xlink:to="label_CashAndCashEquivalents_2" xlink:title="Label : CashAndCashEquivalents to label_CashAndCashEquivalents_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_CurrentAssets" xlink:label="CurrentAssets" xlink:title="CurrentAssets" />
    <link:label xlink:type="resource" xlink:label="label_CurrentAssets" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CurrentAssets" xml:lang="en-US" id="label_CurrentAssets">Current assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentAssets" xlink:to="label_CurrentAssets" xlink:title="Label : CurrentAssets to label_CurrentAssets" />
    <link:label xlink:type="resource" xlink:label="label_CurrentAssets_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CurrentAssets_1" xml:lang="en-US" id="label_CurrentAssets_1">Current assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentAssets" xlink:to="label_CurrentAssets_1" xlink:title="Label : CurrentAssets to label_CurrentAssets_1" />
    <link:label xlink:type="resource" xlink:label="label_CurrentAssets_2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_CurrentAssets_2" xml:lang="en-US" id="label_CurrentAssets_2">Current assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentAssets" xlink:to="label_CurrentAssets_2" xlink:title="Label : CurrentAssets to label_CurrentAssets_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_Assets" xlink:label="Assets" xlink:title="Assets" />
    <link:label xlink:type="resource" xlink:label="label_Assets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_Assets" xml:lang="en-US" id="label_Assets">Total assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Assets" xlink:to="label_Assets" xlink:title="Label : Assets to label_Assets" />
    <link:label xlink:type="resource" xlink:label="label_Assets_1" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_Assets_1" xml:lang="en-US" id="label_Assets_1">Total assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Assets" xlink:to="label_Assets_1" xlink:title="Label : Assets to label_Assets_1" />
    <link:label xlink:type="resource" xlink:label="label_Assets_2" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:title="label_Assets_2" xml:lang="en-US" id="label_Assets_2">At the beginning of the year</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Assets" xlink:to="label_Assets_2" xlink:title="Label : Assets to label_Assets_2" />
    <link:label xlink:type="resource" xlink:label="label_Assets_3" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:title="label_Assets_3" xml:lang="en-US" id="label_Assets_3">At the end of the year</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Assets" xlink:to="label_Assets_3" xlink:title="Label : Assets to label_Assets_3" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_EquityAttributableToOwnersOfParent" xlink:label="EquityAttributableToOwnersOfParent" xlink:title="EquityAttributableToOwnersOfParent" />
    <link:label xlink:type="resource" xlink:label="label_EquityAttributableToOwnersOfParent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EquityAttributableToOwnersOfParent" xml:lang="en-US" id="label_EquityAttributableToOwnersOfParent">Capital and reserves attributable to owners of the parent</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EquityAttributableToOwnersOfParent" xlink:to="label_EquityAttributableToOwnersOfParent" xlink:title="Label : EquityAttributableToOwnersOfParent to label_EquityAttributableToOwnersOfParent" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_NoncontrollingInterests" xlink:label="NoncontrollingInterests" xlink:title="NoncontrollingInterests" />
    <link:label xlink:type="resource" xlink:label="label_NoncontrollingInterests" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NoncontrollingInterests" xml:lang="en-US" id="label_NoncontrollingInterests">Non-controlling interests</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncontrollingInterests" xlink:to="label_NoncontrollingInterests" xlink:title="Label : NoncontrollingInterests to label_NoncontrollingInterests" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_Equity" xlink:label="Equity" xlink:title="Equity" />
    <link:label xlink:type="resource" xlink:label="label_Equity" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:title="label_Equity" xml:lang="en-US" id="label_Equity">Balance</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Equity" xlink:to="label_Equity" xlink:title="Label : Equity to label_Equity" />
    <link:label xlink:type="resource" xlink:label="label_Equity_1" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:title="label_Equity_1" xml:lang="en-US" id="label_Equity_1">Balance</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Equity" xlink:to="label_Equity_1" xlink:title="Label : Equity to label_Equity_1" />
    <link:label xlink:type="resource" xlink:label="label_Equity_2" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_Equity_2" xml:lang="en-US" id="label_Equity_2">Total equity</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Equity" xlink:to="label_Equity_2" xlink:title="Label : Equity to label_Equity_2" />
    <link:label xlink:type="resource" xlink:label="label_Equity_3" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_Equity_3" xml:lang="en-US" id="label_Equity_3">ifrs-full_Equity</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Equity" xlink:to="label_Equity_3" xlink:title="Label : Equity to label_Equity_3" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_LongtermBorrowings" xlink:label="LongtermBorrowings" xlink:title="LongtermBorrowings" />
    <link:label xlink:type="resource" xlink:label="label_LongtermBorrowings" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_LongtermBorrowings" xml:lang="en-US" id="label_LongtermBorrowings">Borrowings</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LongtermBorrowings" xlink:to="label_LongtermBorrowings" xlink:title="Label : LongtermBorrowings to label_LongtermBorrowings" />
    <link:label xlink:type="resource" xlink:label="label_LongtermBorrowings_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LongtermBorrowings_1" xml:lang="en-US" id="label_LongtermBorrowings_1">ifrs-full_LongtermBorrowings</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LongtermBorrowings" xlink:to="label_LongtermBorrowings_1" xlink:title="Label : LongtermBorrowings to label_LongtermBorrowings_1" />
    <link:label xlink:type="resource" xlink:label="label_LongtermBorrowings_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_LongtermBorrowings_2" xml:lang="en-US" id="label_LongtermBorrowings_2">Borrowings</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LongtermBorrowings" xlink:to="label_LongtermBorrowings_2" xlink:title="Label : LongtermBorrowings to label_LongtermBorrowings_2" />
    <link:label xlink:type="resource" xlink:label="label_LongtermBorrowings_3" xlink:role="http://www.xbrl.org/2009/role/netLabel" xlink:title="label_LongtermBorrowings_3" xml:lang="en-US" id="label_LongtermBorrowings_3">Total non-current portion of non-current borrowings</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LongtermBorrowings" xlink:to="label_LongtermBorrowings_3" xlink:title="Label : LongtermBorrowings to label_LongtermBorrowings_3" />
    <link:label xlink:type="resource" xlink:label="label_LongtermBorrowings_4" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:title="label_LongtermBorrowings_4" xml:lang="en-US" id="label_LongtermBorrowings_4">At the beginning of the year, noncurrent</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LongtermBorrowings" xlink:to="label_LongtermBorrowings_4" xlink:title="Label : LongtermBorrowings to label_LongtermBorrowings_4" />
    <link:label xlink:type="resource" xlink:label="label_LongtermBorrowings_5" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:title="label_LongtermBorrowings_5" xml:lang="en-US" id="label_LongtermBorrowings_5">At the end of the year, noncurrent</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LongtermBorrowings" xlink:to="label_LongtermBorrowings_5" xlink:title="Label : LongtermBorrowings to label_LongtermBorrowings_5" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_NoncurrentLeaseLiabilities" xlink:label="NoncurrentLeaseLiabilities" xlink:title="NoncurrentLeaseLiabilities" />
    <link:label xlink:type="resource" xlink:label="label_NoncurrentLeaseLiabilities" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_NoncurrentLeaseLiabilities" xml:lang="en-US" id="label_NoncurrentLeaseLiabilities">Lease liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncurrentLeaseLiabilities" xlink:to="label_NoncurrentLeaseLiabilities" xlink:title="Label : NoncurrentLeaseLiabilities to label_NoncurrentLeaseLiabilities" />
    <link:label xlink:type="resource" xlink:label="label_NoncurrentLeaseLiabilities_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NoncurrentLeaseLiabilities_1" xml:lang="en-US" id="label_NoncurrentLeaseLiabilities_1">ifrs-full_NoncurrentLeaseLiabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncurrentLeaseLiabilities" xlink:to="label_NoncurrentLeaseLiabilities_1" xlink:title="Label : NoncurrentLeaseLiabilities to label_NoncurrentLeaseLiabilities_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DeferredTaxLiabilities" xlink:label="DeferredTaxLiabilities" xlink:title="DeferredTaxLiabilities" />
    <link:label xlink:type="resource" xlink:label="label_DeferredTaxLiabilities" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_DeferredTaxLiabilities" xml:lang="en-US" id="label_DeferredTaxLiabilities">Deferred tax liabilities to be settled after 12 months</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DeferredTaxLiabilities" xlink:to="label_DeferredTaxLiabilities" xlink:title="Label : DeferredTaxLiabilities to label_DeferredTaxLiabilities" />
    <link:label xlink:type="resource" xlink:label="label_DeferredTaxLiabilities_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DeferredTaxLiabilities_1" xml:lang="en-US" id="label_DeferredTaxLiabilities_1">Deferred tax liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DeferredTaxLiabilities" xlink:to="label_DeferredTaxLiabilities_1" xlink:title="Label : DeferredTaxLiabilities to label_DeferredTaxLiabilities_1" />
    <link:label xlink:type="resource" xlink:label="label_DeferredTaxLiabilities_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DeferredTaxLiabilities_2" xml:lang="en-US" id="label_DeferredTaxLiabilities_2">Deferred tax liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DeferredTaxLiabilities" xlink:to="label_DeferredTaxLiabilities_2" xlink:title="Label : DeferredTaxLiabilities to label_DeferredTaxLiabilities_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_OtherNoncurrentLiabilities" xlink:label="OtherNoncurrentLiabilities" xlink:title="OtherNoncurrentLiabilities" />
    <link:label xlink:type="resource" xlink:label="label_OtherNoncurrentLiabilities" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_OtherNoncurrentLiabilities" xml:lang="en-US" id="label_OtherNoncurrentLiabilities">Other liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherNoncurrentLiabilities" xlink:to="label_OtherNoncurrentLiabilities" xlink:title="Label : OtherNoncurrentLiabilities to label_OtherNoncurrentLiabilities" />
    <link:label xlink:type="resource" xlink:label="label_OtherNoncurrentLiabilities_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OtherNoncurrentLiabilities_1" xml:lang="en-US" id="label_OtherNoncurrentLiabilities_1">ifrs-full_OtherNoncurrentLiabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherNoncurrentLiabilities" xlink:to="label_OtherNoncurrentLiabilities_1" xlink:title="Label : OtherNoncurrentLiabilities to label_OtherNoncurrentLiabilities_1" />
    <link:label xlink:type="resource" xlink:label="label_OtherNoncurrentLiabilities_2" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_OtherNoncurrentLiabilities_2" xml:lang="en-US" id="label_OtherNoncurrentLiabilities_2">Other non-current liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherNoncurrentLiabilities" xlink:to="label_OtherNoncurrentLiabilities_2" xlink:title="Label : OtherNoncurrentLiabilities to label_OtherNoncurrentLiabilities_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_NoncurrentProvisions" xlink:label="NoncurrentProvisions" xlink:title="NoncurrentProvisions" />
    <link:label xlink:type="resource" xlink:label="label_NoncurrentProvisions" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_NoncurrentProvisions" xml:lang="en-US" id="label_NoncurrentProvisions">Provisions</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncurrentProvisions" xlink:to="label_NoncurrentProvisions" xlink:title="Label : NoncurrentProvisions to label_NoncurrentProvisions" />
    <link:label xlink:type="resource" xlink:label="label_NoncurrentProvisions_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NoncurrentProvisions_1" xml:lang="en-US" id="label_NoncurrentProvisions_1">ifrs-full_NoncurrentProvisions</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncurrentProvisions" xlink:to="label_NoncurrentProvisions_1" xlink:title="Label : NoncurrentProvisions to label_NoncurrentProvisions_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_NoncurrentLiabilities" xlink:label="NoncurrentLiabilities" xlink:title="NoncurrentLiabilities" />
    <link:label xlink:type="resource" xlink:label="label_NoncurrentLiabilities" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_NoncurrentLiabilities" xml:lang="en-US" id="label_NoncurrentLiabilities">Non-current liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncurrentLiabilities" xlink:to="label_NoncurrentLiabilities" xlink:title="Label : NoncurrentLiabilities to label_NoncurrentLiabilities" />
    <link:label xlink:type="resource" xlink:label="label_NoncurrentLiabilities_1" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_NoncurrentLiabilities_1" xml:lang="en-US" id="label_NoncurrentLiabilities_1">Non-current liabilities:</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncurrentLiabilities" xlink:to="label_NoncurrentLiabilities_1" xlink:title="Label : NoncurrentLiabilities to label_NoncurrentLiabilities_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings" xlink:label="CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings" xlink:title="CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings" />
    <link:label xlink:type="resource" xlink:label="label_CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings" xml:lang="en-US" id="label_CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings">Borrowings</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings" xlink:to="label_CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings" xlink:title="Label : CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings to label_CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings" />
    <link:label xlink:type="resource" xlink:label="label_CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings_1" xml:lang="en-US" id="label_CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings_1">Borrowings</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings" xlink:to="label_CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings_1" xlink:title="Label : CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings to label_CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings_1" />
    <link:label xlink:type="resource" xlink:label="label_CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings_2" xlink:role="http://www.xbrl.org/2009/role/netLabel" xlink:title="label_CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings_2" xml:lang="en-US" id="label_CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings_2">Total current borrowings and current portion of non-current borrowings</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings" xlink:to="label_CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings_2" xlink:title="Label : CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings to label_CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings_2" />
    <link:label xlink:type="resource" xlink:label="label_CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings_3" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:title="label_CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings_3" xml:lang="en-US" id="label_CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings_3">At the beginning of the year, current</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings" xlink:to="label_CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings_3" xlink:title="Label : CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings to label_CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings_3" />
    <link:label xlink:type="resource" xlink:label="label_CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings_4" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:title="label_CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings_4" xml:lang="en-US" id="label_CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings_4">At the end of the year, current</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings" xlink:to="label_CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings_4" xlink:title="Label : CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings to label_CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings_4" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_CurrentLeaseLiabilities" xlink:label="CurrentLeaseLiabilities" xlink:title="CurrentLeaseLiabilities" />
    <link:label xlink:type="resource" xlink:label="label_CurrentLeaseLiabilities" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_CurrentLeaseLiabilities" xml:lang="en-US" id="label_CurrentLeaseLiabilities">Lease liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentLeaseLiabilities" xlink:to="label_CurrentLeaseLiabilities" xlink:title="Label : CurrentLeaseLiabilities to label_CurrentLeaseLiabilities" />
    <link:label xlink:type="resource" xlink:label="label_CurrentLeaseLiabilities_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CurrentLeaseLiabilities_1" xml:lang="en-US" id="label_CurrentLeaseLiabilities_1">ifrs-full_CurrentLeaseLiabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentLeaseLiabilities" xlink:to="label_CurrentLeaseLiabilities_1" xlink:title="Label : CurrentLeaseLiabilities to label_CurrentLeaseLiabilities_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_CurrentDerivativeFinancialLiabilities" xlink:label="CurrentDerivativeFinancialLiabilities" xlink:title="CurrentDerivativeFinancialLiabilities" />
    <link:label xlink:type="resource" xlink:label="label_CurrentDerivativeFinancialLiabilities" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_CurrentDerivativeFinancialLiabilities" xml:lang="en-US" id="label_CurrentDerivativeFinancialLiabilities">Derivative financial instruments</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentDerivativeFinancialLiabilities" xlink:to="label_CurrentDerivativeFinancialLiabilities" xlink:title="Label : CurrentDerivativeFinancialLiabilities to label_CurrentDerivativeFinancialLiabilities" />
    <link:label xlink:type="resource" xlink:label="label_CurrentDerivativeFinancialLiabilities_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CurrentDerivativeFinancialLiabilities_1" xml:lang="en-US" id="label_CurrentDerivativeFinancialLiabilities_1">ifrs-full_CurrentDerivativeFinancialLiabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentDerivativeFinancialLiabilities" xlink:to="label_CurrentDerivativeFinancialLiabilities_1" xlink:title="Label : CurrentDerivativeFinancialLiabilities to label_CurrentDerivativeFinancialLiabilities_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_CurrentTaxLiabilitiesCurrent" xlink:label="CurrentTaxLiabilitiesCurrent" xlink:title="CurrentTaxLiabilitiesCurrent" />
    <link:label xlink:type="resource" xlink:label="label_CurrentTaxLiabilitiesCurrent" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_CurrentTaxLiabilitiesCurrent" xml:lang="en-US" id="label_CurrentTaxLiabilitiesCurrent">Current tax liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentTaxLiabilitiesCurrent" xlink:to="label_CurrentTaxLiabilitiesCurrent" xlink:title="Label : CurrentTaxLiabilitiesCurrent to label_CurrentTaxLiabilitiesCurrent" />
    <link:label xlink:type="resource" xlink:label="label_CurrentTaxLiabilitiesCurrent_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CurrentTaxLiabilitiesCurrent_1" xml:lang="en-US" id="label_CurrentTaxLiabilitiesCurrent_1">ifrs-full_CurrentTaxLiabilitiesCurrent</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentTaxLiabilitiesCurrent" xlink:to="label_CurrentTaxLiabilitiesCurrent_1" xlink:title="Label : CurrentTaxLiabilitiesCurrent to label_CurrentTaxLiabilitiesCurrent_1" />
    <link:label xlink:type="resource" xlink:label="label_CurrentTaxLiabilitiesCurrent_2" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_CurrentTaxLiabilitiesCurrent_2" xml:lang="en-US" id="label_CurrentTaxLiabilitiesCurrent_2">Current tax liabilities, current</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentTaxLiabilitiesCurrent" xlink:to="label_CurrentTaxLiabilitiesCurrent_2" xlink:title="Label : CurrentTaxLiabilitiesCurrent to label_CurrentTaxLiabilitiesCurrent_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_OtherCurrentLiabilities" xlink:label="OtherCurrentLiabilities" xlink:title="OtherCurrentLiabilities" />
    <link:label xlink:type="resource" xlink:label="label_OtherCurrentLiabilities" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_OtherCurrentLiabilities" xml:lang="en-US" id="label_OtherCurrentLiabilities">Other liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherCurrentLiabilities" xlink:to="label_OtherCurrentLiabilities" xlink:title="Label : OtherCurrentLiabilities to label_OtherCurrentLiabilities" />
    <link:label xlink:type="resource" xlink:label="label_OtherCurrentLiabilities_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OtherCurrentLiabilities_1" xml:lang="en-US" id="label_OtherCurrentLiabilities_1">ifrs-full_OtherCurrentLiabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherCurrentLiabilities" xlink:to="label_OtherCurrentLiabilities_1" xlink:title="Label : OtherCurrentLiabilities to label_OtherCurrentLiabilities_1" />
    <link:label xlink:type="resource" xlink:label="label_OtherCurrentLiabilities_2" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_OtherCurrentLiabilities_2" xml:lang="en-US" id="label_OtherCurrentLiabilities_2">Other current liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherCurrentLiabilities" xlink:to="label_OtherCurrentLiabilities_2" xlink:title="Label : OtherCurrentLiabilities to label_OtherCurrentLiabilities_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_CurrentProvisions" xlink:label="CurrentProvisions" xlink:title="CurrentProvisions" />
    <link:label xlink:type="resource" xlink:label="label_CurrentProvisions" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_CurrentProvisions" xml:lang="en-US" id="label_CurrentProvisions">Provisions</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentProvisions" xlink:to="label_CurrentProvisions" xlink:title="Label : CurrentProvisions to label_CurrentProvisions" />
    <link:label xlink:type="resource" xlink:label="label_CurrentProvisions_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CurrentProvisions_1" xml:lang="en-US" id="label_CurrentProvisions_1">ifrs-full_CurrentProvisions</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentProvisions" xlink:to="label_CurrentProvisions_1" xlink:title="Label : CurrentProvisions to label_CurrentProvisions_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_CurrentAdvances" xlink:label="CurrentAdvances" xlink:title="CurrentAdvances" />
    <link:label xlink:type="resource" xlink:label="label_CurrentAdvances" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_CurrentAdvances" xml:lang="en-US" id="label_CurrentAdvances">Customer advances</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentAdvances" xlink:to="label_CurrentAdvances" xlink:title="Label : CurrentAdvances to label_CurrentAdvances" />
    <link:label xlink:type="resource" xlink:label="label_CurrentAdvances_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CurrentAdvances_1" xml:lang="en-US" id="label_CurrentAdvances_1">ifrs-full_CurrentAdvances</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentAdvances" xlink:to="label_CurrentAdvances_1" xlink:title="Label : CurrentAdvances to label_CurrentAdvances_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_TradeAndOtherCurrentPayables" xlink:label="TradeAndOtherCurrentPayables" xlink:title="TradeAndOtherCurrentPayables" />
    <link:label xlink:type="resource" xlink:label="label_TradeAndOtherCurrentPayables" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_TradeAndOtherCurrentPayables" xml:lang="en-US" id="label_TradeAndOtherCurrentPayables">Trade payables</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TradeAndOtherCurrentPayables" xlink:to="label_TradeAndOtherCurrentPayables" xlink:title="Label : TradeAndOtherCurrentPayables to label_TradeAndOtherCurrentPayables" />
    <link:label xlink:type="resource" xlink:label="label_TradeAndOtherCurrentPayables_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TradeAndOtherCurrentPayables_1" xml:lang="en-US" id="label_TradeAndOtherCurrentPayables_1">Trade payables</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TradeAndOtherCurrentPayables" xlink:to="label_TradeAndOtherCurrentPayables_1" xlink:title="Label : TradeAndOtherCurrentPayables to label_TradeAndOtherCurrentPayables_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_CurrentLiabilities" xlink:label="CurrentLiabilities" xlink:title="CurrentLiabilities" />
    <link:label xlink:type="resource" xlink:label="label_CurrentLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CurrentLiabilities" xml:lang="en-US" id="label_CurrentLiabilities">Current liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentLiabilities" xlink:to="label_CurrentLiabilities" xlink:title="Label : CurrentLiabilities to label_CurrentLiabilities" />
    <link:label xlink:type="resource" xlink:label="label_CurrentLiabilities_1" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_CurrentLiabilities_1" xml:lang="en-US" id="label_CurrentLiabilities_1">Current liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentLiabilities" xlink:to="label_CurrentLiabilities_1" xlink:title="Label : CurrentLiabilities to label_CurrentLiabilities_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_Liabilities" xlink:label="Liabilities" xlink:title="Liabilities" />
    <link:label xlink:type="resource" xlink:label="label_Liabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_Liabilities" xml:lang="en-US" id="label_Liabilities">Total liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Liabilities" xlink:to="label_Liabilities" xlink:title="Label : Liabilities to label_Liabilities" />
    <link:label xlink:type="resource" xlink:label="label_Liabilities_1" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_Liabilities_1" xml:lang="en-US" id="label_Liabilities_1">Total liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Liabilities" xlink:to="label_Liabilities_1" xlink:title="Label : Liabilities to label_Liabilities_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_EquityAndLiabilities" xlink:label="EquityAndLiabilities" xlink:title="EquityAndLiabilities" />
    <link:label xlink:type="resource" xlink:label="label_EquityAndLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EquityAndLiabilities" xml:lang="en-US" id="label_EquityAndLiabilities">ifrs-full_EquityAndLiabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EquityAndLiabilities" xlink:to="label_EquityAndLiabilities" xlink:title="Label : EquityAndLiabilities to label_EquityAndLiabilities" />
    <link:label xlink:type="resource" xlink:label="label_EquityAndLiabilities_1" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_EquityAndLiabilities_1" xml:lang="en-US" id="label_EquityAndLiabilities_1">Total equity and liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EquityAndLiabilities" xlink:to="label_EquityAndLiabilities_1" xlink:title="Label : EquityAndLiabilities to label_EquityAndLiabilities_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_StatementOfChangesInEquityAbstract" xlink:label="StatementOfChangesInEquityAbstract" xlink:title="StatementOfChangesInEquityAbstract" />
    <link:label xlink:type="resource" xlink:label="label_StatementOfChangesInEquityAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_StatementOfChangesInEquityAbstract" xml:lang="en-US" id="label_StatementOfChangesInEquityAbstract">CONSOLIDATED STATEMENT OF CHANGES IN EQUITY</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StatementOfChangesInEquityAbstract" xlink:to="label_StatementOfChangesInEquityAbstract" xlink:title="Label : StatementOfChangesInEquityAbstract to label_StatementOfChangesInEquityAbstract" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_RetrospectiveApplicationAndRetrospectiveRestatementAxis" xlink:label="RetrospectiveApplicationAndRetrospectiveRestatementAxis" xlink:title="RetrospectiveApplicationAndRetrospectiveRestatementAxis" />
    <link:label xlink:type="resource" xlink:label="label_RetrospectiveApplicationAndRetrospectiveRestatementAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_RetrospectiveApplicationAndRetrospectiveRestatementAxis" xml:lang="en-US" id="label_RetrospectiveApplicationAndRetrospectiveRestatementAxis">Retrospective application and retrospective restatement [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RetrospectiveApplicationAndRetrospectiveRestatementAxis" xlink:to="label_RetrospectiveApplicationAndRetrospectiveRestatementAxis" xlink:title="Label : RetrospectiveApplicationAndRetrospectiveRestatementAxis to label_RetrospectiveApplicationAndRetrospectiveRestatementAxis" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_PreviouslyStatedMember" xlink:label="PreviouslyStatedMember" xlink:title="PreviouslyStatedMember" />
    <link:label xlink:type="resource" xlink:label="label_PreviouslyStatedMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PreviouslyStatedMember" xml:lang="en-US" id="label_PreviouslyStatedMember">Previously stated [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PreviouslyStatedMember" xlink:to="label_PreviouslyStatedMember" xlink:title="Label : PreviouslyStatedMember to label_PreviouslyStatedMember" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_RestatedMember" xlink:label="RestatedMember" xlink:title="RestatedMember" />
    <link:label xlink:type="resource" xlink:label="label_RestatedMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_RestatedMember" xml:lang="en-US" id="label_RestatedMember">Currently stated [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RestatedMember" xlink:to="label_RestatedMember" xlink:title="Label : RestatedMember to label_RestatedMember" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_ComponentsOfEquityAxis" xlink:label="ComponentsOfEquityAxis" xlink:title="ComponentsOfEquityAxis" />
    <link:label xlink:type="resource" xlink:label="label_ComponentsOfEquityAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ComponentsOfEquityAxis" xml:lang="en-US" id="label_ComponentsOfEquityAxis">Components of equity [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ComponentsOfEquityAxis" xlink:to="label_ComponentsOfEquityAxis" xlink:title="Label : ComponentsOfEquityAxis to label_ComponentsOfEquityAxis" />
    <link:label xlink:type="resource" xlink:label="label_IssuedCapitalMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IssuedCapitalMember_1" xml:lang="en-US" id="label_IssuedCapitalMember_1">Issued capital [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IssuedCapitalMember" xlink:to="label_IssuedCapitalMember_1" xlink:title="Label : IssuedCapitalMember to label_IssuedCapitalMember_1" />
    <link:label xlink:type="resource" xlink:label="label_SharePremiumMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SharePremiumMember_1" xml:lang="en-US" id="label_SharePremiumMember_1">Share premium [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SharePremiumMember" xlink:to="label_SharePremiumMember_1" xlink:title="Label : SharePremiumMember to label_SharePremiumMember_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_OtherReservesMember" xlink:label="OtherReservesMember" xlink:title="OtherReservesMember" />
    <link:label xlink:type="resource" xlink:label="label_OtherReservesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OtherReservesMember" xml:lang="en-US" id="label_OtherReservesMember">Other reserves [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherReservesMember" xlink:to="label_OtherReservesMember" xlink:title="Label : OtherReservesMember to label_OtherReservesMember" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_RetainedEarningsMember" xlink:label="RetainedEarningsMember" xlink:title="RetainedEarningsMember" />
    <link:label xlink:type="resource" xlink:label="label_RetainedEarningsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_RetainedEarningsMember" xml:lang="en-US" id="label_RetainedEarningsMember">Retained earnings [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RetainedEarningsMember" xlink:to="label_RetainedEarningsMember" xlink:title="Label : RetainedEarningsMember to label_RetainedEarningsMember" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_EquityAttributableToOwnersOfParentMember" xlink:label="EquityAttributableToOwnersOfParentMember" xlink:title="EquityAttributableToOwnersOfParentMember" />
    <link:label xlink:type="resource" xlink:label="label_EquityAttributableToOwnersOfParentMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EquityAttributableToOwnersOfParentMember" xml:lang="en-US" id="label_EquityAttributableToOwnersOfParentMember">Equity attributable to owners of parent [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EquityAttributableToOwnersOfParentMember" xlink:to="label_EquityAttributableToOwnersOfParentMember" xlink:title="Label : EquityAttributableToOwnersOfParentMember to label_EquityAttributableToOwnersOfParentMember" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_NoncontrollingInterestsMember" xlink:label="NoncontrollingInterestsMember" xlink:title="NoncontrollingInterestsMember" />
    <link:label xlink:type="resource" xlink:label="label_NoncontrollingInterestsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NoncontrollingInterestsMember" xml:lang="en-US" id="label_NoncontrollingInterestsMember">Non-controlling interests [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncontrollingInterestsMember" xlink:to="label_NoncontrollingInterestsMember" xlink:title="Label : NoncontrollingInterestsMember to label_NoncontrollingInterestsMember" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_EquityMember" xlink:label="EquityMember" xlink:title="EquityMember" />
    <link:label xlink:type="resource" xlink:label="label_EquityMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EquityMember" xml:lang="en-US" id="label_EquityMember">Equity [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EquityMember" xlink:to="label_EquityMember" xlink:title="Label : EquityMember to label_EquityMember" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation" xlink:label="OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation" xlink:title="OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation" />
    <link:label xlink:type="resource" xlink:label="label_OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation" xml:lang="en-US" id="label_OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation">Currency translation adjustment</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation" xlink:to="label_OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation" xlink:title="Label : OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation to label_OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans" xlink:label="OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans" xlink:title="OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans" />
    <link:label xlink:type="resource" xlink:label="label_OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans" xml:lang="en-US" id="label_OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans">Remeasurements of post employment benefit obligations, net of taxes</link:label>
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    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_StatementOfCashFlowsAbstract" xlink:label="StatementOfCashFlowsAbstract" xlink:title="StatementOfCashFlowsAbstract" />
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    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_CashFlowsFromUsedInOperatingActivitiesAbstract" xlink:label="CashFlowsFromUsedInOperatingActivitiesAbstract" xlink:title="CashFlowsFromUsedInOperatingActivitiesAbstract" />
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    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges" xlink:label="IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges" xlink:title="IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges" />
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    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_DisclosureOfSummaryOfSignificantAccountingPoliciesAbstract" xlink:label="DisclosureOfSummaryOfSignificantAccountingPoliciesAbstract" xlink:title="DisclosureOfSummaryOfSignificantAccountingPoliciesAbstract" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EffectOfExchangeRateChangesOnCashAndCashEquivalents" xlink:to="label_EffectOfExchangeRateChangesOnCashAndCashEquivalents_1" xlink:title="Label : EffectOfExchangeRateChangesOnCashAndCashEquivalents to label_EffectOfExchangeRateChangesOnCashAndCashEquivalents_1" />
    <link:label xlink:type="resource" xlink:label="label_IncreaseDecreaseInCashAndCashEquivalents_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IncreaseDecreaseInCashAndCashEquivalents_1" xml:lang="en-US" id="label_IncreaseDecreaseInCashAndCashEquivalents_1">Increase (decrease) in cash and cash equivalents</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseInCashAndCashEquivalents" xlink:to="label_IncreaseDecreaseInCashAndCashEquivalents_1" xlink:title="Label : IncreaseDecreaseInCashAndCashEquivalents to label_IncreaseDecreaseInCashAndCashEquivalents_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_BankOverdraftsClassifiedAsCashEquivalents" xlink:label="BankOverdraftsClassifiedAsCashEquivalents" xlink:title="BankOverdraftsClassifiedAsCashEquivalents" />
    <link:label xlink:type="resource" xlink:label="label_BankOverdraftsClassifiedAsCashEquivalents" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_BankOverdraftsClassifiedAsCashEquivalents" xml:lang="en-US" id="label_BankOverdraftsClassifiedAsCashEquivalents">ifrs-full_BankOverdraftsClassifiedAsCashEquivalents</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BankOverdraftsClassifiedAsCashEquivalents" xlink:to="label_BankOverdraftsClassifiedAsCashEquivalents" xlink:title="Label : BankOverdraftsClassifiedAsCashEquivalents to label_BankOverdraftsClassifiedAsCashEquivalents" />
    <link:label xlink:type="resource" xlink:label="label_BankOverdraftsClassifiedAsCashEquivalents_1" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_BankOverdraftsClassifiedAsCashEquivalents_1" xml:lang="en-US" id="label_BankOverdraftsClassifiedAsCashEquivalents_1">Bank overdrafts</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BankOverdraftsClassifiedAsCashEquivalents" xlink:to="label_BankOverdraftsClassifiedAsCashEquivalents_1" xlink:title="Label : BankOverdraftsClassifiedAsCashEquivalents to label_BankOverdraftsClassifiedAsCashEquivalents_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory" xlink:label="DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory" xlink:title="DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory" xml:lang="en-US" id="label_DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory">Disclosure of general information about financial statements [text block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory" xlink:to="label_DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory" xlink:title="Label : DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory to label_DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_SignificantInvestmentsInAssociatesAxis" xlink:label="SignificantInvestmentsInAssociatesAxis" xlink:title="SignificantInvestmentsInAssociatesAxis" />
    <link:label xlink:type="resource" xlink:label="label_SignificantInvestmentsInAssociatesAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SignificantInvestmentsInAssociatesAxis" xml:lang="en-US" id="label_SignificantInvestmentsInAssociatesAxis">Associates [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SignificantInvestmentsInAssociatesAxis" xlink:to="label_SignificantInvestmentsInAssociatesAxis" xlink:title="Label : SignificantInvestmentsInAssociatesAxis to label_SignificantInvestmentsInAssociatesAxis" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_EntitysTotalForAssociatesMember" xlink:label="EntitysTotalForAssociatesMember" xlink:title="EntitysTotalForAssociatesMember" />
    <link:label xlink:type="resource" xlink:label="label_EntitysTotalForAssociatesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EntitysTotalForAssociatesMember" xml:lang="en-US" id="label_EntitysTotalForAssociatesMember">Entity's total for associates [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntitysTotalForAssociatesMember" xlink:to="label_EntitysTotalForAssociatesMember" xlink:title="Label : EntitysTotalForAssociatesMember to label_EntitysTotalForAssociatesMember" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_TerniumSAMember" xlink:label="TerniumSAMember" xlink:title="TerniumSAMember" />
    <link:label xlink:type="resource" xlink:label="label_TerniumSAMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TerniumSAMember" xml:lang="en-US" id="label_TerniumSAMember">Ternium S.A. [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TerniumSAMember" xlink:to="label_TerniumSAMember" xlink:title="Label : TerniumSAMember to label_TerniumSAMember" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_UsiminasMember" xlink:label="UsiminasMember" xlink:title="UsiminasMember" />
    <link:label xlink:type="resource" xlink:label="label_UsiminasMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_UsiminasMember" xml:lang="en-US" id="label_UsiminasMember">Usiminas [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="UsiminasMember" xlink:to="label_UsiminasMember" xlink:title="Label : UsiminasMember to label_UsiminasMember" />
    <link:label xlink:type="resource" xlink:label="label_UsiminasMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_UsiminasMember_1" xml:lang="en-US" id="label_UsiminasMember_1">Information related to Usiminas.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="UsiminasMember" xlink:to="label_UsiminasMember_1" xlink:title="Label : UsiminasMember to label_UsiminasMember_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_SignificantInvestmentsInSubsidiariesAxis" xlink:label="SignificantInvestmentsInSubsidiariesAxis" xlink:title="SignificantInvestmentsInSubsidiariesAxis" />
    <link:label xlink:type="resource" xlink:label="label_SignificantInvestmentsInSubsidiariesAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SignificantInvestmentsInSubsidiariesAxis" xml:lang="en-US" id="label_SignificantInvestmentsInSubsidiariesAxis">Subsidiaries [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SignificantInvestmentsInSubsidiariesAxis" xlink:to="label_SignificantInvestmentsInSubsidiariesAxis" xlink:title="Label : SignificantInvestmentsInSubsidiariesAxis to label_SignificantInvestmentsInSubsidiariesAxis" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_EntitysTotalForSubsidiariesMember" xlink:label="EntitysTotalForSubsidiariesMember" xlink:title="EntitysTotalForSubsidiariesMember" />
    <link:label xlink:type="resource" xlink:label="label_EntitysTotalForSubsidiariesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EntitysTotalForSubsidiariesMember" xml:lang="en-US" id="label_EntitysTotalForSubsidiariesMember">Entity's total for subsidiaries [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntitysTotalForSubsidiariesMember" xlink:to="label_EntitysTotalForSubsidiariesMember" xlink:title="Label : EntitysTotalForSubsidiariesMember to label_EntitysTotalForSubsidiariesMember" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_ConfabIndustrialSaAndSubsidiariesMember" xlink:label="ConfabIndustrialSaAndSubsidiariesMember" xlink:title="ConfabIndustrialSaAndSubsidiariesMember" />
    <link:label xlink:type="resource" xlink:label="label_ConfabIndustrialSaAndSubsidiariesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ConfabIndustrialSaAndSubsidiariesMember" xml:lang="en-US" id="label_ConfabIndustrialSaAndSubsidiariesMember">CONFAB INDUSTRIAL S.A. and subsidiaries [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ConfabIndustrialSaAndSubsidiariesMember" xlink:to="label_ConfabIndustrialSaAndSubsidiariesMember" xlink:title="Label : ConfabIndustrialSaAndSubsidiariesMember to label_ConfabIndustrialSaAndSubsidiariesMember" />
    <link:label xlink:type="resource" xlink:label="label_ConfabIndustrialSaAndSubsidiariesMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ConfabIndustrialSaAndSubsidiariesMember_1" xml:lang="en-US" id="label_ConfabIndustrialSaAndSubsidiariesMember_1">The entity CONFAB INDUSTRIAL S.A. and subsidiaries.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ConfabIndustrialSaAndSubsidiariesMember" xlink:to="label_ConfabIndustrialSaAndSubsidiariesMember_1" xlink:title="Label : ConfabIndustrialSaAndSubsidiariesMember to label_ConfabIndustrialSaAndSubsidiariesMember_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_ClassesOfShareCapitalAxis" xlink:label="ClassesOfShareCapitalAxis" xlink:title="ClassesOfShareCapitalAxis" />
    <link:label xlink:type="resource" xlink:label="label_ClassesOfShareCapitalAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ClassesOfShareCapitalAxis" xml:lang="en-US" id="label_ClassesOfShareCapitalAxis">Classes of share capital [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ClassesOfShareCapitalAxis" xlink:to="label_ClassesOfShareCapitalAxis" xlink:title="Label : ClassesOfShareCapitalAxis to label_ClassesOfShareCapitalAxis" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_ClassesOfShareCapitalMember" xlink:label="ClassesOfShareCapitalMember" xlink:title="ClassesOfShareCapitalMember" />
    <link:label xlink:type="resource" xlink:label="label_ClassesOfShareCapitalMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ClassesOfShareCapitalMember" xml:lang="en-US" id="label_ClassesOfShareCapitalMember">Share capital [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ClassesOfShareCapitalMember" xlink:to="label_ClassesOfShareCapitalMember" xlink:title="Label : ClassesOfShareCapitalMember to label_ClassesOfShareCapitalMember" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_PreferenceSharesMember" xlink:label="PreferenceSharesMember" xlink:title="PreferenceSharesMember" />
    <link:label xlink:type="resource" xlink:label="label_PreferenceSharesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PreferenceSharesMember" xml:lang="en-US" id="label_PreferenceSharesMember">Preference shares [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PreferenceSharesMember" xlink:to="label_PreferenceSharesMember" xlink:title="Label : PreferenceSharesMember to label_PreferenceSharesMember" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_OrdinarySharesMember" xlink:label="OrdinarySharesMember" xlink:title="OrdinarySharesMember" />
    <link:label xlink:type="resource" xlink:label="label_OrdinarySharesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OrdinarySharesMember" xml:lang="en-US" id="label_OrdinarySharesMember">Ordinary shares [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OrdinarySharesMember" xlink:to="label_OrdinarySharesMember" xlink:title="Label : OrdinarySharesMember to label_OrdinarySharesMember" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_TTGroupMember" xlink:label="TTGroupMember" xlink:title="TTGroupMember" />
    <link:label xlink:type="resource" xlink:label="label_TTGroupMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TTGroupMember" xml:lang="en-US" id="label_TTGroupMember">T/T Group [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TTGroupMember" xlink:to="label_TTGroupMember" xlink:title="Label : TTGroupMember to label_TTGroupMember" />
    <link:label xlink:type="resource" xlink:label="label_TTGroupMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_TTGroupMember_1" xml:lang="en-US" id="label_TTGroupMember_1">Related to the T/T Group.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TTGroupMember" xlink:to="label_TTGroupMember_1" xlink:title="Label : TTGroupMember to label_TTGroupMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_TerniumEntititesMember" xlink:label="TerniumEntititesMember" xlink:title="TerniumEntititesMember" />
    <link:label xlink:type="resource" xlink:label="label_TerniumEntititesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TerniumEntititesMember" xml:lang="en-US" id="label_TerniumEntititesMember">Ternium entitites [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TerniumEntititesMember" xlink:to="label_TerniumEntititesMember" xlink:title="Label : TerniumEntititesMember to label_TerniumEntititesMember" />
    <link:label xlink:type="resource" xlink:label="label_TerniumEntititesMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_TerniumEntititesMember_1" xml:lang="en-US" id="label_TerniumEntititesMember_1">Related to Ternium entities.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TerniumEntititesMember" xlink:to="label_TerniumEntititesMember_1" xlink:title="Label : TerniumEntititesMember to label_TerniumEntititesMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_ConfabMember" xlink:label="ConfabMember" xlink:title="ConfabMember" />
    <link:label xlink:type="resource" xlink:label="label_ConfabMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ConfabMember" xml:lang="en-US" id="label_ConfabMember">Confab [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ConfabMember" xlink:to="label_ConfabMember" xlink:title="Label : ConfabMember to label_ConfabMember" />
    <link:label xlink:type="resource" xlink:label="label_ConfabMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ConfabMember_1" xml:lang="en-US" id="label_ConfabMember_1">Information related to Confab.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ConfabMember" xlink:to="label_ConfabMember_1" xlink:title="Label : ConfabMember to label_ConfabMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_NSSMCMember" xlink:label="NSSMCMember" xlink:title="NSSMCMember" />
    <link:label xlink:type="resource" xlink:label="label_NSSMCMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NSSMCMember" xml:lang="en-US" id="label_NSSMCMember">NSSMC [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NSSMCMember" xlink:to="label_NSSMCMember" xlink:title="Label : NSSMCMember to label_NSSMCMember" />
    <link:label xlink:type="resource" xlink:label="label_NSSMCMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_NSSMCMember_1" xml:lang="en-US" id="label_NSSMCMember_1">Related to the entity NSSMC.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NSSMCMember" xlink:to="label_NSSMCMember_1" xlink:title="Label : NSSMCMember to label_NSSMCMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_PrevidenciaUsiminasMember" xlink:label="PrevidenciaUsiminasMember" xlink:title="PrevidenciaUsiminasMember" />
    <link:label xlink:type="resource" xlink:label="label_PrevidenciaUsiminasMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PrevidenciaUsiminasMember" xml:lang="en-US" id="label_PrevidenciaUsiminasMember">Previdencia Usiminas [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PrevidenciaUsiminasMember" xlink:to="label_PrevidenciaUsiminasMember" xlink:title="Label : PrevidenciaUsiminasMember to label_PrevidenciaUsiminasMember" />
    <link:label xlink:type="resource" xlink:label="label_PrevidenciaUsiminasMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_PrevidenciaUsiminasMember_1" xml:lang="en-US" id="label_PrevidenciaUsiminasMember_1">Related to Previdencia Usiminas.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PrevidenciaUsiminasMember" xlink:to="label_PrevidenciaUsiminasMember_1" xlink:title="Label : PrevidenciaUsiminasMember to label_PrevidenciaUsiminasMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_TecpetrolInternationalSAMember" xlink:label="TecpetrolInternationalSAMember" xlink:title="TecpetrolInternationalSAMember" />
    <link:label xlink:type="resource" xlink:label="label_TecpetrolInternationalSAMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TecpetrolInternationalSAMember" xml:lang="en-US" id="label_TecpetrolInternationalSAMember">Tecpetrol International S.A. [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TecpetrolInternationalSAMember" xlink:to="label_TecpetrolInternationalSAMember" xlink:title="Label : TecpetrolInternationalSAMember to label_TecpetrolInternationalSAMember" />
    <link:label xlink:type="resource" xlink:label="label_TecpetrolInternationalSAMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_TecpetrolInternationalSAMember_1" xml:lang="en-US" id="label_TecpetrolInternationalSAMember_1">Related to the entity Tecpetrol International S.A.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TecpetrolInternationalSAMember" xlink:to="label_TecpetrolInternationalSAMember_1" xlink:title="Label : TecpetrolInternationalSAMember to label_TecpetrolInternationalSAMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_TenarisMember" xlink:label="TenarisMember" xlink:title="TenarisMember" />
    <link:label xlink:type="resource" xlink:label="label_TenarisMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TenarisMember" xml:lang="en-US" id="label_TenarisMember">Tenaris [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TenarisMember" xlink:to="label_TenarisMember" xlink:title="Label : TenarisMember to label_TenarisMember" />
    <link:label xlink:type="resource" xlink:label="label_TenarisMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_TenarisMember_1" xml:lang="en-US" id="label_TenarisMember_1">Related to Tenaris.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TenarisMember" xlink:to="label_TenarisMember_1" xlink:title="Label : TenarisMember to label_TenarisMember_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_TypesOfContractsAxis" xlink:label="TypesOfContractsAxis" xlink:title="TypesOfContractsAxis" />
    <link:label xlink:type="resource" xlink:label="label_TypesOfContractsAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TypesOfContractsAxis" xml:lang="en-US" id="label_TypesOfContractsAxis">Types of contracts [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TypesOfContractsAxis" xlink:to="label_TypesOfContractsAxis" xlink:title="Label : TypesOfContractsAxis to label_TypesOfContractsAxis" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_TypesOfContractsMember" xlink:label="TypesOfContractsMember" xlink:title="TypesOfContractsMember" />
    <link:label xlink:type="resource" xlink:label="label_TypesOfContractsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TypesOfContractsMember" xml:lang="en-US" id="label_TypesOfContractsMember">Types of contracts [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TypesOfContractsMember" xlink:to="label_TypesOfContractsMember" xlink:title="Label : TypesOfContractsMember to label_TypesOfContractsMember" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_TheNewSHAMember" xlink:label="TheNewSHAMember" xlink:title="TheNewSHAMember" />
    <link:label xlink:type="resource" xlink:label="label_TheNewSHAMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TheNewSHAMember" xml:lang="en-US" id="label_TheNewSHAMember">The new SHA [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TheNewSHAMember" xlink:to="label_TheNewSHAMember" xlink:title="Label : TheNewSHAMember to label_TheNewSHAMember" />
    <link:label xlink:type="resource" xlink:label="label_TheNewSHAMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_TheNewSHAMember_1" xml:lang="en-US" id="label_TheNewSHAMember_1">Related to the new SHA.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TheNewSHAMember" xlink:to="label_TheNewSHAMember_1" xlink:title="Label : TheNewSHAMember to label_TheNewSHAMember_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_JointVenturesAxis" xlink:label="JointVenturesAxis" xlink:title="JointVenturesAxis" />
    <link:label xlink:type="resource" xlink:label="label_JointVenturesAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_JointVenturesAxis" xml:lang="en-US" id="label_JointVenturesAxis">Joint ventures [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="JointVenturesAxis" xlink:to="label_JointVenturesAxis" xlink:title="Label : JointVenturesAxis to label_JointVenturesAxis" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_EntitysTotalForJointVenturesMember" xlink:label="EntitysTotalForJointVenturesMember" xlink:title="EntitysTotalForJointVenturesMember" />
    <link:label xlink:type="resource" xlink:label="label_EntitysTotalForJointVenturesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EntitysTotalForJointVenturesMember" xml:lang="en-US" id="label_EntitysTotalForJointVenturesMember">Entity's total for joint ventures [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntitysTotalForJointVenturesMember" xlink:to="label_EntitysTotalForJointVenturesMember" xlink:title="Label : EntitysTotalForJointVenturesMember to label_EntitysTotalForJointVenturesMember" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_TechgenSAMember" xlink:label="TechgenSAMember" xlink:title="TechgenSAMember" />
    <link:label xlink:type="resource" xlink:label="label_TechgenSAMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TechgenSAMember" xml:lang="en-US" id="label_TechgenSAMember">Techgen s.a. [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TechgenSAMember" xlink:to="label_TechgenSAMember" xlink:title="Label : TechgenSAMember to label_TechgenSAMember" />
    <link:label xlink:type="resource" xlink:label="label_TechgenSAMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_TechgenSAMember_1" xml:lang="en-US" id="label_TechgenSAMember_1">Information related to Techgen S.A. "Techgen".</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TechgenSAMember" xlink:to="label_TechgenSAMember_1" xlink:title="Label : TechgenSAMember to label_TechgenSAMember_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_RangeAxis" xlink:label="RangeAxis" xlink:title="RangeAxis" />
    <link:label xlink:type="resource" xlink:label="label_RangeAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_RangeAxis" xml:lang="en-US" id="label_RangeAxis">Range [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RangeAxis" xlink:to="label_RangeAxis" xlink:title="Label : RangeAxis to label_RangeAxis" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_RangesMember" xlink:label="RangesMember" xlink:title="RangesMember" />
    <link:label xlink:type="resource" xlink:label="label_RangesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_RangesMember" xml:lang="en-US" id="label_RangesMember">Ranges [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RangesMember" xlink:to="label_RangesMember" xlink:title="Label : RangesMember to label_RangesMember" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_TopOfRangeMember" xlink:label="TopOfRangeMember" xlink:title="TopOfRangeMember" />
    <link:label xlink:type="resource" xlink:label="label_TopOfRangeMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TopOfRangeMember" xml:lang="en-US" id="label_TopOfRangeMember">Top of range [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TopOfRangeMember" xlink:to="label_TopOfRangeMember" xlink:title="Label : TopOfRangeMember to label_TopOfRangeMember" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_BottomOfRangeMember" xlink:label="BottomOfRangeMember" xlink:title="BottomOfRangeMember" />
    <link:label xlink:type="resource" xlink:label="label_BottomOfRangeMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_BottomOfRangeMember" xml:lang="en-US" id="label_BottomOfRangeMember">Bottom of range [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BottomOfRangeMember" xlink:to="label_BottomOfRangeMember" xlink:title="Label : BottomOfRangeMember to label_BottomOfRangeMember" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis" xlink:label="ClassesOfIntangibleAssetsAndGoodwillAxis" xlink:title="ClassesOfIntangibleAssetsAndGoodwillAxis" />
    <link:label xlink:type="resource" xlink:label="label_ClassesOfIntangibleAssetsAndGoodwillAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ClassesOfIntangibleAssetsAndGoodwillAxis" xml:lang="en-US" id="label_ClassesOfIntangibleAssetsAndGoodwillAxis">Classes of intangible assets and goodwill [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ClassesOfIntangibleAssetsAndGoodwillAxis" xlink:to="label_ClassesOfIntangibleAssetsAndGoodwillAxis" xlink:title="Label : ClassesOfIntangibleAssetsAndGoodwillAxis to label_ClassesOfIntangibleAssetsAndGoodwillAxis" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_IntangibleAssetsAndGoodwillMember" xlink:label="IntangibleAssetsAndGoodwillMember" xlink:title="IntangibleAssetsAndGoodwillMember" />
    <link:label xlink:type="resource" xlink:label="label_IntangibleAssetsAndGoodwillMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IntangibleAssetsAndGoodwillMember" xml:lang="en-US" id="label_IntangibleAssetsAndGoodwillMember">Intangible assets and goodwill [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IntangibleAssetsAndGoodwillMember" xlink:to="label_IntangibleAssetsAndGoodwillMember" xlink:title="Label : IntangibleAssetsAndGoodwillMember to label_IntangibleAssetsAndGoodwillMember" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_InformationSystemProjectsMember" xlink:label="InformationSystemProjectsMember" xlink:title="InformationSystemProjectsMember" />
    <link:label xlink:type="resource" xlink:label="label_InformationSystemProjectsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_InformationSystemProjectsMember" xml:lang="en-US" id="label_InformationSystemProjectsMember">Information system projects [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InformationSystemProjectsMember" xlink:to="label_InformationSystemProjectsMember" xlink:title="Label : InformationSystemProjectsMember to label_InformationSystemProjectsMember" />
    <link:label xlink:type="resource" xlink:label="label_InformationSystemProjectsMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_InformationSystemProjectsMember_1" xml:lang="en-US" id="label_InformationSystemProjectsMember_1">Intangible assets classified as information system projects.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InformationSystemProjectsMember" xlink:to="label_InformationSystemProjectsMember_1" xlink:title="Label : InformationSystemProjectsMember to label_InformationSystemProjectsMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_LicensesPatentsTrademarksAndProprietaryTechnologyMember" xlink:label="LicensesPatentsTrademarksAndProprietaryTechnologyMember" xlink:title="LicensesPatentsTrademarksAndProprietaryTechnologyMember" />
    <link:label xlink:type="resource" xlink:label="label_LicensesPatentsTrademarksAndProprietaryTechnologyMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LicensesPatentsTrademarksAndProprietaryTechnologyMember" xml:lang="en-US" id="label_LicensesPatentsTrademarksAndProprietaryTechnologyMember">Licenses, patents, trademarks, and proprietary technology [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LicensesPatentsTrademarksAndProprietaryTechnologyMember" xlink:to="label_LicensesPatentsTrademarksAndProprietaryTechnologyMember" xlink:title="Label : LicensesPatentsTrademarksAndProprietaryTechnologyMember to label_LicensesPatentsTrademarksAndProprietaryTechnologyMember" />
    <link:label xlink:type="resource" xlink:label="label_LicensesPatentsTrademarksAndProprietaryTechnologyMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_LicensesPatentsTrademarksAndProprietaryTechnologyMember_1" xml:lang="en-US" id="label_LicensesPatentsTrademarksAndProprietaryTechnologyMember_1">Information related to licenses, patents, trademarks, and proprietary technology.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LicensesPatentsTrademarksAndProprietaryTechnologyMember" xlink:to="label_LicensesPatentsTrademarksAndProprietaryTechnologyMember_1" xlink:title="Label : LicensesPatentsTrademarksAndProprietaryTechnologyMember to label_LicensesPatentsTrademarksAndProprietaryTechnologyMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_TrademarksMember" xlink:label="TrademarksMember" xlink:title="TrademarksMember" />
    <link:label xlink:type="resource" xlink:label="label_TrademarksMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TrademarksMember" xml:lang="en-US" id="label_TrademarksMember">Trademarks [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TrademarksMember" xlink:to="label_TrademarksMember" xlink:title="Label : TrademarksMember to label_TrademarksMember" />
    <link:label xlink:type="resource" xlink:label="label_TrademarksMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_TrademarksMember_1" xml:lang="en-US" id="label_TrademarksMember_1">Refers to information regarding trademarks.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TrademarksMember" xlink:to="label_TrademarksMember_1" xlink:title="Label : TrademarksMember to label_TrademarksMember_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_CustomerrelatedIntangibleAssetsMember" xlink:label="CustomerrelatedIntangibleAssetsMember" xlink:title="CustomerrelatedIntangibleAssetsMember" />
    <link:label xlink:type="resource" xlink:label="label_CustomerrelatedIntangibleAssetsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CustomerrelatedIntangibleAssetsMember" xml:lang="en-US" id="label_CustomerrelatedIntangibleAssetsMember">Customer-related intangible assets [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CustomerrelatedIntangibleAssetsMember" xlink:to="label_CustomerrelatedIntangibleAssetsMember" xlink:title="Label : CustomerrelatedIntangibleAssetsMember to label_CustomerrelatedIntangibleAssetsMember" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_BusinessCombinationsAxis" xlink:label="BusinessCombinationsAxis" xlink:title="BusinessCombinationsAxis" />
    <link:label xlink:type="resource" xlink:label="label_BusinessCombinationsAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_BusinessCombinationsAxis" xml:lang="en-US" id="label_BusinessCombinationsAxis">Business combinations [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BusinessCombinationsAxis" xlink:to="label_BusinessCombinationsAxis" xlink:title="Label : BusinessCombinationsAxis to label_BusinessCombinationsAxis" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_EntitysTotalForBusinessCombinationsMember" xlink:label="EntitysTotalForBusinessCombinationsMember" xlink:title="EntitysTotalForBusinessCombinationsMember" />
    <link:label xlink:type="resource" xlink:label="label_EntitysTotalForBusinessCombinationsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EntitysTotalForBusinessCombinationsMember" xml:lang="en-US" id="label_EntitysTotalForBusinessCombinationsMember">Entity's total for business combinations [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntitysTotalForBusinessCombinationsMember" xlink:to="label_EntitysTotalForBusinessCombinationsMember" xlink:title="Label : EntitysTotalForBusinessCombinationsMember to label_EntitysTotalForBusinessCombinationsMember" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_MaverickAcquisitionMember" xlink:label="MaverickAcquisitionMember" xlink:title="MaverickAcquisitionMember" />
    <link:label xlink:type="resource" xlink:label="label_MaverickAcquisitionMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_MaverickAcquisitionMember" xml:lang="en-US" id="label_MaverickAcquisitionMember">Maverick acquisition [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MaverickAcquisitionMember" xlink:to="label_MaverickAcquisitionMember" xlink:title="Label : MaverickAcquisitionMember to label_MaverickAcquisitionMember" />
    <link:label xlink:type="resource" xlink:label="label_MaverickAcquisitionMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_MaverickAcquisitionMember_1" xml:lang="en-US" id="label_MaverickAcquisitionMember_1">Represents the Maverick acquisition.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MaverickAcquisitionMember" xlink:to="label_MaverickAcquisitionMember_1" xlink:title="Label : MaverickAcquisitionMember to label_MaverickAcquisitionMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_HydrillAcquisitionMember" xlink:label="HydrillAcquisitionMember" xlink:title="HydrillAcquisitionMember" />
    <link:label xlink:type="resource" xlink:label="label_HydrillAcquisitionMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_HydrillAcquisitionMember" xml:lang="en-US" id="label_HydrillAcquisitionMember">Hydrill acquisition [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="HydrillAcquisitionMember" xlink:to="label_HydrillAcquisitionMember" xlink:title="Label : HydrillAcquisitionMember to label_HydrillAcquisitionMember" />
    <link:label xlink:type="resource" xlink:label="label_HydrillAcquisitionMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_HydrillAcquisitionMember_1" xml:lang="en-US" id="label_HydrillAcquisitionMember_1">Represents the Hydrill acquisition.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="HydrillAcquisitionMember" xlink:to="label_HydrillAcquisitionMember_1" xlink:title="Label : HydrillAcquisitionMember to label_HydrillAcquisitionMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_SaudiSteelPipeCompanyMember" xlink:label="SaudiSteelPipeCompanyMember" xlink:title="SaudiSteelPipeCompanyMember" />
    <link:label xlink:type="resource" xlink:label="label_SaudiSteelPipeCompanyMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SaudiSteelPipeCompanyMember" xml:lang="en-US" id="label_SaudiSteelPipeCompanyMember">Saudi Steel Pipe Company [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SaudiSteelPipeCompanyMember" xlink:to="label_SaudiSteelPipeCompanyMember" xlink:title="Label : SaudiSteelPipeCompanyMember to label_SaudiSteelPipeCompanyMember" />
    <link:label xlink:type="resource" xlink:label="label_SaudiSteelPipeCompanyMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_SaudiSteelPipeCompanyMember_1" xml:lang="en-US" id="label_SaudiSteelPipeCompanyMember_1">Information related to Saudi Steel Pipe Company.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SaudiSteelPipeCompanyMember" xlink:to="label_SaudiSteelPipeCompanyMember_1" xlink:title="Label : SaudiSteelPipeCompanyMember to label_SaudiSteelPipeCompanyMember_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_IndividualAssetsOrCashgeneratingUnitsWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesAxis" xlink:label="IndividualAssetsOrCashgeneratingUnitsWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesAxis" xlink:title="IndividualAssetsOrCashgeneratingUnitsWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesAxis" />
    <link:label xlink:type="resource" xlink:label="label_IndividualAssetsOrCashgeneratingUnitsWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IndividualAssetsOrCashgeneratingUnitsWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesAxis" xml:lang="en-US" id="label_IndividualAssetsOrCashgeneratingUnitsWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesAxis">Cash-generating units [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IndividualAssetsOrCashgeneratingUnitsWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesAxis" xlink:to="label_IndividualAssetsOrCashgeneratingUnitsWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesAxis" xlink:title="Label : IndividualAssetsOrCashgeneratingUnitsWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesAxis to label_IndividualAssetsOrCashgeneratingUnitsWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesAxis" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_EntitysTotalForCashgeneratingUnitsMember" xlink:label="EntitysTotalForCashgeneratingUnitsMember" xlink:title="EntitysTotalForCashgeneratingUnitsMember" />
    <link:label xlink:type="resource" xlink:label="label_EntitysTotalForCashgeneratingUnitsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EntitysTotalForCashgeneratingUnitsMember" xml:lang="en-US" id="label_EntitysTotalForCashgeneratingUnitsMember">Entity's total for cash-generating units [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntitysTotalForCashgeneratingUnitsMember" xlink:to="label_EntitysTotalForCashgeneratingUnitsMember" xlink:title="Label : EntitysTotalForCashgeneratingUnitsMember to label_EntitysTotalForCashgeneratingUnitsMember" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_OCTGUSAMember" xlink:label="OCTGUSAMember" xlink:title="OCTGUSAMember" />
    <link:label xlink:type="resource" xlink:label="label_OCTGUSAMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OCTGUSAMember" xml:lang="en-US" id="label_OCTGUSAMember">OCTG (USA) [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OCTGUSAMember" xlink:to="label_OCTGUSAMember" xlink:title="Label : OCTGUSAMember to label_OCTGUSAMember" />
    <link:label xlink:type="resource" xlink:label="label_OCTGUSAMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_OCTGUSAMember_1" xml:lang="en-US" id="label_OCTGUSAMember_1">The cash generating unit OCTG (USA).</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OCTGUSAMember" xlink:to="label_OCTGUSAMember_1" xlink:title="Label : OCTGUSAMember to label_OCTGUSAMember_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DefinedBenefitPlansAxis" xlink:label="DefinedBenefitPlansAxis" xlink:title="DefinedBenefitPlansAxis" />
    <link:label xlink:type="resource" xlink:label="label_DefinedBenefitPlansAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DefinedBenefitPlansAxis" xml:lang="en-US" id="label_DefinedBenefitPlansAxis">Defined benefit plans [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DefinedBenefitPlansAxis" xlink:to="label_DefinedBenefitPlansAxis" xlink:title="Label : DefinedBenefitPlansAxis to label_DefinedBenefitPlansAxis" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DefinedBenefitPlansMember" xlink:label="DefinedBenefitPlansMember" xlink:title="DefinedBenefitPlansMember" />
    <link:label xlink:type="resource" xlink:label="label_DefinedBenefitPlansMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DefinedBenefitPlansMember" xml:lang="en-US" id="label_DefinedBenefitPlansMember">Defined benefit plans [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DefinedBenefitPlansMember" xlink:to="label_DefinedBenefitPlansMember" xlink:title="Label : DefinedBenefitPlansMember to label_DefinedBenefitPlansMember" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_UnfundedDefinedBenefitEmployeeRetirementPlanForCertainSeniorOfficersMember" xlink:label="UnfundedDefinedBenefitEmployeeRetirementPlanForCertainSeniorOfficersMember" xlink:title="UnfundedDefinedBenefitEmployeeRetirementPlanForCertainSeniorOfficersMember" />
    <link:label xlink:type="resource" xlink:label="label_UnfundedDefinedBenefitEmployeeRetirementPlanForCertainSeniorOfficersMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_UnfundedDefinedBenefitEmployeeRetirementPlanForCertainSeniorOfficersMember" xml:lang="en-US" id="label_UnfundedDefinedBenefitEmployeeRetirementPlanForCertainSeniorOfficersMember">Unfunded defined benefit employee retirement plan for certain senior officers [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="UnfundedDefinedBenefitEmployeeRetirementPlanForCertainSeniorOfficersMember" xlink:to="label_UnfundedDefinedBenefitEmployeeRetirementPlanForCertainSeniorOfficersMember" xlink:title="Label : UnfundedDefinedBenefitEmployeeRetirementPlanForCertainSeniorOfficersMember to label_UnfundedDefinedBenefitEmployeeRetirementPlanForCertainSeniorOfficersMember" />
    <link:label xlink:type="resource" xlink:label="label_UnfundedDefinedBenefitEmployeeRetirementPlanForCertainSeniorOfficersMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_UnfundedDefinedBenefitEmployeeRetirementPlanForCertainSeniorOfficersMember_1" xml:lang="en-US" id="label_UnfundedDefinedBenefitEmployeeRetirementPlanForCertainSeniorOfficersMember_1">Refers to the unfunded defined benefit employee retirement plan for certain senior officers.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="UnfundedDefinedBenefitEmployeeRetirementPlanForCertainSeniorOfficersMember" xlink:to="label_UnfundedDefinedBenefitEmployeeRetirementPlanForCertainSeniorOfficersMember_1" xlink:title="Label : UnfundedDefinedBenefitEmployeeRetirementPlanForCertainSeniorOfficersMember to label_UnfundedDefinedBenefitEmployeeRetirementPlanForCertainSeniorOfficersMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_FundedPostemploymentBenefitsMember" xlink:label="FundedPostemploymentBenefitsMember" xlink:title="FundedPostemploymentBenefitsMember" />
    <link:label xlink:type="resource" xlink:label="label_FundedPostemploymentBenefitsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_FundedPostemploymentBenefitsMember" xml:lang="en-US" id="label_FundedPostemploymentBenefitsMember">Funded post-employment benefits [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FundedPostemploymentBenefitsMember" xlink:to="label_FundedPostemploymentBenefitsMember" xlink:title="Label : FundedPostemploymentBenefitsMember to label_FundedPostemploymentBenefitsMember" />
    <link:label xlink:type="resource" xlink:label="label_FundedPostemploymentBenefitsMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_FundedPostemploymentBenefitsMember_1" xml:lang="en-US" id="label_FundedPostemploymentBenefitsMember_1">This member stands for funded post-employment benefits.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FundedPostemploymentBenefitsMember" xlink:to="label_FundedPostemploymentBenefitsMember_1" xlink:title="Label : FundedPostemploymentBenefitsMember to label_FundedPostemploymentBenefitsMember_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_GeographicalAreasAxis" xlink:label="GeographicalAreasAxis" xlink:title="GeographicalAreasAxis" />
    <link:label xlink:type="resource" xlink:label="label_GeographicalAreasAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_GeographicalAreasAxis" xml:lang="en-US" id="label_GeographicalAreasAxis">Geographical areas [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GeographicalAreasAxis" xlink:to="label_GeographicalAreasAxis" xlink:title="Label : GeographicalAreasAxis to label_GeographicalAreasAxis" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_GeographicalAreasMember" xlink:label="GeographicalAreasMember" xlink:title="GeographicalAreasMember" />
    <link:label xlink:type="resource" xlink:label="label_GeographicalAreasMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_GeographicalAreasMember" xml:lang="en-US" id="label_GeographicalAreasMember">Geographical areas [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GeographicalAreasMember" xlink:to="label_GeographicalAreasMember" xlink:title="Label : GeographicalAreasMember to label_GeographicalAreasMember" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/country/2020/country-2020-01-31.xsd#country_IT" xlink:label="IT" xlink:title="IT" />
    <link:label xlink:type="resource" xlink:label="label_IT" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IT" xml:lang="en-US" id="label_IT">ITALY</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IT" xlink:to="label_IT" xlink:title="Label : IT to label_IT" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_Canada1Member" xlink:label="Canada1Member" xlink:title="Canada1Member" />
    <link:label xlink:type="resource" xlink:label="label_Canada1Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_Canada1Member" xml:lang="en-US" id="label_Canada1Member">Canada [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Canada1Member" xlink:to="label_Canada1Member" xlink:title="Label : Canada1Member to label_Canada1Member" />
    <link:label xlink:type="resource" xlink:label="label_Canada1Member_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_Canada1Member_1" xml:lang="en-US" id="label_Canada1Member_1">Refers to the country Canada.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Canada1Member" xlink:to="label_Canada1Member_1" xlink:title="Label : Canada1Member to label_Canada1Member_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/country/2020/country-2020-01-31.xsd#country_US" xlink:label="US" xlink:title="US" />
    <link:label xlink:type="resource" xlink:label="label_US" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_US" xml:lang="en-US" id="label_US">UNITED STATES</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="US" xlink:to="label_US" xlink:title="Label : US to label_US" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory" xlink:label="DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory" xlink:title="DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory" xml:lang="en-US" id="label_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory">II. Accounting Policies</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory" xlink:to="label_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory" xlink:title="Label : DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory to label_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_TypesOfRisksAxis" xlink:label="TypesOfRisksAxis" xlink:title="TypesOfRisksAxis" />
    <link:label xlink:type="resource" xlink:label="label_TypesOfRisksAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TypesOfRisksAxis" xml:lang="en-US" id="label_TypesOfRisksAxis">Types of risks [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TypesOfRisksAxis" xlink:to="label_TypesOfRisksAxis" xlink:title="Label : TypesOfRisksAxis to label_TypesOfRisksAxis" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_TypesOfRisksMember" xlink:label="TypesOfRisksMember" xlink:title="TypesOfRisksMember" />
    <link:label xlink:type="resource" xlink:label="label_TypesOfRisksMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TypesOfRisksMember" xml:lang="en-US" id="label_TypesOfRisksMember">Risks [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TypesOfRisksMember" xlink:to="label_TypesOfRisksMember" xlink:title="Label : TypesOfRisksMember to label_TypesOfRisksMember" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_OnePercentChangeArgentinePesoUsDollarForeignExchangeRiskMember" xlink:label="OnePercentChangeArgentinePesoUsDollarForeignExchangeRiskMember" xlink:title="OnePercentChangeArgentinePesoUsDollarForeignExchangeRiskMember" />
    <link:label xlink:type="resource" xlink:label="label_OnePercentChangeArgentinePesoUsDollarForeignExchangeRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OnePercentChangeArgentinePesoUsDollarForeignExchangeRiskMember" xml:lang="en-US" id="label_OnePercentChangeArgentinePesoUsDollarForeignExchangeRiskMember">One percent change, Argentine Peso / U.S. dollar foreign exchange risk [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OnePercentChangeArgentinePesoUsDollarForeignExchangeRiskMember" xlink:to="label_OnePercentChangeArgentinePesoUsDollarForeignExchangeRiskMember" xlink:title="Label : OnePercentChangeArgentinePesoUsDollarForeignExchangeRiskMember to label_OnePercentChangeArgentinePesoUsDollarForeignExchangeRiskMember" />
    <link:label xlink:type="resource" xlink:label="label_OnePercentChangeArgentinePesoUsDollarForeignExchangeRiskMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_OnePercentChangeArgentinePesoUsDollarForeignExchangeRiskMember_1" xml:lang="en-US" id="label_OnePercentChangeArgentinePesoUsDollarForeignExchangeRiskMember_1">Represents a one percent change in Argentine Peso / U.S. dollar foreign exchange risk.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OnePercentChangeArgentinePesoUsDollarForeignExchangeRiskMember" xlink:to="label_OnePercentChangeArgentinePesoUsDollarForeignExchangeRiskMember_1" xlink:title="Label : OnePercentChangeArgentinePesoUsDollarForeignExchangeRiskMember to label_OnePercentChangeArgentinePesoUsDollarForeignExchangeRiskMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_OnePercentChangeEuroUsDollarForeignExchangeRiskMember" xlink:label="OnePercentChangeEuroUsDollarForeignExchangeRiskMember" xlink:title="OnePercentChangeEuroUsDollarForeignExchangeRiskMember" />
    <link:label xlink:type="resource" xlink:label="label_OnePercentChangeEuroUsDollarForeignExchangeRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OnePercentChangeEuroUsDollarForeignExchangeRiskMember" xml:lang="en-US" id="label_OnePercentChangeEuroUsDollarForeignExchangeRiskMember">One percent change, Euro / U.S. dollar foreign exchange risk [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OnePercentChangeEuroUsDollarForeignExchangeRiskMember" xlink:to="label_OnePercentChangeEuroUsDollarForeignExchangeRiskMember" xlink:title="Label : OnePercentChangeEuroUsDollarForeignExchangeRiskMember to label_OnePercentChangeEuroUsDollarForeignExchangeRiskMember" />
    <link:label xlink:type="resource" xlink:label="label_OnePercentChangeEuroUsDollarForeignExchangeRiskMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_OnePercentChangeEuroUsDollarForeignExchangeRiskMember_1" xml:lang="en-US" id="label_OnePercentChangeEuroUsDollarForeignExchangeRiskMember_1">Represents a one percent change in Euro / U.S. dollar foreign exchange risk.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OnePercentChangeEuroUsDollarForeignExchangeRiskMember" xlink:to="label_OnePercentChangeEuroUsDollarForeignExchangeRiskMember_1" xlink:title="Label : OnePercentChangeEuroUsDollarForeignExchangeRiskMember to label_OnePercentChangeEuroUsDollarForeignExchangeRiskMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_OnePercentChangeSaudiArabianRiyalUsDollarForeignExchangeRiskMember" xlink:label="OnePercentChangeSaudiArabianRiyalUsDollarForeignExchangeRiskMember" xlink:title="OnePercentChangeSaudiArabianRiyalUsDollarForeignExchangeRiskMember" />
    <link:label xlink:type="resource" xlink:label="label_OnePercentChangeSaudiArabianRiyalUsDollarForeignExchangeRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OnePercentChangeSaudiArabianRiyalUsDollarForeignExchangeRiskMember" xml:lang="en-US" id="label_OnePercentChangeSaudiArabianRiyalUsDollarForeignExchangeRiskMember">One percent change, Saudi Arabian Riyal / U.S. dollar foreign exchange risk [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OnePercentChangeSaudiArabianRiyalUsDollarForeignExchangeRiskMember" xlink:to="label_OnePercentChangeSaudiArabianRiyalUsDollarForeignExchangeRiskMember" xlink:title="Label : OnePercentChangeSaudiArabianRiyalUsDollarForeignExchangeRiskMember to label_OnePercentChangeSaudiArabianRiyalUsDollarForeignExchangeRiskMember" />
    <link:label xlink:type="resource" xlink:label="label_OnePercentChangeSaudiArabianRiyalUsDollarForeignExchangeRiskMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_OnePercentChangeSaudiArabianRiyalUsDollarForeignExchangeRiskMember_1" xml:lang="en-US" id="label_OnePercentChangeSaudiArabianRiyalUsDollarForeignExchangeRiskMember_1">Represents a one percent change in Saudi Arabian Riyal / U.S. dollar foreign exchange risk.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OnePercentChangeSaudiArabianRiyalUsDollarForeignExchangeRiskMember" xlink:to="label_OnePercentChangeSaudiArabianRiyalUsDollarForeignExchangeRiskMember_1" xlink:title="Label : OnePercentChangeSaudiArabianRiyalUsDollarForeignExchangeRiskMember to label_OnePercentChangeSaudiArabianRiyalUsDollarForeignExchangeRiskMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_CustomerConcentrationRisk1Member" xlink:label="CustomerConcentrationRisk1Member" xlink:title="CustomerConcentrationRisk1Member" />
    <link:label xlink:type="resource" xlink:label="label_CustomerConcentrationRisk1Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CustomerConcentrationRisk1Member" xml:lang="en-US" id="label_CustomerConcentrationRisk1Member">Customer concentration risk [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CustomerConcentrationRisk1Member" xlink:to="label_CustomerConcentrationRisk1Member" xlink:title="Label : CustomerConcentrationRisk1Member to label_CustomerConcentrationRisk1Member" />
    <link:label xlink:type="resource" xlink:label="label_CustomerConcentrationRisk1Member_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CustomerConcentrationRisk1Member_1" xml:lang="en-US" id="label_CustomerConcentrationRisk1Member_1">Reflects the percentage that revenues or credit exposure in the period are from one or more significant customers. The risk is the materially adverse effects of loss of a significant customer.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CustomerConcentrationRisk1Member" xlink:to="label_CustomerConcentrationRisk1Member_1" xlink:title="Label : CustomerConcentrationRisk1Member to label_CustomerConcentrationRisk1Member_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_CounterpartyRiskMember" xlink:label="CounterpartyRiskMember" xlink:title="CounterpartyRiskMember" />
    <link:label xlink:type="resource" xlink:label="label_CounterpartyRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CounterpartyRiskMember" xml:lang="en-US" id="label_CounterpartyRiskMember">Counterparty risk [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CounterpartyRiskMember" xlink:to="label_CounterpartyRiskMember" xlink:title="Label : CounterpartyRiskMember to label_CounterpartyRiskMember" />
    <link:label xlink:type="resource" xlink:label="label_CounterpartyRiskMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CounterpartyRiskMember_1" xml:lang="en-US" id="label_CounterpartyRiskMember_1">Represents the percentage of financial assets held with counter parties rated as investment grade.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CounterpartyRiskMember" xlink:to="label_CounterpartyRiskMember_1" xlink:title="Label : CounterpartyRiskMember to label_CounterpartyRiskMember_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_HedgingInstrumentsAxis" xlink:label="HedgingInstrumentsAxis" xlink:title="HedgingInstrumentsAxis" />
    <link:label xlink:type="resource" xlink:label="label_HedgingInstrumentsAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_HedgingInstrumentsAxis" xml:lang="en-US" id="label_HedgingInstrumentsAxis">Hedging instruments [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="HedgingInstrumentsAxis" xlink:to="label_HedgingInstrumentsAxis" xlink:title="Label : HedgingInstrumentsAxis to label_HedgingInstrumentsAxis" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_HedgingInstrumentsMember" xlink:label="HedgingInstrumentsMember" xlink:title="HedgingInstrumentsMember" />
    <link:label xlink:type="resource" xlink:label="label_HedgingInstrumentsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_HedgingInstrumentsMember" xml:lang="en-US" id="label_HedgingInstrumentsMember">Hedging instruments [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="HedgingInstrumentsMember" xlink:to="label_HedgingInstrumentsMember" xlink:title="Label : HedgingInstrumentsMember to label_HedgingInstrumentsMember" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_ForeignExchangeDerivativesContractsMember" xlink:label="ForeignExchangeDerivativesContractsMember" xlink:title="ForeignExchangeDerivativesContractsMember" />
    <link:label xlink:type="resource" xlink:label="label_ForeignExchangeDerivativesContractsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ForeignExchangeDerivativesContractsMember" xml:lang="en-US" id="label_ForeignExchangeDerivativesContractsMember">Foreign exchange derivatives contracts [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ForeignExchangeDerivativesContractsMember" xlink:to="label_ForeignExchangeDerivativesContractsMember" xlink:title="Label : ForeignExchangeDerivativesContractsMember to label_ForeignExchangeDerivativesContractsMember" />
    <link:label xlink:type="resource" xlink:label="label_ForeignExchangeDerivativesContractsMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ForeignExchangeDerivativesContractsMember_1" xml:lang="en-US" id="label_ForeignExchangeDerivativesContractsMember_1">Represents foreign exchange derivatives contracts.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ForeignExchangeDerivativesContractsMember" xlink:to="label_ForeignExchangeDerivativesContractsMember_1" xlink:title="Label : ForeignExchangeDerivativesContractsMember to label_ForeignExchangeDerivativesContractsMember_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_TypesOfInterestRatesAxis" xlink:label="TypesOfInterestRatesAxis" xlink:title="TypesOfInterestRatesAxis" />
    <link:label xlink:type="resource" xlink:label="label_TypesOfInterestRatesAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TypesOfInterestRatesAxis" xml:lang="en-US" id="label_TypesOfInterestRatesAxis">Types of interest rates [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TypesOfInterestRatesAxis" xlink:to="label_TypesOfInterestRatesAxis" xlink:title="Label : TypesOfInterestRatesAxis to label_TypesOfInterestRatesAxis" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_InterestRateTypesMember" xlink:label="InterestRateTypesMember" xlink:title="InterestRateTypesMember" />
    <link:label xlink:type="resource" xlink:label="label_InterestRateTypesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_InterestRateTypesMember" xml:lang="en-US" id="label_InterestRateTypesMember">Interest rate types [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestRateTypesMember" xlink:to="label_InterestRateTypesMember" xlink:title="Label : InterestRateTypesMember to label_InterestRateTypesMember" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_FixedInterestRateMember" xlink:label="FixedInterestRateMember" xlink:title="FixedInterestRateMember" />
    <link:label xlink:type="resource" xlink:label="label_FixedInterestRateMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_FixedInterestRateMember" xml:lang="en-US" id="label_FixedInterestRateMember">Fixed interest rate [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FixedInterestRateMember" xlink:to="label_FixedInterestRateMember" xlink:title="Label : FixedInterestRateMember to label_FixedInterestRateMember" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_ClassesOfFinancialInstrumentsAxis" xlink:label="ClassesOfFinancialInstrumentsAxis" xlink:title="ClassesOfFinancialInstrumentsAxis" />
    <link:label xlink:type="resource" xlink:label="label_ClassesOfFinancialInstrumentsAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ClassesOfFinancialInstrumentsAxis" xml:lang="en-US" id="label_ClassesOfFinancialInstrumentsAxis">Classes of financial instruments [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ClassesOfFinancialInstrumentsAxis" xlink:to="label_ClassesOfFinancialInstrumentsAxis" xlink:title="Label : ClassesOfFinancialInstrumentsAxis to label_ClassesOfFinancialInstrumentsAxis" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_ClassesOfFinancialInstrumentsMember" xlink:label="ClassesOfFinancialInstrumentsMember" xlink:title="ClassesOfFinancialInstrumentsMember" />
    <link:label xlink:type="resource" xlink:label="label_ClassesOfFinancialInstrumentsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ClassesOfFinancialInstrumentsMember" xml:lang="en-US" id="label_ClassesOfFinancialInstrumentsMember">Financial instruments, class [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ClassesOfFinancialInstrumentsMember" xlink:to="label_ClassesOfFinancialInstrumentsMember" xlink:title="Label : ClassesOfFinancialInstrumentsMember to label_ClassesOfFinancialInstrumentsMember" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_GuaranteesUnderCreditInsuranceMember" xlink:label="GuaranteesUnderCreditInsuranceMember" xlink:title="GuaranteesUnderCreditInsuranceMember" />
    <link:label xlink:type="resource" xlink:label="label_GuaranteesUnderCreditInsuranceMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_GuaranteesUnderCreditInsuranceMember" xml:lang="en-US" id="label_GuaranteesUnderCreditInsuranceMember">Guarantees under credit insurance [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GuaranteesUnderCreditInsuranceMember" xlink:to="label_GuaranteesUnderCreditInsuranceMember" xlink:title="Label : GuaranteesUnderCreditInsuranceMember to label_GuaranteesUnderCreditInsuranceMember" />
    <link:label xlink:type="resource" xlink:label="label_GuaranteesUnderCreditInsuranceMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_GuaranteesUnderCreditInsuranceMember_1" xml:lang="en-US" id="label_GuaranteesUnderCreditInsuranceMember_1">Represents guarantees under credit insurance.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GuaranteesUnderCreditInsuranceMember" xlink:to="label_GuaranteesUnderCreditInsuranceMember_1" xlink:title="Label : GuaranteesUnderCreditInsuranceMember to label_GuaranteesUnderCreditInsuranceMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_LetterOfCreditAndOtherBankGuaranteesMember" xlink:label="LetterOfCreditAndOtherBankGuaranteesMember" xlink:title="LetterOfCreditAndOtherBankGuaranteesMember" />
    <link:label xlink:type="resource" xlink:label="label_LetterOfCreditAndOtherBankGuaranteesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LetterOfCreditAndOtherBankGuaranteesMember" xml:lang="en-US" id="label_LetterOfCreditAndOtherBankGuaranteesMember">Letter of credit and other bank guarantees [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LetterOfCreditAndOtherBankGuaranteesMember" xlink:to="label_LetterOfCreditAndOtherBankGuaranteesMember" xlink:title="Label : LetterOfCreditAndOtherBankGuaranteesMember to label_LetterOfCreditAndOtherBankGuaranteesMember" />
    <link:label xlink:type="resource" xlink:label="label_LetterOfCreditAndOtherBankGuaranteesMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_LetterOfCreditAndOtherBankGuaranteesMember_1" xml:lang="en-US" id="label_LetterOfCreditAndOtherBankGuaranteesMember_1">Represents letter of credit and other bank guarantees.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LetterOfCreditAndOtherBankGuaranteesMember" xlink:to="label_LetterOfCreditAndOtherBankGuaranteesMember_1" xlink:title="Label : LetterOfCreditAndOtherBankGuaranteesMember to label_LetterOfCreditAndOtherBankGuaranteesMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_OtherGuaranteesMember" xlink:label="OtherGuaranteesMember" xlink:title="OtherGuaranteesMember" />
    <link:label xlink:type="resource" xlink:label="label_OtherGuaranteesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OtherGuaranteesMember" xml:lang="en-US" id="label_OtherGuaranteesMember">Other guarantees [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherGuaranteesMember" xlink:to="label_OtherGuaranteesMember" xlink:title="Label : OtherGuaranteesMember to label_OtherGuaranteesMember" />
    <link:label xlink:type="resource" xlink:label="label_OtherGuaranteesMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_OtherGuaranteesMember_1" xml:lang="en-US" id="label_OtherGuaranteesMember_1">Represents other guarantees.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherGuaranteesMember" xlink:to="label_OtherGuaranteesMember_1" xlink:title="Label : OtherGuaranteesMember to label_OtherGuaranteesMember_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_FinancialGuaranteeContractsMember" xlink:label="FinancialGuaranteeContractsMember" xlink:title="FinancialGuaranteeContractsMember" />
    <link:label xlink:type="resource" xlink:label="label_FinancialGuaranteeContractsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_FinancialGuaranteeContractsMember" xml:lang="en-US" id="label_FinancialGuaranteeContractsMember">Financial guarantee contracts [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinancialGuaranteeContractsMember" xlink:to="label_FinancialGuaranteeContractsMember" xlink:title="Label : FinancialGuaranteeContractsMember to label_FinancialGuaranteeContractsMember" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_PastDueStatusAxis" xlink:label="PastDueStatusAxis" xlink:title="PastDueStatusAxis" />
    <link:label xlink:type="resource" xlink:label="label_PastDueStatusAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PastDueStatusAxis" xml:lang="en-US" id="label_PastDueStatusAxis">Past due status [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PastDueStatusAxis" xlink:to="label_PastDueStatusAxis" xlink:title="Label : PastDueStatusAxis to label_PastDueStatusAxis" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_PastDueStatusMember" xlink:label="PastDueStatusMember" xlink:title="PastDueStatusMember" />
    <link:label xlink:type="resource" xlink:label="label_PastDueStatusMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PastDueStatusMember" xml:lang="en-US" id="label_PastDueStatusMember">Past due status [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PastDueStatusMember" xlink:to="label_PastDueStatusMember" xlink:title="Label : PastDueStatusMember to label_PastDueStatusMember" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_PastDueMember" xlink:label="PastDueMember" xlink:title="PastDueMember" />
    <link:label xlink:type="resource" xlink:label="label_PastDueMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PastDueMember" xml:lang="en-US" id="label_PastDueMember">Past due [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PastDueMember" xlink:to="label_PastDueMember" xlink:title="Label : PastDueMember to label_PastDueMember" />
    <link:label xlink:type="resource" xlink:label="label_PastDueMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_PastDueMember_1" xml:lang="en-US" id="label_PastDueMember_1">Represents a financial instrument which is past due.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PastDueMember" xlink:to="label_PastDueMember_1" xlink:title="Label : PastDueMember to label_PastDueMember_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_ClassesOfProvisionsAxis" xlink:label="ClassesOfProvisionsAxis" xlink:title="ClassesOfProvisionsAxis" />
    <link:label xlink:type="resource" xlink:label="label_ClassesOfProvisionsAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ClassesOfProvisionsAxis" xml:lang="en-US" id="label_ClassesOfProvisionsAxis">Classes of other provisions [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ClassesOfProvisionsAxis" xlink:to="label_ClassesOfProvisionsAxis" xlink:title="Label : ClassesOfProvisionsAxis to label_ClassesOfProvisionsAxis" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_OtherProvisionsMember" xlink:label="OtherProvisionsMember" xlink:title="OtherProvisionsMember" />
    <link:label xlink:type="resource" xlink:label="label_OtherProvisionsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OtherProvisionsMember" xml:lang="en-US" id="label_OtherProvisionsMember">Other provisions [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherProvisionsMember" xlink:to="label_OtherProvisionsMember" xlink:title="Label : OtherProvisionsMember to label_OtherProvisionsMember" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_AllowanceForDoubtfulAccountsTradeReceivablesMember" xlink:label="AllowanceForDoubtfulAccountsTradeReceivablesMember" xlink:title="AllowanceForDoubtfulAccountsTradeReceivablesMember" />
    <link:label xlink:type="resource" xlink:label="label_AllowanceForDoubtfulAccountsTradeReceivablesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AllowanceForDoubtfulAccountsTradeReceivablesMember" xml:lang="en-US" id="label_AllowanceForDoubtfulAccountsTradeReceivablesMember">Allowance for doubtful accounts - trade receivables [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AllowanceForDoubtfulAccountsTradeReceivablesMember" xlink:to="label_AllowanceForDoubtfulAccountsTradeReceivablesMember" xlink:title="Label : AllowanceForDoubtfulAccountsTradeReceivablesMember to label_AllowanceForDoubtfulAccountsTradeReceivablesMember" />
    <link:label xlink:type="resource" xlink:label="label_AllowanceForDoubtfulAccountsTradeReceivablesMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_AllowanceForDoubtfulAccountsTradeReceivablesMember_1" xml:lang="en-US" id="label_AllowanceForDoubtfulAccountsTradeReceivablesMember_1">Represents the allowance for doubtful accounts attributable to trade receivables.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AllowanceForDoubtfulAccountsTradeReceivablesMember" xlink:to="label_AllowanceForDoubtfulAccountsTradeReceivablesMember_1" xlink:title="Label : AllowanceForDoubtfulAccountsTradeReceivablesMember to label_AllowanceForDoubtfulAccountsTradeReceivablesMember_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_CurrencyAxis" xlink:label="CurrencyAxis" xlink:title="CurrencyAxis" />
    <link:label xlink:type="resource" xlink:label="label_CurrencyAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CurrencyAxis" xml:lang="en-US" id="label_CurrencyAxis">Currency [Axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrencyAxis" xlink:to="label_CurrencyAxis" xlink:title="Label : CurrencyAxis to label_CurrencyAxis" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/currency/2020/currency-2020-01-31.xsd#currency_AllCurrenciesDomain" xlink:label="AllCurrenciesDomain" xlink:title="AllCurrenciesDomain" />
    <link:label xlink:type="resource" xlink:label="label_AllCurrenciesDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AllCurrenciesDomain" xml:lang="en-US" id="label_AllCurrenciesDomain">All Currencies [Domain]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AllCurrenciesDomain" xlink:to="label_AllCurrenciesDomain" xlink:title="Label : AllCurrenciesDomain to label_AllCurrenciesDomain" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_SegmentConsolidationItemsAxis" xlink:label="SegmentConsolidationItemsAxis" xlink:title="SegmentConsolidationItemsAxis" />
    <link:label xlink:type="resource" xlink:label="label_SegmentConsolidationItemsAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SegmentConsolidationItemsAxis" xml:lang="en-US" id="label_SegmentConsolidationItemsAxis">Segment consolidation items [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SegmentConsolidationItemsAxis" xlink:to="label_SegmentConsolidationItemsAxis" xlink:title="Label : SegmentConsolidationItemsAxis to label_SegmentConsolidationItemsAxis" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_EntitysTotalForSegmentConsolidationItemsMember" xlink:label="EntitysTotalForSegmentConsolidationItemsMember" xlink:title="EntitysTotalForSegmentConsolidationItemsMember" />
    <link:label xlink:type="resource" xlink:label="label_EntitysTotalForSegmentConsolidationItemsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EntitysTotalForSegmentConsolidationItemsMember" xml:lang="en-US" id="label_EntitysTotalForSegmentConsolidationItemsMember">Entity's total for segment consolidation items [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntitysTotalForSegmentConsolidationItemsMember" xlink:to="label_EntitysTotalForSegmentConsolidationItemsMember" xlink:title="Label : EntitysTotalForSegmentConsolidationItemsMember to label_EntitysTotalForSegmentConsolidationItemsMember" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_EliminationOfIntersegmentAmountsMember" xlink:label="EliminationOfIntersegmentAmountsMember" xlink:title="EliminationOfIntersegmentAmountsMember" />
    <link:label xlink:type="resource" xlink:label="label_EliminationOfIntersegmentAmountsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EliminationOfIntersegmentAmountsMember" xml:lang="en-US" id="label_EliminationOfIntersegmentAmountsMember">Elimination of intersegment amounts [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EliminationOfIntersegmentAmountsMember" xlink:to="label_EliminationOfIntersegmentAmountsMember" xlink:title="Label : EliminationOfIntersegmentAmountsMember to label_EliminationOfIntersegmentAmountsMember" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/country/2020/country-2020-01-31.xsd#country_LU" xlink:label="LU" xlink:title="LU" />
    <link:label xlink:type="resource" xlink:label="label_LU" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LU" xml:lang="en-US" id="label_LU">LUXEMBOURG</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LU" xlink:to="label_LU" xlink:title="Label : LU to label_LU" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_Argentina1Member" xlink:label="Argentina1Member" xlink:title="Argentina1Member" />
    <link:label xlink:type="resource" xlink:label="label_Argentina1Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_Argentina1Member" xml:lang="en-US" id="label_Argentina1Member">Argentina [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Argentina1Member" xlink:to="label_Argentina1Member" xlink:title="Label : Argentina1Member to label_Argentina1Member" />
    <link:label xlink:type="resource" xlink:label="label_Argentina1Member_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_Argentina1Member_1" xml:lang="en-US" id="label_Argentina1Member_1">Related to Argentina.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Argentina1Member" xlink:to="label_Argentina1Member_1" xlink:title="Label : Argentina1Member to label_Argentina1Member_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_TypesOfCustomersAxis" xlink:label="TypesOfCustomersAxis" xlink:title="TypesOfCustomersAxis" />
    <link:label xlink:type="resource" xlink:label="label_TypesOfCustomersAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TypesOfCustomersAxis" xml:lang="en-US" id="label_TypesOfCustomersAxis">Types of customers [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TypesOfCustomersAxis" xlink:to="label_TypesOfCustomersAxis" xlink:title="Label : TypesOfCustomersAxis to label_TypesOfCustomersAxis" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_TypesOfCustomersMember" xlink:label="TypesOfCustomersMember" xlink:title="TypesOfCustomersMember" />
    <link:label xlink:type="resource" xlink:label="label_TypesOfCustomersMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TypesOfCustomersMember" xml:lang="en-US" id="label_TypesOfCustomersMember">Types of customers [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TypesOfCustomersMember" xlink:to="label_TypesOfCustomersMember" xlink:title="Label : TypesOfCustomersMember to label_TypesOfCustomersMember" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_GovernmentCustomersMember" xlink:label="GovernmentCustomersMember" xlink:title="GovernmentCustomersMember" />
    <link:label xlink:type="resource" xlink:label="label_GovernmentCustomersMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_GovernmentCustomersMember" xml:lang="en-US" id="label_GovernmentCustomersMember">Government customers [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GovernmentCustomersMember" xlink:to="label_GovernmentCustomersMember" xlink:title="Label : GovernmentCustomersMember to label_GovernmentCustomersMember" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DisclosureOfEntitysReportableSegmentsExplanatory" xlink:label="DisclosureOfEntitysReportableSegmentsExplanatory" xlink:title="DisclosureOfEntitysReportableSegmentsExplanatory" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfEntitysReportableSegmentsExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfEntitysReportableSegmentsExplanatory" xml:lang="en-US" id="label_DisclosureOfEntitysReportableSegmentsExplanatory">Disclosure of entity's operating segments [text block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfEntitysReportableSegmentsExplanatory" xlink:to="label_DisclosureOfEntitysReportableSegmentsExplanatory" xlink:title="Label : DisclosureOfEntitysReportableSegmentsExplanatory to label_DisclosureOfEntitysReportableSegmentsExplanatory" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DisclosureOfCostOfSalesExplanatory" xlink:label="DisclosureOfCostOfSalesExplanatory" xlink:title="DisclosureOfCostOfSalesExplanatory" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfCostOfSalesExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfCostOfSalesExplanatory" xml:lang="en-US" id="label_DisclosureOfCostOfSalesExplanatory">Disclosure of cost of sales [text block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfCostOfSalesExplanatory" xlink:to="label_DisclosureOfCostOfSalesExplanatory" xlink:title="Label : DisclosureOfCostOfSalesExplanatory to label_DisclosureOfCostOfSalesExplanatory" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfGeneralAndAdministrativeExpenseExplanatory_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfGeneralAndAdministrativeExpenseExplanatory_1" xml:lang="en-US" id="label_DisclosureOfGeneralAndAdministrativeExpenseExplanatory_1">Disclosure of general and administrative expense [text block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfGeneralAndAdministrativeExpenseExplanatory" xlink:to="label_DisclosureOfGeneralAndAdministrativeExpenseExplanatory_1" xlink:title="Label : DisclosureOfGeneralAndAdministrativeExpenseExplanatory to label_DisclosureOfGeneralAndAdministrativeExpenseExplanatory_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DisclosureOfEmployeeBenefitsExplanatory" xlink:label="DisclosureOfEmployeeBenefitsExplanatory" xlink:title="DisclosureOfEmployeeBenefitsExplanatory" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfEmployeeBenefitsExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfEmployeeBenefitsExplanatory" xml:lang="en-US" id="label_DisclosureOfEmployeeBenefitsExplanatory">Disclosure of employee benefits [text block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfEmployeeBenefitsExplanatory" xlink:to="label_DisclosureOfEmployeeBenefitsExplanatory" xlink:title="Label : DisclosureOfEmployeeBenefitsExplanatory to label_DisclosureOfEmployeeBenefitsExplanatory" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DisclosureOfOtherOperatingIncomeExpenseExplanatory" xlink:label="DisclosureOfOtherOperatingIncomeExpenseExplanatory" xlink:title="DisclosureOfOtherOperatingIncomeExpenseExplanatory" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfOtherOperatingIncomeExpenseExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DisclosureOfOtherOperatingIncomeExpenseExplanatory" xml:lang="en-US" id="label_DisclosureOfOtherOperatingIncomeExpenseExplanatory">Note 6 - Other Operating Income and Expenses</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfOtherOperatingIncomeExpenseExplanatory" xlink:to="label_DisclosureOfOtherOperatingIncomeExpenseExplanatory" xlink:title="Label : DisclosureOfOtherOperatingIncomeExpenseExplanatory to label_DisclosureOfOtherOperatingIncomeExpenseExplanatory" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_CategoriesOfFinancialAssetsAxis" xlink:label="CategoriesOfFinancialAssetsAxis" xlink:title="CategoriesOfFinancialAssetsAxis" />
    <link:label xlink:type="resource" xlink:label="label_CategoriesOfFinancialAssetsAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CategoriesOfFinancialAssetsAxis" xml:lang="en-US" id="label_CategoriesOfFinancialAssetsAxis">Categories of financial assets [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CategoriesOfFinancialAssetsAxis" xlink:to="label_CategoriesOfFinancialAssetsAxis" xlink:title="Label : CategoriesOfFinancialAssetsAxis to label_CategoriesOfFinancialAssetsAxis" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_FinancialAssetsCategoryMember" xlink:label="FinancialAssetsCategoryMember" xlink:title="FinancialAssetsCategoryMember" />
    <link:label xlink:type="resource" xlink:label="label_FinancialAssetsCategoryMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_FinancialAssetsCategoryMember" xml:lang="en-US" id="label_FinancialAssetsCategoryMember">Financial assets, category [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinancialAssetsCategoryMember" xlink:to="label_FinancialAssetsCategoryMember" xlink:title="Label : FinancialAssetsCategoryMember to label_FinancialAssetsCategoryMember" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember" xlink:label="FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember" xlink:title="FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember" />
    <link:label xlink:type="resource" xlink:label="label_FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember" xml:lang="en-US" id="label_FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember">Financial assets at fair value through profit or loss, category [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember" xlink:to="label_FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember" xlink:title="Label : FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember to label_FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfFinanceIncomeExpenseExplanatory_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DisclosureOfFinanceIncomeExpenseExplanatory_1" xml:lang="en-US" id="label_DisclosureOfFinanceIncomeExpenseExplanatory_1">Note 7 - Financial Results</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfFinanceIncomeExpenseExplanatory" xlink:to="label_DisclosureOfFinanceIncomeExpenseExplanatory_1" xlink:title="Label : DisclosureOfFinanceIncomeExpenseExplanatory to label_DisclosureOfFinanceIncomeExpenseExplanatory_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/country/2020/country-2020-01-31.xsd#country_AR" xlink:label="AR" xlink:title="AR" />
    <link:label xlink:type="resource" xlink:label="label_AR" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AR" xml:lang="en-US" id="label_AR">ARGENTINA</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AR" xlink:to="label_AR" xlink:title="Label : AR to label_AR" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfIncomeTaxExplanatory_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfIncomeTaxExplanatory_1" xml:lang="en-US" id="label_DisclosureOfIncomeTaxExplanatory_1">Disclosure of income tax [text block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfIncomeTaxExplanatory" xlink:to="label_DisclosureOfIncomeTaxExplanatory_1" xlink:title="Label : DisclosureOfIncomeTaxExplanatory to label_DisclosureOfIncomeTaxExplanatory_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DisclosureOfDividendsExplanatory" xlink:label="DisclosureOfDividendsExplanatory" xlink:title="DisclosureOfDividendsExplanatory" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfDividendsExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DisclosureOfDividendsExplanatory" xml:lang="en-US" id="label_DisclosureOfDividendsExplanatory">Note 9 - Dividends Distribution</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfDividendsExplanatory" xlink:to="label_DisclosureOfDividendsExplanatory" xlink:title="Label : DisclosureOfDividendsExplanatory to label_DisclosureOfDividendsExplanatory" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DisclosureOfPropertyPlantAndEquipmentExplanatory" xlink:label="DisclosureOfPropertyPlantAndEquipmentExplanatory" xlink:title="DisclosureOfPropertyPlantAndEquipmentExplanatory" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfPropertyPlantAndEquipmentExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DisclosureOfPropertyPlantAndEquipmentExplanatory" xml:lang="en-US" id="label_DisclosureOfPropertyPlantAndEquipmentExplanatory">Note 10 - Property, Plant and Equipment, Net</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfPropertyPlantAndEquipmentExplanatory" xlink:to="label_DisclosureOfPropertyPlantAndEquipmentExplanatory" xlink:title="Label : DisclosureOfPropertyPlantAndEquipmentExplanatory to label_DisclosureOfPropertyPlantAndEquipmentExplanatory" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_NorthAmerica1Member" xlink:label="NorthAmerica1Member" xlink:title="NorthAmerica1Member" />
    <link:label xlink:type="resource" xlink:label="label_NorthAmerica1Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NorthAmerica1Member" xml:lang="en-US" id="label_NorthAmerica1Member">North America [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NorthAmerica1Member" xlink:to="label_NorthAmerica1Member" xlink:title="Label : NorthAmerica1Member to label_NorthAmerica1Member" />
    <link:label xlink:type="resource" xlink:label="label_NorthAmerica1Member_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_NorthAmerica1Member_1" xml:lang="en-US" id="label_NorthAmerica1Member_1">Continent of North America.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NorthAmerica1Member" xlink:to="label_NorthAmerica1Member_1" xlink:title="Label : NorthAmerica1Member to label_NorthAmerica1Member_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_SouthAmerica1Member" xlink:label="SouthAmerica1Member" xlink:title="SouthAmerica1Member" />
    <link:label xlink:type="resource" xlink:label="label_SouthAmerica1Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SouthAmerica1Member" xml:lang="en-US" id="label_SouthAmerica1Member">South America [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SouthAmerica1Member" xlink:to="label_SouthAmerica1Member" xlink:title="Label : SouthAmerica1Member to label_SouthAmerica1Member" />
    <link:label xlink:type="resource" xlink:label="label_SouthAmerica1Member_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_SouthAmerica1Member_1" xml:lang="en-US" id="label_SouthAmerica1Member_1">Continent of South America.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SouthAmerica1Member" xlink:to="label_SouthAmerica1Member_1" xlink:title="Label : SouthAmerica1Member to label_SouthAmerica1Member_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_Europe1Member" xlink:label="Europe1Member" xlink:title="Europe1Member" />
    <link:label xlink:type="resource" xlink:label="label_Europe1Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_Europe1Member" xml:lang="en-US" id="label_Europe1Member">Europe [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Europe1Member" xlink:to="label_Europe1Member" xlink:title="Label : Europe1Member to label_Europe1Member" />
    <link:label xlink:type="resource" xlink:label="label_Europe1Member_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_Europe1Member_1" xml:lang="en-US" id="label_Europe1Member_1">Continent of Europe.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Europe1Member" xlink:to="label_Europe1Member_1" xlink:title="Label : Europe1Member to label_Europe1Member_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_MiddleEastAndAfricaMember" xlink:label="MiddleEastAndAfricaMember" xlink:title="MiddleEastAndAfricaMember" />
    <link:label xlink:type="resource" xlink:label="label_MiddleEastAndAfricaMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_MiddleEastAndAfricaMember" xml:lang="en-US" id="label_MiddleEastAndAfricaMember">Middle East and Africa [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MiddleEastAndAfricaMember" xlink:to="label_MiddleEastAndAfricaMember" xlink:title="Label : MiddleEastAndAfricaMember to label_MiddleEastAndAfricaMember" />
    <link:label xlink:type="resource" xlink:label="label_MiddleEastAndAfricaMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_MiddleEastAndAfricaMember_1" xml:lang="en-US" id="label_MiddleEastAndAfricaMember_1">Regions of the Middle East and Africa.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MiddleEastAndAfricaMember" xlink:to="label_MiddleEastAndAfricaMember_1" xlink:title="Label : MiddleEastAndAfricaMember to label_MiddleEastAndAfricaMember_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DisclosureOfIntangibleAssetsExplanatory" xlink:label="DisclosureOfIntangibleAssetsExplanatory" xlink:title="DisclosureOfIntangibleAssetsExplanatory" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfIntangibleAssetsExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DisclosureOfIntangibleAssetsExplanatory" xml:lang="en-US" id="label_DisclosureOfIntangibleAssetsExplanatory">Note 11 - Intangible Assets, Net</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfIntangibleAssetsExplanatory" xlink:to="label_DisclosureOfIntangibleAssetsExplanatory" xlink:title="Label : DisclosureOfIntangibleAssetsExplanatory to label_DisclosureOfIntangibleAssetsExplanatory" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_MaturityAxis" xlink:label="MaturityAxis" xlink:title="MaturityAxis" />
    <link:label xlink:type="resource" xlink:label="label_MaturityAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_MaturityAxis" xml:lang="en-US" id="label_MaturityAxis">Maturity [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MaturityAxis" xlink:to="label_MaturityAxis" xlink:title="Label : MaturityAxis to label_MaturityAxis" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_AggregatedTimeBandsMember" xlink:label="AggregatedTimeBandsMember" xlink:title="AggregatedTimeBandsMember" />
    <link:label xlink:type="resource" xlink:label="label_AggregatedTimeBandsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AggregatedTimeBandsMember" xml:lang="en-US" id="label_AggregatedTimeBandsMember">Aggregated time bands [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AggregatedTimeBandsMember" xlink:to="label_AggregatedTimeBandsMember" xlink:title="Label : AggregatedTimeBandsMember to label_AggregatedTimeBandsMember" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_NotLaterThanOneYearMember" xlink:label="NotLaterThanOneYearMember" xlink:title="NotLaterThanOneYearMember" />
    <link:label xlink:type="resource" xlink:label="label_NotLaterThanOneYearMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NotLaterThanOneYearMember" xml:lang="en-US" id="label_NotLaterThanOneYearMember">Not later than one year [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NotLaterThanOneYearMember" xlink:to="label_NotLaterThanOneYearMember" xlink:title="Label : NotLaterThanOneYearMember to label_NotLaterThanOneYearMember" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_LaterThanOneYearAndNotLaterThanFiveYearsMember" xlink:label="LaterThanOneYearAndNotLaterThanFiveYearsMember" xlink:title="LaterThanOneYearAndNotLaterThanFiveYearsMember" />
    <link:label xlink:type="resource" xlink:label="label_LaterThanOneYearAndNotLaterThanFiveYearsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LaterThanOneYearAndNotLaterThanFiveYearsMember" xml:lang="en-US" id="label_LaterThanOneYearAndNotLaterThanFiveYearsMember">Later than one year and not later than five years [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LaterThanOneYearAndNotLaterThanFiveYearsMember" xlink:to="label_LaterThanOneYearAndNotLaterThanFiveYearsMember" xlink:title="Label : LaterThanOneYearAndNotLaterThanFiveYearsMember to label_LaterThanOneYearAndNotLaterThanFiveYearsMember" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_LaterThanFiveYearsMember" xlink:label="LaterThanFiveYearsMember" xlink:title="LaterThanFiveYearsMember" />
    <link:label xlink:type="resource" xlink:label="label_LaterThanFiveYearsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LaterThanFiveYearsMember" xml:lang="en-US" id="label_LaterThanFiveYearsMember">Later than five years [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LaterThanFiveYearsMember" xlink:to="label_LaterThanFiveYearsMember" xlink:title="Label : LaterThanFiveYearsMember to label_LaterThanFiveYearsMember" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DisclosureOfLeasesExplanatory" xlink:label="DisclosureOfLeasesExplanatory" xlink:title="DisclosureOfLeasesExplanatory" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfLeasesExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DisclosureOfLeasesExplanatory" xml:lang="en-US" id="label_DisclosureOfLeasesExplanatory">Note 12 - Right-of-use Assets, Net and Lease Liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfLeasesExplanatory" xlink:to="label_DisclosureOfLeasesExplanatory" xlink:title="Label : DisclosureOfLeasesExplanatory to label_DisclosureOfLeasesExplanatory" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_TerniumAndUsiminasMember" xlink:label="TerniumAndUsiminasMember" xlink:title="TerniumAndUsiminasMember" />
    <link:label xlink:type="resource" xlink:label="label_TerniumAndUsiminasMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TerniumAndUsiminasMember" xml:lang="en-US" id="label_TerniumAndUsiminasMember">Ternium and Usiminas [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TerniumAndUsiminasMember" xlink:to="label_TerniumAndUsiminasMember" xlink:title="Label : TerniumAndUsiminasMember to label_TerniumAndUsiminasMember" />
    <link:label xlink:type="resource" xlink:label="label_TerniumAndUsiminasMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_TerniumAndUsiminasMember_1" xml:lang="en-US" id="label_TerniumAndUsiminasMember_1">Related to Ternium and Usiminas.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TerniumAndUsiminasMember" xlink:to="label_TerniumAndUsiminasMember_1" xlink:title="Label : TerniumAndUsiminasMember to label_TerniumAndUsiminasMember_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_CategoriesOfRelatedPartiesAxis" xlink:label="CategoriesOfRelatedPartiesAxis" xlink:title="CategoriesOfRelatedPartiesAxis" />
    <link:label xlink:type="resource" xlink:label="label_CategoriesOfRelatedPartiesAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CategoriesOfRelatedPartiesAxis" xml:lang="en-US" id="label_CategoriesOfRelatedPartiesAxis">Categories of related parties [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CategoriesOfRelatedPartiesAxis" xlink:to="label_CategoriesOfRelatedPartiesAxis" xlink:title="Label : CategoriesOfRelatedPartiesAxis to label_CategoriesOfRelatedPartiesAxis" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_EntitysTotalForRelatedPartiesMember" xlink:label="EntitysTotalForRelatedPartiesMember" xlink:title="EntitysTotalForRelatedPartiesMember" />
    <link:label xlink:type="resource" xlink:label="label_EntitysTotalForRelatedPartiesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EntitysTotalForRelatedPartiesMember" xml:lang="en-US" id="label_EntitysTotalForRelatedPartiesMember">Entity's total for related parties [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntitysTotalForRelatedPartiesMember" xlink:to="label_EntitysTotalForRelatedPartiesMember" xlink:title="Label : EntitysTotalForRelatedPartiesMember to label_EntitysTotalForRelatedPartiesMember" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_BorrowingsByNameAxis" xlink:label="BorrowingsByNameAxis" xlink:title="BorrowingsByNameAxis" />
    <link:label xlink:type="resource" xlink:label="label_BorrowingsByNameAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_BorrowingsByNameAxis" xml:lang="en-US" id="label_BorrowingsByNameAxis">Borrowings by name [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BorrowingsByNameAxis" xlink:to="label_BorrowingsByNameAxis" xlink:title="Label : BorrowingsByNameAxis to label_BorrowingsByNameAxis" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_BorrowingsByNameMember" xlink:label="BorrowingsByNameMember" xlink:title="BorrowingsByNameMember" />
    <link:label xlink:type="resource" xlink:label="label_BorrowingsByNameMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_BorrowingsByNameMember" xml:lang="en-US" id="label_BorrowingsByNameMember">Borrowings by name [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BorrowingsByNameMember" xlink:to="label_BorrowingsByNameMember" xlink:title="Label : BorrowingsByNameMember to label_BorrowingsByNameMember" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_SeveralBanksToRefinanceObligationsMember" xlink:label="SeveralBanksToRefinanceObligationsMember" xlink:title="SeveralBanksToRefinanceObligationsMember" />
    <link:label xlink:type="resource" xlink:label="label_SeveralBanksToRefinanceObligationsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SeveralBanksToRefinanceObligationsMember" xml:lang="en-US" id="label_SeveralBanksToRefinanceObligationsMember">Several banks, to refinance obligations [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SeveralBanksToRefinanceObligationsMember" xlink:to="label_SeveralBanksToRefinanceObligationsMember" xlink:title="Label : SeveralBanksToRefinanceObligationsMember to label_SeveralBanksToRefinanceObligationsMember" />
    <link:label xlink:type="resource" xlink:label="label_SeveralBanksToRefinanceObligationsMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_SeveralBanksToRefinanceObligationsMember_1" xml:lang="en-US" id="label_SeveralBanksToRefinanceObligationsMember_1">Related to several banks borrowings, used to refinance obligations.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SeveralBanksToRefinanceObligationsMember" xlink:to="label_SeveralBanksToRefinanceObligationsMember_1" xlink:title="Label : SeveralBanksToRefinanceObligationsMember to label_SeveralBanksToRefinanceObligationsMember_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DisclosureOfInterestsInOtherEntitiesExplanatory" xlink:label="DisclosureOfInterestsInOtherEntitiesExplanatory" xlink:title="DisclosureOfInterestsInOtherEntitiesExplanatory" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfInterestsInOtherEntitiesExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DisclosureOfInterestsInOtherEntitiesExplanatory" xml:lang="en-US" id="label_DisclosureOfInterestsInOtherEntitiesExplanatory">Note 13 - Investments in Non-consolidated Companies</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfInterestsInOtherEntitiesExplanatory" xlink:to="label_DisclosureOfInterestsInOtherEntitiesExplanatory" xlink:title="Label : DisclosureOfInterestsInOtherEntitiesExplanatory to label_DisclosureOfInterestsInOtherEntitiesExplanatory" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_DisclosureOfNoncurrentReceivablesTextBlock" xlink:label="DisclosureOfNoncurrentReceivablesTextBlock" xlink:title="DisclosureOfNoncurrentReceivablesTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfNoncurrentReceivablesTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DisclosureOfNoncurrentReceivablesTextBlock" xml:lang="en-US" id="label_DisclosureOfNoncurrentReceivablesTextBlock">Note 14 - Receivables - Non Current</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfNoncurrentReceivablesTextBlock" xlink:to="label_DisclosureOfNoncurrentReceivablesTextBlock" xlink:title="Label : DisclosureOfNoncurrentReceivablesTextBlock to label_DisclosureOfNoncurrentReceivablesTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfNoncurrentReceivablesTextBlock_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfNoncurrentReceivablesTextBlock_1" xml:lang="en-US" id="label_DisclosureOfNoncurrentReceivablesTextBlock_1">Disclosure of non-current receivables [text block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfNoncurrentReceivablesTextBlock" xlink:to="label_DisclosureOfNoncurrentReceivablesTextBlock_1" xlink:title="Label : DisclosureOfNoncurrentReceivablesTextBlock to label_DisclosureOfNoncurrentReceivablesTextBlock_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DisclosureOfInventoriesExplanatory" xlink:label="DisclosureOfInventoriesExplanatory" xlink:title="DisclosureOfInventoriesExplanatory" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfInventoriesExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfInventoriesExplanatory" xml:lang="en-US" id="label_DisclosureOfInventoriesExplanatory">Disclosure of inventories [text block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfInventoriesExplanatory" xlink:to="label_DisclosureOfInventoriesExplanatory" xlink:title="Label : DisclosureOfInventoriesExplanatory to label_DisclosureOfInventoriesExplanatory" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DisclosureOfTaxReceivablesAndPayablesExplanatory" xlink:label="DisclosureOfTaxReceivablesAndPayablesExplanatory" xlink:title="DisclosureOfTaxReceivablesAndPayablesExplanatory" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfTaxReceivablesAndPayablesExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DisclosureOfTaxReceivablesAndPayablesExplanatory" xml:lang="en-US" id="label_DisclosureOfTaxReceivablesAndPayablesExplanatory">Note 17 - Current Tax Assets and Liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfTaxReceivablesAndPayablesExplanatory" xlink:to="label_DisclosureOfTaxReceivablesAndPayablesExplanatory" xlink:title="Label : DisclosureOfTaxReceivablesAndPayablesExplanatory to label_DisclosureOfTaxReceivablesAndPayablesExplanatory" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DisclosureOfTradeAndOtherReceivablesExplanatory" xlink:label="DisclosureOfTradeAndOtherReceivablesExplanatory" xlink:title="DisclosureOfTradeAndOtherReceivablesExplanatory" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfTradeAndOtherReceivablesExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DisclosureOfTradeAndOtherReceivablesExplanatory" xml:lang="en-US" id="label_DisclosureOfTradeAndOtherReceivablesExplanatory">Note 18 - Trade Receivables, Net</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfTradeAndOtherReceivablesExplanatory" xlink:to="label_DisclosureOfTradeAndOtherReceivablesExplanatory" xlink:title="Label : DisclosureOfTradeAndOtherReceivablesExplanatory to label_DisclosureOfTradeAndOtherReceivablesExplanatory" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_DisclosureOfCashAndCashEquivalentsAndOtherInvestmentsTextBlock" xlink:label="DisclosureOfCashAndCashEquivalentsAndOtherInvestmentsTextBlock" xlink:title="DisclosureOfCashAndCashEquivalentsAndOtherInvestmentsTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfCashAndCashEquivalentsAndOtherInvestmentsTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DisclosureOfCashAndCashEquivalentsAndOtherInvestmentsTextBlock" xml:lang="en-US" id="label_DisclosureOfCashAndCashEquivalentsAndOtherInvestmentsTextBlock">Note 19 - Cash and Cash Equivalents and Other Investments</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfCashAndCashEquivalentsAndOtherInvestmentsTextBlock" xlink:to="label_DisclosureOfCashAndCashEquivalentsAndOtherInvestmentsTextBlock" xlink:title="Label : DisclosureOfCashAndCashEquivalentsAndOtherInvestmentsTextBlock to label_DisclosureOfCashAndCashEquivalentsAndOtherInvestmentsTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfCashAndCashEquivalentsAndOtherInvestmentsTextBlock_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfCashAndCashEquivalentsAndOtherInvestmentsTextBlock_1" xml:lang="en-US" id="label_DisclosureOfCashAndCashEquivalentsAndOtherInvestmentsTextBlock_1">Disclosure of cash and cash equivalents and other investments [text block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfCashAndCashEquivalentsAndOtherInvestmentsTextBlock" xlink:to="label_DisclosureOfCashAndCashEquivalentsAndOtherInvestmentsTextBlock_1" xlink:title="Label : DisclosureOfCashAndCashEquivalentsAndOtherInvestmentsTextBlock to label_DisclosureOfCashAndCashEquivalentsAndOtherInvestmentsTextBlock_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DisclosureOfBorrowingsExplanatory" xlink:label="DisclosureOfBorrowingsExplanatory" xlink:title="DisclosureOfBorrowingsExplanatory" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfBorrowingsExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DisclosureOfBorrowingsExplanatory" xml:lang="en-US" id="label_DisclosureOfBorrowingsExplanatory">Note 20 - Borrowings</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfBorrowingsExplanatory" xlink:to="label_DisclosureOfBorrowingsExplanatory" xlink:title="Label : DisclosureOfBorrowingsExplanatory to label_DisclosureOfBorrowingsExplanatory" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DisclosureOfDeferredTaxesExplanatory" xlink:label="DisclosureOfDeferredTaxesExplanatory" xlink:title="DisclosureOfDeferredTaxesExplanatory" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfDeferredTaxesExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DisclosureOfDeferredTaxesExplanatory" xml:lang="en-US" id="label_DisclosureOfDeferredTaxesExplanatory">Note 21 - Deferred Income Tax</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfDeferredTaxesExplanatory" xlink:to="label_DisclosureOfDeferredTaxesExplanatory" xlink:title="Label : DisclosureOfDeferredTaxesExplanatory to label_DisclosureOfDeferredTaxesExplanatory" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_UnfundedPostemploymentBenefitsMember" xlink:label="UnfundedPostemploymentBenefitsMember" xlink:title="UnfundedPostemploymentBenefitsMember" />
    <link:label xlink:type="resource" xlink:label="label_UnfundedPostemploymentBenefitsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_UnfundedPostemploymentBenefitsMember" xml:lang="en-US" id="label_UnfundedPostemploymentBenefitsMember">Unfunded post-employment benefits [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="UnfundedPostemploymentBenefitsMember" xlink:to="label_UnfundedPostemploymentBenefitsMember" xlink:title="Label : UnfundedPostemploymentBenefitsMember to label_UnfundedPostemploymentBenefitsMember" />
    <link:label xlink:type="resource" xlink:label="label_UnfundedPostemploymentBenefitsMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_UnfundedPostemploymentBenefitsMember_1" xml:lang="en-US" id="label_UnfundedPostemploymentBenefitsMember_1">This member stands for unfunded post-employment benefits.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="UnfundedPostemploymentBenefitsMember" xlink:to="label_UnfundedPostemploymentBenefitsMember_1" xlink:title="Label : UnfundedPostemploymentBenefitsMember to label_UnfundedPostemploymentBenefitsMember_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_ActuarialAssumptionsAxis" xlink:label="ActuarialAssumptionsAxis" xlink:title="ActuarialAssumptionsAxis" />
    <link:label xlink:type="resource" xlink:label="label_ActuarialAssumptionsAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ActuarialAssumptionsAxis" xml:lang="en-US" id="label_ActuarialAssumptionsAxis">Actuarial assumptions [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ActuarialAssumptionsAxis" xlink:to="label_ActuarialAssumptionsAxis" xlink:title="Label : ActuarialAssumptionsAxis to label_ActuarialAssumptionsAxis" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_ActuarialAssumptionsMember" xlink:label="ActuarialAssumptionsMember" xlink:title="ActuarialAssumptionsMember" />
    <link:label xlink:type="resource" xlink:label="label_ActuarialAssumptionsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ActuarialAssumptionsMember" xml:lang="en-US" id="label_ActuarialAssumptionsMember">Actuarial assumptions [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ActuarialAssumptionsMember" xlink:to="label_ActuarialAssumptionsMember" xlink:title="Label : ActuarialAssumptionsMember to label_ActuarialAssumptionsMember" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_ActuarialAssumptionOfDiscountRatesMember" xlink:label="ActuarialAssumptionOfDiscountRatesMember" xlink:title="ActuarialAssumptionOfDiscountRatesMember" />
    <link:label xlink:type="resource" xlink:label="label_ActuarialAssumptionOfDiscountRatesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ActuarialAssumptionOfDiscountRatesMember" xml:lang="en-US" id="label_ActuarialAssumptionOfDiscountRatesMember">Actuarial assumption of discount rates [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ActuarialAssumptionOfDiscountRatesMember" xlink:to="label_ActuarialAssumptionOfDiscountRatesMember" xlink:title="Label : ActuarialAssumptionOfDiscountRatesMember to label_ActuarialAssumptionOfDiscountRatesMember" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_ActuarialAssumptionOfExpectedRatesOfSalaryIncreasesMember" xlink:label="ActuarialAssumptionOfExpectedRatesOfSalaryIncreasesMember" xlink:title="ActuarialAssumptionOfExpectedRatesOfSalaryIncreasesMember" />
    <link:label xlink:type="resource" xlink:label="label_ActuarialAssumptionOfExpectedRatesOfSalaryIncreasesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ActuarialAssumptionOfExpectedRatesOfSalaryIncreasesMember" xml:lang="en-US" id="label_ActuarialAssumptionOfExpectedRatesOfSalaryIncreasesMember">Actuarial assumption of expected rates of salary increases [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ActuarialAssumptionOfExpectedRatesOfSalaryIncreasesMember" xlink:to="label_ActuarialAssumptionOfExpectedRatesOfSalaryIncreasesMember" xlink:title="Label : ActuarialAssumptionOfExpectedRatesOfSalaryIncreasesMember to label_ActuarialAssumptionOfExpectedRatesOfSalaryIncreasesMember" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DisclosureOfOtherLiabilitiesExplanatory" xlink:label="DisclosureOfOtherLiabilitiesExplanatory" xlink:title="DisclosureOfOtherLiabilitiesExplanatory" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfOtherLiabilitiesExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DisclosureOfOtherLiabilitiesExplanatory" xml:lang="en-US" id="label_DisclosureOfOtherLiabilitiesExplanatory">Note 22 - Other Liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfOtherLiabilitiesExplanatory" xlink:to="label_DisclosureOfOtherLiabilitiesExplanatory" xlink:title="Label : DisclosureOfOtherLiabilitiesExplanatory to label_DisclosureOfOtherLiabilitiesExplanatory" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_DisclosureOfNoncurrentAllowancesAndProvisionsTextBlock" xlink:label="DisclosureOfNoncurrentAllowancesAndProvisionsTextBlock" xlink:title="DisclosureOfNoncurrentAllowancesAndProvisionsTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfNoncurrentAllowancesAndProvisionsTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DisclosureOfNoncurrentAllowancesAndProvisionsTextBlock" xml:lang="en-US" id="label_DisclosureOfNoncurrentAllowancesAndProvisionsTextBlock">The disclosure of non-current allowances and provisions.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfNoncurrentAllowancesAndProvisionsTextBlock" xlink:to="label_DisclosureOfNoncurrentAllowancesAndProvisionsTextBlock" xlink:title="Label : DisclosureOfNoncurrentAllowancesAndProvisionsTextBlock to label_DisclosureOfNoncurrentAllowancesAndProvisionsTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfNoncurrentAllowancesAndProvisionsTextBlock_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfNoncurrentAllowancesAndProvisionsTextBlock_1" xml:lang="en-US" id="label_DisclosureOfNoncurrentAllowancesAndProvisionsTextBlock_1">Disclosure of non-current allowances and provisions [text block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfNoncurrentAllowancesAndProvisionsTextBlock" xlink:to="label_DisclosureOfNoncurrentAllowancesAndProvisionsTextBlock_1" xlink:title="Label : DisclosureOfNoncurrentAllowancesAndProvisionsTextBlock to label_DisclosureOfNoncurrentAllowancesAndProvisionsTextBlock_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_DisclosureOfCurrentAllowancesAndProvisionsTextBlock" xlink:label="DisclosureOfCurrentAllowancesAndProvisionsTextBlock" xlink:title="DisclosureOfCurrentAllowancesAndProvisionsTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfCurrentAllowancesAndProvisionsTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfCurrentAllowancesAndProvisionsTextBlock" xml:lang="en-US" id="label_DisclosureOfCurrentAllowancesAndProvisionsTextBlock">Disclosure of Current allowances and provisions [text block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfCurrentAllowancesAndProvisionsTextBlock" xlink:to="label_DisclosureOfCurrentAllowancesAndProvisionsTextBlock" xlink:title="Label : DisclosureOfCurrentAllowancesAndProvisionsTextBlock to label_DisclosureOfCurrentAllowancesAndProvisionsTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfCurrentAllowancesAndProvisionsTextBlock_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DisclosureOfCurrentAllowancesAndProvisionsTextBlock_1" xml:lang="en-US" id="label_DisclosureOfCurrentAllowancesAndProvisionsTextBlock_1">The disclosure of current allowances and provisions.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfCurrentAllowancesAndProvisionsTextBlock" xlink:to="label_DisclosureOfCurrentAllowancesAndProvisionsTextBlock_1" xlink:title="Label : DisclosureOfCurrentAllowancesAndProvisionsTextBlock to label_DisclosureOfCurrentAllowancesAndProvisionsTextBlock_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DisclosureOfDerivativeFinancialInstrumentsExplanatory" xlink:label="DisclosureOfDerivativeFinancialInstrumentsExplanatory" xlink:title="DisclosureOfDerivativeFinancialInstrumentsExplanatory" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfDerivativeFinancialInstrumentsExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfDerivativeFinancialInstrumentsExplanatory" xml:lang="en-US" id="label_DisclosureOfDerivativeFinancialInstrumentsExplanatory">Disclosure of derivative financial instruments [text block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfDerivativeFinancialInstrumentsExplanatory" xlink:to="label_DisclosureOfDerivativeFinancialInstrumentsExplanatory" xlink:title="Label : DisclosureOfDerivativeFinancialInstrumentsExplanatory to label_DisclosureOfDerivativeFinancialInstrumentsExplanatory" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_DalmineSPAMember" xlink:label="DalmineSPAMember" xlink:title="DalmineSPAMember" />
    <link:label xlink:type="resource" xlink:label="label_DalmineSPAMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DalmineSPAMember" xml:lang="en-US" id="label_DalmineSPAMember">DALMINE S.p.A. [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DalmineSPAMember" xlink:to="label_DalmineSPAMember" xlink:title="Label : DalmineSPAMember to label_DalmineSPAMember" />
    <link:label xlink:type="resource" xlink:label="label_DalmineSPAMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DalmineSPAMember_1" xml:lang="en-US" id="label_DalmineSPAMember_1">Information related to the entity DALMINE S.p.A.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DalmineSPAMember" xlink:to="label_DalmineSPAMember_1" xlink:title="Label : DalmineSPAMember to label_DalmineSPAMember_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_CounterpartiesAxis" xlink:label="CounterpartiesAxis" xlink:title="CounterpartiesAxis" />
    <link:label xlink:type="resource" xlink:label="label_CounterpartiesAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CounterpartiesAxis" xml:lang="en-US" id="label_CounterpartiesAxis">Counterparties [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CounterpartiesAxis" xlink:to="label_CounterpartiesAxis" xlink:title="Label : CounterpartiesAxis to label_CounterpartiesAxis" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_CounterpartiesMember" xlink:label="CounterpartiesMember" xlink:title="CounterpartiesMember" />
    <link:label xlink:type="resource" xlink:label="label_CounterpartiesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CounterpartiesMember" xml:lang="en-US" id="label_CounterpartiesMember">Counterparties [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CounterpartiesMember" xlink:to="label_CounterpartiesMember" xlink:title="Label : CounterpartiesMember to label_CounterpartiesMember" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_CompanhiaSiderrgicaNacionalMember" xlink:label="CompanhiaSiderrgicaNacionalMember" xlink:title="CompanhiaSiderrgicaNacionalMember" />
    <link:label xlink:type="resource" xlink:label="label_CompanhiaSiderrgicaNacionalMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CompanhiaSiderrgicaNacionalMember" xml:lang="en-US" id="label_CompanhiaSiderrgicaNacionalMember">Companhia Sider&#xFA;rgica Nacional [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CompanhiaSiderrgicaNacionalMember" xlink:to="label_CompanhiaSiderrgicaNacionalMember" xlink:title="Label : CompanhiaSiderrgicaNacionalMember to label_CompanhiaSiderrgicaNacionalMember" />
    <link:label xlink:type="resource" xlink:label="label_CompanhiaSiderrgicaNacionalMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CompanhiaSiderrgicaNacionalMember_1" xml:lang="en-US" id="label_CompanhiaSiderrgicaNacionalMember_1">The entity Companhia Sider&#xFA;rgica Nacional.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CompanhiaSiderrgicaNacionalMember" xlink:to="label_CompanhiaSiderrgicaNacionalMember_1" xlink:title="Label : CompanhiaSiderrgicaNacionalMember to label_CompanhiaSiderrgicaNacionalMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_TribunalDeContasDaUniaoMember" xlink:label="TribunalDeContasDaUniaoMember" xlink:title="TribunalDeContasDaUniaoMember" />
    <link:label xlink:type="resource" xlink:label="label_TribunalDeContasDaUniaoMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TribunalDeContasDaUniaoMember" xml:lang="en-US" id="label_TribunalDeContasDaUniaoMember">Tribunal de Contas da Uniao [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TribunalDeContasDaUniaoMember" xlink:to="label_TribunalDeContasDaUniaoMember" xlink:title="Label : TribunalDeContasDaUniaoMember to label_TribunalDeContasDaUniaoMember" />
    <link:label xlink:type="resource" xlink:label="label_TribunalDeContasDaUniaoMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_TribunalDeContasDaUniaoMember_1" xml:lang="en-US" id="label_TribunalDeContasDaUniaoMember_1">Related to the Tribunal de Contas da Uniao.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TribunalDeContasDaUniaoMember" xlink:to="label_TribunalDeContasDaUniaoMember_1" xlink:title="Label : TribunalDeContasDaUniaoMember to label_TribunalDeContasDaUniaoMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_TransportadoraDeGasDelNorteSaMember" xlink:label="TransportadoraDeGasDelNorteSaMember" xlink:title="TransportadoraDeGasDelNorteSaMember" />
    <link:label xlink:type="resource" xlink:label="label_TransportadoraDeGasDelNorteSaMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TransportadoraDeGasDelNorteSaMember" xml:lang="en-US" id="label_TransportadoraDeGasDelNorteSaMember">Transportadora de Gas del Norte S.A. [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TransportadoraDeGasDelNorteSaMember" xlink:to="label_TransportadoraDeGasDelNorteSaMember" xlink:title="Label : TransportadoraDeGasDelNorteSaMember to label_TransportadoraDeGasDelNorteSaMember" />
    <link:label xlink:type="resource" xlink:label="label_TransportadoraDeGasDelNorteSaMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_TransportadoraDeGasDelNorteSaMember_1" xml:lang="en-US" id="label_TransportadoraDeGasDelNorteSaMember_1">Refers to information regarding Transportadora de Gas del Norte S.A.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TransportadoraDeGasDelNorteSaMember" xlink:to="label_TransportadoraDeGasDelNorteSaMember_1" xlink:title="Label : TransportadoraDeGasDelNorteSaMember to label_TransportadoraDeGasDelNorteSaMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_PraxairSAMember" xlink:label="PraxairSAMember" xlink:title="PraxairSAMember" />
    <link:label xlink:type="resource" xlink:label="label_PraxairSAMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PraxairSAMember" xml:lang="en-US" id="label_PraxairSAMember">Praxair S.A. [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PraxairSAMember" xlink:to="label_PraxairSAMember" xlink:title="Label : PraxairSAMember to label_PraxairSAMember" />
    <link:label xlink:type="resource" xlink:label="label_PraxairSAMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_PraxairSAMember_1" xml:lang="en-US" id="label_PraxairSAMember_1">Refers to information regarding the company Praxair S.A.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PraxairSAMember" xlink:to="label_PraxairSAMember_1" xlink:title="Label : PraxairSAMember to label_PraxairSAMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_GraftechMember" xlink:label="GraftechMember" xlink:title="GraftechMember" />
    <link:label xlink:type="resource" xlink:label="label_GraftechMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_GraftechMember" xml:lang="en-US" id="label_GraftechMember">Graftech [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GraftechMember" xlink:to="label_GraftechMember" xlink:title="Label : GraftechMember to label_GraftechMember" />
    <link:label xlink:type="resource" xlink:label="label_GraftechMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_GraftechMember_1" xml:lang="en-US" id="label_GraftechMember_1">Refers to information regarding the company Graftech.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GraftechMember" xlink:to="label_GraftechMember_1" xlink:title="Label : GraftechMember to label_GraftechMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_ValeInternationalSAMember" xlink:label="ValeInternationalSAMember" xlink:title="ValeInternationalSAMember" />
    <link:label xlink:type="resource" xlink:label="label_ValeInternationalSAMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ValeInternationalSAMember" xml:lang="en-US" id="label_ValeInternationalSAMember">Vale International S.A. [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ValeInternationalSAMember" xlink:to="label_ValeInternationalSAMember" xlink:title="Label : ValeInternationalSAMember to label_ValeInternationalSAMember" />
    <link:label xlink:type="resource" xlink:label="label_ValeInternationalSAMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ValeInternationalSAMember_1" xml:lang="en-US" id="label_ValeInternationalSAMember_1">Related to the entity Vale International S.A.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ValeInternationalSAMember" xlink:to="label_ValeInternationalSAMember_1" xlink:title="Label : ValeInternationalSAMember to label_ValeInternationalSAMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_CanadianNationalRailwayMember" xlink:label="CanadianNationalRailwayMember" xlink:title="CanadianNationalRailwayMember" />
    <link:label xlink:type="resource" xlink:label="label_CanadianNationalRailwayMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CanadianNationalRailwayMember" xml:lang="en-US" id="label_CanadianNationalRailwayMember">Canadian National Railway [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CanadianNationalRailwayMember" xlink:to="label_CanadianNationalRailwayMember" xlink:title="Label : CanadianNationalRailwayMember to label_CanadianNationalRailwayMember" />
    <link:label xlink:type="resource" xlink:label="label_CanadianNationalRailwayMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CanadianNationalRailwayMember_1" xml:lang="en-US" id="label_CanadianNationalRailwayMember_1">Related to the Canadian National Railway.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CanadianNationalRailwayMember" xlink:to="label_CanadianNationalRailwayMember_1" xlink:title="Label : CanadianNationalRailwayMember to label_CanadianNationalRailwayMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_AirLiquideMexicoSDeRLDeCVMember" xlink:label="AirLiquideMexicoSDeRLDeCVMember" xlink:title="AirLiquideMexicoSDeRLDeCVMember" />
    <link:label xlink:type="resource" xlink:label="label_AirLiquideMexicoSDeRLDeCVMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AirLiquideMexicoSDeRLDeCVMember" xml:lang="en-US" id="label_AirLiquideMexicoSDeRLDeCVMember">Air Liquide Mexico S. de R.L. de C.V. [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AirLiquideMexicoSDeRLDeCVMember" xlink:to="label_AirLiquideMexicoSDeRLDeCVMember" xlink:title="Label : AirLiquideMexicoSDeRLDeCVMember to label_AirLiquideMexicoSDeRLDeCVMember" />
    <link:label xlink:type="resource" xlink:label="label_AirLiquideMexicoSDeRLDeCVMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_AirLiquideMexicoSDeRLDeCVMember_1" xml:lang="en-US" id="label_AirLiquideMexicoSDeRLDeCVMember_1">Related to a certain entity.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AirLiquideMexicoSDeRLDeCVMember" xlink:to="label_AirLiquideMexicoSDeRLDeCVMember_1" xlink:title="Label : AirLiquideMexicoSDeRLDeCVMember to label_AirLiquideMexicoSDeRLDeCVMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_NucorSteelMemphisIncMember" xlink:label="NucorSteelMemphisIncMember" xlink:title="NucorSteelMemphisIncMember" />
    <link:label xlink:type="resource" xlink:label="label_NucorSteelMemphisIncMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NucorSteelMemphisIncMember" xml:lang="en-US" id="label_NucorSteelMemphisIncMember">Nucor Steel Memphis Inc. [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NucorSteelMemphisIncMember" xlink:to="label_NucorSteelMemphisIncMember" xlink:title="Label : NucorSteelMemphisIncMember to label_NucorSteelMemphisIncMember" />
    <link:label xlink:type="resource" xlink:label="label_NucorSteelMemphisIncMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_NucorSteelMemphisIncMember_1" xml:lang="en-US" id="label_NucorSteelMemphisIncMember_1">Represents information related to Nucor Steel Memphis Inc.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NucorSteelMemphisIncMember" xlink:to="label_NucorSteelMemphisIncMember_1" xlink:title="Label : NucorSteelMemphisIncMember to label_NucorSteelMemphisIncMember_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_ClassesOfContingentLiabilitiesAxis" xlink:label="ClassesOfContingentLiabilitiesAxis" xlink:title="ClassesOfContingentLiabilitiesAxis" />
    <link:label xlink:type="resource" xlink:label="label_ClassesOfContingentLiabilitiesAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ClassesOfContingentLiabilitiesAxis" xml:lang="en-US" id="label_ClassesOfContingentLiabilitiesAxis">Classes of contingent liabilities [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ClassesOfContingentLiabilitiesAxis" xlink:to="label_ClassesOfContingentLiabilitiesAxis" xlink:title="Label : ClassesOfContingentLiabilitiesAxis to label_ClassesOfContingentLiabilitiesAxis" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_ContingentLiabilitiesMember" xlink:label="ContingentLiabilitiesMember" xlink:title="ContingentLiabilitiesMember" />
    <link:label xlink:type="resource" xlink:label="label_ContingentLiabilitiesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ContingentLiabilitiesMember" xml:lang="en-US" id="label_ContingentLiabilitiesMember">Contingent liabilities [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ContingentLiabilitiesMember" xlink:to="label_ContingentLiabilitiesMember" xlink:title="Label : ContingentLiabilitiesMember to label_ContingentLiabilitiesMember" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_LegalProceedingsContingentLiabilityMember" xlink:label="LegalProceedingsContingentLiabilityMember" xlink:title="LegalProceedingsContingentLiabilityMember" />
    <link:label xlink:type="resource" xlink:label="label_LegalProceedingsContingentLiabilityMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LegalProceedingsContingentLiabilityMember" xml:lang="en-US" id="label_LegalProceedingsContingentLiabilityMember">Legal proceedings contingent liability [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LegalProceedingsContingentLiabilityMember" xlink:to="label_LegalProceedingsContingentLiabilityMember" xlink:title="Label : LegalProceedingsContingentLiabilityMember to label_LegalProceedingsContingentLiabilityMember" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_TaxContingentLiabilityMember" xlink:label="TaxContingentLiabilityMember" xlink:title="TaxContingentLiabilityMember" />
    <link:label xlink:type="resource" xlink:label="label_TaxContingentLiabilityMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TaxContingentLiabilityMember" xml:lang="en-US" id="label_TaxContingentLiabilityMember">Tax contingent liability [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TaxContingentLiabilityMember" xlink:to="label_TaxContingentLiabilityMember" xlink:title="Label : TaxContingentLiabilityMember to label_TaxContingentLiabilityMember" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_TaxContingentLiabilityRelatedToFiscalYear2014Member" xlink:label="TaxContingentLiabilityRelatedToFiscalYear2014Member" xlink:title="TaxContingentLiabilityRelatedToFiscalYear2014Member" />
    <link:label xlink:type="resource" xlink:label="label_TaxContingentLiabilityRelatedToFiscalYear2014Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TaxContingentLiabilityRelatedToFiscalYear2014Member" xml:lang="en-US" id="label_TaxContingentLiabilityRelatedToFiscalYear2014Member">Tax contingent liability related to fiscal year 2014 [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TaxContingentLiabilityRelatedToFiscalYear2014Member" xlink:to="label_TaxContingentLiabilityRelatedToFiscalYear2014Member" xlink:title="Label : TaxContingentLiabilityRelatedToFiscalYear2014Member to label_TaxContingentLiabilityRelatedToFiscalYear2014Member" />
    <link:label xlink:type="resource" xlink:label="label_TaxContingentLiabilityRelatedToFiscalYear2014Member_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_TaxContingentLiabilityRelatedToFiscalYear2014Member_1" xml:lang="en-US" id="label_TaxContingentLiabilityRelatedToFiscalYear2014Member_1">Represents information about a tax contingent liability related to the 2014 fiscal year.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TaxContingentLiabilityRelatedToFiscalYear2014Member" xlink:to="label_TaxContingentLiabilityRelatedToFiscalYear2014Member_1" xlink:title="Label : TaxContingentLiabilityRelatedToFiscalYear2014Member to label_TaxContingentLiabilityRelatedToFiscalYear2014Member_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_TaxContingentLiabilityRelatedToFiscalYear2014PrincipalMember" xlink:label="TaxContingentLiabilityRelatedToFiscalYear2014PrincipalMember" xlink:title="TaxContingentLiabilityRelatedToFiscalYear2014PrincipalMember" />
    <link:label xlink:type="resource" xlink:label="label_TaxContingentLiabilityRelatedToFiscalYear2014PrincipalMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TaxContingentLiabilityRelatedToFiscalYear2014PrincipalMember" xml:lang="en-US" id="label_TaxContingentLiabilityRelatedToFiscalYear2014PrincipalMember">Tax contingent liability related to fiscal year 2014, principal [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TaxContingentLiabilityRelatedToFiscalYear2014PrincipalMember" xlink:to="label_TaxContingentLiabilityRelatedToFiscalYear2014PrincipalMember" xlink:title="Label : TaxContingentLiabilityRelatedToFiscalYear2014PrincipalMember to label_TaxContingentLiabilityRelatedToFiscalYear2014PrincipalMember" />
    <link:label xlink:type="resource" xlink:label="label_TaxContingentLiabilityRelatedToFiscalYear2014PrincipalMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_TaxContingentLiabilityRelatedToFiscalYear2014PrincipalMember_1" xml:lang="en-US" id="label_TaxContingentLiabilityRelatedToFiscalYear2014PrincipalMember_1">This member stands for the portion of a contingent liability, related to the 2014 fiscal year, for taxes attributable to principal.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TaxContingentLiabilityRelatedToFiscalYear2014PrincipalMember" xlink:to="label_TaxContingentLiabilityRelatedToFiscalYear2014PrincipalMember_1" xlink:title="Label : TaxContingentLiabilityRelatedToFiscalYear2014PrincipalMember to label_TaxContingentLiabilityRelatedToFiscalYear2014PrincipalMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_TaxContingentLiabilityRelatedToFiscalYear2014InterestAndPenaltiesMember" xlink:label="TaxContingentLiabilityRelatedToFiscalYear2014InterestAndPenaltiesMember" xlink:title="TaxContingentLiabilityRelatedToFiscalYear2014InterestAndPenaltiesMember" />
    <link:label xlink:type="resource" xlink:label="label_TaxContingentLiabilityRelatedToFiscalYear2014InterestAndPenaltiesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TaxContingentLiabilityRelatedToFiscalYear2014InterestAndPenaltiesMember" xml:lang="en-US" id="label_TaxContingentLiabilityRelatedToFiscalYear2014InterestAndPenaltiesMember">Tax contingent liability related to fiscal year 2014, interest and penalties [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TaxContingentLiabilityRelatedToFiscalYear2014InterestAndPenaltiesMember" xlink:to="label_TaxContingentLiabilityRelatedToFiscalYear2014InterestAndPenaltiesMember" xlink:title="Label : TaxContingentLiabilityRelatedToFiscalYear2014InterestAndPenaltiesMember to label_TaxContingentLiabilityRelatedToFiscalYear2014InterestAndPenaltiesMember" />
    <link:label xlink:type="resource" xlink:label="label_TaxContingentLiabilityRelatedToFiscalYear2014InterestAndPenaltiesMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_TaxContingentLiabilityRelatedToFiscalYear2014InterestAndPenaltiesMember_1" xml:lang="en-US" id="label_TaxContingentLiabilityRelatedToFiscalYear2014InterestAndPenaltiesMember_1">Represents the interest and penalties portion of tax contingent liabilities related to fiscal year 2014.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TaxContingentLiabilityRelatedToFiscalYear2014InterestAndPenaltiesMember" xlink:to="label_TaxContingentLiabilityRelatedToFiscalYear2014InterestAndPenaltiesMember_1" xlink:title="Label : TaxContingentLiabilityRelatedToFiscalYear2014InterestAndPenaltiesMember to label_TaxContingentLiabilityRelatedToFiscalYear2014InterestAndPenaltiesMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_TaxContingentLiabilityRelatedToFiscalYear2015Member" xlink:label="TaxContingentLiabilityRelatedToFiscalYear2015Member" xlink:title="TaxContingentLiabilityRelatedToFiscalYear2015Member" />
    <link:label xlink:type="resource" xlink:label="label_TaxContingentLiabilityRelatedToFiscalYear2015Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TaxContingentLiabilityRelatedToFiscalYear2015Member" xml:lang="en-US" id="label_TaxContingentLiabilityRelatedToFiscalYear2015Member">Tax contingent liability related to fiscal year 2015 [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TaxContingentLiabilityRelatedToFiscalYear2015Member" xlink:to="label_TaxContingentLiabilityRelatedToFiscalYear2015Member" xlink:title="Label : TaxContingentLiabilityRelatedToFiscalYear2015Member to label_TaxContingentLiabilityRelatedToFiscalYear2015Member" />
    <link:label xlink:type="resource" xlink:label="label_TaxContingentLiabilityRelatedToFiscalYear2015Member_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_TaxContingentLiabilityRelatedToFiscalYear2015Member_1" xml:lang="en-US" id="label_TaxContingentLiabilityRelatedToFiscalYear2015Member_1">Represents information about a tax contingent liability related to the 2015 fiscal year.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TaxContingentLiabilityRelatedToFiscalYear2015Member" xlink:to="label_TaxContingentLiabilityRelatedToFiscalYear2015Member_1" xlink:title="Label : TaxContingentLiabilityRelatedToFiscalYear2015Member to label_TaxContingentLiabilityRelatedToFiscalYear2015Member_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_TaxContingentLiabilityRelatedToFiscalYear2015PrincipalMember" xlink:label="TaxContingentLiabilityRelatedToFiscalYear2015PrincipalMember" xlink:title="TaxContingentLiabilityRelatedToFiscalYear2015PrincipalMember" />
    <link:label xlink:type="resource" xlink:label="label_TaxContingentLiabilityRelatedToFiscalYear2015PrincipalMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TaxContingentLiabilityRelatedToFiscalYear2015PrincipalMember" xml:lang="en-US" id="label_TaxContingentLiabilityRelatedToFiscalYear2015PrincipalMember">Tax contingent liability related to fiscal year 2015, principal [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TaxContingentLiabilityRelatedToFiscalYear2015PrincipalMember" xlink:to="label_TaxContingentLiabilityRelatedToFiscalYear2015PrincipalMember" xlink:title="Label : TaxContingentLiabilityRelatedToFiscalYear2015PrincipalMember to label_TaxContingentLiabilityRelatedToFiscalYear2015PrincipalMember" />
    <link:label xlink:type="resource" xlink:label="label_TaxContingentLiabilityRelatedToFiscalYear2015PrincipalMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_TaxContingentLiabilityRelatedToFiscalYear2015PrincipalMember_1" xml:lang="en-US" id="label_TaxContingentLiabilityRelatedToFiscalYear2015PrincipalMember_1">This member stands for the portion of a contingent liability, related to the 2015 fiscal year, for taxes attributable to principal.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TaxContingentLiabilityRelatedToFiscalYear2015PrincipalMember" xlink:to="label_TaxContingentLiabilityRelatedToFiscalYear2015PrincipalMember_1" xlink:title="Label : TaxContingentLiabilityRelatedToFiscalYear2015PrincipalMember to label_TaxContingentLiabilityRelatedToFiscalYear2015PrincipalMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_TaxContingentLiabilityRelatedToFiscalYear2015InterestAndPenaltiesMember" xlink:label="TaxContingentLiabilityRelatedToFiscalYear2015InterestAndPenaltiesMember" xlink:title="TaxContingentLiabilityRelatedToFiscalYear2015InterestAndPenaltiesMember" />
    <link:label xlink:type="resource" xlink:label="label_TaxContingentLiabilityRelatedToFiscalYear2015InterestAndPenaltiesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TaxContingentLiabilityRelatedToFiscalYear2015InterestAndPenaltiesMember" xml:lang="en-US" id="label_TaxContingentLiabilityRelatedToFiscalYear2015InterestAndPenaltiesMember">Tax contingent liability related to fiscal year 2015, interest and penalties [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TaxContingentLiabilityRelatedToFiscalYear2015InterestAndPenaltiesMember" xlink:to="label_TaxContingentLiabilityRelatedToFiscalYear2015InterestAndPenaltiesMember" xlink:title="Label : TaxContingentLiabilityRelatedToFiscalYear2015InterestAndPenaltiesMember to label_TaxContingentLiabilityRelatedToFiscalYear2015InterestAndPenaltiesMember" />
    <link:label xlink:type="resource" xlink:label="label_TaxContingentLiabilityRelatedToFiscalYear2015InterestAndPenaltiesMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_TaxContingentLiabilityRelatedToFiscalYear2015InterestAndPenaltiesMember_1" xml:lang="en-US" id="label_TaxContingentLiabilityRelatedToFiscalYear2015InterestAndPenaltiesMember_1">Represents the interest and penalties portion of tax contingent liabilities related to fiscal year 2015.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TaxContingentLiabilityRelatedToFiscalYear2015InterestAndPenaltiesMember" xlink:to="label_TaxContingentLiabilityRelatedToFiscalYear2015InterestAndPenaltiesMember_1" xlink:title="Label : TaxContingentLiabilityRelatedToFiscalYear2015InterestAndPenaltiesMember to label_TaxContingentLiabilityRelatedToFiscalYear2015InterestAndPenaltiesMember_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_CounterpartyNameAxis" xlink:label="CounterpartyNameAxis" xlink:title="CounterpartyNameAxis" />
    <link:label xlink:type="resource" xlink:label="label_CounterpartyNameAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CounterpartyNameAxis" xml:lang="en-US" id="label_CounterpartyNameAxis">Counterparty Name [Axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CounterpartyNameAxis" xlink:to="label_CounterpartyNameAxis" xlink:title="Label : CounterpartyNameAxis to label_CounterpartyNameAxis" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_RepurchaseAgreementCounterpartyNameDomain" xlink:label="RepurchaseAgreementCounterpartyNameDomain" xlink:title="RepurchaseAgreementCounterpartyNameDomain" />
    <link:label xlink:type="resource" xlink:label="label_RepurchaseAgreementCounterpartyNameDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_RepurchaseAgreementCounterpartyNameDomain" xml:lang="en-US" id="label_RepurchaseAgreementCounterpartyNameDomain">Counterparty Name [Domain]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RepurchaseAgreementCounterpartyNameDomain" xlink:to="label_RepurchaseAgreementCounterpartyNameDomain" xlink:title="Label : RepurchaseAgreementCounterpartyNameDomain to label_RepurchaseAgreementCounterpartyNameDomain" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_ChubbMember" xlink:label="ChubbMember" xlink:title="ChubbMember" />
    <link:label xlink:type="resource" xlink:label="label_ChubbMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ChubbMember" xml:lang="en-US" id="label_ChubbMember">Chubb [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ChubbMember" xlink:to="label_ChubbMember" xlink:title="Label : ChubbMember to label_ChubbMember" />
    <link:label xlink:type="resource" xlink:label="label_ChubbMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ChubbMember_1" xml:lang="en-US" id="label_ChubbMember_1">Related to the entity Chubb.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ChubbMember" xlink:to="label_ChubbMember_1" xlink:title="Label : ChubbMember to label_ChubbMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_VeracelCeluloseSaMember" xlink:label="VeracelCeluloseSaMember" xlink:title="VeracelCeluloseSaMember" />
    <link:label xlink:type="resource" xlink:label="label_VeracelCeluloseSaMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_VeracelCeluloseSaMember" xml:lang="en-US" id="label_VeracelCeluloseSaMember">Veracel Celulose S.A. [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="VeracelCeluloseSaMember" xlink:to="label_VeracelCeluloseSaMember" xlink:title="Label : VeracelCeluloseSaMember to label_VeracelCeluloseSaMember" />
    <link:label xlink:type="resource" xlink:label="label_VeracelCeluloseSaMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_VeracelCeluloseSaMember_1" xml:lang="en-US" id="label_VeracelCeluloseSaMember_1">The entity Veracel Celulose S.A.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="VeracelCeluloseSaMember" xlink:to="label_VeracelCeluloseSaMember_1" xlink:title="Label : VeracelCeluloseSaMember to label_VeracelCeluloseSaMember_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/country/2020/country-2020-01-31.xsd#country_BR" xlink:label="BR" xlink:title="BR" />
    <link:label xlink:type="resource" xlink:label="label_BR" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_BR" xml:lang="en-US" id="label_BR">BRAZIL</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BR" xlink:to="label_BR" xlink:title="Label : BR to label_BR" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory" xlink:label="DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory" xlink:title="DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory" xml:lang="en-US" id="label_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory">Disclosure of commitments and contingent liabilities [text block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory" xlink:to="label_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory" xlink:title="Label : DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory to label_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DisclosureOfJointVenturesExplanatory" xlink:label="DisclosureOfJointVenturesExplanatory" xlink:title="DisclosureOfJointVenturesExplanatory" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfJointVenturesExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DisclosureOfJointVenturesExplanatory" xml:lang="en-US" id="label_DisclosureOfJointVenturesExplanatory">Note 33 - Agreement to Build a Welded Pipe Plant in West Siberia</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfJointVenturesExplanatory" xlink:to="label_DisclosureOfJointVenturesExplanatory" xlink:title="Label : DisclosureOfJointVenturesExplanatory to label_DisclosureOfJointVenturesExplanatory" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_WeldedPipePlantInWestSiberiaMember" xlink:label="WeldedPipePlantInWestSiberiaMember" xlink:title="WeldedPipePlantInWestSiberiaMember" />
    <link:label xlink:type="resource" xlink:label="label_WeldedPipePlantInWestSiberiaMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_WeldedPipePlantInWestSiberiaMember" xml:lang="en-US" id="label_WeldedPipePlantInWestSiberiaMember">Welded pipe plant in West Siberia [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="WeldedPipePlantInWestSiberiaMember" xlink:to="label_WeldedPipePlantInWestSiberiaMember" xlink:title="Label : WeldedPipePlantInWestSiberiaMember to label_WeldedPipePlantInWestSiberiaMember" />
    <link:label xlink:type="resource" xlink:label="label_WeldedPipePlantInWestSiberiaMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_WeldedPipePlantInWestSiberiaMember_1" xml:lang="en-US" id="label_WeldedPipePlantInWestSiberiaMember_1">Related to a welded pipe plant in West Siberia.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="WeldedPipePlantInWestSiberiaMember" xlink:to="label_WeldedPipePlantInWestSiberiaMember_1" xlink:title="Label : WeldedPipePlantInWestSiberiaMember to label_WeldedPipePlantInWestSiberiaMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_PAOPSeverstalMember" xlink:label="PAOPSeverstalMember" xlink:title="PAOPSeverstalMember" />
    <link:label xlink:type="resource" xlink:label="label_PAOPSeverstalMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PAOPSeverstalMember" xml:lang="en-US" id="label_PAOPSeverstalMember">PAO Severstal [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PAOPSeverstalMember" xlink:to="label_PAOPSeverstalMember" xlink:title="Label : PAOPSeverstalMember to label_PAOPSeverstalMember" />
    <link:label xlink:type="resource" xlink:label="label_PAOPSeverstalMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_PAOPSeverstalMember_1" xml:lang="en-US" id="label_PAOPSeverstalMember_1">Related to PAO Severstal.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PAOPSeverstalMember" xlink:to="label_PAOPSeverstalMember_1" xlink:title="Label : PAOPSeverstalMember to label_PAOPSeverstalMember_1" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfJointVenturesExplanatory_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfJointVenturesExplanatory_1" xml:lang="en-US" id="label_DisclosureOfJointVenturesExplanatory_1">Disclosure of joint ventures [text block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfJointVenturesExplanatory" xlink:to="label_DisclosureOfJointVenturesExplanatory_1" xlink:title="Label : DisclosureOfJointVenturesExplanatory to label_DisclosureOfJointVenturesExplanatory_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_GarrettMember" xlink:label="GarrettMember" xlink:title="GarrettMember" />
    <link:label xlink:type="resource" xlink:label="label_GarrettMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_GarrettMember" xml:lang="en-US" id="label_GarrettMember">Garrett [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GarrettMember" xlink:to="label_GarrettMember" xlink:title="Label : GarrettMember to label_GarrettMember" />
    <link:label xlink:type="resource" xlink:label="label_GarrettMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_GarrettMember_1" xml:lang="en-US" id="label_GarrettMember_1">Refers to information regarding the entity Garrett.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GarrettMember" xlink:to="label_GarrettMember_1" xlink:title="Label : GarrettMember to label_GarrettMember_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DisclosureOfBusinessCombinationsExplanatory" xlink:label="DisclosureOfBusinessCombinationsExplanatory" xlink:title="DisclosureOfBusinessCombinationsExplanatory" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfBusinessCombinationsExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DisclosureOfBusinessCombinationsExplanatory" xml:lang="en-US" id="label_DisclosureOfBusinessCombinationsExplanatory">Note 32 - Business Combinations</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfBusinessCombinationsExplanatory" xlink:to="label_DisclosureOfBusinessCombinationsExplanatory" xlink:title="Label : DisclosureOfBusinessCombinationsExplanatory to label_DisclosureOfBusinessCombinationsExplanatory" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DisclosureOfCashFlowStatementExplanatory" xlink:label="DisclosureOfCashFlowStatementExplanatory" xlink:title="DisclosureOfCashFlowStatementExplanatory" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfCashFlowStatementExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfCashFlowStatementExplanatory" xml:lang="en-US" id="label_DisclosureOfCashFlowStatementExplanatory">Disclosure of cash flow statement [text block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfCashFlowStatementExplanatory" xlink:to="label_DisclosureOfCashFlowStatementExplanatory" xlink:title="Label : DisclosureOfCashFlowStatementExplanatory to label_DisclosureOfCashFlowStatementExplanatory" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory" xlink:label="DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory" xlink:title="DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory" xml:lang="en-US" id="label_DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory">Disclosure of non-current assets held for sale and discontinued operations [text block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory" xlink:to="label_DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory" xlink:title="Label : DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory to label_DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_SanFaustinSaMember" xlink:label="SanFaustinSaMember" xlink:title="SanFaustinSaMember" />
    <link:label xlink:type="resource" xlink:label="label_SanFaustinSaMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SanFaustinSaMember" xml:lang="en-US" id="label_SanFaustinSaMember">San Faustin S.A. [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SanFaustinSaMember" xlink:to="label_SanFaustinSaMember" xlink:title="Label : SanFaustinSaMember to label_SanFaustinSaMember" />
    <link:label xlink:type="resource" xlink:label="label_SanFaustinSaMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_SanFaustinSaMember_1" xml:lang="en-US" id="label_SanFaustinSaMember_1">Represents San Faustin S.A.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SanFaustinSaMember" xlink:to="label_SanFaustinSaMember_1" xlink:title="Label : SanFaustinSaMember to label_SanFaustinSaMember_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_KeyManagementPersonnelOfEntityOrParentMember" xlink:label="KeyManagementPersonnelOfEntityOrParentMember" xlink:title="KeyManagementPersonnelOfEntityOrParentMember" />
    <link:label xlink:type="resource" xlink:label="label_KeyManagementPersonnelOfEntityOrParentMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_KeyManagementPersonnelOfEntityOrParentMember" xml:lang="en-US" id="label_KeyManagementPersonnelOfEntityOrParentMember">Key management personnel of entity or parent [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="KeyManagementPersonnelOfEntityOrParentMember" xlink:to="label_KeyManagementPersonnelOfEntityOrParentMember" xlink:title="Label : KeyManagementPersonnelOfEntityOrParentMember to label_KeyManagementPersonnelOfEntityOrParentMember" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DisclosureOfRelatedPartyExplanatory" xlink:label="DisclosureOfRelatedPartyExplanatory" xlink:title="DisclosureOfRelatedPartyExplanatory" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfRelatedPartyExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DisclosureOfRelatedPartyExplanatory" xml:lang="en-US" id="label_DisclosureOfRelatedPartyExplanatory">Note 29 - Related Party Transactions</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfRelatedPartyExplanatory" xlink:to="label_DisclosureOfRelatedPartyExplanatory" xlink:title="Label : DisclosureOfRelatedPartyExplanatory to label_DisclosureOfRelatedPartyExplanatory" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DisclosureOfAdditionalInformationExplanatory" xlink:label="DisclosureOfAdditionalInformationExplanatory" xlink:title="DisclosureOfAdditionalInformationExplanatory" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfAdditionalInformationExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DisclosureOfAdditionalInformationExplanatory" xml:lang="en-US" id="label_DisclosureOfAdditionalInformationExplanatory">Note 30 - Fees Paid to the Company's Principal Accountant</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfAdditionalInformationExplanatory" xlink:to="label_DisclosureOfAdditionalInformationExplanatory" xlink:title="Label : DisclosureOfAdditionalInformationExplanatory to label_DisclosureOfAdditionalInformationExplanatory" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_HydrilCompanyAndSubsidiariesMember" xlink:label="HydrilCompanyAndSubsidiariesMember" xlink:title="HydrilCompanyAndSubsidiariesMember" />
    <link:label xlink:type="resource" xlink:label="label_HydrilCompanyAndSubsidiariesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_HydrilCompanyAndSubsidiariesMember" xml:lang="en-US" id="label_HydrilCompanyAndSubsidiariesMember">HYDRIL COMPANY and subsidiaries [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="HydrilCompanyAndSubsidiariesMember" xlink:to="label_HydrilCompanyAndSubsidiariesMember" xlink:title="Label : HydrilCompanyAndSubsidiariesMember to label_HydrilCompanyAndSubsidiariesMember" />
    <link:label xlink:type="resource" xlink:label="label_HydrilCompanyAndSubsidiariesMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_HydrilCompanyAndSubsidiariesMember_1" xml:lang="en-US" id="label_HydrilCompanyAndSubsidiariesMember_1">The entity HYDRIL COMPANY and subsidiaries.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="HydrilCompanyAndSubsidiariesMember" xlink:to="label_HydrilCompanyAndSubsidiariesMember_1" xlink:title="Label : HydrilCompanyAndSubsidiariesMember to label_HydrilCompanyAndSubsidiariesMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_TechnicalDrillingProductionServicesNigeriaLtdMember" xlink:label="TechnicalDrillingProductionServicesNigeriaLtdMember" xlink:title="TechnicalDrillingProductionServicesNigeriaLtdMember" />
    <link:label xlink:type="resource" xlink:label="label_TechnicalDrillingProductionServicesNigeriaLtdMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TechnicalDrillingProductionServicesNigeriaLtdMember" xml:lang="en-US" id="label_TechnicalDrillingProductionServicesNigeriaLtdMember">Technical Drilling &amp; Production Services Nigeria. Ltd [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TechnicalDrillingProductionServicesNigeriaLtdMember" xlink:to="label_TechnicalDrillingProductionServicesNigeriaLtdMember" xlink:title="Label : TechnicalDrillingProductionServicesNigeriaLtdMember to label_TechnicalDrillingProductionServicesNigeriaLtdMember" />
    <link:label xlink:type="resource" xlink:label="label_TechnicalDrillingProductionServicesNigeriaLtdMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_TechnicalDrillingProductionServicesNigeriaLtdMember_1" xml:lang="en-US" id="label_TechnicalDrillingProductionServicesNigeriaLtdMember_1">The entity Technical Drilling &amp; Production Services Nigeria. Ltd.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TechnicalDrillingProductionServicesNigeriaLtdMember" xlink:to="label_TechnicalDrillingProductionServicesNigeriaLtdMember_1" xlink:title="Label : TechnicalDrillingProductionServicesNigeriaLtdMember to label_TechnicalDrillingProductionServicesNigeriaLtdMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_TenarisSupplyChainSAMember" xlink:label="TenarisSupplyChainSAMember" xlink:title="TenarisSupplyChainSAMember" />
    <link:label xlink:type="resource" xlink:label="label_TenarisSupplyChainSAMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TenarisSupplyChainSAMember" xml:lang="en-US" id="label_TenarisSupplyChainSAMember">Tenaris Supply Chain S.A. [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TenarisSupplyChainSAMember" xlink:to="label_TenarisSupplyChainSAMember" xlink:title="Label : TenarisSupplyChainSAMember to label_TenarisSupplyChainSAMember" />
    <link:label xlink:type="resource" xlink:label="label_TenarisSupplyChainSAMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_TenarisSupplyChainSAMember_1" xml:lang="en-US" id="label_TenarisSupplyChainSAMember_1">The entity Tenaris Supply Chain S.A.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TenarisSupplyChainSAMember" xlink:to="label_TenarisSupplyChainSAMember_1" xlink:title="Label : TenarisSupplyChainSAMember to label_TenarisSupplyChainSAMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_TubularTechnicalServicesAndPipeCoatersMember" xlink:label="TubularTechnicalServicesAndPipeCoatersMember" xlink:title="TubularTechnicalServicesAndPipeCoatersMember" />
    <link:label xlink:type="resource" xlink:label="label_TubularTechnicalServicesAndPipeCoatersMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TubularTechnicalServicesAndPipeCoatersMember" xml:lang="en-US" id="label_TubularTechnicalServicesAndPipeCoatersMember">Tubular Technical Services and Pipe Coaters [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TubularTechnicalServicesAndPipeCoatersMember" xlink:to="label_TubularTechnicalServicesAndPipeCoatersMember" xlink:title="Label : TubularTechnicalServicesAndPipeCoatersMember to label_TubularTechnicalServicesAndPipeCoatersMember" />
    <link:label xlink:type="resource" xlink:label="label_TubularTechnicalServicesAndPipeCoatersMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_TubularTechnicalServicesAndPipeCoatersMember_1" xml:lang="en-US" id="label_TubularTechnicalServicesAndPipeCoatersMember_1">The entity Tubular Technical Services and Pipe Coaters.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TubularTechnicalServicesAndPipeCoatersMember" xlink:to="label_TubularTechnicalServicesAndPipeCoatersMember_1" xlink:title="Label : TubularTechnicalServicesAndPipeCoatersMember to label_TubularTechnicalServicesAndPipeCoatersMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_AmajaTubularServicesLimitedMember" xlink:label="AmajaTubularServicesLimitedMember" xlink:title="AmajaTubularServicesLimitedMember" />
    <link:label xlink:type="resource" xlink:label="label_AmajaTubularServicesLimitedMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AmajaTubularServicesLimitedMember" xml:lang="en-US" id="label_AmajaTubularServicesLimitedMember">Amaja Tubular Services Limited [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AmajaTubularServicesLimitedMember" xlink:to="label_AmajaTubularServicesLimitedMember" xlink:title="Label : AmajaTubularServicesLimitedMember to label_AmajaTubularServicesLimitedMember" />
    <link:label xlink:type="resource" xlink:label="label_AmajaTubularServicesLimitedMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_AmajaTubularServicesLimitedMember_1" xml:lang="en-US" id="label_AmajaTubularServicesLimitedMember_1">The entity Amaja Tubular Services Limited.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AmajaTubularServicesLimitedMember" xlink:to="label_AmajaTubularServicesLimitedMember_1" xlink:title="Label : AmajaTubularServicesLimitedMember to label_AmajaTubularServicesLimitedMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_TubularServicesAngolaLdaMember" xlink:label="TubularServicesAngolaLdaMember" xlink:title="TubularServicesAngolaLdaMember" />
    <link:label xlink:type="resource" xlink:label="label_TubularServicesAngolaLdaMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TubularServicesAngolaLdaMember" xml:lang="en-US" id="label_TubularServicesAngolaLdaMember">Tubular Services Angola Lda. [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TubularServicesAngolaLdaMember" xlink:to="label_TubularServicesAngolaLdaMember" xlink:title="Label : TubularServicesAngolaLdaMember to label_TubularServicesAngolaLdaMember" />
    <link:label xlink:type="resource" xlink:label="label_TubularServicesAngolaLdaMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_TubularServicesAngolaLdaMember_1" xml:lang="en-US" id="label_TubularServicesAngolaLdaMember_1">Represents information regarding Tubular Services Angola Lda.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TubularServicesAngolaLdaMember" xlink:to="label_TubularServicesAngolaLdaMember_1" xlink:title="Label : TubularServicesAngolaLdaMember to label_TubularServicesAngolaLdaMember_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DisclosureOfInterestsInSubsidiariesExplanatory" xlink:label="DisclosureOfInterestsInSubsidiariesExplanatory" xlink:title="DisclosureOfInterestsInSubsidiariesExplanatory" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfInterestsInSubsidiariesExplanatory" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_DisclosureOfInterestsInSubsidiariesExplanatory" xml:lang="en-US" id="label_DisclosureOfInterestsInSubsidiariesExplanatory">Note 31 - Principal Subsidiaries</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfInterestsInSubsidiariesExplanatory" xlink:to="label_DisclosureOfInterestsInSubsidiariesExplanatory" xlink:title="Label : DisclosureOfInterestsInSubsidiariesExplanatory to label_DisclosureOfInterestsInSubsidiariesExplanatory" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_MatesiMaterialesSiderrgicosSaMember" xlink:label="MatesiMaterialesSiderrgicosSaMember" xlink:title="MatesiMaterialesSiderrgicosSaMember" />
    <link:label xlink:type="resource" xlink:label="label_MatesiMaterialesSiderrgicosSaMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_MatesiMaterialesSiderrgicosSaMember" xml:lang="en-US" id="label_MatesiMaterialesSiderrgicosSaMember">Matesi Materiales Sider&#xFA;rgicos S.A [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MatesiMaterialesSiderrgicosSaMember" xlink:to="label_MatesiMaterialesSiderrgicosSaMember" xlink:title="Label : MatesiMaterialesSiderrgicosSaMember to label_MatesiMaterialesSiderrgicosSaMember" />
    <link:label xlink:type="resource" xlink:label="label_MatesiMaterialesSiderrgicosSaMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_MatesiMaterialesSiderrgicosSaMember_1" xml:lang="en-US" id="label_MatesiMaterialesSiderrgicosSaMember_1">The entity Matesi Materiales Sider&#xFA;rgicos S.A.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MatesiMaterialesSiderrgicosSaMember" xlink:to="label_MatesiMaterialesSiderrgicosSaMember_1" xlink:title="Label : MatesiMaterialesSiderrgicosSaMember to label_MatesiMaterialesSiderrgicosSaMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_TavsaAndComsiguaMember" xlink:label="TavsaAndComsiguaMember" xlink:title="TavsaAndComsiguaMember" />
    <link:label xlink:type="resource" xlink:label="label_TavsaAndComsiguaMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TavsaAndComsiguaMember" xml:lang="en-US" id="label_TavsaAndComsiguaMember">Tavsa and Comsigua [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TavsaAndComsiguaMember" xlink:to="label_TavsaAndComsiguaMember" xlink:title="Label : TavsaAndComsiguaMember to label_TavsaAndComsiguaMember" />
    <link:label xlink:type="resource" xlink:label="label_TavsaAndComsiguaMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_TavsaAndComsiguaMember_1" xml:lang="en-US" id="label_TavsaAndComsiguaMember_1">The entities AVSA - Tubos de Acero de Venezuela S.A. and Complejo Sider&#xFA;rgico de Guayana, C.A.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TavsaAndComsiguaMember" xlink:to="label_TavsaAndComsiguaMember_1" xlink:title="Label : TavsaAndComsiguaMember to label_TavsaAndComsiguaMember_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/country/2020/country-2020-01-31.xsd#country_VE" xlink:label="VE" xlink:title="VE" />
    <link:label xlink:type="resource" xlink:label="label_VE" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_VE" xml:lang="en-US" id="label_VE">VENEZUELA</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="VE" xlink:to="label_VE" xlink:title="Label : VE to label_VE" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_DisclosureOfNationalizationOfSubsidiariesTextBlock" xlink:label="DisclosureOfNationalizationOfSubsidiariesTextBlock" xlink:title="DisclosureOfNationalizationOfSubsidiariesTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfNationalizationOfSubsidiariesTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DisclosureOfNationalizationOfSubsidiariesTextBlock" xml:lang="en-US" id="label_DisclosureOfNationalizationOfSubsidiariesTextBlock">Note 38 - Nationalization of Venezuelan Subsidiaries</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfNationalizationOfSubsidiariesTextBlock" xlink:to="label_DisclosureOfNationalizationOfSubsidiariesTextBlock" xlink:title="Label : DisclosureOfNationalizationOfSubsidiariesTextBlock to label_DisclosureOfNationalizationOfSubsidiariesTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfNationalizationOfSubsidiariesTextBlock_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfNationalizationOfSubsidiariesTextBlock_1" xml:lang="en-US" id="label_DisclosureOfNationalizationOfSubsidiariesTextBlock_1">Disclosure of Nationalization of Subsidiaries [text block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfNationalizationOfSubsidiariesTextBlock" xlink:to="label_DisclosureOfNationalizationOfSubsidiariesTextBlock_1" xlink:title="Label : DisclosureOfNationalizationOfSubsidiariesTextBlock to label_DisclosureOfNationalizationOfSubsidiariesTextBlock_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_DelistingOfSharesFromStockExchangeExplanatory" xlink:label="DelistingOfSharesFromStockExchangeExplanatory" xlink:title="DelistingOfSharesFromStockExchangeExplanatory" />
    <link:label xlink:type="resource" xlink:label="label_DelistingOfSharesFromStockExchangeExplanatory" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DelistingOfSharesFromStockExchangeExplanatory" xml:lang="en-US" id="label_DelistingOfSharesFromStockExchangeExplanatory">The entire disclosure describing the delisting of shares from a stock exchange.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DelistingOfSharesFromStockExchangeExplanatory" xlink:to="label_DelistingOfSharesFromStockExchangeExplanatory" xlink:title="Label : DelistingOfSharesFromStockExchangeExplanatory to label_DelistingOfSharesFromStockExchangeExplanatory" />
    <link:label xlink:type="resource" xlink:label="label_DelistingOfSharesFromStockExchangeExplanatory_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DelistingOfSharesFromStockExchangeExplanatory_1" xml:lang="en-US" id="label_DelistingOfSharesFromStockExchangeExplanatory_1">Delisting of shares from stock exchange [text block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DelistingOfSharesFromStockExchangeExplanatory" xlink:to="label_DelistingOfSharesFromStockExchangeExplanatory_1" xlink:title="Label : DelistingOfSharesFromStockExchangeExplanatory to label_DelistingOfSharesFromStockExchangeExplanatory_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_AcquisitionOfIPSCOMember" xlink:label="AcquisitionOfIPSCOMember" xlink:title="AcquisitionOfIPSCOMember" />
    <link:label xlink:type="resource" xlink:label="label_AcquisitionOfIPSCOMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AcquisitionOfIPSCOMember" xml:lang="en-US" id="label_AcquisitionOfIPSCOMember">Acquisition of IPSCO [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AcquisitionOfIPSCOMember" xlink:to="label_AcquisitionOfIPSCOMember" xlink:title="Label : AcquisitionOfIPSCOMember to label_AcquisitionOfIPSCOMember" />
    <link:label xlink:type="resource" xlink:label="label_AcquisitionOfIPSCOMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_AcquisitionOfIPSCOMember_1" xml:lang="en-US" id="label_AcquisitionOfIPSCOMember_1">Represents information related to the acquisition of IPSCO Tubulars, Inc., a U.S. manufacturer of steel pipes.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AcquisitionOfIPSCOMember" xlink:to="label_AcquisitionOfIPSCOMember_1" xlink:title="Label : AcquisitionOfIPSCOMember to label_AcquisitionOfIPSCOMember_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_NonadjustingEventsAfterReportingPeriodAxis" xlink:label="NonadjustingEventsAfterReportingPeriodAxis" xlink:title="NonadjustingEventsAfterReportingPeriodAxis" />
    <link:label xlink:type="resource" xlink:label="label_NonadjustingEventsAfterReportingPeriodAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NonadjustingEventsAfterReportingPeriodAxis" xml:lang="en-US" id="label_NonadjustingEventsAfterReportingPeriodAxis">Non-adjusting events after reporting period [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NonadjustingEventsAfterReportingPeriodAxis" xlink:to="label_NonadjustingEventsAfterReportingPeriodAxis" xlink:title="Label : NonadjustingEventsAfterReportingPeriodAxis to label_NonadjustingEventsAfterReportingPeriodAxis" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_NonadjustingEventsMember" xlink:label="NonadjustingEventsMember" xlink:title="NonadjustingEventsMember" />
    <link:label xlink:type="resource" xlink:label="label_NonadjustingEventsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NonadjustingEventsMember" xml:lang="en-US" id="label_NonadjustingEventsMember">Non-adjusting events after reporting period [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NonadjustingEventsMember" xlink:to="label_NonadjustingEventsMember" xlink:title="Label : NonadjustingEventsMember to label_NonadjustingEventsMember" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_MajorBusinessCombinationMember" xlink:label="MajorBusinessCombinationMember" xlink:title="MajorBusinessCombinationMember" />
    <link:label xlink:type="resource" xlink:label="label_MajorBusinessCombinationMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_MajorBusinessCombinationMember" xml:lang="en-US" id="label_MajorBusinessCombinationMember">Major business combination [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MajorBusinessCombinationMember" xlink:to="label_MajorBusinessCombinationMember" xlink:title="Label : MajorBusinessCombinationMember to label_MajorBusinessCombinationMember" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DisclosureOfEventsAfterReportingPeriodExplanatory" xlink:label="DisclosureOfEventsAfterReportingPeriodExplanatory" xlink:title="DisclosureOfEventsAfterReportingPeriodExplanatory" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfEventsAfterReportingPeriodExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DisclosureOfEventsAfterReportingPeriodExplanatory" xml:lang="en-US" id="label_DisclosureOfEventsAfterReportingPeriodExplanatory">Note 40 - Subsequent Events</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfEventsAfterReportingPeriodExplanatory" xlink:to="label_DisclosureOfEventsAfterReportingPeriodExplanatory" xlink:title="Label : DisclosureOfEventsAfterReportingPeriodExplanatory to label_DisclosureOfEventsAfterReportingPeriodExplanatory" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_GlobalPandemicMember" xlink:label="GlobalPandemicMember" xlink:title="GlobalPandemicMember" />
    <link:label xlink:type="resource" xlink:label="label_GlobalPandemicMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_GlobalPandemicMember" xml:lang="en-US" id="label_GlobalPandemicMember">Global pandemic [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GlobalPandemicMember" xlink:to="label_GlobalPandemicMember" xlink:title="Label : GlobalPandemicMember to label_GlobalPandemicMember" />
    <link:label xlink:type="resource" xlink:label="label_GlobalPandemicMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_GlobalPandemicMember_1" xml:lang="en-US" id="label_GlobalPandemicMember_1">Represents global pandemic.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GlobalPandemicMember" xlink:to="label_GlobalPandemicMember_1" xlink:title="Label : GlobalPandemicMember to label_GlobalPandemicMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_NetCashPositionMember" xlink:label="NetCashPositionMember" xlink:title="NetCashPositionMember" />
    <link:label xlink:type="resource" xlink:label="label_NetCashPositionMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NetCashPositionMember" xml:lang="en-US" id="label_NetCashPositionMember">Net cash position [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NetCashPositionMember" xlink:to="label_NetCashPositionMember" xlink:title="Label : NetCashPositionMember to label_NetCashPositionMember" />
    <link:label xlink:type="resource" xlink:label="label_NetCashPositionMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_NetCashPositionMember_1" xml:lang="en-US" id="label_NetCashPositionMember_1">This member stands for net cash position.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NetCashPositionMember" xlink:to="label_NetCashPositionMember_1" xlink:title="Label : NetCashPositionMember to label_NetCashPositionMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_ImpairmentOfAssetsMember" xlink:label="ImpairmentOfAssetsMember" xlink:title="ImpairmentOfAssetsMember" />
    <link:label xlink:type="resource" xlink:label="label_ImpairmentOfAssetsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ImpairmentOfAssetsMember" xml:lang="en-US" id="label_ImpairmentOfAssetsMember">Impairment of assets [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ImpairmentOfAssetsMember" xlink:to="label_ImpairmentOfAssetsMember" xlink:title="Label : ImpairmentOfAssetsMember to label_ImpairmentOfAssetsMember" />
    <link:label xlink:type="resource" xlink:label="label_ImpairmentOfAssetsMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ImpairmentOfAssetsMember_1" xml:lang="en-US" id="label_ImpairmentOfAssetsMember_1">Represents impairment of assets.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ImpairmentOfAssetsMember" xlink:to="label_ImpairmentOfAssetsMember_1" xlink:title="Label : ImpairmentOfAssetsMember to label_ImpairmentOfAssetsMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_NkktubesMember" xlink:label="NkktubesMember" xlink:title="NkktubesMember" />
    <link:label xlink:type="resource" xlink:label="label_NkktubesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NkktubesMember" xml:lang="en-US" id="label_NkktubesMember">NKKTUBES [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NkktubesMember" xlink:to="label_NkktubesMember" xlink:title="Label : NkktubesMember to label_NkktubesMember" />
    <link:label xlink:type="resource" xlink:label="label_NkktubesMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_NkktubesMember_1" xml:lang="en-US" id="label_NkktubesMember_1">The entity NKKTUBES.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NkktubesMember" xlink:to="label_NkktubesMember_1" xlink:title="Label : NkktubesMember to label_NkktubesMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_JfeMember" xlink:label="JfeMember" xlink:title="JfeMember" />
    <link:label xlink:type="resource" xlink:label="label_JfeMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_JfeMember" xml:lang="en-US" id="label_JfeMember">JFE [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="JfeMember" xlink:to="label_JfeMember" xlink:title="Label : JfeMember to label_JfeMember" />
    <link:label xlink:type="resource" xlink:label="label_JfeMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_JfeMember_1" xml:lang="en-US" id="label_JfeMember_1">Represents JFE.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="JfeMember" xlink:to="label_JfeMember_1" xlink:title="Label : JfeMember to label_JfeMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_DisclosureOfEventsAfterReportingPeriodAndApprovalDateTextBlock" xlink:label="DisclosureOfEventsAfterReportingPeriodAndApprovalDateTextBlock" xlink:title="DisclosureOfEventsAfterReportingPeriodAndApprovalDateTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfEventsAfterReportingPeriodAndApprovalDateTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfEventsAfterReportingPeriodAndApprovalDateTextBlock" xml:lang="en-US" id="label_DisclosureOfEventsAfterReportingPeriodAndApprovalDateTextBlock">Disclosure of events after reporting period and approval date [text block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfEventsAfterReportingPeriodAndApprovalDateTextBlock" xlink:to="label_DisclosureOfEventsAfterReportingPeriodAndApprovalDateTextBlock" xlink:title="Label : DisclosureOfEventsAfterReportingPeriodAndApprovalDateTextBlock to label_DisclosureOfEventsAfterReportingPeriodAndApprovalDateTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfEventsAfterReportingPeriodAndApprovalDateTextBlock_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DisclosureOfEventsAfterReportingPeriodAndApprovalDateTextBlock_1" xml:lang="en-US" id="label_DisclosureOfEventsAfterReportingPeriodAndApprovalDateTextBlock_1">The entire disclosure for events after the reporting period and subsequent to the approval of the financial statements by the board of directors.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfEventsAfterReportingPeriodAndApprovalDateTextBlock" xlink:to="label_DisclosureOfEventsAfterReportingPeriodAndApprovalDateTextBlock_1" xlink:title="Label : DisclosureOfEventsAfterReportingPeriodAndApprovalDateTextBlock to label_DisclosureOfEventsAfterReportingPeriodAndApprovalDateTextBlock_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_DisclosureOfSignificantAccountingPoliciesAbstract" xlink:label="DisclosureOfSignificantAccountingPoliciesAbstract" xlink:title="DisclosureOfSignificantAccountingPoliciesAbstract" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfSignificantAccountingPoliciesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfSignificantAccountingPoliciesAbstract" xml:lang="en-US" id="label_DisclosureOfSignificantAccountingPoliciesAbstract">Disclosure of Significant Accounting Policies [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfSignificantAccountingPoliciesAbstract" xlink:to="label_DisclosureOfSignificantAccountingPoliciesAbstract" xlink:title="Label : DisclosureOfSignificantAccountingPoliciesAbstract to label_DisclosureOfSignificantAccountingPoliciesAbstract" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_DescriptionOfAccountingPolicyForBasisOfPresentationTextBlock" xlink:label="DescriptionOfAccountingPolicyForBasisOfPresentationTextBlock" xlink:title="DescriptionOfAccountingPolicyForBasisOfPresentationTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_DescriptionOfAccountingPolicyForBasisOfPresentationTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DescriptionOfAccountingPolicyForBasisOfPresentationTextBlock" xml:lang="en-US" id="label_DescriptionOfAccountingPolicyForBasisOfPresentationTextBlock">Description of accounting policy for basis of presentation [text block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DescriptionOfAccountingPolicyForBasisOfPresentationTextBlock" xlink:to="label_DescriptionOfAccountingPolicyForBasisOfPresentationTextBlock" xlink:title="Label : DescriptionOfAccountingPolicyForBasisOfPresentationTextBlock to label_DescriptionOfAccountingPolicyForBasisOfPresentationTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_DescriptionOfAccountingPolicyForBasisOfPresentationTextBlock_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DescriptionOfAccountingPolicyForBasisOfPresentationTextBlock_1" xml:lang="en-US" id="label_DescriptionOfAccountingPolicyForBasisOfPresentationTextBlock_1">The description of the entity's accounting policy for basis of presentation.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DescriptionOfAccountingPolicyForBasisOfPresentationTextBlock" xlink:to="label_DescriptionOfAccountingPolicyForBasisOfPresentationTextBlock_1" xlink:title="Label : DescriptionOfAccountingPolicyForBasisOfPresentationTextBlock to label_DescriptionOfAccountingPolicyForBasisOfPresentationTextBlock_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory" xlink:label="DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory" xlink:title="DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory" />
    <link:label xlink:type="resource" xlink:label="label_DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory" xml:lang="en-US" id="label_DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory">Description of accounting policy for investment in associates and joint ventures [text block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory" xlink:to="label_DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory" xlink:title="Label : DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory to label_DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DescriptionOfAccountingPolicyForSegmentReportingExplanatory" xlink:label="DescriptionOfAccountingPolicyForSegmentReportingExplanatory" xlink:title="DescriptionOfAccountingPolicyForSegmentReportingExplanatory" />
    <link:label xlink:type="resource" xlink:label="label_DescriptionOfAccountingPolicyForSegmentReportingExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DescriptionOfAccountingPolicyForSegmentReportingExplanatory" xml:lang="en-US" id="label_DescriptionOfAccountingPolicyForSegmentReportingExplanatory">Description of accounting policy for segment reporting [text block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DescriptionOfAccountingPolicyForSegmentReportingExplanatory" xlink:to="label_DescriptionOfAccountingPolicyForSegmentReportingExplanatory" xlink:title="Label : DescriptionOfAccountingPolicyForSegmentReportingExplanatory to label_DescriptionOfAccountingPolicyForSegmentReportingExplanatory" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory" xlink:label="DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory" xlink:title="DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory" />
    <link:label xlink:type="resource" xlink:label="label_DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory" xml:lang="en-US" id="label_DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory">Description of accounting policy for foreign currency translation [text block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory" xlink:to="label_DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory" xlink:title="Label : DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory to label_DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory" xlink:label="DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory" xlink:title="DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory" />
    <link:label xlink:type="resource" xlink:label="label_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory" xml:lang="en-US" id="label_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory">Description of accounting policy for property, plant and equipment [text block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory" xlink:to="label_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory" xlink:title="Label : DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory to label_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory" xlink:label="DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory" xlink:title="DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory" />
    <link:label xlink:type="resource" xlink:label="label_DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory" xml:lang="en-US" id="label_DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory">Description of accounting policy for intangible assets and goodwill [text block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory" xlink:to="label_DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory" xlink:title="Label : DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory to label_DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory" xlink:label="DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory" xlink:title="DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory" />
    <link:label xlink:type="resource" xlink:label="label_DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory" xml:lang="en-US" id="label_DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory">Description of accounting policy for impairment of non-financial assets [text block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory" xlink:to="label_DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory" xlink:title="Label : DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory to label_DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory" xlink:label="DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory" xlink:title="DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory" />
    <link:label xlink:type="resource" xlink:label="label_DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory" xml:lang="en-US" id="label_DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory">Description of accounting policy for investments other than investments accounted for using equity method [text block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory" xlink:to="label_DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory" xlink:title="Label : DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory to label_DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DescriptionOfAccountingPolicyForMeasuringInventories" xlink:label="DescriptionOfAccountingPolicyForMeasuringInventories" xlink:title="DescriptionOfAccountingPolicyForMeasuringInventories" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DescriptionOfAccountingPolicyForMeasuringInventories" xlink:to="label_DescriptionOfAccountingPolicyForMeasuringInventories" xlink:title="Label : DescriptionOfAccountingPolicyForMeasuringInventories to label_DescriptionOfAccountingPolicyForMeasuringInventories" />
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    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_DisclosureOfDetailedInformationAboutLaborCostsTextBlock" xlink:label="DisclosureOfDetailedInformationAboutLaborCostsTextBlock" xlink:title="DisclosureOfDetailedInformationAboutLaborCostsTextBlock" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfDetailedInformationAboutLaborCostsTextBlock" xlink:to="label_DisclosureOfDetailedInformationAboutLaborCostsTextBlock_1" xlink:title="Label : DisclosureOfDetailedInformationAboutLaborCostsTextBlock to label_DisclosureOfDetailedInformationAboutLaborCostsTextBlock_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_DisclosureOfDetailedInformationAboutOtherOperatingIncomeAndExpensesTextBlock" xlink:label="DisclosureOfDetailedInformationAboutOtherOperatingIncomeAndExpensesTextBlock" xlink:title="DisclosureOfDetailedInformationAboutOtherOperatingIncomeAndExpensesTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfDetailedInformationAboutOtherOperatingIncomeAndExpensesTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfDetailedInformationAboutOtherOperatingIncomeAndExpensesTextBlock" xml:lang="en-US" id="label_DisclosureOfDetailedInformationAboutOtherOperatingIncomeAndExpensesTextBlock">Disclosure of detailed information about other operating income and expenses [text block]</link:label>
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    <link:label xlink:type="resource" xlink:label="label_DisclosureOfDetailedInformationAboutOtherOperatingIncomeAndExpensesTextBlock_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DisclosureOfDetailedInformationAboutOtherOperatingIncomeAndExpensesTextBlock_1" xml:lang="en-US" id="label_DisclosureOfDetailedInformationAboutOtherOperatingIncomeAndExpensesTextBlock_1">The disclosure of detailed information about other operating income and expenses.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfDetailedInformationAboutOtherOperatingIncomeAndExpensesTextBlock" xlink:to="label_DisclosureOfDetailedInformationAboutOtherOperatingIncomeAndExpensesTextBlock_1" xlink:title="Label : DisclosureOfDetailedInformationAboutOtherOperatingIncomeAndExpensesTextBlock to label_DisclosureOfDetailedInformationAboutOtherOperatingIncomeAndExpensesTextBlock_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_DisclosureOfDetailedInformationAboutFinancialIncomeCost" xlink:label="DisclosureOfDetailedInformationAboutFinancialIncomeCost" xlink:title="DisclosureOfDetailedInformationAboutFinancialIncomeCost" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfDetailedInformationAboutFinancialIncomeCost" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfDetailedInformationAboutFinancialIncomeCost" xml:lang="en-US" id="label_DisclosureOfDetailedInformationAboutFinancialIncomeCost">Disclosure of detailed information about financial income (cost) [text block]</link:label>
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    <link:label xlink:type="resource" xlink:label="label_DisclosureOfDetailedInformationAboutFinancialIncomeCost_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DisclosureOfDetailedInformationAboutFinancialIncomeCost_1" xml:lang="en-US" id="label_DisclosureOfDetailedInformationAboutFinancialIncomeCost_1">The disclosure of detailed information about financial income (cost). [Refer: Finance income (cost)]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfDetailedInformationAboutFinancialIncomeCost" xlink:to="label_DisclosureOfDetailedInformationAboutFinancialIncomeCost_1" xlink:title="Label : DisclosureOfDetailedInformationAboutFinancialIncomeCost to label_DisclosureOfDetailedInformationAboutFinancialIncomeCost_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_DisclosureOfDetailedInformationAboutIncomeTaxExpenseBenefitTextBlock" xlink:label="DisclosureOfDetailedInformationAboutIncomeTaxExpenseBenefitTextBlock" xlink:title="DisclosureOfDetailedInformationAboutIncomeTaxExpenseBenefitTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfDetailedInformationAboutIncomeTaxExpenseBenefitTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfDetailedInformationAboutIncomeTaxExpenseBenefitTextBlock" xml:lang="en-US" id="label_DisclosureOfDetailedInformationAboutIncomeTaxExpenseBenefitTextBlock">Disclosure of detailed information about income tax expense (benefit) [text block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfDetailedInformationAboutIncomeTaxExpenseBenefitTextBlock" xlink:to="label_DisclosureOfDetailedInformationAboutIncomeTaxExpenseBenefitTextBlock" xlink:title="Label : DisclosureOfDetailedInformationAboutIncomeTaxExpenseBenefitTextBlock to label_DisclosureOfDetailedInformationAboutIncomeTaxExpenseBenefitTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfDetailedInformationAboutIncomeTaxExpenseBenefitTextBlock_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DisclosureOfDetailedInformationAboutIncomeTaxExpenseBenefitTextBlock_1" xml:lang="en-US" id="label_DisclosureOfDetailedInformationAboutIncomeTaxExpenseBenefitTextBlock_1">The disclosure of detailed information about income tax expense (benefit).</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfDetailedInformationAboutIncomeTaxExpenseBenefitTextBlock" xlink:to="label_DisclosureOfDetailedInformationAboutIncomeTaxExpenseBenefitTextBlock_1" xlink:title="Label : DisclosureOfDetailedInformationAboutIncomeTaxExpenseBenefitTextBlock to label_DisclosureOfDetailedInformationAboutIncomeTaxExpenseBenefitTextBlock_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_DisclosureOfDifferenceBetweenIncomeBeforeTaxAndTheTheoreticalAmountThatWouldAriseUsingTaxRateInEachCountryTextBlock" xlink:label="DisclosureOfDifferenceBetweenIncomeBeforeTaxAndTheTheoreticalAmountThatWouldAriseUsingTaxRateInEachCountryTextBlock" xlink:title="DisclosureOfDifferenceBetweenIncomeBeforeTaxAndTheTheoreticalAmountThatWouldAriseUsingTaxRateInEachCountryTextBlock" />
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    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DisclosureOfDetailedInformationAboutPropertyPlantAndEquipmentExplanatory" xlink:label="DisclosureOfDetailedInformationAboutPropertyPlantAndEquipmentExplanatory" xlink:title="DisclosureOfDetailedInformationAboutPropertyPlantAndEquipmentExplanatory" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfDetailedInformationAboutPropertyPlantAndEquipmentExplanatory" xlink:to="label_DisclosureOfDetailedInformationAboutPropertyPlantAndEquipmentExplanatory" xlink:title="Label : DisclosureOfDetailedInformationAboutPropertyPlantAndEquipmentExplanatory to label_DisclosureOfDetailedInformationAboutPropertyPlantAndEquipmentExplanatory" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillExplanatory" xlink:label="DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillExplanatory" xlink:title="DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillExplanatory" />
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    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_LeaseLiabilityEvolutionTextBlock" xlink:label="LeaseLiabilityEvolutionTextBlock" xlink:title="LeaseLiabilityEvolutionTextBlock" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfDetailedInformationAboutBusinessCombinationsExplanatory" xlink:to="label_DisclosureOfDetailedInformationAboutBusinessCombinationsExplanatory" xlink:title="Label : DisclosureOfDetailedInformationAboutBusinessCombinationsExplanatory to label_DisclosureOfDetailedInformationAboutBusinessCombinationsExplanatory" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_DisclosureOfDetailedInformationAboutCashFlowDisclosuresTextBlock" xlink:label="DisclosureOfDetailedInformationAboutCashFlowDisclosuresTextBlock" xlink:title="DisclosureOfDetailedInformationAboutCashFlowDisclosuresTextBlock" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfDetailedInformationAboutCashFlowDisclosuresTextBlock" xlink:to="label_DisclosureOfDetailedInformationAboutCashFlowDisclosuresTextBlock" xlink:title="Label : DisclosureOfDetailedInformationAboutCashFlowDisclosuresTextBlock to label_DisclosureOfDetailedInformationAboutCashFlowDisclosuresTextBlock" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfDetailedInformationAboutCashFlowDisclosuresTextBlock" xlink:to="label_DisclosureOfDetailedInformationAboutCashFlowDisclosuresTextBlock_1" xlink:title="Label : DisclosureOfDetailedInformationAboutCashFlowDisclosuresTextBlock to label_DisclosureOfDetailedInformationAboutCashFlowDisclosuresTextBlock_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_DisclosureOfDiscontinuedOperationsNetIncomeComponentsTextBlock" xlink:label="DisclosureOfDiscontinuedOperationsNetIncomeComponentsTextBlock" xlink:title="DisclosureOfDiscontinuedOperationsNetIncomeComponentsTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfDiscontinuedOperationsNetIncomeComponentsTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfDiscontinuedOperationsNetIncomeComponentsTextBlock" xml:lang="en-US" id="label_DisclosureOfDiscontinuedOperationsNetIncomeComponentsTextBlock">Disclosure of discontinued operations net income components [text block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfDiscontinuedOperationsNetIncomeComponentsTextBlock" xlink:to="label_DisclosureOfDiscontinuedOperationsNetIncomeComponentsTextBlock" xlink:title="Label : DisclosureOfDiscontinuedOperationsNetIncomeComponentsTextBlock to label_DisclosureOfDiscontinuedOperationsNetIncomeComponentsTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfDiscontinuedOperationsNetIncomeComponentsTextBlock_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DisclosureOfDiscontinuedOperationsNetIncomeComponentsTextBlock_1" xml:lang="en-US" id="label_DisclosureOfDiscontinuedOperationsNetIncomeComponentsTextBlock_1">The disclosure of discontinued operations net income components.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfDiscontinuedOperationsNetIncomeComponentsTextBlock" xlink:to="label_DisclosureOfDiscontinuedOperationsNetIncomeComponentsTextBlock_1" xlink:title="Label : DisclosureOfDiscontinuedOperationsNetIncomeComponentsTextBlock to label_DisclosureOfDiscontinuedOperationsNetIncomeComponentsTextBlock_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_DisclosureOfSaleOfDiscontinuedOperationsTextBlock" xlink:label="DisclosureOfSaleOfDiscontinuedOperationsTextBlock" xlink:title="DisclosureOfSaleOfDiscontinuedOperationsTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfSaleOfDiscontinuedOperationsTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfSaleOfDiscontinuedOperationsTextBlock" xml:lang="en-US" id="label_DisclosureOfSaleOfDiscontinuedOperationsTextBlock">Disclosure of sale of discontinued operations [text block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfSaleOfDiscontinuedOperationsTextBlock" xlink:to="label_DisclosureOfSaleOfDiscontinuedOperationsTextBlock" xlink:title="Label : DisclosureOfSaleOfDiscontinuedOperationsTextBlock to label_DisclosureOfSaleOfDiscontinuedOperationsTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfSaleOfDiscontinuedOperationsTextBlock_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DisclosureOfSaleOfDiscontinuedOperationsTextBlock_1" xml:lang="en-US" id="label_DisclosureOfSaleOfDiscontinuedOperationsTextBlock_1">The complete disclosure of the sale of discontinued operations.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfSaleOfDiscontinuedOperationsTextBlock" xlink:to="label_DisclosureOfSaleOfDiscontinuedOperationsTextBlock_1" xlink:title="Label : DisclosureOfSaleOfDiscontinuedOperationsTextBlock to label_DisclosureOfSaleOfDiscontinuedOperationsTextBlock_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DisclosureOfDiscontinuedOperationsExplanatory" xlink:label="DisclosureOfDiscontinuedOperationsExplanatory" xlink:title="DisclosureOfDiscontinuedOperationsExplanatory" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfDiscontinuedOperationsExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfDiscontinuedOperationsExplanatory" xml:lang="en-US" id="label_DisclosureOfDiscontinuedOperationsExplanatory">Disclosure of discontinued operations [text block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfDiscontinuedOperationsExplanatory" xlink:to="label_DisclosureOfDiscontinuedOperationsExplanatory" xlink:title="Label : DisclosureOfDiscontinuedOperationsExplanatory to label_DisclosureOfDiscontinuedOperationsExplanatory" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesExplanatory" xlink:label="DisclosureOfTransactionsBetweenRelatedPartiesExplanatory" xlink:title="DisclosureOfTransactionsBetweenRelatedPartiesExplanatory" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfTransactionsBetweenRelatedPartiesExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfTransactionsBetweenRelatedPartiesExplanatory" xml:lang="en-US" id="label_DisclosureOfTransactionsBetweenRelatedPartiesExplanatory">Disclosure of transactions between related parties [text block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfTransactionsBetweenRelatedPartiesExplanatory" xlink:to="label_DisclosureOfTransactionsBetweenRelatedPartiesExplanatory" xlink:title="Label : DisclosureOfTransactionsBetweenRelatedPartiesExplanatory to label_DisclosureOfTransactionsBetweenRelatedPartiesExplanatory" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory" xlink:label="DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory" xlink:title="DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory" xml:lang="en-US" id="label_DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory">Disclosure of subsidiaries [text block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory" xlink:to="label_DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory" xlink:title="Label : DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory to label_DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_ProportionOfOwnershipInterestInAssociate" xlink:label="ProportionOfOwnershipInterestInAssociate" xlink:title="ProportionOfOwnershipInterestInAssociate" />
    <link:label xlink:type="resource" xlink:label="label_ProportionOfOwnershipInterestInAssociate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ProportionOfOwnershipInterestInAssociate" xml:lang="en-US" id="label_ProportionOfOwnershipInterestInAssociate">Percentage of ownership</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProportionOfOwnershipInterestInAssociate" xlink:to="label_ProportionOfOwnershipInterestInAssociate" xlink:title="Label : ProportionOfOwnershipInterestInAssociate to label_ProportionOfOwnershipInterestInAssociate" />
    <link:label xlink:type="resource" xlink:label="label_ProportionOfOwnershipInterestInAssociate_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ProportionOfOwnershipInterestInAssociate_1" xml:lang="en-US" id="label_ProportionOfOwnershipInterestInAssociate_1">Proportion of ownership interest in associate</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProportionOfOwnershipInterestInAssociate" xlink:to="label_ProportionOfOwnershipInterestInAssociate_1" xlink:title="Label : ProportionOfOwnershipInterestInAssociate to label_ProportionOfOwnershipInterestInAssociate_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_ProportionOfVotingPowerHeldInAssociate" xlink:label="ProportionOfVotingPowerHeldInAssociate" xlink:title="ProportionOfVotingPowerHeldInAssociate" />
    <link:label xlink:type="resource" xlink:label="label_ProportionOfVotingPowerHeldInAssociate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ProportionOfVotingPowerHeldInAssociate" xml:lang="en-US" id="label_ProportionOfVotingPowerHeldInAssociate">ifrs-full_ProportionOfVotingPowerHeldInAssociate</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProportionOfVotingPowerHeldInAssociate" xlink:to="label_ProportionOfVotingPowerHeldInAssociate" xlink:title="Label : ProportionOfVotingPowerHeldInAssociate to label_ProportionOfVotingPowerHeldInAssociate" />
    <link:label xlink:type="resource" xlink:label="label_ProportionOfVotingPowerHeldInAssociate_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ProportionOfVotingPowerHeldInAssociate_1" xml:lang="en-US" id="label_ProportionOfVotingPowerHeldInAssociate_1">Proportion of voting rights held in associate</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProportionOfVotingPowerHeldInAssociate" xlink:to="label_ProportionOfVotingPowerHeldInAssociate_1" xlink:title="Label : ProportionOfVotingPowerHeldInAssociate to label_ProportionOfVotingPowerHeldInAssociate_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_NumberOfSharesSubscribedTo" xlink:label="NumberOfSharesSubscribedTo" xlink:title="NumberOfSharesSubscribedTo" />
    <link:label xlink:type="resource" xlink:label="label_NumberOfSharesSubscribedTo" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NumberOfSharesSubscribedTo" xml:lang="en-US" id="label_NumberOfSharesSubscribedTo">ts_NumberOfSharesSubscribedTo</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfSharesSubscribedTo" xlink:to="label_NumberOfSharesSubscribedTo" xlink:title="Label : NumberOfSharesSubscribedTo to label_NumberOfSharesSubscribedTo" />
    <link:label xlink:type="resource" xlink:label="label_NumberOfSharesSubscribedTo_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NumberOfSharesSubscribedTo_1" xml:lang="en-US" id="label_NumberOfSharesSubscribedTo_1">Number of shares subscribed to (in shares)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfSharesSubscribedTo" xlink:to="label_NumberOfSharesSubscribedTo_1" xlink:title="Label : NumberOfSharesSubscribedTo to label_NumberOfSharesSubscribedTo_1" />
    <link:label xlink:type="resource" xlink:label="label_NumberOfSharesSubscribedTo_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_NumberOfSharesSubscribedTo_2" xml:lang="en-US" id="label_NumberOfSharesSubscribedTo_2">Represents the amount of shares subscribed to.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfSharesSubscribedTo" xlink:to="label_NumberOfSharesSubscribedTo_2" xlink:title="Label : NumberOfSharesSubscribedTo to label_NumberOfSharesSubscribedTo_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_SharesSubscribedToPricePerShare" xlink:label="SharesSubscribedToPricePerShare" xlink:title="SharesSubscribedToPricePerShare" />
    <link:label xlink:type="resource" xlink:label="label_SharesSubscribedToPricePerShare" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SharesSubscribedToPricePerShare" xml:lang="en-US" id="label_SharesSubscribedToPricePerShare">ts_SharesSubscribedToPricePerShare</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SharesSubscribedToPricePerShare" xlink:to="label_SharesSubscribedToPricePerShare" xlink:title="Label : SharesSubscribedToPricePerShare to label_SharesSubscribedToPricePerShare" />
    <link:label xlink:type="resource" xlink:label="label_SharesSubscribedToPricePerShare_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_SharesSubscribedToPricePerShare_1" xml:lang="en-US" id="label_SharesSubscribedToPricePerShare_1">Shares subscribed to, price per share (in BRL per share)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SharesSubscribedToPricePerShare" xlink:to="label_SharesSubscribedToPricePerShare_1" xlink:title="Label : SharesSubscribedToPricePerShare to label_SharesSubscribedToPricePerShare_1" />
    <link:label xlink:type="resource" xlink:label="label_SharesSubscribedToPricePerShare_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_SharesSubscribedToPricePerShare_2" xml:lang="en-US" id="label_SharesSubscribedToPricePerShare_2">Represents the price per share of shares subscribed to.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SharesSubscribedToPricePerShare" xlink:to="label_SharesSubscribedToPricePerShare_2" xlink:title="Label : SharesSubscribedToPricePerShare to label_SharesSubscribedToPricePerShare_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_SharesSubscribedToValue" xlink:label="SharesSubscribedToValue" xlink:title="SharesSubscribedToValue" />
    <link:label xlink:type="resource" xlink:label="label_SharesSubscribedToValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SharesSubscribedToValue" xml:lang="en-US" id="label_SharesSubscribedToValue">ts_SharesSubscribedToValue</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SharesSubscribedToValue" xlink:to="label_SharesSubscribedToValue" xlink:title="Label : SharesSubscribedToValue to label_SharesSubscribedToValue" />
    <link:label xlink:type="resource" xlink:label="label_SharesSubscribedToValue_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_SharesSubscribedToValue_1" xml:lang="en-US" id="label_SharesSubscribedToValue_1">Shares subscribed to, value</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SharesSubscribedToValue" xlink:to="label_SharesSubscribedToValue_1" xlink:title="Label : SharesSubscribedToValue to label_SharesSubscribedToValue_1" />
    <link:label xlink:type="resource" xlink:label="label_SharesSubscribedToValue_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_SharesSubscribedToValue_2" xml:lang="en-US" id="label_SharesSubscribedToValue_2">Represents the value of shares subscribed to.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SharesSubscribedToValue" xlink:to="label_SharesSubscribedToValue_2" xlink:title="Label : SharesSubscribedToValue to label_SharesSubscribedToValue_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_InterestInAssociateSharesOwned" xlink:label="InterestInAssociateSharesOwned" xlink:title="InterestInAssociateSharesOwned" />
    <link:label xlink:type="resource" xlink:label="label_InterestInAssociateSharesOwned" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_InterestInAssociateSharesOwned" xml:lang="en-US" id="label_InterestInAssociateSharesOwned">ts_InterestInAssociateSharesOwned</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestInAssociateSharesOwned" xlink:to="label_InterestInAssociateSharesOwned" xlink:title="Label : InterestInAssociateSharesOwned to label_InterestInAssociateSharesOwned" />
    <link:label xlink:type="resource" xlink:label="label_InterestInAssociateSharesOwned_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_InterestInAssociateSharesOwned_1" xml:lang="en-US" id="label_InterestInAssociateSharesOwned_1">Interest in associate, shares owned (in shares)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestInAssociateSharesOwned" xlink:to="label_InterestInAssociateSharesOwned_1" xlink:title="Label : InterestInAssociateSharesOwned to label_InterestInAssociateSharesOwned_1" />
    <link:label xlink:type="resource" xlink:label="label_InterestInAssociateSharesOwned_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_InterestInAssociateSharesOwned_2" xml:lang="en-US" id="label_InterestInAssociateSharesOwned_2">Represents the amount of shares owned of an associate entity.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestInAssociateSharesOwned" xlink:to="label_InterestInAssociateSharesOwned_2" xlink:title="Label : InterestInAssociateSharesOwned to label_InterestInAssociateSharesOwned_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_SharesBoundToSHA" xlink:label="SharesBoundToSHA" xlink:title="SharesBoundToSHA" />
    <link:label xlink:type="resource" xlink:label="label_SharesBoundToSHA" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SharesBoundToSHA" xml:lang="en-US" id="label_SharesBoundToSHA">ts_SharesBoundToSHA</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SharesBoundToSHA" xlink:to="label_SharesBoundToSHA" xlink:title="Label : SharesBoundToSHA to label_SharesBoundToSHA" />
    <link:label xlink:type="resource" xlink:label="label_SharesBoundToSHA_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_SharesBoundToSHA_1" xml:lang="en-US" id="label_SharesBoundToSHA_1">Shares bound to SHA (in shares)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SharesBoundToSHA" xlink:to="label_SharesBoundToSHA_1" xlink:title="Label : SharesBoundToSHA to label_SharesBoundToSHA_1" />
    <link:label xlink:type="resource" xlink:label="label_SharesBoundToSHA_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_SharesBoundToSHA_2" xml:lang="en-US" id="label_SharesBoundToSHA_2">The amount of shares bound to SHA.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SharesBoundToSHA" xlink:to="label_SharesBoundToSHA_2" xlink:title="Label : SharesBoundToSHA to label_SharesBoundToSHA_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_PercentOfCompanyVotingCapital" xlink:label="PercentOfCompanyVotingCapital" xlink:title="PercentOfCompanyVotingCapital" />
    <link:label xlink:type="resource" xlink:label="label_PercentOfCompanyVotingCapital" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PercentOfCompanyVotingCapital" xml:lang="en-US" id="label_PercentOfCompanyVotingCapital">ts_PercentOfCompanyVotingCapital</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PercentOfCompanyVotingCapital" xlink:to="label_PercentOfCompanyVotingCapital" xlink:title="Label : PercentOfCompanyVotingCapital to label_PercentOfCompanyVotingCapital" />
    <link:label xlink:type="resource" xlink:label="label_PercentOfCompanyVotingCapital_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_PercentOfCompanyVotingCapital_1" xml:lang="en-US" id="label_PercentOfCompanyVotingCapital_1">Percent of company voting capital</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PercentOfCompanyVotingCapital" xlink:to="label_PercentOfCompanyVotingCapital_1" xlink:title="Label : PercentOfCompanyVotingCapital to label_PercentOfCompanyVotingCapital_1" />
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    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_ProportionOfOwnershipInterestInJointVenture" xlink:label="ProportionOfOwnershipInterestInJointVenture" xlink:title="ProportionOfOwnershipInterestInJointVenture" />
    <link:label xlink:type="resource" xlink:label="label_ProportionOfOwnershipInterestInJointVenture" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ProportionOfOwnershipInterestInJointVenture" xml:lang="en-US" id="label_ProportionOfOwnershipInterestInJointVenture">ifrs-full_ProportionOfOwnershipInterestInJointVenture</link:label>
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    <link:label xlink:type="resource" xlink:label="label_ProportionOfOwnershipInterestInJointVenture_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ProportionOfOwnershipInterestInJointVenture_1" xml:lang="en-US" id="label_ProportionOfOwnershipInterestInJointVenture_1">Proportion of ownership interest in joint venture</link:label>
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    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_ImpairmentLossOnEquityMethodInvestmentInNonconsolidatedCompanies" xlink:label="ImpairmentLossOnEquityMethodInvestmentInNonconsolidatedCompanies" xlink:title="ImpairmentLossOnEquityMethodInvestmentInNonconsolidatedCompanies" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ImpairmentLossOnEquityMethodInvestmentInNonconsolidatedCompanies" xlink:to="label_ImpairmentLossOnEquityMethodInvestmentInNonconsolidatedCompanies" xlink:title="Label : ImpairmentLossOnEquityMethodInvestmentInNonconsolidatedCompanies to label_ImpairmentLossOnEquityMethodInvestmentInNonconsolidatedCompanies" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ImpairmentLossOnEquityMethodInvestmentInNonconsolidatedCompanies" xlink:to="label_ImpairmentLossOnEquityMethodInvestmentInNonconsolidatedCompanies_1" xlink:title="Label : ImpairmentLossOnEquityMethodInvestmentInNonconsolidatedCompanies to label_ImpairmentLossOnEquityMethodInvestmentInNonconsolidatedCompanies_1" />
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    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_NumberOfMajorBusinessSegments" xlink:label="NumberOfMajorBusinessSegments" xlink:title="NumberOfMajorBusinessSegments" />
    <link:label xlink:type="resource" xlink:label="label_NumberOfMajorBusinessSegments" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NumberOfMajorBusinessSegments" xml:lang="en-US" id="label_NumberOfMajorBusinessSegments">ts_NumberOfMajorBusinessSegments</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfMajorBusinessSegments" xlink:to="label_NumberOfMajorBusinessSegments" xlink:title="Label : NumberOfMajorBusinessSegments to label_NumberOfMajorBusinessSegments" />
    <link:label xlink:type="resource" xlink:label="label_NumberOfMajorBusinessSegments_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NumberOfMajorBusinessSegments_1" xml:lang="en-US" id="label_NumberOfMajorBusinessSegments_1">Number of major business segments</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfMajorBusinessSegments" xlink:to="label_NumberOfMajorBusinessSegments_1" xlink:title="Label : NumberOfMajorBusinessSegments to label_NumberOfMajorBusinessSegments_1" />
    <link:label xlink:type="resource" xlink:label="label_NumberOfMajorBusinessSegments_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_NumberOfMajorBusinessSegments_2" xml:lang="en-US" id="label_NumberOfMajorBusinessSegments_2">Represents the number of major business segments.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfMajorBusinessSegments" xlink:to="label_NumberOfMajorBusinessSegments_2" xlink:title="Label : NumberOfMajorBusinessSegments to label_NumberOfMajorBusinessSegments_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_NumberOfReportableOperatingSegments" xlink:label="NumberOfReportableOperatingSegments" xlink:title="NumberOfReportableOperatingSegments" />
    <link:label xlink:type="resource" xlink:label="label_NumberOfReportableOperatingSegments" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NumberOfReportableOperatingSegments" xml:lang="en-US" id="label_NumberOfReportableOperatingSegments">ts_NumberOfReportableOperatingSegments</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfReportableOperatingSegments" xlink:to="label_NumberOfReportableOperatingSegments" xlink:title="Label : NumberOfReportableOperatingSegments to label_NumberOfReportableOperatingSegments" />
    <link:label xlink:type="resource" xlink:label="label_NumberOfReportableOperatingSegments_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NumberOfReportableOperatingSegments_1" xml:lang="en-US" id="label_NumberOfReportableOperatingSegments_1">Number of reportable operating segments</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfReportableOperatingSegments" xlink:to="label_NumberOfReportableOperatingSegments_1" xlink:title="Label : NumberOfReportableOperatingSegments to label_NumberOfReportableOperatingSegments_1" />
    <link:label xlink:type="resource" xlink:label="label_NumberOfReportableOperatingSegments_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_NumberOfReportableOperatingSegments_2" xml:lang="en-US" id="label_NumberOfReportableOperatingSegments_2">Represents the number of reportable operating segments.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfReportableOperatingSegments" xlink:to="label_NumberOfReportableOperatingSegments_2" xlink:title="Label : NumberOfReportableOperatingSegments to label_NumberOfReportableOperatingSegments_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_FinitelivedIntangibleAssetUsefulLife" xlink:label="FinitelivedIntangibleAssetUsefulLife" xlink:title="FinitelivedIntangibleAssetUsefulLife" />
    <link:label xlink:type="resource" xlink:label="label_FinitelivedIntangibleAssetUsefulLife" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_FinitelivedIntangibleAssetUsefulLife" xml:lang="en-US" id="label_FinitelivedIntangibleAssetUsefulLife">ts_FinitelivedIntangibleAssetUsefulLife</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinitelivedIntangibleAssetUsefulLife" xlink:to="label_FinitelivedIntangibleAssetUsefulLife" xlink:title="Label : FinitelivedIntangibleAssetUsefulLife to label_FinitelivedIntangibleAssetUsefulLife" />
    <link:label xlink:type="resource" xlink:label="label_FinitelivedIntangibleAssetUsefulLife_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_FinitelivedIntangibleAssetUsefulLife_1" xml:lang="en-US" id="label_FinitelivedIntangibleAssetUsefulLife_1">Finite-lived intangible asset, useful life (Year)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinitelivedIntangibleAssetUsefulLife" xlink:to="label_FinitelivedIntangibleAssetUsefulLife_1" xlink:title="Label : FinitelivedIntangibleAssetUsefulLife to label_FinitelivedIntangibleAssetUsefulLife_1" />
    <link:label xlink:type="resource" xlink:label="label_FinitelivedIntangibleAssetUsefulLife_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_FinitelivedIntangibleAssetUsefulLife_2" xml:lang="en-US" id="label_FinitelivedIntangibleAssetUsefulLife_2">Represents the useful life of finite-lived intangible assets.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinitelivedIntangibleAssetUsefulLife" xlink:to="label_FinitelivedIntangibleAssetUsefulLife_2" xlink:title="Label : FinitelivedIntangibleAssetUsefulLife to label_FinitelivedIntangibleAssetUsefulLife_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_ResearchAndDevelopmentExpense" xlink:label="ResearchAndDevelopmentExpense" xlink:title="ResearchAndDevelopmentExpense" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ResearchAndDevelopmentExpense" xlink:to="label_ResearchAndDevelopmentExpense" xlink:title="Label : ResearchAndDevelopmentExpense to label_ResearchAndDevelopmentExpense" />
    <link:label xlink:type="resource" xlink:label="label_ResearchAndDevelopmentExpense_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ResearchAndDevelopmentExpense_1" xml:lang="en-US" id="label_ResearchAndDevelopmentExpense_1">Research and development expense</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ResearchAndDevelopmentExpense" xlink:to="label_ResearchAndDevelopmentExpense_1" xlink:title="Label : ResearchAndDevelopmentExpense to label_ResearchAndDevelopmentExpense_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_RemainingAmortisationPeriodOfIntangibleAssetsMaterialToEntity2019" xlink:label="RemainingAmortisationPeriodOfIntangibleAssetsMaterialToEntity2019" xlink:title="RemainingAmortisationPeriodOfIntangibleAssetsMaterialToEntity2019" />
    <link:label xlink:type="resource" xlink:label="label_RemainingAmortisationPeriodOfIntangibleAssetsMaterialToEntity2019" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_RemainingAmortisationPeriodOfIntangibleAssetsMaterialToEntity2019" xml:lang="en-US" id="label_RemainingAmortisationPeriodOfIntangibleAssetsMaterialToEntity2019">ifrs-full_RemainingAmortisationPeriodOfIntangibleAssetsMaterialToEntity2019</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RemainingAmortisationPeriodOfIntangibleAssetsMaterialToEntity2019" xlink:to="label_RemainingAmortisationPeriodOfIntangibleAssetsMaterialToEntity2019" xlink:title="Label : RemainingAmortisationPeriodOfIntangibleAssetsMaterialToEntity2019 to label_RemainingAmortisationPeriodOfIntangibleAssetsMaterialToEntity2019" />
    <link:label xlink:type="resource" xlink:label="label_RemainingAmortisationPeriodOfIntangibleAssetsMaterialToEntity2019_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_RemainingAmortisationPeriodOfIntangibleAssetsMaterialToEntity2019_1" xml:lang="en-US" id="label_RemainingAmortisationPeriodOfIntangibleAssetsMaterialToEntity2019_1">Remaining amortisation period of intangible assets material to entity (Year)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RemainingAmortisationPeriodOfIntangibleAssetsMaterialToEntity2019" xlink:to="label_RemainingAmortisationPeriodOfIntangibleAssetsMaterialToEntity2019_1" xlink:title="Label : RemainingAmortisationPeriodOfIntangibleAssetsMaterialToEntity2019 to label_RemainingAmortisationPeriodOfIntangibleAssetsMaterialToEntity2019_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_SellingGeneralAndAdministrativeExpensesAmortizationOfIntangibleAssets" xlink:label="SellingGeneralAndAdministrativeExpensesAmortizationOfIntangibleAssets" xlink:title="SellingGeneralAndAdministrativeExpensesAmortizationOfIntangibleAssets" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SellingGeneralAndAdministrativeExpensesAmortizationOfIntangibleAssets" xlink:to="label_SellingGeneralAndAdministrativeExpensesAmortizationOfIntangibleAssets" xlink:title="Label : SellingGeneralAndAdministrativeExpensesAmortizationOfIntangibleAssets to label_SellingGeneralAndAdministrativeExpensesAmortizationOfIntangibleAssets" />
    <link:label xlink:type="resource" xlink:label="label_SellingGeneralAndAdministrativeExpensesAmortizationOfIntangibleAssets_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_SellingGeneralAndAdministrativeExpensesAmortizationOfIntangibleAssets_1" xml:lang="en-US" id="label_SellingGeneralAndAdministrativeExpensesAmortizationOfIntangibleAssets_1">Selling, general and administrative expenses, amortization of intangible assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SellingGeneralAndAdministrativeExpensesAmortizationOfIntangibleAssets" xlink:to="label_SellingGeneralAndAdministrativeExpensesAmortizationOfIntangibleAssets_1" xlink:title="Label : SellingGeneralAndAdministrativeExpensesAmortizationOfIntangibleAssets to label_SellingGeneralAndAdministrativeExpensesAmortizationOfIntangibleAssets_1" />
    <link:label xlink:type="resource" xlink:label="label_SellingGeneralAndAdministrativeExpensesAmortizationOfIntangibleAssets_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_SellingGeneralAndAdministrativeExpensesAmortizationOfIntangibleAssets_2" xml:lang="en-US" id="label_SellingGeneralAndAdministrativeExpensesAmortizationOfIntangibleAssets_2">Amount of amortization of intangible assets attributable to selling, general and administrative expenses.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SellingGeneralAndAdministrativeExpensesAmortizationOfIntangibleAssets" xlink:to="label_SellingGeneralAndAdministrativeExpensesAmortizationOfIntangibleAssets_2" xlink:title="Label : SellingGeneralAndAdministrativeExpensesAmortizationOfIntangibleAssets to label_SellingGeneralAndAdministrativeExpensesAmortizationOfIntangibleAssets_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_FinitelivedIntangibleAssetResidualValue" xlink:label="FinitelivedIntangibleAssetResidualValue" xlink:title="FinitelivedIntangibleAssetResidualValue" />
    <link:label xlink:type="resource" xlink:label="label_FinitelivedIntangibleAssetResidualValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_FinitelivedIntangibleAssetResidualValue" xml:lang="en-US" id="label_FinitelivedIntangibleAssetResidualValue">ts_FinitelivedIntangibleAssetResidualValue</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinitelivedIntangibleAssetResidualValue" xlink:to="label_FinitelivedIntangibleAssetResidualValue" xlink:title="Label : FinitelivedIntangibleAssetResidualValue to label_FinitelivedIntangibleAssetResidualValue" />
    <link:label xlink:type="resource" xlink:label="label_FinitelivedIntangibleAssetResidualValue_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_FinitelivedIntangibleAssetResidualValue_1" xml:lang="en-US" id="label_FinitelivedIntangibleAssetResidualValue_1">Finite-lived intangible asset, residual value</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinitelivedIntangibleAssetResidualValue" xlink:to="label_FinitelivedIntangibleAssetResidualValue_1" xlink:title="Label : FinitelivedIntangibleAssetResidualValue to label_FinitelivedIntangibleAssetResidualValue_1" />
    <link:label xlink:type="resource" xlink:label="label_FinitelivedIntangibleAssetResidualValue_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_FinitelivedIntangibleAssetResidualValue_2" xml:lang="en-US" id="label_FinitelivedIntangibleAssetResidualValue_2">Represents the aggregate expected value at the end of their useful life of a finite-lived intangible asset.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinitelivedIntangibleAssetResidualValue" xlink:to="label_FinitelivedIntangibleAssetResidualValue_2" xlink:title="Label : FinitelivedIntangibleAssetResidualValue to label_FinitelivedIntangibleAssetResidualValue_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_FinitelivedIntangibleAssetResidualUsefulLife" xlink:label="FinitelivedIntangibleAssetResidualUsefulLife" xlink:title="FinitelivedIntangibleAssetResidualUsefulLife" />
    <link:label xlink:type="resource" xlink:label="label_FinitelivedIntangibleAssetResidualUsefulLife" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_FinitelivedIntangibleAssetResidualUsefulLife" xml:lang="en-US" id="label_FinitelivedIntangibleAssetResidualUsefulLife">ts_FinitelivedIntangibleAssetResidualUsefulLife</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinitelivedIntangibleAssetResidualUsefulLife" xlink:to="label_FinitelivedIntangibleAssetResidualUsefulLife" xlink:title="Label : FinitelivedIntangibleAssetResidualUsefulLife to label_FinitelivedIntangibleAssetResidualUsefulLife" />
    <link:label xlink:type="resource" xlink:label="label_FinitelivedIntangibleAssetResidualUsefulLife_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_FinitelivedIntangibleAssetResidualUsefulLife_1" xml:lang="en-US" id="label_FinitelivedIntangibleAssetResidualUsefulLife_1">Finite-lived intangible asset, residual useful life (Year)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinitelivedIntangibleAssetResidualUsefulLife" xlink:to="label_FinitelivedIntangibleAssetResidualUsefulLife_1" xlink:title="Label : FinitelivedIntangibleAssetResidualUsefulLife to label_FinitelivedIntangibleAssetResidualUsefulLife_1" />
    <link:label xlink:type="resource" xlink:label="label_FinitelivedIntangibleAssetResidualUsefulLife_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_FinitelivedIntangibleAssetResidualUsefulLife_2" xml:lang="en-US" id="label_FinitelivedIntangibleAssetResidualUsefulLife_2">Represents the residual useful life of a finite-lived intangible asset.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinitelivedIntangibleAssetResidualUsefulLife" xlink:to="label_FinitelivedIntangibleAssetResidualUsefulLife_2" xlink:title="Label : FinitelivedIntangibleAssetResidualUsefulLife to label_FinitelivedIntangibleAssetResidualUsefulLife_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DescriptionOfDiscountRatesUsedInCurrentEstimateOfValueInUse" xlink:label="DescriptionOfDiscountRatesUsedInCurrentEstimateOfValueInUse" xlink:title="DescriptionOfDiscountRatesUsedInCurrentEstimateOfValueInUse" />
    <link:label xlink:type="resource" xlink:label="label_DescriptionOfDiscountRatesUsedInCurrentEstimateOfValueInUse" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DescriptionOfDiscountRatesUsedInCurrentEstimateOfValueInUse" xml:lang="en-US" id="label_DescriptionOfDiscountRatesUsedInCurrentEstimateOfValueInUse">ifrs-full_DescriptionOfDiscountRatesUsedInCurrentEstimateOfValueInUse</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DescriptionOfDiscountRatesUsedInCurrentEstimateOfValueInUse" xlink:to="label_DescriptionOfDiscountRatesUsedInCurrentEstimateOfValueInUse" xlink:title="Label : DescriptionOfDiscountRatesUsedInCurrentEstimateOfValueInUse to label_DescriptionOfDiscountRatesUsedInCurrentEstimateOfValueInUse" />
    <link:label xlink:type="resource" xlink:label="label_DescriptionOfDiscountRatesUsedInCurrentEstimateOfValueInUse_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DescriptionOfDiscountRatesUsedInCurrentEstimateOfValueInUse_1" xml:lang="en-US" id="label_DescriptionOfDiscountRatesUsedInCurrentEstimateOfValueInUse_1">Discount rate used in current estimate of value in use</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DescriptionOfDiscountRatesUsedInCurrentEstimateOfValueInUse" xlink:to="label_DescriptionOfDiscountRatesUsedInCurrentEstimateOfValueInUse_1" xlink:title="Label : DescriptionOfDiscountRatesUsedInCurrentEstimateOfValueInUse to label_DescriptionOfDiscountRatesUsedInCurrentEstimateOfValueInUse_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_AmountByWhichUnitsRecoverableAmountExceedsItsCarryingAmount" xlink:label="AmountByWhichUnitsRecoverableAmountExceedsItsCarryingAmount" xlink:title="AmountByWhichUnitsRecoverableAmountExceedsItsCarryingAmount" />
    <link:label xlink:type="resource" xlink:label="label_AmountByWhichUnitsRecoverableAmountExceedsItsCarryingAmount" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AmountByWhichUnitsRecoverableAmountExceedsItsCarryingAmount" xml:lang="en-US" id="label_AmountByWhichUnitsRecoverableAmountExceedsItsCarryingAmount">ifrs-full_AmountByWhichUnitsRecoverableAmountExceedsItsCarryingAmount</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AmountByWhichUnitsRecoverableAmountExceedsItsCarryingAmount" xlink:to="label_AmountByWhichUnitsRecoverableAmountExceedsItsCarryingAmount" xlink:title="Label : AmountByWhichUnitsRecoverableAmountExceedsItsCarryingAmount to label_AmountByWhichUnitsRecoverableAmountExceedsItsCarryingAmount" />
    <link:label xlink:type="resource" xlink:label="label_AmountByWhichUnitsRecoverableAmountExceedsItsCarryingAmount_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_AmountByWhichUnitsRecoverableAmountExceedsItsCarryingAmount_1" xml:lang="en-US" id="label_AmountByWhichUnitsRecoverableAmountExceedsItsCarryingAmount_1">Amount by which unit's recoverable amount exceeds its carrying amount</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AmountByWhichUnitsRecoverableAmountExceedsItsCarryingAmount" xlink:to="label_AmountByWhichUnitsRecoverableAmountExceedsItsCarryingAmount_1" xlink:title="Label : AmountByWhichUnitsRecoverableAmountExceedsItsCarryingAmount to label_AmountByWhichUnitsRecoverableAmountExceedsItsCarryingAmount_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_NumberOfSharesOutstanding" xlink:label="NumberOfSharesOutstanding" xlink:title="NumberOfSharesOutstanding" />
    <link:label xlink:type="resource" xlink:label="label_NumberOfSharesOutstanding" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NumberOfSharesOutstanding" xml:lang="en-US" id="label_NumberOfSharesOutstanding">ifrs-full_NumberOfSharesOutstanding</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfSharesOutstanding" xlink:to="label_NumberOfSharesOutstanding" xlink:title="Label : NumberOfSharesOutstanding to label_NumberOfSharesOutstanding" />
    <link:label xlink:type="resource" xlink:label="label_NumberOfSharesOutstanding_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NumberOfSharesOutstanding_1" xml:lang="en-US" id="label_NumberOfSharesOutstanding_1">Number of shares outstanding at end of period (in shares)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfSharesOutstanding" xlink:to="label_NumberOfSharesOutstanding_1" xlink:title="Label : NumberOfSharesOutstanding to label_NumberOfSharesOutstanding_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_NumberOfVotesPerShare" xlink:label="NumberOfVotesPerShare" xlink:title="NumberOfVotesPerShare" />
    <link:label xlink:type="resource" xlink:label="label_NumberOfVotesPerShare" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NumberOfVotesPerShare" xml:lang="en-US" id="label_NumberOfVotesPerShare">ts_NumberOfVotesPerShare</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfVotesPerShare" xlink:to="label_NumberOfVotesPerShare" xlink:title="Label : NumberOfVotesPerShare to label_NumberOfVotesPerShare" />
    <link:label xlink:type="resource" xlink:label="label_NumberOfVotesPerShare_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NumberOfVotesPerShare_1" xml:lang="en-US" id="label_NumberOfVotesPerShare_1">Number of votes, per share</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfVotesPerShare" xlink:to="label_NumberOfVotesPerShare_1" xlink:title="Label : NumberOfVotesPerShare to label_NumberOfVotesPerShare_1" />
    <link:label xlink:type="resource" xlink:label="label_NumberOfVotesPerShare_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_NumberOfVotesPerShare_2" xml:lang="en-US" id="label_NumberOfVotesPerShare_2">Represents the number of votes given to each share of stock.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfVotesPerShare" xlink:to="label_NumberOfVotesPerShare_2" xlink:title="Label : NumberOfVotesPerShare to label_NumberOfVotesPerShare_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_LiabilityAssetOfDefinedBenefitPlans" xlink:label="LiabilityAssetOfDefinedBenefitPlans" xlink:title="LiabilityAssetOfDefinedBenefitPlans" />
    <link:label xlink:type="resource" xlink:label="label_LiabilityAssetOfDefinedBenefitPlans" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LiabilityAssetOfDefinedBenefitPlans" xml:lang="en-US" id="label_LiabilityAssetOfDefinedBenefitPlans">ifrs-full_LiabilityAssetOfDefinedBenefitPlans</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LiabilityAssetOfDefinedBenefitPlans" xlink:to="label_LiabilityAssetOfDefinedBenefitPlans" xlink:title="Label : LiabilityAssetOfDefinedBenefitPlans to label_LiabilityAssetOfDefinedBenefitPlans" />
    <link:label xlink:type="resource" xlink:label="label_LiabilityAssetOfDefinedBenefitPlans_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_LiabilityAssetOfDefinedBenefitPlans_1" xml:lang="en-US" id="label_LiabilityAssetOfDefinedBenefitPlans_1">Net defined benefit liability (asset) at end of period</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LiabilityAssetOfDefinedBenefitPlans" xlink:to="label_LiabilityAssetOfDefinedBenefitPlans_1" xlink:title="Label : LiabilityAssetOfDefinedBenefitPlans to label_LiabilityAssetOfDefinedBenefitPlans_1" />
    <link:label xlink:type="resource" xlink:label="label_LiabilityAssetOfDefinedBenefitPlans_2" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:title="label_LiabilityAssetOfDefinedBenefitPlans_2" xml:lang="en-US" id="label_LiabilityAssetOfDefinedBenefitPlans_2">Values at the beginning of the year</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LiabilityAssetOfDefinedBenefitPlans" xlink:to="label_LiabilityAssetOfDefinedBenefitPlans_2" xlink:title="Label : LiabilityAssetOfDefinedBenefitPlans to label_LiabilityAssetOfDefinedBenefitPlans_2" />
    <link:label xlink:type="resource" xlink:label="label_LiabilityAssetOfDefinedBenefitPlans_3" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:title="label_LiabilityAssetOfDefinedBenefitPlans_3" xml:lang="en-US" id="label_LiabilityAssetOfDefinedBenefitPlans_3">At the end of the year</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LiabilityAssetOfDefinedBenefitPlans" xlink:to="label_LiabilityAssetOfDefinedBenefitPlans_3" xlink:title="Label : LiabilityAssetOfDefinedBenefitPlans to label_LiabilityAssetOfDefinedBenefitPlans_3" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_NetDefinedContributionPlanLiabilityAssetAtEndOfPeriod" xlink:label="NetDefinedContributionPlanLiabilityAssetAtEndOfPeriod" xlink:title="NetDefinedContributionPlanLiabilityAssetAtEndOfPeriod" />
    <link:label xlink:type="resource" xlink:label="label_NetDefinedContributionPlanLiabilityAssetAtEndOfPeriod" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NetDefinedContributionPlanLiabilityAssetAtEndOfPeriod" xml:lang="en-US" id="label_NetDefinedContributionPlanLiabilityAssetAtEndOfPeriod">ts_NetDefinedContributionPlanLiabilityAssetAtEndOfPeriod</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NetDefinedContributionPlanLiabilityAssetAtEndOfPeriod" xlink:to="label_NetDefinedContributionPlanLiabilityAssetAtEndOfPeriod" xlink:title="Label : NetDefinedContributionPlanLiabilityAssetAtEndOfPeriod to label_NetDefinedContributionPlanLiabilityAssetAtEndOfPeriod" />
    <link:label xlink:type="resource" xlink:label="label_NetDefinedContributionPlanLiabilityAssetAtEndOfPeriod_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NetDefinedContributionPlanLiabilityAssetAtEndOfPeriod_1" xml:lang="en-US" id="label_NetDefinedContributionPlanLiabilityAssetAtEndOfPeriod_1">Net defined contribution plan liability (asset) at end of period</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NetDefinedContributionPlanLiabilityAssetAtEndOfPeriod" xlink:to="label_NetDefinedContributionPlanLiabilityAssetAtEndOfPeriod_1" xlink:title="Label : NetDefinedContributionPlanLiabilityAssetAtEndOfPeriod to label_NetDefinedContributionPlanLiabilityAssetAtEndOfPeriod_1" />
    <link:label xlink:type="resource" xlink:label="label_NetDefinedContributionPlanLiabilityAssetAtEndOfPeriod_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_NetDefinedContributionPlanLiabilityAssetAtEndOfPeriod_2" xml:lang="en-US" id="label_NetDefinedContributionPlanLiabilityAssetAtEndOfPeriod_2">The amount of deficit or surplus in a defined contribution plan, adjusted for any effect of limiting a net defined contribution asset to the asset ceiling.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NetDefinedContributionPlanLiabilityAssetAtEndOfPeriod" xlink:to="label_NetDefinedContributionPlanLiabilityAssetAtEndOfPeriod_2" xlink:title="Label : NetDefinedContributionPlanLiabilityAssetAtEndOfPeriod to label_NetDefinedContributionPlanLiabilityAssetAtEndOfPeriod_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_EmployeeBenefitsUnitVestingPeriod" xlink:label="EmployeeBenefitsUnitVestingPeriod" xlink:title="EmployeeBenefitsUnitVestingPeriod" />
    <link:label xlink:type="resource" xlink:label="label_EmployeeBenefitsUnitVestingPeriod" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EmployeeBenefitsUnitVestingPeriod" xml:lang="en-US" id="label_EmployeeBenefitsUnitVestingPeriod">ts_EmployeeBenefitsUnitVestingPeriod</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EmployeeBenefitsUnitVestingPeriod" xlink:to="label_EmployeeBenefitsUnitVestingPeriod" xlink:title="Label : EmployeeBenefitsUnitVestingPeriod to label_EmployeeBenefitsUnitVestingPeriod" />
    <link:label xlink:type="resource" xlink:label="label_EmployeeBenefitsUnitVestingPeriod_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_EmployeeBenefitsUnitVestingPeriod_1" xml:lang="en-US" id="label_EmployeeBenefitsUnitVestingPeriod_1">Employee benefits, unit vesting period (Year)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EmployeeBenefitsUnitVestingPeriod" xlink:to="label_EmployeeBenefitsUnitVestingPeriod_1" xlink:title="Label : EmployeeBenefitsUnitVestingPeriod to label_EmployeeBenefitsUnitVestingPeriod_1" />
    <link:label xlink:type="resource" xlink:label="label_EmployeeBenefitsUnitVestingPeriod_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_EmployeeBenefitsUnitVestingPeriod_2" xml:lang="en-US" id="label_EmployeeBenefitsUnitVestingPeriod_2">Represents the period that units under an employee retention and long term incentive program vest ratably.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EmployeeBenefitsUnitVestingPeriod" xlink:to="label_EmployeeBenefitsUnitVestingPeriod_2" xlink:title="Label : EmployeeBenefitsUnitVestingPeriod to label_EmployeeBenefitsUnitVestingPeriod_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_EmployeeBenefitsCompanyRedemptionPeriod" xlink:label="EmployeeBenefitsCompanyRedemptionPeriod" xlink:title="EmployeeBenefitsCompanyRedemptionPeriod" />
    <link:label xlink:type="resource" xlink:label="label_EmployeeBenefitsCompanyRedemptionPeriod" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EmployeeBenefitsCompanyRedemptionPeriod" xml:lang="en-US" id="label_EmployeeBenefitsCompanyRedemptionPeriod">ts_EmployeeBenefitsCompanyRedemptionPeriod</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EmployeeBenefitsCompanyRedemptionPeriod" xlink:to="label_EmployeeBenefitsCompanyRedemptionPeriod" xlink:title="Label : EmployeeBenefitsCompanyRedemptionPeriod to label_EmployeeBenefitsCompanyRedemptionPeriod" />
    <link:label xlink:type="resource" xlink:label="label_EmployeeBenefitsCompanyRedemptionPeriod_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_EmployeeBenefitsCompanyRedemptionPeriod_1" xml:lang="en-US" id="label_EmployeeBenefitsCompanyRedemptionPeriod_1">Employee benefits, company redemption period (Year)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EmployeeBenefitsCompanyRedemptionPeriod" xlink:to="label_EmployeeBenefitsCompanyRedemptionPeriod_1" xlink:title="Label : EmployeeBenefitsCompanyRedemptionPeriod to label_EmployeeBenefitsCompanyRedemptionPeriod_1" />
    <link:label xlink:type="resource" xlink:label="label_EmployeeBenefitsCompanyRedemptionPeriod_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_EmployeeBenefitsCompanyRedemptionPeriod_2" xml:lang="en-US" id="label_EmployeeBenefitsCompanyRedemptionPeriod_2">Represents the period at which the company will redeem units granted under the employee retention and long term inventive program.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EmployeeBenefitsCompanyRedemptionPeriod" xlink:to="label_EmployeeBenefitsCompanyRedemptionPeriod_2" xlink:title="Label : EmployeeBenefitsCompanyRedemptionPeriod to label_EmployeeBenefitsCompanyRedemptionPeriod_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_EmployeeBenefitsEarlyRedemptionPeriod" xlink:label="EmployeeBenefitsEarlyRedemptionPeriod" xlink:title="EmployeeBenefitsEarlyRedemptionPeriod" />
    <link:label xlink:type="resource" xlink:label="label_EmployeeBenefitsEarlyRedemptionPeriod" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EmployeeBenefitsEarlyRedemptionPeriod" xml:lang="en-US" id="label_EmployeeBenefitsEarlyRedemptionPeriod">ts_EmployeeBenefitsEarlyRedemptionPeriod</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EmployeeBenefitsEarlyRedemptionPeriod" xlink:to="label_EmployeeBenefitsEarlyRedemptionPeriod" xlink:title="Label : EmployeeBenefitsEarlyRedemptionPeriod to label_EmployeeBenefitsEarlyRedemptionPeriod" />
    <link:label xlink:type="resource" xlink:label="label_EmployeeBenefitsEarlyRedemptionPeriod_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_EmployeeBenefitsEarlyRedemptionPeriod_1" xml:lang="en-US" id="label_EmployeeBenefitsEarlyRedemptionPeriod_1">Employee benefits, early redemption period (Year)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EmployeeBenefitsEarlyRedemptionPeriod" xlink:to="label_EmployeeBenefitsEarlyRedemptionPeriod_1" xlink:title="Label : EmployeeBenefitsEarlyRedemptionPeriod to label_EmployeeBenefitsEarlyRedemptionPeriod_1" />
    <link:label xlink:type="resource" xlink:label="label_EmployeeBenefitsEarlyRedemptionPeriod_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_EmployeeBenefitsEarlyRedemptionPeriod_2" xml:lang="en-US" id="label_EmployeeBenefitsEarlyRedemptionPeriod_2">Represents the period that the company may exercise an option to for early redemption of units granted under the employee retention and long term incentive program.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EmployeeBenefitsEarlyRedemptionPeriod" xlink:to="label_EmployeeBenefitsEarlyRedemptionPeriod_2" xlink:title="Label : EmployeeBenefitsEarlyRedemptionPeriod to label_EmployeeBenefitsEarlyRedemptionPeriod_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_CarryingValueOfUnitsGranted" xlink:label="CarryingValueOfUnitsGranted" xlink:title="CarryingValueOfUnitsGranted" />
    <link:label xlink:type="resource" xlink:label="label_CarryingValueOfUnitsGranted" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CarryingValueOfUnitsGranted" xml:lang="en-US" id="label_CarryingValueOfUnitsGranted">ts_CarryingValueOfUnitsGranted</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CarryingValueOfUnitsGranted" xlink:to="label_CarryingValueOfUnitsGranted" xlink:title="Label : CarryingValueOfUnitsGranted to label_CarryingValueOfUnitsGranted" />
    <link:label xlink:type="resource" xlink:label="label_CarryingValueOfUnitsGranted_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CarryingValueOfUnitsGranted_1" xml:lang="en-US" id="label_CarryingValueOfUnitsGranted_1">Carrying value of units granted</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CarryingValueOfUnitsGranted" xlink:to="label_CarryingValueOfUnitsGranted_1" xlink:title="Label : CarryingValueOfUnitsGranted to label_CarryingValueOfUnitsGranted_1" />
    <link:label xlink:type="resource" xlink:label="label_CarryingValueOfUnitsGranted_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CarryingValueOfUnitsGranted_2" xml:lang="en-US" id="label_CarryingValueOfUnitsGranted_2">Represents the carrying value of units granted to date under the employee retention and long term incentive program.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CarryingValueOfUnitsGranted" xlink:to="label_CarryingValueOfUnitsGranted_2" xlink:title="Label : CarryingValueOfUnitsGranted to label_CarryingValueOfUnitsGranted_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DilutiveEffectOfShareOptionsOnNumberOfOrdinaryShares" xlink:label="DilutiveEffectOfShareOptionsOnNumberOfOrdinaryShares" xlink:title="DilutiveEffectOfShareOptionsOnNumberOfOrdinaryShares" />
    <link:label xlink:type="resource" xlink:label="label_DilutiveEffectOfShareOptionsOnNumberOfOrdinaryShares" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DilutiveEffectOfShareOptionsOnNumberOfOrdinaryShares" xml:lang="en-US" id="label_DilutiveEffectOfShareOptionsOnNumberOfOrdinaryShares">ifrs-full_DilutiveEffectOfShareOptionsOnNumberOfOrdinaryShares</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DilutiveEffectOfShareOptionsOnNumberOfOrdinaryShares" xlink:to="label_DilutiveEffectOfShareOptionsOnNumberOfOrdinaryShares" xlink:title="Label : DilutiveEffectOfShareOptionsOnNumberOfOrdinaryShares to label_DilutiveEffectOfShareOptionsOnNumberOfOrdinaryShares" />
    <link:label xlink:type="resource" xlink:label="label_DilutiveEffectOfShareOptionsOnNumberOfOrdinaryShares_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DilutiveEffectOfShareOptionsOnNumberOfOrdinaryShares_1" xml:lang="en-US" id="label_DilutiveEffectOfShareOptionsOnNumberOfOrdinaryShares_1">Dilutive effect of share options on number of ordinary shares (in shares)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DilutiveEffectOfShareOptionsOnNumberOfOrdinaryShares" xlink:to="label_DilutiveEffectOfShareOptionsOnNumberOfOrdinaryShares_1" xlink:title="Label : DilutiveEffectOfShareOptionsOnNumberOfOrdinaryShares to label_DilutiveEffectOfShareOptionsOnNumberOfOrdinaryShares_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis" xlink:label="ClassesOfPropertyPlantAndEquipmentAxis" xlink:title="ClassesOfPropertyPlantAndEquipmentAxis" />
    <link:label xlink:type="resource" xlink:label="label_ClassesOfPropertyPlantAndEquipmentAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ClassesOfPropertyPlantAndEquipmentAxis" xml:lang="en-US" id="label_ClassesOfPropertyPlantAndEquipmentAxis">Classes of property, plant and equipment [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ClassesOfPropertyPlantAndEquipmentAxis" xlink:to="label_ClassesOfPropertyPlantAndEquipmentAxis" xlink:title="Label : ClassesOfPropertyPlantAndEquipmentAxis to label_ClassesOfPropertyPlantAndEquipmentAxis" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_PropertyPlantAndEquipmentMember" xlink:label="PropertyPlantAndEquipmentMember" xlink:title="PropertyPlantAndEquipmentMember" />
    <link:label xlink:type="resource" xlink:label="label_PropertyPlantAndEquipmentMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PropertyPlantAndEquipmentMember" xml:lang="en-US" id="label_PropertyPlantAndEquipmentMember">Property, plant and equipment [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PropertyPlantAndEquipmentMember" xlink:to="label_PropertyPlantAndEquipmentMember" xlink:title="Label : PropertyPlantAndEquipmentMember to label_PropertyPlantAndEquipmentMember" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_BuildingsAndImprovementsMember" xlink:label="BuildingsAndImprovementsMember" xlink:title="BuildingsAndImprovementsMember" />
    <link:label xlink:type="resource" xlink:label="label_BuildingsAndImprovementsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_BuildingsAndImprovementsMember" xml:lang="en-US" id="label_BuildingsAndImprovementsMember">Buildings and improvements [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BuildingsAndImprovementsMember" xlink:to="label_BuildingsAndImprovementsMember" xlink:title="Label : BuildingsAndImprovementsMember to label_BuildingsAndImprovementsMember" />
    <link:label xlink:type="resource" xlink:label="label_BuildingsAndImprovementsMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_BuildingsAndImprovementsMember_1" xml:lang="en-US" id="label_BuildingsAndImprovementsMember_1">This member stands for a class of property, plant and equipment representing buildings and equipment held by the entity for use in operations.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BuildingsAndImprovementsMember" xlink:to="label_BuildingsAndImprovementsMember_1" xlink:title="Label : BuildingsAndImprovementsMember to label_BuildingsAndImprovementsMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_PlantAndProductionEquipmentMember" xlink:label="PlantAndProductionEquipmentMember" xlink:title="PlantAndProductionEquipmentMember" />
    <link:label xlink:type="resource" xlink:label="label_PlantAndProductionEquipmentMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PlantAndProductionEquipmentMember" xml:lang="en-US" id="label_PlantAndProductionEquipmentMember">Plant and production equipment [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PlantAndProductionEquipmentMember" xlink:to="label_PlantAndProductionEquipmentMember" xlink:title="Label : PlantAndProductionEquipmentMember to label_PlantAndProductionEquipmentMember" />
    <link:label xlink:type="resource" xlink:label="label_PlantAndProductionEquipmentMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_PlantAndProductionEquipmentMember_1" xml:lang="en-US" id="label_PlantAndProductionEquipmentMember_1">This member stands for a class of property, plant and equipment representing plant and production equipment used in operations.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PlantAndProductionEquipmentMember" xlink:to="label_PlantAndProductionEquipmentMember_1" xlink:title="Label : PlantAndProductionEquipmentMember to label_PlantAndProductionEquipmentMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_VehiclesFurnitureAndFixturesAndOtherEquipmentMember" xlink:label="VehiclesFurnitureAndFixturesAndOtherEquipmentMember" xlink:title="VehiclesFurnitureAndFixturesAndOtherEquipmentMember" />
    <link:label xlink:type="resource" xlink:label="label_VehiclesFurnitureAndFixturesAndOtherEquipmentMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_VehiclesFurnitureAndFixturesAndOtherEquipmentMember" xml:lang="en-US" id="label_VehiclesFurnitureAndFixturesAndOtherEquipmentMember">Vehicles, furniture and fixtures, and other equipment [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="VehiclesFurnitureAndFixturesAndOtherEquipmentMember" xlink:to="label_VehiclesFurnitureAndFixturesAndOtherEquipmentMember" xlink:title="Label : VehiclesFurnitureAndFixturesAndOtherEquipmentMember to label_VehiclesFurnitureAndFixturesAndOtherEquipmentMember" />
    <link:label xlink:type="resource" xlink:label="label_VehiclesFurnitureAndFixturesAndOtherEquipmentMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_VehiclesFurnitureAndFixturesAndOtherEquipmentMember_1" xml:lang="en-US" id="label_VehiclesFurnitureAndFixturesAndOtherEquipmentMember_1">This member stands for a class of property, plant and equipment representing vehicles, furniture and fixtures, and other equipment held by the entity for use in operations.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="VehiclesFurnitureAndFixturesAndOtherEquipmentMember" xlink:to="label_VehiclesFurnitureAndFixturesAndOtherEquipmentMember_1" xlink:title="Label : VehiclesFurnitureAndFixturesAndOtherEquipmentMember to label_VehiclesFurnitureAndFixturesAndOtherEquipmentMember_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_UnobservableInputsAxis" xlink:label="UnobservableInputsAxis" xlink:title="UnobservableInputsAxis" />
    <link:label xlink:type="resource" xlink:label="label_UnobservableInputsAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_UnobservableInputsAxis" xml:lang="en-US" id="label_UnobservableInputsAxis">Unobservable inputs [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="UnobservableInputsAxis" xlink:to="label_UnobservableInputsAxis" xlink:title="Label : UnobservableInputsAxis to label_UnobservableInputsAxis" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_UnobservableInputsMember" xlink:label="UnobservableInputsMember" xlink:title="UnobservableInputsMember" />
    <link:label xlink:type="resource" xlink:label="label_UnobservableInputsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_UnobservableInputsMember" xml:lang="en-US" id="label_UnobservableInputsMember">Unobservable inputs [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="UnobservableInputsMember" xlink:to="label_UnobservableInputsMember" xlink:title="Label : UnobservableInputsMember to label_UnobservableInputsMember" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DiscountRateMeasurementInputMember" xlink:label="DiscountRateMeasurementInputMember" xlink:title="DiscountRateMeasurementInputMember" />
    <link:label xlink:type="resource" xlink:label="label_DiscountRateMeasurementInputMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DiscountRateMeasurementInputMember" xml:lang="en-US" id="label_DiscountRateMeasurementInputMember">Discount rate, measurement input [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DiscountRateMeasurementInputMember" xlink:to="label_DiscountRateMeasurementInputMember" xlink:title="Label : DiscountRateMeasurementInputMember to label_DiscountRateMeasurementInputMember" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_GrowthRateMeasurementInputMember" xlink:label="GrowthRateMeasurementInputMember" xlink:title="GrowthRateMeasurementInputMember" />
    <link:label xlink:type="resource" xlink:label="label_GrowthRateMeasurementInputMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_GrowthRateMeasurementInputMember" xml:lang="en-US" id="label_GrowthRateMeasurementInputMember">Growth rate, measurement input [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GrowthRateMeasurementInputMember" xlink:to="label_GrowthRateMeasurementInputMember" xlink:title="Label : GrowthRateMeasurementInputMember to label_GrowthRateMeasurementInputMember" />
    <link:label xlink:type="resource" xlink:label="label_GrowthRateMeasurementInputMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_GrowthRateMeasurementInputMember_1" xml:lang="en-US" id="label_GrowthRateMeasurementInputMember_1">This member stands for a growth rate used as a measurement input.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GrowthRateMeasurementInputMember" xlink:to="label_GrowthRateMeasurementInputMember_1" xlink:title="Label : GrowthRateMeasurementInputMember to label_GrowthRateMeasurementInputMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_ProjectedChangeRateInFutureCashFlowsMeasurementInputMember" xlink:label="ProjectedChangeRateInFutureCashFlowsMeasurementInputMember" xlink:title="ProjectedChangeRateInFutureCashFlowsMeasurementInputMember" />
    <link:label xlink:type="resource" xlink:label="label_ProjectedChangeRateInFutureCashFlowsMeasurementInputMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ProjectedChangeRateInFutureCashFlowsMeasurementInputMember" xml:lang="en-US" id="label_ProjectedChangeRateInFutureCashFlowsMeasurementInputMember">Projected change rate in future cash flows, measurement input [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProjectedChangeRateInFutureCashFlowsMeasurementInputMember" xlink:to="label_ProjectedChangeRateInFutureCashFlowsMeasurementInputMember" xlink:title="Label : ProjectedChangeRateInFutureCashFlowsMeasurementInputMember to label_ProjectedChangeRateInFutureCashFlowsMeasurementInputMember" />
    <link:label xlink:type="resource" xlink:label="label_ProjectedChangeRateInFutureCashFlowsMeasurementInputMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ProjectedChangeRateInFutureCashFlowsMeasurementInputMember_1" xml:lang="en-US" id="label_ProjectedChangeRateInFutureCashFlowsMeasurementInputMember_1">This member stands for the rate of change in projected cash flows as a measurement input.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProjectedChangeRateInFutureCashFlowsMeasurementInputMember" xlink:to="label_ProjectedChangeRateInFutureCashFlowsMeasurementInputMember_1" xlink:title="Label : ProjectedChangeRateInFutureCashFlowsMeasurementInputMember to label_ProjectedChangeRateInFutureCashFlowsMeasurementInputMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_AmountByWhichValueAssignedToKeyAssumptionMustChangeInOrderForUnitsRecoverableAmountToBeEqualToCarryingAmountPercentage" xlink:label="AmountByWhichValueAssignedToKeyAssumptionMustChangeInOrderForUnitsRecoverableAmountToBeEqualToCarryingAmountPercentage" xlink:title="AmountByWhichValueAssignedToKeyAssumptionMustChangeInOrderForUnitsRecoverableAmountToBeEqualToCarryingAmountPercentage" />
    <link:label xlink:type="resource" xlink:label="label_AmountByWhichValueAssignedToKeyAssumptionMustChangeInOrderForUnitsRecoverableAmountToBeEqualToCarryingAmountPercentage" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AmountByWhichValueAssignedToKeyAssumptionMustChangeInOrderForUnitsRecoverableAmountToBeEqualToCarryingAmountPercentage" xml:lang="en-US" id="label_AmountByWhichValueAssignedToKeyAssumptionMustChangeInOrderForUnitsRecoverableAmountToBeEqualToCarryingAmountPercentage">Increase (decrease) in key assumption</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AmountByWhichValueAssignedToKeyAssumptionMustChangeInOrderForUnitsRecoverableAmountToBeEqualToCarryingAmountPercentage" xlink:to="label_AmountByWhichValueAssignedToKeyAssumptionMustChangeInOrderForUnitsRecoverableAmountToBeEqualToCarryingAmountPercentage" xlink:title="Label : AmountByWhichValueAssignedToKeyAssumptionMustChangeInOrderForUnitsRecoverableAmountToBeEqualToCarryingAmountPercentage to label_AmountByWhichValueAssignedToKeyAssumptionMustChangeInOrderForUnitsRecoverableAmountToBeEqualToCarryingAmountPercentage" />
    <link:label xlink:type="resource" xlink:label="label_AmountByWhichValueAssignedToKeyAssumptionMustChangeInOrderForUnitsRecoverableAmountToBeEqualToCarryingAmountPercentage_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_AmountByWhichValueAssignedToKeyAssumptionMustChangeInOrderForUnitsRecoverableAmountToBeEqualToCarryingAmountPercentage_1" xml:lang="en-US" id="label_AmountByWhichValueAssignedToKeyAssumptionMustChangeInOrderForUnitsRecoverableAmountToBeEqualToCarryingAmountPercentage_1">The amount by which value that has been assigned to a key assumption must change in order for a unit's recoverable amount to be equal to its carrying amount, expressed as a percentage.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AmountByWhichValueAssignedToKeyAssumptionMustChangeInOrderForUnitsRecoverableAmountToBeEqualToCarryingAmountPercentage" xlink:to="label_AmountByWhichValueAssignedToKeyAssumptionMustChangeInOrderForUnitsRecoverableAmountToBeEqualToCarryingAmountPercentage_1" xlink:title="Label : AmountByWhichValueAssignedToKeyAssumptionMustChangeInOrderForUnitsRecoverableAmountToBeEqualToCarryingAmountPercentage to label_AmountByWhichValueAssignedToKeyAssumptionMustChangeInOrderForUnitsRecoverableAmountToBeEqualToCarryingAmountPercentage_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_DebtToEquityRatio" xlink:label="DebtToEquityRatio" xlink:title="DebtToEquityRatio" />
    <link:label xlink:type="resource" xlink:label="label_DebtToEquityRatio" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DebtToEquityRatio" xml:lang="en-US" id="label_DebtToEquityRatio">ts_DebtToEquityRatio</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DebtToEquityRatio" xlink:to="label_DebtToEquityRatio" xlink:title="Label : DebtToEquityRatio to label_DebtToEquityRatio" />
    <link:label xlink:type="resource" xlink:label="label_DebtToEquityRatio_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DebtToEquityRatio_1" xml:lang="en-US" id="label_DebtToEquityRatio_1">Debt to equity ratio</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DebtToEquityRatio" xlink:to="label_DebtToEquityRatio_1" xlink:title="Label : DebtToEquityRatio to label_DebtToEquityRatio_1" />
    <link:label xlink:type="resource" xlink:label="label_DebtToEquityRatio_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DebtToEquityRatio_2" xml:lang="en-US" id="label_DebtToEquityRatio_2">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).</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DebtToEquityRatio" xlink:to="label_DebtToEquityRatio_2" xlink:title="Label : DebtToEquityRatio to label_DebtToEquityRatio_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_ForeignExchangeRiskCurrencyExposure" xlink:label="ForeignExchangeRiskCurrencyExposure" xlink:title="ForeignExchangeRiskCurrencyExposure" />
    <link:label xlink:type="resource" xlink:label="label_ForeignExchangeRiskCurrencyExposure" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ForeignExchangeRiskCurrencyExposure" xml:lang="en-US" id="label_ForeignExchangeRiskCurrencyExposure">The amount of currency exposure which impact profit and loss expressed as long/(short).</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ForeignExchangeRiskCurrencyExposure" xlink:to="label_ForeignExchangeRiskCurrencyExposure" xlink:title="Label : ForeignExchangeRiskCurrencyExposure to label_ForeignExchangeRiskCurrencyExposure" />
    <link:label xlink:type="resource" xlink:label="label_ForeignExchangeRiskCurrencyExposure_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ForeignExchangeRiskCurrencyExposure_1" xml:lang="en-US" id="label_ForeignExchangeRiskCurrencyExposure_1">Foreign exchange risk, currency exposure</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ForeignExchangeRiskCurrencyExposure" xlink:to="label_ForeignExchangeRiskCurrencyExposure_1" xlink:title="Label : ForeignExchangeRiskCurrencyExposure to label_ForeignExchangeRiskCurrencyExposure_1" />
    <link:label xlink:type="resource" xlink:label="label_ForeignExchangeRiskCurrencyExposure_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ForeignExchangeRiskCurrencyExposure_2" xml:lang="en-US" id="label_ForeignExchangeRiskCurrencyExposure_2">Currency exposure / functional currency</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ForeignExchangeRiskCurrencyExposure" xlink:to="label_ForeignExchangeRiskCurrencyExposure_2" xlink:title="Label : ForeignExchangeRiskCurrencyExposure to label_ForeignExchangeRiskCurrencyExposure_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_ReserveOfExchangeDifferencesOnTranslation" xlink:label="ReserveOfExchangeDifferencesOnTranslation" xlink:title="ReserveOfExchangeDifferencesOnTranslation" />
    <link:label xlink:type="resource" xlink:label="label_ReserveOfExchangeDifferencesOnTranslation" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ReserveOfExchangeDifferencesOnTranslation" xml:lang="en-US" id="label_ReserveOfExchangeDifferencesOnTranslation">ifrs-full_ReserveOfExchangeDifferencesOnTranslation</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ReserveOfExchangeDifferencesOnTranslation" xlink:to="label_ReserveOfExchangeDifferencesOnTranslation" xlink:title="Label : ReserveOfExchangeDifferencesOnTranslation to label_ReserveOfExchangeDifferencesOnTranslation" />
    <link:label xlink:type="resource" xlink:label="label_ReserveOfExchangeDifferencesOnTranslation_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ReserveOfExchangeDifferencesOnTranslation_1" xml:lang="en-US" id="label_ReserveOfExchangeDifferencesOnTranslation_1">Reserve of exchange differences on translation</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ReserveOfExchangeDifferencesOnTranslation" xlink:to="label_ReserveOfExchangeDifferencesOnTranslation_1" xlink:title="Label : ReserveOfExchangeDifferencesOnTranslation to label_ReserveOfExchangeDifferencesOnTranslation_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_Borrowings" xlink:label="Borrowings" xlink:title="Borrowings" />
    <link:label xlink:type="resource" xlink:label="label_Borrowings" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_Borrowings" xml:lang="en-US" id="label_Borrowings">Significant borrowings as of closing date</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Borrowings" xlink:to="label_Borrowings" xlink:title="Label : Borrowings to label_Borrowings" />
    <link:label xlink:type="resource" xlink:label="label_Borrowings_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_Borrowings_1" xml:lang="en-US" id="label_Borrowings_1">Borrowings C and NC</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Borrowings" xlink:to="label_Borrowings_1" xlink:title="Label : Borrowings to label_Borrowings_1" />
    <link:label xlink:type="resource" xlink:label="label_Borrowings_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_Borrowings_2" xml:lang="en-US" id="label_Borrowings_2">Total borrowings</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Borrowings" xlink:to="label_Borrowings_2" xlink:title="Label : Borrowings to label_Borrowings_2" />
    <link:label xlink:type="resource" xlink:label="label_Borrowings_3" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_Borrowings_3" xml:lang="en-US" id="label_Borrowings_3">Total Borrowings</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Borrowings" xlink:to="label_Borrowings_3" xlink:title="Label : Borrowings to label_Borrowings_3" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_ShorttermBorrowings" xlink:label="ShorttermBorrowings" xlink:title="ShorttermBorrowings" />
    <link:label xlink:type="resource" xlink:label="label_ShorttermBorrowings" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ShorttermBorrowings" xml:lang="en-US" id="label_ShorttermBorrowings">ifrs-full_ShorttermBorrowings</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ShorttermBorrowings" xlink:to="label_ShorttermBorrowings" xlink:title="Label : ShorttermBorrowings to label_ShorttermBorrowings" />
    <link:label xlink:type="resource" xlink:label="label_ShorttermBorrowings_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ShorttermBorrowings_1" xml:lang="en-US" id="label_ShorttermBorrowings_1">Current borrowings</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ShorttermBorrowings" xlink:to="label_ShorttermBorrowings_1" xlink:title="Label : ShorttermBorrowings to label_ShorttermBorrowings_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_GainLossOnInterestRateRiskIfMarketInterestRatesWereHigher" xlink:label="GainLossOnInterestRateRiskIfMarketInterestRatesWereHigher" xlink:title="GainLossOnInterestRateRiskIfMarketInterestRatesWereHigher" />
    <link:label xlink:type="resource" xlink:label="label_GainLossOnInterestRateRiskIfMarketInterestRatesWereHigher" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_GainLossOnInterestRateRiskIfMarketInterestRatesWereHigher" xml:lang="en-US" id="label_GainLossOnInterestRateRiskIfMarketInterestRatesWereHigher">ts_GainLossOnInterestRateRiskIfMarketInterestRatesWereHigher</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GainLossOnInterestRateRiskIfMarketInterestRatesWereHigher" xlink:to="label_GainLossOnInterestRateRiskIfMarketInterestRatesWereHigher" xlink:title="Label : GainLossOnInterestRateRiskIfMarketInterestRatesWereHigher to label_GainLossOnInterestRateRiskIfMarketInterestRatesWereHigher" />
    <link:label xlink:type="resource" xlink:label="label_GainLossOnInterestRateRiskIfMarketInterestRatesWereHigher_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_GainLossOnInterestRateRiskIfMarketInterestRatesWereHigher_1" xml:lang="en-US" id="label_GainLossOnInterestRateRiskIfMarketInterestRatesWereHigher_1">Gain (loss) on interest rate risk if market interest rates were higher</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GainLossOnInterestRateRiskIfMarketInterestRatesWereHigher" xlink:to="label_GainLossOnInterestRateRiskIfMarketInterestRatesWereHigher_1" xlink:title="Label : GainLossOnInterestRateRiskIfMarketInterestRatesWereHigher to label_GainLossOnInterestRateRiskIfMarketInterestRatesWereHigher_1" />
    <link:label xlink:type="resource" xlink:label="label_GainLossOnInterestRateRiskIfMarketInterestRatesWereHigher_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_GainLossOnInterestRateRiskIfMarketInterestRatesWereHigher_2" xml:lang="en-US" id="label_GainLossOnInterestRateRiskIfMarketInterestRatesWereHigher_2">The amount of potential gain (loss) on interest rate risk if the market interest rates were higher.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GainLossOnInterestRateRiskIfMarketInterestRatesWereHigher" xlink:to="label_GainLossOnInterestRateRiskIfMarketInterestRatesWereHigher_2" xlink:title="Label : GainLossOnInterestRateRiskIfMarketInterestRatesWereHigher to label_GainLossOnInterestRateRiskIfMarketInterestRatesWereHigher_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_CreditExposure" xlink:label="CreditExposure" xlink:title="CreditExposure" />
    <link:label xlink:type="resource" xlink:label="label_CreditExposure" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CreditExposure" xml:lang="en-US" id="label_CreditExposure">ifrs-full_CreditExposure</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CreditExposure" xlink:to="label_CreditExposure" xlink:title="Label : CreditExposure to label_CreditExposure" />
    <link:label xlink:type="resource" xlink:label="label_CreditExposure_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CreditExposure_1" xml:lang="en-US" id="label_CreditExposure_1">Credit exposure</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CreditExposure" xlink:to="label_CreditExposure_1" xlink:title="Label : CreditExposure to label_CreditExposure_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_ConcentrationRiskPercentage" xlink:label="ConcentrationRiskPercentage" xlink:title="ConcentrationRiskPercentage" />
    <link:label xlink:type="resource" xlink:label="label_ConcentrationRiskPercentage" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ConcentrationRiskPercentage" xml:lang="en-US" id="label_ConcentrationRiskPercentage">Percentage</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ConcentrationRiskPercentage" xlink:to="label_ConcentrationRiskPercentage" xlink:title="Label : ConcentrationRiskPercentage to label_ConcentrationRiskPercentage" />
    <link:label xlink:type="resource" xlink:label="label_ConcentrationRiskPercentage_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ConcentrationRiskPercentage_1" xml:lang="en-US" id="label_ConcentrationRiskPercentage_1">Concentration Risk, percentage</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ConcentrationRiskPercentage" xlink:to="label_ConcentrationRiskPercentage_1" xlink:title="Label : ConcentrationRiskPercentage to label_ConcentrationRiskPercentage_1" />
    <link:label xlink:type="resource" xlink:label="label_ConcentrationRiskPercentage_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ConcentrationRiskPercentage_2" xml:lang="en-US" id="label_ConcentrationRiskPercentage_2">For an entity that discloses a concentration risk in relation to quantitative amount, which serves as the "benchmark" (or denominator) in the equation, this concept represents the concentration percentage derived from the division.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ConcentrationRiskPercentage" xlink:to="label_ConcentrationRiskPercentage_2" xlink:title="Label : ConcentrationRiskPercentage to label_ConcentrationRiskPercentage_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_OtherProvisions" xlink:label="OtherProvisions" xlink:title="OtherProvisions" />
    <link:label xlink:type="resource" xlink:label="label_OtherProvisions" xlink:role="http://www.xbrl.org/2009/role/negatedPeriodStartLabel" xlink:title="label_OtherProvisions" xml:lang="en-US" id="label_OtherProvisions">Values at the beginning of the year</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherProvisions" xlink:to="label_OtherProvisions" xlink:title="Label : OtherProvisions to label_OtherProvisions" />
    <link:label xlink:type="resource" xlink:label="label_OtherProvisions_1" xlink:role="http://www.xbrl.org/2009/role/negatedPeriodEndLabel" xlink:title="label_OtherProvisions_1" xml:lang="en-US" id="label_OtherProvisions_1">Values at the end of the year</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherProvisions" xlink:to="label_OtherProvisions_1" xlink:title="Label : OtherProvisions to label_OtherProvisions_1" />
    <link:label xlink:type="resource" xlink:label="label_OtherProvisions_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OtherProvisions_2" xml:lang="en-US" id="label_OtherProvisions_2">ifrs-full_OtherProvisions</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherProvisions" xlink:to="label_OtherProvisions_2" xlink:title="Label : OtherProvisions to label_OtherProvisions_2" />
    <link:label xlink:type="resource" xlink:label="label_OtherProvisions_3" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_OtherProvisions_3" xml:lang="en-US" id="label_OtherProvisions_3">Total other provisions</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherProvisions" xlink:to="label_OtherProvisions_3" xlink:title="Label : OtherProvisions to label_OtherProvisions_3" />
    <link:label xlink:type="resource" xlink:label="label_OtherProvisions_4" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:title="label_OtherProvisions_4" xml:lang="en-US" id="label_OtherProvisions_4">Values at the beginning of the year</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherProvisions" xlink:to="label_OtherProvisions_4" xlink:title="Label : OtherProvisions to label_OtherProvisions_4" />
    <link:label xlink:type="resource" xlink:label="label_OtherProvisions_5" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:title="label_OtherProvisions_5" xml:lang="en-US" id="label_OtherProvisions_5">Values at the end of the year</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherProvisions" xlink:to="label_OtherProvisions_5" xlink:title="Label : OtherProvisions to label_OtherProvisions_5" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_LiquidFinancialAssetsPercentage" xlink:label="LiquidFinancialAssetsPercentage" xlink:title="LiquidFinancialAssetsPercentage" />
    <link:label xlink:type="resource" xlink:label="label_LiquidFinancialAssetsPercentage" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LiquidFinancialAssetsPercentage" xml:lang="en-US" id="label_LiquidFinancialAssetsPercentage">ts_LiquidFinancialAssetsPercentage</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LiquidFinancialAssetsPercentage" xlink:to="label_LiquidFinancialAssetsPercentage" xlink:title="Label : LiquidFinancialAssetsPercentage to label_LiquidFinancialAssetsPercentage" />
    <link:label xlink:type="resource" xlink:label="label_LiquidFinancialAssetsPercentage_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_LiquidFinancialAssetsPercentage_1" xml:lang="en-US" id="label_LiquidFinancialAssetsPercentage_1">Liquid financial assets, percentage</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LiquidFinancialAssetsPercentage" xlink:to="label_LiquidFinancialAssetsPercentage_1" xlink:title="Label : LiquidFinancialAssetsPercentage to label_LiquidFinancialAssetsPercentage_1" />
    <link:label xlink:type="resource" xlink:label="label_LiquidFinancialAssetsPercentage_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_LiquidFinancialAssetsPercentage_2" xml:lang="en-US" id="label_LiquidFinancialAssetsPercentage_2">The percentage of assets held that are liquid.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LiquidFinancialAssetsPercentage" xlink:to="label_LiquidFinancialAssetsPercentage_2" xlink:title="Label : LiquidFinancialAssetsPercentage to label_LiquidFinancialAssetsPercentage_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_LiquidFinancialAssetsPercentageDenominatedByASpecificCurrency" xlink:label="LiquidFinancialAssetsPercentageDenominatedByASpecificCurrency" xlink:title="LiquidFinancialAssetsPercentageDenominatedByASpecificCurrency" />
    <link:label xlink:type="resource" xlink:label="label_LiquidFinancialAssetsPercentageDenominatedByASpecificCurrency" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LiquidFinancialAssetsPercentageDenominatedByASpecificCurrency" xml:lang="en-US" id="label_LiquidFinancialAssetsPercentageDenominatedByASpecificCurrency">ts_LiquidFinancialAssetsPercentageDenominatedByASpecificCurrency</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LiquidFinancialAssetsPercentageDenominatedByASpecificCurrency" xlink:to="label_LiquidFinancialAssetsPercentageDenominatedByASpecificCurrency" xlink:title="Label : LiquidFinancialAssetsPercentageDenominatedByASpecificCurrency to label_LiquidFinancialAssetsPercentageDenominatedByASpecificCurrency" />
    <link:label xlink:type="resource" xlink:label="label_LiquidFinancialAssetsPercentageDenominatedByASpecificCurrency_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_LiquidFinancialAssetsPercentageDenominatedByASpecificCurrency_1" xml:lang="en-US" id="label_LiquidFinancialAssetsPercentageDenominatedByASpecificCurrency_1">Liquid financial assets, percentage denominated by a specific currency</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LiquidFinancialAssetsPercentageDenominatedByASpecificCurrency" xlink:to="label_LiquidFinancialAssetsPercentageDenominatedByASpecificCurrency_1" xlink:title="Label : LiquidFinancialAssetsPercentageDenominatedByASpecificCurrency to label_LiquidFinancialAssetsPercentageDenominatedByASpecificCurrency_1" />
    <link:label xlink:type="resource" xlink:label="label_LiquidFinancialAssetsPercentageDenominatedByASpecificCurrency_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_LiquidFinancialAssetsPercentageDenominatedByASpecificCurrency_2" xml:lang="en-US" id="label_LiquidFinancialAssetsPercentageDenominatedByASpecificCurrency_2">The percentage of liquid financial assets that are denominated by a specific currency.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LiquidFinancialAssetsPercentageDenominatedByASpecificCurrency" xlink:to="label_LiquidFinancialAssetsPercentageDenominatedByASpecificCurrency_2" xlink:title="Label : LiquidFinancialAssetsPercentageDenominatedByASpecificCurrency to label_LiquidFinancialAssetsPercentageDenominatedByASpecificCurrency_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_TransfersOutOfLevel1IntoLevel2OfFairValueHierarchyAssets" xlink:label="TransfersOutOfLevel1IntoLevel2OfFairValueHierarchyAssets" xlink:title="TransfersOutOfLevel1IntoLevel2OfFairValueHierarchyAssets" />
    <link:label xlink:type="resource" xlink:label="label_TransfersOutOfLevel1IntoLevel2OfFairValueHierarchyAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TransfersOutOfLevel1IntoLevel2OfFairValueHierarchyAssets" xml:lang="en-US" id="label_TransfersOutOfLevel1IntoLevel2OfFairValueHierarchyAssets">ifrs-full_TransfersOutOfLevel1IntoLevel2OfFairValueHierarchyAssets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TransfersOutOfLevel1IntoLevel2OfFairValueHierarchyAssets" xlink:to="label_TransfersOutOfLevel1IntoLevel2OfFairValueHierarchyAssets" xlink:title="Label : TransfersOutOfLevel1IntoLevel2OfFairValueHierarchyAssets to label_TransfersOutOfLevel1IntoLevel2OfFairValueHierarchyAssets" />
    <link:label xlink:type="resource" xlink:label="label_TransfersOutOfLevel1IntoLevel2OfFairValueHierarchyAssets_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_TransfersOutOfLevel1IntoLevel2OfFairValueHierarchyAssets_1" xml:lang="en-US" id="label_TransfersOutOfLevel1IntoLevel2OfFairValueHierarchyAssets_1">Transfers out of Level 1 into Level 2 of fair value hierarchy, assets held at end of reporting period</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TransfersOutOfLevel1IntoLevel2OfFairValueHierarchyAssets" xlink:to="label_TransfersOutOfLevel1IntoLevel2OfFairValueHierarchyAssets_1" xlink:title="Label : TransfersOutOfLevel1IntoLevel2OfFairValueHierarchyAssets to label_TransfersOutOfLevel1IntoLevel2OfFairValueHierarchyAssets_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_FinancialLiabilitiesFairValueAsAPercentageOfCarryingValue" xlink:label="FinancialLiabilitiesFairValueAsAPercentageOfCarryingValue" xlink:title="FinancialLiabilitiesFairValueAsAPercentageOfCarryingValue" />
    <link:label xlink:type="resource" xlink:label="label_FinancialLiabilitiesFairValueAsAPercentageOfCarryingValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_FinancialLiabilitiesFairValueAsAPercentageOfCarryingValue" xml:lang="en-US" id="label_FinancialLiabilitiesFairValueAsAPercentageOfCarryingValue">ts_FinancialLiabilitiesFairValueAsAPercentageOfCarryingValue</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinancialLiabilitiesFairValueAsAPercentageOfCarryingValue" xlink:to="label_FinancialLiabilitiesFairValueAsAPercentageOfCarryingValue" xlink:title="Label : FinancialLiabilitiesFairValueAsAPercentageOfCarryingValue to label_FinancialLiabilitiesFairValueAsAPercentageOfCarryingValue" />
    <link:label xlink:type="resource" xlink:label="label_FinancialLiabilitiesFairValueAsAPercentageOfCarryingValue_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_FinancialLiabilitiesFairValueAsAPercentageOfCarryingValue_1" xml:lang="en-US" id="label_FinancialLiabilitiesFairValueAsAPercentageOfCarryingValue_1">Financial liabilities, fair value as a percentage of carrying value</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinancialLiabilitiesFairValueAsAPercentageOfCarryingValue" xlink:to="label_FinancialLiabilitiesFairValueAsAPercentageOfCarryingValue_1" xlink:title="Label : FinancialLiabilitiesFairValueAsAPercentageOfCarryingValue to label_FinancialLiabilitiesFairValueAsAPercentageOfCarryingValue_1" />
    <link:label xlink:type="resource" xlink:label="label_FinancialLiabilitiesFairValueAsAPercentageOfCarryingValue_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_FinancialLiabilitiesFairValueAsAPercentageOfCarryingValue_2" xml:lang="en-US" id="label_FinancialLiabilitiesFairValueAsAPercentageOfCarryingValue_2">The percentage of a financial liabilities carrying amount that represents its fair value.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinancialLiabilitiesFairValueAsAPercentageOfCarryingValue" xlink:to="label_FinancialLiabilitiesFairValueAsAPercentageOfCarryingValue_2" xlink:title="Label : FinancialLiabilitiesFairValueAsAPercentageOfCarryingValue to label_FinancialLiabilitiesFairValueAsAPercentageOfCarryingValue_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_ReserveOfCashFlowHedgesContinuingHedges" xlink:label="ReserveOfCashFlowHedgesContinuingHedges" xlink:title="ReserveOfCashFlowHedgesContinuingHedges" />
    <link:label xlink:type="resource" xlink:label="label_ReserveOfCashFlowHedgesContinuingHedges" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ReserveOfCashFlowHedgesContinuingHedges" xml:lang="en-US" id="label_ReserveOfCashFlowHedgesContinuingHedges">Hedge accounting reserve</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ReserveOfCashFlowHedgesContinuingHedges" xlink:to="label_ReserveOfCashFlowHedgesContinuingHedges" xlink:title="Label : ReserveOfCashFlowHedgesContinuingHedges to label_ReserveOfCashFlowHedgesContinuingHedges" />
    <link:label xlink:type="resource" xlink:label="label_ReserveOfCashFlowHedgesContinuingHedges_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ReserveOfCashFlowHedgesContinuingHedges_1" xml:lang="en-US" id="label_ReserveOfCashFlowHedgesContinuingHedges_1">Reserve of cash flow hedges, continuing hedges</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ReserveOfCashFlowHedgesContinuingHedges" xlink:to="label_ReserveOfCashFlowHedgesContinuingHedges_1" xlink:title="Label : ReserveOfCashFlowHedgesContinuingHedges to label_ReserveOfCashFlowHedgesContinuingHedges_1" />
    <link:label xlink:type="resource" xlink:label="label_ReserveOfCashFlowHedgesContinuingHedges_2" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:title="label_ReserveOfCashFlowHedgesContinuingHedges_2" xml:lang="en-US" id="label_ReserveOfCashFlowHedgesContinuingHedges_2">Hedge accounting reserve</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ReserveOfCashFlowHedgesContinuingHedges" xlink:to="label_ReserveOfCashFlowHedgesContinuingHedges_2" xlink:title="Label : ReserveOfCashFlowHedgesContinuingHedges to label_ReserveOfCashFlowHedgesContinuingHedges_2" />
    <link:label xlink:type="resource" xlink:label="label_ReserveOfCashFlowHedgesContinuingHedges_3" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:title="label_ReserveOfCashFlowHedgesContinuingHedges_3" xml:lang="en-US" id="label_ReserveOfCashFlowHedgesContinuingHedges_3">Hedge accounting reserve</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ReserveOfCashFlowHedgesContinuingHedges" xlink:to="label_ReserveOfCashFlowHedgesContinuingHedges_3" xlink:title="Label : ReserveOfCashFlowHedgesContinuingHedges to label_ReserveOfCashFlowHedgesContinuingHedges_3" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_TransfersOutOfLevel2IntoLevel1OfFairValueHierarchyAssets" xlink:label="TransfersOutOfLevel2IntoLevel1OfFairValueHierarchyAssets" xlink:title="TransfersOutOfLevel2IntoLevel1OfFairValueHierarchyAssets" />
    <link:label xlink:type="resource" xlink:label="label_TransfersOutOfLevel2IntoLevel1OfFairValueHierarchyAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TransfersOutOfLevel2IntoLevel1OfFairValueHierarchyAssets" xml:lang="en-US" id="label_TransfersOutOfLevel2IntoLevel1OfFairValueHierarchyAssets">ifrs-full_TransfersOutOfLevel2IntoLevel1OfFairValueHierarchyAssets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TransfersOutOfLevel2IntoLevel1OfFairValueHierarchyAssets" xlink:to="label_TransfersOutOfLevel2IntoLevel1OfFairValueHierarchyAssets" xlink:title="Label : TransfersOutOfLevel2IntoLevel1OfFairValueHierarchyAssets to label_TransfersOutOfLevel2IntoLevel1OfFairValueHierarchyAssets" />
    <link:label xlink:type="resource" xlink:label="label_TransfersOutOfLevel2IntoLevel1OfFairValueHierarchyAssets_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_TransfersOutOfLevel2IntoLevel1OfFairValueHierarchyAssets_1" xml:lang="en-US" id="label_TransfersOutOfLevel2IntoLevel1OfFairValueHierarchyAssets_1">Transfers out of Level 2 into Level 1 of fair value hierarchy, assets held at end of reporting period</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TransfersOutOfLevel2IntoLevel1OfFairValueHierarchyAssets" xlink:to="label_TransfersOutOfLevel2IntoLevel1OfFairValueHierarchyAssets_1" xlink:title="Label : TransfersOutOfLevel2IntoLevel1OfFairValueHierarchyAssets to label_TransfersOutOfLevel2IntoLevel1OfFairValueHierarchyAssets_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_ArgentinePesoUsDollarForeignExchangeRiskMember" xlink:label="ArgentinePesoUsDollarForeignExchangeRiskMember" xlink:title="ArgentinePesoUsDollarForeignExchangeRiskMember" />
    <link:label xlink:type="resource" xlink:label="label_ArgentinePesoUsDollarForeignExchangeRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ArgentinePesoUsDollarForeignExchangeRiskMember" xml:lang="en-US" id="label_ArgentinePesoUsDollarForeignExchangeRiskMember">Argentine Peso / U.S. dollar foreign exchange risk [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ArgentinePesoUsDollarForeignExchangeRiskMember" xlink:to="label_ArgentinePesoUsDollarForeignExchangeRiskMember" xlink:title="Label : ArgentinePesoUsDollarForeignExchangeRiskMember to label_ArgentinePesoUsDollarForeignExchangeRiskMember" />
    <link:label xlink:type="resource" xlink:label="label_ArgentinePesoUsDollarForeignExchangeRiskMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ArgentinePesoUsDollarForeignExchangeRiskMember_1" xml:lang="en-US" id="label_ArgentinePesoUsDollarForeignExchangeRiskMember_1">Represents a Argentine Peso / U.S. dollar foreign exchange risk.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ArgentinePesoUsDollarForeignExchangeRiskMember" xlink:to="label_ArgentinePesoUsDollarForeignExchangeRiskMember_1" xlink:title="Label : ArgentinePesoUsDollarForeignExchangeRiskMember to label_ArgentinePesoUsDollarForeignExchangeRiskMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_EuroUsDollarForeignExchangeRiskMember" xlink:label="EuroUsDollarForeignExchangeRiskMember" xlink:title="EuroUsDollarForeignExchangeRiskMember" />
    <link:label xlink:type="resource" xlink:label="label_EuroUsDollarForeignExchangeRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EuroUsDollarForeignExchangeRiskMember" xml:lang="en-US" id="label_EuroUsDollarForeignExchangeRiskMember">Euro / U.S. dollar foreign exchange risk [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EuroUsDollarForeignExchangeRiskMember" xlink:to="label_EuroUsDollarForeignExchangeRiskMember" xlink:title="Label : EuroUsDollarForeignExchangeRiskMember to label_EuroUsDollarForeignExchangeRiskMember" />
    <link:label xlink:type="resource" xlink:label="label_EuroUsDollarForeignExchangeRiskMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_EuroUsDollarForeignExchangeRiskMember_1" xml:lang="en-US" id="label_EuroUsDollarForeignExchangeRiskMember_1">Represents a Euro / U.S. dollar foreign exchange risk.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EuroUsDollarForeignExchangeRiskMember" xlink:to="label_EuroUsDollarForeignExchangeRiskMember_1" xlink:title="Label : EuroUsDollarForeignExchangeRiskMember to label_EuroUsDollarForeignExchangeRiskMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_SaudiArabianRiyalUsDollarExchangeRiskMember" xlink:label="SaudiArabianRiyalUsDollarExchangeRiskMember" xlink:title="SaudiArabianRiyalUsDollarExchangeRiskMember" />
    <link:label xlink:type="resource" xlink:label="label_SaudiArabianRiyalUsDollarExchangeRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SaudiArabianRiyalUsDollarExchangeRiskMember" xml:lang="en-US" id="label_SaudiArabianRiyalUsDollarExchangeRiskMember">Saudi Arabian Riyal / US Dollar exchange risk [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SaudiArabianRiyalUsDollarExchangeRiskMember" xlink:to="label_SaudiArabianRiyalUsDollarExchangeRiskMember" xlink:title="Label : SaudiArabianRiyalUsDollarExchangeRiskMember to label_SaudiArabianRiyalUsDollarExchangeRiskMember" />
    <link:label xlink:type="resource" xlink:label="label_SaudiArabianRiyalUsDollarExchangeRiskMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_SaudiArabianRiyalUsDollarExchangeRiskMember_1" xml:lang="en-US" id="label_SaudiArabianRiyalUsDollarExchangeRiskMember_1">Represents information pertaining to Saudi Arabian Riyal/US Dollar exchange risk.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SaudiArabianRiyalUsDollarExchangeRiskMember" xlink:to="label_SaudiArabianRiyalUsDollarExchangeRiskMember_1" xlink:title="Label : SaudiArabianRiyalUsDollarExchangeRiskMember to label_SaudiArabianRiyalUsDollarExchangeRiskMember_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_FloatingInterestRateMember" xlink:label="FloatingInterestRateMember" xlink:title="FloatingInterestRateMember" />
    <link:label xlink:type="resource" xlink:label="label_FloatingInterestRateMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_FloatingInterestRateMember" xml:lang="en-US" id="label_FloatingInterestRateMember">Floating interest rate [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FloatingInterestRateMember" xlink:to="label_FloatingInterestRateMember" xlink:title="Label : FloatingInterestRateMember to label_FloatingInterestRateMember" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_FinancialAssetsAtAmortisedCostCategoryMember" xlink:label="FinancialAssetsAtAmortisedCostCategoryMember" xlink:title="FinancialAssetsAtAmortisedCostCategoryMember" />
    <link:label xlink:type="resource" xlink:label="label_FinancialAssetsAtAmortisedCostCategoryMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_FinancialAssetsAtAmortisedCostCategoryMember" xml:lang="en-US" id="label_FinancialAssetsAtAmortisedCostCategoryMember">Financial assets at amortised cost, category [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinancialAssetsAtAmortisedCostCategoryMember" xlink:to="label_FinancialAssetsAtAmortisedCostCategoryMember" xlink:title="Label : FinancialAssetsAtAmortisedCostCategoryMember to label_FinancialAssetsAtAmortisedCostCategoryMember" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember" xlink:label="FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember" xlink:title="FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember" />
    <link:label xlink:type="resource" xlink:label="label_FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember" xml:lang="en-US" id="label_FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember">Financial assets at fair value through other comprehensive income, category [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember" xlink:to="label_FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember" xlink:title="Label : FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember to label_FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_LevelsOfFairValueHierarchyAxis" xlink:label="LevelsOfFairValueHierarchyAxis" xlink:title="LevelsOfFairValueHierarchyAxis" />
    <link:label xlink:type="resource" xlink:label="label_LevelsOfFairValueHierarchyAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LevelsOfFairValueHierarchyAxis" xml:lang="en-US" id="label_LevelsOfFairValueHierarchyAxis">Levels of fair value hierarchy [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LevelsOfFairValueHierarchyAxis" xlink:to="label_LevelsOfFairValueHierarchyAxis" xlink:title="Label : LevelsOfFairValueHierarchyAxis to label_LevelsOfFairValueHierarchyAxis" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_AllLevelsOfFairValueHierarchyMember" xlink:label="AllLevelsOfFairValueHierarchyMember" xlink:title="AllLevelsOfFairValueHierarchyMember" />
    <link:label xlink:type="resource" xlink:label="label_AllLevelsOfFairValueHierarchyMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AllLevelsOfFairValueHierarchyMember" xml:lang="en-US" id="label_AllLevelsOfFairValueHierarchyMember">All levels of fair value hierarchy [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AllLevelsOfFairValueHierarchyMember" xlink:to="label_AllLevelsOfFairValueHierarchyMember" xlink:title="Label : AllLevelsOfFairValueHierarchyMember to label_AllLevelsOfFairValueHierarchyMember" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_Level1OfFairValueHierarchyMember" xlink:label="Level1OfFairValueHierarchyMember" xlink:title="Level1OfFairValueHierarchyMember" />
    <link:label xlink:type="resource" xlink:label="label_Level1OfFairValueHierarchyMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_Level1OfFairValueHierarchyMember" xml:lang="en-US" id="label_Level1OfFairValueHierarchyMember">Level 1 of fair value hierarchy [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Level1OfFairValueHierarchyMember" xlink:to="label_Level1OfFairValueHierarchyMember" xlink:title="Label : Level1OfFairValueHierarchyMember to label_Level1OfFairValueHierarchyMember" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_Level2OfFairValueHierarchyMember" xlink:label="Level2OfFairValueHierarchyMember" xlink:title="Level2OfFairValueHierarchyMember" />
    <link:label xlink:type="resource" xlink:label="label_Level2OfFairValueHierarchyMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_Level2OfFairValueHierarchyMember" xml:lang="en-US" id="label_Level2OfFairValueHierarchyMember">Level 2 of fair value hierarchy [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Level2OfFairValueHierarchyMember" xlink:to="label_Level2OfFairValueHierarchyMember" xlink:title="Label : Level2OfFairValueHierarchyMember to label_Level2OfFairValueHierarchyMember" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_Level3OfFairValueHierarchyMember" xlink:label="Level3OfFairValueHierarchyMember" xlink:title="Level3OfFairValueHierarchyMember" />
    <link:label xlink:type="resource" xlink:label="label_Level3OfFairValueHierarchyMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_Level3OfFairValueHierarchyMember" xml:lang="en-US" id="label_Level3OfFairValueHierarchyMember">Level 3 of fair value hierarchy [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Level3OfFairValueHierarchyMember" xlink:to="label_Level3OfFairValueHierarchyMember" xlink:title="Label : Level3OfFairValueHierarchyMember to label_Level3OfFairValueHierarchyMember" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_ClassesOfFinancialAssetsAxis" xlink:label="ClassesOfFinancialAssetsAxis" xlink:title="ClassesOfFinancialAssetsAxis" />
    <link:label xlink:type="resource" xlink:label="label_ClassesOfFinancialAssetsAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ClassesOfFinancialAssetsAxis" xml:lang="en-US" id="label_ClassesOfFinancialAssetsAxis">Classes of financial assets [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ClassesOfFinancialAssetsAxis" xlink:to="label_ClassesOfFinancialAssetsAxis" xlink:title="Label : ClassesOfFinancialAssetsAxis to label_ClassesOfFinancialAssetsAxis" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_FinancialAssetsMember" xlink:label="FinancialAssetsMember" xlink:title="FinancialAssetsMember" />
    <link:label xlink:type="resource" xlink:label="label_FinancialAssetsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_FinancialAssetsMember" xml:lang="en-US" id="label_FinancialAssetsMember">Financial assets, class [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinancialAssetsMember" xlink:to="label_FinancialAssetsMember" xlink:title="Label : FinancialAssetsMember to label_FinancialAssetsMember" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_FixedIncomeTimedepositZeroCouponBondsCommercialPapersMember" xlink:label="FixedIncomeTimedepositZeroCouponBondsCommercialPapersMember" xlink:title="FixedIncomeTimedepositZeroCouponBondsCommercialPapersMember" />
    <link:label xlink:type="resource" xlink:label="label_FixedIncomeTimedepositZeroCouponBondsCommercialPapersMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_FixedIncomeTimedepositZeroCouponBondsCommercialPapersMember" xml:lang="en-US" id="label_FixedIncomeTimedepositZeroCouponBondsCommercialPapersMember">Fixed Income (time-deposit, zero coupon bonds, commercial papers) [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FixedIncomeTimedepositZeroCouponBondsCommercialPapersMember" xlink:to="label_FixedIncomeTimedepositZeroCouponBondsCommercialPapersMember" xlink:title="Label : FixedIncomeTimedepositZeroCouponBondsCommercialPapersMember to label_FixedIncomeTimedepositZeroCouponBondsCommercialPapersMember" />
    <link:label xlink:type="resource" xlink:label="label_FixedIncomeTimedepositZeroCouponBondsCommercialPapersMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_FixedIncomeTimedepositZeroCouponBondsCommercialPapersMember_1" xml:lang="en-US" id="label_FixedIncomeTimedepositZeroCouponBondsCommercialPapersMember_1">Represents fixed income (time-deposit, zero coupon bonds, commercial papers).</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FixedIncomeTimedepositZeroCouponBondsCommercialPapersMember" xlink:to="label_FixedIncomeTimedepositZeroCouponBondsCommercialPapersMember_1" xlink:title="Label : FixedIncomeTimedepositZeroCouponBondsCommercialPapersMember to label_FixedIncomeTimedepositZeroCouponBondsCommercialPapersMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_CertificatesOfDepositsMember" xlink:label="CertificatesOfDepositsMember" xlink:title="CertificatesOfDepositsMember" />
    <link:label xlink:type="resource" xlink:label="label_CertificatesOfDepositsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CertificatesOfDepositsMember" xml:lang="en-US" id="label_CertificatesOfDepositsMember">Certificates of Deposits [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CertificatesOfDepositsMember" xlink:to="label_CertificatesOfDepositsMember" xlink:title="Label : CertificatesOfDepositsMember to label_CertificatesOfDepositsMember" />
    <link:label xlink:type="resource" xlink:label="label_CertificatesOfDepositsMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CertificatesOfDepositsMember_1" xml:lang="en-US" id="label_CertificatesOfDepositsMember_1">Securities classified as Certificates of Deposits.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CertificatesOfDepositsMember" xlink:to="label_CertificatesOfDepositsMember_1" xlink:title="Label : CertificatesOfDepositsMember to label_CertificatesOfDepositsMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_CommercialPapersMember" xlink:label="CommercialPapersMember" xlink:title="CommercialPapersMember" />
    <link:label xlink:type="resource" xlink:label="label_CommercialPapersMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CommercialPapersMember" xml:lang="en-US" id="label_CommercialPapersMember">Commercial Papers [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CommercialPapersMember" xlink:to="label_CommercialPapersMember" xlink:title="Label : CommercialPapersMember to label_CommercialPapersMember" />
    <link:label xlink:type="resource" xlink:label="label_CommercialPapersMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CommercialPapersMember_1" xml:lang="en-US" id="label_CommercialPapersMember_1">Securities classified as Commercial Papers.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CommercialPapersMember" xlink:to="label_CommercialPapersMember_1" xlink:title="Label : CommercialPapersMember to label_CommercialPapersMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_OtherNotesMember" xlink:label="OtherNotesMember" xlink:title="OtherNotesMember" />
    <link:label xlink:type="resource" xlink:label="label_OtherNotesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OtherNotesMember" xml:lang="en-US" id="label_OtherNotesMember">Other notes [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherNotesMember" xlink:to="label_OtherNotesMember" xlink:title="Label : OtherNotesMember to label_OtherNotesMember" />
    <link:label xlink:type="resource" xlink:label="label_OtherNotesMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_OtherNotesMember_1" xml:lang="en-US" id="label_OtherNotesMember_1">Securities classified as other notes.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherNotesMember" xlink:to="label_OtherNotesMember_1" xlink:title="Label : OtherNotesMember to label_OtherNotesMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_BondsAndOtherFixedIncomeMember" xlink:label="BondsAndOtherFixedIncomeMember" xlink:title="BondsAndOtherFixedIncomeMember" />
    <link:label xlink:type="resource" xlink:label="label_BondsAndOtherFixedIncomeMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_BondsAndOtherFixedIncomeMember" xml:lang="en-US" id="label_BondsAndOtherFixedIncomeMember">Bonds and other fixed income [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BondsAndOtherFixedIncomeMember" xlink:to="label_BondsAndOtherFixedIncomeMember" xlink:title="Label : BondsAndOtherFixedIncomeMember to label_BondsAndOtherFixedIncomeMember" />
    <link:label xlink:type="resource" xlink:label="label_BondsAndOtherFixedIncomeMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_BondsAndOtherFixedIncomeMember_1" xml:lang="en-US" id="label_BondsAndOtherFixedIncomeMember_1">Represents bonds and other fixed income.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BondsAndOtherFixedIncomeMember" xlink:to="label_BondsAndOtherFixedIncomeMember_1" xlink:title="Label : BondsAndOtherFixedIncomeMember to label_BondsAndOtherFixedIncomeMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_UsGovernmentSecuritiesMember" xlink:label="UsGovernmentSecuritiesMember" xlink:title="UsGovernmentSecuritiesMember" />
    <link:label xlink:type="resource" xlink:label="label_UsGovernmentSecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_UsGovernmentSecuritiesMember" xml:lang="en-US" id="label_UsGovernmentSecuritiesMember">U.S. government securities [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="UsGovernmentSecuritiesMember" xlink:to="label_UsGovernmentSecuritiesMember" xlink:title="Label : UsGovernmentSecuritiesMember to label_UsGovernmentSecuritiesMember" />
    <link:label xlink:type="resource" xlink:label="label_UsGovernmentSecuritiesMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_UsGovernmentSecuritiesMember_1" xml:lang="en-US" id="label_UsGovernmentSecuritiesMember_1">Securities classified as U.S. government securities.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="UsGovernmentSecuritiesMember" xlink:to="label_UsGovernmentSecuritiesMember_1" xlink:title="Label : UsGovernmentSecuritiesMember to label_UsGovernmentSecuritiesMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_NonUsGovernmentSecuritiesMember" xlink:label="NonUsGovernmentSecuritiesMember" xlink:title="NonUsGovernmentSecuritiesMember" />
    <link:label xlink:type="resource" xlink:label="label_NonUsGovernmentSecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NonUsGovernmentSecuritiesMember" xml:lang="en-US" id="label_NonUsGovernmentSecuritiesMember">Non - U.S. government securities [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NonUsGovernmentSecuritiesMember" xlink:to="label_NonUsGovernmentSecuritiesMember" xlink:title="Label : NonUsGovernmentSecuritiesMember to label_NonUsGovernmentSecuritiesMember" />
    <link:label xlink:type="resource" xlink:label="label_NonUsGovernmentSecuritiesMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_NonUsGovernmentSecuritiesMember_1" xml:lang="en-US" id="label_NonUsGovernmentSecuritiesMember_1">Securities classified as Non - U.S. government securities.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NonUsGovernmentSecuritiesMember" xlink:to="label_NonUsGovernmentSecuritiesMember_1" xlink:title="Label : NonUsGovernmentSecuritiesMember to label_NonUsGovernmentSecuritiesMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_CorporatesSecuritiesMember" xlink:label="CorporatesSecuritiesMember" xlink:title="CorporatesSecuritiesMember" />
    <link:label xlink:type="resource" xlink:label="label_CorporatesSecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CorporatesSecuritiesMember" xml:lang="en-US" id="label_CorporatesSecuritiesMember">Corporates securities [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CorporatesSecuritiesMember" xlink:to="label_CorporatesSecuritiesMember" xlink:title="Label : CorporatesSecuritiesMember to label_CorporatesSecuritiesMember" />
    <link:label xlink:type="resource" xlink:label="label_CorporatesSecuritiesMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CorporatesSecuritiesMember_1" xml:lang="en-US" id="label_CorporatesSecuritiesMember_1">Securities classified as Corporates securities.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CorporatesSecuritiesMember" xlink:to="label_CorporatesSecuritiesMember_1" xlink:title="Label : CorporatesSecuritiesMember to label_CorporatesSecuritiesMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_StructuredNotesMember" xlink:label="StructuredNotesMember" xlink:title="StructuredNotesMember" />
    <link:label xlink:type="resource" xlink:label="label_StructuredNotesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_StructuredNotesMember" xml:lang="en-US" id="label_StructuredNotesMember">Structured Notes [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StructuredNotesMember" xlink:to="label_StructuredNotesMember" xlink:title="Label : StructuredNotesMember to label_StructuredNotesMember" />
    <link:label xlink:type="resource" xlink:label="label_StructuredNotesMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_StructuredNotesMember_1" xml:lang="en-US" id="label_StructuredNotesMember_1">Securities classified as Structured Notes.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StructuredNotesMember" xlink:to="label_StructuredNotesMember_1" xlink:title="Label : StructuredNotesMember to label_StructuredNotesMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_OtherInvestments1Member" xlink:label="OtherInvestments1Member" xlink:title="OtherInvestments1Member" />
    <link:label xlink:type="resource" xlink:label="label_OtherInvestments1Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OtherInvestments1Member" xml:lang="en-US" id="label_OtherInvestments1Member">Other investments [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherInvestments1Member" xlink:to="label_OtherInvestments1Member" xlink:title="Label : OtherInvestments1Member to label_OtherInvestments1Member" />
    <link:label xlink:type="resource" xlink:label="label_OtherInvestments1Member_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_OtherInvestments1Member_1" xml:lang="en-US" id="label_OtherInvestments1Member_1">Investments classified as other.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherInvestments1Member" xlink:to="label_OtherInvestments1Member_1" xlink:title="Label : OtherInvestments1Member to label_OtherInvestments1Member_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_ClassesOfAssetsAxis" xlink:label="ClassesOfAssetsAxis" xlink:title="ClassesOfAssetsAxis" />
    <link:label xlink:type="resource" xlink:label="label_ClassesOfAssetsAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ClassesOfAssetsAxis" xml:lang="en-US" id="label_ClassesOfAssetsAxis">Classes of assets [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ClassesOfAssetsAxis" xlink:to="label_ClassesOfAssetsAxis" xlink:title="Label : ClassesOfAssetsAxis to label_ClassesOfAssetsAxis" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_ClassesOfAssetsMember" xlink:label="ClassesOfAssetsMember" xlink:title="ClassesOfAssetsMember" />
    <link:label xlink:type="resource" xlink:label="label_ClassesOfAssetsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ClassesOfAssetsMember" xml:lang="en-US" id="label_ClassesOfAssetsMember">Assets [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ClassesOfAssetsMember" xlink:to="label_ClassesOfAssetsMember" xlink:title="Label : ClassesOfAssetsMember to label_ClassesOfAssetsMember" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DerivativesMember" xlink:label="DerivativesMember" xlink:title="DerivativesMember" />
    <link:label xlink:type="resource" xlink:label="label_DerivativesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DerivativesMember" xml:lang="en-US" id="label_DerivativesMember">Derivatives [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DerivativesMember" xlink:to="label_DerivativesMember" xlink:title="Label : DerivativesMember to label_DerivativesMember" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_OtherReceivablesMember" xlink:label="OtherReceivablesMember" xlink:title="OtherReceivablesMember" />
    <link:label xlink:type="resource" xlink:label="label_OtherReceivablesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OtherReceivablesMember" xml:lang="en-US" id="label_OtherReceivablesMember">Other receivables [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherReceivablesMember" xlink:to="label_OtherReceivablesMember" xlink:title="Label : OtherReceivablesMember to label_OtherReceivablesMember" />
    <link:label xlink:type="resource" xlink:label="label_OtherReceivablesMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_OtherReceivablesMember_1" xml:lang="en-US" id="label_OtherReceivablesMember_1">Assets classified as other receivables.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherReceivablesMember" xlink:to="label_OtherReceivablesMember_1" xlink:title="Label : OtherReceivablesMember to label_OtherReceivablesMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_OtherReceivablesNonfinancialMember" xlink:label="OtherReceivablesNonfinancialMember" xlink:title="OtherReceivablesNonfinancialMember" />
    <link:label xlink:type="resource" xlink:label="label_OtherReceivablesNonfinancialMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OtherReceivablesNonfinancialMember" xml:lang="en-US" id="label_OtherReceivablesNonfinancialMember">Other receivables (non-Financial) [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherReceivablesNonfinancialMember" xlink:to="label_OtherReceivablesNonfinancialMember" xlink:title="Label : OtherReceivablesNonfinancialMember to label_OtherReceivablesNonfinancialMember" />
    <link:label xlink:type="resource" xlink:label="label_OtherReceivablesNonfinancialMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_OtherReceivablesNonfinancialMember_1" xml:lang="en-US" id="label_OtherReceivablesNonfinancialMember_1">Assets classified as other receivables (non-financial).</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherReceivablesNonfinancialMember" xlink:to="label_OtherReceivablesNonfinancialMember_1" xlink:title="Label : OtherReceivablesNonfinancialMember to label_OtherReceivablesNonfinancialMember_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_ClassesOfLiabilitiesAxis" xlink:label="ClassesOfLiabilitiesAxis" xlink:title="ClassesOfLiabilitiesAxis" />
    <link:label xlink:type="resource" xlink:label="label_ClassesOfLiabilitiesAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ClassesOfLiabilitiesAxis" xml:lang="en-US" id="label_ClassesOfLiabilitiesAxis">Classes of liabilities [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ClassesOfLiabilitiesAxis" xlink:to="label_ClassesOfLiabilitiesAxis" xlink:title="Label : ClassesOfLiabilitiesAxis to label_ClassesOfLiabilitiesAxis" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_LiabilitiesMember" xlink:label="LiabilitiesMember" xlink:title="LiabilitiesMember" />
    <link:label xlink:type="resource" xlink:label="label_LiabilitiesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LiabilitiesMember" xml:lang="en-US" id="label_LiabilitiesMember">Liabilities [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LiabilitiesMember" xlink:to="label_LiabilitiesMember" xlink:title="Label : LiabilitiesMember to label_LiabilitiesMember" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_DerivativeLiabilitiesMember" xlink:label="DerivativeLiabilitiesMember" xlink:title="DerivativeLiabilitiesMember" />
    <link:label xlink:type="resource" xlink:label="label_DerivativeLiabilitiesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DerivativeLiabilitiesMember" xml:lang="en-US" id="label_DerivativeLiabilitiesMember">Derivative liabilities [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DerivativeLiabilitiesMember" xlink:to="label_DerivativeLiabilitiesMember" xlink:title="Label : DerivativeLiabilitiesMember to label_DerivativeLiabilitiesMember" />
    <link:label xlink:type="resource" xlink:label="label_DerivativeLiabilitiesMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DerivativeLiabilitiesMember_1" xml:lang="en-US" id="label_DerivativeLiabilitiesMember_1">Related to derivative liabilities.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DerivativeLiabilitiesMember" xlink:to="label_DerivativeLiabilitiesMember_1" xlink:title="Label : DerivativeLiabilitiesMember to label_DerivativeLiabilitiesMember_1" />
    <link:label xlink:type="resource" xlink:label="label_AssetsAbstract_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AssetsAbstract_1" xml:lang="en-US" id="label_AssetsAbstract_1">Assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AssetsAbstract" xlink:to="label_AssetsAbstract_1" xlink:title="Label : AssetsAbstract to label_AssetsAbstract_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DerivativeFinancialAssets" xlink:label="DerivativeFinancialAssets" xlink:title="DerivativeFinancialAssets" />
    <link:label xlink:type="resource" xlink:label="label_DerivativeFinancialAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DerivativeFinancialAssets" xml:lang="en-US" id="label_DerivativeFinancialAssets">Derivative financial instruments</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DerivativeFinancialAssets" xlink:to="label_DerivativeFinancialAssets" xlink:title="Label : DerivativeFinancialAssets to label_DerivativeFinancialAssets" />
    <link:label xlink:type="resource" xlink:label="label_DerivativeFinancialAssets_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DerivativeFinancialAssets_1" xml:lang="en-US" id="label_DerivativeFinancialAssets_1">Derivatives with positive fair values</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DerivativeFinancialAssets" xlink:to="label_DerivativeFinancialAssets_1" xlink:title="Label : DerivativeFinancialAssets to label_DerivativeFinancialAssets_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_OtherReceivables" xlink:label="OtherReceivables" xlink:title="OtherReceivables" />
    <link:label xlink:type="resource" xlink:label="label_OtherReceivables" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OtherReceivables" xml:lang="en-US" id="label_OtherReceivables">Other receivables</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherReceivables" xlink:to="label_OtherReceivables" xlink:title="Label : OtherReceivables to label_OtherReceivables" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_FinancialAssets" xlink:label="FinancialAssets" xlink:title="FinancialAssets" />
    <link:label xlink:type="resource" xlink:label="label_FinancialAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_FinancialAssets" xml:lang="en-US" id="label_FinancialAssets">Total</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinancialAssets" xlink:to="label_FinancialAssets" xlink:title="Label : FinancialAssets to label_FinancialAssets" />
    <link:label xlink:type="resource" xlink:label="label_LiabilitiesAbstract_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LiabilitiesAbstract_1" xml:lang="en-US" id="label_LiabilitiesAbstract_1">Liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LiabilitiesAbstract" xlink:to="label_LiabilitiesAbstract_1" xlink:title="Label : LiabilitiesAbstract to label_LiabilitiesAbstract_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_LeaseLiabilities" xlink:label="LeaseLiabilities" xlink:title="LeaseLiabilities" />
    <link:label xlink:type="resource" xlink:label="label_LeaseLiabilities" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_LeaseLiabilities" xml:lang="en-US" id="label_LeaseLiabilities">Finance Lease Liabilities C and NC</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LeaseLiabilities" xlink:to="label_LeaseLiabilities" xlink:title="Label : LeaseLiabilities to label_LeaseLiabilities" />
    <link:label xlink:type="resource" xlink:label="label_LeaseLiabilities_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LeaseLiabilities_1" xml:lang="en-US" id="label_LeaseLiabilities_1">ifrs-full_LeaseLiabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LeaseLiabilities" xlink:to="label_LeaseLiabilities_1" xlink:title="Label : LeaseLiabilities to label_LeaseLiabilities_1" />
    <link:label xlink:type="resource" xlink:label="label_LeaseLiabilities_2" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:title="label_LeaseLiabilities_2" xml:lang="en-US" id="label_LeaseLiabilities_2">Opening net book amount</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LeaseLiabilities" xlink:to="label_LeaseLiabilities_2" xlink:title="Label : LeaseLiabilities to label_LeaseLiabilities_2" />
    <link:label xlink:type="resource" xlink:label="label_LeaseLiabilities_3" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:title="label_LeaseLiabilities_3" xml:lang="en-US" id="label_LeaseLiabilities_3">Ending net book amount</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LeaseLiabilities" xlink:to="label_LeaseLiabilities_3" xlink:title="Label : LeaseLiabilities to label_LeaseLiabilities_3" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DerivativeFinancialLiabilities" xlink:label="DerivativeFinancialLiabilities" xlink:title="DerivativeFinancialLiabilities" />
    <link:label xlink:type="resource" xlink:label="label_DerivativeFinancialLiabilities" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_DerivativeFinancialLiabilities" xml:lang="en-US" id="label_DerivativeFinancialLiabilities">Derivative financial instruments</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DerivativeFinancialLiabilities" xlink:to="label_DerivativeFinancialLiabilities" xlink:title="Label : DerivativeFinancialLiabilities to label_DerivativeFinancialLiabilities" />
    <link:label xlink:type="resource" xlink:label="label_DerivativeFinancialLiabilities_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DerivativeFinancialLiabilities_1" xml:lang="en-US" id="label_DerivativeFinancialLiabilities_1">ifrs-full_DerivativeFinancialLiabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DerivativeFinancialLiabilities" xlink:to="label_DerivativeFinancialLiabilities_1" xlink:title="Label : DerivativeFinancialLiabilities to label_DerivativeFinancialLiabilities_1" />
    <link:label xlink:type="resource" xlink:label="label_DerivativeFinancialLiabilities_2" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_DerivativeFinancialLiabilities_2" xml:lang="en-US" id="label_DerivativeFinancialLiabilities_2">Derivatives with negative fair values</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DerivativeFinancialLiabilities" xlink:to="label_DerivativeFinancialLiabilities_2" xlink:title="Label : DerivativeFinancialLiabilities to label_DerivativeFinancialLiabilities_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_FinancialLiabilities" xlink:label="FinancialLiabilities" xlink:title="FinancialLiabilities" />
    <link:label xlink:type="resource" xlink:label="label_FinancialLiabilities" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_FinancialLiabilities" xml:lang="en-US" id="label_FinancialLiabilities">Total</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinancialLiabilities" xlink:to="label_FinancialLiabilities" xlink:title="Label : FinancialLiabilities to label_FinancialLiabilities" />
    <link:label xlink:type="resource" xlink:label="label_FinancialLiabilities_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_FinancialLiabilities_1" xml:lang="en-US" id="label_FinancialLiabilities_1">ifrs-full_FinancialLiabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinancialLiabilities" xlink:to="label_FinancialLiabilities_1" xlink:title="Label : FinancialLiabilities to label_FinancialLiabilities_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_IncreaseDecreaseInFairValueMeasurementAssets" xlink:label="IncreaseDecreaseInFairValueMeasurementAssets" xlink:title="IncreaseDecreaseInFairValueMeasurementAssets" />
    <link:label xlink:type="resource" xlink:label="label_IncreaseDecreaseInFairValueMeasurementAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IncreaseDecreaseInFairValueMeasurementAssets" xml:lang="en-US" id="label_IncreaseDecreaseInFairValueMeasurementAssets">Addition / (Decrease)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseInFairValueMeasurementAssets" xlink:to="label_IncreaseDecreaseInFairValueMeasurementAssets" xlink:title="Label : IncreaseDecreaseInFairValueMeasurementAssets to label_IncreaseDecreaseInFairValueMeasurementAssets" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_CurrencyTranslationAdjustmentAndOthersFairValueMeasurementAssets" xlink:label="CurrencyTranslationAdjustmentAndOthersFairValueMeasurementAssets" xlink:title="CurrencyTranslationAdjustmentAndOthersFairValueMeasurementAssets" />
    <link:label xlink:type="resource" xlink:label="label_CurrencyTranslationAdjustmentAndOthersFairValueMeasurementAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CurrencyTranslationAdjustmentAndOthersFairValueMeasurementAssets" xml:lang="en-US" id="label_CurrencyTranslationAdjustmentAndOthersFairValueMeasurementAssets">ts_CurrencyTranslationAdjustmentAndOthersFairValueMeasurementAssets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrencyTranslationAdjustmentAndOthersFairValueMeasurementAssets" xlink:to="label_CurrencyTranslationAdjustmentAndOthersFairValueMeasurementAssets" xlink:title="Label : CurrencyTranslationAdjustmentAndOthersFairValueMeasurementAssets to label_CurrencyTranslationAdjustmentAndOthersFairValueMeasurementAssets" />
    <link:label xlink:type="resource" xlink:label="label_CurrencyTranslationAdjustmentAndOthersFairValueMeasurementAssets_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CurrencyTranslationAdjustmentAndOthersFairValueMeasurementAssets_1" xml:lang="en-US" id="label_CurrencyTranslationAdjustmentAndOthersFairValueMeasurementAssets_1">Currency translation adjustment and others</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrencyTranslationAdjustmentAndOthersFairValueMeasurementAssets" xlink:to="label_CurrencyTranslationAdjustmentAndOthersFairValueMeasurementAssets_1" xlink:title="Label : CurrencyTranslationAdjustmentAndOthersFairValueMeasurementAssets to label_CurrencyTranslationAdjustmentAndOthersFairValueMeasurementAssets_1" />
    <link:label xlink:type="resource" xlink:label="label_CurrencyTranslationAdjustmentAndOthersFairValueMeasurementAssets_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CurrencyTranslationAdjustmentAndOthersFairValueMeasurementAssets_2" xml:lang="en-US" id="label_CurrencyTranslationAdjustmentAndOthersFairValueMeasurementAssets_2">The increase (decrease) in the fair value measurement of assets resulting from currency translation adjustments and others.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrencyTranslationAdjustmentAndOthersFairValueMeasurementAssets" xlink:to="label_CurrencyTranslationAdjustmentAndOthersFairValueMeasurementAssets_2" xlink:title="Label : CurrencyTranslationAdjustmentAndOthersFairValueMeasurementAssets to label_CurrencyTranslationAdjustmentAndOthersFairValueMeasurementAssets_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_NoncurrentFinancialAssetsAvailableforsale" xlink:label="NoncurrentFinancialAssetsAvailableforsale" xlink:title="NoncurrentFinancialAssetsAvailableforsale" />
    <link:label xlink:type="resource" xlink:label="label_NoncurrentFinancialAssetsAvailableforsale" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NoncurrentFinancialAssetsAvailableforsale" xml:lang="en-US" id="label_NoncurrentFinancialAssetsAvailableforsale">ifrs-full_NoncurrentFinancialAssetsAvailableforsale</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncurrentFinancialAssetsAvailableforsale" xlink:to="label_NoncurrentFinancialAssetsAvailableforsale" xlink:title="Label : NoncurrentFinancialAssetsAvailableforsale to label_NoncurrentFinancialAssetsAvailableforsale" />
    <link:label xlink:type="resource" xlink:label="label_NoncurrentFinancialAssetsAvailableforsale_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NoncurrentFinancialAssetsAvailableforsale_1" xml:lang="en-US" id="label_NoncurrentFinancialAssetsAvailableforsale_1">Non-current financial assets available-for-sale</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncurrentFinancialAssetsAvailableforsale" xlink:to="label_NoncurrentFinancialAssetsAvailableforsale_1" xlink:title="Label : NoncurrentFinancialAssetsAvailableforsale to label_NoncurrentFinancialAssetsAvailableforsale_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_PercentageOfEntitysRevenue" xlink:label="PercentageOfEntitysRevenue" xlink:title="PercentageOfEntitysRevenue" />
    <link:label xlink:type="resource" xlink:label="label_PercentageOfEntitysRevenue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PercentageOfEntitysRevenue" xml:lang="en-US" id="label_PercentageOfEntitysRevenue">ifrs-full_PercentageOfEntitysRevenue</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PercentageOfEntitysRevenue" xlink:to="label_PercentageOfEntitysRevenue" xlink:title="Label : PercentageOfEntitysRevenue to label_PercentageOfEntitysRevenue" />
    <link:label xlink:type="resource" xlink:label="label_PercentageOfEntitysRevenue_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_PercentageOfEntitysRevenue_1" xml:lang="en-US" id="label_PercentageOfEntitysRevenue_1">Percentage of entity's revenue</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PercentageOfEntitysRevenue" xlink:to="label_PercentageOfEntitysRevenue_1" xlink:title="Label : PercentageOfEntitysRevenue to label_PercentageOfEntitysRevenue_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_ContractLiabilities" xlink:label="ContractLiabilities" xlink:title="ContractLiabilities" />
    <link:label xlink:type="resource" xlink:label="label_ContractLiabilities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ContractLiabilities" xml:lang="en-US" id="label_ContractLiabilities">Contract liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ContractLiabilities" xlink:to="label_ContractLiabilities" xlink:title="Label : ContractLiabilities to label_ContractLiabilities" />
    <link:label xlink:type="resource" xlink:label="label_ContractLiabilities_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ContractLiabilities_1" xml:lang="en-US" id="label_ContractLiabilities_1">ifrs-full_ContractLiabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ContractLiabilities" xlink:to="label_ContractLiabilities_1" xlink:title="Label : ContractLiabilities to label_ContractLiabilities_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_AllOtherSegmentsMember" xlink:label="AllOtherSegmentsMember" xlink:title="AllOtherSegmentsMember" />
    <link:label xlink:type="resource" xlink:label="label_AllOtherSegmentsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AllOtherSegmentsMember" xml:lang="en-US" id="label_AllOtherSegmentsMember">All other segments [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AllOtherSegmentsMember" xlink:to="label_AllOtherSegmentsMember" xlink:title="Label : AllOtherSegmentsMember to label_AllOtherSegmentsMember" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_ReportableSegmentsMember" xlink:label="ReportableSegmentsMember" xlink:title="ReportableSegmentsMember" />
    <link:label xlink:type="resource" xlink:label="label_ReportableSegmentsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ReportableSegmentsMember" xml:lang="en-US" id="label_ReportableSegmentsMember">Reportable segments [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ReportableSegmentsMember" xlink:to="label_ReportableSegmentsMember" xlink:title="Label : ReportableSegmentsMember to label_ReportableSegmentsMember" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_ContinuingAndDiscontinuedOperationsAxis" xlink:label="ContinuingAndDiscontinuedOperationsAxis" xlink:title="ContinuingAndDiscontinuedOperationsAxis" />
    <link:label xlink:type="resource" xlink:label="label_ContinuingAndDiscontinuedOperationsAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ContinuingAndDiscontinuedOperationsAxis" xml:lang="en-US" id="label_ContinuingAndDiscontinuedOperationsAxis">Continuing and discontinued operations [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ContinuingAndDiscontinuedOperationsAxis" xlink:to="label_ContinuingAndDiscontinuedOperationsAxis" xlink:title="Label : ContinuingAndDiscontinuedOperationsAxis to label_ContinuingAndDiscontinuedOperationsAxis" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_ContinuingOperationsMember" xlink:label="ContinuingOperationsMember" xlink:title="ContinuingOperationsMember" />
    <link:label xlink:type="resource" xlink:label="label_ContinuingOperationsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ContinuingOperationsMember" xml:lang="en-US" id="label_ContinuingOperationsMember">Continuing operations [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ContinuingOperationsMember" xlink:to="label_ContinuingOperationsMember" xlink:title="Label : ContinuingOperationsMember to label_ContinuingOperationsMember" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DiscontinuedOperationsMember" xlink:label="DiscontinuedOperationsMember" xlink:title="DiscontinuedOperationsMember" />
    <link:label xlink:type="resource" xlink:label="label_DiscontinuedOperationsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DiscontinuedOperationsMember" xml:lang="en-US" id="label_DiscontinuedOperationsMember">Discontinued operations [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DiscontinuedOperationsMember" xlink:to="label_DiscontinuedOperationsMember" xlink:title="Label : DiscontinuedOperationsMember to label_DiscontinuedOperationsMember" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_ManagementViewOperatingIncome" xlink:label="ManagementViewOperatingIncome" xlink:title="ManagementViewOperatingIncome" />
    <link:label xlink:type="resource" xlink:label="label_ManagementViewOperatingIncome" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ManagementViewOperatingIncome" xml:lang="en-US" id="label_ManagementViewOperatingIncome">Operating income under management view.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ManagementViewOperatingIncome" xlink:to="label_ManagementViewOperatingIncome" xlink:title="Label : ManagementViewOperatingIncome to label_ManagementViewOperatingIncome" />
    <link:label xlink:type="resource" xlink:label="label_ManagementViewOperatingIncome_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ManagementViewOperatingIncome_1" xml:lang="en-US" id="label_ManagementViewOperatingIncome_1">ts_ManagementViewOperatingIncome</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ManagementViewOperatingIncome" xlink:to="label_ManagementViewOperatingIncome_1" xlink:title="Label : ManagementViewOperatingIncome to label_ManagementViewOperatingIncome_1" />
    <link:label xlink:type="resource" xlink:label="label_ManagementViewOperatingIncome_2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_ManagementViewOperatingIncome_2" xml:lang="en-US" id="label_ManagementViewOperatingIncome_2">Management view - operating income (loss)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ManagementViewOperatingIncome" xlink:to="label_ManagementViewOperatingIncome_2" xlink:title="Label : ManagementViewOperatingIncome to label_ManagementViewOperatingIncome_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_ManagementViewDifferencesInCostOfSales" xlink:label="ManagementViewDifferencesInCostOfSales" xlink:title="ManagementViewDifferencesInCostOfSales" />
    <link:label xlink:type="resource" xlink:label="label_ManagementViewDifferencesInCostOfSales" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_ManagementViewDifferencesInCostOfSales" xml:lang="en-US" id="label_ManagementViewDifferencesInCostOfSales">Difference in cost of sales</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ManagementViewDifferencesInCostOfSales" xlink:to="label_ManagementViewDifferencesInCostOfSales" xlink:title="Label : ManagementViewDifferencesInCostOfSales to label_ManagementViewDifferencesInCostOfSales" />
    <link:label xlink:type="resource" xlink:label="label_ManagementViewDifferencesInCostOfSales_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ManagementViewDifferencesInCostOfSales_1" xml:lang="en-US" id="label_ManagementViewDifferencesInCostOfSales_1">ts_ManagementViewDifferencesInCostOfSales</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ManagementViewDifferencesInCostOfSales" xlink:to="label_ManagementViewDifferencesInCostOfSales_1" xlink:title="Label : ManagementViewDifferencesInCostOfSales to label_ManagementViewDifferencesInCostOfSales_1" />
    <link:label xlink:type="resource" xlink:label="label_ManagementViewDifferencesInCostOfSales_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ManagementViewDifferencesInCostOfSales_2" xml:lang="en-US" id="label_ManagementViewDifferencesInCostOfSales_2">Differences in cost of sales under management view.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ManagementViewDifferencesInCostOfSales" xlink:to="label_ManagementViewDifferencesInCostOfSales_2" xlink:title="Label : ManagementViewDifferencesInCostOfSales to label_ManagementViewDifferencesInCostOfSales_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_ManagementViewDifferencesInDepreciationAndAmortization" xlink:label="ManagementViewDifferencesInDepreciationAndAmortization" xlink:title="ManagementViewDifferencesInDepreciationAndAmortization" />
    <link:label xlink:type="resource" xlink:label="label_ManagementViewDifferencesInDepreciationAndAmortization" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_ManagementViewDifferencesInDepreciationAndAmortization" xml:lang="en-US" id="label_ManagementViewDifferencesInDepreciationAndAmortization">Differences in depreciation and amortization</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ManagementViewDifferencesInDepreciationAndAmortization" xlink:to="label_ManagementViewDifferencesInDepreciationAndAmortization" xlink:title="Label : ManagementViewDifferencesInDepreciationAndAmortization to label_ManagementViewDifferencesInDepreciationAndAmortization" />
    <link:label xlink:type="resource" xlink:label="label_ManagementViewDifferencesInDepreciationAndAmortization_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ManagementViewDifferencesInDepreciationAndAmortization_1" xml:lang="en-US" id="label_ManagementViewDifferencesInDepreciationAndAmortization_1">ts_ManagementViewDifferencesInDepreciationAndAmortization</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ManagementViewDifferencesInDepreciationAndAmortization" xlink:to="label_ManagementViewDifferencesInDepreciationAndAmortization_1" xlink:title="Label : ManagementViewDifferencesInDepreciationAndAmortization to label_ManagementViewDifferencesInDepreciationAndAmortization_1" />
    <link:label xlink:type="resource" xlink:label="label_ManagementViewDifferencesInDepreciationAndAmortization_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ManagementViewDifferencesInDepreciationAndAmortization_2" xml:lang="en-US" id="label_ManagementViewDifferencesInDepreciationAndAmortization_2">Differences in depreciation and amortization under management view.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ManagementViewDifferencesInDepreciationAndAmortization" xlink:to="label_ManagementViewDifferencesInDepreciationAndAmortization_2" xlink:title="Label : ManagementViewDifferencesInDepreciationAndAmortization to label_ManagementViewDifferencesInDepreciationAndAmortization_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_ManagementViewDifferencesInSellingGeneralAndAdiministrativeExpenses" xlink:label="ManagementViewDifferencesInSellingGeneralAndAdiministrativeExpenses" xlink:title="ManagementViewDifferencesInSellingGeneralAndAdiministrativeExpenses" />
    <link:label xlink:type="resource" xlink:label="label_ManagementViewDifferencesInSellingGeneralAndAdiministrativeExpenses" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_ManagementViewDifferencesInSellingGeneralAndAdiministrativeExpenses" xml:lang="en-US" id="label_ManagementViewDifferencesInSellingGeneralAndAdiministrativeExpenses">Differences in selling, general and administrative expenses</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ManagementViewDifferencesInSellingGeneralAndAdiministrativeExpenses" xlink:to="label_ManagementViewDifferencesInSellingGeneralAndAdiministrativeExpenses" xlink:title="Label : ManagementViewDifferencesInSellingGeneralAndAdiministrativeExpenses to label_ManagementViewDifferencesInSellingGeneralAndAdiministrativeExpenses" />
    <link:label xlink:type="resource" xlink:label="label_ManagementViewDifferencesInSellingGeneralAndAdiministrativeExpenses_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ManagementViewDifferencesInSellingGeneralAndAdiministrativeExpenses_1" xml:lang="en-US" id="label_ManagementViewDifferencesInSellingGeneralAndAdiministrativeExpenses_1">ts_ManagementViewDifferencesInSellingGeneralAndAdiministrativeExpenses</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ManagementViewDifferencesInSellingGeneralAndAdiministrativeExpenses" xlink:to="label_ManagementViewDifferencesInSellingGeneralAndAdiministrativeExpenses_1" xlink:title="Label : ManagementViewDifferencesInSellingGeneralAndAdiministrativeExpenses to label_ManagementViewDifferencesInSellingGeneralAndAdiministrativeExpenses_1" />
    <link:label xlink:type="resource" xlink:label="label_ManagementViewDifferencesInSellingGeneralAndAdiministrativeExpenses_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ManagementViewDifferencesInSellingGeneralAndAdiministrativeExpenses_2" xml:lang="en-US" id="label_ManagementViewDifferencesInSellingGeneralAndAdiministrativeExpenses_2">Differences in selling, general and administrative expenses under management view.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ManagementViewDifferencesInSellingGeneralAndAdiministrativeExpenses" xlink:to="label_ManagementViewDifferencesInSellingGeneralAndAdiministrativeExpenses_2" xlink:title="Label : ManagementViewDifferencesInSellingGeneralAndAdiministrativeExpenses to label_ManagementViewDifferencesInSellingGeneralAndAdiministrativeExpenses_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_ManagementViewDifferencesInOtherOperatingIncomeExpensesNet" xlink:label="ManagementViewDifferencesInOtherOperatingIncomeExpensesNet" xlink:title="ManagementViewDifferencesInOtherOperatingIncomeExpensesNet" />
    <link:label xlink:type="resource" xlink:label="label_ManagementViewDifferencesInOtherOperatingIncomeExpensesNet" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_ManagementViewDifferencesInOtherOperatingIncomeExpensesNet" xml:lang="en-US" id="label_ManagementViewDifferencesInOtherOperatingIncomeExpensesNet">Differences in other operating income (expenses), net</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ManagementViewDifferencesInOtherOperatingIncomeExpensesNet" xlink:to="label_ManagementViewDifferencesInOtherOperatingIncomeExpensesNet" xlink:title="Label : ManagementViewDifferencesInOtherOperatingIncomeExpensesNet to label_ManagementViewDifferencesInOtherOperatingIncomeExpensesNet" />
    <link:label xlink:type="resource" xlink:label="label_ManagementViewDifferencesInOtherOperatingIncomeExpensesNet_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ManagementViewDifferencesInOtherOperatingIncomeExpensesNet_1" xml:lang="en-US" id="label_ManagementViewDifferencesInOtherOperatingIncomeExpensesNet_1">ts_ManagementViewDifferencesInOtherOperatingIncomeExpensesNet</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ManagementViewDifferencesInOtherOperatingIncomeExpensesNet" xlink:to="label_ManagementViewDifferencesInOtherOperatingIncomeExpensesNet_1" xlink:title="Label : ManagementViewDifferencesInOtherOperatingIncomeExpensesNet to label_ManagementViewDifferencesInOtherOperatingIncomeExpensesNet_1" />
    <link:label xlink:type="resource" xlink:label="label_ManagementViewDifferencesInOtherOperatingIncomeExpensesNet_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ManagementViewDifferencesInOtherOperatingIncomeExpensesNet_2" xml:lang="en-US" id="label_ManagementViewDifferencesInOtherOperatingIncomeExpensesNet_2">Differences in net other operating income (expenses) under management view.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ManagementViewDifferencesInOtherOperatingIncomeExpensesNet" xlink:to="label_ManagementViewDifferencesInOtherOperatingIncomeExpensesNet_2" xlink:title="Label : ManagementViewDifferencesInOtherOperatingIncomeExpensesNet to label_ManagementViewDifferencesInOtherOperatingIncomeExpensesNet_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_FinanceIncomeCost" xlink:label="FinanceIncomeCost" xlink:title="FinanceIncomeCost" />
    <link:label xlink:type="resource" xlink:label="label_FinanceIncomeCost" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_FinanceIncomeCost" xml:lang="en-US" id="label_FinanceIncomeCost">Financial income (expense), net</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinanceIncomeCost" xlink:to="label_FinanceIncomeCost" xlink:title="Label : FinanceIncomeCost to label_FinanceIncomeCost" />
    <link:label xlink:type="resource" xlink:label="label_FinanceIncomeCost_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_FinanceIncomeCost_1" xml:lang="en-US" id="label_FinanceIncomeCost_1">ifrs-full_FinanceIncomeCost</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinanceIncomeCost" xlink:to="label_FinanceIncomeCost_1" xlink:title="Label : FinanceIncomeCost to label_FinanceIncomeCost_1" />
    <link:label xlink:type="resource" xlink:label="label_FinanceIncomeCost_2" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_FinanceIncomeCost_2" xml:lang="en-US" id="label_FinanceIncomeCost_2">Finance income (cost)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinanceIncomeCost" xlink:to="label_FinanceIncomeCost_2" xlink:title="Label : FinanceIncomeCost to label_FinanceIncomeCost_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DepreciationAndAmortisationExpense" xlink:label="DepreciationAndAmortisationExpense" xlink:title="DepreciationAndAmortisationExpense" />
    <link:label xlink:type="resource" xlink:label="label_DepreciationAndAmortisationExpense" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_DepreciationAndAmortisationExpense" xml:lang="en-US" id="label_DepreciationAndAmortisationExpense">Depreciation and amortization</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DepreciationAndAmortisationExpense" xlink:to="label_DepreciationAndAmortisationExpense" xlink:title="Label : DepreciationAndAmortisationExpense to label_DepreciationAndAmortisationExpense" />
    <link:label xlink:type="resource" xlink:label="label_DepreciationAndAmortisationExpense_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DepreciationAndAmortisationExpense_1" xml:lang="en-US" id="label_DepreciationAndAmortisationExpense_1">Depreciation and amortization</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DepreciationAndAmortisationExpense" xlink:to="label_DepreciationAndAmortisationExpense_1" xlink:title="Label : DepreciationAndAmortisationExpense to label_DepreciationAndAmortisationExpense_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_AsiaPacific1Member" xlink:label="AsiaPacific1Member" xlink:title="AsiaPacific1Member" />
    <link:label xlink:type="resource" xlink:label="label_AsiaPacific1Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AsiaPacific1Member" xml:lang="en-US" id="label_AsiaPacific1Member">Asia Pacific [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AsiaPacific1Member" xlink:to="label_AsiaPacific1Member" xlink:title="Label : AsiaPacific1Member to label_AsiaPacific1Member" />
    <link:label xlink:type="resource" xlink:label="label_AsiaPacific1Member_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_AsiaPacific1Member_1" xml:lang="en-US" id="label_AsiaPacific1Member_1">Region of Asia Pacific.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AsiaPacific1Member" xlink:to="label_AsiaPacific1Member_1" xlink:title="Label : AsiaPacific1Member to label_AsiaPacific1Member_1" />
    <link:label xlink:type="resource" xlink:label="label_UnallocatedRegionMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_UnallocatedRegionMember_1" xml:lang="en-US" id="label_UnallocatedRegionMember_1">Represents an unallocated region.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="UnallocatedRegionMember" xlink:to="label_UnallocatedRegionMember_1" xlink:title="Label : UnallocatedRegionMember to label_UnallocatedRegionMember_1" />
    <link:label xlink:type="resource" xlink:label="label_UnallocatedRegionMember_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_UnallocatedRegionMember_2" xml:lang="en-US" id="label_UnallocatedRegionMember_2">Unallocated region [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="UnallocatedRegionMember" xlink:to="label_UnallocatedRegionMember_2" xlink:title="Label : UnallocatedRegionMember to label_UnallocatedRegionMember_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_ContinuingOperations1Member" xlink:label="ContinuingOperations1Member" xlink:title="ContinuingOperations1Member" />
    <link:label xlink:type="resource" xlink:label="label_ContinuingOperations1Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ContinuingOperations1Member" xml:lang="en-US" id="label_ContinuingOperations1Member">Continuing operations 1 [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ContinuingOperations1Member" xlink:to="label_ContinuingOperations1Member" xlink:title="Label : ContinuingOperations1Member to label_ContinuingOperations1Member" />
    <link:label xlink:type="resource" xlink:label="label_ContinuingOperations1Member_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ContinuingOperations1Member_1" xml:lang="en-US" id="label_ContinuingOperations1Member_1">Represent continuing operations.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ContinuingOperations1Member" xlink:to="label_ContinuingOperations1Member_1" xlink:title="Label : ContinuingOperations1Member to label_ContinuingOperations1Member_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_ProductsAndServicesAxis" xlink:label="ProductsAndServicesAxis" xlink:title="ProductsAndServicesAxis" />
    <link:label xlink:type="resource" xlink:label="label_ProductsAndServicesAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ProductsAndServicesAxis" xml:lang="en-US" id="label_ProductsAndServicesAxis">Products and services [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProductsAndServicesAxis" xlink:to="label_ProductsAndServicesAxis" xlink:title="Label : ProductsAndServicesAxis to label_ProductsAndServicesAxis" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_ProductsAndServicesMember" xlink:label="ProductsAndServicesMember" xlink:title="ProductsAndServicesMember" />
    <link:label xlink:type="resource" xlink:label="label_ProductsAndServicesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ProductsAndServicesMember" xml:lang="en-US" id="label_ProductsAndServicesMember">Products and services [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProductsAndServicesMember" xlink:to="label_ProductsAndServicesMember" xlink:title="Label : ProductsAndServicesMember to label_ProductsAndServicesMember" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_OilAndGasMember" xlink:label="OilAndGasMember" xlink:title="OilAndGasMember" />
    <link:label xlink:type="resource" xlink:label="label_OilAndGasMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OilAndGasMember" xml:lang="en-US" id="label_OilAndGasMember">Oil and gas [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OilAndGasMember" xlink:to="label_OilAndGasMember" xlink:title="Label : OilAndGasMember to label_OilAndGasMember" />
    <link:label xlink:type="resource" xlink:label="label_OilAndGasMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_OilAndGasMember_1" xml:lang="en-US" id="label_OilAndGasMember_1">Represents information pertaining to oil and gas.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OilAndGasMember" xlink:to="label_OilAndGasMember_1" xlink:title="Label : OilAndGasMember to label_OilAndGasMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_HydrocarbonProcessingAndPowerGenerationMember" xlink:label="HydrocarbonProcessingAndPowerGenerationMember" xlink:title="HydrocarbonProcessingAndPowerGenerationMember" />
    <link:label xlink:type="resource" xlink:label="label_HydrocarbonProcessingAndPowerGenerationMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_HydrocarbonProcessingAndPowerGenerationMember" xml:lang="en-US" id="label_HydrocarbonProcessingAndPowerGenerationMember">Hydrocarbon processing and power generation [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="HydrocarbonProcessingAndPowerGenerationMember" xlink:to="label_HydrocarbonProcessingAndPowerGenerationMember" xlink:title="Label : HydrocarbonProcessingAndPowerGenerationMember to label_HydrocarbonProcessingAndPowerGenerationMember" />
    <link:label xlink:type="resource" xlink:label="label_HydrocarbonProcessingAndPowerGenerationMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_HydrocarbonProcessingAndPowerGenerationMember_1" xml:lang="en-US" id="label_HydrocarbonProcessingAndPowerGenerationMember_1">Represents information pertaining to hydrocarbon processing and power generation.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="HydrocarbonProcessingAndPowerGenerationMember" xlink:to="label_HydrocarbonProcessingAndPowerGenerationMember_1" xlink:title="Label : HydrocarbonProcessingAndPowerGenerationMember to label_HydrocarbonProcessingAndPowerGenerationMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_IndustrialAndOtherMember" xlink:label="IndustrialAndOtherMember" xlink:title="IndustrialAndOtherMember" />
    <link:label xlink:type="resource" xlink:label="label_IndustrialAndOtherMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IndustrialAndOtherMember" xml:lang="en-US" id="label_IndustrialAndOtherMember">Industrial and other [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IndustrialAndOtherMember" xlink:to="label_IndustrialAndOtherMember" xlink:title="Label : IndustrialAndOtherMember to label_IndustrialAndOtherMember" />
    <link:label xlink:type="resource" xlink:label="label_IndustrialAndOtherMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_IndustrialAndOtherMember_1" xml:lang="en-US" id="label_IndustrialAndOtherMember_1">Represents information pertaining to industrial and other.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IndustrialAndOtherMember" xlink:to="label_IndustrialAndOtherMember_1" xlink:title="Label : IndustrialAndOtherMember to label_IndustrialAndOtherMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_IncreaseInInventoryDueToBusinessCombinations" xlink:label="IncreaseInInventoryDueToBusinessCombinations" xlink:title="IncreaseInInventoryDueToBusinessCombinations" />
    <link:label xlink:type="resource" xlink:label="label_IncreaseInInventoryDueToBusinessCombinations" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IncreaseInInventoryDueToBusinessCombinations" xml:lang="en-US" id="label_IncreaseInInventoryDueToBusinessCombinations">Increase in inventory due to business combinations</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseInInventoryDueToBusinessCombinations" xlink:to="label_IncreaseInInventoryDueToBusinessCombinations" xlink:title="Label : IncreaseInInventoryDueToBusinessCombinations to label_IncreaseInInventoryDueToBusinessCombinations" />
    <link:label xlink:type="resource" xlink:label="label_IncreaseInInventoryDueToBusinessCombinations_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_IncreaseInInventoryDueToBusinessCombinations_1" xml:lang="en-US" id="label_IncreaseInInventoryDueToBusinessCombinations_1">Represents the amount of increase in inventory during the period due to business combinations.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseInInventoryDueToBusinessCombinations" xlink:to="label_IncreaseInInventoryDueToBusinessCombinations_1" xlink:title="Label : IncreaseInInventoryDueToBusinessCombinations to label_IncreaseInInventoryDueToBusinessCombinations_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_CostOfSalesRawMaterialsEnergyConsumablesAndOther" xlink:label="CostOfSalesRawMaterialsEnergyConsumablesAndOther" xlink:title="CostOfSalesRawMaterialsEnergyConsumablesAndOther" />
    <link:label xlink:type="resource" xlink:label="label_CostOfSalesRawMaterialsEnergyConsumablesAndOther" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CostOfSalesRawMaterialsEnergyConsumablesAndOther" xml:lang="en-US" id="label_CostOfSalesRawMaterialsEnergyConsumablesAndOther">Raw materials, energy, consumables and other</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CostOfSalesRawMaterialsEnergyConsumablesAndOther" xlink:to="label_CostOfSalesRawMaterialsEnergyConsumablesAndOther" xlink:title="Label : CostOfSalesRawMaterialsEnergyConsumablesAndOther to label_CostOfSalesRawMaterialsEnergyConsumablesAndOther" />
    <link:label xlink:type="resource" xlink:label="label_CostOfSalesRawMaterialsEnergyConsumablesAndOther_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CostOfSalesRawMaterialsEnergyConsumablesAndOther_1" xml:lang="en-US" id="label_CostOfSalesRawMaterialsEnergyConsumablesAndOther_1">Amount of raw materials, energy, consumables and other expense attributable to cost of sales.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CostOfSalesRawMaterialsEnergyConsumablesAndOther" xlink:to="label_CostOfSalesRawMaterialsEnergyConsumablesAndOther_1" xlink:title="Label : CostOfSalesRawMaterialsEnergyConsumablesAndOther to label_CostOfSalesRawMaterialsEnergyConsumablesAndOther_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_CostOfSalesServicesAndFees" xlink:label="CostOfSalesServicesAndFees" xlink:title="CostOfSalesServicesAndFees" />
    <link:label xlink:type="resource" xlink:label="label_CostOfSalesServicesAndFees" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CostOfSalesServicesAndFees" xml:lang="en-US" id="label_CostOfSalesServicesAndFees">Services and fees</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CostOfSalesServicesAndFees" xlink:to="label_CostOfSalesServicesAndFees" xlink:title="Label : CostOfSalesServicesAndFees to label_CostOfSalesServicesAndFees" />
    <link:label xlink:type="resource" xlink:label="label_CostOfSalesServicesAndFees_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CostOfSalesServicesAndFees_1" xml:lang="en-US" id="label_CostOfSalesServicesAndFees_1">Amount of services and fees expense attributable to cost of sales.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CostOfSalesServicesAndFees" xlink:to="label_CostOfSalesServicesAndFees_1" xlink:title="Label : CostOfSalesServicesAndFees to label_CostOfSalesServicesAndFees_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_CostOfSalesLaborCost" xlink:label="CostOfSalesLaborCost" xlink:title="CostOfSalesLaborCost" />
    <link:label xlink:type="resource" xlink:label="label_CostOfSalesLaborCost" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CostOfSalesLaborCost" xml:lang="en-US" id="label_CostOfSalesLaborCost">Labor cost</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CostOfSalesLaborCost" xlink:to="label_CostOfSalesLaborCost" xlink:title="Label : CostOfSalesLaborCost to label_CostOfSalesLaborCost" />
    <link:label xlink:type="resource" xlink:label="label_CostOfSalesLaborCost_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CostOfSalesLaborCost_1" xml:lang="en-US" id="label_CostOfSalesLaborCost_1">Amount of labor cost attributable to cost of sales.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CostOfSalesLaborCost" xlink:to="label_CostOfSalesLaborCost_1" xlink:title="Label : CostOfSalesLaborCost to label_CostOfSalesLaborCost_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_CostOfSalesDepreciationOfPropertyPlantAndEquipment" xlink:label="CostOfSalesDepreciationOfPropertyPlantAndEquipment" xlink:title="CostOfSalesDepreciationOfPropertyPlantAndEquipment" />
    <link:label xlink:type="resource" xlink:label="label_CostOfSalesDepreciationOfPropertyPlantAndEquipment" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CostOfSalesDepreciationOfPropertyPlantAndEquipment" xml:lang="en-US" id="label_CostOfSalesDepreciationOfPropertyPlantAndEquipment">Depreciation of property, plant and equipment</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CostOfSalesDepreciationOfPropertyPlantAndEquipment" xlink:to="label_CostOfSalesDepreciationOfPropertyPlantAndEquipment" xlink:title="Label : CostOfSalesDepreciationOfPropertyPlantAndEquipment to label_CostOfSalesDepreciationOfPropertyPlantAndEquipment" />
    <link:label xlink:type="resource" xlink:label="label_CostOfSalesDepreciationOfPropertyPlantAndEquipment_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CostOfSalesDepreciationOfPropertyPlantAndEquipment_1" xml:lang="en-US" id="label_CostOfSalesDepreciationOfPropertyPlantAndEquipment_1">Amount of depreciation of property, plant and equipment attributable to cost of sales.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CostOfSalesDepreciationOfPropertyPlantAndEquipment" xlink:to="label_CostOfSalesDepreciationOfPropertyPlantAndEquipment_1" xlink:title="Label : CostOfSalesDepreciationOfPropertyPlantAndEquipment to label_CostOfSalesDepreciationOfPropertyPlantAndEquipment_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_CostOfSalesAmortizationOfIntangibleAssets" xlink:label="CostOfSalesAmortizationOfIntangibleAssets" xlink:title="CostOfSalesAmortizationOfIntangibleAssets" />
    <link:label xlink:type="resource" xlink:label="label_CostOfSalesAmortizationOfIntangibleAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CostOfSalesAmortizationOfIntangibleAssets" xml:lang="en-US" id="label_CostOfSalesAmortizationOfIntangibleAssets">Amortization of intangible assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CostOfSalesAmortizationOfIntangibleAssets" xlink:to="label_CostOfSalesAmortizationOfIntangibleAssets" xlink:title="Label : CostOfSalesAmortizationOfIntangibleAssets to label_CostOfSalesAmortizationOfIntangibleAssets" />
    <link:label xlink:type="resource" xlink:label="label_CostOfSalesAmortizationOfIntangibleAssets_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CostOfSalesAmortizationOfIntangibleAssets_1" xml:lang="en-US" id="label_CostOfSalesAmortizationOfIntangibleAssets_1">Amount of amortization of intangible assets attributable to cost of sales.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CostOfSalesAmortizationOfIntangibleAssets" xlink:to="label_CostOfSalesAmortizationOfIntangibleAssets_1" xlink:title="Label : CostOfSalesAmortizationOfIntangibleAssets to label_CostOfSalesAmortizationOfIntangibleAssets_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_DepreciationOfRightofuseAssetsInventoryImpactOnCostOfSales" xlink:label="DepreciationOfRightofuseAssetsInventoryImpactOnCostOfSales" xlink:title="DepreciationOfRightofuseAssetsInventoryImpactOnCostOfSales" />
    <link:label xlink:type="resource" xlink:label="label_DepreciationOfRightofuseAssetsInventoryImpactOnCostOfSales" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DepreciationOfRightofuseAssetsInventoryImpactOnCostOfSales" xml:lang="en-US" id="label_DepreciationOfRightofuseAssetsInventoryImpactOnCostOfSales">Depreciation of right-of-use assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DepreciationOfRightofuseAssetsInventoryImpactOnCostOfSales" xlink:to="label_DepreciationOfRightofuseAssetsInventoryImpactOnCostOfSales" xlink:title="Label : DepreciationOfRightofuseAssetsInventoryImpactOnCostOfSales to label_DepreciationOfRightofuseAssetsInventoryImpactOnCostOfSales" />
    <link:label xlink:type="resource" xlink:label="label_DepreciationOfRightofuseAssetsInventoryImpactOnCostOfSales_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DepreciationOfRightofuseAssetsInventoryImpactOnCostOfSales_1" xml:lang="en-US" id="label_DepreciationOfRightofuseAssetsInventoryImpactOnCostOfSales_1">Represents the cost of sales impact of depreciation of right-of-use assets during the period.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DepreciationOfRightofuseAssetsInventoryImpactOnCostOfSales" xlink:to="label_DepreciationOfRightofuseAssetsInventoryImpactOnCostOfSales_1" xlink:title="Label : DepreciationOfRightofuseAssetsInventoryImpactOnCostOfSales to label_DepreciationOfRightofuseAssetsInventoryImpactOnCostOfSales_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_CostOfSalesMaintenanceExpenses" xlink:label="CostOfSalesMaintenanceExpenses" xlink:title="CostOfSalesMaintenanceExpenses" />
    <link:label xlink:type="resource" xlink:label="label_CostOfSalesMaintenanceExpenses" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CostOfSalesMaintenanceExpenses" xml:lang="en-US" id="label_CostOfSalesMaintenanceExpenses">Maintenance expenses</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CostOfSalesMaintenanceExpenses" xlink:to="label_CostOfSalesMaintenanceExpenses" xlink:title="Label : CostOfSalesMaintenanceExpenses to label_CostOfSalesMaintenanceExpenses" />
    <link:label xlink:type="resource" xlink:label="label_CostOfSalesMaintenanceExpenses_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CostOfSalesMaintenanceExpenses_1" xml:lang="en-US" id="label_CostOfSalesMaintenanceExpenses_1">Amount of maintenance expenses attributable to cost of sales.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CostOfSalesMaintenanceExpenses" xlink:to="label_CostOfSalesMaintenanceExpenses_1" xlink:title="Label : CostOfSalesMaintenanceExpenses to label_CostOfSalesMaintenanceExpenses_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_CostOfSalesAllowanceForObsolescence" xlink:label="CostOfSalesAllowanceForObsolescence" xlink:title="CostOfSalesAllowanceForObsolescence" />
    <link:label xlink:type="resource" xlink:label="label_CostOfSalesAllowanceForObsolescence" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CostOfSalesAllowanceForObsolescence" xml:lang="en-US" id="label_CostOfSalesAllowanceForObsolescence">Allowance for obsolescence</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CostOfSalesAllowanceForObsolescence" xlink:to="label_CostOfSalesAllowanceForObsolescence" xlink:title="Label : CostOfSalesAllowanceForObsolescence to label_CostOfSalesAllowanceForObsolescence" />
    <link:label xlink:type="resource" xlink:label="label_CostOfSalesAllowanceForObsolescence_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CostOfSalesAllowanceForObsolescence_1" xml:lang="en-US" id="label_CostOfSalesAllowanceForObsolescence_1">Amount of allowance for obsolescence attributable to cost of sales.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CostOfSalesAllowanceForObsolescence" xlink:to="label_CostOfSalesAllowanceForObsolescence_1" xlink:title="Label : CostOfSalesAllowanceForObsolescence to label_CostOfSalesAllowanceForObsolescence_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_CostOfSalesTaxes" xlink:label="CostOfSalesTaxes" xlink:title="CostOfSalesTaxes" />
    <link:label xlink:type="resource" xlink:label="label_CostOfSalesTaxes" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CostOfSalesTaxes" xml:lang="en-US" id="label_CostOfSalesTaxes">Taxes</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CostOfSalesTaxes" xlink:to="label_CostOfSalesTaxes" xlink:title="Label : CostOfSalesTaxes to label_CostOfSalesTaxes" />
    <link:label xlink:type="resource" xlink:label="label_CostOfSalesTaxes_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CostOfSalesTaxes_1" xml:lang="en-US" id="label_CostOfSalesTaxes_1">Amount of tax expense attributable to cost of sales.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CostOfSalesTaxes" xlink:to="label_CostOfSalesTaxes_1" xlink:title="Label : CostOfSalesTaxes to label_CostOfSalesTaxes_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_CostOfSalesOther" xlink:label="CostOfSalesOther" xlink:title="CostOfSalesOther" />
    <link:label xlink:type="resource" xlink:label="label_CostOfSalesOther" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_CostOfSalesOther" xml:lang="en-US" id="label_CostOfSalesOther">Other</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CostOfSalesOther" xlink:to="label_CostOfSalesOther" xlink:title="Label : CostOfSalesOther to label_CostOfSalesOther" />
    <link:label xlink:type="resource" xlink:label="label_CostOfSalesOther_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CostOfSalesOther_1" xml:lang="en-US" id="label_CostOfSalesOther_1">ts_CostOfSalesOther</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CostOfSalesOther" xlink:to="label_CostOfSalesOther_1" xlink:title="Label : CostOfSalesOther to label_CostOfSalesOther_1" />
    <link:label xlink:type="resource" xlink:label="label_CostOfSalesOther_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CostOfSalesOther_2" xml:lang="en-US" id="label_CostOfSalesOther_2">Amount of other expense attributable to cost of sales.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CostOfSalesOther" xlink:to="label_CostOfSalesOther_2" xlink:title="Label : CostOfSalesOther to label_CostOfSalesOther_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_CostOfSalesIncludingDiscontinuedOperations" xlink:label="CostOfSalesIncludingDiscontinuedOperations" xlink:title="CostOfSalesIncludingDiscontinuedOperations" />
    <link:label xlink:type="resource" xlink:label="label_CostOfSalesIncludingDiscontinuedOperations" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CostOfSalesIncludingDiscontinuedOperations" xml:lang="en-US" id="label_CostOfSalesIncludingDiscontinuedOperations">ts_CostOfSalesIncludingDiscontinuedOperations</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CostOfSalesIncludingDiscontinuedOperations" xlink:to="label_CostOfSalesIncludingDiscontinuedOperations" xlink:title="Label : CostOfSalesIncludingDiscontinuedOperations to label_CostOfSalesIncludingDiscontinuedOperations" />
    <link:label xlink:type="resource" xlink:label="label_CostOfSalesIncludingDiscontinuedOperations_1" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_CostOfSalesIncludingDiscontinuedOperations_1" xml:lang="en-US" id="label_CostOfSalesIncludingDiscontinuedOperations_1">Cost of sales including discontinued operations</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CostOfSalesIncludingDiscontinuedOperations" xlink:to="label_CostOfSalesIncludingDiscontinuedOperations_1" xlink:title="Label : CostOfSalesIncludingDiscontinuedOperations to label_CostOfSalesIncludingDiscontinuedOperations_1" />
    <link:label xlink:type="resource" xlink:label="label_CostOfSalesIncludingDiscontinuedOperations_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CostOfSalesIncludingDiscontinuedOperations_2" xml:lang="en-US" id="label_CostOfSalesIncludingDiscontinuedOperations_2">Amount of cost of sales including discontinued operations.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CostOfSalesIncludingDiscontinuedOperations" xlink:to="label_CostOfSalesIncludingDiscontinuedOperations_2" xlink:title="Label : CostOfSalesIncludingDiscontinuedOperations to label_CostOfSalesIncludingDiscontinuedOperations_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_InventoriesIncludingDiscontinuedOperations" xlink:label="InventoriesIncludingDiscontinuedOperations" xlink:title="InventoriesIncludingDiscontinuedOperations" />
    <link:label xlink:type="resource" xlink:label="label_InventoriesIncludingDiscontinuedOperations" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:title="label_InventoriesIncludingDiscontinuedOperations" xml:lang="en-US" id="label_InventoriesIncludingDiscontinuedOperations">Inventories at the beginning of the year</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InventoriesIncludingDiscontinuedOperations" xlink:to="label_InventoriesIncludingDiscontinuedOperations" xlink:title="Label : InventoriesIncludingDiscontinuedOperations to label_InventoriesIncludingDiscontinuedOperations" />
    <link:label xlink:type="resource" xlink:label="label_InventoriesIncludingDiscontinuedOperations_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_InventoriesIncludingDiscontinuedOperations_1" xml:lang="en-US" id="label_InventoriesIncludingDiscontinuedOperations_1">ts_InventoriesIncludingDiscontinuedOperations</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InventoriesIncludingDiscontinuedOperations" xlink:to="label_InventoriesIncludingDiscontinuedOperations_1" xlink:title="Label : InventoriesIncludingDiscontinuedOperations to label_InventoriesIncludingDiscontinuedOperations_1" />
    <link:label xlink:type="resource" xlink:label="label_InventoriesIncludingDiscontinuedOperations_2" xlink:role="http://www.xbrl.org/2009/role/negatedPeriodEndLabel" xlink:title="label_InventoriesIncludingDiscontinuedOperations_2" xml:lang="en-US" id="label_InventoriesIncludingDiscontinuedOperations_2">Less: Inventories at the end of the year</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InventoriesIncludingDiscontinuedOperations" xlink:to="label_InventoriesIncludingDiscontinuedOperations_2" xlink:title="Label : InventoriesIncludingDiscontinuedOperations to label_InventoriesIncludingDiscontinuedOperations_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_CostOfSalesDiscontinuedOperations" xlink:label="CostOfSalesDiscontinuedOperations" xlink:title="CostOfSalesDiscontinuedOperations" />
    <link:label xlink:type="resource" xlink:label="label_CostOfSalesDiscontinuedOperations" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CostOfSalesDiscontinuedOperations" xml:lang="en-US" id="label_CostOfSalesDiscontinuedOperations">ts_CostOfSalesDiscontinuedOperations</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CostOfSalesDiscontinuedOperations" xlink:to="label_CostOfSalesDiscontinuedOperations" xlink:title="Label : CostOfSalesDiscontinuedOperations to label_CostOfSalesDiscontinuedOperations" />
    <link:label xlink:type="resource" xlink:label="label_CostOfSalesDiscontinuedOperations_1" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:title="label_CostOfSalesDiscontinuedOperations_1" xml:lang="en-US" id="label_CostOfSalesDiscontinuedOperations_1">From discontinued operations</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CostOfSalesDiscontinuedOperations" xlink:to="label_CostOfSalesDiscontinuedOperations_1" xlink:title="Label : CostOfSalesDiscontinuedOperations to label_CostOfSalesDiscontinuedOperations_1" />
    <link:label xlink:type="resource" xlink:label="label_CostOfSalesDiscontinuedOperations_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CostOfSalesDiscontinuedOperations_2" xml:lang="en-US" id="label_CostOfSalesDiscontinuedOperations_2">Amount of expense attributable to cost of sales from discontinued operations.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CostOfSalesDiscontinuedOperations" xlink:to="label_CostOfSalesDiscontinuedOperations_2" xlink:title="Label : CostOfSalesDiscontinuedOperations to label_CostOfSalesDiscontinuedOperations_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_SellingGeneralAndAdministrativeExpensesServicesAndFees" xlink:label="SellingGeneralAndAdministrativeExpensesServicesAndFees" xlink:title="SellingGeneralAndAdministrativeExpensesServicesAndFees" />
    <link:label xlink:type="resource" xlink:label="label_SellingGeneralAndAdministrativeExpensesServicesAndFees" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SellingGeneralAndAdministrativeExpensesServicesAndFees" xml:lang="en-US" id="label_SellingGeneralAndAdministrativeExpensesServicesAndFees">ts_SellingGeneralAndAdministrativeExpensesServicesAndFees</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SellingGeneralAndAdministrativeExpensesServicesAndFees" xlink:to="label_SellingGeneralAndAdministrativeExpensesServicesAndFees" xlink:title="Label : SellingGeneralAndAdministrativeExpensesServicesAndFees to label_SellingGeneralAndAdministrativeExpensesServicesAndFees" />
    <link:label xlink:type="resource" xlink:label="label_SellingGeneralAndAdministrativeExpensesServicesAndFees_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_SellingGeneralAndAdministrativeExpensesServicesAndFees_1" xml:lang="en-US" id="label_SellingGeneralAndAdministrativeExpensesServicesAndFees_1">Services and fees</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SellingGeneralAndAdministrativeExpensesServicesAndFees" xlink:to="label_SellingGeneralAndAdministrativeExpensesServicesAndFees_1" xlink:title="Label : SellingGeneralAndAdministrativeExpensesServicesAndFees to label_SellingGeneralAndAdministrativeExpensesServicesAndFees_1" />
    <link:label xlink:type="resource" xlink:label="label_SellingGeneralAndAdministrativeExpensesServicesAndFees_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_SellingGeneralAndAdministrativeExpensesServicesAndFees_2" xml:lang="en-US" id="label_SellingGeneralAndAdministrativeExpensesServicesAndFees_2">Amount of services and fees attributable to selling, general and administrative expenses.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SellingGeneralAndAdministrativeExpensesServicesAndFees" xlink:to="label_SellingGeneralAndAdministrativeExpensesServicesAndFees_2" xlink:title="Label : SellingGeneralAndAdministrativeExpensesServicesAndFees to label_SellingGeneralAndAdministrativeExpensesServicesAndFees_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_SellingGeneralAndAdministrativeExpensesLaborCost" xlink:label="SellingGeneralAndAdministrativeExpensesLaborCost" xlink:title="SellingGeneralAndAdministrativeExpensesLaborCost" />
    <link:label xlink:type="resource" xlink:label="label_SellingGeneralAndAdministrativeExpensesLaborCost" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SellingGeneralAndAdministrativeExpensesLaborCost" xml:lang="en-US" id="label_SellingGeneralAndAdministrativeExpensesLaborCost">ts_SellingGeneralAndAdministrativeExpensesLaborCost</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SellingGeneralAndAdministrativeExpensesLaborCost" xlink:to="label_SellingGeneralAndAdministrativeExpensesLaborCost" xlink:title="Label : SellingGeneralAndAdministrativeExpensesLaborCost to label_SellingGeneralAndAdministrativeExpensesLaborCost" />
    <link:label xlink:type="resource" xlink:label="label_SellingGeneralAndAdministrativeExpensesLaborCost_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_SellingGeneralAndAdministrativeExpensesLaborCost_1" xml:lang="en-US" id="label_SellingGeneralAndAdministrativeExpensesLaborCost_1">Labor cost</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SellingGeneralAndAdministrativeExpensesLaborCost" xlink:to="label_SellingGeneralAndAdministrativeExpensesLaborCost_1" xlink:title="Label : SellingGeneralAndAdministrativeExpensesLaborCost to label_SellingGeneralAndAdministrativeExpensesLaborCost_1" />
    <link:label xlink:type="resource" xlink:label="label_SellingGeneralAndAdministrativeExpensesLaborCost_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_SellingGeneralAndAdministrativeExpensesLaborCost_2" xml:lang="en-US" id="label_SellingGeneralAndAdministrativeExpensesLaborCost_2">Amount of labor cost attributable to selling, general and administrative expenses.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SellingGeneralAndAdministrativeExpensesLaborCost" xlink:to="label_SellingGeneralAndAdministrativeExpensesLaborCost_2" xlink:title="Label : SellingGeneralAndAdministrativeExpensesLaborCost to label_SellingGeneralAndAdministrativeExpensesLaborCost_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_SellingGeneralAndAdministrativeExpensesDepreciationOfPropertyPlantAndEquipment" xlink:label="SellingGeneralAndAdministrativeExpensesDepreciationOfPropertyPlantAndEquipment" xlink:title="SellingGeneralAndAdministrativeExpensesDepreciationOfPropertyPlantAndEquipment" />
    <link:label xlink:type="resource" xlink:label="label_SellingGeneralAndAdministrativeExpensesDepreciationOfPropertyPlantAndEquipment" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SellingGeneralAndAdministrativeExpensesDepreciationOfPropertyPlantAndEquipment" xml:lang="en-US" id="label_SellingGeneralAndAdministrativeExpensesDepreciationOfPropertyPlantAndEquipment">ts_SellingGeneralAndAdministrativeExpensesDepreciationOfPropertyPlantAndEquipment</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SellingGeneralAndAdministrativeExpensesDepreciationOfPropertyPlantAndEquipment" xlink:to="label_SellingGeneralAndAdministrativeExpensesDepreciationOfPropertyPlantAndEquipment" xlink:title="Label : SellingGeneralAndAdministrativeExpensesDepreciationOfPropertyPlantAndEquipment to label_SellingGeneralAndAdministrativeExpensesDepreciationOfPropertyPlantAndEquipment" />
    <link:label xlink:type="resource" xlink:label="label_SellingGeneralAndAdministrativeExpensesDepreciationOfPropertyPlantAndEquipment_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_SellingGeneralAndAdministrativeExpensesDepreciationOfPropertyPlantAndEquipment_1" xml:lang="en-US" id="label_SellingGeneralAndAdministrativeExpensesDepreciationOfPropertyPlantAndEquipment_1">Depreciation of property, plant and equipment</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SellingGeneralAndAdministrativeExpensesDepreciationOfPropertyPlantAndEquipment" xlink:to="label_SellingGeneralAndAdministrativeExpensesDepreciationOfPropertyPlantAndEquipment_1" xlink:title="Label : SellingGeneralAndAdministrativeExpensesDepreciationOfPropertyPlantAndEquipment to label_SellingGeneralAndAdministrativeExpensesDepreciationOfPropertyPlantAndEquipment_1" />
    <link:label xlink:type="resource" xlink:label="label_SellingGeneralAndAdministrativeExpensesDepreciationOfPropertyPlantAndEquipment_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_SellingGeneralAndAdministrativeExpensesDepreciationOfPropertyPlantAndEquipment_2" xml:lang="en-US" id="label_SellingGeneralAndAdministrativeExpensesDepreciationOfPropertyPlantAndEquipment_2">Amount of depreciation of property, plant and equipment attributable to selling, general and administrative expenses.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SellingGeneralAndAdministrativeExpensesDepreciationOfPropertyPlantAndEquipment" xlink:to="label_SellingGeneralAndAdministrativeExpensesDepreciationOfPropertyPlantAndEquipment_2" xlink:title="Label : SellingGeneralAndAdministrativeExpensesDepreciationOfPropertyPlantAndEquipment to label_SellingGeneralAndAdministrativeExpensesDepreciationOfPropertyPlantAndEquipment_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_SellingGeneralAndAdministrativeExpensesDepreciationOfRightofuseAssets" xlink:label="SellingGeneralAndAdministrativeExpensesDepreciationOfRightofuseAssets" xlink:title="SellingGeneralAndAdministrativeExpensesDepreciationOfRightofuseAssets" />
    <link:label xlink:type="resource" xlink:label="label_SellingGeneralAndAdministrativeExpensesDepreciationOfRightofuseAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SellingGeneralAndAdministrativeExpensesDepreciationOfRightofuseAssets" xml:lang="en-US" id="label_SellingGeneralAndAdministrativeExpensesDepreciationOfRightofuseAssets">ts_SellingGeneralAndAdministrativeExpensesDepreciationOfRightofuseAssets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SellingGeneralAndAdministrativeExpensesDepreciationOfRightofuseAssets" xlink:to="label_SellingGeneralAndAdministrativeExpensesDepreciationOfRightofuseAssets" xlink:title="Label : SellingGeneralAndAdministrativeExpensesDepreciationOfRightofuseAssets to label_SellingGeneralAndAdministrativeExpensesDepreciationOfRightofuseAssets" />
    <link:label xlink:type="resource" xlink:label="label_SellingGeneralAndAdministrativeExpensesDepreciationOfRightofuseAssets_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_SellingGeneralAndAdministrativeExpensesDepreciationOfRightofuseAssets_1" xml:lang="en-US" id="label_SellingGeneralAndAdministrativeExpensesDepreciationOfRightofuseAssets_1">Depreciation of right-of-use assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SellingGeneralAndAdministrativeExpensesDepreciationOfRightofuseAssets" xlink:to="label_SellingGeneralAndAdministrativeExpensesDepreciationOfRightofuseAssets_1" xlink:title="Label : SellingGeneralAndAdministrativeExpensesDepreciationOfRightofuseAssets to label_SellingGeneralAndAdministrativeExpensesDepreciationOfRightofuseAssets_1" />
    <link:label xlink:type="resource" xlink:label="label_SellingGeneralAndAdministrativeExpensesDepreciationOfRightofuseAssets_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_SellingGeneralAndAdministrativeExpensesDepreciationOfRightofuseAssets_2" xml:lang="en-US" id="label_SellingGeneralAndAdministrativeExpensesDepreciationOfRightofuseAssets_2">Amount of amortization of depreciation of right-of-use assets attributable to selling, general and administrative expenses.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SellingGeneralAndAdministrativeExpensesDepreciationOfRightofuseAssets" xlink:to="label_SellingGeneralAndAdministrativeExpensesDepreciationOfRightofuseAssets_2" xlink:title="Label : SellingGeneralAndAdministrativeExpensesDepreciationOfRightofuseAssets to label_SellingGeneralAndAdministrativeExpensesDepreciationOfRightofuseAssets_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_SellingGeneralAndAdministrativeExpensesCommissionsFreightAndOtherSellingExpenses" xlink:label="SellingGeneralAndAdministrativeExpensesCommissionsFreightAndOtherSellingExpenses" xlink:title="SellingGeneralAndAdministrativeExpensesCommissionsFreightAndOtherSellingExpenses" />
    <link:label xlink:type="resource" xlink:label="label_SellingGeneralAndAdministrativeExpensesCommissionsFreightAndOtherSellingExpenses" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SellingGeneralAndAdministrativeExpensesCommissionsFreightAndOtherSellingExpenses" xml:lang="en-US" id="label_SellingGeneralAndAdministrativeExpensesCommissionsFreightAndOtherSellingExpenses">ts_SellingGeneralAndAdministrativeExpensesCommissionsFreightAndOtherSellingExpenses</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SellingGeneralAndAdministrativeExpensesCommissionsFreightAndOtherSellingExpenses" xlink:to="label_SellingGeneralAndAdministrativeExpensesCommissionsFreightAndOtherSellingExpenses" xlink:title="Label : SellingGeneralAndAdministrativeExpensesCommissionsFreightAndOtherSellingExpenses to label_SellingGeneralAndAdministrativeExpensesCommissionsFreightAndOtherSellingExpenses" />
    <link:label xlink:type="resource" xlink:label="label_SellingGeneralAndAdministrativeExpensesCommissionsFreightAndOtherSellingExpenses_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_SellingGeneralAndAdministrativeExpensesCommissionsFreightAndOtherSellingExpenses_1" xml:lang="en-US" id="label_SellingGeneralAndAdministrativeExpensesCommissionsFreightAndOtherSellingExpenses_1">Commissions, freight and other selling expenses</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SellingGeneralAndAdministrativeExpensesCommissionsFreightAndOtherSellingExpenses" xlink:to="label_SellingGeneralAndAdministrativeExpensesCommissionsFreightAndOtherSellingExpenses_1" xlink:title="Label : SellingGeneralAndAdministrativeExpensesCommissionsFreightAndOtherSellingExpenses to label_SellingGeneralAndAdministrativeExpensesCommissionsFreightAndOtherSellingExpenses_1" />
    <link:label xlink:type="resource" xlink:label="label_SellingGeneralAndAdministrativeExpensesCommissionsFreightAndOtherSellingExpenses_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_SellingGeneralAndAdministrativeExpensesCommissionsFreightAndOtherSellingExpenses_2" xml:lang="en-US" id="label_SellingGeneralAndAdministrativeExpensesCommissionsFreightAndOtherSellingExpenses_2">Amount of commissions, freight and other selling expenses attributable to selling, general and administrative expenses.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SellingGeneralAndAdministrativeExpensesCommissionsFreightAndOtherSellingExpenses" xlink:to="label_SellingGeneralAndAdministrativeExpensesCommissionsFreightAndOtherSellingExpenses_2" xlink:title="Label : SellingGeneralAndAdministrativeExpensesCommissionsFreightAndOtherSellingExpenses to label_SellingGeneralAndAdministrativeExpensesCommissionsFreightAndOtherSellingExpenses_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_SellingGeneralAndAdministrativeExpensesProvisionsForContingencies" xlink:label="SellingGeneralAndAdministrativeExpensesProvisionsForContingencies" xlink:title="SellingGeneralAndAdministrativeExpensesProvisionsForContingencies" />
    <link:label xlink:type="resource" xlink:label="label_SellingGeneralAndAdministrativeExpensesProvisionsForContingencies" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SellingGeneralAndAdministrativeExpensesProvisionsForContingencies" xml:lang="en-US" id="label_SellingGeneralAndAdministrativeExpensesProvisionsForContingencies">ts_SellingGeneralAndAdministrativeExpensesProvisionsForContingencies</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SellingGeneralAndAdministrativeExpensesProvisionsForContingencies" xlink:to="label_SellingGeneralAndAdministrativeExpensesProvisionsForContingencies" xlink:title="Label : SellingGeneralAndAdministrativeExpensesProvisionsForContingencies to label_SellingGeneralAndAdministrativeExpensesProvisionsForContingencies" />
    <link:label xlink:type="resource" xlink:label="label_SellingGeneralAndAdministrativeExpensesProvisionsForContingencies_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_SellingGeneralAndAdministrativeExpensesProvisionsForContingencies_1" xml:lang="en-US" id="label_SellingGeneralAndAdministrativeExpensesProvisionsForContingencies_1">Provisions for contingencies</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SellingGeneralAndAdministrativeExpensesProvisionsForContingencies" xlink:to="label_SellingGeneralAndAdministrativeExpensesProvisionsForContingencies_1" xlink:title="Label : SellingGeneralAndAdministrativeExpensesProvisionsForContingencies to label_SellingGeneralAndAdministrativeExpensesProvisionsForContingencies_1" />
    <link:label xlink:type="resource" xlink:label="label_SellingGeneralAndAdministrativeExpensesProvisionsForContingencies_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_SellingGeneralAndAdministrativeExpensesProvisionsForContingencies_2" xml:lang="en-US" id="label_SellingGeneralAndAdministrativeExpensesProvisionsForContingencies_2">Amount of provisions for contingencies attributable to selling, general and administrative expenses.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SellingGeneralAndAdministrativeExpensesProvisionsForContingencies" xlink:to="label_SellingGeneralAndAdministrativeExpensesProvisionsForContingencies_2" xlink:title="Label : SellingGeneralAndAdministrativeExpensesProvisionsForContingencies to label_SellingGeneralAndAdministrativeExpensesProvisionsForContingencies_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_SellingGeneralAndAdministrativeExpensesAllowancesForDoubtfulAccounts" xlink:label="SellingGeneralAndAdministrativeExpensesAllowancesForDoubtfulAccounts" xlink:title="SellingGeneralAndAdministrativeExpensesAllowancesForDoubtfulAccounts" />
    <link:label xlink:type="resource" xlink:label="label_SellingGeneralAndAdministrativeExpensesAllowancesForDoubtfulAccounts" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SellingGeneralAndAdministrativeExpensesAllowancesForDoubtfulAccounts" xml:lang="en-US" id="label_SellingGeneralAndAdministrativeExpensesAllowancesForDoubtfulAccounts">ts_SellingGeneralAndAdministrativeExpensesAllowancesForDoubtfulAccounts</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SellingGeneralAndAdministrativeExpensesAllowancesForDoubtfulAccounts" xlink:to="label_SellingGeneralAndAdministrativeExpensesAllowancesForDoubtfulAccounts" xlink:title="Label : SellingGeneralAndAdministrativeExpensesAllowancesForDoubtfulAccounts to label_SellingGeneralAndAdministrativeExpensesAllowancesForDoubtfulAccounts" />
    <link:label xlink:type="resource" xlink:label="label_SellingGeneralAndAdministrativeExpensesAllowancesForDoubtfulAccounts_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_SellingGeneralAndAdministrativeExpensesAllowancesForDoubtfulAccounts_1" xml:lang="en-US" id="label_SellingGeneralAndAdministrativeExpensesAllowancesForDoubtfulAccounts_1">Allowances for doubtful accounts</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SellingGeneralAndAdministrativeExpensesAllowancesForDoubtfulAccounts" xlink:to="label_SellingGeneralAndAdministrativeExpensesAllowancesForDoubtfulAccounts_1" xlink:title="Label : SellingGeneralAndAdministrativeExpensesAllowancesForDoubtfulAccounts to label_SellingGeneralAndAdministrativeExpensesAllowancesForDoubtfulAccounts_1" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SellingGeneralAndAdministrativeExpensesAllowancesForDoubtfulAccounts" xlink:to="label_SellingGeneralAndAdministrativeExpensesAllowancesForDoubtfulAccounts_2" xlink:title="Label : SellingGeneralAndAdministrativeExpensesAllowancesForDoubtfulAccounts to label_SellingGeneralAndAdministrativeExpensesAllowancesForDoubtfulAccounts_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_SellingGeneralAndAdministrativeExpensesTaxes" xlink:label="SellingGeneralAndAdministrativeExpensesTaxes" xlink:title="SellingGeneralAndAdministrativeExpensesTaxes" />
    <link:label xlink:type="resource" xlink:label="label_SellingGeneralAndAdministrativeExpensesTaxes" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SellingGeneralAndAdministrativeExpensesTaxes" xml:lang="en-US" id="label_SellingGeneralAndAdministrativeExpensesTaxes">ts_SellingGeneralAndAdministrativeExpensesTaxes</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SellingGeneralAndAdministrativeExpensesTaxes" xlink:to="label_SellingGeneralAndAdministrativeExpensesTaxes" xlink:title="Label : SellingGeneralAndAdministrativeExpensesTaxes to label_SellingGeneralAndAdministrativeExpensesTaxes" />
    <link:label xlink:type="resource" xlink:label="label_SellingGeneralAndAdministrativeExpensesTaxes_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_SellingGeneralAndAdministrativeExpensesTaxes_1" xml:lang="en-US" id="label_SellingGeneralAndAdministrativeExpensesTaxes_1">Taxes</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SellingGeneralAndAdministrativeExpensesTaxes" xlink:to="label_SellingGeneralAndAdministrativeExpensesTaxes_1" xlink:title="Label : SellingGeneralAndAdministrativeExpensesTaxes to label_SellingGeneralAndAdministrativeExpensesTaxes_1" />
    <link:label xlink:type="resource" xlink:label="label_SellingGeneralAndAdministrativeExpensesTaxes_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_SellingGeneralAndAdministrativeExpensesTaxes_2" xml:lang="en-US" id="label_SellingGeneralAndAdministrativeExpensesTaxes_2">Amount of taxes attributable to selling, general and administrative expenses.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SellingGeneralAndAdministrativeExpensesTaxes" xlink:to="label_SellingGeneralAndAdministrativeExpensesTaxes_2" xlink:title="Label : SellingGeneralAndAdministrativeExpensesTaxes to label_SellingGeneralAndAdministrativeExpensesTaxes_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_SellingGeneralAndAdministrativeExpensesOther" xlink:label="SellingGeneralAndAdministrativeExpensesOther" xlink:title="SellingGeneralAndAdministrativeExpensesOther" />
    <link:label xlink:type="resource" xlink:label="label_SellingGeneralAndAdministrativeExpensesOther" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SellingGeneralAndAdministrativeExpensesOther" xml:lang="en-US" id="label_SellingGeneralAndAdministrativeExpensesOther">ts_SellingGeneralAndAdministrativeExpensesOther</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SellingGeneralAndAdministrativeExpensesOther" xlink:to="label_SellingGeneralAndAdministrativeExpensesOther" xlink:title="Label : SellingGeneralAndAdministrativeExpensesOther to label_SellingGeneralAndAdministrativeExpensesOther" />
    <link:label xlink:type="resource" xlink:label="label_SellingGeneralAndAdministrativeExpensesOther_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_SellingGeneralAndAdministrativeExpensesOther_1" xml:lang="en-US" id="label_SellingGeneralAndAdministrativeExpensesOther_1">Other</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SellingGeneralAndAdministrativeExpensesOther" xlink:to="label_SellingGeneralAndAdministrativeExpensesOther_1" xlink:title="Label : SellingGeneralAndAdministrativeExpensesOther to label_SellingGeneralAndAdministrativeExpensesOther_1" />
    <link:label xlink:type="resource" xlink:label="label_SellingGeneralAndAdministrativeExpensesOther_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_SellingGeneralAndAdministrativeExpensesOther_2" xml:lang="en-US" id="label_SellingGeneralAndAdministrativeExpensesOther_2">Amount of other expenses attributable to selling, general and administrative expenses.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SellingGeneralAndAdministrativeExpensesOther" xlink:to="label_SellingGeneralAndAdministrativeExpensesOther_2" xlink:title="Label : SellingGeneralAndAdministrativeExpensesOther to label_SellingGeneralAndAdministrativeExpensesOther_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_SellingGeneralAndAdministrativeExpensesIncludingDiscontinuedOperations" xlink:label="SellingGeneralAndAdministrativeExpensesIncludingDiscontinuedOperations" xlink:title="SellingGeneralAndAdministrativeExpensesIncludingDiscontinuedOperations" />
    <link:label xlink:type="resource" xlink:label="label_SellingGeneralAndAdministrativeExpensesIncludingDiscontinuedOperations" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SellingGeneralAndAdministrativeExpensesIncludingDiscontinuedOperations" xml:lang="en-US" id="label_SellingGeneralAndAdministrativeExpensesIncludingDiscontinuedOperations">ts_SellingGeneralAndAdministrativeExpensesIncludingDiscontinuedOperations</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SellingGeneralAndAdministrativeExpensesIncludingDiscontinuedOperations" xlink:to="label_SellingGeneralAndAdministrativeExpensesIncludingDiscontinuedOperations" xlink:title="Label : SellingGeneralAndAdministrativeExpensesIncludingDiscontinuedOperations to label_SellingGeneralAndAdministrativeExpensesIncludingDiscontinuedOperations" />
    <link:label xlink:type="resource" xlink:label="label_SellingGeneralAndAdministrativeExpensesIncludingDiscontinuedOperations_1" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_SellingGeneralAndAdministrativeExpensesIncludingDiscontinuedOperations_1" xml:lang="en-US" id="label_SellingGeneralAndAdministrativeExpensesIncludingDiscontinuedOperations_1">Selling, general and administrative expenses including discontinued operations</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SellingGeneralAndAdministrativeExpensesIncludingDiscontinuedOperations" xlink:to="label_SellingGeneralAndAdministrativeExpensesIncludingDiscontinuedOperations_1" xlink:title="Label : SellingGeneralAndAdministrativeExpensesIncludingDiscontinuedOperations to label_SellingGeneralAndAdministrativeExpensesIncludingDiscontinuedOperations_1" />
    <link:label xlink:type="resource" xlink:label="label_SellingGeneralAndAdministrativeExpensesIncludingDiscontinuedOperations_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_SellingGeneralAndAdministrativeExpensesIncludingDiscontinuedOperations_2" xml:lang="en-US" id="label_SellingGeneralAndAdministrativeExpensesIncludingDiscontinuedOperations_2">Amount of selling, general and administrative expenses including discontinued operations.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SellingGeneralAndAdministrativeExpensesIncludingDiscontinuedOperations" xlink:to="label_SellingGeneralAndAdministrativeExpensesIncludingDiscontinuedOperations_2" xlink:title="Label : SellingGeneralAndAdministrativeExpensesIncludingDiscontinuedOperations to label_SellingGeneralAndAdministrativeExpensesIncludingDiscontinuedOperations_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_SellingGeneralAndAdministrativeExpensesDiscontinuedOperations" xlink:label="SellingGeneralAndAdministrativeExpensesDiscontinuedOperations" xlink:title="SellingGeneralAndAdministrativeExpensesDiscontinuedOperations" />
    <link:label xlink:type="resource" xlink:label="label_SellingGeneralAndAdministrativeExpensesDiscontinuedOperations" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SellingGeneralAndAdministrativeExpensesDiscontinuedOperations" xml:lang="en-US" id="label_SellingGeneralAndAdministrativeExpensesDiscontinuedOperations">ts_SellingGeneralAndAdministrativeExpensesDiscontinuedOperations</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SellingGeneralAndAdministrativeExpensesDiscontinuedOperations" xlink:to="label_SellingGeneralAndAdministrativeExpensesDiscontinuedOperations" xlink:title="Label : SellingGeneralAndAdministrativeExpensesDiscontinuedOperations to label_SellingGeneralAndAdministrativeExpensesDiscontinuedOperations" />
    <link:label xlink:type="resource" xlink:label="label_SellingGeneralAndAdministrativeExpensesDiscontinuedOperations_1" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:title="label_SellingGeneralAndAdministrativeExpensesDiscontinuedOperations_1" xml:lang="en-US" id="label_SellingGeneralAndAdministrativeExpensesDiscontinuedOperations_1">From discontinued operations</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SellingGeneralAndAdministrativeExpensesDiscontinuedOperations" xlink:to="label_SellingGeneralAndAdministrativeExpensesDiscontinuedOperations_1" xlink:title="Label : SellingGeneralAndAdministrativeExpensesDiscontinuedOperations to label_SellingGeneralAndAdministrativeExpensesDiscontinuedOperations_1" />
    <link:label xlink:type="resource" xlink:label="label_SellingGeneralAndAdministrativeExpensesDiscontinuedOperations_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_SellingGeneralAndAdministrativeExpensesDiscontinuedOperations_2" xml:lang="en-US" id="label_SellingGeneralAndAdministrativeExpensesDiscontinuedOperations_2">Amount of selling, general and administrative expenses attributable to discontinued operations.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SellingGeneralAndAdministrativeExpensesDiscontinuedOperations" xlink:to="label_SellingGeneralAndAdministrativeExpensesDiscontinuedOperations_2" xlink:title="Label : SellingGeneralAndAdministrativeExpensesDiscontinuedOperations to label_SellingGeneralAndAdministrativeExpensesDiscontinuedOperations_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_ShorttermEmployeeBenefitsExpense" xlink:label="ShorttermEmployeeBenefitsExpense" xlink:title="ShorttermEmployeeBenefitsExpense" />
    <link:label xlink:type="resource" xlink:label="label_ShorttermEmployeeBenefitsExpense" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ShorttermEmployeeBenefitsExpense" xml:lang="en-US" id="label_ShorttermEmployeeBenefitsExpense">ifrs-full_ShorttermEmployeeBenefitsExpense</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ShorttermEmployeeBenefitsExpense" xlink:to="label_ShorttermEmployeeBenefitsExpense" xlink:title="Label : ShorttermEmployeeBenefitsExpense to label_ShorttermEmployeeBenefitsExpense" />
    <link:label xlink:type="resource" xlink:label="label_ShorttermEmployeeBenefitsExpense_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ShorttermEmployeeBenefitsExpense_1" xml:lang="en-US" id="label_ShorttermEmployeeBenefitsExpense_1">Wages, salaries and social security costs</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ShorttermEmployeeBenefitsExpense" xlink:to="label_ShorttermEmployeeBenefitsExpense_1" xlink:title="Label : ShorttermEmployeeBenefitsExpense to label_ShorttermEmployeeBenefitsExpense_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_TerminationBenefitsExpense" xlink:label="TerminationBenefitsExpense" xlink:title="TerminationBenefitsExpense" />
    <link:label xlink:type="resource" xlink:label="label_TerminationBenefitsExpense" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TerminationBenefitsExpense" xml:lang="en-US" id="label_TerminationBenefitsExpense">Severance indemnities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TerminationBenefitsExpense" xlink:to="label_TerminationBenefitsExpense" xlink:title="Label : TerminationBenefitsExpense to label_TerminationBenefitsExpense" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_PostemploymentBenefitExpenseDefinedContributionPlans" xlink:label="PostemploymentBenefitExpenseDefinedContributionPlans" xlink:title="PostemploymentBenefitExpenseDefinedContributionPlans" />
    <link:label xlink:type="resource" xlink:label="label_PostemploymentBenefitExpenseDefinedContributionPlans" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PostemploymentBenefitExpenseDefinedContributionPlans" xml:lang="en-US" id="label_PostemploymentBenefitExpenseDefinedContributionPlans">Defined contribution plans</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PostemploymentBenefitExpenseDefinedContributionPlans" xlink:to="label_PostemploymentBenefitExpenseDefinedContributionPlans" xlink:title="Label : PostemploymentBenefitExpenseDefinedContributionPlans to label_PostemploymentBenefitExpenseDefinedContributionPlans" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_PostemploymentBenefitExpenseDefinedBenefitPlans" xlink:label="PostemploymentBenefitExpenseDefinedBenefitPlans" xlink:title="PostemploymentBenefitExpenseDefinedBenefitPlans" />
    <link:label xlink:type="resource" xlink:label="label_PostemploymentBenefitExpenseDefinedBenefitPlans" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PostemploymentBenefitExpenseDefinedBenefitPlans" xml:lang="en-US" id="label_PostemploymentBenefitExpenseDefinedBenefitPlans">ifrs-full_PostemploymentBenefitExpenseDefinedBenefitPlans</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PostemploymentBenefitExpenseDefinedBenefitPlans" xlink:to="label_PostemploymentBenefitExpenseDefinedBenefitPlans" xlink:title="Label : PostemploymentBenefitExpenseDefinedBenefitPlans to label_PostemploymentBenefitExpenseDefinedBenefitPlans" />
    <link:label xlink:type="resource" xlink:label="label_PostemploymentBenefitExpenseDefinedBenefitPlans_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_PostemploymentBenefitExpenseDefinedBenefitPlans_1" xml:lang="en-US" id="label_PostemploymentBenefitExpenseDefinedBenefitPlans_1">Pension benefits - defined benefit plans</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PostemploymentBenefitExpenseDefinedBenefitPlans" xlink:to="label_PostemploymentBenefitExpenseDefinedBenefitPlans_1" xlink:title="Label : PostemploymentBenefitExpenseDefinedBenefitPlans to label_PostemploymentBenefitExpenseDefinedBenefitPlans_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_OtherLongtermBenefits" xlink:label="OtherLongtermBenefits" xlink:title="OtherLongtermBenefits" />
    <link:label xlink:type="resource" xlink:label="label_OtherLongtermBenefits" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OtherLongtermBenefits" xml:lang="en-US" id="label_OtherLongtermBenefits">ifrs-full_OtherLongtermBenefits</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherLongtermBenefits" xlink:to="label_OtherLongtermBenefits" xlink:title="Label : OtherLongtermBenefits to label_OtherLongtermBenefits" />
    <link:label xlink:type="resource" xlink:label="label_OtherLongtermBenefits_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_OtherLongtermBenefits_1" xml:lang="en-US" id="label_OtherLongtermBenefits_1">Employee retention and long term incentive program</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherLongtermBenefits" xlink:to="label_OtherLongtermBenefits_1" xlink:title="Label : OtherLongtermBenefits to label_OtherLongtermBenefits_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_EmployeeBenefitsExpenseIncludingDiscontinuedOperations" xlink:label="EmployeeBenefitsExpenseIncludingDiscontinuedOperations" xlink:title="EmployeeBenefitsExpenseIncludingDiscontinuedOperations" />
    <link:label xlink:type="resource" xlink:label="label_EmployeeBenefitsExpenseIncludingDiscontinuedOperations" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EmployeeBenefitsExpenseIncludingDiscontinuedOperations" xml:lang="en-US" id="label_EmployeeBenefitsExpenseIncludingDiscontinuedOperations">ts_EmployeeBenefitsExpenseIncludingDiscontinuedOperations</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EmployeeBenefitsExpenseIncludingDiscontinuedOperations" xlink:to="label_EmployeeBenefitsExpenseIncludingDiscontinuedOperations" xlink:title="Label : EmployeeBenefitsExpenseIncludingDiscontinuedOperations to label_EmployeeBenefitsExpenseIncludingDiscontinuedOperations" />
    <link:label xlink:type="resource" xlink:label="label_EmployeeBenefitsExpenseIncludingDiscontinuedOperations_1" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_EmployeeBenefitsExpenseIncludingDiscontinuedOperations_1" xml:lang="en-US" id="label_EmployeeBenefitsExpenseIncludingDiscontinuedOperations_1">Employee benefits expense including discontinued operations</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EmployeeBenefitsExpenseIncludingDiscontinuedOperations" xlink:to="label_EmployeeBenefitsExpenseIncludingDiscontinuedOperations_1" xlink:title="Label : EmployeeBenefitsExpenseIncludingDiscontinuedOperations to label_EmployeeBenefitsExpenseIncludingDiscontinuedOperations_1" />
    <link:label xlink:type="resource" xlink:label="label_EmployeeBenefitsExpenseIncludingDiscontinuedOperations_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_EmployeeBenefitsExpenseIncludingDiscontinuedOperations_2" xml:lang="en-US" id="label_EmployeeBenefitsExpenseIncludingDiscontinuedOperations_2">The expense of all forms of consideration given by an entity in exchange for a service rendered by employees or for the termination of employment. Includes discontinued operations.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EmployeeBenefitsExpenseIncludingDiscontinuedOperations" xlink:to="label_EmployeeBenefitsExpenseIncludingDiscontinuedOperations_2" xlink:title="Label : EmployeeBenefitsExpenseIncludingDiscontinuedOperations to label_EmployeeBenefitsExpenseIncludingDiscontinuedOperations_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_EmployeeBenefitsExpenseDiscontinuedOperations" xlink:label="EmployeeBenefitsExpenseDiscontinuedOperations" xlink:title="EmployeeBenefitsExpenseDiscontinuedOperations" />
    <link:label xlink:type="resource" xlink:label="label_EmployeeBenefitsExpenseDiscontinuedOperations" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EmployeeBenefitsExpenseDiscontinuedOperations" xml:lang="en-US" id="label_EmployeeBenefitsExpenseDiscontinuedOperations">ts_EmployeeBenefitsExpenseDiscontinuedOperations</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EmployeeBenefitsExpenseDiscontinuedOperations" xlink:to="label_EmployeeBenefitsExpenseDiscontinuedOperations" xlink:title="Label : EmployeeBenefitsExpenseDiscontinuedOperations to label_EmployeeBenefitsExpenseDiscontinuedOperations" />
    <link:label xlink:type="resource" xlink:label="label_EmployeeBenefitsExpenseDiscontinuedOperations_1" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:title="label_EmployeeBenefitsExpenseDiscontinuedOperations_1" xml:lang="en-US" id="label_EmployeeBenefitsExpenseDiscontinuedOperations_1">From discontinued operations</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EmployeeBenefitsExpenseDiscontinuedOperations" xlink:to="label_EmployeeBenefitsExpenseDiscontinuedOperations_1" xlink:title="Label : EmployeeBenefitsExpenseDiscontinuedOperations to label_EmployeeBenefitsExpenseDiscontinuedOperations_1" />
    <link:label xlink:type="resource" xlink:label="label_EmployeeBenefitsExpenseDiscontinuedOperations_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_EmployeeBenefitsExpenseDiscontinuedOperations_2" xml:lang="en-US" id="label_EmployeeBenefitsExpenseDiscontinuedOperations_2">Amount of employee benefits expense attributable to discontinued operations.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EmployeeBenefitsExpenseDiscontinuedOperations" xlink:to="label_EmployeeBenefitsExpenseDiscontinuedOperations_2" xlink:title="Label : EmployeeBenefitsExpenseDiscontinuedOperations to label_EmployeeBenefitsExpenseDiscontinuedOperations_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_EmployeeBenefitsExpense" xlink:label="EmployeeBenefitsExpense" xlink:title="EmployeeBenefitsExpense" />
    <link:label xlink:type="resource" xlink:label="label_EmployeeBenefitsExpense" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EmployeeBenefitsExpense" xml:lang="en-US" id="label_EmployeeBenefitsExpense">ifrs-full_EmployeeBenefitsExpense</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EmployeeBenefitsExpense" xlink:to="label_EmployeeBenefitsExpense" xlink:title="Label : EmployeeBenefitsExpense to label_EmployeeBenefitsExpense" />
    <link:label xlink:type="resource" xlink:label="label_EmployeeBenefitsExpense_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_EmployeeBenefitsExpense_1" xml:lang="en-US" id="label_EmployeeBenefitsExpense_1">Total employee benefits expense</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EmployeeBenefitsExpense" xlink:to="label_EmployeeBenefitsExpense_1" xlink:title="Label : EmployeeBenefitsExpense to label_EmployeeBenefitsExpense_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/country/2020/country-2020-01-31.xsd#country_MX" xlink:label="MX" xlink:title="MX" />
    <link:label xlink:type="resource" xlink:label="label_MX" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_MX" xml:lang="en-US" id="label_MX">MEXICO</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MX" xlink:to="label_MX" xlink:title="Label : MX to label_MX" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/country/2020/country-2020-01-31.xsd#country_RO" xlink:label="RO" xlink:title="RO" />
    <link:label xlink:type="resource" xlink:label="label_RO" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_RO" xml:lang="en-US" id="label_RO">ROMANIA</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RO" xlink:to="label_RO" xlink:title="Label : RO to label_RO" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/country/2020/country-2020-01-31.xsd#country_CO" xlink:label="CO" xlink:title="CO" />
    <link:label xlink:type="resource" xlink:label="label_CO" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CO" xml:lang="en-US" id="label_CO">COLOMBIA</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CO" xlink:to="label_CO" xlink:title="Label : CO to label_CO" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/country/2020/country-2020-01-31.xsd#country_CA" xlink:label="CA" xlink:title="CA" />
    <link:label xlink:type="resource" xlink:label="label_CA" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CA" xml:lang="en-US" id="label_CA">CANADA</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CA" xlink:to="label_CA" xlink:title="Label : CA to label_CA" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/country/2020/country-2020-01-31.xsd#country_ID" xlink:label="ID" xlink:title="ID" />
    <link:label xlink:type="resource" xlink:label="label_ID" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ID" xml:lang="en-US" id="label_ID">INDONESIA</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ID" xlink:to="label_ID" xlink:title="Label : ID to label_ID" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/country/2020/country-2020-01-31.xsd#country_JP" xlink:label="JP" xlink:title="JP" />
    <link:label xlink:type="resource" xlink:label="label_JP" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_JP" xml:lang="en-US" id="label_JP">JAPAN</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="JP" xlink:to="label_JP" xlink:title="Label : JP to label_JP" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_OtherGeographicalAreasMember" xlink:label="OtherGeographicalAreasMember" xlink:title="OtherGeographicalAreasMember" />
    <link:label xlink:type="resource" xlink:label="label_OtherGeographicalAreasMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OtherGeographicalAreasMember" xml:lang="en-US" id="label_OtherGeographicalAreasMember">Other geographical areas [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherGeographicalAreasMember" xlink:to="label_OtherGeographicalAreasMember" xlink:title="Label : OtherGeographicalAreasMember to label_OtherGeographicalAreasMember" />
    <link:label xlink:type="resource" xlink:label="label_OtherGeographicalAreasMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_OtherGeographicalAreasMember_1" xml:lang="en-US" id="label_OtherGeographicalAreasMember_1">Geographical areas not otherwise defined.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherGeographicalAreasMember" xlink:to="label_OtherGeographicalAreasMember_1" xlink:title="Label : OtherGeographicalAreasMember to label_OtherGeographicalAreasMember_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_NumberOfEmployees" xlink:label="NumberOfEmployees" xlink:title="NumberOfEmployees" />
    <link:label xlink:type="resource" xlink:label="label_NumberOfEmployees" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NumberOfEmployees" xml:lang="en-US" id="label_NumberOfEmployees">ifrs-full_NumberOfEmployees</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfEmployees" xlink:to="label_NumberOfEmployees" xlink:title="Label : NumberOfEmployees to label_NumberOfEmployees" />
    <link:label xlink:type="resource" xlink:label="label_NumberOfEmployees_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NumberOfEmployees_1" xml:lang="en-US" id="label_NumberOfEmployees_1">Number of employees</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfEmployees" xlink:to="label_NumberOfEmployees_1" xlink:title="Label : NumberOfEmployees to label_NumberOfEmployees_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_OtherOperatingIncomeAbstract" xlink:label="OtherOperatingIncomeAbstract" xlink:title="OtherOperatingIncomeAbstract" />
    <link:label xlink:type="resource" xlink:label="label_OtherOperatingIncomeAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OtherOperatingIncomeAbstract" xml:lang="en-US" id="label_OtherOperatingIncomeAbstract">Other operating income:</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherOperatingIncomeAbstract" xlink:to="label_OtherOperatingIncomeAbstract" xlink:title="Label : OtherOperatingIncomeAbstract to label_OtherOperatingIncomeAbstract" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_OtherOperatingIncomeNetIncomeFromOtherSales" xlink:label="OtherOperatingIncomeNetIncomeFromOtherSales" xlink:title="OtherOperatingIncomeNetIncomeFromOtherSales" />
    <link:label xlink:type="resource" xlink:label="label_OtherOperatingIncomeNetIncomeFromOtherSales" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_OtherOperatingIncomeNetIncomeFromOtherSales" xml:lang="en-US" id="label_OtherOperatingIncomeNetIncomeFromOtherSales">Net income from other sales</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherOperatingIncomeNetIncomeFromOtherSales" xlink:to="label_OtherOperatingIncomeNetIncomeFromOtherSales" xlink:title="Label : OtherOperatingIncomeNetIncomeFromOtherSales to label_OtherOperatingIncomeNetIncomeFromOtherSales" />
    <link:label xlink:type="resource" xlink:label="label_OtherOperatingIncomeNetIncomeFromOtherSales_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OtherOperatingIncomeNetIncomeFromOtherSales_1" xml:lang="en-US" id="label_OtherOperatingIncomeNetIncomeFromOtherSales_1">ts_OtherOperatingIncomeNetIncomeFromOtherSales</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherOperatingIncomeNetIncomeFromOtherSales" xlink:to="label_OtherOperatingIncomeNetIncomeFromOtherSales_1" xlink:title="Label : OtherOperatingIncomeNetIncomeFromOtherSales to label_OtherOperatingIncomeNetIncomeFromOtherSales_1" />
    <link:label xlink:type="resource" xlink:label="label_OtherOperatingIncomeNetIncomeFromOtherSales_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_OtherOperatingIncomeNetIncomeFromOtherSales_2" xml:lang="en-US" id="label_OtherOperatingIncomeNetIncomeFromOtherSales_2">Amount of other operating income attributable to net income from other sales.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherOperatingIncomeNetIncomeFromOtherSales" xlink:to="label_OtherOperatingIncomeNetIncomeFromOtherSales_2" xlink:title="Label : OtherOperatingIncomeNetIncomeFromOtherSales to label_OtherOperatingIncomeNetIncomeFromOtherSales_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_MiscellaneousOtherOperatingIncome" xlink:label="MiscellaneousOtherOperatingIncome" xlink:title="MiscellaneousOtherOperatingIncome" />
    <link:label xlink:type="resource" xlink:label="label_MiscellaneousOtherOperatingIncome" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_MiscellaneousOtherOperatingIncome" xml:lang="en-US" id="label_MiscellaneousOtherOperatingIncome">Other</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MiscellaneousOtherOperatingIncome" xlink:to="label_MiscellaneousOtherOperatingIncome" xlink:title="Label : MiscellaneousOtherOperatingIncome to label_MiscellaneousOtherOperatingIncome" />
    <link:label xlink:type="resource" xlink:label="label_MiscellaneousOtherOperatingIncome_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_MiscellaneousOtherOperatingIncome_1" xml:lang="en-US" id="label_MiscellaneousOtherOperatingIncome_1">ifrs-full_MiscellaneousOtherOperatingIncome</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MiscellaneousOtherOperatingIncome" xlink:to="label_MiscellaneousOtherOperatingIncome_1" xlink:title="Label : MiscellaneousOtherOperatingIncome to label_MiscellaneousOtherOperatingIncome_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_OtherOperatingIncomeRecoveryOnAllowanceForDoubtfulAccounts" xlink:label="OtherOperatingIncomeRecoveryOnAllowanceForDoubtfulAccounts" xlink:title="OtherOperatingIncomeRecoveryOnAllowanceForDoubtfulAccounts" />
    <link:label xlink:type="resource" xlink:label="label_OtherOperatingIncomeRecoveryOnAllowanceForDoubtfulAccounts" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_OtherOperatingIncomeRecoveryOnAllowanceForDoubtfulAccounts" xml:lang="en-US" id="label_OtherOperatingIncomeRecoveryOnAllowanceForDoubtfulAccounts">Recovery on allowance for doubtful receivables</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherOperatingIncomeRecoveryOnAllowanceForDoubtfulAccounts" xlink:to="label_OtherOperatingIncomeRecoveryOnAllowanceForDoubtfulAccounts" xlink:title="Label : OtherOperatingIncomeRecoveryOnAllowanceForDoubtfulAccounts to label_OtherOperatingIncomeRecoveryOnAllowanceForDoubtfulAccounts" />
    <link:label xlink:type="resource" xlink:label="label_OtherOperatingIncomeRecoveryOnAllowanceForDoubtfulAccounts_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OtherOperatingIncomeRecoveryOnAllowanceForDoubtfulAccounts_1" xml:lang="en-US" id="label_OtherOperatingIncomeRecoveryOnAllowanceForDoubtfulAccounts_1">ts_OtherOperatingIncomeRecoveryOnAllowanceForDoubtfulAccounts</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherOperatingIncomeRecoveryOnAllowanceForDoubtfulAccounts" xlink:to="label_OtherOperatingIncomeRecoveryOnAllowanceForDoubtfulAccounts_1" xlink:title="Label : OtherOperatingIncomeRecoveryOnAllowanceForDoubtfulAccounts to label_OtherOperatingIncomeRecoveryOnAllowanceForDoubtfulAccounts_1" />
    <link:label xlink:type="resource" xlink:label="label_OtherOperatingIncomeRecoveryOnAllowanceForDoubtfulAccounts_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_OtherOperatingIncomeRecoveryOnAllowanceForDoubtfulAccounts_2" xml:lang="en-US" id="label_OtherOperatingIncomeRecoveryOnAllowanceForDoubtfulAccounts_2">Amount of other operating income attributable to recovery on allowance for doubtful accounts.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherOperatingIncomeRecoveryOnAllowanceForDoubtfulAccounts" xlink:to="label_OtherOperatingIncomeRecoveryOnAllowanceForDoubtfulAccounts_2" xlink:title="Label : OtherOperatingIncomeRecoveryOnAllowanceForDoubtfulAccounts to label_OtherOperatingIncomeRecoveryOnAllowanceForDoubtfulAccounts_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_OtherOperatingExpensesAbstract" xlink:label="OtherOperatingExpensesAbstract" xlink:title="OtherOperatingExpensesAbstract" />
    <link:label xlink:type="resource" xlink:label="label_OtherOperatingExpensesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OtherOperatingExpensesAbstract" xml:lang="en-US" id="label_OtherOperatingExpensesAbstract">Other operating expenses:</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherOperatingExpensesAbstract" xlink:to="label_OtherOperatingExpensesAbstract" xlink:title="Label : OtherOperatingExpensesAbstract to label_OtherOperatingExpensesAbstract" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_OtherOperatingExpenseContributionsToWelfareProjectsAndNonprofitsOrganizations" xlink:label="OtherOperatingExpenseContributionsToWelfareProjectsAndNonprofitsOrganizations" xlink:title="OtherOperatingExpenseContributionsToWelfareProjectsAndNonprofitsOrganizations" />
    <link:label xlink:type="resource" xlink:label="label_OtherOperatingExpenseContributionsToWelfareProjectsAndNonprofitsOrganizations" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_OtherOperatingExpenseContributionsToWelfareProjectsAndNonprofitsOrganizations" xml:lang="en-US" id="label_OtherOperatingExpenseContributionsToWelfareProjectsAndNonprofitsOrganizations">Contributions to welfare projects and non-profits organizations</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherOperatingExpenseContributionsToWelfareProjectsAndNonprofitsOrganizations" xlink:to="label_OtherOperatingExpenseContributionsToWelfareProjectsAndNonprofitsOrganizations" xlink:title="Label : OtherOperatingExpenseContributionsToWelfareProjectsAndNonprofitsOrganizations to label_OtherOperatingExpenseContributionsToWelfareProjectsAndNonprofitsOrganizations" />
    <link:label xlink:type="resource" xlink:label="label_OtherOperatingExpenseContributionsToWelfareProjectsAndNonprofitsOrganizations_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OtherOperatingExpenseContributionsToWelfareProjectsAndNonprofitsOrganizations_1" xml:lang="en-US" id="label_OtherOperatingExpenseContributionsToWelfareProjectsAndNonprofitsOrganizations_1">ts_OtherOperatingExpenseContributionsToWelfareProjectsAndNonprofitsOrganizations</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherOperatingExpenseContributionsToWelfareProjectsAndNonprofitsOrganizations" xlink:to="label_OtherOperatingExpenseContributionsToWelfareProjectsAndNonprofitsOrganizations_1" xlink:title="Label : OtherOperatingExpenseContributionsToWelfareProjectsAndNonprofitsOrganizations to label_OtherOperatingExpenseContributionsToWelfareProjectsAndNonprofitsOrganizations_1" />
    <link:label xlink:type="resource" xlink:label="label_OtherOperatingExpenseContributionsToWelfareProjectsAndNonprofitsOrganizations_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_OtherOperatingExpenseContributionsToWelfareProjectsAndNonprofitsOrganizations_2" xml:lang="en-US" id="label_OtherOperatingExpenseContributionsToWelfareProjectsAndNonprofitsOrganizations_2">Amount of other operating expense attributable to contributions to welfare projects and non-profits organizations.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherOperatingExpenseContributionsToWelfareProjectsAndNonprofitsOrganizations" xlink:to="label_OtherOperatingExpenseContributionsToWelfareProjectsAndNonprofitsOrganizations_2" xlink:title="Label : OtherOperatingExpenseContributionsToWelfareProjectsAndNonprofitsOrganizations to label_OtherOperatingExpenseContributionsToWelfareProjectsAndNonprofitsOrganizations_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_LossesOnDisposalsOfPropertyPlantAndEquipment" xlink:label="LossesOnDisposalsOfPropertyPlantAndEquipment" xlink:title="LossesOnDisposalsOfPropertyPlantAndEquipment" />
    <link:label xlink:type="resource" xlink:label="label_LossesOnDisposalsOfPropertyPlantAndEquipment" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_LossesOnDisposalsOfPropertyPlantAndEquipment" xml:lang="en-US" id="label_LossesOnDisposalsOfPropertyPlantAndEquipment">Loss on fixed assets and material supplies disposed / scrapped</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LossesOnDisposalsOfPropertyPlantAndEquipment" xlink:to="label_LossesOnDisposalsOfPropertyPlantAndEquipment" xlink:title="Label : LossesOnDisposalsOfPropertyPlantAndEquipment to label_LossesOnDisposalsOfPropertyPlantAndEquipment" />
    <link:label xlink:type="resource" xlink:label="label_LossesOnDisposalsOfPropertyPlantAndEquipment_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LossesOnDisposalsOfPropertyPlantAndEquipment_1" xml:lang="en-US" id="label_LossesOnDisposalsOfPropertyPlantAndEquipment_1">ifrs-full_LossesOnDisposalsOfPropertyPlantAndEquipment</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LossesOnDisposalsOfPropertyPlantAndEquipment" xlink:to="label_LossesOnDisposalsOfPropertyPlantAndEquipment_1" xlink:title="Label : LossesOnDisposalsOfPropertyPlantAndEquipment to label_LossesOnDisposalsOfPropertyPlantAndEquipment_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_OtherOperatingExpensesAllowanceForDoubtfulReceivables" xlink:label="OtherOperatingExpensesAllowanceForDoubtfulReceivables" xlink:title="OtherOperatingExpensesAllowanceForDoubtfulReceivables" />
    <link:label xlink:type="resource" xlink:label="label_OtherOperatingExpensesAllowanceForDoubtfulReceivables" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_OtherOperatingExpensesAllowanceForDoubtfulReceivables" xml:lang="en-US" id="label_OtherOperatingExpensesAllowanceForDoubtfulReceivables">Allowance for doubtful receivables</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherOperatingExpensesAllowanceForDoubtfulReceivables" xlink:to="label_OtherOperatingExpensesAllowanceForDoubtfulReceivables" xlink:title="Label : OtherOperatingExpensesAllowanceForDoubtfulReceivables to label_OtherOperatingExpensesAllowanceForDoubtfulReceivables" />
    <link:label xlink:type="resource" xlink:label="label_OtherOperatingExpensesAllowanceForDoubtfulReceivables_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OtherOperatingExpensesAllowanceForDoubtfulReceivables_1" xml:lang="en-US" id="label_OtherOperatingExpensesAllowanceForDoubtfulReceivables_1">ts_OtherOperatingExpensesAllowanceForDoubtfulReceivables</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherOperatingExpensesAllowanceForDoubtfulReceivables" xlink:to="label_OtherOperatingExpensesAllowanceForDoubtfulReceivables_1" xlink:title="Label : OtherOperatingExpensesAllowanceForDoubtfulReceivables to label_OtherOperatingExpensesAllowanceForDoubtfulReceivables_1" />
    <link:label xlink:type="resource" xlink:label="label_OtherOperatingExpensesAllowanceForDoubtfulReceivables_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_OtherOperatingExpensesAllowanceForDoubtfulReceivables_2" xml:lang="en-US" id="label_OtherOperatingExpensesAllowanceForDoubtfulReceivables_2">Amount of other operating expenses attributable to allowance for doubtful receivables.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherOperatingExpensesAllowanceForDoubtfulReceivables" xlink:to="label_OtherOperatingExpensesAllowanceForDoubtfulReceivables_2" xlink:title="Label : OtherOperatingExpensesAllowanceForDoubtfulReceivables to label_OtherOperatingExpensesAllowanceForDoubtfulReceivables_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_OtherExpenseIncludingDiscontinuedOperations" xlink:label="OtherExpenseIncludingDiscontinuedOperations" xlink:title="OtherExpenseIncludingDiscontinuedOperations" />
    <link:label xlink:type="resource" xlink:label="label_OtherExpenseIncludingDiscontinuedOperations" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OtherExpenseIncludingDiscontinuedOperations" xml:lang="en-US" id="label_OtherExpenseIncludingDiscontinuedOperations">ts_OtherExpenseIncludingDiscontinuedOperations</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherExpenseIncludingDiscontinuedOperations" xlink:to="label_OtherExpenseIncludingDiscontinuedOperations" xlink:title="Label : OtherExpenseIncludingDiscontinuedOperations to label_OtherExpenseIncludingDiscontinuedOperations" />
    <link:label xlink:type="resource" xlink:label="label_OtherExpenseIncludingDiscontinuedOperations_1" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_OtherExpenseIncludingDiscontinuedOperations_1" xml:lang="en-US" id="label_OtherExpenseIncludingDiscontinuedOperations_1">Other expense including discontinued operations</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherExpenseIncludingDiscontinuedOperations" xlink:to="label_OtherExpenseIncludingDiscontinuedOperations_1" xlink:title="Label : OtherExpenseIncludingDiscontinuedOperations to label_OtherExpenseIncludingDiscontinuedOperations_1" />
    <link:label xlink:type="resource" xlink:label="label_OtherExpenseIncludingDiscontinuedOperations_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_OtherExpenseIncludingDiscontinuedOperations_2" xml:lang="en-US" id="label_OtherExpenseIncludingDiscontinuedOperations_2">Amount of other expense including discontinued operations.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherExpenseIncludingDiscontinuedOperations" xlink:to="label_OtherExpenseIncludingDiscontinuedOperations_2" xlink:title="Label : OtherExpenseIncludingDiscontinuedOperations to label_OtherExpenseIncludingDiscontinuedOperations_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_OtherOperatingExpenseDiscontinuedOperations" xlink:label="OtherOperatingExpenseDiscontinuedOperations" xlink:title="OtherOperatingExpenseDiscontinuedOperations" />
    <link:label xlink:type="resource" xlink:label="label_OtherOperatingExpenseDiscontinuedOperations" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OtherOperatingExpenseDiscontinuedOperations" xml:lang="en-US" id="label_OtherOperatingExpenseDiscontinuedOperations">ts_OtherOperatingExpenseDiscontinuedOperations</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherOperatingExpenseDiscontinuedOperations" xlink:to="label_OtherOperatingExpenseDiscontinuedOperations" xlink:title="Label : OtherOperatingExpenseDiscontinuedOperations to label_OtherOperatingExpenseDiscontinuedOperations" />
    <link:label xlink:type="resource" xlink:label="label_OtherOperatingExpenseDiscontinuedOperations_1" xlink:role="http://www.xbrl.org/2009/role/negatedNetLabel" xlink:title="label_OtherOperatingExpenseDiscontinuedOperations_1" xml:lang="en-US" id="label_OtherOperatingExpenseDiscontinuedOperations_1">From discontinued operations</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherOperatingExpenseDiscontinuedOperations" xlink:to="label_OtherOperatingExpenseDiscontinuedOperations_1" xlink:title="Label : OtherOperatingExpenseDiscontinuedOperations to label_OtherOperatingExpenseDiscontinuedOperations_1" />
    <link:label xlink:type="resource" xlink:label="label_OtherOperatingExpenseDiscontinuedOperations_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_OtherOperatingExpenseDiscontinuedOperations_2" xml:lang="en-US" id="label_OtherOperatingExpenseDiscontinuedOperations_2">Amount of other operating expense attributable to discontinued operations.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherOperatingExpenseDiscontinuedOperations" xlink:to="label_OtherOperatingExpenseDiscontinuedOperations_2" xlink:title="Label : OtherOperatingExpenseDiscontinuedOperations to label_OtherOperatingExpenseDiscontinuedOperations_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_RevenueFromInterest" xlink:label="RevenueFromInterest" xlink:title="RevenueFromInterest" />
    <link:label xlink:type="resource" xlink:label="label_RevenueFromInterest" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_RevenueFromInterest" xml:lang="en-US" id="label_RevenueFromInterest">Interest Income</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RevenueFromInterest" xlink:to="label_RevenueFromInterest" xlink:title="Label : RevenueFromInterest to label_RevenueFromInterest" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_NetFinancialIncomeOnChangesInFVOfFinancialAssetsAtFVTPL" xlink:label="NetFinancialIncomeOnChangesInFVOfFinancialAssetsAtFVTPL" xlink:title="NetFinancialIncomeOnChangesInFVOfFinancialAssetsAtFVTPL" />
    <link:label xlink:type="resource" xlink:label="label_NetFinancialIncomeOnChangesInFVOfFinancialAssetsAtFVTPL" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NetFinancialIncomeOnChangesInFVOfFinancialAssetsAtFVTPL" xml:lang="en-US" id="label_NetFinancialIncomeOnChangesInFVOfFinancialAssetsAtFVTPL">Net result on changes in FV of financial assets at FVPL</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NetFinancialIncomeOnChangesInFVOfFinancialAssetsAtFVTPL" xlink:to="label_NetFinancialIncomeOnChangesInFVOfFinancialAssetsAtFVTPL" xlink:title="Label : NetFinancialIncomeOnChangesInFVOfFinancialAssetsAtFVTPL to label_NetFinancialIncomeOnChangesInFVOfFinancialAssetsAtFVTPL" />
    <link:label xlink:type="resource" xlink:label="label_NetFinancialIncomeOnChangesInFVOfFinancialAssetsAtFVTPL_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_NetFinancialIncomeOnChangesInFVOfFinancialAssetsAtFVTPL_1" xml:lang="en-US" id="label_NetFinancialIncomeOnChangesInFVOfFinancialAssetsAtFVTPL_1">Represents the net financial income on changes in fair value of financial assets at fair value through profit os loss.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NetFinancialIncomeOnChangesInFVOfFinancialAssetsAtFVTPL" xlink:to="label_NetFinancialIncomeOnChangesInFVOfFinancialAssetsAtFVTPL_1" xlink:title="Label : NetFinancialIncomeOnChangesInFVOfFinancialAssetsAtFVTPL to label_NetFinancialIncomeOnChangesInFVOfFinancialAssetsAtFVTPL_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_ForeignExchangeDerivativesContractsResults" xlink:label="ForeignExchangeDerivativesContractsResults" xlink:title="ForeignExchangeDerivativesContractsResults" />
    <link:label xlink:type="resource" xlink:label="label_ForeignExchangeDerivativesContractsResults" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ForeignExchangeDerivativesContractsResults" xml:lang="en-US" id="label_ForeignExchangeDerivativesContractsResults">Foreign exchange derivatives contracts results</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ForeignExchangeDerivativesContractsResults" xlink:to="label_ForeignExchangeDerivativesContractsResults" xlink:title="Label : ForeignExchangeDerivativesContractsResults to label_ForeignExchangeDerivativesContractsResults" />
    <link:label xlink:type="resource" xlink:label="label_ForeignExchangeDerivativesContractsResults_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ForeignExchangeDerivativesContractsResults_1" xml:lang="en-US" id="label_ForeignExchangeDerivativesContractsResults_1">The amount of income or cost associated with foreign exchange derivatives contracts.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ForeignExchangeDerivativesContractsResults" xlink:to="label_ForeignExchangeDerivativesContractsResults_1" xlink:title="Label : ForeignExchangeDerivativesContractsResults to label_ForeignExchangeDerivativesContractsResults_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_OtherForeignExchangeResults" xlink:label="OtherForeignExchangeResults" xlink:title="OtherForeignExchangeResults" />
    <link:label xlink:type="resource" xlink:label="label_OtherForeignExchangeResults" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OtherForeignExchangeResults" xml:lang="en-US" id="label_OtherForeignExchangeResults">Other</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherForeignExchangeResults" xlink:to="label_OtherForeignExchangeResults" xlink:title="Label : OtherForeignExchangeResults to label_OtherForeignExchangeResults" />
    <link:label xlink:type="resource" xlink:label="label_OtherForeignExchangeResults_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_OtherForeignExchangeResults_1" xml:lang="en-US" id="label_OtherForeignExchangeResults_1">The amount of income or cost associated with foreign exchange.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherForeignExchangeResults" xlink:to="label_OtherForeignExchangeResults_1" xlink:title="Label : OtherForeignExchangeResults to label_OtherForeignExchangeResults_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_FinanceIncomeCostContinuingOperations" xlink:label="FinanceIncomeCostContinuingOperations" xlink:title="FinanceIncomeCostContinuingOperations" />
    <link:label xlink:type="resource" xlink:label="label_FinanceIncomeCostContinuingOperations" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_FinanceIncomeCostContinuingOperations" xml:lang="en-US" id="label_FinanceIncomeCostContinuingOperations">ts_FinanceIncomeCostContinuingOperations</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinanceIncomeCostContinuingOperations" xlink:to="label_FinanceIncomeCostContinuingOperations" xlink:title="Label : FinanceIncomeCostContinuingOperations to label_FinanceIncomeCostContinuingOperations" />
    <link:label xlink:type="resource" xlink:label="label_FinanceIncomeCostContinuingOperations_1" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_FinanceIncomeCostContinuingOperations_1" xml:lang="en-US" id="label_FinanceIncomeCostContinuingOperations_1">Net financial results</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinanceIncomeCostContinuingOperations" xlink:to="label_FinanceIncomeCostContinuingOperations_1" xlink:title="Label : FinanceIncomeCostContinuingOperations to label_FinanceIncomeCostContinuingOperations_1" />
    <link:label xlink:type="resource" xlink:label="label_FinanceIncomeCostContinuingOperations_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_FinanceIncomeCostContinuingOperations_2" xml:lang="en-US" id="label_FinanceIncomeCostContinuingOperations_2">The amount of income or cost associated with interest and other financing activities of the entity attributable to continuing operations.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinanceIncomeCostContinuingOperations" xlink:to="label_FinanceIncomeCostContinuingOperations_2" xlink:title="Label : FinanceIncomeCostContinuingOperations to label_FinanceIncomeCostContinuingOperations_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_FinanceIncomeCostDiscontinuedOperations" xlink:label="FinanceIncomeCostDiscontinuedOperations" xlink:title="FinanceIncomeCostDiscontinuedOperations" />
    <link:label xlink:type="resource" xlink:label="label_FinanceIncomeCostDiscontinuedOperations" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_FinanceIncomeCostDiscontinuedOperations" xml:lang="en-US" id="label_FinanceIncomeCostDiscontinuedOperations">From discontinued operations</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinanceIncomeCostDiscontinuedOperations" xlink:to="label_FinanceIncomeCostDiscontinuedOperations" xlink:title="Label : FinanceIncomeCostDiscontinuedOperations to label_FinanceIncomeCostDiscontinuedOperations" />
    <link:label xlink:type="resource" xlink:label="label_FinanceIncomeCostDiscontinuedOperations_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_FinanceIncomeCostDiscontinuedOperations_1" xml:lang="en-US" id="label_FinanceIncomeCostDiscontinuedOperations_1">The amount of income or cost associated with interest and other financing activities of the entity attributable to discontinued operations.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinanceIncomeCostDiscontinuedOperations" xlink:to="label_FinanceIncomeCostDiscontinuedOperations_1" xlink:title="Label : FinanceIncomeCostDiscontinuedOperations to label_FinanceIncomeCostDiscontinuedOperations_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_AfterTaxEffectOfExpenseNotDeductibleInDeterminingProfitLoss" xlink:label="AfterTaxEffectOfExpenseNotDeductibleInDeterminingProfitLoss" xlink:title="AfterTaxEffectOfExpenseNotDeductibleInDeterminingProfitLoss" />
    <link:label xlink:type="resource" xlink:label="label_AfterTaxEffectOfExpenseNotDeductibleInDeterminingProfitLoss" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AfterTaxEffectOfExpenseNotDeductibleInDeterminingProfitLoss" xml:lang="en-US" id="label_AfterTaxEffectOfExpenseNotDeductibleInDeterminingProfitLoss">ts_AfterTaxEffectOfExpenseNotDeductibleInDeterminingProfitLoss</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AfterTaxEffectOfExpenseNotDeductibleInDeterminingProfitLoss" xlink:to="label_AfterTaxEffectOfExpenseNotDeductibleInDeterminingProfitLoss" xlink:title="Label : AfterTaxEffectOfExpenseNotDeductibleInDeterminingProfitLoss to label_AfterTaxEffectOfExpenseNotDeductibleInDeterminingProfitLoss" />
    <link:label xlink:type="resource" xlink:label="label_AfterTaxEffectOfExpenseNotDeductibleInDeterminingProfitLoss_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_AfterTaxEffectOfExpenseNotDeductibleInDeterminingProfitLoss_1" xml:lang="en-US" id="label_AfterTaxEffectOfExpenseNotDeductibleInDeterminingProfitLoss_1">After tax effect of expense not deductible in determining profit (loss)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AfterTaxEffectOfExpenseNotDeductibleInDeterminingProfitLoss" xlink:to="label_AfterTaxEffectOfExpenseNotDeductibleInDeterminingProfitLoss_1" xlink:title="Label : AfterTaxEffectOfExpenseNotDeductibleInDeterminingProfitLoss to label_AfterTaxEffectOfExpenseNotDeductibleInDeterminingProfitLoss_1" />
    <link:label xlink:type="resource" xlink:label="label_AfterTaxEffectOfExpenseNotDeductibleInDeterminingProfitLoss_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_AfterTaxEffectOfExpenseNotDeductibleInDeterminingProfitLoss_2" xml:lang="en-US" id="label_AfterTaxEffectOfExpenseNotDeductibleInDeterminingProfitLoss_2">The amount represents the difference between the after tax expense (income) and the product of the accounting profit multiplied by the applicable tax rate(s) that relates to expenses not deductible in determining profit (loss).</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AfterTaxEffectOfExpenseNotDeductibleInDeterminingProfitLoss" xlink:to="label_AfterTaxEffectOfExpenseNotDeductibleInDeterminingProfitLoss_2" xlink:title="Label : AfterTaxEffectOfExpenseNotDeductibleInDeterminingProfitLoss to label_AfterTaxEffectOfExpenseNotDeductibleInDeterminingProfitLoss_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_ChargeRelatedToWithholdingTaxesForIntraGroupInternationalOperations" xlink:label="ChargeRelatedToWithholdingTaxesForIntraGroupInternationalOperations" xlink:title="ChargeRelatedToWithholdingTaxesForIntraGroupInternationalOperations" />
    <link:label xlink:type="resource" xlink:label="label_ChargeRelatedToWithholdingTaxesForIntraGroupInternationalOperations" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ChargeRelatedToWithholdingTaxesForIntraGroupInternationalOperations" xml:lang="en-US" id="label_ChargeRelatedToWithholdingTaxesForIntraGroupInternationalOperations">ts_ChargeRelatedToWithholdingTaxesForIntraGroupInternationalOperations</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ChargeRelatedToWithholdingTaxesForIntraGroupInternationalOperations" xlink:to="label_ChargeRelatedToWithholdingTaxesForIntraGroupInternationalOperations" xlink:title="Label : ChargeRelatedToWithholdingTaxesForIntraGroupInternationalOperations to label_ChargeRelatedToWithholdingTaxesForIntraGroupInternationalOperations" />
    <link:label xlink:type="resource" xlink:label="label_ChargeRelatedToWithholdingTaxesForIntraGroupInternationalOperations_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ChargeRelatedToWithholdingTaxesForIntraGroupInternationalOperations_1" xml:lang="en-US" id="label_ChargeRelatedToWithholdingTaxesForIntraGroupInternationalOperations_1">Charge related to withholding taxes for intra group international operations</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ChargeRelatedToWithholdingTaxesForIntraGroupInternationalOperations" xlink:to="label_ChargeRelatedToWithholdingTaxesForIntraGroupInternationalOperations_1" xlink:title="Label : ChargeRelatedToWithholdingTaxesForIntraGroupInternationalOperations to label_ChargeRelatedToWithholdingTaxesForIntraGroupInternationalOperations_1" />
    <link:label xlink:type="resource" xlink:label="label_ChargeRelatedToWithholdingTaxesForIntraGroupInternationalOperations_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ChargeRelatedToWithholdingTaxesForIntraGroupInternationalOperations_2" xml:lang="en-US" id="label_ChargeRelatedToWithholdingTaxesForIntraGroupInternationalOperations_2">Represents the amount of charge related to withholding taxes for intra group international operations during the period.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ChargeRelatedToWithholdingTaxesForIntraGroupInternationalOperations" xlink:to="label_ChargeRelatedToWithholdingTaxesForIntraGroupInternationalOperations_2" xlink:title="Label : ChargeRelatedToWithholdingTaxesForIntraGroupInternationalOperations to label_ChargeRelatedToWithholdingTaxesForIntraGroupInternationalOperations_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DeferredTaxExpenseIncomeRelatingToTaxRateChangesOrImpositionOfNewTaxes" xlink:label="DeferredTaxExpenseIncomeRelatingToTaxRateChangesOrImpositionOfNewTaxes" xlink:title="DeferredTaxExpenseIncomeRelatingToTaxRateChangesOrImpositionOfNewTaxes" />
    <link:label xlink:type="resource" xlink:label="label_DeferredTaxExpenseIncomeRelatingToTaxRateChangesOrImpositionOfNewTaxes" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DeferredTaxExpenseIncomeRelatingToTaxRateChangesOrImpositionOfNewTaxes" xml:lang="en-US" id="label_DeferredTaxExpenseIncomeRelatingToTaxRateChangesOrImpositionOfNewTaxes">ifrs-full_DeferredTaxExpenseIncomeRelatingToTaxRateChangesOrImpositionOfNewTaxes</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DeferredTaxExpenseIncomeRelatingToTaxRateChangesOrImpositionOfNewTaxes" xlink:to="label_DeferredTaxExpenseIncomeRelatingToTaxRateChangesOrImpositionOfNewTaxes" xlink:title="Label : DeferredTaxExpenseIncomeRelatingToTaxRateChangesOrImpositionOfNewTaxes to label_DeferredTaxExpenseIncomeRelatingToTaxRateChangesOrImpositionOfNewTaxes" />
    <link:label xlink:type="resource" xlink:label="label_DeferredTaxExpenseIncomeRelatingToTaxRateChangesOrImpositionOfNewTaxes_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DeferredTaxExpenseIncomeRelatingToTaxRateChangesOrImpositionOfNewTaxes_1" xml:lang="en-US" id="label_DeferredTaxExpenseIncomeRelatingToTaxRateChangesOrImpositionOfNewTaxes_1">Deferred tax expense (income) relating to tax rate changes or imposition of new taxes</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DeferredTaxExpenseIncomeRelatingToTaxRateChangesOrImpositionOfNewTaxes" xlink:to="label_DeferredTaxExpenseIncomeRelatingToTaxRateChangesOrImpositionOfNewTaxes_1" xlink:title="Label : DeferredTaxExpenseIncomeRelatingToTaxRateChangesOrImpositionOfNewTaxes to label_DeferredTaxExpenseIncomeRelatingToTaxRateChangesOrImpositionOfNewTaxes_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_CurrentTaxExpenseIncome" xlink:label="CurrentTaxExpenseIncome" xlink:title="CurrentTaxExpenseIncome" />
    <link:label xlink:type="resource" xlink:label="label_CurrentTaxExpenseIncome" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CurrentTaxExpenseIncome" xml:lang="en-US" id="label_CurrentTaxExpenseIncome">Current tax</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentTaxExpenseIncome" xlink:to="label_CurrentTaxExpenseIncome" xlink:title="Label : CurrentTaxExpenseIncome to label_CurrentTaxExpenseIncome" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DeferredTaxExpenseIncome" xlink:label="DeferredTaxExpenseIncome" xlink:title="DeferredTaxExpenseIncome" />
    <link:label xlink:type="resource" xlink:label="label_DeferredTaxExpenseIncome" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DeferredTaxExpenseIncome" xml:lang="en-US" id="label_DeferredTaxExpenseIncome">Deferred tax</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DeferredTaxExpenseIncome" xlink:to="label_DeferredTaxExpenseIncome" xlink:title="Label : DeferredTaxExpenseIncome to label_DeferredTaxExpenseIncome" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_IncomeTaxesAccrued" xlink:label="IncomeTaxesAccrued" xlink:title="IncomeTaxesAccrued" />
    <link:label xlink:type="resource" xlink:label="label_IncomeTaxesAccrued" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IncomeTaxesAccrued" xml:lang="en-US" id="label_IncomeTaxesAccrued">ts_IncomeTaxesAccrued</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncomeTaxesAccrued" xlink:to="label_IncomeTaxesAccrued" xlink:title="Label : IncomeTaxesAccrued to label_IncomeTaxesAccrued" />
    <link:label xlink:type="resource" xlink:label="label_IncomeTaxesAccrued_1" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_IncomeTaxesAccrued_1" xml:lang="en-US" id="label_IncomeTaxesAccrued_1">Income taxes accrued</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncomeTaxesAccrued" xlink:to="label_IncomeTaxesAccrued_1" xlink:title="Label : IncomeTaxesAccrued to label_IncomeTaxesAccrued_1" />
    <link:label xlink:type="resource" xlink:label="label_IncomeTaxesAccrued_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_IncomeTaxesAccrued_2" xml:lang="en-US" id="label_IncomeTaxesAccrued_2">The amount of income taxes accrued.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncomeTaxesAccrued" xlink:to="label_IncomeTaxesAccrued_2" xlink:title="Label : IncomeTaxesAccrued to label_IncomeTaxesAccrued_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_TaxExpenseRelatingToProfitLossFromOrdinaryActivitiesAndDiscontinuanceOfDiscontinuedOperations" xlink:label="TaxExpenseRelatingToProfitLossFromOrdinaryActivitiesAndDiscontinuanceOfDiscontinuedOperations" xlink:title="TaxExpenseRelatingToProfitLossFromOrdinaryActivitiesAndDiscontinuanceOfDiscontinuedOperations" />
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    <link:label xlink:type="resource" xlink:label="label_TaxExpenseRelatingToProfitLossFromOrdinaryActivitiesAndDiscontinuanceOfDiscontinuedOperations_1" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_TaxExpenseRelatingToProfitLossFromOrdinaryActivitiesAndDiscontinuanceOfDiscontinuedOperations_1" xml:lang="en-US" id="label_TaxExpenseRelatingToProfitLossFromOrdinaryActivitiesAndDiscontinuanceOfDiscontinuedOperations_1">From discontinued operations</link:label>
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    <link:label xlink:type="resource" xlink:label="label_TaxExpenseRelatingToProfitLossFromOrdinaryActivitiesAndDiscontinuanceOfDiscontinuedOperations_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_TaxExpenseRelatingToProfitLossFromOrdinaryActivitiesAndDiscontinuanceOfDiscontinuedOperations_2" xml:lang="en-US" id="label_TaxExpenseRelatingToProfitLossFromOrdinaryActivitiesAndDiscontinuanceOfDiscontinuedOperations_2">The tax expense relating to the profit (loss) arising from ordinary activities of discontinued operations and on the tax expense relating to the gain (loss) on discontinuance when operations are discontinued.</link:label>
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    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_TaxExpenseIncomeAtApplicableTaxRate" xlink:label="TaxExpenseIncomeAtApplicableTaxRate" xlink:title="TaxExpenseIncomeAtApplicableTaxRate" />
    <link:label xlink:type="resource" xlink:label="label_TaxExpenseIncomeAtApplicableTaxRate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TaxExpenseIncomeAtApplicableTaxRate" xml:lang="en-US" id="label_TaxExpenseIncomeAtApplicableTaxRate">Tax calculated at the tax rate in each country</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TaxExpenseIncomeAtApplicableTaxRate" xlink:to="label_TaxExpenseIncomeAtApplicableTaxRate" xlink:title="Label : TaxExpenseIncomeAtApplicableTaxRate to label_TaxExpenseIncomeAtApplicableTaxRate" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_IncomeTaxRelatingToExchangeDifferencesOnTranslationOfOtherComprehensiveIncome" xlink:label="IncomeTaxRelatingToExchangeDifferencesOnTranslationOfOtherComprehensiveIncome" xlink:title="IncomeTaxRelatingToExchangeDifferencesOnTranslationOfOtherComprehensiveIncome" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncomeTaxRelatingToExchangeDifferencesOnTranslationOfOtherComprehensiveIncome" xlink:to="label_IncomeTaxRelatingToExchangeDifferencesOnTranslationOfOtherComprehensiveIncome" xlink:title="Label : IncomeTaxRelatingToExchangeDifferencesOnTranslationOfOtherComprehensiveIncome to label_IncomeTaxRelatingToExchangeDifferencesOnTranslationOfOtherComprehensiveIncome" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_TaxEffectFromChangeInTaxRate" xlink:label="TaxEffectFromChangeInTaxRate" xlink:title="TaxEffectFromChangeInTaxRate" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TaxEffectFromChangeInTaxRate" xlink:to="label_TaxEffectFromChangeInTaxRate" xlink:title="Label : TaxEffectFromChangeInTaxRate to label_TaxEffectFromChangeInTaxRate" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_TaxEffectOfTaxLosses" xlink:label="TaxEffectOfTaxLosses" xlink:title="TaxEffectOfTaxLosses" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TaxEffectOfTaxLosses" xlink:to="label_TaxEffectOfTaxLosses" xlink:title="Label : TaxEffectOfTaxLosses to label_TaxEffectOfTaxLosses" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_TaxEffectOfRevenuesExemptFromTaxationAndExpenseNotDeductibleInDeterminingTaxableProfitTaxLoss" xlink:label="TaxEffectOfRevenuesExemptFromTaxationAndExpenseNotDeductibleInDeterminingTaxableProfitTaxLoss" xlink:title="TaxEffectOfRevenuesExemptFromTaxationAndExpenseNotDeductibleInDeterminingTaxableProfitTaxLoss" />
    <link:label xlink:type="resource" xlink:label="label_TaxEffectOfRevenuesExemptFromTaxationAndExpenseNotDeductibleInDeterminingTaxableProfitTaxLoss" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TaxEffectOfRevenuesExemptFromTaxationAndExpenseNotDeductibleInDeterminingTaxableProfitTaxLoss" xml:lang="en-US" id="label_TaxEffectOfRevenuesExemptFromTaxationAndExpenseNotDeductibleInDeterminingTaxableProfitTaxLoss">Tax revaluation, withholding tax and others</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TaxEffectOfRevenuesExemptFromTaxationAndExpenseNotDeductibleInDeterminingTaxableProfitTaxLoss" xlink:to="label_TaxEffectOfRevenuesExemptFromTaxationAndExpenseNotDeductibleInDeterminingTaxableProfitTaxLoss" xlink:title="Label : TaxEffectOfRevenuesExemptFromTaxationAndExpenseNotDeductibleInDeterminingTaxableProfitTaxLoss to label_TaxEffectOfRevenuesExemptFromTaxationAndExpenseNotDeductibleInDeterminingTaxableProfitTaxLoss" />
    <link:label xlink:type="resource" xlink:label="label_TaxEffectOfRevenuesExemptFromTaxationAndExpenseNotDeductibleInDeterminingTaxableProfitTaxLoss_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_TaxEffectOfRevenuesExemptFromTaxationAndExpenseNotDeductibleInDeterminingTaxableProfitTaxLoss_1" xml:lang="en-US" id="label_TaxEffectOfRevenuesExemptFromTaxationAndExpenseNotDeductibleInDeterminingTaxableProfitTaxLoss_1">Represents the amount of difference between the tax expense (income) and the product of the accounting profit multiplied by the applicable tax rate(s) that relates to revenues that are exempt from taxation and to expenses not deductible in determining taxable profit (tax loss).</link:label>
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    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DividendsRecognisedAsDistributionsToOwnersPerShare" xlink:label="DividendsRecognisedAsDistributionsToOwnersPerShare" xlink:title="DividendsRecognisedAsDistributionsToOwnersPerShare" />
    <link:label xlink:type="resource" xlink:label="label_DividendsRecognisedAsDistributionsToOwnersPerShare" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DividendsRecognisedAsDistributionsToOwnersPerShare" xml:lang="en-US" id="label_DividendsRecognisedAsDistributionsToOwnersPerShare">ifrs-full_DividendsRecognisedAsDistributionsToOwnersPerShare</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DividendsRecognisedAsDistributionsToOwnersPerShare" xlink:to="label_DividendsRecognisedAsDistributionsToOwnersPerShare" xlink:title="Label : DividendsRecognisedAsDistributionsToOwnersPerShare to label_DividendsRecognisedAsDistributionsToOwnersPerShare" />
    <link:label xlink:type="resource" xlink:label="label_DividendsRecognisedAsDistributionsToOwnersPerShare_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DividendsRecognisedAsDistributionsToOwnersPerShare_1" xml:lang="en-US" id="label_DividendsRecognisedAsDistributionsToOwnersPerShare_1">Dividends recognised as distributions to owners per share (in dollars per share)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DividendsRecognisedAsDistributionsToOwnersPerShare" xlink:to="label_DividendsRecognisedAsDistributionsToOwnersPerShare_1" xlink:title="Label : DividendsRecognisedAsDistributionsToOwnersPerShare to label_DividendsRecognisedAsDistributionsToOwnersPerShare_1" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DividendsPaid" xlink:to="label_DividendsPaid_1" xlink:title="Label : DividendsPaid to label_DividendsPaid_1" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DividendsPaid" xlink:to="label_DividendsPaid_2" xlink:title="Label : DividendsPaid to label_DividendsPaid_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_DividendsPayableAmountPerShareIncludingInterimDividend" xlink:label="DividendsPayableAmountPerShareIncludingInterimDividend" xlink:title="DividendsPayableAmountPerShareIncludingInterimDividend" />
    <link:label xlink:type="resource" xlink:label="label_DividendsPayableAmountPerShareIncludingInterimDividend" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DividendsPayableAmountPerShareIncludingInterimDividend" xml:lang="en-US" id="label_DividendsPayableAmountPerShareIncludingInterimDividend">ts_DividendsPayableAmountPerShareIncludingInterimDividend</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DividendsPayableAmountPerShareIncludingInterimDividend" xlink:to="label_DividendsPayableAmountPerShareIncludingInterimDividend" xlink:title="Label : DividendsPayableAmountPerShareIncludingInterimDividend to label_DividendsPayableAmountPerShareIncludingInterimDividend" />
    <link:label xlink:type="resource" xlink:label="label_DividendsPayableAmountPerShareIncludingInterimDividend_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DividendsPayableAmountPerShareIncludingInterimDividend_1" xml:lang="en-US" id="label_DividendsPayableAmountPerShareIncludingInterimDividend_1">Dividends payable, amount per share including interim dividend (in dollars per share)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DividendsPayableAmountPerShareIncludingInterimDividend" xlink:to="label_DividendsPayableAmountPerShareIncludingInterimDividend_1" xlink:title="Label : DividendsPayableAmountPerShareIncludingInterimDividend to label_DividendsPayableAmountPerShareIncludingInterimDividend_1" />
    <link:label xlink:type="resource" xlink:label="label_DividendsPayableAmountPerShareIncludingInterimDividend_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DividendsPayableAmountPerShareIncludingInterimDividend_2" xml:lang="en-US" id="label_DividendsPayableAmountPerShareIncludingInterimDividend_2">The per share amount of a dividend payable including an interim dividend previously paid.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DividendsPayableAmountPerShareIncludingInterimDividend" xlink:to="label_DividendsPayableAmountPerShareIncludingInterimDividend_2" xlink:title="Label : DividendsPayableAmountPerShareIncludingInterimDividend to label_DividendsPayableAmountPerShareIncludingInterimDividend_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DividendsPaidOrdinarySharesPerShare" xlink:label="DividendsPaidOrdinarySharesPerShare" xlink:title="DividendsPaidOrdinarySharesPerShare" />
    <link:label xlink:type="resource" xlink:label="label_DividendsPaidOrdinarySharesPerShare" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DividendsPaidOrdinarySharesPerShare" xml:lang="en-US" id="label_DividendsPaidOrdinarySharesPerShare">Dividends paid, ordinary shares per share (in dollars per share)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DividendsPaidOrdinarySharesPerShare" xlink:to="label_DividendsPaidOrdinarySharesPerShare" xlink:title="Label : DividendsPaidOrdinarySharesPerShare to label_DividendsPaidOrdinarySharesPerShare" />
    <link:label xlink:type="resource" xlink:label="label_DividendsPaidOrdinarySharesPerShare_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DividendsPaidOrdinarySharesPerShare_1" xml:lang="en-US" id="label_DividendsPaidOrdinarySharesPerShare_1">ifrs-full_DividendsPaidOrdinarySharesPerShare</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DividendsPaidOrdinarySharesPerShare" xlink:to="label_DividendsPaidOrdinarySharesPerShare_1" xlink:title="Label : DividendsPaidOrdinarySharesPerShare to label_DividendsPaidOrdinarySharesPerShare_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis" xlink:label="CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis" xlink:title="CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis" />
    <link:label xlink:type="resource" xlink:label="label_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis" xml:lang="en-US" id="label_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">Carrying amount, accumulated depreciation, amortisation and impairment and gross carrying amount [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis" xlink:to="label_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis" xlink:title="Label : CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis to label_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_CarryingAmountMember" xlink:label="CarryingAmountMember" xlink:title="CarryingAmountMember" />
    <link:label xlink:type="resource" xlink:label="label_CarryingAmountMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CarryingAmountMember" xml:lang="en-US" id="label_CarryingAmountMember">Carrying amount [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CarryingAmountMember" xlink:to="label_CarryingAmountMember" xlink:title="Label : CarryingAmountMember to label_CarryingAmountMember" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_GrossCarryingAmountMember" xlink:label="GrossCarryingAmountMember" xlink:title="GrossCarryingAmountMember" />
    <link:label xlink:type="resource" xlink:label="label_GrossCarryingAmountMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_GrossCarryingAmountMember" xml:lang="en-US" id="label_GrossCarryingAmountMember">Gross carrying amount [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GrossCarryingAmountMember" xlink:to="label_GrossCarryingAmountMember" xlink:title="Label : GrossCarryingAmountMember to label_GrossCarryingAmountMember" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_AccumulatedDepreciationAmortisationAndImpairmentMember" xlink:label="AccumulatedDepreciationAmortisationAndImpairmentMember" xlink:title="AccumulatedDepreciationAmortisationAndImpairmentMember" />
    <link:label xlink:type="resource" xlink:label="label_AccumulatedDepreciationAmortisationAndImpairmentMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AccumulatedDepreciationAmortisationAndImpairmentMember" xml:lang="en-US" id="label_AccumulatedDepreciationAmortisationAndImpairmentMember">Accumulated depreciation, amortisation and impairment [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AccumulatedDepreciationAmortisationAndImpairmentMember" xlink:to="label_AccumulatedDepreciationAmortisationAndImpairmentMember" xlink:title="Label : AccumulatedDepreciationAmortisationAndImpairmentMember to label_AccumulatedDepreciationAmortisationAndImpairmentMember" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_LandAndCivilBuildingsMember" xlink:label="LandAndCivilBuildingsMember" xlink:title="LandAndCivilBuildingsMember" />
    <link:label xlink:type="resource" xlink:label="label_LandAndCivilBuildingsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LandAndCivilBuildingsMember" xml:lang="en-US" id="label_LandAndCivilBuildingsMember">Land and civil buildings [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LandAndCivilBuildingsMember" xlink:to="label_LandAndCivilBuildingsMember" xlink:title="Label : LandAndCivilBuildingsMember to label_LandAndCivilBuildingsMember" />
    <link:label xlink:type="resource" xlink:label="label_LandAndCivilBuildingsMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_LandAndCivilBuildingsMember_1" xml:lang="en-US" id="label_LandAndCivilBuildingsMember_1">Refers to information regarding land and civil buildings.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LandAndCivilBuildingsMember" xlink:to="label_LandAndCivilBuildingsMember_1" xlink:title="Label : LandAndCivilBuildingsMember to label_LandAndCivilBuildingsMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_IndustrialBuildingsPlantAndProductionEquipmentMember" xlink:label="IndustrialBuildingsPlantAndProductionEquipmentMember" xlink:title="IndustrialBuildingsPlantAndProductionEquipmentMember" />
    <link:label xlink:type="resource" xlink:label="label_IndustrialBuildingsPlantAndProductionEquipmentMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IndustrialBuildingsPlantAndProductionEquipmentMember" xml:lang="en-US" id="label_IndustrialBuildingsPlantAndProductionEquipmentMember">Industrial buildings, plant and production equipment [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IndustrialBuildingsPlantAndProductionEquipmentMember" xlink:to="label_IndustrialBuildingsPlantAndProductionEquipmentMember" xlink:title="Label : IndustrialBuildingsPlantAndProductionEquipmentMember to label_IndustrialBuildingsPlantAndProductionEquipmentMember" />
    <link:label xlink:type="resource" xlink:label="label_IndustrialBuildingsPlantAndProductionEquipmentMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_IndustrialBuildingsPlantAndProductionEquipmentMember_1" xml:lang="en-US" id="label_IndustrialBuildingsPlantAndProductionEquipmentMember_1">Refers to information regarding the industrial buildings, plant and production equipment.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IndustrialBuildingsPlantAndProductionEquipmentMember" xlink:to="label_IndustrialBuildingsPlantAndProductionEquipmentMember_1" xlink:title="Label : IndustrialBuildingsPlantAndProductionEquipmentMember to label_IndustrialBuildingsPlantAndProductionEquipmentMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_VehiclesFurnitureAndFixturesMember" xlink:label="VehiclesFurnitureAndFixturesMember" xlink:title="VehiclesFurnitureAndFixturesMember" />
    <link:label xlink:type="resource" xlink:label="label_VehiclesFurnitureAndFixturesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_VehiclesFurnitureAndFixturesMember" xml:lang="en-US" id="label_VehiclesFurnitureAndFixturesMember">Vehicles, furniture and fixtures [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="VehiclesFurnitureAndFixturesMember" xlink:to="label_VehiclesFurnitureAndFixturesMember" xlink:title="Label : VehiclesFurnitureAndFixturesMember to label_VehiclesFurnitureAndFixturesMember" />
    <link:label xlink:type="resource" xlink:label="label_VehiclesFurnitureAndFixturesMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_VehiclesFurnitureAndFixturesMember_1" xml:lang="en-US" id="label_VehiclesFurnitureAndFixturesMember_1">This member stands for a class of property, plant and equipment representing vehicles and furniture and fixtures used in the entity's operations.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="VehiclesFurnitureAndFixturesMember" xlink:to="label_VehiclesFurnitureAndFixturesMember_1" xlink:title="Label : VehiclesFurnitureAndFixturesMember to label_VehiclesFurnitureAndFixturesMember_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_ConstructionInProgressMember" xlink:label="ConstructionInProgressMember" xlink:title="ConstructionInProgressMember" />
    <link:label xlink:type="resource" xlink:label="label_ConstructionInProgressMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ConstructionInProgressMember" xml:lang="en-US" id="label_ConstructionInProgressMember">Construction in progress [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ConstructionInProgressMember" xlink:to="label_ConstructionInProgressMember" xlink:title="Label : ConstructionInProgressMember to label_ConstructionInProgressMember" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_SparePartsAndEquipmentMember" xlink:label="SparePartsAndEquipmentMember" xlink:title="SparePartsAndEquipmentMember" />
    <link:label xlink:type="resource" xlink:label="label_SparePartsAndEquipmentMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SparePartsAndEquipmentMember" xml:lang="en-US" id="label_SparePartsAndEquipmentMember">Spare parts and equipment [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SparePartsAndEquipmentMember" xlink:to="label_SparePartsAndEquipmentMember" xlink:title="Label : SparePartsAndEquipmentMember to label_SparePartsAndEquipmentMember" />
    <link:label xlink:type="resource" xlink:label="label_SparePartsAndEquipmentMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_SparePartsAndEquipmentMember_1" xml:lang="en-US" id="label_SparePartsAndEquipmentMember_1">This member stands for a class of property, plant and equipment representing spare parts and equipment used in the entity's operations.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SparePartsAndEquipmentMember" xlink:to="label_SparePartsAndEquipmentMember_1" xlink:title="Label : SparePartsAndEquipmentMember to label_SparePartsAndEquipmentMember_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment" xlink:label="IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment" xlink:title="IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment" />
    <link:label xlink:type="resource" xlink:label="label_IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment" xml:lang="en-US" id="label_IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment">Translation differences</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment" xlink:to="label_IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment" xlink:title="Label : IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment to label_IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment" />
    <link:label xlink:type="resource" xlink:label="label_IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment_1" xml:lang="en-US" id="label_IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment_1">ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment" xlink:to="label_IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment_1" xlink:title="Label : IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment to label_IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_AcquisitionsThroughBusinessCombinationsPropertyPlantAndEquipment" xlink:label="AcquisitionsThroughBusinessCombinationsPropertyPlantAndEquipment" xlink:title="AcquisitionsThroughBusinessCombinationsPropertyPlantAndEquipment" />
    <link:label xlink:type="resource" xlink:label="label_AcquisitionsThroughBusinessCombinationsPropertyPlantAndEquipment" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AcquisitionsThroughBusinessCombinationsPropertyPlantAndEquipment" xml:lang="en-US" id="label_AcquisitionsThroughBusinessCombinationsPropertyPlantAndEquipment">ifrs-full_AcquisitionsThroughBusinessCombinationsPropertyPlantAndEquipment</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AcquisitionsThroughBusinessCombinationsPropertyPlantAndEquipment" xlink:to="label_AcquisitionsThroughBusinessCombinationsPropertyPlantAndEquipment" xlink:title="Label : AcquisitionsThroughBusinessCombinationsPropertyPlantAndEquipment to label_AcquisitionsThroughBusinessCombinationsPropertyPlantAndEquipment" />
    <link:label xlink:type="resource" xlink:label="label_AcquisitionsThroughBusinessCombinationsPropertyPlantAndEquipment_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_AcquisitionsThroughBusinessCombinationsPropertyPlantAndEquipment_1" xml:lang="en-US" id="label_AcquisitionsThroughBusinessCombinationsPropertyPlantAndEquipment_1">Increase due to business combinations</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AcquisitionsThroughBusinessCombinationsPropertyPlantAndEquipment" xlink:to="label_AcquisitionsThroughBusinessCombinationsPropertyPlantAndEquipment_1" xlink:title="Label : AcquisitionsThroughBusinessCombinationsPropertyPlantAndEquipment to label_AcquisitionsThroughBusinessCombinationsPropertyPlantAndEquipment_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" xlink:label="AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" xlink:title="AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" />
    <link:label xlink:type="resource" xlink:label="label_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" xml:lang="en-US" id="label_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment">Additions</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" xlink:to="label_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" xlink:title="Label : AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment to label_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" />
    <link:label xlink:type="resource" xlink:label="label_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment_1" xml:lang="en-US" id="label_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment_1">ifrs-full_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" xlink:to="label_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment_1" xlink:title="Label : AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment to label_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DisposalsAndRetirementsPropertyPlantAndEquipment" xlink:label="DisposalsAndRetirementsPropertyPlantAndEquipment" xlink:title="DisposalsAndRetirementsPropertyPlantAndEquipment" />
    <link:label xlink:type="resource" xlink:label="label_DisposalsAndRetirementsPropertyPlantAndEquipment" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisposalsAndRetirementsPropertyPlantAndEquipment" xml:lang="en-US" id="label_DisposalsAndRetirementsPropertyPlantAndEquipment">ifrs-full_DisposalsAndRetirementsPropertyPlantAndEquipment</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisposalsAndRetirementsPropertyPlantAndEquipment" xlink:to="label_DisposalsAndRetirementsPropertyPlantAndEquipment" xlink:title="Label : DisposalsAndRetirementsPropertyPlantAndEquipment to label_DisposalsAndRetirementsPropertyPlantAndEquipment" />
    <link:label xlink:type="resource" xlink:label="label_DisposalsAndRetirementsPropertyPlantAndEquipment_1" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:title="label_DisposalsAndRetirementsPropertyPlantAndEquipment_1" xml:lang="en-US" id="label_DisposalsAndRetirementsPropertyPlantAndEquipment_1">Disposals / Consumptions</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisposalsAndRetirementsPropertyPlantAndEquipment" xlink:to="label_DisposalsAndRetirementsPropertyPlantAndEquipment_1" xlink:title="Label : DisposalsAndRetirementsPropertyPlantAndEquipment to label_DisposalsAndRetirementsPropertyPlantAndEquipment_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment" xlink:label="IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment" xlink:title="IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment" />
    <link:label xlink:type="resource" xlink:label="label_IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment" xml:lang="en-US" id="label_IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment">Transfers / Reclassifications</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment" xlink:to="label_IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment" xlink:title="Label : IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment to label_IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment" />
    <link:label xlink:type="resource" xlink:label="label_IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment_1" xml:lang="en-US" id="label_IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment_1">ifrs-full_IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment" xlink:to="label_IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment_1" xlink:title="Label : IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment to label_IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DepreciationPropertyPlantAndEquipment" xlink:label="DepreciationPropertyPlantAndEquipment" xlink:title="DepreciationPropertyPlantAndEquipment" />
    <link:label xlink:type="resource" xlink:label="label_DepreciationPropertyPlantAndEquipment" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_DepreciationPropertyPlantAndEquipment" xml:lang="en-US" id="label_DepreciationPropertyPlantAndEquipment">Depreciation charge</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DepreciationPropertyPlantAndEquipment" xlink:to="label_DepreciationPropertyPlantAndEquipment" xlink:title="Label : DepreciationPropertyPlantAndEquipment to label_DepreciationPropertyPlantAndEquipment" />
    <link:label xlink:type="resource" xlink:label="label_DepreciationPropertyPlantAndEquipment_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DepreciationPropertyPlantAndEquipment_1" xml:lang="en-US" id="label_DepreciationPropertyPlantAndEquipment_1">ifrs-full_DepreciationPropertyPlantAndEquipment</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DepreciationPropertyPlantAndEquipment" xlink:to="label_DepreciationPropertyPlantAndEquipment_1" xlink:title="Label : DepreciationPropertyPlantAndEquipment to label_DepreciationPropertyPlantAndEquipment_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_Goodwill" xlink:label="Goodwill" xlink:title="Goodwill" />
    <link:label xlink:type="resource" xlink:label="label_Goodwill" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_Goodwill" xml:lang="en-US" id="label_Goodwill">Goodwill</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Goodwill" xlink:to="label_Goodwill" xlink:title="Label : Goodwill to label_Goodwill" />
    <link:label xlink:type="resource" xlink:label="label_Goodwill_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_Goodwill_1" xml:lang="en-US" id="label_Goodwill_1">Goodwill at end of period</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Goodwill" xlink:to="label_Goodwill_1" xlink:title="Label : Goodwill to label_Goodwill_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_LicensesPatentsAndTrademarksMember" xlink:label="LicensesPatentsAndTrademarksMember" xlink:title="LicensesPatentsAndTrademarksMember" />
    <link:label xlink:type="resource" xlink:label="label_LicensesPatentsAndTrademarksMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LicensesPatentsAndTrademarksMember" xml:lang="en-US" id="label_LicensesPatentsAndTrademarksMember">Licenses, patents and trademarks [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LicensesPatentsAndTrademarksMember" xlink:to="label_LicensesPatentsAndTrademarksMember" xlink:title="Label : LicensesPatentsAndTrademarksMember to label_LicensesPatentsAndTrademarksMember" />
    <link:label xlink:type="resource" xlink:label="label_LicensesPatentsAndTrademarksMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_LicensesPatentsAndTrademarksMember_1" xml:lang="en-US" id="label_LicensesPatentsAndTrademarksMember_1">Intangible assets classified as licenses, patents and trademarks.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LicensesPatentsAndTrademarksMember" xlink:to="label_LicensesPatentsAndTrademarksMember_1" xlink:title="Label : LicensesPatentsAndTrademarksMember to label_LicensesPatentsAndTrademarksMember_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_GoodwillMember" xlink:label="GoodwillMember" xlink:title="GoodwillMember" />
    <link:label xlink:type="resource" xlink:label="label_GoodwillMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_GoodwillMember" xml:lang="en-US" id="label_GoodwillMember">Goodwill [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GoodwillMember" xlink:to="label_GoodwillMember" xlink:title="Label : GoodwillMember to label_GoodwillMember" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsAndGoodwill" xlink:label="IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsAndGoodwill" xlink:title="IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsAndGoodwill" />
    <link:label xlink:type="resource" xlink:label="label_IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsAndGoodwill" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsAndGoodwill" xml:lang="en-US" id="label_IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsAndGoodwill">Currency translation adjustment</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsAndGoodwill" xlink:to="label_IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsAndGoodwill" xlink:title="Label : IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsAndGoodwill to label_IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsAndGoodwill" />
    <link:label xlink:type="resource" xlink:label="label_IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsAndGoodwill_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsAndGoodwill_1" xml:lang="en-US" id="label_IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsAndGoodwill_1">ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsAndGoodwill</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsAndGoodwill" xlink:to="label_IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsAndGoodwill_1" xlink:title="Label : IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsAndGoodwill to label_IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsAndGoodwill_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwill" xlink:label="AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwill" xlink:title="AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwill" />
    <link:label xlink:type="resource" xlink:label="label_AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwill" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwill" xml:lang="en-US" id="label_AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwill">ifrs-full_AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwill</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwill" xlink:to="label_AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwill" xlink:title="Label : AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwill to label_AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwill" />
    <link:label xlink:type="resource" xlink:label="label_AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwill_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwill_1" xml:lang="en-US" id="label_AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwill_1">Increase due to business combinations</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwill" xlink:to="label_AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwill_1" xlink:title="Label : AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwill to label_AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwill_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill" xlink:label="AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill" xlink:title="AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill" />
    <link:label xlink:type="resource" xlink:label="label_AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill" xml:lang="en-US" id="label_AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill">ifrs-full_AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill" xlink:to="label_AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill" xlink:title="Label : AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill to label_AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill" />
    <link:label xlink:type="resource" xlink:label="label_AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill_1" xml:lang="en-US" id="label_AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill_1">Additions</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill" xlink:to="label_AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill_1" xlink:title="Label : AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill to label_AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_IncreaseDecreaseThroughTransfersAndOtherChangesIntangibleAssetsAndGoodwill" xlink:label="IncreaseDecreaseThroughTransfersAndOtherChangesIntangibleAssetsAndGoodwill" xlink:title="IncreaseDecreaseThroughTransfersAndOtherChangesIntangibleAssetsAndGoodwill" />
    <link:label xlink:type="resource" xlink:label="label_IncreaseDecreaseThroughTransfersAndOtherChangesIntangibleAssetsAndGoodwill" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IncreaseDecreaseThroughTransfersAndOtherChangesIntangibleAssetsAndGoodwill" xml:lang="en-US" id="label_IncreaseDecreaseThroughTransfersAndOtherChangesIntangibleAssetsAndGoodwill">ifrs-full_IncreaseDecreaseThroughTransfersAndOtherChangesIntangibleAssetsAndGoodwill</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseThroughTransfersAndOtherChangesIntangibleAssetsAndGoodwill" xlink:to="label_IncreaseDecreaseThroughTransfersAndOtherChangesIntangibleAssetsAndGoodwill" xlink:title="Label : IncreaseDecreaseThroughTransfersAndOtherChangesIntangibleAssetsAndGoodwill to label_IncreaseDecreaseThroughTransfersAndOtherChangesIntangibleAssetsAndGoodwill" />
    <link:label xlink:type="resource" xlink:label="label_IncreaseDecreaseThroughTransfersAndOtherChangesIntangibleAssetsAndGoodwill_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_IncreaseDecreaseThroughTransfersAndOtherChangesIntangibleAssetsAndGoodwill_1" xml:lang="en-US" id="label_IncreaseDecreaseThroughTransfersAndOtherChangesIntangibleAssetsAndGoodwill_1">Transfers / Reclassifications</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseThroughTransfersAndOtherChangesIntangibleAssetsAndGoodwill" xlink:to="label_IncreaseDecreaseThroughTransfersAndOtherChangesIntangibleAssetsAndGoodwill_1" xlink:title="Label : IncreaseDecreaseThroughTransfersAndOtherChangesIntangibleAssetsAndGoodwill to label_IncreaseDecreaseThroughTransfersAndOtherChangesIntangibleAssetsAndGoodwill_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DisposalsIntangibleAssetsAndGoodwill" xlink:label="DisposalsIntangibleAssetsAndGoodwill" xlink:title="DisposalsIntangibleAssetsAndGoodwill" />
    <link:label xlink:type="resource" xlink:label="label_DisposalsIntangibleAssetsAndGoodwill" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisposalsIntangibleAssetsAndGoodwill" xml:lang="en-US" id="label_DisposalsIntangibleAssetsAndGoodwill">ifrs-full_DisposalsIntangibleAssetsAndGoodwill</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisposalsIntangibleAssetsAndGoodwill" xlink:to="label_DisposalsIntangibleAssetsAndGoodwill" xlink:title="Label : DisposalsIntangibleAssetsAndGoodwill to label_DisposalsIntangibleAssetsAndGoodwill" />
    <link:label xlink:type="resource" xlink:label="label_DisposalsIntangibleAssetsAndGoodwill_1" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:title="label_DisposalsIntangibleAssetsAndGoodwill_1" xml:lang="en-US" id="label_DisposalsIntangibleAssetsAndGoodwill_1">Disposals</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisposalsIntangibleAssetsAndGoodwill" xlink:to="label_DisposalsIntangibleAssetsAndGoodwill_1" xlink:title="Label : DisposalsIntangibleAssetsAndGoodwill to label_DisposalsIntangibleAssetsAndGoodwill_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_AmortisationIntangibleAssetsOtherThanGoodwill" xlink:label="AmortisationIntangibleAssetsOtherThanGoodwill" xlink:title="AmortisationIntangibleAssetsOtherThanGoodwill" />
    <link:label xlink:type="resource" xlink:label="label_AmortisationIntangibleAssetsOtherThanGoodwill" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AmortisationIntangibleAssetsOtherThanGoodwill" xml:lang="en-US" id="label_AmortisationIntangibleAssetsOtherThanGoodwill">ifrs-full_AmortisationIntangibleAssetsOtherThanGoodwill</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AmortisationIntangibleAssetsOtherThanGoodwill" xlink:to="label_AmortisationIntangibleAssetsOtherThanGoodwill" xlink:title="Label : AmortisationIntangibleAssetsOtherThanGoodwill to label_AmortisationIntangibleAssetsOtherThanGoodwill" />
    <link:label xlink:type="resource" xlink:label="label_AmortisationIntangibleAssetsOtherThanGoodwill_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_AmortisationIntangibleAssetsOtherThanGoodwill_1" xml:lang="en-US" id="label_AmortisationIntangibleAssetsOtherThanGoodwill_1">Amortization charge</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AmortisationIntangibleAssetsOtherThanGoodwill" xlink:to="label_AmortisationIntangibleAssetsOtherThanGoodwill_1" xlink:title="Label : AmortisationIntangibleAssetsOtherThanGoodwill to label_AmortisationIntangibleAssetsOtherThanGoodwill_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_TamsaHydrilAndOtherMember" xlink:label="TamsaHydrilAndOtherMember" xlink:title="TamsaHydrilAndOtherMember" />
    <link:label xlink:type="resource" xlink:label="label_TamsaHydrilAndOtherMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TamsaHydrilAndOtherMember" xml:lang="en-US" id="label_TamsaHydrilAndOtherMember">Tamsa (Hydril and other) [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TamsaHydrilAndOtherMember" xlink:to="label_TamsaHydrilAndOtherMember" xlink:title="Label : TamsaHydrilAndOtherMember to label_TamsaHydrilAndOtherMember" />
    <link:label xlink:type="resource" xlink:label="label_TamsaHydrilAndOtherMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_TamsaHydrilAndOtherMember_1" xml:lang="en-US" id="label_TamsaHydrilAndOtherMember_1">The cash generating unit Tamsa (Hydril and other).</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TamsaHydrilAndOtherMember" xlink:to="label_TamsaHydrilAndOtherMember_1" xlink:title="Label : TamsaHydrilAndOtherMember to label_TamsaHydrilAndOtherMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_SidercaHydrilAndOtherMember" xlink:label="SidercaHydrilAndOtherMember" xlink:title="SidercaHydrilAndOtherMember" />
    <link:label xlink:type="resource" xlink:label="label_SidercaHydrilAndOtherMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SidercaHydrilAndOtherMember" xml:lang="en-US" id="label_SidercaHydrilAndOtherMember">Siderca (Hydril and other) [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SidercaHydrilAndOtherMember" xlink:to="label_SidercaHydrilAndOtherMember" xlink:title="Label : SidercaHydrilAndOtherMember to label_SidercaHydrilAndOtherMember" />
    <link:label xlink:type="resource" xlink:label="label_SidercaHydrilAndOtherMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_SidercaHydrilAndOtherMember_1" xml:lang="en-US" id="label_SidercaHydrilAndOtherMember_1">The cash generating unit Siderca (Hydril and other).</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SidercaHydrilAndOtherMember" xlink:to="label_SidercaHydrilAndOtherMember_1" xlink:title="Label : SidercaHydrilAndOtherMember to label_SidercaHydrilAndOtherMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_HydrilMember" xlink:label="HydrilMember" xlink:title="HydrilMember" />
    <link:label xlink:type="resource" xlink:label="label_HydrilMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_HydrilMember" xml:lang="en-US" id="label_HydrilMember">Hydril [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="HydrilMember" xlink:to="label_HydrilMember" xlink:title="Label : HydrilMember to label_HydrilMember" />
    <link:label xlink:type="resource" xlink:label="label_HydrilMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_HydrilMember_1" xml:lang="en-US" id="label_HydrilMember_1">The cash generating unit Hydril.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="HydrilMember" xlink:to="label_HydrilMember_1" xlink:title="Label : HydrilMember to label_HydrilMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_CoiledTubingMember" xlink:label="CoiledTubingMember" xlink:title="CoiledTubingMember" />
    <link:label xlink:type="resource" xlink:label="label_CoiledTubingMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CoiledTubingMember" xml:lang="en-US" id="label_CoiledTubingMember">Coiled Tubing [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CoiledTubingMember" xlink:to="label_CoiledTubingMember" xlink:title="Label : CoiledTubingMember to label_CoiledTubingMember" />
    <link:label xlink:type="resource" xlink:label="label_CoiledTubingMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CoiledTubingMember_1" xml:lang="en-US" id="label_CoiledTubingMember_1">The cash generating unit Coiled Tubing.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CoiledTubingMember" xlink:to="label_CoiledTubingMember_1" xlink:title="Label : CoiledTubingMember to label_CoiledTubingMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_OtherCguMember" xlink:label="OtherCguMember" xlink:title="OtherCguMember" />
    <link:label xlink:type="resource" xlink:label="label_OtherCguMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OtherCguMember" xml:lang="en-US" id="label_OtherCguMember">Other CGU [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherCguMember" xlink:to="label_OtherCguMember" xlink:title="Label : OtherCguMember to label_OtherCguMember" />
    <link:label xlink:type="resource" xlink:label="label_OtherCguMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_OtherCguMember_1" xml:lang="en-US" id="label_OtherCguMember_1">The cash generating unit classified as other.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherCguMember" xlink:to="label_OtherCguMember_1" xlink:title="Label : OtherCguMember to label_OtherCguMember_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_WeightedAverageLesseesIncrementalBorrowingRateAppliedToLeaseLiabilitiesRecognisedAtDateOfInitialApplicationOfIFRS16" xlink:label="WeightedAverageLesseesIncrementalBorrowingRateAppliedToLeaseLiabilitiesRecognisedAtDateOfInitialApplicationOfIFRS16" xlink:title="WeightedAverageLesseesIncrementalBorrowingRateAppliedToLeaseLiabilitiesRecognisedAtDateOfInitialApplicationOfIFRS16" />
    <link:label xlink:type="resource" xlink:label="label_WeightedAverageLesseesIncrementalBorrowingRateAppliedToLeaseLiabilitiesRecognisedAtDateOfInitialApplicationOfIFRS16" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_WeightedAverageLesseesIncrementalBorrowingRateAppliedToLeaseLiabilitiesRecognisedAtDateOfInitialApplicationOfIFRS16" xml:lang="en-US" id="label_WeightedAverageLesseesIncrementalBorrowingRateAppliedToLeaseLiabilitiesRecognisedAtDateOfInitialApplicationOfIFRS16">ifrs-full_WeightedAverageLesseesIncrementalBorrowingRateAppliedToLeaseLiabilitiesRecognisedAtDateOfInitialApplicationOfIFRS16</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="WeightedAverageLesseesIncrementalBorrowingRateAppliedToLeaseLiabilitiesRecognisedAtDateOfInitialApplicationOfIFRS16" xlink:to="label_WeightedAverageLesseesIncrementalBorrowingRateAppliedToLeaseLiabilitiesRecognisedAtDateOfInitialApplicationOfIFRS16" xlink:title="Label : WeightedAverageLesseesIncrementalBorrowingRateAppliedToLeaseLiabilitiesRecognisedAtDateOfInitialApplicationOfIFRS16 to label_WeightedAverageLesseesIncrementalBorrowingRateAppliedToLeaseLiabilitiesRecognisedAtDateOfInitialApplicationOfIFRS16" />
    <link:label xlink:type="resource" xlink:label="label_WeightedAverageLesseesIncrementalBorrowingRateAppliedToLeaseLiabilitiesRecognisedAtDateOfInitialApplicationOfIFRS16_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_WeightedAverageLesseesIncrementalBorrowingRateAppliedToLeaseLiabilitiesRecognisedAtDateOfInitialApplicationOfIFRS16_1" xml:lang="en-US" id="label_WeightedAverageLesseesIncrementalBorrowingRateAppliedToLeaseLiabilitiesRecognisedAtDateOfInitialApplicationOfIFRS16_1">Weighted average lessee's incremental borrowing rate applied to lease liabilities recognised at date of initial application of IFRS 16</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="WeightedAverageLesseesIncrementalBorrowingRateAppliedToLeaseLiabilitiesRecognisedAtDateOfInitialApplicationOfIFRS16" xlink:to="label_WeightedAverageLesseesIncrementalBorrowingRateAppliedToLeaseLiabilitiesRecognisedAtDateOfInitialApplicationOfIFRS16_1" xlink:title="Label : WeightedAverageLesseesIncrementalBorrowingRateAppliedToLeaseLiabilitiesRecognisedAtDateOfInitialApplicationOfIFRS16 to label_WeightedAverageLesseesIncrementalBorrowingRateAppliedToLeaseLiabilitiesRecognisedAtDateOfInitialApplicationOfIFRS16_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_RemainingLeasePaymentsToBeMadePercentage" xlink:label="RemainingLeasePaymentsToBeMadePercentage" xlink:title="RemainingLeasePaymentsToBeMadePercentage" />
    <link:label xlink:type="resource" xlink:label="label_RemainingLeasePaymentsToBeMadePercentage" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_RemainingLeasePaymentsToBeMadePercentage" xml:lang="en-US" id="label_RemainingLeasePaymentsToBeMadePercentage">ts_RemainingLeasePaymentsToBeMadePercentage</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RemainingLeasePaymentsToBeMadePercentage" xlink:to="label_RemainingLeasePaymentsToBeMadePercentage" xlink:title="Label : RemainingLeasePaymentsToBeMadePercentage to label_RemainingLeasePaymentsToBeMadePercentage" />
    <link:label xlink:type="resource" xlink:label="label_RemainingLeasePaymentsToBeMadePercentage_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_RemainingLeasePaymentsToBeMadePercentage_1" xml:lang="en-US" id="label_RemainingLeasePaymentsToBeMadePercentage_1">Remaining lease payments to be made, percentage</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RemainingLeasePaymentsToBeMadePercentage" xlink:to="label_RemainingLeasePaymentsToBeMadePercentage_1" xlink:title="Label : RemainingLeasePaymentsToBeMadePercentage to label_RemainingLeasePaymentsToBeMadePercentage_1" />
    <link:label xlink:type="resource" xlink:label="label_RemainingLeasePaymentsToBeMadePercentage_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_RemainingLeasePaymentsToBeMadePercentage_2" xml:lang="en-US" id="label_RemainingLeasePaymentsToBeMadePercentage_2">Percentage of total remaining payments to be made.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RemainingLeasePaymentsToBeMadePercentage" xlink:to="label_RemainingLeasePaymentsToBeMadePercentage_2" xlink:title="Label : RemainingLeasePaymentsToBeMadePercentage to label_RemainingLeasePaymentsToBeMadePercentage_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_ExpenseRelatingToShorttermLeasesForWhichRecognitionExemptionHasBeenUsed" xlink:label="ExpenseRelatingToShorttermLeasesForWhichRecognitionExemptionHasBeenUsed" xlink:title="ExpenseRelatingToShorttermLeasesForWhichRecognitionExemptionHasBeenUsed" />
    <link:label xlink:type="resource" xlink:label="label_ExpenseRelatingToShorttermLeasesForWhichRecognitionExemptionHasBeenUsed" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ExpenseRelatingToShorttermLeasesForWhichRecognitionExemptionHasBeenUsed" xml:lang="en-US" id="label_ExpenseRelatingToShorttermLeasesForWhichRecognitionExemptionHasBeenUsed">ifrs-full_ExpenseRelatingToShorttermLeasesForWhichRecognitionExemptionHasBeenUsed</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ExpenseRelatingToShorttermLeasesForWhichRecognitionExemptionHasBeenUsed" xlink:to="label_ExpenseRelatingToShorttermLeasesForWhichRecognitionExemptionHasBeenUsed" xlink:title="Label : ExpenseRelatingToShorttermLeasesForWhichRecognitionExemptionHasBeenUsed to label_ExpenseRelatingToShorttermLeasesForWhichRecognitionExemptionHasBeenUsed" />
    <link:label xlink:type="resource" xlink:label="label_ExpenseRelatingToShorttermLeasesForWhichRecognitionExemptionHasBeenUsed_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ExpenseRelatingToShorttermLeasesForWhichRecognitionExemptionHasBeenUsed_1" xml:lang="en-US" id="label_ExpenseRelatingToShorttermLeasesForWhichRecognitionExemptionHasBeenUsed_1">Expense relating to short-term leases for which recognition exemption has been used</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ExpenseRelatingToShorttermLeasesForWhichRecognitionExemptionHasBeenUsed" xlink:to="label_ExpenseRelatingToShorttermLeasesForWhichRecognitionExemptionHasBeenUsed_1" xlink:title="Label : ExpenseRelatingToShorttermLeasesForWhichRecognitionExemptionHasBeenUsed to label_ExpenseRelatingToShorttermLeasesForWhichRecognitionExemptionHasBeenUsed_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_ExpenseRelatingToLeasesOfLowvalueAssetsForWhichRecognitionExemptionHasBeenUsed" xlink:label="ExpenseRelatingToLeasesOfLowvalueAssetsForWhichRecognitionExemptionHasBeenUsed" xlink:title="ExpenseRelatingToLeasesOfLowvalueAssetsForWhichRecognitionExemptionHasBeenUsed" />
    <link:label xlink:type="resource" xlink:label="label_ExpenseRelatingToLeasesOfLowvalueAssetsForWhichRecognitionExemptionHasBeenUsed" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ExpenseRelatingToLeasesOfLowvalueAssetsForWhichRecognitionExemptionHasBeenUsed" xml:lang="en-US" id="label_ExpenseRelatingToLeasesOfLowvalueAssetsForWhichRecognitionExemptionHasBeenUsed">ifrs-full_ExpenseRelatingToLeasesOfLowvalueAssetsForWhichRecognitionExemptionHasBeenUsed</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ExpenseRelatingToLeasesOfLowvalueAssetsForWhichRecognitionExemptionHasBeenUsed" xlink:to="label_ExpenseRelatingToLeasesOfLowvalueAssetsForWhichRecognitionExemptionHasBeenUsed" xlink:title="Label : ExpenseRelatingToLeasesOfLowvalueAssetsForWhichRecognitionExemptionHasBeenUsed to label_ExpenseRelatingToLeasesOfLowvalueAssetsForWhichRecognitionExemptionHasBeenUsed" />
    <link:label xlink:type="resource" xlink:label="label_ExpenseRelatingToLeasesOfLowvalueAssetsForWhichRecognitionExemptionHasBeenUsed_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ExpenseRelatingToLeasesOfLowvalueAssetsForWhichRecognitionExemptionHasBeenUsed_1" xml:lang="en-US" id="label_ExpenseRelatingToLeasesOfLowvalueAssetsForWhichRecognitionExemptionHasBeenUsed_1">Expense relating to leases of low-value assets for which recognition exemption has been used</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ExpenseRelatingToLeasesOfLowvalueAssetsForWhichRecognitionExemptionHasBeenUsed" xlink:to="label_ExpenseRelatingToLeasesOfLowvalueAssetsForWhichRecognitionExemptionHasBeenUsed_1" xlink:title="Label : ExpenseRelatingToLeasesOfLowvalueAssetsForWhichRecognitionExemptionHasBeenUsed to label_ExpenseRelatingToLeasesOfLowvalueAssetsForWhichRecognitionExemptionHasBeenUsed_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_RightofuseAssetsCost" xlink:label="RightofuseAssetsCost" xlink:title="RightofuseAssetsCost" />
    <link:label xlink:type="resource" xlink:label="label_RightofuseAssetsCost" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_RightofuseAssetsCost" xml:lang="en-US" id="label_RightofuseAssetsCost">ts_RightofuseAssetsCost</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RightofuseAssetsCost" xlink:to="label_RightofuseAssetsCost" xlink:title="Label : RightofuseAssetsCost to label_RightofuseAssetsCost" />
    <link:label xlink:type="resource" xlink:label="label_RightofuseAssetsCost_1" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:title="label_RightofuseAssetsCost_1" xml:lang="en-US" id="label_RightofuseAssetsCost_1">Opening net book amount</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RightofuseAssetsCost" xlink:to="label_RightofuseAssetsCost_1" xlink:title="Label : RightofuseAssetsCost to label_RightofuseAssetsCost_1" />
    <link:label xlink:type="resource" xlink:label="label_RightofuseAssetsCost_2" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:title="label_RightofuseAssetsCost_2" xml:lang="en-US" id="label_RightofuseAssetsCost_2">Closing net book amount</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RightofuseAssetsCost" xlink:to="label_RightofuseAssetsCost_2" xlink:title="Label : RightofuseAssetsCost to label_RightofuseAssetsCost_2" />
    <link:label xlink:type="resource" xlink:label="label_RightofuseAssetsCost_3" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_RightofuseAssetsCost_3" xml:lang="en-US" id="label_RightofuseAssetsCost_3">Represents the cost of right-of-use assets as of the specified date.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RightofuseAssetsCost" xlink:to="label_RightofuseAssetsCost_3" xlink:title="Label : RightofuseAssetsCost to label_RightofuseAssetsCost_3" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_RightofuseAssetsAccumulatedDepreciation" xlink:label="RightofuseAssetsAccumulatedDepreciation" xlink:title="RightofuseAssetsAccumulatedDepreciation" />
    <link:label xlink:type="resource" xlink:label="label_RightofuseAssetsAccumulatedDepreciation" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_RightofuseAssetsAccumulatedDepreciation" xml:lang="en-US" id="label_RightofuseAssetsAccumulatedDepreciation">ts_RightofuseAssetsAccumulatedDepreciation</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RightofuseAssetsAccumulatedDepreciation" xlink:to="label_RightofuseAssetsAccumulatedDepreciation" xlink:title="Label : RightofuseAssetsAccumulatedDepreciation to label_RightofuseAssetsAccumulatedDepreciation" />
    <link:label xlink:type="resource" xlink:label="label_RightofuseAssetsAccumulatedDepreciation_1" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:title="label_RightofuseAssetsAccumulatedDepreciation_1" xml:lang="en-US" id="label_RightofuseAssetsAccumulatedDepreciation_1">Accumulated at the beginning of the year</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RightofuseAssetsAccumulatedDepreciation" xlink:to="label_RightofuseAssetsAccumulatedDepreciation_1" xlink:title="Label : RightofuseAssetsAccumulatedDepreciation to label_RightofuseAssetsAccumulatedDepreciation_1" />
    <link:label xlink:type="resource" xlink:label="label_RightofuseAssetsAccumulatedDepreciation_2" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:title="label_RightofuseAssetsAccumulatedDepreciation_2" xml:lang="en-US" id="label_RightofuseAssetsAccumulatedDepreciation_2">Accumulated at the end of the year</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RightofuseAssetsAccumulatedDepreciation" xlink:to="label_RightofuseAssetsAccumulatedDepreciation_2" xlink:title="Label : RightofuseAssetsAccumulatedDepreciation to label_RightofuseAssetsAccumulatedDepreciation_2" />
    <link:label xlink:type="resource" xlink:label="label_RightofuseAssetsAccumulatedDepreciation_3" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_RightofuseAssetsAccumulatedDepreciation_3" xml:lang="en-US" id="label_RightofuseAssetsAccumulatedDepreciation_3">Represents the amount of accumulated depreciation for right-of-use assets.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RightofuseAssetsAccumulatedDepreciation" xlink:to="label_RightofuseAssetsAccumulatedDepreciation_3" xlink:title="Label : RightofuseAssetsAccumulatedDepreciation to label_RightofuseAssetsAccumulatedDepreciation_3" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DepreciationRightofuseAssets" xlink:label="DepreciationRightofuseAssets" xlink:title="DepreciationRightofuseAssets" />
    <link:label xlink:type="resource" xlink:label="label_DepreciationRightofuseAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DepreciationRightofuseAssets" xml:lang="en-US" id="label_DepreciationRightofuseAssets">ifrs-full_DepreciationRightofuseAssets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DepreciationRightofuseAssets" xlink:to="label_DepreciationRightofuseAssets" xlink:title="Label : DepreciationRightofuseAssets to label_DepreciationRightofuseAssets" />
    <link:label xlink:type="resource" xlink:label="label_DepreciationRightofuseAssets_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DepreciationRightofuseAssets_1" xml:lang="en-US" id="label_DepreciationRightofuseAssets_1">Depreciation charge</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DepreciationRightofuseAssets" xlink:to="label_DepreciationRightofuseAssets_1" xlink:title="Label : DepreciationRightofuseAssets to label_DepreciationRightofuseAssets_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_LeaseLiabilitiesIncreaseDueToBusinessCombinations" xlink:label="LeaseLiabilitiesIncreaseDueToBusinessCombinations" xlink:title="LeaseLiabilitiesIncreaseDueToBusinessCombinations" />
    <link:label xlink:type="resource" xlink:label="label_LeaseLiabilitiesIncreaseDueToBusinessCombinations" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LeaseLiabilitiesIncreaseDueToBusinessCombinations" xml:lang="en-US" id="label_LeaseLiabilitiesIncreaseDueToBusinessCombinations">ts_LeaseLiabilitiesIncreaseDueToBusinessCombinations</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LeaseLiabilitiesIncreaseDueToBusinessCombinations" xlink:to="label_LeaseLiabilitiesIncreaseDueToBusinessCombinations" xlink:title="Label : LeaseLiabilitiesIncreaseDueToBusinessCombinations to label_LeaseLiabilitiesIncreaseDueToBusinessCombinations" />
    <link:label xlink:type="resource" xlink:label="label_LeaseLiabilitiesIncreaseDueToBusinessCombinations_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_LeaseLiabilitiesIncreaseDueToBusinessCombinations_1" xml:lang="en-US" id="label_LeaseLiabilitiesIncreaseDueToBusinessCombinations_1">Increase due to business combinations</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LeaseLiabilitiesIncreaseDueToBusinessCombinations" xlink:to="label_LeaseLiabilitiesIncreaseDueToBusinessCombinations_1" xlink:title="Label : LeaseLiabilitiesIncreaseDueToBusinessCombinations to label_LeaseLiabilitiesIncreaseDueToBusinessCombinations_1" />
    <link:label xlink:type="resource" xlink:label="label_LeaseLiabilitiesIncreaseDueToBusinessCombinations_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_LeaseLiabilitiesIncreaseDueToBusinessCombinations_2" xml:lang="en-US" id="label_LeaseLiabilitiesIncreaseDueToBusinessCombinations_2">Represents the increase in lease liabilities during the period due to business combinations.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LeaseLiabilitiesIncreaseDueToBusinessCombinations" xlink:to="label_LeaseLiabilitiesIncreaseDueToBusinessCombinations_2" xlink:title="Label : LeaseLiabilitiesIncreaseDueToBusinessCombinations to label_LeaseLiabilitiesIncreaseDueToBusinessCombinations_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_LeaseLiabilitiesTranslationDifferences" xlink:label="LeaseLiabilitiesTranslationDifferences" xlink:title="LeaseLiabilitiesTranslationDifferences" />
    <link:label xlink:type="resource" xlink:label="label_LeaseLiabilitiesTranslationDifferences" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LeaseLiabilitiesTranslationDifferences" xml:lang="en-US" id="label_LeaseLiabilitiesTranslationDifferences">ts_LeaseLiabilitiesTranslationDifferences</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LeaseLiabilitiesTranslationDifferences" xlink:to="label_LeaseLiabilitiesTranslationDifferences" xlink:title="Label : LeaseLiabilitiesTranslationDifferences to label_LeaseLiabilitiesTranslationDifferences" />
    <link:label xlink:type="resource" xlink:label="label_LeaseLiabilitiesTranslationDifferences_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_LeaseLiabilitiesTranslationDifferences_1" xml:lang="en-US" id="label_LeaseLiabilitiesTranslationDifferences_1">Translation differences</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LeaseLiabilitiesTranslationDifferences" xlink:to="label_LeaseLiabilitiesTranslationDifferences_1" xlink:title="Label : LeaseLiabilitiesTranslationDifferences to label_LeaseLiabilitiesTranslationDifferences_1" />
    <link:label xlink:type="resource" xlink:label="label_LeaseLiabilitiesTranslationDifferences_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_LeaseLiabilitiesTranslationDifferences_2" xml:lang="en-US" id="label_LeaseLiabilitiesTranslationDifferences_2">Represents the impact of translation differences on lease liabilities during the period.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LeaseLiabilitiesTranslationDifferences" xlink:to="label_LeaseLiabilitiesTranslationDifferences_2" xlink:title="Label : LeaseLiabilitiesTranslationDifferences to label_LeaseLiabilitiesTranslationDifferences_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_LeaseLiabilitiesAdditions" xlink:label="LeaseLiabilitiesAdditions" xlink:title="LeaseLiabilitiesAdditions" />
    <link:label xlink:type="resource" xlink:label="label_LeaseLiabilitiesAdditions" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LeaseLiabilitiesAdditions" xml:lang="en-US" id="label_LeaseLiabilitiesAdditions">ts_LeaseLiabilitiesAdditions</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LeaseLiabilitiesAdditions" xlink:to="label_LeaseLiabilitiesAdditions" xlink:title="Label : LeaseLiabilitiesAdditions to label_LeaseLiabilitiesAdditions" />
    <link:label xlink:type="resource" xlink:label="label_LeaseLiabilitiesAdditions_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_LeaseLiabilitiesAdditions_1" xml:lang="en-US" id="label_LeaseLiabilitiesAdditions_1">Additions</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LeaseLiabilitiesAdditions" xlink:to="label_LeaseLiabilitiesAdditions_1" xlink:title="Label : LeaseLiabilitiesAdditions to label_LeaseLiabilitiesAdditions_1" />
    <link:label xlink:type="resource" xlink:label="label_LeaseLiabilitiesAdditions_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_LeaseLiabilitiesAdditions_2" xml:lang="en-US" id="label_LeaseLiabilitiesAdditions_2">Represents the amount of additions to lease liabilities during the period.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LeaseLiabilitiesAdditions" xlink:to="label_LeaseLiabilitiesAdditions_2" xlink:title="Label : LeaseLiabilitiesAdditions to label_LeaseLiabilitiesAdditions_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_LeaseLiabilitiesCancellations" xlink:label="LeaseLiabilitiesCancellations" xlink:title="LeaseLiabilitiesCancellations" />
    <link:label xlink:type="resource" xlink:label="label_LeaseLiabilitiesCancellations" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LeaseLiabilitiesCancellations" xml:lang="en-US" id="label_LeaseLiabilitiesCancellations">ts_LeaseLiabilitiesCancellations</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LeaseLiabilitiesCancellations" xlink:to="label_LeaseLiabilitiesCancellations" xlink:title="Label : LeaseLiabilitiesCancellations to label_LeaseLiabilitiesCancellations" />
    <link:label xlink:type="resource" xlink:label="label_LeaseLiabilitiesCancellations_1" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_LeaseLiabilitiesCancellations_1" xml:lang="en-US" id="label_LeaseLiabilitiesCancellations_1">Cancellations</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LeaseLiabilitiesCancellations" xlink:to="label_LeaseLiabilitiesCancellations_1" xlink:title="Label : LeaseLiabilitiesCancellations to label_LeaseLiabilitiesCancellations_1" />
    <link:label xlink:type="resource" xlink:label="label_LeaseLiabilitiesCancellations_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_LeaseLiabilitiesCancellations_2" xml:lang="en-US" id="label_LeaseLiabilitiesCancellations_2">Represents the change in lease liabilities during the period attributable to cancellations.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LeaseLiabilitiesCancellations" xlink:to="label_LeaseLiabilitiesCancellations_2" xlink:title="Label : LeaseLiabilitiesCancellations to label_LeaseLiabilitiesCancellations_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_LeaseLiabilitiesRepayments" xlink:label="LeaseLiabilitiesRepayments" xlink:title="LeaseLiabilitiesRepayments" />
    <link:label xlink:type="resource" xlink:label="label_LeaseLiabilitiesRepayments" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LeaseLiabilitiesRepayments" xml:lang="en-US" id="label_LeaseLiabilitiesRepayments">ts_LeaseLiabilitiesRepayments</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LeaseLiabilitiesRepayments" xlink:to="label_LeaseLiabilitiesRepayments" xlink:title="Label : LeaseLiabilitiesRepayments to label_LeaseLiabilitiesRepayments" />
    <link:label xlink:type="resource" xlink:label="label_LeaseLiabilitiesRepayments_1" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_LeaseLiabilitiesRepayments_1" xml:lang="en-US" id="label_LeaseLiabilitiesRepayments_1">Repayments</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LeaseLiabilitiesRepayments" xlink:to="label_LeaseLiabilitiesRepayments_1" xlink:title="Label : LeaseLiabilitiesRepayments to label_LeaseLiabilitiesRepayments_1" />
    <link:label xlink:type="resource" xlink:label="label_LeaseLiabilitiesRepayments_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_LeaseLiabilitiesRepayments_2" xml:lang="en-US" id="label_LeaseLiabilitiesRepayments_2">Represents the change in lease liabilities during the period from repayments.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LeaseLiabilitiesRepayments" xlink:to="label_LeaseLiabilitiesRepayments_2" xlink:title="Label : LeaseLiabilitiesRepayments to label_LeaseLiabilitiesRepayments_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_LeaseLiabilitiesInterestAccrued" xlink:label="LeaseLiabilitiesInterestAccrued" xlink:title="LeaseLiabilitiesInterestAccrued" />
    <link:label xlink:type="resource" xlink:label="label_LeaseLiabilitiesInterestAccrued" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LeaseLiabilitiesInterestAccrued" xml:lang="en-US" id="label_LeaseLiabilitiesInterestAccrued">ts_LeaseLiabilitiesInterestAccrued</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LeaseLiabilitiesInterestAccrued" xlink:to="label_LeaseLiabilitiesInterestAccrued" xlink:title="Label : LeaseLiabilitiesInterestAccrued to label_LeaseLiabilitiesInterestAccrued" />
    <link:label xlink:type="resource" xlink:label="label_LeaseLiabilitiesInterestAccrued_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_LeaseLiabilitiesInterestAccrued_1" xml:lang="en-US" id="label_LeaseLiabilitiesInterestAccrued_1">Interest accrued</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LeaseLiabilitiesInterestAccrued" xlink:to="label_LeaseLiabilitiesInterestAccrued_1" xlink:title="Label : LeaseLiabilitiesInterestAccrued to label_LeaseLiabilitiesInterestAccrued_1" />
    <link:label xlink:type="resource" xlink:label="label_LeaseLiabilitiesInterestAccrued_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_LeaseLiabilitiesInterestAccrued_2" xml:lang="en-US" id="label_LeaseLiabilitiesInterestAccrued_2">Represents the change in lease liabilities during the period attributable to interest accrued.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LeaseLiabilitiesInterestAccrued" xlink:to="label_LeaseLiabilitiesInterestAccrued_2" xlink:title="Label : LeaseLiabilitiesInterestAccrued to label_LeaseLiabilitiesInterestAccrued_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_FairValueOfInvestmentsInAssociatesWherePriceQuotationsPublished" xlink:label="FairValueOfInvestmentsInAssociatesWherePriceQuotationsPublished" xlink:title="FairValueOfInvestmentsInAssociatesWherePriceQuotationsPublished" />
    <link:label xlink:type="resource" xlink:label="label_FairValueOfInvestmentsInAssociatesWherePriceQuotationsPublished" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_FairValueOfInvestmentsInAssociatesWherePriceQuotationsPublished" xml:lang="en-US" id="label_FairValueOfInvestmentsInAssociatesWherePriceQuotationsPublished">ifrs-full_FairValueOfInvestmentsInAssociatesWherePriceQuotationsPublished</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FairValueOfInvestmentsInAssociatesWherePriceQuotationsPublished" xlink:to="label_FairValueOfInvestmentsInAssociatesWherePriceQuotationsPublished" xlink:title="Label : FairValueOfInvestmentsInAssociatesWherePriceQuotationsPublished to label_FairValueOfInvestmentsInAssociatesWherePriceQuotationsPublished" />
    <link:label xlink:type="resource" xlink:label="label_FairValueOfInvestmentsInAssociatesWherePriceQuotationsPublished_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_FairValueOfInvestmentsInAssociatesWherePriceQuotationsPublished_1" xml:lang="en-US" id="label_FairValueOfInvestmentsInAssociatesWherePriceQuotationsPublished_1">Fair value of investments in associates for which there are quoted market prices</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FairValueOfInvestmentsInAssociatesWherePriceQuotationsPublished" xlink:to="label_FairValueOfInvestmentsInAssociatesWherePriceQuotationsPublished_1" xlink:title="Label : FairValueOfInvestmentsInAssociatesWherePriceQuotationsPublished to label_FairValueOfInvestmentsInAssociatesWherePriceQuotationsPublished_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_ClosingPricePerShare" xlink:label="ClosingPricePerShare" xlink:title="ClosingPricePerShare" />
    <link:label xlink:type="resource" xlink:label="label_ClosingPricePerShare" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ClosingPricePerShare" xml:lang="en-US" id="label_ClosingPricePerShare">ts_ClosingPricePerShare</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ClosingPricePerShare" xlink:to="label_ClosingPricePerShare" xlink:title="Label : ClosingPricePerShare to label_ClosingPricePerShare" />
    <link:label xlink:type="resource" xlink:label="label_ClosingPricePerShare_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ClosingPricePerShare_1" xml:lang="en-US" id="label_ClosingPricePerShare_1">Closing price, per share (in BRL per share)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ClosingPricePerShare" xlink:to="label_ClosingPricePerShare_1" xlink:title="Label : ClosingPricePerShare to label_ClosingPricePerShare_1" />
    <link:label xlink:type="resource" xlink:label="label_ClosingPricePerShare_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ClosingPricePerShare_2" xml:lang="en-US" id="label_ClosingPricePerShare_2">Represents the quoted closing price per share of stock.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ClosingPricePerShare" xlink:to="label_ClosingPricePerShare_2" xlink:title="Label : ClosingPricePerShare to label_ClosingPricePerShare_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_TransportationCapacityAgreementPurchasingCapacityOfNaturalGasPerDay" xlink:label="TransportationCapacityAgreementPurchasingCapacityOfNaturalGasPerDay" xlink:title="TransportationCapacityAgreementPurchasingCapacityOfNaturalGasPerDay" />
    <link:label xlink:type="resource" xlink:label="label_TransportationCapacityAgreementPurchasingCapacityOfNaturalGasPerDay" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TransportationCapacityAgreementPurchasingCapacityOfNaturalGasPerDay" xml:lang="en-US" id="label_TransportationCapacityAgreementPurchasingCapacityOfNaturalGasPerDay">ts_TransportationCapacityAgreementPurchasingCapacityOfNaturalGasPerDay</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TransportationCapacityAgreementPurchasingCapacityOfNaturalGasPerDay" xlink:to="label_TransportationCapacityAgreementPurchasingCapacityOfNaturalGasPerDay" xlink:title="Label : TransportationCapacityAgreementPurchasingCapacityOfNaturalGasPerDay to label_TransportationCapacityAgreementPurchasingCapacityOfNaturalGasPerDay" />
    <link:label xlink:type="resource" xlink:label="label_TransportationCapacityAgreementPurchasingCapacityOfNaturalGasPerDay_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_TransportationCapacityAgreementPurchasingCapacityOfNaturalGasPerDay_1" xml:lang="en-US" id="label_TransportationCapacityAgreementPurchasingCapacityOfNaturalGasPerDay_1">Transportation capacity agreement, purchasing capacity of natural gas per day</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TransportationCapacityAgreementPurchasingCapacityOfNaturalGasPerDay" xlink:to="label_TransportationCapacityAgreementPurchasingCapacityOfNaturalGasPerDay_1" xlink:title="Label : TransportationCapacityAgreementPurchasingCapacityOfNaturalGasPerDay to label_TransportationCapacityAgreementPurchasingCapacityOfNaturalGasPerDay_1" />
    <link:label xlink:type="resource" xlink:label="label_TransportationCapacityAgreementPurchasingCapacityOfNaturalGasPerDay_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_TransportationCapacityAgreementPurchasingCapacityOfNaturalGasPerDay_2" xml:lang="en-US" id="label_TransportationCapacityAgreementPurchasingCapacityOfNaturalGasPerDay_2">Represents the amount of purchasing capacity of MMBtu/Gas per day under a transportation capacity agreement.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TransportationCapacityAgreementPurchasingCapacityOfNaturalGasPerDay" xlink:to="label_TransportationCapacityAgreementPurchasingCapacityOfNaturalGasPerDay_2" xlink:title="Label : TransportationCapacityAgreementPurchasingCapacityOfNaturalGasPerDay to label_TransportationCapacityAgreementPurchasingCapacityOfNaturalGasPerDay_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_ProvisionForExposureToTransportationCapacityAgreements" xlink:label="ProvisionForExposureToTransportationCapacityAgreements" xlink:title="ProvisionForExposureToTransportationCapacityAgreements" />
    <link:label xlink:type="resource" xlink:label="label_ProvisionForExposureToTransportationCapacityAgreements" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ProvisionForExposureToTransportationCapacityAgreements" xml:lang="en-US" id="label_ProvisionForExposureToTransportationCapacityAgreements">ts_ProvisionForExposureToTransportationCapacityAgreements</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProvisionForExposureToTransportationCapacityAgreements" xlink:to="label_ProvisionForExposureToTransportationCapacityAgreements" xlink:title="Label : ProvisionForExposureToTransportationCapacityAgreements to label_ProvisionForExposureToTransportationCapacityAgreements" />
    <link:label xlink:type="resource" xlink:label="label_ProvisionForExposureToTransportationCapacityAgreements_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ProvisionForExposureToTransportationCapacityAgreements_1" xml:lang="en-US" id="label_ProvisionForExposureToTransportationCapacityAgreements_1">Provision for exposure to transportation capacity agreements</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProvisionForExposureToTransportationCapacityAgreements" xlink:to="label_ProvisionForExposureToTransportationCapacityAgreements_1" xlink:title="Label : ProvisionForExposureToTransportationCapacityAgreements to label_ProvisionForExposureToTransportationCapacityAgreements_1" />
    <link:label xlink:type="resource" xlink:label="label_ProvisionForExposureToTransportationCapacityAgreements_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ProvisionForExposureToTransportationCapacityAgreements_2" xml:lang="en-US" id="label_ProvisionForExposureToTransportationCapacityAgreements_2">Represents the amount of exposure risk from transportation capacity agreements.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProvisionForExposureToTransportationCapacityAgreements" xlink:to="label_ProvisionForExposureToTransportationCapacityAgreements_2" xlink:title="Label : ProvisionForExposureToTransportationCapacityAgreements to label_ProvisionForExposureToTransportationCapacityAgreements_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_ProvisionForExposureToPurchaseAndOtherServiceAgreements" xlink:label="ProvisionForExposureToPurchaseAndOtherServiceAgreements" xlink:title="ProvisionForExposureToPurchaseAndOtherServiceAgreements" />
    <link:label xlink:type="resource" xlink:label="label_ProvisionForExposureToPurchaseAndOtherServiceAgreements" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ProvisionForExposureToPurchaseAndOtherServiceAgreements" xml:lang="en-US" id="label_ProvisionForExposureToPurchaseAndOtherServiceAgreements">ts_ProvisionForExposureToPurchaseAndOtherServiceAgreements</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProvisionForExposureToPurchaseAndOtherServiceAgreements" xlink:to="label_ProvisionForExposureToPurchaseAndOtherServiceAgreements" xlink:title="Label : ProvisionForExposureToPurchaseAndOtherServiceAgreements to label_ProvisionForExposureToPurchaseAndOtherServiceAgreements" />
    <link:label xlink:type="resource" xlink:label="label_ProvisionForExposureToPurchaseAndOtherServiceAgreements_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ProvisionForExposureToPurchaseAndOtherServiceAgreements_1" xml:lang="en-US" id="label_ProvisionForExposureToPurchaseAndOtherServiceAgreements_1">Provision for exposure to purchase and other service agreements</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProvisionForExposureToPurchaseAndOtherServiceAgreements" xlink:to="label_ProvisionForExposureToPurchaseAndOtherServiceAgreements_1" xlink:title="Label : ProvisionForExposureToPurchaseAndOtherServiceAgreements to label_ProvisionForExposureToPurchaseAndOtherServiceAgreements_1" />
    <link:label xlink:type="resource" xlink:label="label_ProvisionForExposureToPurchaseAndOtherServiceAgreements_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ProvisionForExposureToPurchaseAndOtherServiceAgreements_2" xml:lang="en-US" id="label_ProvisionForExposureToPurchaseAndOtherServiceAgreements_2">Represents the amount of exposure related to contracts for the purchase of power generation equipment and other services related to the equipment.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProvisionForExposureToPurchaseAndOtherServiceAgreements" xlink:to="label_ProvisionForExposureToPurchaseAndOtherServiceAgreements_2" xlink:title="Label : ProvisionForExposureToPurchaseAndOtherServiceAgreements to label_ProvisionForExposureToPurchaseAndOtherServiceAgreements_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_ProvisionForExposureToThePurchaseOfCleanEnergyCertificates" xlink:label="ProvisionForExposureToThePurchaseOfCleanEnergyCertificates" xlink:title="ProvisionForExposureToThePurchaseOfCleanEnergyCertificates" />
    <link:label xlink:type="resource" xlink:label="label_ProvisionForExposureToThePurchaseOfCleanEnergyCertificates" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ProvisionForExposureToThePurchaseOfCleanEnergyCertificates" xml:lang="en-US" id="label_ProvisionForExposureToThePurchaseOfCleanEnergyCertificates">ts_ProvisionForExposureToThePurchaseOfCleanEnergyCertificates</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProvisionForExposureToThePurchaseOfCleanEnergyCertificates" xlink:to="label_ProvisionForExposureToThePurchaseOfCleanEnergyCertificates" xlink:title="Label : ProvisionForExposureToThePurchaseOfCleanEnergyCertificates to label_ProvisionForExposureToThePurchaseOfCleanEnergyCertificates" />
    <link:label xlink:type="resource" xlink:label="label_ProvisionForExposureToThePurchaseOfCleanEnergyCertificates_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ProvisionForExposureToThePurchaseOfCleanEnergyCertificates_1" xml:lang="en-US" id="label_ProvisionForExposureToThePurchaseOfCleanEnergyCertificates_1">Provision for exposure to the purchase of clean energy certificates</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProvisionForExposureToThePurchaseOfCleanEnergyCertificates" xlink:to="label_ProvisionForExposureToThePurchaseOfCleanEnergyCertificates_1" xlink:title="Label : ProvisionForExposureToThePurchaseOfCleanEnergyCertificates to label_ProvisionForExposureToThePurchaseOfCleanEnergyCertificates_1" />
    <link:label xlink:type="resource" xlink:label="label_ProvisionForExposureToThePurchaseOfCleanEnergyCertificates_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ProvisionForExposureToThePurchaseOfCleanEnergyCertificates_2" xml:lang="en-US" id="label_ProvisionForExposureToThePurchaseOfCleanEnergyCertificates_2">The amount of provision for exposure to the purchase of clean energy certificates.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProvisionForExposureToThePurchaseOfCleanEnergyCertificates" xlink:to="label_ProvisionForExposureToThePurchaseOfCleanEnergyCertificates_2" xlink:title="Label : ProvisionForExposureToThePurchaseOfCleanEnergyCertificates to label_ProvisionForExposureToThePurchaseOfCleanEnergyCertificates_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_ProceedsFromRepaymentsOfLoansReceivableFromRelatedParties" xlink:label="ProceedsFromRepaymentsOfLoansReceivableFromRelatedParties" xlink:title="ProceedsFromRepaymentsOfLoansReceivableFromRelatedParties" />
    <link:label xlink:type="resource" xlink:label="label_ProceedsFromRepaymentsOfLoansReceivableFromRelatedParties" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ProceedsFromRepaymentsOfLoansReceivableFromRelatedParties" xml:lang="en-US" id="label_ProceedsFromRepaymentsOfLoansReceivableFromRelatedParties">ts_ProceedsFromRepaymentsOfLoansReceivableFromRelatedParties</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProceedsFromRepaymentsOfLoansReceivableFromRelatedParties" xlink:to="label_ProceedsFromRepaymentsOfLoansReceivableFromRelatedParties" xlink:title="Label : ProceedsFromRepaymentsOfLoansReceivableFromRelatedParties to label_ProceedsFromRepaymentsOfLoansReceivableFromRelatedParties" />
    <link:label xlink:type="resource" xlink:label="label_ProceedsFromRepaymentsOfLoansReceivableFromRelatedParties_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ProceedsFromRepaymentsOfLoansReceivableFromRelatedParties_1" xml:lang="en-US" id="label_ProceedsFromRepaymentsOfLoansReceivableFromRelatedParties_1">Proceeds From (Repayments of Loans) Receivable From Related Parties</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProceedsFromRepaymentsOfLoansReceivableFromRelatedParties" xlink:to="label_ProceedsFromRepaymentsOfLoansReceivableFromRelatedParties_1" xlink:title="Label : ProceedsFromRepaymentsOfLoansReceivableFromRelatedParties to label_ProceedsFromRepaymentsOfLoansReceivableFromRelatedParties_1" />
    <link:label xlink:type="resource" xlink:label="label_ProceedsFromRepaymentsOfLoansReceivableFromRelatedParties_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ProceedsFromRepaymentsOfLoansReceivableFromRelatedParties_2" xml:lang="en-US" id="label_ProceedsFromRepaymentsOfLoansReceivableFromRelatedParties_2">The amount of proceeds from (repayments of loans) receivable from related parties.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProceedsFromRepaymentsOfLoansReceivableFromRelatedParties" xlink:to="label_ProceedsFromRepaymentsOfLoansReceivableFromRelatedParties_2" xlink:title="Label : ProceedsFromRepaymentsOfLoansReceivableFromRelatedParties to label_ProceedsFromRepaymentsOfLoansReceivableFromRelatedParties_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_LoansAndReceivables" xlink:label="LoansAndReceivables" xlink:title="LoansAndReceivables" />
    <link:label xlink:type="resource" xlink:label="label_LoansAndReceivables" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LoansAndReceivables" xml:lang="en-US" id="label_LoansAndReceivables">ifrs-full_LoansAndReceivables</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LoansAndReceivables" xlink:to="label_LoansAndReceivables" xlink:title="Label : LoansAndReceivables to label_LoansAndReceivables" />
    <link:label xlink:type="resource" xlink:label="label_LoansAndReceivables_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_LoansAndReceivables_1" xml:lang="en-US" id="label_LoansAndReceivables_1">Loans and receivables</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LoansAndReceivables" xlink:to="label_LoansAndReceivables_1" xlink:title="Label : LoansAndReceivables to label_LoansAndReceivables_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DebtSecurities" xlink:label="DebtSecurities" xlink:title="DebtSecurities" />
    <link:label xlink:type="resource" xlink:label="label_DebtSecurities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DebtSecurities" xml:lang="en-US" id="label_DebtSecurities">ifrs-full_DebtSecurities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DebtSecurities" xlink:to="label_DebtSecurities" xlink:title="Label : DebtSecurities to label_DebtSecurities" />
    <link:label xlink:type="resource" xlink:label="label_DebtSecurities_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DebtSecurities_1" xml:lang="en-US" id="label_DebtSecurities_1">Debt instruments issued</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DebtSecurities" xlink:to="label_DebtSecurities_1" xlink:title="Label : DebtSecurities to label_DebtSecurities_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_ProportionOfCorporateGuaranteeCoveringObligations" xlink:label="ProportionOfCorporateGuaranteeCoveringObligations" xlink:title="ProportionOfCorporateGuaranteeCoveringObligations" />
    <link:label xlink:type="resource" xlink:label="label_ProportionOfCorporateGuaranteeCoveringObligations" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ProportionOfCorporateGuaranteeCoveringObligations" xml:lang="en-US" id="label_ProportionOfCorporateGuaranteeCoveringObligations">ts_ProportionOfCorporateGuaranteeCoveringObligations</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProportionOfCorporateGuaranteeCoveringObligations" xlink:to="label_ProportionOfCorporateGuaranteeCoveringObligations" xlink:title="Label : ProportionOfCorporateGuaranteeCoveringObligations to label_ProportionOfCorporateGuaranteeCoveringObligations" />
    <link:label xlink:type="resource" xlink:label="label_ProportionOfCorporateGuaranteeCoveringObligations_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ProportionOfCorporateGuaranteeCoveringObligations_1" xml:lang="en-US" id="label_ProportionOfCorporateGuaranteeCoveringObligations_1">Proportion of corporate guarantee covering obligations</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProportionOfCorporateGuaranteeCoveringObligations" xlink:to="label_ProportionOfCorporateGuaranteeCoveringObligations_1" xlink:title="Label : ProportionOfCorporateGuaranteeCoveringObligations to label_ProportionOfCorporateGuaranteeCoveringObligations_1" />
    <link:label xlink:type="resource" xlink:label="label_ProportionOfCorporateGuaranteeCoveringObligations_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ProportionOfCorporateGuaranteeCoveringObligations_2" xml:lang="en-US" id="label_ProportionOfCorporateGuaranteeCoveringObligations_2">Represents the proportion of a corporate guarantee that covers obligations made under a syndicated loan agreement.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProportionOfCorporateGuaranteeCoveringObligations" xlink:to="label_ProportionOfCorporateGuaranteeCoveringObligations_2" xlink:title="Label : ProportionOfCorporateGuaranteeCoveringObligations to label_ProportionOfCorporateGuaranteeCoveringObligations_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_DebtServiceCoverageRatioCoveredPercent" xlink:label="DebtServiceCoverageRatioCoveredPercent" xlink:title="DebtServiceCoverageRatioCoveredPercent" />
    <link:label xlink:type="resource" xlink:label="label_DebtServiceCoverageRatioCoveredPercent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DebtServiceCoverageRatioCoveredPercent" xml:lang="en-US" id="label_DebtServiceCoverageRatioCoveredPercent">ts_DebtServiceCoverageRatioCoveredPercent</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DebtServiceCoverageRatioCoveredPercent" xlink:to="label_DebtServiceCoverageRatioCoveredPercent" xlink:title="Label : DebtServiceCoverageRatioCoveredPercent to label_DebtServiceCoverageRatioCoveredPercent" />
    <link:label xlink:type="resource" xlink:label="label_DebtServiceCoverageRatioCoveredPercent_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DebtServiceCoverageRatioCoveredPercent_1" xml:lang="en-US" id="label_DebtServiceCoverageRatioCoveredPercent_1">Debt service coverage ratio, covered, percent</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DebtServiceCoverageRatioCoveredPercent" xlink:to="label_DebtServiceCoverageRatioCoveredPercent_1" xlink:title="Label : DebtServiceCoverageRatioCoveredPercent to label_DebtServiceCoverageRatioCoveredPercent_1" />
    <link:label xlink:type="resource" xlink:label="label_DebtServiceCoverageRatioCoveredPercent_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DebtServiceCoverageRatioCoveredPercent_2" xml:lang="en-US" id="label_DebtServiceCoverageRatioCoveredPercent_2">The percent amount of covered debt service coverage ratio.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DebtServiceCoverageRatioCoveredPercent" xlink:to="label_DebtServiceCoverageRatioCoveredPercent_2" xlink:title="Label : DebtServiceCoverageRatioCoveredPercent to label_DebtServiceCoverageRatioCoveredPercent_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_LettersOfCreditCovered" xlink:label="LettersOfCreditCovered" xlink:title="LettersOfCreditCovered" />
    <link:label xlink:type="resource" xlink:label="label_LettersOfCreditCovered" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LettersOfCreditCovered" xml:lang="en-US" id="label_LettersOfCreditCovered">ts_LettersOfCreditCovered</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LettersOfCreditCovered" xlink:to="label_LettersOfCreditCovered" xlink:title="Label : LettersOfCreditCovered to label_LettersOfCreditCovered" />
    <link:label xlink:type="resource" xlink:label="label_LettersOfCreditCovered_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_LettersOfCreditCovered_1" xml:lang="en-US" id="label_LettersOfCreditCovered_1">Letters of credit, covered</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LettersOfCreditCovered" xlink:to="label_LettersOfCreditCovered_1" xlink:title="Label : LettersOfCreditCovered to label_LettersOfCreditCovered_1" />
    <link:label xlink:type="resource" xlink:label="label_LettersOfCreditCovered_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_LettersOfCreditCovered_2" xml:lang="en-US" id="label_LettersOfCreditCovered_2">The amount of covered letters of credit.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LettersOfCreditCovered" xlink:to="label_LettersOfCreditCovered_2" xlink:title="Label : LettersOfCreditCovered to label_LettersOfCreditCovered_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_IncomeLossFromEquityMethodInvestmentsInNonconsolidatedCompanies" xlink:label="IncomeLossFromEquityMethodInvestmentsInNonconsolidatedCompanies" xlink:title="IncomeLossFromEquityMethodInvestmentsInNonconsolidatedCompanies" />
    <link:label xlink:type="resource" xlink:label="label_IncomeLossFromEquityMethodInvestmentsInNonconsolidatedCompanies" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IncomeLossFromEquityMethodInvestmentsInNonconsolidatedCompanies" xml:lang="en-US" id="label_IncomeLossFromEquityMethodInvestmentsInNonconsolidatedCompanies">ts_IncomeLossFromEquityMethodInvestmentsInNonconsolidatedCompanies</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncomeLossFromEquityMethodInvestmentsInNonconsolidatedCompanies" xlink:to="label_IncomeLossFromEquityMethodInvestmentsInNonconsolidatedCompanies" xlink:title="Label : IncomeLossFromEquityMethodInvestmentsInNonconsolidatedCompanies to label_IncomeLossFromEquityMethodInvestmentsInNonconsolidatedCompanies" />
    <link:label xlink:type="resource" xlink:label="label_IncomeLossFromEquityMethodInvestmentsInNonconsolidatedCompanies_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_IncomeLossFromEquityMethodInvestmentsInNonconsolidatedCompanies_1" xml:lang="en-US" id="label_IncomeLossFromEquityMethodInvestmentsInNonconsolidatedCompanies_1">Equity in earnings of non-consolidated companies</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncomeLossFromEquityMethodInvestmentsInNonconsolidatedCompanies" xlink:to="label_IncomeLossFromEquityMethodInvestmentsInNonconsolidatedCompanies_1" xlink:title="Label : IncomeLossFromEquityMethodInvestmentsInNonconsolidatedCompanies to label_IncomeLossFromEquityMethodInvestmentsInNonconsolidatedCompanies_1" />
    <link:label xlink:type="resource" xlink:label="label_IncomeLossFromEquityMethodInvestmentsInNonconsolidatedCompanies_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_IncomeLossFromEquityMethodInvestmentsInNonconsolidatedCompanies_2" xml:lang="en-US" id="label_IncomeLossFromEquityMethodInvestmentsInNonconsolidatedCompanies_2">The amount of income (loss) from equity method investments in non-consolidated companies.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncomeLossFromEquityMethodInvestmentsInNonconsolidatedCompanies" xlink:to="label_IncomeLossFromEquityMethodInvestmentsInNonconsolidatedCompanies_2" xlink:title="Label : IncomeLossFromEquityMethodInvestmentsInNonconsolidatedCompanies to label_IncomeLossFromEquityMethodInvestmentsInNonconsolidatedCompanies_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_InvestmentsInSubsidiariesJointVenturesAndAssociatesIncreaseDueToBusinessCombinations" xlink:label="InvestmentsInSubsidiariesJointVenturesAndAssociatesIncreaseDueToBusinessCombinations" xlink:title="InvestmentsInSubsidiariesJointVenturesAndAssociatesIncreaseDueToBusinessCombinations" />
    <link:label xlink:type="resource" xlink:label="label_InvestmentsInSubsidiariesJointVenturesAndAssociatesIncreaseDueToBusinessCombinations" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_InvestmentsInSubsidiariesJointVenturesAndAssociatesIncreaseDueToBusinessCombinations" xml:lang="en-US" id="label_InvestmentsInSubsidiariesJointVenturesAndAssociatesIncreaseDueToBusinessCombinations">ts_InvestmentsInSubsidiariesJointVenturesAndAssociatesIncreaseDueToBusinessCombinations</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InvestmentsInSubsidiariesJointVenturesAndAssociatesIncreaseDueToBusinessCombinations" xlink:to="label_InvestmentsInSubsidiariesJointVenturesAndAssociatesIncreaseDueToBusinessCombinations" xlink:title="Label : InvestmentsInSubsidiariesJointVenturesAndAssociatesIncreaseDueToBusinessCombinations to label_InvestmentsInSubsidiariesJointVenturesAndAssociatesIncreaseDueToBusinessCombinations" />
    <link:label xlink:type="resource" xlink:label="label_InvestmentsInSubsidiariesJointVenturesAndAssociatesIncreaseDueToBusinessCombinations_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_InvestmentsInSubsidiariesJointVenturesAndAssociatesIncreaseDueToBusinessCombinations_1" xml:lang="en-US" id="label_InvestmentsInSubsidiariesJointVenturesAndAssociatesIncreaseDueToBusinessCombinations_1">Increase due to business combinations</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InvestmentsInSubsidiariesJointVenturesAndAssociatesIncreaseDueToBusinessCombinations" xlink:to="label_InvestmentsInSubsidiariesJointVenturesAndAssociatesIncreaseDueToBusinessCombinations_1" xlink:title="Label : InvestmentsInSubsidiariesJointVenturesAndAssociatesIncreaseDueToBusinessCombinations to label_InvestmentsInSubsidiariesJointVenturesAndAssociatesIncreaseDueToBusinessCombinations_1" />
    <link:label xlink:type="resource" xlink:label="label_InvestmentsInSubsidiariesJointVenturesAndAssociatesIncreaseDueToBusinessCombinations_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_InvestmentsInSubsidiariesJointVenturesAndAssociatesIncreaseDueToBusinessCombinations_2" xml:lang="en-US" id="label_InvestmentsInSubsidiariesJointVenturesAndAssociatesIncreaseDueToBusinessCombinations_2">Represents the increase in investments in subsidiaries, joint ventures and associates during the period due to business combinations.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InvestmentsInSubsidiariesJointVenturesAndAssociatesIncreaseDueToBusinessCombinations" xlink:to="label_InvestmentsInSubsidiariesJointVenturesAndAssociatesIncreaseDueToBusinessCombinations_2" xlink:title="Label : InvestmentsInSubsidiariesJointVenturesAndAssociatesIncreaseDueToBusinessCombinations to label_InvestmentsInSubsidiariesJointVenturesAndAssociatesIncreaseDueToBusinessCombinations_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_DividendsDeclaredByNonconsolidatedCompanies" xlink:label="DividendsDeclaredByNonconsolidatedCompanies" xlink:title="DividendsDeclaredByNonconsolidatedCompanies" />
    <link:label xlink:type="resource" xlink:label="label_DividendsDeclaredByNonconsolidatedCompanies" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DividendsDeclaredByNonconsolidatedCompanies" xml:lang="en-US" id="label_DividendsDeclaredByNonconsolidatedCompanies">Represents the amount of divdends declared by nonconsolidated companies.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DividendsDeclaredByNonconsolidatedCompanies" xlink:to="label_DividendsDeclaredByNonconsolidatedCompanies" xlink:title="Label : DividendsDeclaredByNonconsolidatedCompanies to label_DividendsDeclaredByNonconsolidatedCompanies" />
    <link:label xlink:type="resource" xlink:label="label_DividendsDeclaredByNonconsolidatedCompanies_1" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_DividendsDeclaredByNonconsolidatedCompanies_1" xml:lang="en-US" id="label_DividendsDeclaredByNonconsolidatedCompanies_1">Dividends and distributions received</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DividendsDeclaredByNonconsolidatedCompanies" xlink:to="label_DividendsDeclaredByNonconsolidatedCompanies_1" xlink:title="Label : DividendsDeclaredByNonconsolidatedCompanies to label_DividendsDeclaredByNonconsolidatedCompanies_1" />
    <link:label xlink:type="resource" xlink:label="label_DividendsDeclaredByNonconsolidatedCompanies_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DividendsDeclaredByNonconsolidatedCompanies_2" xml:lang="en-US" id="label_DividendsDeclaredByNonconsolidatedCompanies_2">ts_DividendsDeclaredByNonconsolidatedCompanies</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DividendsDeclaredByNonconsolidatedCompanies" xlink:to="label_DividendsDeclaredByNonconsolidatedCompanies_2" xlink:title="Label : DividendsDeclaredByNonconsolidatedCompanies to label_DividendsDeclaredByNonconsolidatedCompanies_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_InvestmentsInSubsidiariesJointVenturesAndAssociatesAdditions" xlink:label="InvestmentsInSubsidiariesJointVenturesAndAssociatesAdditions" xlink:title="InvestmentsInSubsidiariesJointVenturesAndAssociatesAdditions" />
    <link:label xlink:type="resource" xlink:label="label_InvestmentsInSubsidiariesJointVenturesAndAssociatesAdditions" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_InvestmentsInSubsidiariesJointVenturesAndAssociatesAdditions" xml:lang="en-US" id="label_InvestmentsInSubsidiariesJointVenturesAndAssociatesAdditions">Additions</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InvestmentsInSubsidiariesJointVenturesAndAssociatesAdditions" xlink:to="label_InvestmentsInSubsidiariesJointVenturesAndAssociatesAdditions" xlink:title="Label : InvestmentsInSubsidiariesJointVenturesAndAssociatesAdditions to label_InvestmentsInSubsidiariesJointVenturesAndAssociatesAdditions" />
    <link:label xlink:type="resource" xlink:label="label_InvestmentsInSubsidiariesJointVenturesAndAssociatesAdditions_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_InvestmentsInSubsidiariesJointVenturesAndAssociatesAdditions_1" xml:lang="en-US" id="label_InvestmentsInSubsidiariesJointVenturesAndAssociatesAdditions_1">Represents the amount of additions during the period in investments in subsidiaries, joint ventures and associates.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InvestmentsInSubsidiariesJointVenturesAndAssociatesAdditions" xlink:to="label_InvestmentsInSubsidiariesJointVenturesAndAssociatesAdditions_1" xlink:title="Label : InvestmentsInSubsidiariesJointVenturesAndAssociatesAdditions to label_InvestmentsInSubsidiariesJointVenturesAndAssociatesAdditions_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethodIncludingDividendsDeclaredNetOfTax" xlink:label="ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethodIncludingDividendsDeclaredNetOfTax" xlink:title="ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethodIncludingDividendsDeclaredNetOfTax" />
    <link:label xlink:type="resource" xlink:label="label_ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethodIncludingDividendsDeclaredNetOfTax" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethodIncludingDividendsDeclaredNetOfTax" xml:lang="en-US" id="label_ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethodIncludingDividendsDeclaredNetOfTax">The entity's share of the other comprehensive income of associates and joint ventures accounted for using the equity method, including dividends declared, net of tax.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethodIncludingDividendsDeclaredNetOfTax" xlink:to="label_ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethodIncludingDividendsDeclaredNetOfTax" xlink:title="Label : ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethodIncludingDividendsDeclaredNetOfTax to label_ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethodIncludingDividendsDeclaredNetOfTax" />
    <link:label xlink:type="resource" xlink:label="label_ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethodIncludingDividendsDeclaredNetOfTax_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethodIncludingDividendsDeclaredNetOfTax_1" xml:lang="en-US" id="label_ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethodIncludingDividendsDeclaredNetOfTax_1">Increase / (decrease) in equity reserves and others</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethodIncludingDividendsDeclaredNetOfTax" xlink:to="label_ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethodIncludingDividendsDeclaredNetOfTax_1" xlink:title="Label : ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethodIncludingDividendsDeclaredNetOfTax to label_ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethodIncludingDividendsDeclaredNetOfTax_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_OtherMember" xlink:label="OtherMember" xlink:title="OtherMember" />
    <link:label xlink:type="resource" xlink:label="label_OtherMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OtherMember" xml:lang="en-US" id="label_OtherMember">Other [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherMember" xlink:to="label_OtherMember" xlink:title="Label : OtherMember to label_OtherMember" />
    <link:label xlink:type="resource" xlink:label="label_OtherMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_OtherMember_1" xml:lang="en-US" id="label_OtherMember_1">Information related to other non-consolidated companies.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherMember" xlink:to="label_OtherMember_1" xlink:title="Label : OtherMember to label_OtherMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_NoncurrentReceivablesEmployeeAdvancesAndLoans" xlink:label="NoncurrentReceivablesEmployeeAdvancesAndLoans" xlink:title="NoncurrentReceivablesEmployeeAdvancesAndLoans" />
    <link:label xlink:type="resource" xlink:label="label_NoncurrentReceivablesEmployeeAdvancesAndLoans" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_NoncurrentReceivablesEmployeeAdvancesAndLoans" xml:lang="en-US" id="label_NoncurrentReceivablesEmployeeAdvancesAndLoans">Employee advances and loans</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncurrentReceivablesEmployeeAdvancesAndLoans" xlink:to="label_NoncurrentReceivablesEmployeeAdvancesAndLoans" xlink:title="Label : NoncurrentReceivablesEmployeeAdvancesAndLoans to label_NoncurrentReceivablesEmployeeAdvancesAndLoans" />
    <link:label xlink:type="resource" xlink:label="label_NoncurrentReceivablesEmployeeAdvancesAndLoans_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NoncurrentReceivablesEmployeeAdvancesAndLoans_1" xml:lang="en-US" id="label_NoncurrentReceivablesEmployeeAdvancesAndLoans_1">ts_NoncurrentReceivablesEmployeeAdvancesAndLoans</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncurrentReceivablesEmployeeAdvancesAndLoans" xlink:to="label_NoncurrentReceivablesEmployeeAdvancesAndLoans_1" xlink:title="Label : NoncurrentReceivablesEmployeeAdvancesAndLoans to label_NoncurrentReceivablesEmployeeAdvancesAndLoans_1" />
    <link:label xlink:type="resource" xlink:label="label_NoncurrentReceivablesEmployeeAdvancesAndLoans_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_NoncurrentReceivablesEmployeeAdvancesAndLoans_2" xml:lang="en-US" id="label_NoncurrentReceivablesEmployeeAdvancesAndLoans_2">The amount of non-current receivables from employee advances and loans.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncurrentReceivablesEmployeeAdvancesAndLoans" xlink:to="label_NoncurrentReceivablesEmployeeAdvancesAndLoans_2" xlink:title="Label : NoncurrentReceivablesEmployeeAdvancesAndLoans to label_NoncurrentReceivablesEmployeeAdvancesAndLoans_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_NoncurrentReceivablesFromTaxesOtherThanIncomeTax" xlink:label="NoncurrentReceivablesFromTaxesOtherThanIncomeTax" xlink:title="NoncurrentReceivablesFromTaxesOtherThanIncomeTax" />
    <link:label xlink:type="resource" xlink:label="label_NoncurrentReceivablesFromTaxesOtherThanIncomeTax" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_NoncurrentReceivablesFromTaxesOtherThanIncomeTax" xml:lang="en-US" id="label_NoncurrentReceivablesFromTaxesOtherThanIncomeTax">Tax credits</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncurrentReceivablesFromTaxesOtherThanIncomeTax" xlink:to="label_NoncurrentReceivablesFromTaxesOtherThanIncomeTax" xlink:title="Label : NoncurrentReceivablesFromTaxesOtherThanIncomeTax to label_NoncurrentReceivablesFromTaxesOtherThanIncomeTax" />
    <link:label xlink:type="resource" xlink:label="label_NoncurrentReceivablesFromTaxesOtherThanIncomeTax_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NoncurrentReceivablesFromTaxesOtherThanIncomeTax_1" xml:lang="en-US" id="label_NoncurrentReceivablesFromTaxesOtherThanIncomeTax_1">ifrs-full_NoncurrentReceivablesFromTaxesOtherThanIncomeTax</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncurrentReceivablesFromTaxesOtherThanIncomeTax" xlink:to="label_NoncurrentReceivablesFromTaxesOtherThanIncomeTax_1" xlink:title="Label : NoncurrentReceivablesFromTaxesOtherThanIncomeTax to label_NoncurrentReceivablesFromTaxesOtherThanIncomeTax_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_NoncurrentReceivablesDueFromRelatedParties" xlink:label="NoncurrentReceivablesDueFromRelatedParties" xlink:title="NoncurrentReceivablesDueFromRelatedParties" />
    <link:label xlink:type="resource" xlink:label="label_NoncurrentReceivablesDueFromRelatedParties" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_NoncurrentReceivablesDueFromRelatedParties" xml:lang="en-US" id="label_NoncurrentReceivablesDueFromRelatedParties">Receivables from related parties</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncurrentReceivablesDueFromRelatedParties" xlink:to="label_NoncurrentReceivablesDueFromRelatedParties" xlink:title="Label : NoncurrentReceivablesDueFromRelatedParties to label_NoncurrentReceivablesDueFromRelatedParties" />
    <link:label xlink:type="resource" xlink:label="label_NoncurrentReceivablesDueFromRelatedParties_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NoncurrentReceivablesDueFromRelatedParties_1" xml:lang="en-US" id="label_NoncurrentReceivablesDueFromRelatedParties_1">ifrs-full_NoncurrentReceivablesDueFromRelatedParties</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncurrentReceivablesDueFromRelatedParties" xlink:to="label_NoncurrentReceivablesDueFromRelatedParties_1" xlink:title="Label : NoncurrentReceivablesDueFromRelatedParties to label_NoncurrentReceivablesDueFromRelatedParties_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_NoncurrentPrepayments" xlink:label="NoncurrentPrepayments" xlink:title="NoncurrentPrepayments" />
    <link:label xlink:type="resource" xlink:label="label_NoncurrentPrepayments" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_NoncurrentPrepayments" xml:lang="en-US" id="label_NoncurrentPrepayments">Legal deposits</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncurrentPrepayments" xlink:to="label_NoncurrentPrepayments" xlink:title="Label : NoncurrentPrepayments to label_NoncurrentPrepayments" />
    <link:label xlink:type="resource" xlink:label="label_NoncurrentPrepayments_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NoncurrentPrepayments_1" xml:lang="en-US" id="label_NoncurrentPrepayments_1">ifrs-full_NoncurrentPrepayments</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncurrentPrepayments" xlink:to="label_NoncurrentPrepayments_1" xlink:title="Label : NoncurrentPrepayments to label_NoncurrentPrepayments_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_NoncurrentReceivablesAdvancesToSuppliersAndOtherAdvances" xlink:label="NoncurrentReceivablesAdvancesToSuppliersAndOtherAdvances" xlink:title="NoncurrentReceivablesAdvancesToSuppliersAndOtherAdvances" />
    <link:label xlink:type="resource" xlink:label="label_NoncurrentReceivablesAdvancesToSuppliersAndOtherAdvances" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_NoncurrentReceivablesAdvancesToSuppliersAndOtherAdvances" xml:lang="en-US" id="label_NoncurrentReceivablesAdvancesToSuppliersAndOtherAdvances">Advances to suppliers and other advances</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncurrentReceivablesAdvancesToSuppliersAndOtherAdvances" xlink:to="label_NoncurrentReceivablesAdvancesToSuppliersAndOtherAdvances" xlink:title="Label : NoncurrentReceivablesAdvancesToSuppliersAndOtherAdvances to label_NoncurrentReceivablesAdvancesToSuppliersAndOtherAdvances" />
    <link:label xlink:type="resource" xlink:label="label_NoncurrentReceivablesAdvancesToSuppliersAndOtherAdvances_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NoncurrentReceivablesAdvancesToSuppliersAndOtherAdvances_1" xml:lang="en-US" id="label_NoncurrentReceivablesAdvancesToSuppliersAndOtherAdvances_1">ts_NoncurrentReceivablesAdvancesToSuppliersAndOtherAdvances</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncurrentReceivablesAdvancesToSuppliersAndOtherAdvances" xlink:to="label_NoncurrentReceivablesAdvancesToSuppliersAndOtherAdvances_1" xlink:title="Label : NoncurrentReceivablesAdvancesToSuppliersAndOtherAdvances to label_NoncurrentReceivablesAdvancesToSuppliersAndOtherAdvances_1" />
    <link:label xlink:type="resource" xlink:label="label_NoncurrentReceivablesAdvancesToSuppliersAndOtherAdvances_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_NoncurrentReceivablesAdvancesToSuppliersAndOtherAdvances_2" xml:lang="en-US" id="label_NoncurrentReceivablesAdvancesToSuppliersAndOtherAdvances_2">The amount of non-current receivables from advances to suppliers and other advances.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncurrentReceivablesAdvancesToSuppliersAndOtherAdvances" xlink:to="label_NoncurrentReceivablesAdvancesToSuppliersAndOtherAdvances_2" xlink:title="Label : NoncurrentReceivablesAdvancesToSuppliersAndOtherAdvances to label_NoncurrentReceivablesAdvancesToSuppliersAndOtherAdvances_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_NoncurrentDerivativeFinancialAssets" xlink:label="NoncurrentDerivativeFinancialAssets" xlink:title="NoncurrentDerivativeFinancialAssets" />
    <link:label xlink:type="resource" xlink:label="label_NoncurrentDerivativeFinancialAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NoncurrentDerivativeFinancialAssets" xml:lang="en-US" id="label_NoncurrentDerivativeFinancialAssets">ifrs-full_NoncurrentDerivativeFinancialAssets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncurrentDerivativeFinancialAssets" xlink:to="label_NoncurrentDerivativeFinancialAssets" xlink:title="Label : NoncurrentDerivativeFinancialAssets to label_NoncurrentDerivativeFinancialAssets" />
    <link:label xlink:type="resource" xlink:label="label_NoncurrentDerivativeFinancialAssets_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NoncurrentDerivativeFinancialAssets_1" xml:lang="en-US" id="label_NoncurrentDerivativeFinancialAssets_1">Non-current derivative financial assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncurrentDerivativeFinancialAssets" xlink:to="label_NoncurrentDerivativeFinancialAssets_1" xlink:title="Label : NoncurrentDerivativeFinancialAssets to label_NoncurrentDerivativeFinancialAssets_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_OtherNoncurrentReceivables" xlink:label="OtherNoncurrentReceivables" xlink:title="OtherNoncurrentReceivables" />
    <link:label xlink:type="resource" xlink:label="label_OtherNoncurrentReceivables" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_OtherNoncurrentReceivables" xml:lang="en-US" id="label_OtherNoncurrentReceivables">Others</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherNoncurrentReceivables" xlink:to="label_OtherNoncurrentReceivables" xlink:title="Label : OtherNoncurrentReceivables to label_OtherNoncurrentReceivables" />
    <link:label xlink:type="resource" xlink:label="label_OtherNoncurrentReceivables_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OtherNoncurrentReceivables_1" xml:lang="en-US" id="label_OtherNoncurrentReceivables_1">ifrs-full_OtherNoncurrentReceivables</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherNoncurrentReceivables" xlink:to="label_OtherNoncurrentReceivables_1" xlink:title="Label : OtherNoncurrentReceivables to label_OtherNoncurrentReceivables_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_FinishedGoods" xlink:label="FinishedGoods" xlink:title="FinishedGoods" />
    <link:label xlink:type="resource" xlink:label="label_FinishedGoods" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_FinishedGoods" xml:lang="en-US" id="label_FinishedGoods">Finished goods</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinishedGoods" xlink:to="label_FinishedGoods" xlink:title="Label : FinishedGoods to label_FinishedGoods" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_WorkInProgress" xlink:label="WorkInProgress" xlink:title="WorkInProgress" />
    <link:label xlink:type="resource" xlink:label="label_WorkInProgress" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_WorkInProgress" xml:lang="en-US" id="label_WorkInProgress">Goods in process</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="WorkInProgress" xlink:to="label_WorkInProgress" xlink:title="Label : WorkInProgress to label_WorkInProgress" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_RawMaterials" xlink:label="RawMaterials" xlink:title="RawMaterials" />
    <link:label xlink:type="resource" xlink:label="label_RawMaterials" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_RawMaterials" xml:lang="en-US" id="label_RawMaterials">Raw materials</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RawMaterials" xlink:to="label_RawMaterials" xlink:title="Label : RawMaterials to label_RawMaterials" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_ProductionSupplies" xlink:label="ProductionSupplies" xlink:title="ProductionSupplies" />
    <link:label xlink:type="resource" xlink:label="label_ProductionSupplies" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ProductionSupplies" xml:lang="en-US" id="label_ProductionSupplies">Supplies</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProductionSupplies" xlink:to="label_ProductionSupplies" xlink:title="Label : ProductionSupplies to label_ProductionSupplies" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_CurrentInventoriesInTransit" xlink:label="CurrentInventoriesInTransit" xlink:title="CurrentInventoriesInTransit" />
    <link:label xlink:type="resource" xlink:label="label_CurrentInventoriesInTransit" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CurrentInventoriesInTransit" xml:lang="en-US" id="label_CurrentInventoriesInTransit">Goods in transit</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentInventoriesInTransit" xlink:to="label_CurrentInventoriesInTransit" xlink:title="Label : CurrentInventoriesInTransit to label_CurrentInventoriesInTransit" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_InventoriesGross" xlink:label="InventoriesGross" xlink:title="InventoriesGross" />
    <link:label xlink:type="resource" xlink:label="label_InventoriesGross" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_InventoriesGross" xml:lang="en-US" id="label_InventoriesGross">ts_InventoriesGross</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InventoriesGross" xlink:to="label_InventoriesGross" xlink:title="Label : InventoriesGross to label_InventoriesGross" />
    <link:label xlink:type="resource" xlink:label="label_InventoriesGross_1" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_InventoriesGross_1" xml:lang="en-US" id="label_InventoriesGross_1">Inventories, Gross</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InventoriesGross" xlink:to="label_InventoriesGross_1" xlink:title="Label : InventoriesGross to label_InventoriesGross_1" />
    <link:label xlink:type="resource" xlink:label="label_InventoriesGross_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_InventoriesGross_2" xml:lang="en-US" id="label_InventoriesGross_2">Amount of inventories before allowance for obsolescence.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InventoriesGross" xlink:to="label_InventoriesGross_2" xlink:title="Label : InventoriesGross to label_InventoriesGross_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_InventoriesAllowanceForObsolescence" xlink:label="InventoriesAllowanceForObsolescence" xlink:title="InventoriesAllowanceForObsolescence" />
    <link:label xlink:type="resource" xlink:label="label_InventoriesAllowanceForObsolescence" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_InventoriesAllowanceForObsolescence" xml:lang="en-US" id="label_InventoriesAllowanceForObsolescence">The amount of the allowance for obsolescence for inventories.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InventoriesAllowanceForObsolescence" xlink:to="label_InventoriesAllowanceForObsolescence" xlink:title="Label : InventoriesAllowanceForObsolescence to label_InventoriesAllowanceForObsolescence" />
    <link:label xlink:type="resource" xlink:label="label_InventoriesAllowanceForObsolescence_1" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_InventoriesAllowanceForObsolescence_1" xml:lang="en-US" id="label_InventoriesAllowanceForObsolescence_1">Allowance for obsolescence, see note 24 (i)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InventoriesAllowanceForObsolescence" xlink:to="label_InventoriesAllowanceForObsolescence_1" xlink:title="Label : InventoriesAllowanceForObsolescence to label_InventoriesAllowanceForObsolescence_1" />
    <link:label xlink:type="resource" xlink:label="label_InventoriesAllowanceForObsolescence_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_InventoriesAllowanceForObsolescence_2" xml:lang="en-US" id="label_InventoriesAllowanceForObsolescence_2">ts_InventoriesAllowanceForObsolescence</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InventoriesAllowanceForObsolescence" xlink:to="label_InventoriesAllowanceForObsolescence_2" xlink:title="Label : InventoriesAllowanceForObsolescence to label_InventoriesAllowanceForObsolescence_2" />
    <link:label xlink:type="resource" xlink:label="label_ComprehensiveIncomeAttributableToAbstract_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ComprehensiveIncomeAttributableToAbstract_1" xml:lang="en-US" id="label_ComprehensiveIncomeAttributableToAbstract_1">Attributable to:</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ComprehensiveIncomeAttributableToAbstract" xlink:to="label_ComprehensiveIncomeAttributableToAbstract_1" xlink:title="Label : ComprehensiveIncomeAttributableToAbstract to label_ComprehensiveIncomeAttributableToAbstract_1" />
    <link:label xlink:type="resource" xlink:label="label_CurrentInvestments_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CurrentInvestments_2" xml:lang="en-US" id="label_CurrentInvestments_2">Other investments</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentInvestments" xlink:to="label_CurrentInvestments_2" xlink:title="Label : CurrentInvestments to label_CurrentInvestments_2" />
    <link:label xlink:type="resource" xlink:label="label_NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod_2" xml:lang="en-US" id="label_NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod_2">Other investments</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod" xlink:to="label_NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod_2" xlink:title="Label : NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod to label_NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_IsclosureOfCancellationOfTitleDeedInAffiliatesTextBlock" xlink:label="IsclosureOfCancellationOfTitleDeedInAffiliatesTextBlock" xlink:title="IsclosureOfCancellationOfTitleDeedInAffiliatesTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_IsclosureOfCancellationOfTitleDeedInAffiliatesTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_IsclosureOfCancellationOfTitleDeedInAffiliatesTextBlock" xml:lang="en-US" id="label_IsclosureOfCancellationOfTitleDeedInAffiliatesTextBlock">Note 37 - Cancellation of title deed in Saudi Steel Pipe Company</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IsclosureOfCancellationOfTitleDeedInAffiliatesTextBlock" xlink:to="label_IsclosureOfCancellationOfTitleDeedInAffiliatesTextBlock" xlink:title="Label : IsclosureOfCancellationOfTitleDeedInAffiliatesTextBlock to label_IsclosureOfCancellationOfTitleDeedInAffiliatesTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_ProfitLoss_3" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ProfitLoss_3" xml:lang="en-US" id="label_ProfitLoss_3">Income (loss) for the year</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProfitLoss" xlink:to="label_ProfitLoss_3" xlink:title="Label : ProfitLoss to label_ProfitLoss_3" />
    <link:label xlink:type="resource" xlink:label="label_PreviouslyStatedMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_PreviouslyStatedMember_1" xml:lang="en-US" id="label_PreviouslyStatedMember_1">Previously stated</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PreviouslyStatedMember" xlink:to="label_PreviouslyStatedMember_1" xlink:title="Label : PreviouslyStatedMember to label_PreviouslyStatedMember_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_CurrentValueAddedTaxReceivables" xlink:label="CurrentValueAddedTaxReceivables" xlink:title="CurrentValueAddedTaxReceivables" />
    <link:label xlink:type="resource" xlink:label="label_CurrentValueAddedTaxReceivables" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CurrentValueAddedTaxReceivables" xml:lang="en-US" id="label_CurrentValueAddedTaxReceivables">V.A.T. credits</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentValueAddedTaxReceivables" xlink:to="label_CurrentValueAddedTaxReceivables" xlink:title="Label : CurrentValueAddedTaxReceivables to label_CurrentValueAddedTaxReceivables" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_CurrentPrepaidTaxes" xlink:label="CurrentPrepaidTaxes" xlink:title="CurrentPrepaidTaxes" />
    <link:label xlink:type="resource" xlink:label="label_CurrentPrepaidTaxes" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CurrentPrepaidTaxes" xml:lang="en-US" id="label_CurrentPrepaidTaxes">Prepaid taxes</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentPrepaidTaxes" xlink:to="label_CurrentPrepaidTaxes" xlink:title="Label : CurrentPrepaidTaxes to label_CurrentPrepaidTaxes" />
    <link:label xlink:type="resource" xlink:label="label_CurrentPrepaidTaxes_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CurrentPrepaidTaxes_1" xml:lang="en-US" id="label_CurrentPrepaidTaxes_1">Represents the amount of current prepaid taxes.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentPrepaidTaxes" xlink:to="label_CurrentPrepaidTaxes_1" xlink:title="Label : CurrentPrepaidTaxes to label_CurrentPrepaidTaxes_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_CurrentIncomeTaxLiabilities" xlink:label="CurrentIncomeTaxLiabilities" xlink:title="CurrentIncomeTaxLiabilities" />
    <link:label xlink:type="resource" xlink:label="label_CurrentIncomeTaxLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CurrentIncomeTaxLiabilities" xml:lang="en-US" id="label_CurrentIncomeTaxLiabilities">Income tax liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentIncomeTaxLiabilities" xlink:to="label_CurrentIncomeTaxLiabilities" xlink:title="Label : CurrentIncomeTaxLiabilities to label_CurrentIncomeTaxLiabilities" />
    <link:label xlink:type="resource" xlink:label="label_CurrentIncomeTaxLiabilities_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CurrentIncomeTaxLiabilities_1" xml:lang="en-US" id="label_CurrentIncomeTaxLiabilities_1">The amount of current income tax liabilities.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentIncomeTaxLiabilities" xlink:to="label_CurrentIncomeTaxLiabilities_1" xlink:title="Label : CurrentIncomeTaxLiabilities to label_CurrentIncomeTaxLiabilities_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_CurrentValueAddedTaxPayables" xlink:label="CurrentValueAddedTaxPayables" xlink:title="CurrentValueAddedTaxPayables" />
    <link:label xlink:type="resource" xlink:label="label_CurrentValueAddedTaxPayables" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CurrentValueAddedTaxPayables" xml:lang="en-US" id="label_CurrentValueAddedTaxPayables">V.A.T. liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentValueAddedTaxPayables" xlink:to="label_CurrentValueAddedTaxPayables" xlink:title="Label : CurrentValueAddedTaxPayables to label_CurrentValueAddedTaxPayables" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_CurrentOtherTaxLiabilities" xlink:label="CurrentOtherTaxLiabilities" xlink:title="CurrentOtherTaxLiabilities" />
    <link:label xlink:type="resource" xlink:label="label_CurrentOtherTaxLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CurrentOtherTaxLiabilities" xml:lang="en-US" id="label_CurrentOtherTaxLiabilities">Other taxes</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentOtherTaxLiabilities" xlink:to="label_CurrentOtherTaxLiabilities" xlink:title="Label : CurrentOtherTaxLiabilities to label_CurrentOtherTaxLiabilities" />
    <link:label xlink:type="resource" xlink:label="label_CurrentOtherTaxLiabilities_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CurrentOtherTaxLiabilities_1" xml:lang="en-US" id="label_CurrentOtherTaxLiabilities_1">Represents the amount of current other tax liabilities.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentOtherTaxLiabilities" xlink:to="label_CurrentOtherTaxLiabilities_1" xlink:title="Label : CurrentOtherTaxLiabilities to label_CurrentOtherTaxLiabilities_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_CurrentTradeReceivablesCurrentAccounts" xlink:label="CurrentTradeReceivablesCurrentAccounts" xlink:title="CurrentTradeReceivablesCurrentAccounts" />
    <link:label xlink:type="resource" xlink:label="label_CurrentTradeReceivablesCurrentAccounts" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CurrentTradeReceivablesCurrentAccounts" xml:lang="en-US" id="label_CurrentTradeReceivablesCurrentAccounts">Current accounts</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentTradeReceivablesCurrentAccounts" xlink:to="label_CurrentTradeReceivablesCurrentAccounts" xlink:title="Label : CurrentTradeReceivablesCurrentAccounts to label_CurrentTradeReceivablesCurrentAccounts" />
    <link:label xlink:type="resource" xlink:label="label_CurrentTradeReceivablesCurrentAccounts_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CurrentTradeReceivablesCurrentAccounts_1" xml:lang="en-US" id="label_CurrentTradeReceivablesCurrentAccounts_1">Represents the amount of current accounts attributable to current trade receivables.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentTradeReceivablesCurrentAccounts" xlink:to="label_CurrentTradeReceivablesCurrentAccounts_1" xlink:title="Label : CurrentTradeReceivablesCurrentAccounts to label_CurrentTradeReceivablesCurrentAccounts_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_TradeAndOtherCurrentReceivablesDueFromRelatedParties" xlink:label="TradeAndOtherCurrentReceivablesDueFromRelatedParties" xlink:title="TradeAndOtherCurrentReceivablesDueFromRelatedParties" />
    <link:label xlink:type="resource" xlink:label="label_TradeAndOtherCurrentReceivablesDueFromRelatedParties" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TradeAndOtherCurrentReceivablesDueFromRelatedParties" xml:lang="en-US" id="label_TradeAndOtherCurrentReceivablesDueFromRelatedParties">Receivables from related parties</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TradeAndOtherCurrentReceivablesDueFromRelatedParties" xlink:to="label_TradeAndOtherCurrentReceivablesDueFromRelatedParties" xlink:title="Label : TradeAndOtherCurrentReceivablesDueFromRelatedParties to label_TradeAndOtherCurrentReceivablesDueFromRelatedParties" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_CurrentTradeReceivablesGross" xlink:label="CurrentTradeReceivablesGross" xlink:title="CurrentTradeReceivablesGross" />
    <link:label xlink:type="resource" xlink:label="label_CurrentTradeReceivablesGross" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CurrentTradeReceivablesGross" xml:lang="en-US" id="label_CurrentTradeReceivablesGross">Current trade receivables, gross</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentTradeReceivablesGross" xlink:to="label_CurrentTradeReceivablesGross" xlink:title="Label : CurrentTradeReceivablesGross to label_CurrentTradeReceivablesGross" />
    <link:label xlink:type="resource" xlink:label="label_CurrentTradeReceivablesGross_1" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_CurrentTradeReceivablesGross_1" xml:lang="en-US" id="label_CurrentTradeReceivablesGross_1">Guaranteed and not guaranteed</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentTradeReceivablesGross" xlink:to="label_CurrentTradeReceivablesGross_1" xlink:title="Label : CurrentTradeReceivablesGross to label_CurrentTradeReceivablesGross_1" />
    <link:label xlink:type="resource" xlink:label="label_CurrentTradeReceivablesGross_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CurrentTradeReceivablesGross_2" xml:lang="en-US" id="label_CurrentTradeReceivablesGross_2">The gross amount of current trade receivables.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentTradeReceivablesGross" xlink:to="label_CurrentTradeReceivablesGross_2" xlink:title="Label : CurrentTradeReceivablesGross to label_CurrentTradeReceivablesGross_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_CurrentTradeReceivablesAllowanceForDoubtfulAccounts" xlink:label="CurrentTradeReceivablesAllowanceForDoubtfulAccounts" xlink:title="CurrentTradeReceivablesAllowanceForDoubtfulAccounts" />
    <link:label xlink:type="resource" xlink:label="label_CurrentTradeReceivablesAllowanceForDoubtfulAccounts" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_CurrentTradeReceivablesAllowanceForDoubtfulAccounts" xml:lang="en-US" id="label_CurrentTradeReceivablesAllowanceForDoubtfulAccounts">Allowance for doubtful accounts, see note 24 (i)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentTradeReceivablesAllowanceForDoubtfulAccounts" xlink:to="label_CurrentTradeReceivablesAllowanceForDoubtfulAccounts" xlink:title="Label : CurrentTradeReceivablesAllowanceForDoubtfulAccounts to label_CurrentTradeReceivablesAllowanceForDoubtfulAccounts" />
    <link:label xlink:type="resource" xlink:label="label_CurrentTradeReceivablesAllowanceForDoubtfulAccounts_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CurrentTradeReceivablesAllowanceForDoubtfulAccounts_1" xml:lang="en-US" id="label_CurrentTradeReceivablesAllowanceForDoubtfulAccounts_1">ts_CurrentTradeReceivablesAllowanceForDoubtfulAccounts</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentTradeReceivablesAllowanceForDoubtfulAccounts" xlink:to="label_CurrentTradeReceivablesAllowanceForDoubtfulAccounts_1" xlink:title="Label : CurrentTradeReceivablesAllowanceForDoubtfulAccounts to label_CurrentTradeReceivablesAllowanceForDoubtfulAccounts_1" />
    <link:label xlink:type="resource" xlink:label="label_CurrentTradeReceivablesAllowanceForDoubtfulAccounts_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CurrentTradeReceivablesAllowanceForDoubtfulAccounts_2" xml:lang="en-US" id="label_CurrentTradeReceivablesAllowanceForDoubtfulAccounts_2">Represents a valuation allowance for trade receivables due to an Entity within one year (or one operating cycle if longer) that are expected to be uncollectible.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentTradeReceivablesAllowanceForDoubtfulAccounts" xlink:to="label_CurrentTradeReceivablesAllowanceForDoubtfulAccounts_2" xlink:title="Label : CurrentTradeReceivablesAllowanceForDoubtfulAccounts to label_CurrentTradeReceivablesAllowanceForDoubtfulAccounts_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_CurrentTradeReceivablesNotDueMember" xlink:label="CurrentTradeReceivablesNotDueMember" xlink:title="CurrentTradeReceivablesNotDueMember" />
    <link:label xlink:type="resource" xlink:label="label_CurrentTradeReceivablesNotDueMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CurrentTradeReceivablesNotDueMember" xml:lang="en-US" id="label_CurrentTradeReceivablesNotDueMember">Current trade receivables, not due [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentTradeReceivablesNotDueMember" xlink:to="label_CurrentTradeReceivablesNotDueMember" xlink:title="Label : CurrentTradeReceivablesNotDueMember to label_CurrentTradeReceivablesNotDueMember" />
    <link:label xlink:type="resource" xlink:label="label_CurrentTradeReceivablesNotDueMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CurrentTradeReceivablesNotDueMember_1" xml:lang="en-US" id="label_CurrentTradeReceivablesNotDueMember_1">Information related to current trade receivables that currently not due.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentTradeReceivablesNotDueMember" xlink:to="label_CurrentTradeReceivablesNotDueMember_1" xlink:title="Label : CurrentTradeReceivablesNotDueMember to label_CurrentTradeReceivablesNotDueMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_CurrentTradeReceivablesPastDueLessThan180DaysMember" xlink:label="CurrentTradeReceivablesPastDueLessThan180DaysMember" xlink:title="CurrentTradeReceivablesPastDueLessThan180DaysMember" />
    <link:label xlink:type="resource" xlink:label="label_CurrentTradeReceivablesPastDueLessThan180DaysMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CurrentTradeReceivablesPastDueLessThan180DaysMember" xml:lang="en-US" id="label_CurrentTradeReceivablesPastDueLessThan180DaysMember">Current trade receivables, past due, less than 180 days [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentTradeReceivablesPastDueLessThan180DaysMember" xlink:to="label_CurrentTradeReceivablesPastDueLessThan180DaysMember" xlink:title="Label : CurrentTradeReceivablesPastDueLessThan180DaysMember to label_CurrentTradeReceivablesPastDueLessThan180DaysMember" />
    <link:label xlink:type="resource" xlink:label="label_CurrentTradeReceivablesPastDueLessThan180DaysMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CurrentTradeReceivablesPastDueLessThan180DaysMember_1" xml:lang="en-US" id="label_CurrentTradeReceivablesPastDueLessThan180DaysMember_1">Information about current trade receivables that are less than 180 days past due.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentTradeReceivablesPastDueLessThan180DaysMember" xlink:to="label_CurrentTradeReceivablesPastDueLessThan180DaysMember_1" xlink:title="Label : CurrentTradeReceivablesPastDueLessThan180DaysMember to label_CurrentTradeReceivablesPastDueLessThan180DaysMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_CurrentTradeReceivablesPastDueGreaterThan180DaysMember" xlink:label="CurrentTradeReceivablesPastDueGreaterThan180DaysMember" xlink:title="CurrentTradeReceivablesPastDueGreaterThan180DaysMember" />
    <link:label xlink:type="resource" xlink:label="label_CurrentTradeReceivablesPastDueGreaterThan180DaysMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CurrentTradeReceivablesPastDueGreaterThan180DaysMember" xml:lang="en-US" id="label_CurrentTradeReceivablesPastDueGreaterThan180DaysMember">Current trade receivables, past due, greater than 180 days [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentTradeReceivablesPastDueGreaterThan180DaysMember" xlink:to="label_CurrentTradeReceivablesPastDueGreaterThan180DaysMember" xlink:title="Label : CurrentTradeReceivablesPastDueGreaterThan180DaysMember to label_CurrentTradeReceivablesPastDueGreaterThan180DaysMember" />
    <link:label xlink:type="resource" xlink:label="label_CurrentTradeReceivablesPastDueGreaterThan180DaysMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CurrentTradeReceivablesPastDueGreaterThan180DaysMember_1" xml:lang="en-US" id="label_CurrentTradeReceivablesPastDueGreaterThan180DaysMember_1">Information related to current trade receivables that are greater than 180 days past due.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentTradeReceivablesPastDueGreaterThan180DaysMember" xlink:to="label_CurrentTradeReceivablesPastDueGreaterThan180DaysMember_1" xlink:title="Label : CurrentTradeReceivablesPastDueGreaterThan180DaysMember to label_CurrentTradeReceivablesPastDueGreaterThan180DaysMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_CurrentTradeReceivablesGuaranteed" xlink:label="CurrentTradeReceivablesGuaranteed" xlink:title="CurrentTradeReceivablesGuaranteed" />
    <link:label xlink:type="resource" xlink:label="label_CurrentTradeReceivablesGuaranteed" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CurrentTradeReceivablesGuaranteed" xml:lang="en-US" id="label_CurrentTradeReceivablesGuaranteed">Guaranteed</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentTradeReceivablesGuaranteed" xlink:to="label_CurrentTradeReceivablesGuaranteed" xlink:title="Label : CurrentTradeReceivablesGuaranteed to label_CurrentTradeReceivablesGuaranteed" />
    <link:label xlink:type="resource" xlink:label="label_CurrentTradeReceivablesGuaranteed_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CurrentTradeReceivablesGuaranteed_1" xml:lang="en-US" id="label_CurrentTradeReceivablesGuaranteed_1">Represents the amount current trade receivables that are guaranteed.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentTradeReceivablesGuaranteed" xlink:to="label_CurrentTradeReceivablesGuaranteed_1" xlink:title="Label : CurrentTradeReceivablesGuaranteed to label_CurrentTradeReceivablesGuaranteed_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_CurrentTradeReceivablesNotGuaranteed" xlink:label="CurrentTradeReceivablesNotGuaranteed" xlink:title="CurrentTradeReceivablesNotGuaranteed" />
    <link:label xlink:type="resource" xlink:label="label_CurrentTradeReceivablesNotGuaranteed" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CurrentTradeReceivablesNotGuaranteed" xml:lang="en-US" id="label_CurrentTradeReceivablesNotGuaranteed">Not guaranteed</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentTradeReceivablesNotGuaranteed" xlink:to="label_CurrentTradeReceivablesNotGuaranteed" xlink:title="Label : CurrentTradeReceivablesNotGuaranteed to label_CurrentTradeReceivablesNotGuaranteed" />
    <link:label xlink:type="resource" xlink:label="label_CurrentTradeReceivablesNotGuaranteed_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CurrentTradeReceivablesNotGuaranteed_1" xml:lang="en-US" id="label_CurrentTradeReceivablesNotGuaranteed_1">Represents the amount of current trade receivables that are not guaranteed.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentTradeReceivablesNotGuaranteed" xlink:to="label_CurrentTradeReceivablesNotGuaranteed_1" xlink:title="Label : CurrentTradeReceivablesNotGuaranteed to label_CurrentTradeReceivablesNotGuaranteed_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_CurrentTradeReceivablesExpectedLossRate" xlink:label="CurrentTradeReceivablesExpectedLossRate" xlink:title="CurrentTradeReceivablesExpectedLossRate" />
    <link:label xlink:type="resource" xlink:label="label_CurrentTradeReceivablesExpectedLossRate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CurrentTradeReceivablesExpectedLossRate" xml:lang="en-US" id="label_CurrentTradeReceivablesExpectedLossRate">Expected loss rate</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentTradeReceivablesExpectedLossRate" xlink:to="label_CurrentTradeReceivablesExpectedLossRate" xlink:title="Label : CurrentTradeReceivablesExpectedLossRate to label_CurrentTradeReceivablesExpectedLossRate" />
    <link:label xlink:type="resource" xlink:label="label_CurrentTradeReceivablesExpectedLossRate_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CurrentTradeReceivablesExpectedLossRate_1" xml:lang="en-US" id="label_CurrentTradeReceivablesExpectedLossRate_1">The expected loss rate of current trade receivables.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentTradeReceivablesExpectedLossRate" xlink:to="label_CurrentTradeReceivablesExpectedLossRate_1" xlink:title="Label : CurrentTradeReceivablesExpectedLossRate to label_CurrentTradeReceivablesExpectedLossRate_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_AllowanceForDoubfulAccountsNetOfNominativeAllowances" xlink:label="AllowanceForDoubfulAccountsNetOfNominativeAllowances" xlink:title="AllowanceForDoubfulAccountsNetOfNominativeAllowances" />
    <link:label xlink:type="resource" xlink:label="label_AllowanceForDoubfulAccountsNetOfNominativeAllowances" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AllowanceForDoubfulAccountsNetOfNominativeAllowances" xml:lang="en-US" id="label_AllowanceForDoubfulAccountsNetOfNominativeAllowances">ts_AllowanceForDoubfulAccountsNetOfNominativeAllowances</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AllowanceForDoubfulAccountsNetOfNominativeAllowances" xlink:to="label_AllowanceForDoubfulAccountsNetOfNominativeAllowances" xlink:title="Label : AllowanceForDoubfulAccountsNetOfNominativeAllowances to label_AllowanceForDoubfulAccountsNetOfNominativeAllowances" />
    <link:label xlink:type="resource" xlink:label="label_AllowanceForDoubfulAccountsNetOfNominativeAllowances_1" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_AllowanceForDoubfulAccountsNetOfNominativeAllowances_1" xml:lang="en-US" id="label_AllowanceForDoubfulAccountsNetOfNominativeAllowances_1">Allowances for doubtful accounts</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AllowanceForDoubfulAccountsNetOfNominativeAllowances" xlink:to="label_AllowanceForDoubfulAccountsNetOfNominativeAllowances_1" xlink:title="Label : AllowanceForDoubfulAccountsNetOfNominativeAllowances to label_AllowanceForDoubfulAccountsNetOfNominativeAllowances_1" />
    <link:label xlink:type="resource" xlink:label="label_AllowanceForDoubfulAccountsNetOfNominativeAllowances_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_AllowanceForDoubfulAccountsNetOfNominativeAllowances_2" xml:lang="en-US" id="label_AllowanceForDoubfulAccountsNetOfNominativeAllowances_2">The amount of allowance for doubtful accounts, net of nominative allowances.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AllowanceForDoubfulAccountsNetOfNominativeAllowances" xlink:to="label_AllowanceForDoubfulAccountsNetOfNominativeAllowances_2" xlink:title="Label : AllowanceForDoubfulAccountsNetOfNominativeAllowances to label_AllowanceForDoubfulAccountsNetOfNominativeAllowances_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_CurrentTradeReceivablesNominativeAllowancesForDoubtfulAccounts" xlink:label="CurrentTradeReceivablesNominativeAllowancesForDoubtfulAccounts" xlink:title="CurrentTradeReceivablesNominativeAllowancesForDoubtfulAccounts" />
    <link:label xlink:type="resource" xlink:label="label_CurrentTradeReceivablesNominativeAllowancesForDoubtfulAccounts" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CurrentTradeReceivablesNominativeAllowancesForDoubtfulAccounts" xml:lang="en-US" id="label_CurrentTradeReceivablesNominativeAllowancesForDoubtfulAccounts">ts_CurrentTradeReceivablesNominativeAllowancesForDoubtfulAccounts</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentTradeReceivablesNominativeAllowancesForDoubtfulAccounts" xlink:to="label_CurrentTradeReceivablesNominativeAllowancesForDoubtfulAccounts" xlink:title="Label : CurrentTradeReceivablesNominativeAllowancesForDoubtfulAccounts to label_CurrentTradeReceivablesNominativeAllowancesForDoubtfulAccounts" />
    <link:label xlink:type="resource" xlink:label="label_CurrentTradeReceivablesNominativeAllowancesForDoubtfulAccounts_1" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_CurrentTradeReceivablesNominativeAllowancesForDoubtfulAccounts_1" xml:lang="en-US" id="label_CurrentTradeReceivablesNominativeAllowancesForDoubtfulAccounts_1">Nominative allowances for doubtful accounts</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentTradeReceivablesNominativeAllowancesForDoubtfulAccounts" xlink:to="label_CurrentTradeReceivablesNominativeAllowancesForDoubtfulAccounts_1" xlink:title="Label : CurrentTradeReceivablesNominativeAllowancesForDoubtfulAccounts to label_CurrentTradeReceivablesNominativeAllowancesForDoubtfulAccounts_1" />
    <link:label xlink:type="resource" xlink:label="label_CurrentTradeReceivablesNominativeAllowancesForDoubtfulAccounts_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CurrentTradeReceivablesNominativeAllowancesForDoubtfulAccounts_2" xml:lang="en-US" id="label_CurrentTradeReceivablesNominativeAllowancesForDoubtfulAccounts_2">The amount of nominative allowances for doubtful accounts from current trade receivables.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentTradeReceivablesNominativeAllowancesForDoubtfulAccounts" xlink:to="label_CurrentTradeReceivablesNominativeAllowancesForDoubtfulAccounts_2" xlink:title="Label : CurrentTradeReceivablesNominativeAllowancesForDoubtfulAccounts to label_CurrentTradeReceivablesNominativeAllowancesForDoubtfulAccounts_2" />
    <link:label xlink:type="resource" xlink:label="label_CashAndCashEquivalentsAbstract_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CashAndCashEquivalentsAbstract_1" xml:lang="en-US" id="label_CashAndCashEquivalentsAbstract_1">Cash and cash equivalents:</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CashAndCashEquivalentsAbstract" xlink:to="label_CashAndCashEquivalentsAbstract_1" xlink:title="Label : CashAndCashEquivalentsAbstract to label_CashAndCashEquivalentsAbstract_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_BalancesWithBanks" xlink:label="BalancesWithBanks" xlink:title="BalancesWithBanks" />
    <link:label xlink:type="resource" xlink:label="label_BalancesWithBanks" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_BalancesWithBanks" xml:lang="en-US" id="label_BalancesWithBanks">Cash at banks</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BalancesWithBanks" xlink:to="label_BalancesWithBanks" xlink:title="Label : BalancesWithBanks to label_BalancesWithBanks" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_ShorttermDepositsClassifiedAsCashEquivalents" xlink:label="ShorttermDepositsClassifiedAsCashEquivalents" xlink:title="ShorttermDepositsClassifiedAsCashEquivalents" />
    <link:label xlink:type="resource" xlink:label="label_ShorttermDepositsClassifiedAsCashEquivalents" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ShorttermDepositsClassifiedAsCashEquivalents" xml:lang="en-US" id="label_ShorttermDepositsClassifiedAsCashEquivalents">Liquidity funds</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ShorttermDepositsClassifiedAsCashEquivalents" xlink:to="label_ShorttermDepositsClassifiedAsCashEquivalents" xlink:title="Label : ShorttermDepositsClassifiedAsCashEquivalents to label_ShorttermDepositsClassifiedAsCashEquivalents" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_ShorttermInvestmentsClassifiedAsCashEquivalents" xlink:label="ShorttermInvestmentsClassifiedAsCashEquivalents" xlink:title="ShorttermInvestmentsClassifiedAsCashEquivalents" />
    <link:label xlink:type="resource" xlink:label="label_ShorttermInvestmentsClassifiedAsCashEquivalents" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ShorttermInvestmentsClassifiedAsCashEquivalents" xml:lang="en-US" id="label_ShorttermInvestmentsClassifiedAsCashEquivalents">Short &#x2013; term investments</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ShorttermInvestmentsClassifiedAsCashEquivalents" xlink:to="label_ShorttermInvestmentsClassifiedAsCashEquivalents" xlink:title="Label : ShorttermInvestmentsClassifiedAsCashEquivalents to label_ShorttermInvestmentsClassifiedAsCashEquivalents" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_OtherInvestmentsCurrentAbstract" xlink:label="OtherInvestmentsCurrentAbstract" xlink:title="OtherInvestmentsCurrentAbstract" />
    <link:label xlink:type="resource" xlink:label="label_OtherInvestmentsCurrentAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_OtherInvestmentsCurrentAbstract" xml:lang="en-US" id="label_OtherInvestmentsCurrentAbstract">Other investments - current</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherInvestmentsCurrentAbstract" xlink:to="label_OtherInvestmentsCurrentAbstract" xlink:title="Label : OtherInvestmentsCurrentAbstract to label_OtherInvestmentsCurrentAbstract" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_OtherInvestmentsNoncurrentAbstract" xlink:label="OtherInvestmentsNoncurrentAbstract" xlink:title="OtherInvestmentsNoncurrentAbstract" />
    <link:label xlink:type="resource" xlink:label="label_OtherInvestmentsNoncurrentAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OtherInvestmentsNoncurrentAbstract" xml:lang="en-US" id="label_OtherInvestmentsNoncurrentAbstract">Other investments - Non-current:</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherInvestmentsNoncurrentAbstract" xlink:to="label_OtherInvestmentsNoncurrentAbstract" xlink:title="Label : OtherInvestmentsNoncurrentAbstract to label_OtherInvestmentsNoncurrentAbstract" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_BankBorrowingsMember" xlink:label="BankBorrowingsMember" xlink:title="BankBorrowingsMember" />
    <link:label xlink:type="resource" xlink:label="label_BankBorrowingsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_BankBorrowingsMember" xml:lang="en-US" id="label_BankBorrowingsMember">Bank borrowings [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BankBorrowingsMember" xlink:to="label_BankBorrowingsMember" xlink:title="Label : BankBorrowingsMember to label_BankBorrowingsMember" />
    <link:label xlink:type="resource" xlink:label="label_BankBorrowingsMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_BankBorrowingsMember_1" xml:lang="en-US" id="label_BankBorrowingsMember_1">Represents bank borrowings.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BankBorrowingsMember" xlink:to="label_BankBorrowingsMember_1" xlink:title="Label : BankBorrowingsMember to label_BankBorrowingsMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_BankOverdrafts1Member" xlink:label="BankOverdrafts1Member" xlink:title="BankOverdrafts1Member" />
    <link:label xlink:type="resource" xlink:label="label_BankOverdrafts1Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_BankOverdrafts1Member" xml:lang="en-US" id="label_BankOverdrafts1Member">Bank overdrafts [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BankOverdrafts1Member" xlink:to="label_BankOverdrafts1Member" xlink:title="Label : BankOverdrafts1Member to label_BankOverdrafts1Member" />
    <link:label xlink:type="resource" xlink:label="label_BankOverdrafts1Member_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_BankOverdrafts1Member_1" xml:lang="en-US" id="label_BankOverdrafts1Member_1">Represents bank overdrafts.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BankOverdrafts1Member" xlink:to="label_BankOverdrafts1Member_1" xlink:title="Label : BankOverdrafts1Member to label_BankOverdrafts1Member_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_FinanceLeaseLiabilitiesMember" xlink:label="FinanceLeaseLiabilitiesMember" xlink:title="FinanceLeaseLiabilitiesMember" />
    <link:label xlink:type="resource" xlink:label="label_FinanceLeaseLiabilitiesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_FinanceLeaseLiabilitiesMember" xml:lang="en-US" id="label_FinanceLeaseLiabilitiesMember">Finance lease liabilities [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinanceLeaseLiabilitiesMember" xlink:to="label_FinanceLeaseLiabilitiesMember" xlink:title="Label : FinanceLeaseLiabilitiesMember to label_FinanceLeaseLiabilitiesMember" />
    <link:label xlink:type="resource" xlink:label="label_FinanceLeaseLiabilitiesMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_FinanceLeaseLiabilitiesMember_1" xml:lang="en-US" id="label_FinanceLeaseLiabilitiesMember_1">Represents finance lease liabilities.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinanceLeaseLiabilitiesMember" xlink:to="label_FinanceLeaseLiabilitiesMember_1" xlink:title="Label : FinanceLeaseLiabilitiesMember to label_FinanceLeaseLiabilitiesMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_NoncurrentBorrowingsBeforeCostsOfIssueOfDebt" xlink:label="NoncurrentBorrowingsBeforeCostsOfIssueOfDebt" xlink:title="NoncurrentBorrowingsBeforeCostsOfIssueOfDebt" />
    <link:label xlink:type="resource" xlink:label="label_NoncurrentBorrowingsBeforeCostsOfIssueOfDebt" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NoncurrentBorrowingsBeforeCostsOfIssueOfDebt" xml:lang="en-US" id="label_NoncurrentBorrowingsBeforeCostsOfIssueOfDebt">Non-current borrowings before costs of issue of debt</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncurrentBorrowingsBeforeCostsOfIssueOfDebt" xlink:to="label_NoncurrentBorrowingsBeforeCostsOfIssueOfDebt" xlink:title="Label : NoncurrentBorrowingsBeforeCostsOfIssueOfDebt to label_NoncurrentBorrowingsBeforeCostsOfIssueOfDebt" />
    <link:label xlink:type="resource" xlink:label="label_NoncurrentBorrowingsBeforeCostsOfIssueOfDebt_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NoncurrentBorrowingsBeforeCostsOfIssueOfDebt_1" xml:lang="en-US" id="label_NoncurrentBorrowingsBeforeCostsOfIssueOfDebt_1">Total borrowings</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncurrentBorrowingsBeforeCostsOfIssueOfDebt" xlink:to="label_NoncurrentBorrowingsBeforeCostsOfIssueOfDebt_1" xlink:title="Label : NoncurrentBorrowingsBeforeCostsOfIssueOfDebt to label_NoncurrentBorrowingsBeforeCostsOfIssueOfDebt_1" />
    <link:label xlink:type="resource" xlink:label="label_NoncurrentBorrowingsBeforeCostsOfIssueOfDebt_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_NoncurrentBorrowingsBeforeCostsOfIssueOfDebt_2" xml:lang="en-US" id="label_NoncurrentBorrowingsBeforeCostsOfIssueOfDebt_2">The amount of non-current borrowings before the costs of issue of debt.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncurrentBorrowingsBeforeCostsOfIssueOfDebt" xlink:to="label_NoncurrentBorrowingsBeforeCostsOfIssueOfDebt_2" xlink:title="Label : NoncurrentBorrowingsBeforeCostsOfIssueOfDebt to label_NoncurrentBorrowingsBeforeCostsOfIssueOfDebt_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_NoncurrentCostsOfIssueOfDebt" xlink:label="NoncurrentCostsOfIssueOfDebt" xlink:title="NoncurrentCostsOfIssueOfDebt" />
    <link:label xlink:type="resource" xlink:label="label_NoncurrentCostsOfIssueOfDebt" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NoncurrentCostsOfIssueOfDebt" xml:lang="en-US" id="label_NoncurrentCostsOfIssueOfDebt">ts_NoncurrentCostsOfIssueOfDebt</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncurrentCostsOfIssueOfDebt" xlink:to="label_NoncurrentCostsOfIssueOfDebt" xlink:title="Label : NoncurrentCostsOfIssueOfDebt to label_NoncurrentCostsOfIssueOfDebt" />
    <link:label xlink:type="resource" xlink:label="label_NoncurrentCostsOfIssueOfDebt_1" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_NoncurrentCostsOfIssueOfDebt_1" xml:lang="en-US" id="label_NoncurrentCostsOfIssueOfDebt_1">Non-current costs of issue of debt</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncurrentCostsOfIssueOfDebt" xlink:to="label_NoncurrentCostsOfIssueOfDebt_1" xlink:title="Label : NoncurrentCostsOfIssueOfDebt to label_NoncurrentCostsOfIssueOfDebt_1" />
    <link:label xlink:type="resource" xlink:label="label_NoncurrentCostsOfIssueOfDebt_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_NoncurrentCostsOfIssueOfDebt_2" xml:lang="en-US" id="label_NoncurrentCostsOfIssueOfDebt_2">The amount of costs of issue of debt classified as non-current.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncurrentCostsOfIssueOfDebt" xlink:to="label_NoncurrentCostsOfIssueOfDebt_2" xlink:title="Label : NoncurrentCostsOfIssueOfDebt to label_NoncurrentCostsOfIssueOfDebt_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_CurrentBorrowingsBeforeCostsOfIssueOfDebt" xlink:label="CurrentBorrowingsBeforeCostsOfIssueOfDebt" xlink:title="CurrentBorrowingsBeforeCostsOfIssueOfDebt" />
    <link:label xlink:type="resource" xlink:label="label_CurrentBorrowingsBeforeCostsOfIssueOfDebt" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CurrentBorrowingsBeforeCostsOfIssueOfDebt" xml:lang="en-US" id="label_CurrentBorrowingsBeforeCostsOfIssueOfDebt">Current borrowings before costs of issue of debt</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentBorrowingsBeforeCostsOfIssueOfDebt" xlink:to="label_CurrentBorrowingsBeforeCostsOfIssueOfDebt" xlink:title="Label : CurrentBorrowingsBeforeCostsOfIssueOfDebt to label_CurrentBorrowingsBeforeCostsOfIssueOfDebt" />
    <link:label xlink:type="resource" xlink:label="label_CurrentBorrowingsBeforeCostsOfIssueOfDebt_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CurrentBorrowingsBeforeCostsOfIssueOfDebt_1" xml:lang="en-US" id="label_CurrentBorrowingsBeforeCostsOfIssueOfDebt_1">The amount of current borrowings before the costs of issue of debt.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentBorrowingsBeforeCostsOfIssueOfDebt" xlink:to="label_CurrentBorrowingsBeforeCostsOfIssueOfDebt_1" xlink:title="Label : CurrentBorrowingsBeforeCostsOfIssueOfDebt to label_CurrentBorrowingsBeforeCostsOfIssueOfDebt_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_CurrentCostsOfIssueOfDebt" xlink:label="CurrentCostsOfIssueOfDebt" xlink:title="CurrentCostsOfIssueOfDebt" />
    <link:label xlink:type="resource" xlink:label="label_CurrentCostsOfIssueOfDebt" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CurrentCostsOfIssueOfDebt" xml:lang="en-US" id="label_CurrentCostsOfIssueOfDebt">ts_CurrentCostsOfIssueOfDebt</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentCostsOfIssueOfDebt" xlink:to="label_CurrentCostsOfIssueOfDebt" xlink:title="Label : CurrentCostsOfIssueOfDebt to label_CurrentCostsOfIssueOfDebt" />
    <link:label xlink:type="resource" xlink:label="label_CurrentCostsOfIssueOfDebt_1" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_CurrentCostsOfIssueOfDebt_1" xml:lang="en-US" id="label_CurrentCostsOfIssueOfDebt_1">Current costs of issue of debt</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentCostsOfIssueOfDebt" xlink:to="label_CurrentCostsOfIssueOfDebt_1" xlink:title="Label : CurrentCostsOfIssueOfDebt to label_CurrentCostsOfIssueOfDebt_1" />
    <link:label xlink:type="resource" xlink:label="label_CurrentCostsOfIssueOfDebt_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CurrentCostsOfIssueOfDebt_2" xml:lang="en-US" id="label_CurrentCostsOfIssueOfDebt_2">The amount of costs of issue of debt classified as current.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentCostsOfIssueOfDebt" xlink:to="label_CurrentCostsOfIssueOfDebt_2" xlink:title="Label : CurrentCostsOfIssueOfDebt to label_CurrentCostsOfIssueOfDebt_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_OtherBorrowingsMember" xlink:label="OtherBorrowingsMember" xlink:title="OtherBorrowingsMember" />
    <link:label xlink:type="resource" xlink:label="label_OtherBorrowingsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OtherBorrowingsMember" xml:lang="en-US" id="label_OtherBorrowingsMember">Other borrowings [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherBorrowingsMember" xlink:to="label_OtherBorrowingsMember" xlink:title="Label : OtherBorrowingsMember to label_OtherBorrowingsMember" />
    <link:label xlink:type="resource" xlink:label="label_OtherBorrowingsMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_OtherBorrowingsMember_1" xml:lang="en-US" id="label_OtherBorrowingsMember_1">Represents other borrowings.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherBorrowingsMember" xlink:to="label_OtherBorrowingsMember_1" xlink:title="Label : OtherBorrowingsMember to label_OtherBorrowingsMember_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_LaterThanOneYearAndNotLaterThanTwoYearsMember" xlink:label="LaterThanOneYearAndNotLaterThanTwoYearsMember" xlink:title="LaterThanOneYearAndNotLaterThanTwoYearsMember" />
    <link:label xlink:type="resource" xlink:label="label_LaterThanOneYearAndNotLaterThanTwoYearsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LaterThanOneYearAndNotLaterThanTwoYearsMember" xml:lang="en-US" id="label_LaterThanOneYearAndNotLaterThanTwoYearsMember">Later than one year and not later than two years [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LaterThanOneYearAndNotLaterThanTwoYearsMember" xlink:to="label_LaterThanOneYearAndNotLaterThanTwoYearsMember" xlink:title="Label : LaterThanOneYearAndNotLaterThanTwoYearsMember to label_LaterThanOneYearAndNotLaterThanTwoYearsMember" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_LaterThanTwoYearsAndNotLaterThanThreeYearsMember" xlink:label="LaterThanTwoYearsAndNotLaterThanThreeYearsMember" xlink:title="LaterThanTwoYearsAndNotLaterThanThreeYearsMember" />
    <link:label xlink:type="resource" xlink:label="label_LaterThanTwoYearsAndNotLaterThanThreeYearsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LaterThanTwoYearsAndNotLaterThanThreeYearsMember" xml:lang="en-US" id="label_LaterThanTwoYearsAndNotLaterThanThreeYearsMember">Later than two years and not later than three years [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LaterThanTwoYearsAndNotLaterThanThreeYearsMember" xlink:to="label_LaterThanTwoYearsAndNotLaterThanThreeYearsMember" xlink:title="Label : LaterThanTwoYearsAndNotLaterThanThreeYearsMember to label_LaterThanTwoYearsAndNotLaterThanThreeYearsMember" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_LaterThanThreeYearsAndNotLaterThanFourYearsMember" xlink:label="LaterThanThreeYearsAndNotLaterThanFourYearsMember" xlink:title="LaterThanThreeYearsAndNotLaterThanFourYearsMember" />
    <link:label xlink:type="resource" xlink:label="label_LaterThanThreeYearsAndNotLaterThanFourYearsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LaterThanThreeYearsAndNotLaterThanFourYearsMember" xml:lang="en-US" id="label_LaterThanThreeYearsAndNotLaterThanFourYearsMember">Later than three years and not later than four years [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LaterThanThreeYearsAndNotLaterThanFourYearsMember" xlink:to="label_LaterThanThreeYearsAndNotLaterThanFourYearsMember" xlink:title="Label : LaterThanThreeYearsAndNotLaterThanFourYearsMember to label_LaterThanThreeYearsAndNotLaterThanFourYearsMember" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_LaterThanFourYearsAndNotLaterThanFiveYearsMember" xlink:label="LaterThanFourYearsAndNotLaterThanFiveYearsMember" xlink:title="LaterThanFourYearsAndNotLaterThanFiveYearsMember" />
    <link:label xlink:type="resource" xlink:label="label_LaterThanFourYearsAndNotLaterThanFiveYearsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LaterThanFourYearsAndNotLaterThanFiveYearsMember" xml:lang="en-US" id="label_LaterThanFourYearsAndNotLaterThanFiveYearsMember">Later than four years and not later than five years [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LaterThanFourYearsAndNotLaterThanFiveYearsMember" xlink:to="label_LaterThanFourYearsAndNotLaterThanFiveYearsMember" xlink:title="Label : LaterThanFourYearsAndNotLaterThanFiveYearsMember to label_LaterThanFourYearsAndNotLaterThanFiveYearsMember" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_InterestPayable" xlink:label="InterestPayable" xlink:title="InterestPayable" />
    <link:label xlink:type="resource" xlink:label="label_InterestPayable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_InterestPayable" xml:lang="en-US" id="label_InterestPayable">Interest to be accrued (*)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestPayable" xlink:to="label_InterestPayable" xlink:title="Label : InterestPayable to label_InterestPayable" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_BorrowingsIncludingInterestToBeAccrued" xlink:label="BorrowingsIncludingInterestToBeAccrued" xlink:title="BorrowingsIncludingInterestToBeAccrued" />
    <link:label xlink:type="resource" xlink:label="label_BorrowingsIncludingInterestToBeAccrued" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_BorrowingsIncludingInterestToBeAccrued" xml:lang="en-US" id="label_BorrowingsIncludingInterestToBeAccrued">ts_BorrowingsIncludingInterestToBeAccrued</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BorrowingsIncludingInterestToBeAccrued" xlink:to="label_BorrowingsIncludingInterestToBeAccrued" xlink:title="Label : BorrowingsIncludingInterestToBeAccrued to label_BorrowingsIncludingInterestToBeAccrued" />
    <link:label xlink:type="resource" xlink:label="label_BorrowingsIncludingInterestToBeAccrued_1" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_BorrowingsIncludingInterestToBeAccrued_1" xml:lang="en-US" id="label_BorrowingsIncludingInterestToBeAccrued_1">Total</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BorrowingsIncludingInterestToBeAccrued" xlink:to="label_BorrowingsIncludingInterestToBeAccrued_1" xlink:title="Label : BorrowingsIncludingInterestToBeAccrued to label_BorrowingsIncludingInterestToBeAccrued_1" />
    <link:label xlink:type="resource" xlink:label="label_BorrowingsIncludingInterestToBeAccrued_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_BorrowingsIncludingInterestToBeAccrued_2" xml:lang="en-US" id="label_BorrowingsIncludingInterestToBeAccrued_2">The amount of borrowings including interest to be accrued.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BorrowingsIncludingInterestToBeAccrued" xlink:to="label_BorrowingsIncludingInterestToBeAccrued_2" xlink:title="Label : BorrowingsIncludingInterestToBeAccrued to label_BorrowingsIncludingInterestToBeAccrued_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_SignificantBorrowingsAsOfClosingDateMember" xlink:label="SignificantBorrowingsAsOfClosingDateMember" xlink:title="SignificantBorrowingsAsOfClosingDateMember" />
    <link:label xlink:type="resource" xlink:label="label_SignificantBorrowingsAsOfClosingDateMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SignificantBorrowingsAsOfClosingDateMember" xml:lang="en-US" id="label_SignificantBorrowingsAsOfClosingDateMember">Significant borrowings as of closing date [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SignificantBorrowingsAsOfClosingDateMember" xlink:to="label_SignificantBorrowingsAsOfClosingDateMember" xlink:title="Label : SignificantBorrowingsAsOfClosingDateMember to label_SignificantBorrowingsAsOfClosingDateMember" />
    <link:label xlink:type="resource" xlink:label="label_SignificantBorrowingsAsOfClosingDateMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_SignificantBorrowingsAsOfClosingDateMember_1" xml:lang="en-US" id="label_SignificantBorrowingsAsOfClosingDateMember_1">Refers to information regarding significant borrowings as of closing date.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SignificantBorrowingsAsOfClosingDateMember" xlink:to="label_SignificantBorrowingsAsOfClosingDateMember_1" xlink:title="Label : SignificantBorrowingsAsOfClosingDateMember to label_SignificantBorrowingsAsOfClosingDateMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_SidercaSaicAndSubsidiariesMember" xlink:label="SidercaSaicAndSubsidiariesMember" xlink:title="SidercaSaicAndSubsidiariesMember" />
    <link:label xlink:type="resource" xlink:label="label_SidercaSaicAndSubsidiariesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SidercaSaicAndSubsidiariesMember" xml:lang="en-US" id="label_SidercaSaicAndSubsidiariesMember">SIDERCA S.A.I.C. and subsidiaries [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SidercaSaicAndSubsidiariesMember" xlink:to="label_SidercaSaicAndSubsidiariesMember" xlink:title="Label : SidercaSaicAndSubsidiariesMember to label_SidercaSaicAndSubsidiariesMember" />
    <link:label xlink:type="resource" xlink:label="label_SidercaSaicAndSubsidiariesMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_SidercaSaicAndSubsidiariesMember_1" xml:lang="en-US" id="label_SidercaSaicAndSubsidiariesMember_1">The entity SIDERCA S.A.I.C. and subsidiaries.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SidercaSaicAndSubsidiariesMember" xlink:to="label_SidercaSaicAndSubsidiariesMember_1" xlink:title="Label : SidercaSaicAndSubsidiariesMember to label_SidercaSaicAndSubsidiariesMember_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_WeightedAverageMember" xlink:label="WeightedAverageMember" xlink:title="WeightedAverageMember" />
    <link:label xlink:type="resource" xlink:label="label_WeightedAverageMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_WeightedAverageMember" xml:lang="en-US" id="label_WeightedAverageMember">Weighted average [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="WeightedAverageMember" xlink:to="label_WeightedAverageMember" xlink:title="Label : WeightedAverageMember to label_WeightedAverageMember" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_BorrowingsInterestRate" xlink:label="BorrowingsInterestRate" xlink:title="BorrowingsInterestRate" />
    <link:label xlink:type="resource" xlink:label="label_BorrowingsInterestRate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_BorrowingsInterestRate" xml:lang="en-US" id="label_BorrowingsInterestRate">Total borrowings, weighted average interest rates</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BorrowingsInterestRate" xlink:to="label_BorrowingsInterestRate" xlink:title="Label : BorrowingsInterestRate to label_BorrowingsInterestRate" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/currency/2020/currency-2020-01-31.xsd#currency_USD" xlink:label="USD" xlink:title="USD" />
    <link:label xlink:type="resource" xlink:label="label_USD" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_USD" xml:lang="en-US" id="label_USD">United States of America, Dollars</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="USD" xlink:to="label_USD" xlink:title="Label : USD to label_USD" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/currency/2020/currency-2020-01-31.xsd#currency_SAR" xlink:label="SAR" xlink:title="SAR" />
    <link:label xlink:type="resource" xlink:label="label_SAR" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SAR" xml:lang="en-US" id="label_SAR">Saudi Arabia, Riyals</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SAR" xlink:to="label_SAR" xlink:title="Label : SAR to label_SAR" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/currency/2020/currency-2020-01-31.xsd#currency_EUR" xlink:label="EUR" xlink:title="EUR" />
    <link:label xlink:type="resource" xlink:label="label_EUR" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EUR" xml:lang="en-US" id="label_EUR">Euro Member Countries, Euro</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EUR" xlink:to="label_EUR" xlink:title="Label : EUR to label_EUR" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/currency/2020/currency-2020-01-31.xsd#currency_MXN" xlink:label="MXN" xlink:title="MXN" />
    <link:label xlink:type="resource" xlink:label="label_MXN" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_MXN" xml:lang="en-US" id="label_MXN">Mexico, Pesos</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MXN" xlink:to="label_MXN" xlink:title="Label : MXN to label_MXN" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/currency/2020/currency-2020-01-31.xsd#currency_ARS" xlink:label="ARS" xlink:title="ARS" />
    <link:label xlink:type="resource" xlink:label="label_ARS" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ARS" xml:lang="en-US" id="label_ARS">Argentina, Pesos</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ARS" xlink:to="label_ARS" xlink:title="Label : ARS to label_ARS" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_OtherCurrencyMember" xlink:label="OtherCurrencyMember" xlink:title="OtherCurrencyMember" />
    <link:label xlink:type="resource" xlink:label="label_OtherCurrencyMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OtherCurrencyMember" xml:lang="en-US" id="label_OtherCurrencyMember">Other currency [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherCurrencyMember" xlink:to="label_OtherCurrencyMember" xlink:title="Label : OtherCurrencyMember to label_OtherCurrencyMember" />
    <link:label xlink:type="resource" xlink:label="label_OtherCurrencyMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_OtherCurrencyMember_1" xml:lang="en-US" id="label_OtherCurrencyMember_1">Represents currencies not otherwise specified.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherCurrencyMember" xlink:to="label_OtherCurrencyMember_1" xlink:title="Label : OtherCurrencyMember to label_OtherCurrencyMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_EffectOfTranslationDifferencesOnLongtermBorrowings" xlink:label="EffectOfTranslationDifferencesOnLongtermBorrowings" xlink:title="EffectOfTranslationDifferencesOnLongtermBorrowings" />
    <link:label xlink:type="resource" xlink:label="label_EffectOfTranslationDifferencesOnLongtermBorrowings" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EffectOfTranslationDifferencesOnLongtermBorrowings" xml:lang="en-US" id="label_EffectOfTranslationDifferencesOnLongtermBorrowings">Translation differences, noncurrent</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EffectOfTranslationDifferencesOnLongtermBorrowings" xlink:to="label_EffectOfTranslationDifferencesOnLongtermBorrowings" xlink:title="Label : EffectOfTranslationDifferencesOnLongtermBorrowings to label_EffectOfTranslationDifferencesOnLongtermBorrowings" />
    <link:label xlink:type="resource" xlink:label="label_EffectOfTranslationDifferencesOnLongtermBorrowings_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_EffectOfTranslationDifferencesOnLongtermBorrowings_1" xml:lang="en-US" id="label_EffectOfTranslationDifferencesOnLongtermBorrowings_1">The increase (decrease) in the non-current portion of non-current borrowings resulting from translation differences.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EffectOfTranslationDifferencesOnLongtermBorrowings" xlink:to="label_EffectOfTranslationDifferencesOnLongtermBorrowings_1" xlink:title="Label : EffectOfTranslationDifferencesOnLongtermBorrowings to label_EffectOfTranslationDifferencesOnLongtermBorrowings_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_EffectOfTranslationDifferencesOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings" xlink:label="EffectOfTranslationDifferencesOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings" xlink:title="EffectOfTranslationDifferencesOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings" />
    <link:label xlink:type="resource" xlink:label="label_EffectOfTranslationDifferencesOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EffectOfTranslationDifferencesOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings" xml:lang="en-US" id="label_EffectOfTranslationDifferencesOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings">Translation differences, current</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EffectOfTranslationDifferencesOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings" xlink:to="label_EffectOfTranslationDifferencesOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings" xlink:title="Label : EffectOfTranslationDifferencesOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings to label_EffectOfTranslationDifferencesOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings" />
    <link:label xlink:type="resource" xlink:label="label_EffectOfTranslationDifferencesOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_EffectOfTranslationDifferencesOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings_1" xml:lang="en-US" id="label_EffectOfTranslationDifferencesOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings_1">The increase (decrease) in the current borrowings and current portion of non-current borrowings resulting from translation differences.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EffectOfTranslationDifferencesOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings" xlink:to="label_EffectOfTranslationDifferencesOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings_1" xlink:title="Label : EffectOfTranslationDifferencesOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings to label_EffectOfTranslationDifferencesOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_EffectOfNetProceedsAndRepaymentsOnLongtermBorrowings" xlink:label="EffectOfNetProceedsAndRepaymentsOnLongtermBorrowings" xlink:title="EffectOfNetProceedsAndRepaymentsOnLongtermBorrowings" />
    <link:label xlink:type="resource" xlink:label="label_EffectOfNetProceedsAndRepaymentsOnLongtermBorrowings" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EffectOfNetProceedsAndRepaymentsOnLongtermBorrowings" xml:lang="en-US" id="label_EffectOfNetProceedsAndRepaymentsOnLongtermBorrowings">Proceeds and repayments, net, noncurrent</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EffectOfNetProceedsAndRepaymentsOnLongtermBorrowings" xlink:to="label_EffectOfNetProceedsAndRepaymentsOnLongtermBorrowings" xlink:title="Label : EffectOfNetProceedsAndRepaymentsOnLongtermBorrowings to label_EffectOfNetProceedsAndRepaymentsOnLongtermBorrowings" />
    <link:label xlink:type="resource" xlink:label="label_EffectOfNetProceedsAndRepaymentsOnLongtermBorrowings_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_EffectOfNetProceedsAndRepaymentsOnLongtermBorrowings_1" xml:lang="en-US" id="label_EffectOfNetProceedsAndRepaymentsOnLongtermBorrowings_1">The increase (decrease) in the non-current portion of non-current borrowings resulting from net proceeds and repayments.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EffectOfNetProceedsAndRepaymentsOnLongtermBorrowings" xlink:to="label_EffectOfNetProceedsAndRepaymentsOnLongtermBorrowings_1" xlink:title="Label : EffectOfNetProceedsAndRepaymentsOnLongtermBorrowings to label_EffectOfNetProceedsAndRepaymentsOnLongtermBorrowings_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_EffectOfNetProceedsAndRepaymentsOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings" xlink:label="EffectOfNetProceedsAndRepaymentsOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings" xlink:title="EffectOfNetProceedsAndRepaymentsOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings" />
    <link:label xlink:type="resource" xlink:label="label_EffectOfNetProceedsAndRepaymentsOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EffectOfNetProceedsAndRepaymentsOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings" xml:lang="en-US" id="label_EffectOfNetProceedsAndRepaymentsOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings">Proceeds and repayments, net, current</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EffectOfNetProceedsAndRepaymentsOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings" xlink:to="label_EffectOfNetProceedsAndRepaymentsOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings" xlink:title="Label : EffectOfNetProceedsAndRepaymentsOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings to label_EffectOfNetProceedsAndRepaymentsOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings" />
    <link:label xlink:type="resource" xlink:label="label_EffectOfNetProceedsAndRepaymentsOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_EffectOfNetProceedsAndRepaymentsOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings_1" xml:lang="en-US" id="label_EffectOfNetProceedsAndRepaymentsOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings_1">The increase (decrease) in the total current borrowings and current portion of non-current borrowings resulting from net proceeds and repayments.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EffectOfNetProceedsAndRepaymentsOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings" xlink:to="label_EffectOfNetProceedsAndRepaymentsOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings_1" xlink:title="Label : EffectOfNetProceedsAndRepaymentsOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings to label_EffectOfNetProceedsAndRepaymentsOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_EffectOfInterestsAccruedNetOfPaymentsOnLongtermBorrowings" xlink:label="EffectOfInterestsAccruedNetOfPaymentsOnLongtermBorrowings" xlink:title="EffectOfInterestsAccruedNetOfPaymentsOnLongtermBorrowings" />
    <link:label xlink:type="resource" xlink:label="label_EffectOfInterestsAccruedNetOfPaymentsOnLongtermBorrowings" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EffectOfInterestsAccruedNetOfPaymentsOnLongtermBorrowings" xml:lang="en-US" id="label_EffectOfInterestsAccruedNetOfPaymentsOnLongtermBorrowings">Interests Accrued less payments, noncurrent</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EffectOfInterestsAccruedNetOfPaymentsOnLongtermBorrowings" xlink:to="label_EffectOfInterestsAccruedNetOfPaymentsOnLongtermBorrowings" xlink:title="Label : EffectOfInterestsAccruedNetOfPaymentsOnLongtermBorrowings to label_EffectOfInterestsAccruedNetOfPaymentsOnLongtermBorrowings" />
    <link:label xlink:type="resource" xlink:label="label_EffectOfInterestsAccruedNetOfPaymentsOnLongtermBorrowings_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_EffectOfInterestsAccruedNetOfPaymentsOnLongtermBorrowings_1" xml:lang="en-US" id="label_EffectOfInterestsAccruedNetOfPaymentsOnLongtermBorrowings_1">The increase (decrease) in the non-current portion of non-current borrowings resulting from interests accrued net of payments.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EffectOfInterestsAccruedNetOfPaymentsOnLongtermBorrowings" xlink:to="label_EffectOfInterestsAccruedNetOfPaymentsOnLongtermBorrowings_1" xlink:title="Label : EffectOfInterestsAccruedNetOfPaymentsOnLongtermBorrowings to label_EffectOfInterestsAccruedNetOfPaymentsOnLongtermBorrowings_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_EffectOfInterestsAccruedNetOfPaymentsOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings" xlink:label="EffectOfInterestsAccruedNetOfPaymentsOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings" xlink:title="EffectOfInterestsAccruedNetOfPaymentsOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings" />
    <link:label xlink:type="resource" xlink:label="label_EffectOfInterestsAccruedNetOfPaymentsOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EffectOfInterestsAccruedNetOfPaymentsOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings" xml:lang="en-US" id="label_EffectOfInterestsAccruedNetOfPaymentsOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings">Interests Accrued less payments, current</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EffectOfInterestsAccruedNetOfPaymentsOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings" xlink:to="label_EffectOfInterestsAccruedNetOfPaymentsOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings" xlink:title="Label : EffectOfInterestsAccruedNetOfPaymentsOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings to label_EffectOfInterestsAccruedNetOfPaymentsOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings" />
    <link:label xlink:type="resource" xlink:label="label_EffectOfInterestsAccruedNetOfPaymentsOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_EffectOfInterestsAccruedNetOfPaymentsOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings_1" xml:lang="en-US" id="label_EffectOfInterestsAccruedNetOfPaymentsOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings_1">The increase (decrease) in the non-current portion of non-current borrowings resulting from interests accrued net of payments.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EffectOfInterestsAccruedNetOfPaymentsOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings" xlink:to="label_EffectOfInterestsAccruedNetOfPaymentsOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings_1" xlink:title="Label : EffectOfInterestsAccruedNetOfPaymentsOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings to label_EffectOfInterestsAccruedNetOfPaymentsOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_EffectOfReclassificationsOnLongtermBorrowings" xlink:label="EffectOfReclassificationsOnLongtermBorrowings" xlink:title="EffectOfReclassificationsOnLongtermBorrowings" />
    <link:label xlink:type="resource" xlink:label="label_EffectOfReclassificationsOnLongtermBorrowings" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EffectOfReclassificationsOnLongtermBorrowings" xml:lang="en-US" id="label_EffectOfReclassificationsOnLongtermBorrowings">Reclassifications, noncurrent</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EffectOfReclassificationsOnLongtermBorrowings" xlink:to="label_EffectOfReclassificationsOnLongtermBorrowings" xlink:title="Label : EffectOfReclassificationsOnLongtermBorrowings to label_EffectOfReclassificationsOnLongtermBorrowings" />
    <link:label xlink:type="resource" xlink:label="label_EffectOfReclassificationsOnLongtermBorrowings_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_EffectOfReclassificationsOnLongtermBorrowings_1" xml:lang="en-US" id="label_EffectOfReclassificationsOnLongtermBorrowings_1">The increase (decrease) in the non-current portion of non-current borrowings resulting from reclassifications.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EffectOfReclassificationsOnLongtermBorrowings" xlink:to="label_EffectOfReclassificationsOnLongtermBorrowings_1" xlink:title="Label : EffectOfReclassificationsOnLongtermBorrowings to label_EffectOfReclassificationsOnLongtermBorrowings_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_EffectOfReclassificationsOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings" xlink:label="EffectOfReclassificationsOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings" xlink:title="EffectOfReclassificationsOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings" />
    <link:label xlink:type="resource" xlink:label="label_EffectOfReclassificationsOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EffectOfReclassificationsOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings" xml:lang="en-US" id="label_EffectOfReclassificationsOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings">Reclassifications, current</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EffectOfReclassificationsOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings" xlink:to="label_EffectOfReclassificationsOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings" xlink:title="Label : EffectOfReclassificationsOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings to label_EffectOfReclassificationsOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings" />
    <link:label xlink:type="resource" xlink:label="label_EffectOfReclassificationsOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_EffectOfReclassificationsOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings_1" xml:lang="en-US" id="label_EffectOfReclassificationsOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings_1">The increase (decrease) in the total current borrowings and current portion of non-current borrowings resulting from reclassifications.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EffectOfReclassificationsOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings" xlink:to="label_EffectOfReclassificationsOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings_1" xlink:title="Label : EffectOfReclassificationsOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings to label_EffectOfReclassificationsOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_EffectOfBusinessCombinationsOnLongtermBorrowings" xlink:label="EffectOfBusinessCombinationsOnLongtermBorrowings" xlink:title="EffectOfBusinessCombinationsOnLongtermBorrowings" />
    <link:label xlink:type="resource" xlink:label="label_EffectOfBusinessCombinationsOnLongtermBorrowings" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_EffectOfBusinessCombinationsOnLongtermBorrowings" xml:lang="en-US" id="label_EffectOfBusinessCombinationsOnLongtermBorrowings">Represents the effect of business combinations on long-term borrowings.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EffectOfBusinessCombinationsOnLongtermBorrowings" xlink:to="label_EffectOfBusinessCombinationsOnLongtermBorrowings" xlink:title="Label : EffectOfBusinessCombinationsOnLongtermBorrowings to label_EffectOfBusinessCombinationsOnLongtermBorrowings" />
    <link:label xlink:type="resource" xlink:label="label_EffectOfBusinessCombinationsOnLongtermBorrowings_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_EffectOfBusinessCombinationsOnLongtermBorrowings_1" xml:lang="en-US" id="label_EffectOfBusinessCombinationsOnLongtermBorrowings_1">Increase due to Business Combinations, noncurrent</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EffectOfBusinessCombinationsOnLongtermBorrowings" xlink:to="label_EffectOfBusinessCombinationsOnLongtermBorrowings_1" xlink:title="Label : EffectOfBusinessCombinationsOnLongtermBorrowings to label_EffectOfBusinessCombinationsOnLongtermBorrowings_1" />
    <link:label xlink:type="resource" xlink:label="label_EffectOfBusinessCombinationsOnLongtermBorrowings_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EffectOfBusinessCombinationsOnLongtermBorrowings_2" xml:lang="en-US" id="label_EffectOfBusinessCombinationsOnLongtermBorrowings_2">ts_EffectOfBusinessCombinationsOnLongtermBorrowings</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EffectOfBusinessCombinationsOnLongtermBorrowings" xlink:to="label_EffectOfBusinessCombinationsOnLongtermBorrowings_2" xlink:title="Label : EffectOfBusinessCombinationsOnLongtermBorrowings to label_EffectOfBusinessCombinationsOnLongtermBorrowings_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_EffectOfBusinessCombinationsOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings" xlink:label="EffectOfBusinessCombinationsOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings" xlink:title="EffectOfBusinessCombinationsOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings" />
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    <link:label xlink:type="resource" xlink:label="label_UnusedTaxLossesForWhichNoDeferredTaxAssetRecognisedPercentExpiringBetweenTwoAndFiveYears_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_UnusedTaxLossesForWhichNoDeferredTaxAssetRecognisedPercentExpiringBetweenTwoAndFiveYears_2" xml:lang="en-US" id="label_UnusedTaxLossesForWhichNoDeferredTaxAssetRecognisedPercentExpiringBetweenTwoAndFiveYears_2">Regarding the unused tax losses for which no deferred tax asset is recognized in the statement of financial position, this element represents the percentage expiring in two to five years.</link:label>
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    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_UnusedTaxLossesForWhichNoDeferredTaxAssetRecognisedPercentExpiringInMoreThanFiveYears" xlink:label="UnusedTaxLossesForWhichNoDeferredTaxAssetRecognisedPercentExpiringInMoreThanFiveYears" xlink:title="UnusedTaxLossesForWhichNoDeferredTaxAssetRecognisedPercentExpiringInMoreThanFiveYears" />
    <link:label xlink:type="resource" xlink:label="label_UnusedTaxLossesForWhichNoDeferredTaxAssetRecognisedPercentExpiringInMoreThanFiveYears" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_UnusedTaxLossesForWhichNoDeferredTaxAssetRecognisedPercentExpiringInMoreThanFiveYears" xml:lang="en-US" id="label_UnusedTaxLossesForWhichNoDeferredTaxAssetRecognisedPercentExpiringInMoreThanFiveYears">ts_UnusedTaxLossesForWhichNoDeferredTaxAssetRecognisedPercentExpiringInMoreThanFiveYears</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="UnusedTaxLossesForWhichNoDeferredTaxAssetRecognisedPercentExpiringInMoreThanFiveYears" xlink:to="label_UnusedTaxLossesForWhichNoDeferredTaxAssetRecognisedPercentExpiringInMoreThanFiveYears" xlink:title="Label : UnusedTaxLossesForWhichNoDeferredTaxAssetRecognisedPercentExpiringInMoreThanFiveYears to label_UnusedTaxLossesForWhichNoDeferredTaxAssetRecognisedPercentExpiringInMoreThanFiveYears" />
    <link:label xlink:type="resource" xlink:label="label_UnusedTaxLossesForWhichNoDeferredTaxAssetRecognisedPercentExpiringInMoreThanFiveYears_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_UnusedTaxLossesForWhichNoDeferredTaxAssetRecognisedPercentExpiringInMoreThanFiveYears_1" xml:lang="en-US" id="label_UnusedTaxLossesForWhichNoDeferredTaxAssetRecognisedPercentExpiringInMoreThanFiveYears_1">Unused tax losses for which no deferred tax asset recognised, percent expiring in more than five years</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="UnusedTaxLossesForWhichNoDeferredTaxAssetRecognisedPercentExpiringInMoreThanFiveYears" xlink:to="label_UnusedTaxLossesForWhichNoDeferredTaxAssetRecognisedPercentExpiringInMoreThanFiveYears_1" xlink:title="Label : UnusedTaxLossesForWhichNoDeferredTaxAssetRecognisedPercentExpiringInMoreThanFiveYears to label_UnusedTaxLossesForWhichNoDeferredTaxAssetRecognisedPercentExpiringInMoreThanFiveYears_1" />
    <link:label xlink:type="resource" xlink:label="label_UnusedTaxLossesForWhichNoDeferredTaxAssetRecognisedPercentExpiringInMoreThanFiveYears_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_UnusedTaxLossesForWhichNoDeferredTaxAssetRecognisedPercentExpiringInMoreThanFiveYears_2" xml:lang="en-US" id="label_UnusedTaxLossesForWhichNoDeferredTaxAssetRecognisedPercentExpiringInMoreThanFiveYears_2">Regarding the unused tax losses for which no deferred tax asset is recognized in the statement of financial position, this element represents the percentage expiring in more than five years.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="UnusedTaxLossesForWhichNoDeferredTaxAssetRecognisedPercentExpiringInMoreThanFiveYears" xlink:to="label_UnusedTaxLossesForWhichNoDeferredTaxAssetRecognisedPercentExpiringInMoreThanFiveYears_2" xlink:title="Label : UnusedTaxLossesForWhichNoDeferredTaxAssetRecognisedPercentExpiringInMoreThanFiveYears to label_UnusedTaxLossesForWhichNoDeferredTaxAssetRecognisedPercentExpiringInMoreThanFiveYears_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_DeferredTaxLiabilitiesFixedAssetsMember" xlink:label="DeferredTaxLiabilitiesFixedAssetsMember" xlink:title="DeferredTaxLiabilitiesFixedAssetsMember" />
    <link:label xlink:type="resource" xlink:label="label_DeferredTaxLiabilitiesFixedAssetsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DeferredTaxLiabilitiesFixedAssetsMember" xml:lang="en-US" id="label_DeferredTaxLiabilitiesFixedAssetsMember">Deferred tax liabilities, fixed assets [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DeferredTaxLiabilitiesFixedAssetsMember" xlink:to="label_DeferredTaxLiabilitiesFixedAssetsMember" xlink:title="Label : DeferredTaxLiabilitiesFixedAssetsMember to label_DeferredTaxLiabilitiesFixedAssetsMember" />
    <link:label xlink:type="resource" xlink:label="label_DeferredTaxLiabilitiesFixedAssetsMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DeferredTaxLiabilitiesFixedAssetsMember_1" xml:lang="en-US" id="label_DeferredTaxLiabilitiesFixedAssetsMember_1">This member stands for deferred tax liability attributable to taxable temporary differences from fixed assets.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DeferredTaxLiabilitiesFixedAssetsMember" xlink:to="label_DeferredTaxLiabilitiesFixedAssetsMember_1" xlink:title="Label : DeferredTaxLiabilitiesFixedAssetsMember to label_DeferredTaxLiabilitiesFixedAssetsMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_DeferredTaxLiabilitiesInventoryMember" xlink:label="DeferredTaxLiabilitiesInventoryMember" xlink:title="DeferredTaxLiabilitiesInventoryMember" />
    <link:label xlink:type="resource" xlink:label="label_DeferredTaxLiabilitiesInventoryMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DeferredTaxLiabilitiesInventoryMember" xml:lang="en-US" id="label_DeferredTaxLiabilitiesInventoryMember">Deferred tax liabilities, inventory [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DeferredTaxLiabilitiesInventoryMember" xlink:to="label_DeferredTaxLiabilitiesInventoryMember" xlink:title="Label : DeferredTaxLiabilitiesInventoryMember to label_DeferredTaxLiabilitiesInventoryMember" />
    <link:label xlink:type="resource" xlink:label="label_DeferredTaxLiabilitiesInventoryMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DeferredTaxLiabilitiesInventoryMember_1" xml:lang="en-US" id="label_DeferredTaxLiabilitiesInventoryMember_1">This member stands for deferred tax consequences attributable to taxable temporary differences derived from inventory.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DeferredTaxLiabilitiesInventoryMember" xlink:to="label_DeferredTaxLiabilitiesInventoryMember_1" xlink:title="Label : DeferredTaxLiabilitiesInventoryMember to label_DeferredTaxLiabilitiesInventoryMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_DeferredTaxLiabilitiesIntangibleAndOtherAssetsMember" xlink:label="DeferredTaxLiabilitiesIntangibleAndOtherAssetsMember" xlink:title="DeferredTaxLiabilitiesIntangibleAndOtherAssetsMember" />
    <link:label xlink:type="resource" xlink:label="label_DeferredTaxLiabilitiesIntangibleAndOtherAssetsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DeferredTaxLiabilitiesIntangibleAndOtherAssetsMember" xml:lang="en-US" id="label_DeferredTaxLiabilitiesIntangibleAndOtherAssetsMember">Deferred tax liabilities, intangible and other assets [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DeferredTaxLiabilitiesIntangibleAndOtherAssetsMember" xlink:to="label_DeferredTaxLiabilitiesIntangibleAndOtherAssetsMember" xlink:title="Label : DeferredTaxLiabilitiesIntangibleAndOtherAssetsMember to label_DeferredTaxLiabilitiesIntangibleAndOtherAssetsMember" />
    <link:label xlink:type="resource" xlink:label="label_DeferredTaxLiabilitiesIntangibleAndOtherAssetsMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DeferredTaxLiabilitiesIntangibleAndOtherAssetsMember_1" xml:lang="en-US" id="label_DeferredTaxLiabilitiesIntangibleAndOtherAssetsMember_1">This member stands for deferred tax liability attributable to taxable temporary differences from intangible assets and other assets.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DeferredTaxLiabilitiesIntangibleAndOtherAssetsMember" xlink:to="label_DeferredTaxLiabilitiesIntangibleAndOtherAssetsMember_1" xlink:title="Label : DeferredTaxLiabilitiesIntangibleAndOtherAssetsMember to label_DeferredTaxLiabilitiesIntangibleAndOtherAssetsMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_DeferredTabLiabilitiesMember" xlink:label="DeferredTabLiabilitiesMember" xlink:title="DeferredTabLiabilitiesMember" />
    <link:label xlink:type="resource" xlink:label="label_DeferredTabLiabilitiesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DeferredTabLiabilitiesMember" xml:lang="en-US" id="label_DeferredTabLiabilitiesMember">Deferred tab liabilities [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DeferredTabLiabilitiesMember" xlink:to="label_DeferredTabLiabilitiesMember" xlink:title="Label : DeferredTabLiabilitiesMember to label_DeferredTabLiabilitiesMember" />
    <link:label xlink:type="resource" xlink:label="label_DeferredTabLiabilitiesMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DeferredTabLiabilitiesMember_1" xml:lang="en-US" id="label_DeferredTabLiabilitiesMember_1">This member stands for deferred tax liabilities.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DeferredTabLiabilitiesMember" xlink:to="label_DeferredTabLiabilitiesMember_1" xlink:title="Label : DeferredTabLiabilitiesMember to label_DeferredTabLiabilitiesMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_DeferredTaxAssetsProvisionsAndAllowancesMember" xlink:label="DeferredTaxAssetsProvisionsAndAllowancesMember" xlink:title="DeferredTaxAssetsProvisionsAndAllowancesMember" />
    <link:label xlink:type="resource" xlink:label="label_DeferredTaxAssetsProvisionsAndAllowancesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DeferredTaxAssetsProvisionsAndAllowancesMember" xml:lang="en-US" id="label_DeferredTaxAssetsProvisionsAndAllowancesMember">Deferred tax assets, provisions and allowances [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DeferredTaxAssetsProvisionsAndAllowancesMember" xlink:to="label_DeferredTaxAssetsProvisionsAndAllowancesMember" xlink:title="Label : DeferredTaxAssetsProvisionsAndAllowancesMember to label_DeferredTaxAssetsProvisionsAndAllowancesMember" />
    <link:label xlink:type="resource" xlink:label="label_DeferredTaxAssetsProvisionsAndAllowancesMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DeferredTaxAssetsProvisionsAndAllowancesMember_1" xml:lang="en-US" id="label_DeferredTaxAssetsProvisionsAndAllowancesMember_1">This member stands for deferred tax asset attributable to deductible temporary differences from provisions and allowances.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DeferredTaxAssetsProvisionsAndAllowancesMember" xlink:to="label_DeferredTaxAssetsProvisionsAndAllowancesMember_1" xlink:title="Label : DeferredTaxAssetsProvisionsAndAllowancesMember to label_DeferredTaxAssetsProvisionsAndAllowancesMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_DeferredTaxAssetsInventoryMember" xlink:label="DeferredTaxAssetsInventoryMember" xlink:title="DeferredTaxAssetsInventoryMember" />
    <link:label xlink:type="resource" xlink:label="label_DeferredTaxAssetsInventoryMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DeferredTaxAssetsInventoryMember" xml:lang="en-US" id="label_DeferredTaxAssetsInventoryMember">Deferred tax assets, inventory [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DeferredTaxAssetsInventoryMember" xlink:to="label_DeferredTaxAssetsInventoryMember" xlink:title="Label : DeferredTaxAssetsInventoryMember to label_DeferredTaxAssetsInventoryMember" />
    <link:label xlink:type="resource" xlink:label="label_DeferredTaxAssetsInventoryMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DeferredTaxAssetsInventoryMember_1" xml:lang="en-US" id="label_DeferredTaxAssetsInventoryMember_1">This member stands for deferred tax asset attributable to deductible temporary differences from inventory.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DeferredTaxAssetsInventoryMember" xlink:to="label_DeferredTaxAssetsInventoryMember_1" xlink:title="Label : DeferredTaxAssetsInventoryMember to label_DeferredTaxAssetsInventoryMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_DeferredTaxAssetsTaxLossMember" xlink:label="DeferredTaxAssetsTaxLossMember" xlink:title="DeferredTaxAssetsTaxLossMember" />
    <link:label xlink:type="resource" xlink:label="label_DeferredTaxAssetsTaxLossMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DeferredTaxAssetsTaxLossMember" xml:lang="en-US" id="label_DeferredTaxAssetsTaxLossMember">Deferred tax assets, tax loss [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DeferredTaxAssetsTaxLossMember" xlink:to="label_DeferredTaxAssetsTaxLossMember" xlink:title="Label : DeferredTaxAssetsTaxLossMember to label_DeferredTaxAssetsTaxLossMember" />
    <link:label xlink:type="resource" xlink:label="label_DeferredTaxAssetsTaxLossMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DeferredTaxAssetsTaxLossMember_1" xml:lang="en-US" id="label_DeferredTaxAssetsTaxLossMember_1">This member stands for deferred tax asset attributable to deductible temporary differences from tax loss.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DeferredTaxAssetsTaxLossMember" xlink:to="label_DeferredTaxAssetsTaxLossMember_1" xlink:title="Label : DeferredTaxAssetsTaxLossMember to label_DeferredTaxAssetsTaxLossMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_DeferredTaxAssetsOtherMember" xlink:label="DeferredTaxAssetsOtherMember" xlink:title="DeferredTaxAssetsOtherMember" />
    <link:label xlink:type="resource" xlink:label="label_DeferredTaxAssetsOtherMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DeferredTaxAssetsOtherMember" xml:lang="en-US" id="label_DeferredTaxAssetsOtherMember">Deferred tax assets, other [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DeferredTaxAssetsOtherMember" xlink:to="label_DeferredTaxAssetsOtherMember" xlink:title="Label : DeferredTaxAssetsOtherMember to label_DeferredTaxAssetsOtherMember" />
    <link:label xlink:type="resource" xlink:label="label_DeferredTaxAssetsOtherMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DeferredTaxAssetsOtherMember_1" xml:lang="en-US" id="label_DeferredTaxAssetsOtherMember_1">This member stands for deferred tax asset attributable to deductible temporary differences, classified as other.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DeferredTaxAssetsOtherMember" xlink:to="label_DeferredTaxAssetsOtherMember_1" xlink:title="Label : DeferredTaxAssetsOtherMember to label_DeferredTaxAssetsOtherMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_DeferredTaxAssetsMember" xlink:label="DeferredTaxAssetsMember" xlink:title="DeferredTaxAssetsMember" />
    <link:label xlink:type="resource" xlink:label="label_DeferredTaxAssetsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DeferredTaxAssetsMember" xml:lang="en-US" id="label_DeferredTaxAssetsMember">Deferred tax assets [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DeferredTaxAssetsMember" xlink:to="label_DeferredTaxAssetsMember" xlink:title="Label : DeferredTaxAssetsMember to label_DeferredTaxAssetsMember" />
    <link:label xlink:type="resource" xlink:label="label_DeferredTaxAssetsMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DeferredTaxAssetsMember_1" xml:lang="en-US" id="label_DeferredTaxAssetsMember_1">This member stands for deferred tax assets.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DeferredTaxAssetsMember" xlink:to="label_DeferredTaxAssetsMember_1" xlink:title="Label : DeferredTaxAssetsMember to label_DeferredTaxAssetsMember_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DeferredTaxLiabilityAsset" xlink:label="DeferredTaxLiabilityAsset" xlink:title="DeferredTaxLiabilityAsset" />
    <link:label xlink:type="resource" xlink:label="label_DeferredTaxLiabilityAsset" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DeferredTaxLiabilityAsset" xml:lang="en-US" id="label_DeferredTaxLiabilityAsset">ifrs-full_DeferredTaxLiabilityAsset</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DeferredTaxLiabilityAsset" xlink:to="label_DeferredTaxLiabilityAsset" xlink:title="Label : DeferredTaxLiabilityAsset to label_DeferredTaxLiabilityAsset" />
    <link:label xlink:type="resource" xlink:label="label_DeferredTaxLiabilityAsset_1" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_DeferredTaxLiabilityAsset_1" xml:lang="en-US" id="label_DeferredTaxLiabilityAsset_1">Net deferred tax liability (asset)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DeferredTaxLiabilityAsset" xlink:to="label_DeferredTaxLiabilityAsset_1" xlink:title="Label : DeferredTaxLiabilityAsset to label_DeferredTaxLiabilityAsset_1" />
    <link:label xlink:type="resource" xlink:label="label_DeferredTaxLiabilityAsset_2" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:title="label_DeferredTaxLiabilityAsset_2" xml:lang="en-US" id="label_DeferredTaxLiabilityAsset_2">At the beginning of the year</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DeferredTaxLiabilityAsset" xlink:to="label_DeferredTaxLiabilityAsset_2" xlink:title="Label : DeferredTaxLiabilityAsset to label_DeferredTaxLiabilityAsset_2" />
    <link:label xlink:type="resource" xlink:label="label_DeferredTaxLiabilityAsset_3" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:title="label_DeferredTaxLiabilityAsset_3" xml:lang="en-US" id="label_DeferredTaxLiabilityAsset_3">At the end of the year</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DeferredTaxLiabilityAsset" xlink:to="label_DeferredTaxLiabilityAsset_3" xlink:title="Label : DeferredTaxLiabilityAsset to label_DeferredTaxLiabilityAsset_3" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesDeferredTaxLiabilityAsset" xlink:label="IncreaseDecreaseThroughNetExchangeDifferencesDeferredTaxLiabilityAsset" xlink:title="IncreaseDecreaseThroughNetExchangeDifferencesDeferredTaxLiabilityAsset" />
    <link:label xlink:type="resource" xlink:label="label_IncreaseDecreaseThroughNetExchangeDifferencesDeferredTaxLiabilityAsset" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_IncreaseDecreaseThroughNetExchangeDifferencesDeferredTaxLiabilityAsset" xml:lang="en-US" id="label_IncreaseDecreaseThroughNetExchangeDifferencesDeferredTaxLiabilityAsset">Translation differences</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseThroughNetExchangeDifferencesDeferredTaxLiabilityAsset" xlink:to="label_IncreaseDecreaseThroughNetExchangeDifferencesDeferredTaxLiabilityAsset" xlink:title="Label : IncreaseDecreaseThroughNetExchangeDifferencesDeferredTaxLiabilityAsset to label_IncreaseDecreaseThroughNetExchangeDifferencesDeferredTaxLiabilityAsset" />
    <link:label xlink:type="resource" xlink:label="label_IncreaseDecreaseThroughNetExchangeDifferencesDeferredTaxLiabilityAsset_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IncreaseDecreaseThroughNetExchangeDifferencesDeferredTaxLiabilityAsset_1" xml:lang="en-US" id="label_IncreaseDecreaseThroughNetExchangeDifferencesDeferredTaxLiabilityAsset_1">ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesDeferredTaxLiabilityAsset</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseThroughNetExchangeDifferencesDeferredTaxLiabilityAsset" xlink:to="label_IncreaseDecreaseThroughNetExchangeDifferencesDeferredTaxLiabilityAsset_1" xlink:title="Label : IncreaseDecreaseThroughNetExchangeDifferencesDeferredTaxLiabilityAsset to label_IncreaseDecreaseThroughNetExchangeDifferencesDeferredTaxLiabilityAsset_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_IncreaseDecreaseThroughBusinessCombinationsDeferredTaxLiabilityAsset" xlink:label="IncreaseDecreaseThroughBusinessCombinationsDeferredTaxLiabilityAsset" xlink:title="IncreaseDecreaseThroughBusinessCombinationsDeferredTaxLiabilityAsset" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OverfundedPlan" xlink:to="label_OverfundedPlan_1" xlink:title="Label : OverfundedPlan to label_OverfundedPlan_1" />
    <link:label xlink:type="resource" xlink:label="label_OverfundedPlan_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_OverfundedPlan_2" xml:lang="en-US" id="label_OverfundedPlan_2">Defined benefit plan in which retirement benefits are payable directly from plan assets segregated and restricted to provide such benefits and for which plan assets exceed benefit obligation of plan designed to provide retirement benefits.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OverfundedPlan" xlink:to="label_OverfundedPlan_2" xlink:title="Label : OverfundedPlan to label_OverfundedPlan_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_EstimateOfContributionsExpectedToBePaidToPlan" xlink:label="EstimateOfContributionsExpectedToBePaidToPlan" xlink:title="EstimateOfContributionsExpectedToBePaidToPlan" />
    <link:label xlink:type="resource" xlink:label="label_EstimateOfContributionsExpectedToBePaidToPlan" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EstimateOfContributionsExpectedToBePaidToPlan" xml:lang="en-US" id="label_EstimateOfContributionsExpectedToBePaidToPlan">ifrs-full_EstimateOfContributionsExpectedToBePaidToPlan</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EstimateOfContributionsExpectedToBePaidToPlan" xlink:to="label_EstimateOfContributionsExpectedToBePaidToPlan" xlink:title="Label : EstimateOfContributionsExpectedToBePaidToPlan to label_EstimateOfContributionsExpectedToBePaidToPlan" />
    <link:label xlink:type="resource" xlink:label="label_EstimateOfContributionsExpectedToBePaidToPlan_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_EstimateOfContributionsExpectedToBePaidToPlan_1" xml:lang="en-US" id="label_EstimateOfContributionsExpectedToBePaidToPlan_1">Estimate of contributions expected to be paid to plan for next annual reporting period</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EstimateOfContributionsExpectedToBePaidToPlan" xlink:to="label_EstimateOfContributionsExpectedToBePaidToPlan_1" xlink:title="Label : EstimateOfContributionsExpectedToBePaidToPlan to label_EstimateOfContributionsExpectedToBePaidToPlan_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_NoncurrentPostemploymentBenefits" xlink:label="NoncurrentPostemploymentBenefits" xlink:title="NoncurrentPostemploymentBenefits" />
    <link:label xlink:type="resource" xlink:label="label_NoncurrentPostemploymentBenefits" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NoncurrentPostemploymentBenefits" xml:lang="en-US" id="label_NoncurrentPostemploymentBenefits">Post-employment benefits</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncurrentPostemploymentBenefits" xlink:to="label_NoncurrentPostemploymentBenefits" xlink:title="Label : NoncurrentPostemploymentBenefits to label_NoncurrentPostemploymentBenefits" />
    <link:label xlink:type="resource" xlink:label="label_NoncurrentPostemploymentBenefits_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_NoncurrentPostemploymentBenefits_1" xml:lang="en-US" id="label_NoncurrentPostemploymentBenefits_1">The amount of non-current post-employment benefits.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncurrentPostemploymentBenefits" xlink:to="label_NoncurrentPostemploymentBenefits_1" xlink:title="Label : NoncurrentPostemploymentBenefits to label_NoncurrentPostemploymentBenefits_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_OtherNoncurrentBenefits" xlink:label="OtherNoncurrentBenefits" xlink:title="OtherNoncurrentBenefits" />
    <link:label xlink:type="resource" xlink:label="label_OtherNoncurrentBenefits" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OtherNoncurrentBenefits" xml:lang="en-US" id="label_OtherNoncurrentBenefits">Other-long term benefits</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherNoncurrentBenefits" xlink:to="label_OtherNoncurrentBenefits" xlink:title="Label : OtherNoncurrentBenefits to label_OtherNoncurrentBenefits" />
    <link:label xlink:type="resource" xlink:label="label_OtherNoncurrentBenefits_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_OtherNoncurrentBenefits_1" xml:lang="en-US" id="label_OtherNoncurrentBenefits_1">The amount of other non-current benefits.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherNoncurrentBenefits" xlink:to="label_OtherNoncurrentBenefits_1" xlink:title="Label : OtherNoncurrentBenefits to label_OtherNoncurrentBenefits_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_OtherNoncurrentMiscellaneousLiabilities" xlink:label="OtherNoncurrentMiscellaneousLiabilities" xlink:title="OtherNoncurrentMiscellaneousLiabilities" />
    <link:label xlink:type="resource" xlink:label="label_OtherNoncurrentMiscellaneousLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OtherNoncurrentMiscellaneousLiabilities" xml:lang="en-US" id="label_OtherNoncurrentMiscellaneousLiabilities">Miscellaneous</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherNoncurrentMiscellaneousLiabilities" xlink:to="label_OtherNoncurrentMiscellaneousLiabilities" xlink:title="Label : OtherNoncurrentMiscellaneousLiabilities to label_OtherNoncurrentMiscellaneousLiabilities" />
    <link:label xlink:type="resource" xlink:label="label_OtherNoncurrentMiscellaneousLiabilities_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_OtherNoncurrentMiscellaneousLiabilities_1" xml:lang="en-US" id="label_OtherNoncurrentMiscellaneousLiabilities_1">The amount of other non-current miscellaneous liabilities.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherNoncurrentMiscellaneousLiabilities" xlink:to="label_OtherNoncurrentMiscellaneousLiabilities_1" xlink:title="Label : OtherNoncurrentMiscellaneousLiabilities to label_OtherNoncurrentMiscellaneousLiabilities_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_IncreaseDecreaseThroughChangesInForeignExchangeRatesNetDefinedBenefitLiabilityAsset" xlink:label="IncreaseDecreaseThroughChangesInForeignExchangeRatesNetDefinedBenefitLiabilityAsset" xlink:title="IncreaseDecreaseThroughChangesInForeignExchangeRatesNetDefinedBenefitLiabilityAsset" />
    <link:label xlink:type="resource" xlink:label="label_IncreaseDecreaseThroughChangesInForeignExchangeRatesNetDefinedBenefitLiabilityAsset" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IncreaseDecreaseThroughChangesInForeignExchangeRatesNetDefinedBenefitLiabilityAsset" xml:lang="en-US" id="label_IncreaseDecreaseThroughChangesInForeignExchangeRatesNetDefinedBenefitLiabilityAsset">ifrs-full_IncreaseDecreaseThroughChangesInForeignExchangeRatesNetDefinedBenefitLiabilityAsset</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseThroughChangesInForeignExchangeRatesNetDefinedBenefitLiabilityAsset" xlink:to="label_IncreaseDecreaseThroughChangesInForeignExchangeRatesNetDefinedBenefitLiabilityAsset" xlink:title="Label : IncreaseDecreaseThroughChangesInForeignExchangeRatesNetDefinedBenefitLiabilityAsset to label_IncreaseDecreaseThroughChangesInForeignExchangeRatesNetDefinedBenefitLiabilityAsset" />
    <link:label xlink:type="resource" xlink:label="label_IncreaseDecreaseThroughChangesInForeignExchangeRatesNetDefinedBenefitLiabilityAsset_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_IncreaseDecreaseThroughChangesInForeignExchangeRatesNetDefinedBenefitLiabilityAsset_1" xml:lang="en-US" id="label_IncreaseDecreaseThroughChangesInForeignExchangeRatesNetDefinedBenefitLiabilityAsset_1">Translation differences</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseThroughChangesInForeignExchangeRatesNetDefinedBenefitLiabilityAsset" xlink:to="label_IncreaseDecreaseThroughChangesInForeignExchangeRatesNetDefinedBenefitLiabilityAsset_1" xlink:title="Label : IncreaseDecreaseThroughChangesInForeignExchangeRatesNetDefinedBenefitLiabilityAsset to label_IncreaseDecreaseThroughChangesInForeignExchangeRatesNetDefinedBenefitLiabilityAsset_1" />
    <link:label xlink:type="resource" xlink:label="label_IncreaseDecreaseThroughChangesInForeignExchangeRatesNetDefinedBenefitLiabilityAsset_2" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:title="label_IncreaseDecreaseThroughChangesInForeignExchangeRatesNetDefinedBenefitLiabilityAsset_2" xml:lang="en-US" id="label_IncreaseDecreaseThroughChangesInForeignExchangeRatesNetDefinedBenefitLiabilityAsset_2">Translation differences</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseThroughChangesInForeignExchangeRatesNetDefinedBenefitLiabilityAsset" xlink:to="label_IncreaseDecreaseThroughChangesInForeignExchangeRatesNetDefinedBenefitLiabilityAsset_2" xlink:title="Label : IncreaseDecreaseThroughChangesInForeignExchangeRatesNetDefinedBenefitLiabilityAsset to label_IncreaseDecreaseThroughChangesInForeignExchangeRatesNetDefinedBenefitLiabilityAsset_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_CurrentServiceCostNetDefinedBenefitLiabilityAsset" xlink:label="CurrentServiceCostNetDefinedBenefitLiabilityAsset" xlink:title="CurrentServiceCostNetDefinedBenefitLiabilityAsset" />
    <link:label xlink:type="resource" xlink:label="label_CurrentServiceCostNetDefinedBenefitLiabilityAsset" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CurrentServiceCostNetDefinedBenefitLiabilityAsset" xml:lang="en-US" id="label_CurrentServiceCostNetDefinedBenefitLiabilityAsset">ifrs-full_CurrentServiceCostNetDefinedBenefitLiabilityAsset</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentServiceCostNetDefinedBenefitLiabilityAsset" xlink:to="label_CurrentServiceCostNetDefinedBenefitLiabilityAsset" xlink:title="Label : CurrentServiceCostNetDefinedBenefitLiabilityAsset to label_CurrentServiceCostNetDefinedBenefitLiabilityAsset" />
    <link:label xlink:type="resource" xlink:label="label_CurrentServiceCostNetDefinedBenefitLiabilityAsset_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CurrentServiceCostNetDefinedBenefitLiabilityAsset_1" xml:lang="en-US" id="label_CurrentServiceCostNetDefinedBenefitLiabilityAsset_1">Current service cost</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentServiceCostNetDefinedBenefitLiabilityAsset" xlink:to="label_CurrentServiceCostNetDefinedBenefitLiabilityAsset_1" xlink:title="Label : CurrentServiceCostNetDefinedBenefitLiabilityAsset to label_CurrentServiceCostNetDefinedBenefitLiabilityAsset_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_InterestExpenseIncomeNetDefinedBenefitLiabilityAsset" xlink:label="InterestExpenseIncomeNetDefinedBenefitLiabilityAsset" xlink:title="InterestExpenseIncomeNetDefinedBenefitLiabilityAsset" />
    <link:label xlink:type="resource" xlink:label="label_InterestExpenseIncomeNetDefinedBenefitLiabilityAsset" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_InterestExpenseIncomeNetDefinedBenefitLiabilityAsset" xml:lang="en-US" id="label_InterestExpenseIncomeNetDefinedBenefitLiabilityAsset">ifrs-full_InterestExpenseIncomeNetDefinedBenefitLiabilityAsset</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestExpenseIncomeNetDefinedBenefitLiabilityAsset" xlink:to="label_InterestExpenseIncomeNetDefinedBenefitLiabilityAsset" xlink:title="Label : InterestExpenseIncomeNetDefinedBenefitLiabilityAsset to label_InterestExpenseIncomeNetDefinedBenefitLiabilityAsset" />
    <link:label xlink:type="resource" xlink:label="label_InterestExpenseIncomeNetDefinedBenefitLiabilityAsset_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_InterestExpenseIncomeNetDefinedBenefitLiabilityAsset_1" xml:lang="en-US" id="label_InterestExpenseIncomeNetDefinedBenefitLiabilityAsset_1">Interest cost</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestExpenseIncomeNetDefinedBenefitLiabilityAsset" xlink:to="label_InterestExpenseIncomeNetDefinedBenefitLiabilityAsset_1" xlink:title="Label : InterestExpenseIncomeNetDefinedBenefitLiabilityAsset to label_InterestExpenseIncomeNetDefinedBenefitLiabilityAsset_1" />
    <link:label xlink:type="resource" xlink:label="label_InterestExpenseIncomeNetDefinedBenefitLiabilityAsset_2" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:title="label_InterestExpenseIncomeNetDefinedBenefitLiabilityAsset_2" xml:lang="en-US" id="label_InterestExpenseIncomeNetDefinedBenefitLiabilityAsset_2">Interest accrued</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestExpenseIncomeNetDefinedBenefitLiabilityAsset" xlink:to="label_InterestExpenseIncomeNetDefinedBenefitLiabilityAsset_2" xlink:title="Label : InterestExpenseIncomeNetDefinedBenefitLiabilityAsset to label_InterestExpenseIncomeNetDefinedBenefitLiabilityAsset_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_GainLossOnRemeasurementOfNetDefinedBenefitLiabilityAsset" xlink:label="GainLossOnRemeasurementOfNetDefinedBenefitLiabilityAsset" xlink:title="GainLossOnRemeasurementOfNetDefinedBenefitLiabilityAsset" />
    <link:label xlink:type="resource" xlink:label="label_GainLossOnRemeasurementOfNetDefinedBenefitLiabilityAsset" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_GainLossOnRemeasurementOfNetDefinedBenefitLiabilityAsset" xml:lang="en-US" id="label_GainLossOnRemeasurementOfNetDefinedBenefitLiabilityAsset">ifrs-full_GainLossOnRemeasurementOfNetDefinedBenefitLiabilityAsset</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GainLossOnRemeasurementOfNetDefinedBenefitLiabilityAsset" xlink:to="label_GainLossOnRemeasurementOfNetDefinedBenefitLiabilityAsset" xlink:title="Label : GainLossOnRemeasurementOfNetDefinedBenefitLiabilityAsset to label_GainLossOnRemeasurementOfNetDefinedBenefitLiabilityAsset" />
    <link:label xlink:type="resource" xlink:label="label_GainLossOnRemeasurementOfNetDefinedBenefitLiabilityAsset_1" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:title="label_GainLossOnRemeasurementOfNetDefinedBenefitLiabilityAsset_1" xml:lang="en-US" id="label_GainLossOnRemeasurementOfNetDefinedBenefitLiabilityAsset_1">Remeasurements</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GainLossOnRemeasurementOfNetDefinedBenefitLiabilityAsset" xlink:to="label_GainLossOnRemeasurementOfNetDefinedBenefitLiabilityAsset_1" xlink:title="Label : GainLossOnRemeasurementOfNetDefinedBenefitLiabilityAsset to label_GainLossOnRemeasurementOfNetDefinedBenefitLiabilityAsset_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_IncreaseDecreaseThroughBusinessCombinationsAndDisposalsNetDefinedBenefitLiabilityAsset" xlink:label="IncreaseDecreaseThroughBusinessCombinationsAndDisposalsNetDefinedBenefitLiabilityAsset" xlink:title="IncreaseDecreaseThroughBusinessCombinationsAndDisposalsNetDefinedBenefitLiabilityAsset" />
    <link:label xlink:type="resource" xlink:label="label_IncreaseDecreaseThroughBusinessCombinationsAndDisposalsNetDefinedBenefitLiabilityAsset" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IncreaseDecreaseThroughBusinessCombinationsAndDisposalsNetDefinedBenefitLiabilityAsset" xml:lang="en-US" id="label_IncreaseDecreaseThroughBusinessCombinationsAndDisposalsNetDefinedBenefitLiabilityAsset">ifrs-full_IncreaseDecreaseThroughBusinessCombinationsAndDisposalsNetDefinedBenefitLiabilityAsset</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseThroughBusinessCombinationsAndDisposalsNetDefinedBenefitLiabilityAsset" xlink:to="label_IncreaseDecreaseThroughBusinessCombinationsAndDisposalsNetDefinedBenefitLiabilityAsset" xlink:title="Label : IncreaseDecreaseThroughBusinessCombinationsAndDisposalsNetDefinedBenefitLiabilityAsset to label_IncreaseDecreaseThroughBusinessCombinationsAndDisposalsNetDefinedBenefitLiabilityAsset" />
    <link:label xlink:type="resource" xlink:label="label_IncreaseDecreaseThroughBusinessCombinationsAndDisposalsNetDefinedBenefitLiabilityAsset_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_IncreaseDecreaseThroughBusinessCombinationsAndDisposalsNetDefinedBenefitLiabilityAsset_1" xml:lang="en-US" id="label_IncreaseDecreaseThroughBusinessCombinationsAndDisposalsNetDefinedBenefitLiabilityAsset_1">Increase due to business combinations</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseThroughBusinessCombinationsAndDisposalsNetDefinedBenefitLiabilityAsset" xlink:to="label_IncreaseDecreaseThroughBusinessCombinationsAndDisposalsNetDefinedBenefitLiabilityAsset_1" xlink:title="Label : IncreaseDecreaseThroughBusinessCombinationsAndDisposalsNetDefinedBenefitLiabilityAsset to label_IncreaseDecreaseThroughBusinessCombinationsAndDisposalsNetDefinedBenefitLiabilityAsset_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_PaymentsFromPlanNetDefinedBenefitLiabilityAsset" xlink:label="PaymentsFromPlanNetDefinedBenefitLiabilityAsset" xlink:title="PaymentsFromPlanNetDefinedBenefitLiabilityAsset" />
    <link:label xlink:type="resource" xlink:label="label_PaymentsFromPlanNetDefinedBenefitLiabilityAsset" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PaymentsFromPlanNetDefinedBenefitLiabilityAsset" xml:lang="en-US" id="label_PaymentsFromPlanNetDefinedBenefitLiabilityAsset">ifrs-full_PaymentsFromPlanNetDefinedBenefitLiabilityAsset</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PaymentsFromPlanNetDefinedBenefitLiabilityAsset" xlink:to="label_PaymentsFromPlanNetDefinedBenefitLiabilityAsset" xlink:title="Label : PaymentsFromPlanNetDefinedBenefitLiabilityAsset to label_PaymentsFromPlanNetDefinedBenefitLiabilityAsset" />
    <link:label xlink:type="resource" xlink:label="label_PaymentsFromPlanNetDefinedBenefitLiabilityAsset_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_PaymentsFromPlanNetDefinedBenefitLiabilityAsset_1" xml:lang="en-US" id="label_PaymentsFromPlanNetDefinedBenefitLiabilityAsset_1">Benefits paid from the plan</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PaymentsFromPlanNetDefinedBenefitLiabilityAsset" xlink:to="label_PaymentsFromPlanNetDefinedBenefitLiabilityAsset_1" xlink:title="Label : PaymentsFromPlanNetDefinedBenefitLiabilityAsset to label_PaymentsFromPlanNetDefinedBenefitLiabilityAsset_1" />
    <link:label xlink:type="resource" xlink:label="label_PaymentsFromPlanNetDefinedBenefitLiabilityAsset_2" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:title="label_PaymentsFromPlanNetDefinedBenefitLiabilityAsset_2" xml:lang="en-US" id="label_PaymentsFromPlanNetDefinedBenefitLiabilityAsset_2">Benefits paid from the plan</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PaymentsFromPlanNetDefinedBenefitLiabilityAsset" xlink:to="label_PaymentsFromPlanNetDefinedBenefitLiabilityAsset_2" xlink:title="Label : PaymentsFromPlanNetDefinedBenefitLiabilityAsset to label_PaymentsFromPlanNetDefinedBenefitLiabilityAsset_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_IncreaseDecreaseThroughOtherChangesNetDefinedBenefitLiabilityAsset" xlink:label="IncreaseDecreaseThroughOtherChangesNetDefinedBenefitLiabilityAsset" xlink:title="IncreaseDecreaseThroughOtherChangesNetDefinedBenefitLiabilityAsset" />
    <link:label xlink:type="resource" xlink:label="label_IncreaseDecreaseThroughOtherChangesNetDefinedBenefitLiabilityAsset" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IncreaseDecreaseThroughOtherChangesNetDefinedBenefitLiabilityAsset" xml:lang="en-US" id="label_IncreaseDecreaseThroughOtherChangesNetDefinedBenefitLiabilityAsset">ifrs-full_IncreaseDecreaseThroughOtherChangesNetDefinedBenefitLiabilityAsset</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseThroughOtherChangesNetDefinedBenefitLiabilityAsset" xlink:to="label_IncreaseDecreaseThroughOtherChangesNetDefinedBenefitLiabilityAsset" xlink:title="Label : IncreaseDecreaseThroughOtherChangesNetDefinedBenefitLiabilityAsset to label_IncreaseDecreaseThroughOtherChangesNetDefinedBenefitLiabilityAsset" />
    <link:label xlink:type="resource" xlink:label="label_IncreaseDecreaseThroughOtherChangesNetDefinedBenefitLiabilityAsset_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_IncreaseDecreaseThroughOtherChangesNetDefinedBenefitLiabilityAsset_1" xml:lang="en-US" id="label_IncreaseDecreaseThroughOtherChangesNetDefinedBenefitLiabilityAsset_1">Other</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseThroughOtherChangesNetDefinedBenefitLiabilityAsset" xlink:to="label_IncreaseDecreaseThroughOtherChangesNetDefinedBenefitLiabilityAsset_1" xlink:title="Label : IncreaseDecreaseThroughOtherChangesNetDefinedBenefitLiabilityAsset to label_IncreaseDecreaseThroughOtherChangesNetDefinedBenefitLiabilityAsset_1" />
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    <link:label xlink:type="resource" xlink:label="label_DefinedBenefitObligationAtPresentValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DefinedBenefitObligationAtPresentValue" xml:lang="en-US" id="label_DefinedBenefitObligationAtPresentValue">ifrs-full_DefinedBenefitObligationAtPresentValue</link:label>
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    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_SurplusDeficitInPlan" xlink:label="SurplusDeficitInPlan" xlink:title="SurplusDeficitInPlan" />
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    <link:label xlink:type="resource" xlink:label="label_SurplusDeficitInPlan_1" xlink:role="http://www.xbrl.org/2009/role/negatedTotalLabel" xlink:title="label_SurplusDeficitInPlan_1" xml:lang="en-US" id="label_SurplusDeficitInPlan_1">Liability</link:label>
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    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_ActuarialAssumptionOfExpectedRatesOfSalaryIncreases" xlink:label="ActuarialAssumptionOfExpectedRatesOfSalaryIncreases" xlink:title="ActuarialAssumptionOfExpectedRatesOfSalaryIncreases" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ActuarialAssumptionOfExpectedRatesOfSalaryIncreases" xlink:to="label_ActuarialAssumptionOfExpectedRatesOfSalaryIncreases" xlink:title="Label : ActuarialAssumptionOfExpectedRatesOfSalaryIncreases to label_ActuarialAssumptionOfExpectedRatesOfSalaryIncreases" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_FairValueOfFundedPostemploymentBenefitsMember" xlink:label="FairValueOfFundedPostemploymentBenefitsMember" xlink:title="FairValueOfFundedPostemploymentBenefitsMember" />
    <link:label xlink:type="resource" xlink:label="label_FairValueOfFundedPostemploymentBenefitsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_FairValueOfFundedPostemploymentBenefitsMember" xml:lang="en-US" id="label_FairValueOfFundedPostemploymentBenefitsMember">Fair value of funded post-employment benefits [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FairValueOfFundedPostemploymentBenefitsMember" xlink:to="label_FairValueOfFundedPostemploymentBenefitsMember" xlink:title="Label : FairValueOfFundedPostemploymentBenefitsMember to label_FairValueOfFundedPostemploymentBenefitsMember" />
    <link:label xlink:type="resource" xlink:label="label_FairValueOfFundedPostemploymentBenefitsMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_FairValueOfFundedPostemploymentBenefitsMember_1" xml:lang="en-US" id="label_FairValueOfFundedPostemploymentBenefitsMember_1">This member stands for the fair value of funded post-employment benefits.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FairValueOfFundedPostemploymentBenefitsMember" xlink:to="label_FairValueOfFundedPostemploymentBenefitsMember_1" xlink:title="Label : FairValueOfFundedPostemploymentBenefitsMember to label_FairValueOfFundedPostemploymentBenefitsMember_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_ReturnOnPlanAssetsNetDefinedBenefitLiabilityAsset" xlink:label="ReturnOnPlanAssetsNetDefinedBenefitLiabilityAsset" xlink:title="ReturnOnPlanAssetsNetDefinedBenefitLiabilityAsset" />
    <link:label xlink:type="resource" xlink:label="label_ReturnOnPlanAssetsNetDefinedBenefitLiabilityAsset" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ReturnOnPlanAssetsNetDefinedBenefitLiabilityAsset" xml:lang="en-US" id="label_ReturnOnPlanAssetsNetDefinedBenefitLiabilityAsset">ifrs-full_ReturnOnPlanAssetsNetDefinedBenefitLiabilityAsset</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ReturnOnPlanAssetsNetDefinedBenefitLiabilityAsset" xlink:to="label_ReturnOnPlanAssetsNetDefinedBenefitLiabilityAsset" xlink:title="Label : ReturnOnPlanAssetsNetDefinedBenefitLiabilityAsset to label_ReturnOnPlanAssetsNetDefinedBenefitLiabilityAsset" />
    <link:label xlink:type="resource" xlink:label="label_ReturnOnPlanAssetsNetDefinedBenefitLiabilityAsset_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ReturnOnPlanAssetsNetDefinedBenefitLiabilityAsset_1" xml:lang="en-US" id="label_ReturnOnPlanAssetsNetDefinedBenefitLiabilityAsset_1">Return on plan assets</link:label>
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    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_ActuarialGainsLossesArisingFromExperienceAdjustmentsNetDefinedBenefitLiabilityAsset" xlink:label="ActuarialGainsLossesArisingFromExperienceAdjustmentsNetDefinedBenefitLiabilityAsset" xlink:title="ActuarialGainsLossesArisingFromExperienceAdjustmentsNetDefinedBenefitLiabilityAsset" />
    <link:label xlink:type="resource" xlink:label="label_ActuarialGainsLossesArisingFromExperienceAdjustmentsNetDefinedBenefitLiabilityAsset" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ActuarialGainsLossesArisingFromExperienceAdjustmentsNetDefinedBenefitLiabilityAsset" xml:lang="en-US" id="label_ActuarialGainsLossesArisingFromExperienceAdjustmentsNetDefinedBenefitLiabilityAsset">ifrs-full_ActuarialGainsLossesArisingFromExperienceAdjustmentsNetDefinedBenefitLiabilityAsset</link:label>
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    <link:label xlink:type="resource" xlink:label="label_ActuarialGainsLossesArisingFromExperienceAdjustmentsNetDefinedBenefitLiabilityAsset_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ActuarialGainsLossesArisingFromExperienceAdjustmentsNetDefinedBenefitLiabilityAsset_1" xml:lang="en-US" id="label_ActuarialGainsLossesArisingFromExperienceAdjustmentsNetDefinedBenefitLiabilityAsset_1">Remeasurements</link:label>
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    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_ContributionsToPlanNetDefinedBenefitLiabilityAsset" xlink:label="ContributionsToPlanNetDefinedBenefitLiabilityAsset" xlink:title="ContributionsToPlanNetDefinedBenefitLiabilityAsset" />
    <link:label xlink:type="resource" xlink:label="label_ContributionsToPlanNetDefinedBenefitLiabilityAsset" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ContributionsToPlanNetDefinedBenefitLiabilityAsset" xml:lang="en-US" id="label_ContributionsToPlanNetDefinedBenefitLiabilityAsset">ifrs-full_ContributionsToPlanNetDefinedBenefitLiabilityAsset</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ContributionsToPlanNetDefinedBenefitLiabilityAsset" xlink:to="label_ContributionsToPlanNetDefinedBenefitLiabilityAsset" xlink:title="Label : ContributionsToPlanNetDefinedBenefitLiabilityAsset to label_ContributionsToPlanNetDefinedBenefitLiabilityAsset" />
    <link:label xlink:type="resource" xlink:label="label_ContributionsToPlanNetDefinedBenefitLiabilityAsset_1" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:title="label_ContributionsToPlanNetDefinedBenefitLiabilityAsset_1" xml:lang="en-US" id="label_ContributionsToPlanNetDefinedBenefitLiabilityAsset_1">Contributions paid to the plan</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ContributionsToPlanNetDefinedBenefitLiabilityAsset" xlink:to="label_ContributionsToPlanNetDefinedBenefitLiabilityAsset_1" xlink:title="Label : ContributionsToPlanNetDefinedBenefitLiabilityAsset to label_ContributionsToPlanNetDefinedBenefitLiabilityAsset_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_EquityInstrumentsPercentContributedToFairValueOfPlanAssets" xlink:label="EquityInstrumentsPercentContributedToFairValueOfPlanAssets" xlink:title="EquityInstrumentsPercentContributedToFairValueOfPlanAssets" />
    <link:label xlink:type="resource" xlink:label="label_EquityInstrumentsPercentContributedToFairValueOfPlanAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EquityInstrumentsPercentContributedToFairValueOfPlanAssets" xml:lang="en-US" id="label_EquityInstrumentsPercentContributedToFairValueOfPlanAssets">ts_EquityInstrumentsPercentContributedToFairValueOfPlanAssets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EquityInstrumentsPercentContributedToFairValueOfPlanAssets" xlink:to="label_EquityInstrumentsPercentContributedToFairValueOfPlanAssets" xlink:title="Label : EquityInstrumentsPercentContributedToFairValueOfPlanAssets to label_EquityInstrumentsPercentContributedToFairValueOfPlanAssets" />
    <link:label xlink:type="resource" xlink:label="label_EquityInstrumentsPercentContributedToFairValueOfPlanAssets_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_EquityInstrumentsPercentContributedToFairValueOfPlanAssets_1" xml:lang="en-US" id="label_EquityInstrumentsPercentContributedToFairValueOfPlanAssets_1">Equity instruments</link:label>
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    <link:label xlink:type="resource" xlink:label="label_EquityInstrumentsPercentContributedToFairValueOfPlanAssets_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_EquityInstrumentsPercentContributedToFairValueOfPlanAssets_2" xml:lang="en-US" id="label_EquityInstrumentsPercentContributedToFairValueOfPlanAssets_2">The percent that instruments representing equity (rather than debt) constitute of the fair value of defined benefit plan assets.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EquityInstrumentsPercentContributedToFairValueOfPlanAssets" xlink:to="label_EquityInstrumentsPercentContributedToFairValueOfPlanAssets_2" xlink:title="Label : EquityInstrumentsPercentContributedToFairValueOfPlanAssets to label_EquityInstrumentsPercentContributedToFairValueOfPlanAssets_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_DebtInstrumentsPercentContributedToFairValueOfPlanAssets" xlink:label="DebtInstrumentsPercentContributedToFairValueOfPlanAssets" xlink:title="DebtInstrumentsPercentContributedToFairValueOfPlanAssets" />
    <link:label xlink:type="resource" xlink:label="label_DebtInstrumentsPercentContributedToFairValueOfPlanAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DebtInstrumentsPercentContributedToFairValueOfPlanAssets" xml:lang="en-US" id="label_DebtInstrumentsPercentContributedToFairValueOfPlanAssets">ts_DebtInstrumentsPercentContributedToFairValueOfPlanAssets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DebtInstrumentsPercentContributedToFairValueOfPlanAssets" xlink:to="label_DebtInstrumentsPercentContributedToFairValueOfPlanAssets" xlink:title="Label : DebtInstrumentsPercentContributedToFairValueOfPlanAssets to label_DebtInstrumentsPercentContributedToFairValueOfPlanAssets" />
    <link:label xlink:type="resource" xlink:label="label_DebtInstrumentsPercentContributedToFairValueOfPlanAssets_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DebtInstrumentsPercentContributedToFairValueOfPlanAssets_1" xml:lang="en-US" id="label_DebtInstrumentsPercentContributedToFairValueOfPlanAssets_1">Debt instruments</link:label>
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    <link:label xlink:type="resource" xlink:label="label_DebtInstrumentsPercentContributedToFairValueOfPlanAssets_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DebtInstrumentsPercentContributedToFairValueOfPlanAssets_2" xml:lang="en-US" id="label_DebtInstrumentsPercentContributedToFairValueOfPlanAssets_2">The percent that instruments representing debt (rather than equity) constitute of the fair value of defined benefit plan assets.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DebtInstrumentsPercentContributedToFairValueOfPlanAssets" xlink:to="label_DebtInstrumentsPercentContributedToFairValueOfPlanAssets_2" xlink:title="Label : DebtInstrumentsPercentContributedToFairValueOfPlanAssets to label_DebtInstrumentsPercentContributedToFairValueOfPlanAssets_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_OtherAssetsPercentContributedToFairValueOfPlanAssets" xlink:label="OtherAssetsPercentContributedToFairValueOfPlanAssets" xlink:title="OtherAssetsPercentContributedToFairValueOfPlanAssets" />
    <link:label xlink:type="resource" xlink:label="label_OtherAssetsPercentContributedToFairValueOfPlanAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OtherAssetsPercentContributedToFairValueOfPlanAssets" xml:lang="en-US" id="label_OtherAssetsPercentContributedToFairValueOfPlanAssets">ts_OtherAssetsPercentContributedToFairValueOfPlanAssets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherAssetsPercentContributedToFairValueOfPlanAssets" xlink:to="label_OtherAssetsPercentContributedToFairValueOfPlanAssets" xlink:title="Label : OtherAssetsPercentContributedToFairValueOfPlanAssets to label_OtherAssetsPercentContributedToFairValueOfPlanAssets" />
    <link:label xlink:type="resource" xlink:label="label_OtherAssetsPercentContributedToFairValueOfPlanAssets_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_OtherAssetsPercentContributedToFairValueOfPlanAssets_1" xml:lang="en-US" id="label_OtherAssetsPercentContributedToFairValueOfPlanAssets_1">Others</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherAssetsPercentContributedToFairValueOfPlanAssets" xlink:to="label_OtherAssetsPercentContributedToFairValueOfPlanAssets_1" xlink:title="Label : OtherAssetsPercentContributedToFairValueOfPlanAssets to label_OtherAssetsPercentContributedToFairValueOfPlanAssets_1" />
    <link:label xlink:type="resource" xlink:label="label_OtherAssetsPercentContributedToFairValueOfPlanAssets_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_OtherAssetsPercentContributedToFairValueOfPlanAssets_2" xml:lang="en-US" id="label_OtherAssetsPercentContributedToFairValueOfPlanAssets_2">The percent that other types of assets not separately disclosed constitute of the fair value of defined benefit plan assets.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherAssetsPercentContributedToFairValueOfPlanAssets" xlink:to="label_OtherAssetsPercentContributedToFairValueOfPlanAssets_2" xlink:title="Label : OtherAssetsPercentContributedToFairValueOfPlanAssets to label_OtherAssetsPercentContributedToFairValueOfPlanAssets_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_CurrentEmployeeRelatedLiabilities" xlink:label="CurrentEmployeeRelatedLiabilities" xlink:title="CurrentEmployeeRelatedLiabilities" />
    <link:label xlink:type="resource" xlink:label="label_CurrentEmployeeRelatedLiabilities" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_CurrentEmployeeRelatedLiabilities" xml:lang="en-US" id="label_CurrentEmployeeRelatedLiabilities">Payroll and social security payable</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentEmployeeRelatedLiabilities" xlink:to="label_CurrentEmployeeRelatedLiabilities" xlink:title="Label : CurrentEmployeeRelatedLiabilities to label_CurrentEmployeeRelatedLiabilities" />
    <link:label xlink:type="resource" xlink:label="label_CurrentEmployeeRelatedLiabilities_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CurrentEmployeeRelatedLiabilities_1" xml:lang="en-US" id="label_CurrentEmployeeRelatedLiabilities_1">ts_CurrentEmployeeRelatedLiabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentEmployeeRelatedLiabilities" xlink:to="label_CurrentEmployeeRelatedLiabilities_1" xlink:title="Label : CurrentEmployeeRelatedLiabilities to label_CurrentEmployeeRelatedLiabilities_1" />
    <link:label xlink:type="resource" xlink:label="label_CurrentEmployeeRelatedLiabilities_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CurrentEmployeeRelatedLiabilities_2" xml:lang="en-US" id="label_CurrentEmployeeRelatedLiabilities_2">The amount of current employee related liabilities.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentEmployeeRelatedLiabilities" xlink:to="label_CurrentEmployeeRelatedLiabilities_2" xlink:title="Label : CurrentEmployeeRelatedLiabilities to label_CurrentEmployeeRelatedLiabilities_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_OtherCurrentMiscellaneousLiabilities" xlink:label="OtherCurrentMiscellaneousLiabilities" xlink:title="OtherCurrentMiscellaneousLiabilities" />
    <link:label xlink:type="resource" xlink:label="label_OtherCurrentMiscellaneousLiabilities" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_OtherCurrentMiscellaneousLiabilities" xml:lang="en-US" id="label_OtherCurrentMiscellaneousLiabilities">Miscellaneous</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherCurrentMiscellaneousLiabilities" xlink:to="label_OtherCurrentMiscellaneousLiabilities" xlink:title="Label : OtherCurrentMiscellaneousLiabilities to label_OtherCurrentMiscellaneousLiabilities" />
    <link:label xlink:type="resource" xlink:label="label_OtherCurrentMiscellaneousLiabilities_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OtherCurrentMiscellaneousLiabilities_1" xml:lang="en-US" id="label_OtherCurrentMiscellaneousLiabilities_1">ts_OtherCurrentMiscellaneousLiabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherCurrentMiscellaneousLiabilities" xlink:to="label_OtherCurrentMiscellaneousLiabilities_1" xlink:title="Label : OtherCurrentMiscellaneousLiabilities to label_OtherCurrentMiscellaneousLiabilities_1" />
    <link:label xlink:type="resource" xlink:label="label_OtherCurrentMiscellaneousLiabilities_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_OtherCurrentMiscellaneousLiabilities_2" xml:lang="en-US" id="label_OtherCurrentMiscellaneousLiabilities_2">The amount of other current miscellaneous liabilities.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherCurrentMiscellaneousLiabilities" xlink:to="label_OtherCurrentMiscellaneousLiabilities_2" xlink:title="Label : OtherCurrentMiscellaneousLiabilities to label_OtherCurrentMiscellaneousLiabilities_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_NoncurrentAllowanceForReceivablesMember" xlink:label="NoncurrentAllowanceForReceivablesMember" xlink:title="NoncurrentAllowanceForReceivablesMember" />
    <link:label xlink:type="resource" xlink:label="label_NoncurrentAllowanceForReceivablesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NoncurrentAllowanceForReceivablesMember" xml:lang="en-US" id="label_NoncurrentAllowanceForReceivablesMember">Non-current allowance for receivables [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncurrentAllowanceForReceivablesMember" xlink:to="label_NoncurrentAllowanceForReceivablesMember" xlink:title="Label : NoncurrentAllowanceForReceivablesMember to label_NoncurrentAllowanceForReceivablesMember" />
    <link:label xlink:type="resource" xlink:label="label_NoncurrentAllowanceForReceivablesMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_NoncurrentAllowanceForReceivablesMember_1" xml:lang="en-US" id="label_NoncurrentAllowanceForReceivablesMember_1">Represents the non-current allowance for receivables.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncurrentAllowanceForReceivablesMember" xlink:to="label_NoncurrentAllowanceForReceivablesMember_1" xlink:title="Label : NoncurrentAllowanceForReceivablesMember to label_NoncurrentAllowanceForReceivablesMember_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesOtherProvisions" xlink:label="IncreaseDecreaseThroughNetExchangeDifferencesOtherProvisions" xlink:title="IncreaseDecreaseThroughNetExchangeDifferencesOtherProvisions" />
    <link:label xlink:type="resource" xlink:label="label_IncreaseDecreaseThroughNetExchangeDifferencesOtherProvisions" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IncreaseDecreaseThroughNetExchangeDifferencesOtherProvisions" xml:lang="en-US" id="label_IncreaseDecreaseThroughNetExchangeDifferencesOtherProvisions">Translation differences</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseThroughNetExchangeDifferencesOtherProvisions" xlink:to="label_IncreaseDecreaseThroughNetExchangeDifferencesOtherProvisions" xlink:title="Label : IncreaseDecreaseThroughNetExchangeDifferencesOtherProvisions to label_IncreaseDecreaseThroughNetExchangeDifferencesOtherProvisions" />
    <link:label xlink:type="resource" xlink:label="label_IncreaseDecreaseThroughNetExchangeDifferencesOtherProvisions_1" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_IncreaseDecreaseThroughNetExchangeDifferencesOtherProvisions_1" xml:lang="en-US" id="label_IncreaseDecreaseThroughNetExchangeDifferencesOtherProvisions_1">Translation differences</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseThroughNetExchangeDifferencesOtherProvisions" xlink:to="label_IncreaseDecreaseThroughNetExchangeDifferencesOtherProvisions_1" xlink:title="Label : IncreaseDecreaseThroughNetExchangeDifferencesOtherProvisions to label_IncreaseDecreaseThroughNetExchangeDifferencesOtherProvisions_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_ProvisionUsedOtherProvisions" xlink:label="ProvisionUsedOtherProvisions" xlink:title="ProvisionUsedOtherProvisions" />
    <link:label xlink:type="resource" xlink:label="label_ProvisionUsedOtherProvisions" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ProvisionUsedOtherProvisions" xml:lang="en-US" id="label_ProvisionUsedOtherProvisions">Used</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProvisionUsedOtherProvisions" xlink:to="label_ProvisionUsedOtherProvisions" xlink:title="Label : ProvisionUsedOtherProvisions to label_ProvisionUsedOtherProvisions" />
    <link:label xlink:type="resource" xlink:label="label_ProvisionUsedOtherProvisions_1" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_ProvisionUsedOtherProvisions_1" xml:lang="en-US" id="label_ProvisionUsedOtherProvisions_1">Used</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProvisionUsedOtherProvisions" xlink:to="label_ProvisionUsedOtherProvisions_1" xlink:title="Label : ProvisionUsedOtherProvisions to label_ProvisionUsedOtherProvisions_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_ProvisionForNoncurrentLiabilitiesMember" xlink:label="ProvisionForNoncurrentLiabilitiesMember" xlink:title="ProvisionForNoncurrentLiabilitiesMember" />
    <link:label xlink:type="resource" xlink:label="label_ProvisionForNoncurrentLiabilitiesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ProvisionForNoncurrentLiabilitiesMember" xml:lang="en-US" id="label_ProvisionForNoncurrentLiabilitiesMember">Provision for non-current liabilities [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProvisionForNoncurrentLiabilitiesMember" xlink:to="label_ProvisionForNoncurrentLiabilitiesMember" xlink:title="Label : ProvisionForNoncurrentLiabilitiesMember to label_ProvisionForNoncurrentLiabilitiesMember" />
    <link:label xlink:type="resource" xlink:label="label_ProvisionForNoncurrentLiabilitiesMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ProvisionForNoncurrentLiabilitiesMember_1" xml:lang="en-US" id="label_ProvisionForNoncurrentLiabilitiesMember_1">Represents the provision for non-current liabilities.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProvisionForNoncurrentLiabilitiesMember" xlink:to="label_ProvisionForNoncurrentLiabilitiesMember_1" xlink:title="Label : ProvisionForNoncurrentLiabilitiesMember to label_ProvisionForNoncurrentLiabilitiesMember_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_AdditionalProvisionsOtherProvisions" xlink:label="AdditionalProvisionsOtherProvisions" xlink:title="AdditionalProvisionsOtherProvisions" />
    <link:label xlink:type="resource" xlink:label="label_AdditionalProvisionsOtherProvisions" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AdditionalProvisionsOtherProvisions" xml:lang="en-US" id="label_AdditionalProvisionsOtherProvisions">Additional provisions</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdditionalProvisionsOtherProvisions" xlink:to="label_AdditionalProvisionsOtherProvisions" xlink:title="Label : AdditionalProvisionsOtherProvisions to label_AdditionalProvisionsOtherProvisions" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_IncreaseDecreaseThroughTransfersAndOtherChangesOtherProvisions" xlink:label="IncreaseDecreaseThroughTransfersAndOtherChangesOtherProvisions" xlink:title="IncreaseDecreaseThroughTransfersAndOtherChangesOtherProvisions" />
    <link:label xlink:type="resource" xlink:label="label_IncreaseDecreaseThroughTransfersAndOtherChangesOtherProvisions" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IncreaseDecreaseThroughTransfersAndOtherChangesOtherProvisions" xml:lang="en-US" id="label_IncreaseDecreaseThroughTransfersAndOtherChangesOtherProvisions">Reclassifications</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseThroughTransfersAndOtherChangesOtherProvisions" xlink:to="label_IncreaseDecreaseThroughTransfersAndOtherChangesOtherProvisions" xlink:title="Label : IncreaseDecreaseThroughTransfersAndOtherChangesOtherProvisions to label_IncreaseDecreaseThroughTransfersAndOtherChangesOtherProvisions" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_AllowanceForOtherDoubtfulAccountsOtherReceivablesMember" xlink:label="AllowanceForOtherDoubtfulAccountsOtherReceivablesMember" xlink:title="AllowanceForOtherDoubtfulAccountsOtherReceivablesMember" />
    <link:label xlink:type="resource" xlink:label="label_AllowanceForOtherDoubtfulAccountsOtherReceivablesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AllowanceForOtherDoubtfulAccountsOtherReceivablesMember" xml:lang="en-US" id="label_AllowanceForOtherDoubtfulAccountsOtherReceivablesMember">Allowance for other doubtful accounts - other receivables [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AllowanceForOtherDoubtfulAccountsOtherReceivablesMember" xlink:to="label_AllowanceForOtherDoubtfulAccountsOtherReceivablesMember" xlink:title="Label : AllowanceForOtherDoubtfulAccountsOtherReceivablesMember to label_AllowanceForOtherDoubtfulAccountsOtherReceivablesMember" />
    <link:label xlink:type="resource" xlink:label="label_AllowanceForOtherDoubtfulAccountsOtherReceivablesMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_AllowanceForOtherDoubtfulAccountsOtherReceivablesMember_1" xml:lang="en-US" id="label_AllowanceForOtherDoubtfulAccountsOtherReceivablesMember_1">Represents the allowance for other doubtful accounts attributable to other receivables.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AllowanceForOtherDoubtfulAccountsOtherReceivablesMember" xlink:to="label_AllowanceForOtherDoubtfulAccountsOtherReceivablesMember_1" xlink:title="Label : AllowanceForOtherDoubtfulAccountsOtherReceivablesMember to label_AllowanceForOtherDoubtfulAccountsOtherReceivablesMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_AllowanceForInventoryObsolescenceMember" xlink:label="AllowanceForInventoryObsolescenceMember" xlink:title="AllowanceForInventoryObsolescenceMember" />
    <link:label xlink:type="resource" xlink:label="label_AllowanceForInventoryObsolescenceMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AllowanceForInventoryObsolescenceMember" xml:lang="en-US" id="label_AllowanceForInventoryObsolescenceMember">Allowance for inventory obsolescence [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AllowanceForInventoryObsolescenceMember" xlink:to="label_AllowanceForInventoryObsolescenceMember" xlink:title="Label : AllowanceForInventoryObsolescenceMember to label_AllowanceForInventoryObsolescenceMember" />
    <link:label xlink:type="resource" xlink:label="label_AllowanceForInventoryObsolescenceMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_AllowanceForInventoryObsolescenceMember_1" xml:lang="en-US" id="label_AllowanceForInventoryObsolescenceMember_1">Represents the allowance for inventory obsolescence.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AllowanceForInventoryObsolescenceMember" xlink:to="label_AllowanceForInventoryObsolescenceMember_1" xlink:title="Label : AllowanceForInventoryObsolescenceMember to label_AllowanceForInventoryObsolescenceMember_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_AllowanceAccountForCreditLossesOfFinancialAssets" xlink:label="AllowanceAccountForCreditLossesOfFinancialAssets" xlink:title="AllowanceAccountForCreditLossesOfFinancialAssets" />
    <link:label xlink:type="resource" xlink:label="label_AllowanceAccountForCreditLossesOfFinancialAssets" xlink:role="http://www.xbrl.org/2009/role/negatedPeriodStartLabel" xlink:title="label_AllowanceAccountForCreditLossesOfFinancialAssets" xml:lang="en-US" id="label_AllowanceAccountForCreditLossesOfFinancialAssets">Values at the beginning of the year</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AllowanceAccountForCreditLossesOfFinancialAssets" xlink:to="label_AllowanceAccountForCreditLossesOfFinancialAssets" xlink:title="Label : AllowanceAccountForCreditLossesOfFinancialAssets to label_AllowanceAccountForCreditLossesOfFinancialAssets" />
    <link:label xlink:type="resource" xlink:label="label_AllowanceAccountForCreditLossesOfFinancialAssets_1" xlink:role="http://www.xbrl.org/2009/role/negatedPeriodEndLabel" xlink:title="label_AllowanceAccountForCreditLossesOfFinancialAssets_1" xml:lang="en-US" id="label_AllowanceAccountForCreditLossesOfFinancialAssets_1">Values at the end of the year</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AllowanceAccountForCreditLossesOfFinancialAssets" xlink:to="label_AllowanceAccountForCreditLossesOfFinancialAssets_1" xlink:title="Label : AllowanceAccountForCreditLossesOfFinancialAssets to label_AllowanceAccountForCreditLossesOfFinancialAssets_1" />
    <link:label xlink:type="resource" xlink:label="label_AllowanceAccountForCreditLossesOfFinancialAssets_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AllowanceAccountForCreditLossesOfFinancialAssets_2" xml:lang="en-US" id="label_AllowanceAccountForCreditLossesOfFinancialAssets_2">ifrs-full_AllowanceAccountForCreditLossesOfFinancialAssets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AllowanceAccountForCreditLossesOfFinancialAssets" xlink:to="label_AllowanceAccountForCreditLossesOfFinancialAssets_2" xlink:title="Label : AllowanceAccountForCreditLossesOfFinancialAssets to label_AllowanceAccountForCreditLossesOfFinancialAssets_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_AcquisitionsThroughBusinessCombinationsOtherProvisions" xlink:label="AcquisitionsThroughBusinessCombinationsOtherProvisions" xlink:title="AcquisitionsThroughBusinessCombinationsOtherProvisions" />
    <link:label xlink:type="resource" xlink:label="label_AcquisitionsThroughBusinessCombinationsOtherProvisions" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AcquisitionsThroughBusinessCombinationsOtherProvisions" xml:lang="en-US" id="label_AcquisitionsThroughBusinessCombinationsOtherProvisions">ifrs-full_AcquisitionsThroughBusinessCombinationsOtherProvisions</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AcquisitionsThroughBusinessCombinationsOtherProvisions" xlink:to="label_AcquisitionsThroughBusinessCombinationsOtherProvisions" xlink:title="Label : AcquisitionsThroughBusinessCombinationsOtherProvisions to label_AcquisitionsThroughBusinessCombinationsOtherProvisions" />
    <link:label xlink:type="resource" xlink:label="label_AcquisitionsThroughBusinessCombinationsOtherProvisions_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_AcquisitionsThroughBusinessCombinationsOtherProvisions_1" xml:lang="en-US" id="label_AcquisitionsThroughBusinessCombinationsOtherProvisions_1">Increase due to business combinations</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AcquisitionsThroughBusinessCombinationsOtherProvisions" xlink:to="label_AcquisitionsThroughBusinessCombinationsOtherProvisions_1" xlink:title="Label : AcquisitionsThroughBusinessCombinationsOtherProvisions to label_AcquisitionsThroughBusinessCombinationsOtherProvisions_1" />
    <link:label xlink:type="resource" xlink:label="label_AcquisitionsThroughBusinessCombinationsOtherProvisions_2" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:title="label_AcquisitionsThroughBusinessCombinationsOtherProvisions_2" xml:lang="en-US" id="label_AcquisitionsThroughBusinessCombinationsOtherProvisions_2">Increase due to business combinations</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AcquisitionsThroughBusinessCombinationsOtherProvisions" xlink:to="label_AcquisitionsThroughBusinessCombinationsOtherProvisions_2" xlink:title="Label : AcquisitionsThroughBusinessCombinationsOtherProvisions to label_AcquisitionsThroughBusinessCombinationsOtherProvisions_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_IncreaseDecreaseThroughReversalsAndAdditionalAllowances" xlink:label="IncreaseDecreaseThroughReversalsAndAdditionalAllowances" xlink:title="IncreaseDecreaseThroughReversalsAndAdditionalAllowances" />
    <link:label xlink:type="resource" xlink:label="label_IncreaseDecreaseThroughReversalsAndAdditionalAllowances" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_IncreaseDecreaseThroughReversalsAndAdditionalAllowances" xml:lang="en-US" id="label_IncreaseDecreaseThroughReversalsAndAdditionalAllowances">The increase (decrease) through reversals and (additional) allowances.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseThroughReversalsAndAdditionalAllowances" xlink:to="label_IncreaseDecreaseThroughReversalsAndAdditionalAllowances" xlink:title="Label : IncreaseDecreaseThroughReversalsAndAdditionalAllowances to label_IncreaseDecreaseThroughReversalsAndAdditionalAllowances" />
    <link:label xlink:type="resource" xlink:label="label_IncreaseDecreaseThroughReversalsAndAdditionalAllowances_1" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_IncreaseDecreaseThroughReversalsAndAdditionalAllowances_1" xml:lang="en-US" id="label_IncreaseDecreaseThroughReversalsAndAdditionalAllowances_1">(Additional) / reversals allowances</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseThroughReversalsAndAdditionalAllowances" xlink:to="label_IncreaseDecreaseThroughReversalsAndAdditionalAllowances_1" xlink:title="Label : IncreaseDecreaseThroughReversalsAndAdditionalAllowances to label_IncreaseDecreaseThroughReversalsAndAdditionalAllowances_1" />
    <link:label xlink:type="resource" xlink:label="label_IncreaseDecreaseThroughReversalsAndAdditionalAllowances_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IncreaseDecreaseThroughReversalsAndAdditionalAllowances_2" xml:lang="en-US" id="label_IncreaseDecreaseThroughReversalsAndAdditionalAllowances_2">ts_IncreaseDecreaseThroughReversalsAndAdditionalAllowances</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseThroughReversalsAndAdditionalAllowances" xlink:to="label_IncreaseDecreaseThroughReversalsAndAdditionalAllowances_2" xlink:title="Label : IncreaseDecreaseThroughReversalsAndAdditionalAllowances to label_IncreaseDecreaseThroughReversalsAndAdditionalAllowances_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_UtilisationAllowanceAccountForCreditLossesOfFinancialAssets" xlink:label="UtilisationAllowanceAccountForCreditLossesOfFinancialAssets" xlink:title="UtilisationAllowanceAccountForCreditLossesOfFinancialAssets" />
    <link:label xlink:type="resource" xlink:label="label_UtilisationAllowanceAccountForCreditLossesOfFinancialAssets" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_UtilisationAllowanceAccountForCreditLossesOfFinancialAssets" xml:lang="en-US" id="label_UtilisationAllowanceAccountForCreditLossesOfFinancialAssets">Used</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="UtilisationAllowanceAccountForCreditLossesOfFinancialAssets" xlink:to="label_UtilisationAllowanceAccountForCreditLossesOfFinancialAssets" xlink:title="Label : UtilisationAllowanceAccountForCreditLossesOfFinancialAssets to label_UtilisationAllowanceAccountForCreditLossesOfFinancialAssets" />
    <link:label xlink:type="resource" xlink:label="label_UtilisationAllowanceAccountForCreditLossesOfFinancialAssets_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_UtilisationAllowanceAccountForCreditLossesOfFinancialAssets_1" xml:lang="en-US" id="label_UtilisationAllowanceAccountForCreditLossesOfFinancialAssets_1">ifrs-full_UtilisationAllowanceAccountForCreditLossesOfFinancialAssets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="UtilisationAllowanceAccountForCreditLossesOfFinancialAssets" xlink:to="label_UtilisationAllowanceAccountForCreditLossesOfFinancialAssets_1" xlink:title="Label : UtilisationAllowanceAccountForCreditLossesOfFinancialAssets to label_UtilisationAllowanceAccountForCreditLossesOfFinancialAssets_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_IncreaseDecreaseDueToEffectOfAdoptionOfNewAccountingStandardsOtherProvisions" xlink:label="IncreaseDecreaseDueToEffectOfAdoptionOfNewAccountingStandardsOtherProvisions" xlink:title="IncreaseDecreaseDueToEffectOfAdoptionOfNewAccountingStandardsOtherProvisions" />
    <link:label xlink:type="resource" xlink:label="label_IncreaseDecreaseDueToEffectOfAdoptionOfNewAccountingStandardsOtherProvisions" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IncreaseDecreaseDueToEffectOfAdoptionOfNewAccountingStandardsOtherProvisions" xml:lang="en-US" id="label_IncreaseDecreaseDueToEffectOfAdoptionOfNewAccountingStandardsOtherProvisions">ts_IncreaseDecreaseDueToEffectOfAdoptionOfNewAccountingStandardsOtherProvisions</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseDueToEffectOfAdoptionOfNewAccountingStandardsOtherProvisions" xlink:to="label_IncreaseDecreaseDueToEffectOfAdoptionOfNewAccountingStandardsOtherProvisions" xlink:title="Label : IncreaseDecreaseDueToEffectOfAdoptionOfNewAccountingStandardsOtherProvisions to label_IncreaseDecreaseDueToEffectOfAdoptionOfNewAccountingStandardsOtherProvisions" />
    <link:label xlink:type="resource" xlink:label="label_IncreaseDecreaseDueToEffectOfAdoptionOfNewAccountingStandardsOtherProvisions_1" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:title="label_IncreaseDecreaseDueToEffectOfAdoptionOfNewAccountingStandardsOtherProvisions_1" xml:lang="en-US" id="label_IncreaseDecreaseDueToEffectOfAdoptionOfNewAccountingStandardsOtherProvisions_1">Effect of adoption of new standards</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseDueToEffectOfAdoptionOfNewAccountingStandardsOtherProvisions" xlink:to="label_IncreaseDecreaseDueToEffectOfAdoptionOfNewAccountingStandardsOtherProvisions_1" xlink:title="Label : IncreaseDecreaseDueToEffectOfAdoptionOfNewAccountingStandardsOtherProvisions to label_IncreaseDecreaseDueToEffectOfAdoptionOfNewAccountingStandardsOtherProvisions_1" />
    <link:label xlink:type="resource" xlink:label="label_IncreaseDecreaseDueToEffectOfAdoptionOfNewAccountingStandardsOtherProvisions_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_IncreaseDecreaseDueToEffectOfAdoptionOfNewAccountingStandardsOtherProvisions_2" xml:lang="en-US" id="label_IncreaseDecreaseDueToEffectOfAdoptionOfNewAccountingStandardsOtherProvisions_2">The amount of increase (decrease) due to the effect of adoption of new accounting standards, of other provisions.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseDueToEffectOfAdoptionOfNewAccountingStandardsOtherProvisions" xlink:to="label_IncreaseDecreaseDueToEffectOfAdoptionOfNewAccountingStandardsOtherProvisions_2" xlink:title="Label : IncreaseDecreaseDueToEffectOfAdoptionOfNewAccountingStandardsOtherProvisions to label_IncreaseDecreaseDueToEffectOfAdoptionOfNewAccountingStandardsOtherProvisions_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_IncreaseDecreaseAdditionalAllowancesOtherProvisions" xlink:label="IncreaseDecreaseAdditionalAllowancesOtherProvisions" xlink:title="IncreaseDecreaseAdditionalAllowancesOtherProvisions" />
    <link:label xlink:type="resource" xlink:label="label_IncreaseDecreaseAdditionalAllowancesOtherProvisions" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_IncreaseDecreaseAdditionalAllowancesOtherProvisions" xml:lang="en-US" id="label_IncreaseDecreaseAdditionalAllowancesOtherProvisions">The amount of increase (decrease) due to additional allowances, of other provisions.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseAdditionalAllowancesOtherProvisions" xlink:to="label_IncreaseDecreaseAdditionalAllowancesOtherProvisions" xlink:title="Label : IncreaseDecreaseAdditionalAllowancesOtherProvisions to label_IncreaseDecreaseAdditionalAllowancesOtherProvisions" />
    <link:label xlink:type="resource" xlink:label="label_IncreaseDecreaseAdditionalAllowancesOtherProvisions_1" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_IncreaseDecreaseAdditionalAllowancesOtherProvisions_1" xml:lang="en-US" id="label_IncreaseDecreaseAdditionalAllowancesOtherProvisions_1">(Additional) allowances</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseAdditionalAllowancesOtherProvisions" xlink:to="label_IncreaseDecreaseAdditionalAllowancesOtherProvisions_1" xlink:title="Label : IncreaseDecreaseAdditionalAllowancesOtherProvisions to label_IncreaseDecreaseAdditionalAllowancesOtherProvisions_1" />
    <link:label xlink:type="resource" xlink:label="label_IncreaseDecreaseAdditionalAllowancesOtherProvisions_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IncreaseDecreaseAdditionalAllowancesOtherProvisions_2" xml:lang="en-US" id="label_IncreaseDecreaseAdditionalAllowancesOtherProvisions_2">ts_IncreaseDecreaseAdditionalAllowancesOtherProvisions</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseAdditionalAllowancesOtherProvisions" xlink:to="label_IncreaseDecreaseAdditionalAllowancesOtherProvisions_2" xlink:title="Label : IncreaseDecreaseAdditionalAllowancesOtherProvisions to label_IncreaseDecreaseAdditionalAllowancesOtherProvisions_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_SalesRisksMember" xlink:label="SalesRisksMember" xlink:title="SalesRisksMember" />
    <link:label xlink:type="resource" xlink:label="label_SalesRisksMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SalesRisksMember" xml:lang="en-US" id="label_SalesRisksMember">Sales risks [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SalesRisksMember" xlink:to="label_SalesRisksMember" xlink:title="Label : SalesRisksMember to label_SalesRisksMember" />
    <link:label xlink:type="resource" xlink:label="label_SalesRisksMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_SalesRisksMember_1" xml:lang="en-US" id="label_SalesRisksMember_1">Represents the sales risks provision.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SalesRisksMember" xlink:to="label_SalesRisksMember_1" xlink:title="Label : SalesRisksMember to label_SalesRisksMember_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_MiscellaneousOtherProvisionsMember" xlink:label="MiscellaneousOtherProvisionsMember" xlink:title="MiscellaneousOtherProvisionsMember" />
    <link:label xlink:type="resource" xlink:label="label_MiscellaneousOtherProvisionsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_MiscellaneousOtherProvisionsMember" xml:lang="en-US" id="label_MiscellaneousOtherProvisionsMember">Miscellaneous other provisions [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MiscellaneousOtherProvisionsMember" xlink:to="label_MiscellaneousOtherProvisionsMember" xlink:title="Label : MiscellaneousOtherProvisionsMember to label_MiscellaneousOtherProvisionsMember" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_ProvisionsForCurrentLiabilitiesMember" xlink:label="ProvisionsForCurrentLiabilitiesMember" xlink:title="ProvisionsForCurrentLiabilitiesMember" />
    <link:label xlink:type="resource" xlink:label="label_ProvisionsForCurrentLiabilitiesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ProvisionsForCurrentLiabilitiesMember" xml:lang="en-US" id="label_ProvisionsForCurrentLiabilitiesMember">Provision for current liabilities [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProvisionsForCurrentLiabilitiesMember" xlink:to="label_ProvisionsForCurrentLiabilitiesMember" xlink:title="Label : ProvisionsForCurrentLiabilitiesMember to label_ProvisionsForCurrentLiabilitiesMember" />
    <link:label xlink:type="resource" xlink:label="label_ProvisionsForCurrentLiabilitiesMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ProvisionsForCurrentLiabilitiesMember_1" xml:lang="en-US" id="label_ProvisionsForCurrentLiabilitiesMember_1">Represents the provision for current liabilities.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProvisionsForCurrentLiabilitiesMember" xlink:to="label_ProvisionsForCurrentLiabilitiesMember_1" xlink:title="Label : ProvisionsForCurrentLiabilitiesMember to label_ProvisionsForCurrentLiabilitiesMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_AdditionalProvisionsOtherProvisionsReversals" xlink:label="AdditionalProvisionsOtherProvisionsReversals" xlink:title="AdditionalProvisionsOtherProvisionsReversals" />
    <link:label xlink:type="resource" xlink:label="label_AdditionalProvisionsOtherProvisionsReversals" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_AdditionalProvisionsOtherProvisionsReversals" xml:lang="en-US" id="label_AdditionalProvisionsOtherProvisionsReversals">The amount of additional other provisions (reversals) made.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdditionalProvisionsOtherProvisionsReversals" xlink:to="label_AdditionalProvisionsOtherProvisionsReversals" xlink:title="Label : AdditionalProvisionsOtherProvisionsReversals to label_AdditionalProvisionsOtherProvisionsReversals" />
    <link:label xlink:type="resource" xlink:label="label_AdditionalProvisionsOtherProvisionsReversals_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_AdditionalProvisionsOtherProvisionsReversals_1" xml:lang="en-US" id="label_AdditionalProvisionsOtherProvisionsReversals_1">Additional / (reversals) provisions</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdditionalProvisionsOtherProvisionsReversals" xlink:to="label_AdditionalProvisionsOtherProvisionsReversals_1" xlink:title="Label : AdditionalProvisionsOtherProvisionsReversals to label_AdditionalProvisionsOtherProvisionsReversals_1" />
    <link:label xlink:type="resource" xlink:label="label_AdditionalProvisionsOtherProvisionsReversals_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AdditionalProvisionsOtherProvisionsReversals_2" xml:lang="en-US" id="label_AdditionalProvisionsOtherProvisionsReversals_2">ts_AdditionalProvisionsOtherProvisionsReversals</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdditionalProvisionsOtherProvisionsReversals" xlink:to="label_AdditionalProvisionsOtherProvisionsReversals_2" xlink:title="Label : AdditionalProvisionsOtherProvisionsReversals to label_AdditionalProvisionsOtherProvisionsReversals_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_FinancialInstrumentsMeasuredAtFairValueThroughProfitOrLossBecauseCreditDerivativeIsUsedToManageCreditRiskAxis" xlink:label="FinancialInstrumentsMeasuredAtFairValueThroughProfitOrLossBecauseCreditDerivativeIsUsedToManageCreditRiskAxis" xlink:title="FinancialInstrumentsMeasuredAtFairValueThroughProfitOrLossBecauseCreditDerivativeIsUsedToManageCreditRiskAxis" />
    <link:label xlink:type="resource" xlink:label="label_FinancialInstrumentsMeasuredAtFairValueThroughProfitOrLossBecauseCreditDerivativeIsUsedToManageCreditRiskAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_FinancialInstrumentsMeasuredAtFairValueThroughProfitOrLossBecauseCreditDerivativeIsUsedToManageCreditRiskAxis" xml:lang="en-US" id="label_FinancialInstrumentsMeasuredAtFairValueThroughProfitOrLossBecauseCreditDerivativeIsUsedToManageCreditRiskAxis">Financial instruments measured at fair value through profit or loss because credit derivative is used to manage credit risk [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinancialInstrumentsMeasuredAtFairValueThroughProfitOrLossBecauseCreditDerivativeIsUsedToManageCreditRiskAxis" xlink:to="label_FinancialInstrumentsMeasuredAtFairValueThroughProfitOrLossBecauseCreditDerivativeIsUsedToManageCreditRiskAxis" xlink:title="Label : FinancialInstrumentsMeasuredAtFairValueThroughProfitOrLossBecauseCreditDerivativeIsUsedToManageCreditRiskAxis to label_FinancialInstrumentsMeasuredAtFairValueThroughProfitOrLossBecauseCreditDerivativeIsUsedToManageCreditRiskAxis" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_FinancialInstrumentsMeasuredAtFairValueThroughProfitOrLossBecauseCreditDerivativeIsUsedToManageCreditRiskMember" xlink:label="FinancialInstrumentsMeasuredAtFairValueThroughProfitOrLossBecauseCreditDerivativeIsUsedToManageCreditRiskMember" xlink:title="FinancialInstrumentsMeasuredAtFairValueThroughProfitOrLossBecauseCreditDerivativeIsUsedToManageCreditRiskMember" />
    <link:label xlink:type="resource" xlink:label="label_FinancialInstrumentsMeasuredAtFairValueThroughProfitOrLossBecauseCreditDerivativeIsUsedToManageCreditRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_FinancialInstrumentsMeasuredAtFairValueThroughProfitOrLossBecauseCreditDerivativeIsUsedToManageCreditRiskMember" xml:lang="en-US" id="label_FinancialInstrumentsMeasuredAtFairValueThroughProfitOrLossBecauseCreditDerivativeIsUsedToManageCreditRiskMember">Financial instruments measured at fair value through profit or loss because credit derivative is used to manage credit risk [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinancialInstrumentsMeasuredAtFairValueThroughProfitOrLossBecauseCreditDerivativeIsUsedToManageCreditRiskMember" xlink:to="label_FinancialInstrumentsMeasuredAtFairValueThroughProfitOrLossBecauseCreditDerivativeIsUsedToManageCreditRiskMember" xlink:title="Label : FinancialInstrumentsMeasuredAtFairValueThroughProfitOrLossBecauseCreditDerivativeIsUsedToManageCreditRiskMember to label_FinancialInstrumentsMeasuredAtFairValueThroughProfitOrLossBecauseCreditDerivativeIsUsedToManageCreditRiskMember" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_DerivativesHedgingBorrowingsAndInvestmentsMember" xlink:label="DerivativesHedgingBorrowingsAndInvestmentsMember" xlink:title="DerivativesHedgingBorrowingsAndInvestmentsMember" />
    <link:label xlink:type="resource" xlink:label="label_DerivativesHedgingBorrowingsAndInvestmentsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DerivativesHedgingBorrowingsAndInvestmentsMember" xml:lang="en-US" id="label_DerivativesHedgingBorrowingsAndInvestmentsMember">Derivatives hedging borrowings and investments [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DerivativesHedgingBorrowingsAndInvestmentsMember" xlink:to="label_DerivativesHedgingBorrowingsAndInvestmentsMember" xlink:title="Label : DerivativesHedgingBorrowingsAndInvestmentsMember to label_DerivativesHedgingBorrowingsAndInvestmentsMember" />
    <link:label xlink:type="resource" xlink:label="label_DerivativesHedgingBorrowingsAndInvestmentsMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DerivativesHedgingBorrowingsAndInvestmentsMember_1" xml:lang="en-US" id="label_DerivativesHedgingBorrowingsAndInvestmentsMember_1">Related to derivatives used for hedging borrowings and investments.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DerivativesHedgingBorrowingsAndInvestmentsMember" xlink:to="label_DerivativesHedgingBorrowingsAndInvestmentsMember_1" xlink:title="Label : DerivativesHedgingBorrowingsAndInvestmentsMember to label_DerivativesHedgingBorrowingsAndInvestmentsMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_OtherDerivativesMember" xlink:label="OtherDerivativesMember" xlink:title="OtherDerivativesMember" />
    <link:label xlink:type="resource" xlink:label="label_OtherDerivativesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OtherDerivativesMember" xml:lang="en-US" id="label_OtherDerivativesMember">Other derivatives [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherDerivativesMember" xlink:to="label_OtherDerivativesMember" xlink:title="Label : OtherDerivativesMember to label_OtherDerivativesMember" />
    <link:label xlink:type="resource" xlink:label="label_OtherDerivativesMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_OtherDerivativesMember_1" xml:lang="en-US" id="label_OtherDerivativesMember_1">Related to other derivatives.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherDerivativesMember" xlink:to="label_OtherDerivativesMember_1" xlink:title="Label : OtherDerivativesMember to label_OtherDerivativesMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_DerivativeFinancialAssetsLiabilities" xlink:label="DerivativeFinancialAssetsLiabilities" xlink:title="DerivativeFinancialAssetsLiabilities" />
    <link:label xlink:type="resource" xlink:label="label_DerivativeFinancialAssetsLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DerivativeFinancialAssetsLiabilities" xml:lang="en-US" id="label_DerivativeFinancialAssetsLiabilities">Fair value of derivatives</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DerivativeFinancialAssetsLiabilities" xlink:to="label_DerivativeFinancialAssetsLiabilities" xlink:title="Label : DerivativeFinancialAssetsLiabilities to label_DerivativeFinancialAssetsLiabilities" />
    <link:label xlink:type="resource" xlink:label="label_DerivativeFinancialAssetsLiabilities_1" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_DerivativeFinancialAssetsLiabilities_1" xml:lang="en-US" id="label_DerivativeFinancialAssetsLiabilities_1">Total</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DerivativeFinancialAssetsLiabilities" xlink:to="label_DerivativeFinancialAssetsLiabilities_1" xlink:title="Label : DerivativeFinancialAssetsLiabilities to label_DerivativeFinancialAssetsLiabilities_1" />
    <link:label xlink:type="resource" xlink:label="label_DerivativeFinancialAssetsLiabilities_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DerivativeFinancialAssetsLiabilities_2" xml:lang="en-US" id="label_DerivativeFinancialAssetsLiabilities_2">The amount of financial assets (liabilities) classified as derivative instruments.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DerivativeFinancialAssetsLiabilities" xlink:to="label_DerivativeFinancialAssetsLiabilities_2" xlink:title="Label : DerivativeFinancialAssetsLiabilities to label_DerivativeFinancialAssetsLiabilities_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_ForeignExchangeContractPurchaseCurrencyMxnSellCurrencyUsdMember" xlink:label="ForeignExchangeContractPurchaseCurrencyMxnSellCurrencyUsdMember" xlink:title="ForeignExchangeContractPurchaseCurrencyMxnSellCurrencyUsdMember" />
    <link:label xlink:type="resource" xlink:label="label_ForeignExchangeContractPurchaseCurrencyMxnSellCurrencyUsdMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ForeignExchangeContractPurchaseCurrencyMxnSellCurrencyUsdMember" xml:lang="en-US" id="label_ForeignExchangeContractPurchaseCurrencyMxnSellCurrencyUsdMember">Foreign exchange contract, purchase currency MXN, sell currency USD [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ForeignExchangeContractPurchaseCurrencyMxnSellCurrencyUsdMember" xlink:to="label_ForeignExchangeContractPurchaseCurrencyMxnSellCurrencyUsdMember" xlink:title="Label : ForeignExchangeContractPurchaseCurrencyMxnSellCurrencyUsdMember to label_ForeignExchangeContractPurchaseCurrencyMxnSellCurrencyUsdMember" />
    <link:label xlink:type="resource" xlink:label="label_ForeignExchangeContractPurchaseCurrencyMxnSellCurrencyUsdMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ForeignExchangeContractPurchaseCurrencyMxnSellCurrencyUsdMember_1" xml:lang="en-US" id="label_ForeignExchangeContractPurchaseCurrencyMxnSellCurrencyUsdMember_1">Represents a foreign exchange contract where the purchase currency is MXN and the sell currency USD.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ForeignExchangeContractPurchaseCurrencyMxnSellCurrencyUsdMember" xlink:to="label_ForeignExchangeContractPurchaseCurrencyMxnSellCurrencyUsdMember_1" xlink:title="Label : ForeignExchangeContractPurchaseCurrencyMxnSellCurrencyUsdMember to label_ForeignExchangeContractPurchaseCurrencyMxnSellCurrencyUsdMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyMxnMember" xlink:label="ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyMxnMember" xlink:title="ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyMxnMember" />
    <link:label xlink:type="resource" xlink:label="label_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyMxnMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyMxnMember" xml:lang="en-US" id="label_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyMxnMember">Foreign exchange contract, purchase currency USD, sell currency MXN [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyMxnMember" xlink:to="label_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyMxnMember" xlink:title="Label : ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyMxnMember to label_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyMxnMember" />
    <link:label xlink:type="resource" xlink:label="label_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyMxnMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyMxnMember_1" xml:lang="en-US" id="label_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyMxnMember_1">Represents a foreign exchange contract where the purchase currency is USD and the sell currency MXN.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyMxnMember" xlink:to="label_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyMxnMember_1" xlink:title="Label : ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyMxnMember to label_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyMxnMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_ForeignExchangeContractPurchaseCurrencyArsSellCurrencyUsdMember" xlink:label="ForeignExchangeContractPurchaseCurrencyArsSellCurrencyUsdMember" xlink:title="ForeignExchangeContractPurchaseCurrencyArsSellCurrencyUsdMember" />
    <link:label xlink:type="resource" xlink:label="label_ForeignExchangeContractPurchaseCurrencyArsSellCurrencyUsdMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ForeignExchangeContractPurchaseCurrencyArsSellCurrencyUsdMember" xml:lang="en-US" id="label_ForeignExchangeContractPurchaseCurrencyArsSellCurrencyUsdMember">Foreign exchange contract, purchase currency ARS, sell currency USD [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ForeignExchangeContractPurchaseCurrencyArsSellCurrencyUsdMember" xlink:to="label_ForeignExchangeContractPurchaseCurrencyArsSellCurrencyUsdMember" xlink:title="Label : ForeignExchangeContractPurchaseCurrencyArsSellCurrencyUsdMember to label_ForeignExchangeContractPurchaseCurrencyArsSellCurrencyUsdMember" />
    <link:label xlink:type="resource" xlink:label="label_ForeignExchangeContractPurchaseCurrencyArsSellCurrencyUsdMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ForeignExchangeContractPurchaseCurrencyArsSellCurrencyUsdMember_1" xml:lang="en-US" id="label_ForeignExchangeContractPurchaseCurrencyArsSellCurrencyUsdMember_1">Represents a foreign exchange contract where the purchase currency is ARS and the sell currency USD.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ForeignExchangeContractPurchaseCurrencyArsSellCurrencyUsdMember" xlink:to="label_ForeignExchangeContractPurchaseCurrencyArsSellCurrencyUsdMember_1" xlink:title="Label : ForeignExchangeContractPurchaseCurrencyArsSellCurrencyUsdMember to label_ForeignExchangeContractPurchaseCurrencyArsSellCurrencyUsdMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_ForeignExchangeContractPurchaseCurrencyEurSellCurrencyUsdMember" xlink:label="ForeignExchangeContractPurchaseCurrencyEurSellCurrencyUsdMember" xlink:title="ForeignExchangeContractPurchaseCurrencyEurSellCurrencyUsdMember" />
    <link:label xlink:type="resource" xlink:label="label_ForeignExchangeContractPurchaseCurrencyEurSellCurrencyUsdMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ForeignExchangeContractPurchaseCurrencyEurSellCurrencyUsdMember" xml:lang="en-US" id="label_ForeignExchangeContractPurchaseCurrencyEurSellCurrencyUsdMember">Foreign exchange contract, purchase currency EUR, sell currency USD [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ForeignExchangeContractPurchaseCurrencyEurSellCurrencyUsdMember" xlink:to="label_ForeignExchangeContractPurchaseCurrencyEurSellCurrencyUsdMember" xlink:title="Label : ForeignExchangeContractPurchaseCurrencyEurSellCurrencyUsdMember to label_ForeignExchangeContractPurchaseCurrencyEurSellCurrencyUsdMember" />
    <link:label xlink:type="resource" xlink:label="label_ForeignExchangeContractPurchaseCurrencyEurSellCurrencyUsdMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ForeignExchangeContractPurchaseCurrencyEurSellCurrencyUsdMember_1" xml:lang="en-US" id="label_ForeignExchangeContractPurchaseCurrencyEurSellCurrencyUsdMember_1">Represents a foreign exchange contract where the purchase currency is EUR and the sell currency USD.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ForeignExchangeContractPurchaseCurrencyEurSellCurrencyUsdMember" xlink:to="label_ForeignExchangeContractPurchaseCurrencyEurSellCurrencyUsdMember_1" xlink:title="Label : ForeignExchangeContractPurchaseCurrencyEurSellCurrencyUsdMember to label_ForeignExchangeContractPurchaseCurrencyEurSellCurrencyUsdMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyEurMember" xlink:label="ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyEurMember" xlink:title="ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyEurMember" />
    <link:label xlink:type="resource" xlink:label="label_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyEurMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyEurMember" xml:lang="en-US" id="label_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyEurMember">Foreign exchange contract, purchase currency USD, sell currency EUR [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyEurMember" xlink:to="label_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyEurMember" xlink:title="Label : ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyEurMember to label_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyEurMember" />
    <link:label xlink:type="resource" xlink:label="label_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyEurMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyEurMember_1" xml:lang="en-US" id="label_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyEurMember_1">Represents a foreign exchange contract where the purchase currency is USD and the sell currency EUR.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyEurMember" xlink:to="label_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyEurMember_1" xlink:title="Label : ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyEurMember to label_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyEurMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyKwdMember" xlink:label="ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyKwdMember" xlink:title="ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyKwdMember" />
    <link:label xlink:type="resource" xlink:label="label_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyKwdMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyKwdMember" xml:lang="en-US" id="label_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyKwdMember">Foreign exchange contract, purchase currency USD, sell currency KWD [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyKwdMember" xlink:to="label_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyKwdMember" xlink:title="Label : ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyKwdMember to label_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyKwdMember" />
    <link:label xlink:type="resource" xlink:label="label_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyKwdMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyKwdMember_1" xml:lang="en-US" id="label_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyKwdMember_1">Represents a foreign exchange contract where the purchase currency is USD and the sell currency KWD.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyKwdMember" xlink:to="label_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyKwdMember_1" xlink:title="Label : ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyKwdMember to label_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyKwdMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_ForeignExchangeContractPurchaseCurrencyJpySellCurrencyUsdMember" xlink:label="ForeignExchangeContractPurchaseCurrencyJpySellCurrencyUsdMember" xlink:title="ForeignExchangeContractPurchaseCurrencyJpySellCurrencyUsdMember" />
    <link:label xlink:type="resource" xlink:label="label_ForeignExchangeContractPurchaseCurrencyJpySellCurrencyUsdMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ForeignExchangeContractPurchaseCurrencyJpySellCurrencyUsdMember" xml:lang="en-US" id="label_ForeignExchangeContractPurchaseCurrencyJpySellCurrencyUsdMember">Foreign exchange contract, purchase currency JPY, sell currency USD [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ForeignExchangeContractPurchaseCurrencyJpySellCurrencyUsdMember" xlink:to="label_ForeignExchangeContractPurchaseCurrencyJpySellCurrencyUsdMember" xlink:title="Label : ForeignExchangeContractPurchaseCurrencyJpySellCurrencyUsdMember to label_ForeignExchangeContractPurchaseCurrencyJpySellCurrencyUsdMember" />
    <link:label xlink:type="resource" xlink:label="label_ForeignExchangeContractPurchaseCurrencyJpySellCurrencyUsdMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ForeignExchangeContractPurchaseCurrencyJpySellCurrencyUsdMember_1" xml:lang="en-US" id="label_ForeignExchangeContractPurchaseCurrencyJpySellCurrencyUsdMember_1">Represents a foreign exchange contract where the purchase currency is JPY and the sell currency USD.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ForeignExchangeContractPurchaseCurrencyJpySellCurrencyUsdMember" xlink:to="label_ForeignExchangeContractPurchaseCurrencyJpySellCurrencyUsdMember_1" xlink:title="Label : ForeignExchangeContractPurchaseCurrencyJpySellCurrencyUsdMember to label_ForeignExchangeContractPurchaseCurrencyJpySellCurrencyUsdMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyArsMember" xlink:label="ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyArsMember" xlink:title="ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyArsMember" />
    <link:label xlink:type="resource" xlink:label="label_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyArsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyArsMember" xml:lang="en-US" id="label_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyArsMember">Foreign exchange contract, purchase currency USD, sell currency ARS [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyArsMember" xlink:to="label_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyArsMember" xlink:title="Label : ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyArsMember to label_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyArsMember" />
    <link:label xlink:type="resource" xlink:label="label_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyArsMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyArsMember_1" xml:lang="en-US" id="label_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyArsMember_1">Represents a foreign exchange contract where the purchase currency is USD and the sell currency ARS.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyArsMember" xlink:to="label_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyArsMember_1" xlink:title="Label : ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyArsMember to label_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyArsMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyBrlMember" xlink:label="ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyBrlMember" xlink:title="ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyBrlMember" />
    <link:label xlink:type="resource" xlink:label="label_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyBrlMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyBrlMember" xml:lang="en-US" id="label_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyBrlMember">Foreign exchange contract, purchase currency USD, sell currency BRL [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyBrlMember" xlink:to="label_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyBrlMember" xlink:title="Label : ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyBrlMember to label_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyBrlMember" />
    <link:label xlink:type="resource" xlink:label="label_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyBrlMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyBrlMember_1" xml:lang="en-US" id="label_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyBrlMember_1">Represents a foreign exchange contract where the purchase currency is USD and the sell currency BRL.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyBrlMember" xlink:to="label_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyBrlMember_1" xlink:title="Label : ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyBrlMember to label_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyBrlMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyGpbMember" xlink:label="ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyGpbMember" xlink:title="ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyGpbMember" />
    <link:label xlink:type="resource" xlink:label="label_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyGpbMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyGpbMember" xml:lang="en-US" id="label_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyGpbMember">Foreign exchange contract, purchase currency USD, sell currency GPB [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyGpbMember" xlink:to="label_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyGpbMember" xlink:title="Label : ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyGpbMember to label_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyGpbMember" />
    <link:label xlink:type="resource" xlink:label="label_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyGpbMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyGpbMember_1" xml:lang="en-US" id="label_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyGpbMember_1">Represents a foreign exchange contract where the purchase currency is USD and the sell currency GBP.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyGpbMember" xlink:to="label_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyGpbMember_1" xlink:title="Label : ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyGpbMember to label_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyGpbMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_ForeignExchangeContractOtherMember" xlink:label="ForeignExchangeContractOtherMember" xlink:title="ForeignExchangeContractOtherMember" />
    <link:label xlink:type="resource" xlink:label="label_ForeignExchangeContractOtherMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ForeignExchangeContractOtherMember" xml:lang="en-US" id="label_ForeignExchangeContractOtherMember">Foreign exchange contract, Other [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ForeignExchangeContractOtherMember" xlink:to="label_ForeignExchangeContractOtherMember" xlink:title="Label : ForeignExchangeContractOtherMember to label_ForeignExchangeContractOtherMember" />
    <link:label xlink:type="resource" xlink:label="label_ForeignExchangeContractOtherMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ForeignExchangeContractOtherMember_1" xml:lang="en-US" id="label_ForeignExchangeContractOtherMember_1">Represents a foreign exchange contract classified as other.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ForeignExchangeContractOtherMember" xlink:to="label_ForeignExchangeContractOtherMember_1" xlink:title="Label : ForeignExchangeContractOtherMember to label_ForeignExchangeContractOtherMember_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_TypesOfHedgesAxis" xlink:label="TypesOfHedgesAxis" xlink:title="TypesOfHedgesAxis" />
    <link:label xlink:type="resource" xlink:label="label_TypesOfHedgesAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TypesOfHedgesAxis" xml:lang="en-US" id="label_TypesOfHedgesAxis">Types of hedges [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TypesOfHedgesAxis" xlink:to="label_TypesOfHedgesAxis" xlink:title="Label : TypesOfHedgesAxis to label_TypesOfHedgesAxis" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_TypesOfHedgesMember" xlink:label="TypesOfHedgesMember" xlink:title="TypesOfHedgesMember" />
    <link:label xlink:type="resource" xlink:label="label_TypesOfHedgesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TypesOfHedgesMember" xml:lang="en-US" id="label_TypesOfHedgesMember">Hedges [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TypesOfHedgesMember" xlink:to="label_TypesOfHedgesMember" xlink:title="Label : TypesOfHedgesMember to label_TypesOfHedgesMember" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_CashFlowHedgesMember" xlink:label="CashFlowHedgesMember" xlink:title="CashFlowHedgesMember" />
    <link:label xlink:type="resource" xlink:label="label_CashFlowHedgesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CashFlowHedgesMember" xml:lang="en-US" id="label_CashFlowHedgesMember">Cash flow hedges [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CashFlowHedgesMember" xlink:to="label_CashFlowHedgesMember" xlink:title="Label : CashFlowHedgesMember to label_CashFlowHedgesMember" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_GainLossOnChangeInFairValueOfHedgedItemUsedAsBasisForRecognisingHedgeIneffectiveness" xlink:label="GainLossOnChangeInFairValueOfHedgedItemUsedAsBasisForRecognisingHedgeIneffectiveness" xlink:title="GainLossOnChangeInFairValueOfHedgedItemUsedAsBasisForRecognisingHedgeIneffectiveness" />
    <link:label xlink:type="resource" xlink:label="label_GainLossOnChangeInFairValueOfHedgedItemUsedAsBasisForRecognisingHedgeIneffectiveness" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_GainLossOnChangeInFairValueOfHedgedItemUsedAsBasisForRecognisingHedgeIneffectiveness" xml:lang="en-US" id="label_GainLossOnChangeInFairValueOfHedgedItemUsedAsBasisForRecognisingHedgeIneffectiveness">Movements</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GainLossOnChangeInFairValueOfHedgedItemUsedAsBasisForRecognisingHedgeIneffectiveness" xlink:to="label_GainLossOnChangeInFairValueOfHedgedItemUsedAsBasisForRecognisingHedgeIneffectiveness" xlink:title="Label : GainLossOnChangeInFairValueOfHedgedItemUsedAsBasisForRecognisingHedgeIneffectiveness to label_GainLossOnChangeInFairValueOfHedgedItemUsedAsBasisForRecognisingHedgeIneffectiveness" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_TagalongTenderOfferToNoncontrollingInterestsPercentage" xlink:label="TagalongTenderOfferToNoncontrollingInterestsPercentage" xlink:title="TagalongTenderOfferToNoncontrollingInterestsPercentage" />
    <link:label xlink:type="resource" xlink:label="label_TagalongTenderOfferToNoncontrollingInterestsPercentage" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TagalongTenderOfferToNoncontrollingInterestsPercentage" xml:lang="en-US" id="label_TagalongTenderOfferToNoncontrollingInterestsPercentage">ts_TagalongTenderOfferToNoncontrollingInterestsPercentage</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TagalongTenderOfferToNoncontrollingInterestsPercentage" xlink:to="label_TagalongTenderOfferToNoncontrollingInterestsPercentage" xlink:title="Label : TagalongTenderOfferToNoncontrollingInterestsPercentage to label_TagalongTenderOfferToNoncontrollingInterestsPercentage" />
    <link:label xlink:type="resource" xlink:label="label_TagalongTenderOfferToNoncontrollingInterestsPercentage_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_TagalongTenderOfferToNoncontrollingInterestsPercentage_1" xml:lang="en-US" id="label_TagalongTenderOfferToNoncontrollingInterestsPercentage_1">Tag-along tender offer to non-controlling interests, percentage</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TagalongTenderOfferToNoncontrollingInterestsPercentage" xlink:to="label_TagalongTenderOfferToNoncontrollingInterestsPercentage_1" xlink:title="Label : TagalongTenderOfferToNoncontrollingInterestsPercentage to label_TagalongTenderOfferToNoncontrollingInterestsPercentage_1" />
    <link:label xlink:type="resource" xlink:label="label_TagalongTenderOfferToNoncontrollingInterestsPercentage_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_TagalongTenderOfferToNoncontrollingInterestsPercentage_2" xml:lang="en-US" id="label_TagalongTenderOfferToNoncontrollingInterestsPercentage_2">The required Tag-along tender offer to non-controlling interests in an acquisition expressed as a percentage of the price per share paid in such acquisition.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TagalongTenderOfferToNoncontrollingInterestsPercentage" xlink:to="label_TagalongTenderOfferToNoncontrollingInterestsPercentage_2" xlink:title="Label : TagalongTenderOfferToNoncontrollingInterestsPercentage to label_TagalongTenderOfferToNoncontrollingInterestsPercentage_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_TagalongTenderOfferToNoncontrollingInterests" xlink:label="TagalongTenderOfferToNoncontrollingInterests" xlink:title="TagalongTenderOfferToNoncontrollingInterests" />
    <link:label xlink:type="resource" xlink:label="label_TagalongTenderOfferToNoncontrollingInterests" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TagalongTenderOfferToNoncontrollingInterests" xml:lang="en-US" id="label_TagalongTenderOfferToNoncontrollingInterests">ts_TagalongTenderOfferToNoncontrollingInterests</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TagalongTenderOfferToNoncontrollingInterests" xlink:to="label_TagalongTenderOfferToNoncontrollingInterests" xlink:title="Label : TagalongTenderOfferToNoncontrollingInterests to label_TagalongTenderOfferToNoncontrollingInterests" />
    <link:label xlink:type="resource" xlink:label="label_TagalongTenderOfferToNoncontrollingInterests_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_TagalongTenderOfferToNoncontrollingInterests_1" xml:lang="en-US" id="label_TagalongTenderOfferToNoncontrollingInterests_1">Tag-along tender offer to non-controlling interests (in BRL per share)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TagalongTenderOfferToNoncontrollingInterests" xlink:to="label_TagalongTenderOfferToNoncontrollingInterests_1" xlink:title="Label : TagalongTenderOfferToNoncontrollingInterests to label_TagalongTenderOfferToNoncontrollingInterests_1" />
    <link:label xlink:type="resource" xlink:label="label_TagalongTenderOfferToNoncontrollingInterests_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_TagalongTenderOfferToNoncontrollingInterests_2" xml:lang="en-US" id="label_TagalongTenderOfferToNoncontrollingInterests_2">The required tag-along tender offer to non-controlling interests in an acquisition.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TagalongTenderOfferToNoncontrollingInterests" xlink:to="label_TagalongTenderOfferToNoncontrollingInterests_2" xlink:title="Label : TagalongTenderOfferToNoncontrollingInterests to label_TagalongTenderOfferToNoncontrollingInterests_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_TagalongTenderOfferToNoncontrollingInterestsShares" xlink:label="TagalongTenderOfferToNoncontrollingInterestsShares" xlink:title="TagalongTenderOfferToNoncontrollingInterestsShares" />
    <link:label xlink:type="resource" xlink:label="label_TagalongTenderOfferToNoncontrollingInterestsShares" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TagalongTenderOfferToNoncontrollingInterestsShares" xml:lang="en-US" id="label_TagalongTenderOfferToNoncontrollingInterestsShares">ts_TagalongTenderOfferToNoncontrollingInterestsShares</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TagalongTenderOfferToNoncontrollingInterestsShares" xlink:to="label_TagalongTenderOfferToNoncontrollingInterestsShares" xlink:title="Label : TagalongTenderOfferToNoncontrollingInterestsShares to label_TagalongTenderOfferToNoncontrollingInterestsShares" />
    <link:label xlink:type="resource" xlink:label="label_TagalongTenderOfferToNoncontrollingInterestsShares_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_TagalongTenderOfferToNoncontrollingInterestsShares_1" xml:lang="en-US" id="label_TagalongTenderOfferToNoncontrollingInterestsShares_1">Tag-along tender offer to non-controlling interests, shares (in shares)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TagalongTenderOfferToNoncontrollingInterestsShares" xlink:to="label_TagalongTenderOfferToNoncontrollingInterestsShares_1" xlink:title="Label : TagalongTenderOfferToNoncontrollingInterestsShares to label_TagalongTenderOfferToNoncontrollingInterestsShares_1" />
    <link:label xlink:type="resource" xlink:label="label_TagalongTenderOfferToNoncontrollingInterestsShares_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_TagalongTenderOfferToNoncontrollingInterestsShares_2" xml:lang="en-US" id="label_TagalongTenderOfferToNoncontrollingInterestsShares_2">The required tag-along tender offer to non-controlling interests in an acquisition expressed in shares.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TagalongTenderOfferToNoncontrollingInterestsShares" xlink:to="label_TagalongTenderOfferToNoncontrollingInterestsShares_2" xlink:title="Label : TagalongTenderOfferToNoncontrollingInterestsShares to label_TagalongTenderOfferToNoncontrollingInterestsShares_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_TagalongTenderOfferToNoncontrollingInterestsContingentLiability" xlink:label="TagalongTenderOfferToNoncontrollingInterestsContingentLiability" xlink:title="TagalongTenderOfferToNoncontrollingInterestsContingentLiability" />
    <link:label xlink:type="resource" xlink:label="label_TagalongTenderOfferToNoncontrollingInterestsContingentLiability" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TagalongTenderOfferToNoncontrollingInterestsContingentLiability" xml:lang="en-US" id="label_TagalongTenderOfferToNoncontrollingInterestsContingentLiability">ts_TagalongTenderOfferToNoncontrollingInterestsContingentLiability</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TagalongTenderOfferToNoncontrollingInterestsContingentLiability" xlink:to="label_TagalongTenderOfferToNoncontrollingInterestsContingentLiability" xlink:title="Label : TagalongTenderOfferToNoncontrollingInterestsContingentLiability to label_TagalongTenderOfferToNoncontrollingInterestsContingentLiability" />
    <link:label xlink:type="resource" xlink:label="label_TagalongTenderOfferToNoncontrollingInterestsContingentLiability_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_TagalongTenderOfferToNoncontrollingInterestsContingentLiability_1" xml:lang="en-US" id="label_TagalongTenderOfferToNoncontrollingInterestsContingentLiability_1">Tag-along tender offer to non-controlling interests, contingent liability</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TagalongTenderOfferToNoncontrollingInterestsContingentLiability" xlink:to="label_TagalongTenderOfferToNoncontrollingInterestsContingentLiability_1" xlink:title="Label : TagalongTenderOfferToNoncontrollingInterestsContingentLiability to label_TagalongTenderOfferToNoncontrollingInterestsContingentLiability_1" />
    <link:label xlink:type="resource" xlink:label="label_TagalongTenderOfferToNoncontrollingInterestsContingentLiability_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_TagalongTenderOfferToNoncontrollingInterestsContingentLiability_2" xml:lang="en-US" id="label_TagalongTenderOfferToNoncontrollingInterestsContingentLiability_2">The percentage of the tag-along tender offer to non-controlling interests accounted for as a contingent liability.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TagalongTenderOfferToNoncontrollingInterestsContingentLiability" xlink:to="label_TagalongTenderOfferToNoncontrollingInterestsContingentLiability_2" xlink:title="Label : TagalongTenderOfferToNoncontrollingInterestsContingentLiability to label_TagalongTenderOfferToNoncontrollingInterestsContingentLiability_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_PaymentsForSettlement" xlink:label="PaymentsForSettlement" xlink:title="PaymentsForSettlement" />
    <link:label xlink:type="resource" xlink:label="label_PaymentsForSettlement" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PaymentsForSettlement" xml:lang="en-US" id="label_PaymentsForSettlement">ts_PaymentsForSettlement</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PaymentsForSettlement" xlink:to="label_PaymentsForSettlement" xlink:title="Label : PaymentsForSettlement to label_PaymentsForSettlement" />
    <link:label xlink:type="resource" xlink:label="label_PaymentsForSettlement_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_PaymentsForSettlement_1" xml:lang="en-US" id="label_PaymentsForSettlement_1">Payments for settlement</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PaymentsForSettlement" xlink:to="label_PaymentsForSettlement_1" xlink:title="Label : PaymentsForSettlement to label_PaymentsForSettlement_1" />
    <link:label xlink:type="resource" xlink:label="label_PaymentsForSettlement_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_PaymentsForSettlement_2" xml:lang="en-US" id="label_PaymentsForSettlement_2">The amount of payments made for settlements.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PaymentsForSettlement" xlink:to="label_PaymentsForSettlement_2" xlink:title="Label : PaymentsForSettlement to label_PaymentsForSettlement_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_SettlementAmountOrderedToPay" xlink:label="SettlementAmountOrderedToPay" xlink:title="SettlementAmountOrderedToPay" />
    <link:label xlink:type="resource" xlink:label="label_SettlementAmountOrderedToPay" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SettlementAmountOrderedToPay" xml:lang="en-US" id="label_SettlementAmountOrderedToPay">ts_SettlementAmountOrderedToPay</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SettlementAmountOrderedToPay" xlink:to="label_SettlementAmountOrderedToPay" xlink:title="Label : SettlementAmountOrderedToPay to label_SettlementAmountOrderedToPay" />
    <link:label xlink:type="resource" xlink:label="label_SettlementAmountOrderedToPay_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_SettlementAmountOrderedToPay_1" xml:lang="en-US" id="label_SettlementAmountOrderedToPay_1">Settlement, amount ordered to pay</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SettlementAmountOrderedToPay" xlink:to="label_SettlementAmountOrderedToPay_1" xlink:title="Label : SettlementAmountOrderedToPay to label_SettlementAmountOrderedToPay_1" />
    <link:label xlink:type="resource" xlink:label="label_SettlementAmountOrderedToPay_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_SettlementAmountOrderedToPay_2" xml:lang="en-US" id="label_SettlementAmountOrderedToPay_2">The amount of liability associated with amount ordered to pay in a settlement.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SettlementAmountOrderedToPay" xlink:to="label_SettlementAmountOrderedToPay_2" xlink:title="Label : SettlementAmountOrderedToPay to label_SettlementAmountOrderedToPay_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_SettlementAmountOrderedToPayInsuranceDeductible" xlink:label="SettlementAmountOrderedToPayInsuranceDeductible" xlink:title="SettlementAmountOrderedToPayInsuranceDeductible" />
    <link:label xlink:type="resource" xlink:label="label_SettlementAmountOrderedToPayInsuranceDeductible" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SettlementAmountOrderedToPayInsuranceDeductible" xml:lang="en-US" id="label_SettlementAmountOrderedToPayInsuranceDeductible">ts_SettlementAmountOrderedToPayInsuranceDeductible</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SettlementAmountOrderedToPayInsuranceDeductible" xlink:to="label_SettlementAmountOrderedToPayInsuranceDeductible" xlink:title="Label : SettlementAmountOrderedToPayInsuranceDeductible to label_SettlementAmountOrderedToPayInsuranceDeductible" />
    <link:label xlink:type="resource" xlink:label="label_SettlementAmountOrderedToPayInsuranceDeductible_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_SettlementAmountOrderedToPayInsuranceDeductible_1" xml:lang="en-US" id="label_SettlementAmountOrderedToPayInsuranceDeductible_1">Settlement, amount ordered to pay, insurance deductible</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SettlementAmountOrderedToPayInsuranceDeductible" xlink:to="label_SettlementAmountOrderedToPayInsuranceDeductible_1" xlink:title="Label : SettlementAmountOrderedToPayInsuranceDeductible to label_SettlementAmountOrderedToPayInsuranceDeductible_1" />
    <link:label xlink:type="resource" xlink:label="label_SettlementAmountOrderedToPayInsuranceDeductible_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_SettlementAmountOrderedToPayInsuranceDeductible_2" xml:lang="en-US" id="label_SettlementAmountOrderedToPayInsuranceDeductible_2">The amount ordered to pay in a settlement, related to the insurance deductible.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SettlementAmountOrderedToPayInsuranceDeductible" xlink:to="label_SettlementAmountOrderedToPayInsuranceDeductible_2" xlink:title="Label : SettlementAmountOrderedToPayInsuranceDeductible to label_SettlementAmountOrderedToPayInsuranceDeductible_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_SettlementAmountOrderedToPayDamages" xlink:label="SettlementAmountOrderedToPayDamages" xlink:title="SettlementAmountOrderedToPayDamages" />
    <link:label xlink:type="resource" xlink:label="label_SettlementAmountOrderedToPayDamages" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SettlementAmountOrderedToPayDamages" xml:lang="en-US" id="label_SettlementAmountOrderedToPayDamages">ts_SettlementAmountOrderedToPayDamages</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SettlementAmountOrderedToPayDamages" xlink:to="label_SettlementAmountOrderedToPayDamages" xlink:title="Label : SettlementAmountOrderedToPayDamages to label_SettlementAmountOrderedToPayDamages" />
    <link:label xlink:type="resource" xlink:label="label_SettlementAmountOrderedToPayDamages_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_SettlementAmountOrderedToPayDamages_1" xml:lang="en-US" id="label_SettlementAmountOrderedToPayDamages_1">Settlement, amount ordered to pay, damages</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SettlementAmountOrderedToPayDamages" xlink:to="label_SettlementAmountOrderedToPayDamages_1" xlink:title="Label : SettlementAmountOrderedToPayDamages to label_SettlementAmountOrderedToPayDamages_1" />
    <link:label xlink:type="resource" xlink:label="label_SettlementAmountOrderedToPayDamages_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_SettlementAmountOrderedToPayDamages_2" xml:lang="en-US" id="label_SettlementAmountOrderedToPayDamages_2">The amount of settlement ordered to be pay, related to damages.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SettlementAmountOrderedToPayDamages" xlink:to="label_SettlementAmountOrderedToPayDamages_2" xlink:title="Label : SettlementAmountOrderedToPayDamages to label_SettlementAmountOrderedToPayDamages_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_EstimatedFinancialEffectOfContingentLiabilities" xlink:label="EstimatedFinancialEffectOfContingentLiabilities" xlink:title="EstimatedFinancialEffectOfContingentLiabilities" />
    <link:label xlink:type="resource" xlink:label="label_EstimatedFinancialEffectOfContingentLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EstimatedFinancialEffectOfContingentLiabilities" xml:lang="en-US" id="label_EstimatedFinancialEffectOfContingentLiabilities">ifrs-full_EstimatedFinancialEffectOfContingentLiabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EstimatedFinancialEffectOfContingentLiabilities" xlink:to="label_EstimatedFinancialEffectOfContingentLiabilities" xlink:title="Label : EstimatedFinancialEffectOfContingentLiabilities to label_EstimatedFinancialEffectOfContingentLiabilities" />
    <link:label xlink:type="resource" xlink:label="label_EstimatedFinancialEffectOfContingentLiabilities_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_EstimatedFinancialEffectOfContingentLiabilities_1" xml:lang="en-US" id="label_EstimatedFinancialEffectOfContingentLiabilities_1">Estimated financial effect of contingent liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EstimatedFinancialEffectOfContingentLiabilities" xlink:to="label_EstimatedFinancialEffectOfContingentLiabilities_1" xlink:title="Label : EstimatedFinancialEffectOfContingentLiabilities to label_EstimatedFinancialEffectOfContingentLiabilities_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_FineImposedPercentageOfAllegedlyUndueCredits" xlink:label="FineImposedPercentageOfAllegedlyUndueCredits" xlink:title="FineImposedPercentageOfAllegedlyUndueCredits" />
    <link:label xlink:type="resource" xlink:label="label_FineImposedPercentageOfAllegedlyUndueCredits" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_FineImposedPercentageOfAllegedlyUndueCredits" xml:lang="en-US" id="label_FineImposedPercentageOfAllegedlyUndueCredits">ts_FineImposedPercentageOfAllegedlyUndueCredits</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FineImposedPercentageOfAllegedlyUndueCredits" xlink:to="label_FineImposedPercentageOfAllegedlyUndueCredits" xlink:title="Label : FineImposedPercentageOfAllegedlyUndueCredits to label_FineImposedPercentageOfAllegedlyUndueCredits" />
    <link:label xlink:type="resource" xlink:label="label_FineImposedPercentageOfAllegedlyUndueCredits_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_FineImposedPercentageOfAllegedlyUndueCredits_1" xml:lang="en-US" id="label_FineImposedPercentageOfAllegedlyUndueCredits_1">Fine imposed, percentage of allegedly undue credits</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FineImposedPercentageOfAllegedlyUndueCredits" xlink:to="label_FineImposedPercentageOfAllegedlyUndueCredits_1" xlink:title="Label : FineImposedPercentageOfAllegedlyUndueCredits to label_FineImposedPercentageOfAllegedlyUndueCredits_1" />
    <link:label xlink:type="resource" xlink:label="label_FineImposedPercentageOfAllegedlyUndueCredits_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_FineImposedPercentageOfAllegedlyUndueCredits_2" xml:lang="en-US" id="label_FineImposedPercentageOfAllegedlyUndueCredits_2">Represents the amount of fine imposed, expressed as a percentage of the allegedly undue credits.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FineImposedPercentageOfAllegedlyUndueCredits" xlink:to="label_FineImposedPercentageOfAllegedlyUndueCredits_2" xlink:title="Label : FineImposedPercentageOfAllegedlyUndueCredits to label_FineImposedPercentageOfAllegedlyUndueCredits_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_TermOfSupplyContract" xlink:label="TermOfSupplyContract" xlink:title="TermOfSupplyContract" />
    <link:label xlink:type="resource" xlink:label="label_TermOfSupplyContract" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_TermOfSupplyContract" xml:lang="en-US" id="label_TermOfSupplyContract">The term of a supply contract.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TermOfSupplyContract" xlink:to="label_TermOfSupplyContract" xlink:title="Label : TermOfSupplyContract to label_TermOfSupplyContract" />
    <link:label xlink:type="resource" xlink:label="label_TermOfSupplyContract_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_TermOfSupplyContract_1" xml:lang="en-US" id="label_TermOfSupplyContract_1">Term of supply contract (Year)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TermOfSupplyContract" xlink:to="label_TermOfSupplyContract_1" xlink:title="Label : TermOfSupplyContract to label_TermOfSupplyContract_1" />
    <link:label xlink:type="resource" xlink:label="label_TermOfSupplyContract_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TermOfSupplyContract_2" xml:lang="en-US" id="label_TermOfSupplyContract_2">Term Of Supply Contract</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TermOfSupplyContract" xlink:to="label_TermOfSupplyContract_2" xlink:title="Label : TermOfSupplyContract to label_TermOfSupplyContract_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_PurchaseCommitments" xlink:label="PurchaseCommitments" xlink:title="PurchaseCommitments" />
    <link:label xlink:type="resource" xlink:label="label_PurchaseCommitments" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PurchaseCommitments" xml:lang="en-US" id="label_PurchaseCommitments">ts_PurchaseCommitments</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PurchaseCommitments" xlink:to="label_PurchaseCommitments" xlink:title="Label : PurchaseCommitments to label_PurchaseCommitments" />
    <link:label xlink:type="resource" xlink:label="label_PurchaseCommitments_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_PurchaseCommitments_1" xml:lang="en-US" id="label_PurchaseCommitments_1">Purchase commitments</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PurchaseCommitments" xlink:to="label_PurchaseCommitments_1" xlink:title="Label : PurchaseCommitments to label_PurchaseCommitments_1" />
    <link:label xlink:type="resource" xlink:label="label_PurchaseCommitments_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_PurchaseCommitments_2" xml:lang="en-US" id="label_PurchaseCommitments_2">The amount liable for purchase commitments.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PurchaseCommitments" xlink:to="label_PurchaseCommitments_2" xlink:title="Label : PurchaseCommitments to label_PurchaseCommitments_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_PercentOfAnnualIronOreNeedsSupplied" xlink:label="PercentOfAnnualIronOreNeedsSupplied" xlink:title="PercentOfAnnualIronOreNeedsSupplied" />
    <link:label xlink:type="resource" xlink:label="label_PercentOfAnnualIronOreNeedsSupplied" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PercentOfAnnualIronOreNeedsSupplied" xml:lang="en-US" id="label_PercentOfAnnualIronOreNeedsSupplied">ts_PercentOfAnnualIronOreNeedsSupplied</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PercentOfAnnualIronOreNeedsSupplied" xlink:to="label_PercentOfAnnualIronOreNeedsSupplied" xlink:title="Label : PercentOfAnnualIronOreNeedsSupplied to label_PercentOfAnnualIronOreNeedsSupplied" />
    <link:label xlink:type="resource" xlink:label="label_PercentOfAnnualIronOreNeedsSupplied_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_PercentOfAnnualIronOreNeedsSupplied_1" xml:lang="en-US" id="label_PercentOfAnnualIronOreNeedsSupplied_1">Percent of annual iron ore needs supplied</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PercentOfAnnualIronOreNeedsSupplied" xlink:to="label_PercentOfAnnualIronOreNeedsSupplied_1" xlink:title="Label : PercentOfAnnualIronOreNeedsSupplied to label_PercentOfAnnualIronOreNeedsSupplied_1" />
    <link:label xlink:type="resource" xlink:label="label_PercentOfAnnualIronOreNeedsSupplied_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_PercentOfAnnualIronOreNeedsSupplied_2" xml:lang="en-US" id="label_PercentOfAnnualIronOreNeedsSupplied_2">The percent of annual iron ore needs that will be supplied.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PercentOfAnnualIronOreNeedsSupplied" xlink:to="label_PercentOfAnnualIronOreNeedsSupplied_2" xlink:title="Label : PercentOfAnnualIronOreNeedsSupplied to label_PercentOfAnnualIronOreNeedsSupplied_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_MaximumNumberOfTonsOfPelletsSuppliedAnnually" xlink:label="MaximumNumberOfTonsOfPelletsSuppliedAnnually" xlink:title="MaximumNumberOfTonsOfPelletsSuppliedAnnually" />
    <link:label xlink:type="resource" xlink:label="label_MaximumNumberOfTonsOfPelletsSuppliedAnnually" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_MaximumNumberOfTonsOfPelletsSuppliedAnnually" xml:lang="en-US" id="label_MaximumNumberOfTonsOfPelletsSuppliedAnnually">ts_MaximumNumberOfTonsOfPelletsSuppliedAnnually</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MaximumNumberOfTonsOfPelletsSuppliedAnnually" xlink:to="label_MaximumNumberOfTonsOfPelletsSuppliedAnnually" xlink:title="Label : MaximumNumberOfTonsOfPelletsSuppliedAnnually to label_MaximumNumberOfTonsOfPelletsSuppliedAnnually" />
    <link:label xlink:type="resource" xlink:label="label_MaximumNumberOfTonsOfPelletsSuppliedAnnually_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_MaximumNumberOfTonsOfPelletsSuppliedAnnually_1" xml:lang="en-US" id="label_MaximumNumberOfTonsOfPelletsSuppliedAnnually_1">Maximum number of tons of pellets supplied annually (Metric Ton)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MaximumNumberOfTonsOfPelletsSuppliedAnnually" xlink:to="label_MaximumNumberOfTonsOfPelletsSuppliedAnnually_1" xlink:title="Label : MaximumNumberOfTonsOfPelletsSuppliedAnnually to label_MaximumNumberOfTonsOfPelletsSuppliedAnnually_1" />
    <link:label xlink:type="resource" xlink:label="label_MaximumNumberOfTonsOfPelletsSuppliedAnnually_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_MaximumNumberOfTonsOfPelletsSuppliedAnnually_2" xml:lang="en-US" id="label_MaximumNumberOfTonsOfPelletsSuppliedAnnually_2">The maximum number of metric tons of pellets supplied annually.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MaximumNumberOfTonsOfPelletsSuppliedAnnually" xlink:to="label_MaximumNumberOfTonsOfPelletsSuppliedAnnually_2" xlink:title="Label : MaximumNumberOfTonsOfPelletsSuppliedAnnually to label_MaximumNumberOfTonsOfPelletsSuppliedAnnually_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_PerformanceGuaranteesIssued" xlink:label="PerformanceGuaranteesIssued" xlink:title="PerformanceGuaranteesIssued" />
    <link:label xlink:type="resource" xlink:label="label_PerformanceGuaranteesIssued" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PerformanceGuaranteesIssued" xml:lang="en-US" id="label_PerformanceGuaranteesIssued">ts_PerformanceGuaranteesIssued</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PerformanceGuaranteesIssued" xlink:to="label_PerformanceGuaranteesIssued" xlink:title="Label : PerformanceGuaranteesIssued to label_PerformanceGuaranteesIssued" />
    <link:label xlink:type="resource" xlink:label="label_PerformanceGuaranteesIssued_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_PerformanceGuaranteesIssued_1" xml:lang="en-US" id="label_PerformanceGuaranteesIssued_1">Performance Guarantees Issued</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PerformanceGuaranteesIssued" xlink:to="label_PerformanceGuaranteesIssued_1" xlink:title="Label : PerformanceGuaranteesIssued to label_PerformanceGuaranteesIssued_1" />
    <link:label xlink:type="resource" xlink:label="label_PerformanceGuaranteesIssued_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_PerformanceGuaranteesIssued_2" xml:lang="en-US" id="label_PerformanceGuaranteesIssued_2">Represents the amount of performance guarantees issued as of the specified date.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PerformanceGuaranteesIssued" xlink:to="label_PerformanceGuaranteesIssued_2" xlink:title="Label : PerformanceGuaranteesIssued to label_PerformanceGuaranteesIssued_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_InvestmentsInJointVentures" xlink:label="InvestmentsInJointVentures" xlink:title="InvestmentsInJointVentures" />
    <link:label xlink:type="resource" xlink:label="label_InvestmentsInJointVentures" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_InvestmentsInJointVentures" xml:lang="en-US" id="label_InvestmentsInJointVentures">ifrs-full_InvestmentsInJointVentures</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InvestmentsInJointVentures" xlink:to="label_InvestmentsInJointVentures" xlink:title="Label : InvestmentsInJointVentures to label_InvestmentsInJointVentures" />
    <link:label xlink:type="resource" xlink:label="label_InvestmentsInJointVentures_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_InvestmentsInJointVentures_1" xml:lang="en-US" id="label_InvestmentsInJointVentures_1">Investments in joint ventures</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InvestmentsInJointVentures" xlink:to="label_InvestmentsInJointVentures_1" xlink:title="Label : InvestmentsInJointVentures to label_InvestmentsInJointVentures_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_ManufacturingCapacitySteelPipes" xlink:label="ManufacturingCapacitySteelPipes" xlink:title="ManufacturingCapacitySteelPipes" />
    <link:label xlink:type="resource" xlink:label="label_ManufacturingCapacitySteelPipes" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ManufacturingCapacitySteelPipes" xml:lang="en-US" id="label_ManufacturingCapacitySteelPipes">ts_ManufacturingCapacitySteelPipes</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ManufacturingCapacitySteelPipes" xlink:to="label_ManufacturingCapacitySteelPipes" xlink:title="Label : ManufacturingCapacitySteelPipes to label_ManufacturingCapacitySteelPipes" />
    <link:label xlink:type="resource" xlink:label="label_ManufacturingCapacitySteelPipes_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ManufacturingCapacitySteelPipes_1" xml:lang="en-US" id="label_ManufacturingCapacitySteelPipes_1">Manufacturing capacity, steel pipes (Metric Ton)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ManufacturingCapacitySteelPipes" xlink:to="label_ManufacturingCapacitySteelPipes_1" xlink:title="Label : ManufacturingCapacitySteelPipes to label_ManufacturingCapacitySteelPipes_1" />
    <link:label xlink:type="resource" xlink:label="label_ManufacturingCapacitySteelPipes_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ManufacturingCapacitySteelPipes_2" xml:lang="en-US" id="label_ManufacturingCapacitySteelPipes_2">The amount of steel pipe manufacturing capacity.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ManufacturingCapacitySteelPipes" xlink:to="label_ManufacturingCapacitySteelPipes_2" xlink:title="Label : ManufacturingCapacitySteelPipes to label_ManufacturingCapacitySteelPipes_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_OtherCashPaymentsToAcquireInterestsInJointVenturesClassifiedAsInvestingActivities" xlink:label="OtherCashPaymentsToAcquireInterestsInJointVenturesClassifiedAsInvestingActivities" xlink:title="OtherCashPaymentsToAcquireInterestsInJointVenturesClassifiedAsInvestingActivities" />
    <link:label xlink:type="resource" xlink:label="label_OtherCashPaymentsToAcquireInterestsInJointVenturesClassifiedAsInvestingActivities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OtherCashPaymentsToAcquireInterestsInJointVenturesClassifiedAsInvestingActivities" xml:lang="en-US" id="label_OtherCashPaymentsToAcquireInterestsInJointVenturesClassifiedAsInvestingActivities">ifrs-full_OtherCashPaymentsToAcquireInterestsInJointVenturesClassifiedAsInvestingActivities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherCashPaymentsToAcquireInterestsInJointVenturesClassifiedAsInvestingActivities" xlink:to="label_OtherCashPaymentsToAcquireInterestsInJointVenturesClassifiedAsInvestingActivities" xlink:title="Label : OtherCashPaymentsToAcquireInterestsInJointVenturesClassifiedAsInvestingActivities to label_OtherCashPaymentsToAcquireInterestsInJointVenturesClassifiedAsInvestingActivities" />
    <link:label xlink:type="resource" xlink:label="label_OtherCashPaymentsToAcquireInterestsInJointVenturesClassifiedAsInvestingActivities_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_OtherCashPaymentsToAcquireInterestsInJointVenturesClassifiedAsInvestingActivities_1" xml:lang="en-US" id="label_OtherCashPaymentsToAcquireInterestsInJointVenturesClassifiedAsInvestingActivities_1">Other cash payments to acquire interests in joint ventures</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherCashPaymentsToAcquireInterestsInJointVenturesClassifiedAsInvestingActivities" xlink:to="label_OtherCashPaymentsToAcquireInterestsInJointVenturesClassifiedAsInvestingActivities_1" xlink:title="Label : OtherCashPaymentsToAcquireInterestsInJointVenturesClassifiedAsInvestingActivities to label_OtherCashPaymentsToAcquireInterestsInJointVenturesClassifiedAsInvestingActivities_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_PercentageOfVotingEquityInterestsAcquired" xlink:label="PercentageOfVotingEquityInterestsAcquired" xlink:title="PercentageOfVotingEquityInterestsAcquired" />
    <link:label xlink:type="resource" xlink:label="label_PercentageOfVotingEquityInterestsAcquired" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PercentageOfVotingEquityInterestsAcquired" xml:lang="en-US" id="label_PercentageOfVotingEquityInterestsAcquired">ifrs-full_PercentageOfVotingEquityInterestsAcquired</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PercentageOfVotingEquityInterestsAcquired" xlink:to="label_PercentageOfVotingEquityInterestsAcquired" xlink:title="Label : PercentageOfVotingEquityInterestsAcquired to label_PercentageOfVotingEquityInterestsAcquired" />
    <link:label xlink:type="resource" xlink:label="label_PercentageOfVotingEquityInterestsAcquired_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_PercentageOfVotingEquityInterestsAcquired_1" xml:lang="en-US" id="label_PercentageOfVotingEquityInterestsAcquired_1">Percentage of voting equity interests acquired</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PercentageOfVotingEquityInterestsAcquired" xlink:to="label_PercentageOfVotingEquityInterestsAcquired_1" xlink:title="Label : PercentageOfVotingEquityInterestsAcquired to label_PercentageOfVotingEquityInterestsAcquired_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_CashTransferred" xlink:label="CashTransferred" xlink:title="CashTransferred" />
    <link:label xlink:type="resource" xlink:label="label_CashTransferred" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CashTransferred" xml:lang="en-US" id="label_CashTransferred">ifrs-full_CashTransferred</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CashTransferred" xlink:to="label_CashTransferred" xlink:title="Label : CashTransferred to label_CashTransferred" />
    <link:label xlink:type="resource" xlink:label="label_CashTransferred_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CashTransferred_1" xml:lang="en-US" id="label_CashTransferred_1">Cash transferred</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CashTransferred" xlink:to="label_CashTransferred_1" xlink:title="Label : CashTransferred to label_CashTransferred_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_TotalAssetsAndLiabilitiesAcquired" xlink:label="TotalAssetsAndLiabilitiesAcquired" xlink:title="TotalAssetsAndLiabilitiesAcquired" />
    <link:label xlink:type="resource" xlink:label="label_TotalAssetsAndLiabilitiesAcquired" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TotalAssetsAndLiabilitiesAcquired" xml:lang="en-US" id="label_TotalAssetsAndLiabilitiesAcquired">ts_TotalAssetsAndLiabilitiesAcquired</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TotalAssetsAndLiabilitiesAcquired" xlink:to="label_TotalAssetsAndLiabilitiesAcquired" xlink:title="Label : TotalAssetsAndLiabilitiesAcquired to label_TotalAssetsAndLiabilitiesAcquired" />
    <link:label xlink:type="resource" xlink:label="label_TotalAssetsAndLiabilitiesAcquired_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_TotalAssetsAndLiabilitiesAcquired_1" xml:lang="en-US" id="label_TotalAssetsAndLiabilitiesAcquired_1">Total assets and liabilities acquired</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TotalAssetsAndLiabilitiesAcquired" xlink:to="label_TotalAssetsAndLiabilitiesAcquired_1" xlink:title="Label : TotalAssetsAndLiabilitiesAcquired to label_TotalAssetsAndLiabilitiesAcquired_1" />
    <link:label xlink:type="resource" xlink:label="label_TotalAssetsAndLiabilitiesAcquired_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_TotalAssetsAndLiabilitiesAcquired_2" xml:lang="en-US" id="label_TotalAssetsAndLiabilitiesAcquired_2">Total amount of assets and liabilities acquired.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TotalAssetsAndLiabilitiesAcquired" xlink:to="label_TotalAssetsAndLiabilitiesAcquired_2" xlink:title="Label : TotalAssetsAndLiabilitiesAcquired to label_TotalAssetsAndLiabilitiesAcquired_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_GoodwillRecognisedAsOfAcquisitionDate" xlink:label="GoodwillRecognisedAsOfAcquisitionDate" xlink:title="GoodwillRecognisedAsOfAcquisitionDate" />
    <link:label xlink:type="resource" xlink:label="label_GoodwillRecognisedAsOfAcquisitionDate" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_GoodwillRecognisedAsOfAcquisitionDate" xml:lang="en-US" id="label_GoodwillRecognisedAsOfAcquisitionDate">Goodwill recognized</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GoodwillRecognisedAsOfAcquisitionDate" xlink:to="label_GoodwillRecognisedAsOfAcquisitionDate" xlink:title="Label : GoodwillRecognisedAsOfAcquisitionDate to label_GoodwillRecognisedAsOfAcquisitionDate" />
    <link:label xlink:type="resource" xlink:label="label_GoodwillRecognisedAsOfAcquisitionDate_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_GoodwillRecognisedAsOfAcquisitionDate_1" xml:lang="en-US" id="label_GoodwillRecognisedAsOfAcquisitionDate_1">ifrs-full_GoodwillRecognisedAsOfAcquisitionDate</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GoodwillRecognisedAsOfAcquisitionDate" xlink:to="label_GoodwillRecognisedAsOfAcquisitionDate_1" xlink:title="Label : GoodwillRecognisedAsOfAcquisitionDate to label_GoodwillRecognisedAsOfAcquisitionDate_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_RevenueOfAcquiree" xlink:label="RevenueOfAcquiree" xlink:title="RevenueOfAcquiree" />
    <link:label xlink:type="resource" xlink:label="label_RevenueOfAcquiree" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_RevenueOfAcquiree" xml:lang="en-US" id="label_RevenueOfAcquiree">Net revenues contributed by acquiree since the acquisition date</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RevenueOfAcquiree" xlink:to="label_RevenueOfAcquiree" xlink:title="Label : RevenueOfAcquiree to label_RevenueOfAcquiree" />
    <link:label xlink:type="resource" xlink:label="label_RevenueOfAcquiree_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_RevenueOfAcquiree_1" xml:lang="en-US" id="label_RevenueOfAcquiree_1">ifrs-full_RevenueOfAcquiree</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RevenueOfAcquiree" xlink:to="label_RevenueOfAcquiree_1" xlink:title="Label : RevenueOfAcquiree to label_RevenueOfAcquiree_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_GainRecognisedInBargainPurchaseTransaction" xlink:label="GainRecognisedInBargainPurchaseTransaction" xlink:title="GainRecognisedInBargainPurchaseTransaction" />
    <link:label xlink:type="resource" xlink:label="label_GainRecognisedInBargainPurchaseTransaction" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_GainRecognisedInBargainPurchaseTransaction" xml:lang="en-US" id="label_GainRecognisedInBargainPurchaseTransaction">Gain recognised in bargain purchase transaction</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GainRecognisedInBargainPurchaseTransaction" xlink:to="label_GainRecognisedInBargainPurchaseTransaction" xlink:title="Label : GainRecognisedInBargainPurchaseTransaction to label_GainRecognisedInBargainPurchaseTransaction" />
    <link:label xlink:type="resource" xlink:label="label_GainRecognisedInBargainPurchaseTransaction_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_GainRecognisedInBargainPurchaseTransaction_1" xml:lang="en-US" id="label_GainRecognisedInBargainPurchaseTransaction_1">Difference amount between closing price paid &amp; final closing price determined</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GainRecognisedInBargainPurchaseTransaction" xlink:to="label_GainRecognisedInBargainPurchaseTransaction_1" xlink:title="Label : GainRecognisedInBargainPurchaseTransaction to label_GainRecognisedInBargainPurchaseTransaction_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_AcquisitiondateFairValueOfTotalConsiderationTransferred" xlink:label="AcquisitiondateFairValueOfTotalConsiderationTransferred" xlink:title="AcquisitiondateFairValueOfTotalConsiderationTransferred" />
    <link:label xlink:type="resource" xlink:label="label_AcquisitiondateFairValueOfTotalConsiderationTransferred" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AcquisitiondateFairValueOfTotalConsiderationTransferred" xml:lang="en-US" id="label_AcquisitiondateFairValueOfTotalConsiderationTransferred">ifrs-full_AcquisitiondateFairValueOfTotalConsiderationTransferred</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AcquisitiondateFairValueOfTotalConsiderationTransferred" xlink:to="label_AcquisitiondateFairValueOfTotalConsiderationTransferred" xlink:title="Label : AcquisitiondateFairValueOfTotalConsiderationTransferred to label_AcquisitiondateFairValueOfTotalConsiderationTransferred" />
    <link:label xlink:type="resource" xlink:label="label_AcquisitiondateFairValueOfTotalConsiderationTransferred_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_AcquisitiondateFairValueOfTotalConsiderationTransferred_1" xml:lang="en-US" id="label_AcquisitiondateFairValueOfTotalConsiderationTransferred_1">Final closing price determined</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AcquisitiondateFairValueOfTotalConsiderationTransferred" xlink:to="label_AcquisitiondateFairValueOfTotalConsiderationTransferred_1" xlink:title="Label : AcquisitiondateFairValueOfTotalConsiderationTransferred to label_AcquisitiondateFairValueOfTotalConsiderationTransferred_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_PropertyPlantAndEquipmentRecognisedAsOfAcquisitionDate" xlink:label="PropertyPlantAndEquipmentRecognisedAsOfAcquisitionDate" xlink:title="PropertyPlantAndEquipmentRecognisedAsOfAcquisitionDate" />
    <link:label xlink:type="resource" xlink:label="label_PropertyPlantAndEquipmentRecognisedAsOfAcquisitionDate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PropertyPlantAndEquipmentRecognisedAsOfAcquisitionDate" xml:lang="en-US" id="label_PropertyPlantAndEquipmentRecognisedAsOfAcquisitionDate">Property, Plant and Equipment</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PropertyPlantAndEquipmentRecognisedAsOfAcquisitionDate" xlink:to="label_PropertyPlantAndEquipmentRecognisedAsOfAcquisitionDate" xlink:title="Label : PropertyPlantAndEquipmentRecognisedAsOfAcquisitionDate to label_PropertyPlantAndEquipmentRecognisedAsOfAcquisitionDate" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_CustomerrelatedIntangibleAssetsRecognisedAsOfAcquisitionDate" xlink:label="CustomerrelatedIntangibleAssetsRecognisedAsOfAcquisitionDate" xlink:title="CustomerrelatedIntangibleAssetsRecognisedAsOfAcquisitionDate" />
    <link:label xlink:type="resource" xlink:label="label_CustomerrelatedIntangibleAssetsRecognisedAsOfAcquisitionDate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CustomerrelatedIntangibleAssetsRecognisedAsOfAcquisitionDate" xml:lang="en-US" id="label_CustomerrelatedIntangibleAssetsRecognisedAsOfAcquisitionDate">Customer relationship</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CustomerrelatedIntangibleAssetsRecognisedAsOfAcquisitionDate" xlink:to="label_CustomerrelatedIntangibleAssetsRecognisedAsOfAcquisitionDate" xlink:title="Label : CustomerrelatedIntangibleAssetsRecognisedAsOfAcquisitionDate to label_CustomerrelatedIntangibleAssetsRecognisedAsOfAcquisitionDate" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_InvestmentsRecognisedAsOfAcquisitionDate" xlink:label="InvestmentsRecognisedAsOfAcquisitionDate" xlink:title="InvestmentsRecognisedAsOfAcquisitionDate" />
    <link:label xlink:type="resource" xlink:label="label_InvestmentsRecognisedAsOfAcquisitionDate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_InvestmentsRecognisedAsOfAcquisitionDate" xml:lang="en-US" id="label_InvestmentsRecognisedAsOfAcquisitionDate">Investment in associated</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InvestmentsRecognisedAsOfAcquisitionDate" xlink:to="label_InvestmentsRecognisedAsOfAcquisitionDate" xlink:title="Label : InvestmentsRecognisedAsOfAcquisitionDate to label_InvestmentsRecognisedAsOfAcquisitionDate" />
    <link:label xlink:type="resource" xlink:label="label_InvestmentsRecognisedAsOfAcquisitionDate_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_InvestmentsRecognisedAsOfAcquisitionDate_1" xml:lang="en-US" id="label_InvestmentsRecognisedAsOfAcquisitionDate_1">The amount of investments recognised as of acquisition date.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InvestmentsRecognisedAsOfAcquisitionDate" xlink:to="label_InvestmentsRecognisedAsOfAcquisitionDate_1" xlink:title="Label : InvestmentsRecognisedAsOfAcquisitionDate to label_InvestmentsRecognisedAsOfAcquisitionDate_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_WorkingCapitalRecognisedAsOfAcquisitionDate" xlink:label="WorkingCapitalRecognisedAsOfAcquisitionDate" xlink:title="WorkingCapitalRecognisedAsOfAcquisitionDate" />
    <link:label xlink:type="resource" xlink:label="label_WorkingCapitalRecognisedAsOfAcquisitionDate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_WorkingCapitalRecognisedAsOfAcquisitionDate" xml:lang="en-US" id="label_WorkingCapitalRecognisedAsOfAcquisitionDate">Working capital</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="WorkingCapitalRecognisedAsOfAcquisitionDate" xlink:to="label_WorkingCapitalRecognisedAsOfAcquisitionDate" xlink:title="Label : WorkingCapitalRecognisedAsOfAcquisitionDate to label_WorkingCapitalRecognisedAsOfAcquisitionDate" />
    <link:label xlink:type="resource" xlink:label="label_WorkingCapitalRecognisedAsOfAcquisitionDate_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_WorkingCapitalRecognisedAsOfAcquisitionDate_1" xml:lang="en-US" id="label_WorkingCapitalRecognisedAsOfAcquisitionDate_1">The amount of working capital recognised as of acquisition date.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="WorkingCapitalRecognisedAsOfAcquisitionDate" xlink:to="label_WorkingCapitalRecognisedAsOfAcquisitionDate_1" xlink:title="Label : WorkingCapitalRecognisedAsOfAcquisitionDate to label_WorkingCapitalRecognisedAsOfAcquisitionDate_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_CashAndCashEquivalentsRecognisedAsOfAcquisitionDate" xlink:label="CashAndCashEquivalentsRecognisedAsOfAcquisitionDate" xlink:title="CashAndCashEquivalentsRecognisedAsOfAcquisitionDate" />
    <link:label xlink:type="resource" xlink:label="label_CashAndCashEquivalentsRecognisedAsOfAcquisitionDate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CashAndCashEquivalentsRecognisedAsOfAcquisitionDate" xml:lang="en-US" id="label_CashAndCashEquivalentsRecognisedAsOfAcquisitionDate">Cash and Cash Equivalents</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CashAndCashEquivalentsRecognisedAsOfAcquisitionDate" xlink:to="label_CashAndCashEquivalentsRecognisedAsOfAcquisitionDate" xlink:title="Label : CashAndCashEquivalentsRecognisedAsOfAcquisitionDate to label_CashAndCashEquivalentsRecognisedAsOfAcquisitionDate" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_OtherReceivablesRecognisedAsOfAcquisitionDate" xlink:label="OtherReceivablesRecognisedAsOfAcquisitionDate" xlink:title="OtherReceivablesRecognisedAsOfAcquisitionDate" />
    <link:label xlink:type="resource" xlink:label="label_OtherReceivablesRecognisedAsOfAcquisitionDate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OtherReceivablesRecognisedAsOfAcquisitionDate" xml:lang="en-US" id="label_OtherReceivablesRecognisedAsOfAcquisitionDate">Other Receivables</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherReceivablesRecognisedAsOfAcquisitionDate" xlink:to="label_OtherReceivablesRecognisedAsOfAcquisitionDate" xlink:title="Label : OtherReceivablesRecognisedAsOfAcquisitionDate to label_OtherReceivablesRecognisedAsOfAcquisitionDate" />
    <link:label xlink:type="resource" xlink:label="label_OtherReceivablesRecognisedAsOfAcquisitionDate_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_OtherReceivablesRecognisedAsOfAcquisitionDate_1" xml:lang="en-US" id="label_OtherReceivablesRecognisedAsOfAcquisitionDate_1">The amount of other receivables recognised as of acquisition date.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherReceivablesRecognisedAsOfAcquisitionDate" xlink:to="label_OtherReceivablesRecognisedAsOfAcquisitionDate_1" xlink:title="Label : OtherReceivablesRecognisedAsOfAcquisitionDate to label_OtherReceivablesRecognisedAsOfAcquisitionDate_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_BorrowingsRecognisedAsOfAcquisitionDate" xlink:label="BorrowingsRecognisedAsOfAcquisitionDate" xlink:title="BorrowingsRecognisedAsOfAcquisitionDate" />
    <link:label xlink:type="resource" xlink:label="label_BorrowingsRecognisedAsOfAcquisitionDate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_BorrowingsRecognisedAsOfAcquisitionDate" xml:lang="en-US" id="label_BorrowingsRecognisedAsOfAcquisitionDate">ifrs-full_BorrowingsRecognisedAsOfAcquisitionDate</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BorrowingsRecognisedAsOfAcquisitionDate" xlink:to="label_BorrowingsRecognisedAsOfAcquisitionDate" xlink:title="Label : BorrowingsRecognisedAsOfAcquisitionDate to label_BorrowingsRecognisedAsOfAcquisitionDate" />
    <link:label xlink:type="resource" xlink:label="label_BorrowingsRecognisedAsOfAcquisitionDate_1" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_BorrowingsRecognisedAsOfAcquisitionDate_1" xml:lang="en-US" id="label_BorrowingsRecognisedAsOfAcquisitionDate_1">Borrowings</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BorrowingsRecognisedAsOfAcquisitionDate" xlink:to="label_BorrowingsRecognisedAsOfAcquisitionDate_1" xlink:title="Label : BorrowingsRecognisedAsOfAcquisitionDate to label_BorrowingsRecognisedAsOfAcquisitionDate_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_EmployeeServiceBenefitsRecognisedAsOfAcquisitionDate" xlink:label="EmployeeServiceBenefitsRecognisedAsOfAcquisitionDate" xlink:title="EmployeeServiceBenefitsRecognisedAsOfAcquisitionDate" />
    <link:label xlink:type="resource" xlink:label="label_EmployeeServiceBenefitsRecognisedAsOfAcquisitionDate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EmployeeServiceBenefitsRecognisedAsOfAcquisitionDate" xml:lang="en-US" id="label_EmployeeServiceBenefitsRecognisedAsOfAcquisitionDate">ts_EmployeeServiceBenefitsRecognisedAsOfAcquisitionDate</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EmployeeServiceBenefitsRecognisedAsOfAcquisitionDate" xlink:to="label_EmployeeServiceBenefitsRecognisedAsOfAcquisitionDate" xlink:title="Label : EmployeeServiceBenefitsRecognisedAsOfAcquisitionDate to label_EmployeeServiceBenefitsRecognisedAsOfAcquisitionDate" />
    <link:label xlink:type="resource" xlink:label="label_EmployeeServiceBenefitsRecognisedAsOfAcquisitionDate_1" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_EmployeeServiceBenefitsRecognisedAsOfAcquisitionDate_1" xml:lang="en-US" id="label_EmployeeServiceBenefitsRecognisedAsOfAcquisitionDate_1">Employees end of service benefits</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EmployeeServiceBenefitsRecognisedAsOfAcquisitionDate" xlink:to="label_EmployeeServiceBenefitsRecognisedAsOfAcquisitionDate_1" xlink:title="Label : EmployeeServiceBenefitsRecognisedAsOfAcquisitionDate to label_EmployeeServiceBenefitsRecognisedAsOfAcquisitionDate_1" />
    <link:label xlink:type="resource" xlink:label="label_EmployeeServiceBenefitsRecognisedAsOfAcquisitionDate_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_EmployeeServiceBenefitsRecognisedAsOfAcquisitionDate_2" xml:lang="en-US" id="label_EmployeeServiceBenefitsRecognisedAsOfAcquisitionDate_2">The amount of employee service benefits recognised as of acquisition date.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EmployeeServiceBenefitsRecognisedAsOfAcquisitionDate" xlink:to="label_EmployeeServiceBenefitsRecognisedAsOfAcquisitionDate_2" xlink:title="Label : EmployeeServiceBenefitsRecognisedAsOfAcquisitionDate to label_EmployeeServiceBenefitsRecognisedAsOfAcquisitionDate_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DeferredTaxLiabilitiesRecognisedAsOfAcquisitionDate" xlink:label="DeferredTaxLiabilitiesRecognisedAsOfAcquisitionDate" xlink:title="DeferredTaxLiabilitiesRecognisedAsOfAcquisitionDate" />
    <link:label xlink:type="resource" xlink:label="label_DeferredTaxLiabilitiesRecognisedAsOfAcquisitionDate" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_DeferredTaxLiabilitiesRecognisedAsOfAcquisitionDate" xml:lang="en-US" id="label_DeferredTaxLiabilitiesRecognisedAsOfAcquisitionDate">Deferred Tax Liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DeferredTaxLiabilitiesRecognisedAsOfAcquisitionDate" xlink:to="label_DeferredTaxLiabilitiesRecognisedAsOfAcquisitionDate" xlink:title="Label : DeferredTaxLiabilitiesRecognisedAsOfAcquisitionDate to label_DeferredTaxLiabilitiesRecognisedAsOfAcquisitionDate" />
    <link:label xlink:type="resource" xlink:label="label_DeferredTaxLiabilitiesRecognisedAsOfAcquisitionDate_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DeferredTaxLiabilitiesRecognisedAsOfAcquisitionDate_1" xml:lang="en-US" id="label_DeferredTaxLiabilitiesRecognisedAsOfAcquisitionDate_1">ifrs-full_DeferredTaxLiabilitiesRecognisedAsOfAcquisitionDate</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DeferredTaxLiabilitiesRecognisedAsOfAcquisitionDate" xlink:to="label_DeferredTaxLiabilitiesRecognisedAsOfAcquisitionDate_1" xlink:title="Label : DeferredTaxLiabilitiesRecognisedAsOfAcquisitionDate to label_DeferredTaxLiabilitiesRecognisedAsOfAcquisitionDate_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed" xlink:label="IdentifiableAssetsAcquiredLiabilitiesAssumed" xlink:title="IdentifiableAssetsAcquiredLiabilitiesAssumed" />
    <link:label xlink:type="resource" xlink:label="label_IdentifiableAssetsAcquiredLiabilitiesAssumed" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IdentifiableAssetsAcquiredLiabilitiesAssumed" xml:lang="en-US" id="label_IdentifiableAssetsAcquiredLiabilitiesAssumed">ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IdentifiableAssetsAcquiredLiabilitiesAssumed" xlink:to="label_IdentifiableAssetsAcquiredLiabilitiesAssumed" xlink:title="Label : IdentifiableAssetsAcquiredLiabilitiesAssumed to label_IdentifiableAssetsAcquiredLiabilitiesAssumed" />
    <link:label xlink:type="resource" xlink:label="label_IdentifiableAssetsAcquiredLiabilitiesAssumed_1" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_IdentifiableAssetsAcquiredLiabilitiesAssumed_1" xml:lang="en-US" id="label_IdentifiableAssetsAcquiredLiabilitiesAssumed_1">Net assets acquired</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IdentifiableAssetsAcquiredLiabilitiesAssumed" xlink:to="label_IdentifiableAssetsAcquiredLiabilitiesAssumed_1" xlink:title="Label : IdentifiableAssetsAcquiredLiabilitiesAssumed to label_IdentifiableAssetsAcquiredLiabilitiesAssumed_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_AdjustmentsForDecreaseIncreaseInInventories" xlink:label="AdjustmentsForDecreaseIncreaseInInventories" xlink:title="AdjustmentsForDecreaseIncreaseInInventories" />
    <link:label xlink:type="resource" xlink:label="label_AdjustmentsForDecreaseIncreaseInInventories" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_AdjustmentsForDecreaseIncreaseInInventories" xml:lang="en-US" id="label_AdjustmentsForDecreaseIncreaseInInventories">Inventories</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdjustmentsForDecreaseIncreaseInInventories" xlink:to="label_AdjustmentsForDecreaseIncreaseInInventories" xlink:title="Label : AdjustmentsForDecreaseIncreaseInInventories to label_AdjustmentsForDecreaseIncreaseInInventories" />
    <link:label xlink:type="resource" xlink:label="label_AdjustmentsForDecreaseIncreaseInInventories_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AdjustmentsForDecreaseIncreaseInInventories_1" xml:lang="en-US" id="label_AdjustmentsForDecreaseIncreaseInInventories_1">ifrs-full_AdjustmentsForDecreaseIncreaseInInventories</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdjustmentsForDecreaseIncreaseInInventories" xlink:to="label_AdjustmentsForDecreaseIncreaseInInventories_1" xlink:title="Label : AdjustmentsForDecreaseIncreaseInInventories to label_AdjustmentsForDecreaseIncreaseInInventories_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_AdjustmentsForIncreaseDecreaseInReceivablesAndPrepaymentsAndCurrentTaxAssets" xlink:label="AdjustmentsForIncreaseDecreaseInReceivablesAndPrepaymentsAndCurrentTaxAssets" xlink:title="AdjustmentsForIncreaseDecreaseInReceivablesAndPrepaymentsAndCurrentTaxAssets" />
    <link:label xlink:type="resource" xlink:label="label_AdjustmentsForIncreaseDecreaseInReceivablesAndPrepaymentsAndCurrentTaxAssets" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_AdjustmentsForIncreaseDecreaseInReceivablesAndPrepaymentsAndCurrentTaxAssets" xml:lang="en-US" id="label_AdjustmentsForIncreaseDecreaseInReceivablesAndPrepaymentsAndCurrentTaxAssets">Receivables and prepayments and Current tax assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdjustmentsForIncreaseDecreaseInReceivablesAndPrepaymentsAndCurrentTaxAssets" xlink:to="label_AdjustmentsForIncreaseDecreaseInReceivablesAndPrepaymentsAndCurrentTaxAssets" xlink:title="Label : AdjustmentsForIncreaseDecreaseInReceivablesAndPrepaymentsAndCurrentTaxAssets to label_AdjustmentsForIncreaseDecreaseInReceivablesAndPrepaymentsAndCurrentTaxAssets" />
    <link:label xlink:type="resource" xlink:label="label_AdjustmentsForIncreaseDecreaseInReceivablesAndPrepaymentsAndCurrentTaxAssets_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AdjustmentsForIncreaseDecreaseInReceivablesAndPrepaymentsAndCurrentTaxAssets_1" xml:lang="en-US" id="label_AdjustmentsForIncreaseDecreaseInReceivablesAndPrepaymentsAndCurrentTaxAssets_1">ts_AdjustmentsForIncreaseDecreaseInReceivablesAndPrepaymentsAndCurrentTaxAssets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdjustmentsForIncreaseDecreaseInReceivablesAndPrepaymentsAndCurrentTaxAssets" xlink:to="label_AdjustmentsForIncreaseDecreaseInReceivablesAndPrepaymentsAndCurrentTaxAssets_1" xlink:title="Label : AdjustmentsForIncreaseDecreaseInReceivablesAndPrepaymentsAndCurrentTaxAssets to label_AdjustmentsForIncreaseDecreaseInReceivablesAndPrepaymentsAndCurrentTaxAssets_1" />
    <link:label xlink:type="resource" xlink:label="label_AdjustmentsForIncreaseDecreaseInReceivablesAndPrepaymentsAndCurrentTaxAssets_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_AdjustmentsForIncreaseDecreaseInReceivablesAndPrepaymentsAndCurrentTaxAssets_2" xml:lang="en-US" id="label_AdjustmentsForIncreaseDecreaseInReceivablesAndPrepaymentsAndCurrentTaxAssets_2">Adjustments for increase (decrease) in receivables and prepayments and current tax assets to reconcile profit (loss) to net cash flow from (used in) operating activities.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdjustmentsForIncreaseDecreaseInReceivablesAndPrepaymentsAndCurrentTaxAssets" xlink:to="label_AdjustmentsForIncreaseDecreaseInReceivablesAndPrepaymentsAndCurrentTaxAssets_2" xlink:title="Label : AdjustmentsForIncreaseDecreaseInReceivablesAndPrepaymentsAndCurrentTaxAssets to label_AdjustmentsForIncreaseDecreaseInReceivablesAndPrepaymentsAndCurrentTaxAssets_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_AdjustmentsForDecreaseIncreaseInTradeAndOtherReceivables" xlink:label="AdjustmentsForDecreaseIncreaseInTradeAndOtherReceivables" xlink:title="AdjustmentsForDecreaseIncreaseInTradeAndOtherReceivables" />
    <link:label xlink:type="resource" xlink:label="label_AdjustmentsForDecreaseIncreaseInTradeAndOtherReceivables" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_AdjustmentsForDecreaseIncreaseInTradeAndOtherReceivables" xml:lang="en-US" id="label_AdjustmentsForDecreaseIncreaseInTradeAndOtherReceivables">Trade receivables</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdjustmentsForDecreaseIncreaseInTradeAndOtherReceivables" xlink:to="label_AdjustmentsForDecreaseIncreaseInTradeAndOtherReceivables" xlink:title="Label : AdjustmentsForDecreaseIncreaseInTradeAndOtherReceivables to label_AdjustmentsForDecreaseIncreaseInTradeAndOtherReceivables" />
    <link:label xlink:type="resource" xlink:label="label_AdjustmentsForDecreaseIncreaseInTradeAndOtherReceivables_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AdjustmentsForDecreaseIncreaseInTradeAndOtherReceivables_1" xml:lang="en-US" id="label_AdjustmentsForDecreaseIncreaseInTradeAndOtherReceivables_1">ifrs-full_AdjustmentsForDecreaseIncreaseInTradeAndOtherReceivables</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdjustmentsForDecreaseIncreaseInTradeAndOtherReceivables" xlink:to="label_AdjustmentsForDecreaseIncreaseInTradeAndOtherReceivables_1" xlink:title="Label : AdjustmentsForDecreaseIncreaseInTradeAndOtherReceivables to label_AdjustmentsForDecreaseIncreaseInTradeAndOtherReceivables_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_AdjustmentsForIncreaseDecreaseInOtherLiabilities" xlink:label="AdjustmentsForIncreaseDecreaseInOtherLiabilities" xlink:title="AdjustmentsForIncreaseDecreaseInOtherLiabilities" />
    <link:label xlink:type="resource" xlink:label="label_AdjustmentsForIncreaseDecreaseInOtherLiabilities" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_AdjustmentsForIncreaseDecreaseInOtherLiabilities" xml:lang="en-US" id="label_AdjustmentsForIncreaseDecreaseInOtherLiabilities">Other liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdjustmentsForIncreaseDecreaseInOtherLiabilities" xlink:to="label_AdjustmentsForIncreaseDecreaseInOtherLiabilities" xlink:title="Label : AdjustmentsForIncreaseDecreaseInOtherLiabilities to label_AdjustmentsForIncreaseDecreaseInOtherLiabilities" />
    <link:label xlink:type="resource" xlink:label="label_AdjustmentsForIncreaseDecreaseInOtherLiabilities_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AdjustmentsForIncreaseDecreaseInOtherLiabilities_1" xml:lang="en-US" id="label_AdjustmentsForIncreaseDecreaseInOtherLiabilities_1">ifrs-full_AdjustmentsForIncreaseDecreaseInOtherLiabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdjustmentsForIncreaseDecreaseInOtherLiabilities" xlink:to="label_AdjustmentsForIncreaseDecreaseInOtherLiabilities_1" xlink:title="Label : AdjustmentsForIncreaseDecreaseInOtherLiabilities to label_AdjustmentsForIncreaseDecreaseInOtherLiabilities_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_AdjustmentsForDecreaseIncreaseInLoansAndAdvancesToCustomers" xlink:label="AdjustmentsForDecreaseIncreaseInLoansAndAdvancesToCustomers" xlink:title="AdjustmentsForDecreaseIncreaseInLoansAndAdvancesToCustomers" />
    <link:label xlink:type="resource" xlink:label="label_AdjustmentsForDecreaseIncreaseInLoansAndAdvancesToCustomers" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_AdjustmentsForDecreaseIncreaseInLoansAndAdvancesToCustomers" xml:lang="en-US" id="label_AdjustmentsForDecreaseIncreaseInLoansAndAdvancesToCustomers">Customer advances</link:label>
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    <link:label xlink:type="resource" xlink:label="label_AdjustmentsForDecreaseIncreaseInLoansAndAdvancesToCustomers_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AdjustmentsForDecreaseIncreaseInLoansAndAdvancesToCustomers_1" xml:lang="en-US" id="label_AdjustmentsForDecreaseIncreaseInLoansAndAdvancesToCustomers_1">ifrs-full_AdjustmentsForDecreaseIncreaseInLoansAndAdvancesToCustomers</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdjustmentsForDecreaseIncreaseInLoansAndAdvancesToCustomers" xlink:to="label_AdjustmentsForDecreaseIncreaseInLoansAndAdvancesToCustomers_1" xlink:title="Label : AdjustmentsForDecreaseIncreaseInLoansAndAdvancesToCustomers to label_AdjustmentsForDecreaseIncreaseInLoansAndAdvancesToCustomers_1" />
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    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_IncomeTaxAccrualsLessPaymentsAbstract" xlink:label="IncomeTaxAccrualsLessPaymentsAbstract" xlink:title="IncomeTaxAccrualsLessPaymentsAbstract" />
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    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_InterestAccrualsLessPaymentsNetAbstract" xlink:label="InterestAccrualsLessPaymentsNetAbstract" xlink:title="InterestAccrualsLessPaymentsNetAbstract" />
    <link:label xlink:type="resource" xlink:label="label_InterestAccrualsLessPaymentsNetAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_InterestAccrualsLessPaymentsNetAbstract" xml:lang="en-US" id="label_InterestAccrualsLessPaymentsNetAbstract">Interest accruals less payments, net</link:label>
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    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_GainLossRecognisedOnMeasurementToFairValueLessCostsToSellOrOnDisposalOfAssetsOrDisposalGroupsConstitutingDiscontinuedOperation" xlink:label="GainLossRecognisedOnMeasurementToFairValueLessCostsToSellOrOnDisposalOfAssetsOrDisposalGroupsConstitutingDiscontinuedOperation" xlink:title="GainLossRecognisedOnMeasurementToFairValueLessCostsToSellOrOnDisposalOfAssetsOrDisposalGroupsConstitutingDiscontinuedOperation" />
    <link:label xlink:type="resource" xlink:label="label_GainLossRecognisedOnMeasurementToFairValueLessCostsToSellOrOnDisposalOfAssetsOrDisposalGroupsConstitutingDiscontinuedOperation" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_GainLossRecognisedOnMeasurementToFairValueLessCostsToSellOrOnDisposalOfAssetsOrDisposalGroupsConstitutingDiscontinuedOperation" xml:lang="en-US" id="label_GainLossRecognisedOnMeasurementToFairValueLessCostsToSellOrOnDisposalOfAssetsOrDisposalGroupsConstitutingDiscontinuedOperation">After tax gain on the sale of Conduit</link:label>
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    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_IncomeFromDiscontinuedOperationsAttributableToOwnersOfParent" xlink:label="IncomeFromDiscontinuedOperationsAttributableToOwnersOfParent" xlink:title="IncomeFromDiscontinuedOperationsAttributableToOwnersOfParent" />
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    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_GrossProceedsFromDisposalOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperations" xlink:label="GrossProceedsFromDisposalOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperations" xlink:title="GrossProceedsFromDisposalOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperations" />
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    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_TransactionAndOtherCostsRelatedToDisposalsOfDiscontinuedOperations" xlink:label="TransactionAndOtherCostsRelatedToDisposalsOfDiscontinuedOperations" xlink:title="TransactionAndOtherCostsRelatedToDisposalsOfDiscontinuedOperations" />
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    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_NetAssetsSoldInDisposalCarryingAmount" xlink:label="NetAssetsSoldInDisposalCarryingAmount" xlink:title="NetAssetsSoldInDisposalCarryingAmount" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TaxExpenseRelatingToGainLossOnDiscontinuance" xlink:to="label_TaxExpenseRelatingToGainLossOnDiscontinuance" xlink:title="Label : TaxExpenseRelatingToGainLossOnDiscontinuance to label_TaxExpenseRelatingToGainLossOnDiscontinuance" />
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    <link:label xlink:type="resource" xlink:label="label_DisposalGroupsClassifiedAsHeldForSaleMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisposalGroupsClassifiedAsHeldForSaleMember" xml:lang="en-US" id="label_DisposalGroupsClassifiedAsHeldForSaleMember">Disposal groups classified as held for sale [member]</link:label>
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    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_CashAndCashEquivalentsClassifiedAsPartOfDisposalGroupHeldForSale" xlink:label="CashAndCashEquivalentsClassifiedAsPartOfDisposalGroupHeldForSale" xlink:title="CashAndCashEquivalentsClassifiedAsPartOfDisposalGroupHeldForSale" />
    <link:label xlink:type="resource" xlink:label="label_CashAndCashEquivalentsClassifiedAsPartOfDisposalGroupHeldForSale" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CashAndCashEquivalentsClassifiedAsPartOfDisposalGroupHeldForSale" xml:lang="en-US" id="label_CashAndCashEquivalentsClassifiedAsPartOfDisposalGroupHeldForSale">ifrs-full_CashAndCashEquivalentsClassifiedAsPartOfDisposalGroupHeldForSale</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CashAndCashEquivalentsClassifiedAsPartOfDisposalGroupHeldForSale" xlink:to="label_CashAndCashEquivalentsClassifiedAsPartOfDisposalGroupHeldForSale" xlink:title="Label : CashAndCashEquivalentsClassifiedAsPartOfDisposalGroupHeldForSale to label_CashAndCashEquivalentsClassifiedAsPartOfDisposalGroupHeldForSale" />
    <link:label xlink:type="resource" xlink:label="label_CashAndCashEquivalentsClassifiedAsPartOfDisposalGroupHeldForSale_1" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:title="label_CashAndCashEquivalentsClassifiedAsPartOfDisposalGroupHeldForSale_1" xml:lang="en-US" id="label_CashAndCashEquivalentsClassifiedAsPartOfDisposalGroupHeldForSale_1">Cash at the beginning</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CashAndCashEquivalentsClassifiedAsPartOfDisposalGroupHeldForSale" xlink:to="label_CashAndCashEquivalentsClassifiedAsPartOfDisposalGroupHeldForSale_1" xlink:title="Label : CashAndCashEquivalentsClassifiedAsPartOfDisposalGroupHeldForSale to label_CashAndCashEquivalentsClassifiedAsPartOfDisposalGroupHeldForSale_1" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CashAndCashEquivalentsClassifiedAsPartOfDisposalGroupHeldForSale" xlink:to="label_CashAndCashEquivalentsClassifiedAsPartOfDisposalGroupHeldForSale_2" xlink:title="Label : CashAndCashEquivalentsClassifiedAsPartOfDisposalGroupHeldForSale to label_CashAndCashEquivalentsClassifiedAsPartOfDisposalGroupHeldForSale_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_IncreaseDecreaseInCashAndCashEquivalentsDiscontinuedOperations" xlink:label="IncreaseDecreaseInCashAndCashEquivalentsDiscontinuedOperations" xlink:title="IncreaseDecreaseInCashAndCashEquivalentsDiscontinuedOperations" />
    <link:label xlink:type="resource" xlink:label="label_IncreaseDecreaseInCashAndCashEquivalentsDiscontinuedOperations" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IncreaseDecreaseInCashAndCashEquivalentsDiscontinuedOperations" xml:lang="en-US" id="label_IncreaseDecreaseInCashAndCashEquivalentsDiscontinuedOperations">ifrs-full_IncreaseDecreaseInCashAndCashEquivalentsDiscontinuedOperations</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseInCashAndCashEquivalentsDiscontinuedOperations" xlink:to="label_IncreaseDecreaseInCashAndCashEquivalentsDiscontinuedOperations" xlink:title="Label : IncreaseDecreaseInCashAndCashEquivalentsDiscontinuedOperations to label_IncreaseDecreaseInCashAndCashEquivalentsDiscontinuedOperations" />
    <link:label xlink:type="resource" xlink:label="label_IncreaseDecreaseInCashAndCashEquivalentsDiscontinuedOperations_1" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_IncreaseDecreaseInCashAndCashEquivalentsDiscontinuedOperations_1" xml:lang="en-US" id="label_IncreaseDecreaseInCashAndCashEquivalentsDiscontinuedOperations_1">(Decrease) Increase in cash</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseInCashAndCashEquivalentsDiscontinuedOperations" xlink:to="label_IncreaseDecreaseInCashAndCashEquivalentsDiscontinuedOperations_1" xlink:title="Label : IncreaseDecreaseInCashAndCashEquivalentsDiscontinuedOperations to label_IncreaseDecreaseInCashAndCashEquivalentsDiscontinuedOperations_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_CashFlowsFromUsedInOperatingActivitiesDiscontinuedOperations" xlink:label="CashFlowsFromUsedInOperatingActivitiesDiscontinuedOperations" xlink:title="CashFlowsFromUsedInOperatingActivitiesDiscontinuedOperations" />
    <link:label xlink:type="resource" xlink:label="label_CashFlowsFromUsedInOperatingActivitiesDiscontinuedOperations" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CashFlowsFromUsedInOperatingActivitiesDiscontinuedOperations" xml:lang="en-US" id="label_CashFlowsFromUsedInOperatingActivitiesDiscontinuedOperations">(Used in) provided by operating activities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CashFlowsFromUsedInOperatingActivitiesDiscontinuedOperations" xlink:to="label_CashFlowsFromUsedInOperatingActivitiesDiscontinuedOperations" xlink:title="Label : CashFlowsFromUsedInOperatingActivitiesDiscontinuedOperations to label_CashFlowsFromUsedInOperatingActivitiesDiscontinuedOperations" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_CashFlowsFromUsedInInvestingActivitiesDiscontinuedOperations" xlink:label="CashFlowsFromUsedInInvestingActivitiesDiscontinuedOperations" xlink:title="CashFlowsFromUsedInInvestingActivitiesDiscontinuedOperations" />
    <link:label xlink:type="resource" xlink:label="label_CashFlowsFromUsedInInvestingActivitiesDiscontinuedOperations" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CashFlowsFromUsedInInvestingActivitiesDiscontinuedOperations" xml:lang="en-US" id="label_CashFlowsFromUsedInInvestingActivitiesDiscontinuedOperations">Provided by (used in) investing activities</link:label>
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    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_CashFlowsFromUsedInFinancingActivitiesDiscontinuedOperations" xlink:label="CashFlowsFromUsedInFinancingActivitiesDiscontinuedOperations" xlink:title="CashFlowsFromUsedInFinancingActivitiesDiscontinuedOperations" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CashFlowsFromUsedInFinancingActivitiesDiscontinuedOperations" xlink:to="label_CashFlowsFromUsedInFinancingActivitiesDiscontinuedOperations" xlink:title="Label : CashFlowsFromUsedInFinancingActivitiesDiscontinuedOperations to label_CashFlowsFromUsedInFinancingActivitiesDiscontinuedOperations" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_NoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleOrAsHeldForDistributionToOwners" xlink:label="NoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleOrAsHeldForDistributionToOwners" xlink:title="NoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleOrAsHeldForDistributionToOwners" />
    <link:label xlink:type="resource" xlink:label="label_NoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleOrAsHeldForDistributionToOwners" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_NoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleOrAsHeldForDistributionToOwners" xml:lang="en-US" id="label_NoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleOrAsHeldForDistributionToOwners">Total assets of disposal group classified as held for sale</link:label>
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    <link:label xlink:type="resource" xlink:label="label_NoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleOrAsHeldForDistributionToOwners_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleOrAsHeldForDistributionToOwners_1" xml:lang="en-US" id="label_NoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleOrAsHeldForDistributionToOwners_1">ifrs-full_NoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleOrAsHeldForDistributionToOwners</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleOrAsHeldForDistributionToOwners" xlink:to="label_NoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleOrAsHeldForDistributionToOwners_1" xlink:title="Label : NoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleOrAsHeldForDistributionToOwners to label_NoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleOrAsHeldForDistributionToOwners_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_LiabilitiesIncludedInDisposalGroupsClassifiedAsHeldForSale" xlink:label="LiabilitiesIncludedInDisposalGroupsClassifiedAsHeldForSale" xlink:title="LiabilitiesIncludedInDisposalGroupsClassifiedAsHeldForSale" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LiabilitiesIncludedInDisposalGroupsClassifiedAsHeldForSale" xlink:to="label_LiabilitiesIncludedInDisposalGroupsClassifiedAsHeldForSale" xlink:title="Label : LiabilitiesIncludedInDisposalGroupsClassifiedAsHeldForSale to label_LiabilitiesIncludedInDisposalGroupsClassifiedAsHeldForSale" />
    <link:label xlink:type="resource" xlink:label="label_LiabilitiesIncludedInDisposalGroupsClassifiedAsHeldForSale_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LiabilitiesIncludedInDisposalGroupsClassifiedAsHeldForSale_1" xml:lang="en-US" id="label_LiabilitiesIncludedInDisposalGroupsClassifiedAsHeldForSale_1">ifrs-full_LiabilitiesIncludedInDisposalGroupsClassifiedAsHeldForSale</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LiabilitiesIncludedInDisposalGroupsClassifiedAsHeldForSale" xlink:to="label_LiabilitiesIncludedInDisposalGroupsClassifiedAsHeldForSale_1" xlink:title="Label : LiabilitiesIncludedInDisposalGroupsClassifiedAsHeldForSale to label_LiabilitiesIncludedInDisposalGroupsClassifiedAsHeldForSale_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_KeyManagementPersonnelCompensationShorttermEmployeeBenefits" xlink:label="KeyManagementPersonnelCompensationShorttermEmployeeBenefits" xlink:title="KeyManagementPersonnelCompensationShorttermEmployeeBenefits" />
    <link:label xlink:type="resource" xlink:label="label_KeyManagementPersonnelCompensationShorttermEmployeeBenefits" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_KeyManagementPersonnelCompensationShorttermEmployeeBenefits" xml:lang="en-US" id="label_KeyManagementPersonnelCompensationShorttermEmployeeBenefits">ifrs-full_KeyManagementPersonnelCompensationShorttermEmployeeBenefits</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="KeyManagementPersonnelCompensationShorttermEmployeeBenefits" xlink:to="label_KeyManagementPersonnelCompensationShorttermEmployeeBenefits" xlink:title="Label : KeyManagementPersonnelCompensationShorttermEmployeeBenefits to label_KeyManagementPersonnelCompensationShorttermEmployeeBenefits" />
    <link:label xlink:type="resource" xlink:label="label_KeyManagementPersonnelCompensationShorttermEmployeeBenefits_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_KeyManagementPersonnelCompensationShorttermEmployeeBenefits_1" xml:lang="en-US" id="label_KeyManagementPersonnelCompensationShorttermEmployeeBenefits_1">Key management personnel compensation, short-term employee benefits</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="KeyManagementPersonnelCompensationShorttermEmployeeBenefits" xlink:to="label_KeyManagementPersonnelCompensationShorttermEmployeeBenefits_1" xlink:title="Label : KeyManagementPersonnelCompensationShorttermEmployeeBenefits to label_KeyManagementPersonnelCompensationShorttermEmployeeBenefits_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_UnitsIssuedRelatedPartyTransactions" xlink:label="UnitsIssuedRelatedPartyTransactions" xlink:title="UnitsIssuedRelatedPartyTransactions" />
    <link:label xlink:type="resource" xlink:label="label_UnitsIssuedRelatedPartyTransactions" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_UnitsIssuedRelatedPartyTransactions" xml:lang="en-US" id="label_UnitsIssuedRelatedPartyTransactions">ts_UnitsIssuedRelatedPartyTransactions</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="UnitsIssuedRelatedPartyTransactions" xlink:to="label_UnitsIssuedRelatedPartyTransactions" xlink:title="Label : UnitsIssuedRelatedPartyTransactions to label_UnitsIssuedRelatedPartyTransactions" />
    <link:label xlink:type="resource" xlink:label="label_UnitsIssuedRelatedPartyTransactions_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_UnitsIssuedRelatedPartyTransactions_1" xml:lang="en-US" id="label_UnitsIssuedRelatedPartyTransactions_1">Units issued, related party transactions (in shares)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="UnitsIssuedRelatedPartyTransactions" xlink:to="label_UnitsIssuedRelatedPartyTransactions_1" xlink:title="Label : UnitsIssuedRelatedPartyTransactions to label_UnitsIssuedRelatedPartyTransactions_1" />
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    <link:label xlink:type="resource" xlink:label="label_KeyManagementPersonnelCompensationSharebasedPayment" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_KeyManagementPersonnelCompensationSharebasedPayment" xml:lang="en-US" id="label_KeyManagementPersonnelCompensationSharebasedPayment">ifrs-full_KeyManagementPersonnelCompensationSharebasedPayment</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="KeyManagementPersonnelCompensationSharebasedPayment" xlink:to="label_KeyManagementPersonnelCompensationSharebasedPayment" xlink:title="Label : KeyManagementPersonnelCompensationSharebasedPayment to label_KeyManagementPersonnelCompensationSharebasedPayment" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="KeyManagementPersonnelCompensationSharebasedPayment" xlink:to="label_KeyManagementPersonnelCompensationSharebasedPayment_1" xlink:title="Label : KeyManagementPersonnelCompensationSharebasedPayment to label_KeyManagementPersonnelCompensationSharebasedPayment_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_AssociatesMember" xlink:label="AssociatesMember" xlink:title="AssociatesMember" />
    <link:label xlink:type="resource" xlink:label="label_AssociatesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AssociatesMember" xml:lang="en-US" id="label_AssociatesMember">Associates [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AssociatesMember" xlink:to="label_AssociatesMember" xlink:title="Label : AssociatesMember to label_AssociatesMember" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_OtherRelatedPartiesMember" xlink:label="OtherRelatedPartiesMember" xlink:title="OtherRelatedPartiesMember" />
    <link:label xlink:type="resource" xlink:label="label_OtherRelatedPartiesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OtherRelatedPartiesMember" xml:lang="en-US" id="label_OtherRelatedPartiesMember">Other related parties [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherRelatedPartiesMember" xlink:to="label_OtherRelatedPartiesMember" xlink:title="Label : OtherRelatedPartiesMember to label_OtherRelatedPartiesMember" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_RevenueFromSaleOfGoodsRelatedPartyTransactions" xlink:label="RevenueFromSaleOfGoodsRelatedPartyTransactions" xlink:title="RevenueFromSaleOfGoodsRelatedPartyTransactions" />
    <link:label xlink:type="resource" xlink:label="label_RevenueFromSaleOfGoodsRelatedPartyTransactions" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_RevenueFromSaleOfGoodsRelatedPartyTransactions" xml:lang="en-US" id="label_RevenueFromSaleOfGoodsRelatedPartyTransactions">Sales of goods to related parties</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RevenueFromSaleOfGoodsRelatedPartyTransactions" xlink:to="label_RevenueFromSaleOfGoodsRelatedPartyTransactions" xlink:title="Label : RevenueFromSaleOfGoodsRelatedPartyTransactions to label_RevenueFromSaleOfGoodsRelatedPartyTransactions" />
    <link:label xlink:type="resource" xlink:label="label_RevenueFromSaleOfGoodsRelatedPartyTransactions_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_RevenueFromSaleOfGoodsRelatedPartyTransactions_1" xml:lang="en-US" id="label_RevenueFromSaleOfGoodsRelatedPartyTransactions_1">ifrs-full_RevenueFromSaleOfGoodsRelatedPartyTransactions</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RevenueFromSaleOfGoodsRelatedPartyTransactions" xlink:to="label_RevenueFromSaleOfGoodsRelatedPartyTransactions_1" xlink:title="Label : RevenueFromSaleOfGoodsRelatedPartyTransactions to label_RevenueFromSaleOfGoodsRelatedPartyTransactions_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_RevenueFromRenderingOfServicesRelatedPartyTransactions" xlink:label="RevenueFromRenderingOfServicesRelatedPartyTransactions" xlink:title="RevenueFromRenderingOfServicesRelatedPartyTransactions" />
    <link:label xlink:type="resource" xlink:label="label_RevenueFromRenderingOfServicesRelatedPartyTransactions" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_RevenueFromRenderingOfServicesRelatedPartyTransactions" xml:lang="en-US" id="label_RevenueFromRenderingOfServicesRelatedPartyTransactions">Sales of services to related parties</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RevenueFromRenderingOfServicesRelatedPartyTransactions" xlink:to="label_RevenueFromRenderingOfServicesRelatedPartyTransactions" xlink:title="Label : RevenueFromRenderingOfServicesRelatedPartyTransactions to label_RevenueFromRenderingOfServicesRelatedPartyTransactions" />
    <link:label xlink:type="resource" xlink:label="label_RevenueFromRenderingOfServicesRelatedPartyTransactions_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_RevenueFromRenderingOfServicesRelatedPartyTransactions_1" xml:lang="en-US" id="label_RevenueFromRenderingOfServicesRelatedPartyTransactions_1">ifrs-full_RevenueFromRenderingOfServicesRelatedPartyTransactions</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RevenueFromRenderingOfServicesRelatedPartyTransactions" xlink:to="label_RevenueFromRenderingOfServicesRelatedPartyTransactions_1" xlink:title="Label : RevenueFromRenderingOfServicesRelatedPartyTransactions to label_RevenueFromRenderingOfServicesRelatedPartyTransactions_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_RevenueRelatedPartyTransactions" xlink:label="RevenueRelatedPartyTransactions" xlink:title="RevenueRelatedPartyTransactions" />
    <link:label xlink:type="resource" xlink:label="label_RevenueRelatedPartyTransactions" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_RevenueRelatedPartyTransactions" xml:lang="en-US" id="label_RevenueRelatedPartyTransactions">Revenue, related party transactions</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RevenueRelatedPartyTransactions" xlink:to="label_RevenueRelatedPartyTransactions" xlink:title="Label : RevenueRelatedPartyTransactions to label_RevenueRelatedPartyTransactions" />
    <link:label xlink:type="resource" xlink:label="label_RevenueRelatedPartyTransactions_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_RevenueRelatedPartyTransactions_1" xml:lang="en-US" id="label_RevenueRelatedPartyTransactions_1">ts_RevenueRelatedPartyTransactions</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RevenueRelatedPartyTransactions" xlink:to="label_RevenueRelatedPartyTransactions_1" xlink:title="Label : RevenueRelatedPartyTransactions to label_RevenueRelatedPartyTransactions_1" />
    <link:label xlink:type="resource" xlink:label="label_RevenueRelatedPartyTransactions_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_RevenueRelatedPartyTransactions_2" xml:lang="en-US" id="label_RevenueRelatedPartyTransactions_2">The amount of revenue arising from related party transactions.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RevenueRelatedPartyTransactions" xlink:to="label_RevenueRelatedPartyTransactions_2" xlink:title="Label : RevenueRelatedPartyTransactions to label_RevenueRelatedPartyTransactions_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_PurchasesOfGoodsRelatedPartyTransactions" xlink:label="PurchasesOfGoodsRelatedPartyTransactions" xlink:title="PurchasesOfGoodsRelatedPartyTransactions" />
    <link:label xlink:type="resource" xlink:label="label_PurchasesOfGoodsRelatedPartyTransactions" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_PurchasesOfGoodsRelatedPartyTransactions" xml:lang="en-US" id="label_PurchasesOfGoodsRelatedPartyTransactions">Purchases of goods to related parties</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PurchasesOfGoodsRelatedPartyTransactions" xlink:to="label_PurchasesOfGoodsRelatedPartyTransactions" xlink:title="Label : PurchasesOfGoodsRelatedPartyTransactions to label_PurchasesOfGoodsRelatedPartyTransactions" />
    <link:label xlink:type="resource" xlink:label="label_PurchasesOfGoodsRelatedPartyTransactions_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PurchasesOfGoodsRelatedPartyTransactions_1" xml:lang="en-US" id="label_PurchasesOfGoodsRelatedPartyTransactions_1">ifrs-full_PurchasesOfGoodsRelatedPartyTransactions</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PurchasesOfGoodsRelatedPartyTransactions" xlink:to="label_PurchasesOfGoodsRelatedPartyTransactions_1" xlink:title="Label : PurchasesOfGoodsRelatedPartyTransactions to label_PurchasesOfGoodsRelatedPartyTransactions_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_PurchasesOfPropertyAndOtherAssetsRelatedPartyTransactions" xlink:label="PurchasesOfPropertyAndOtherAssetsRelatedPartyTransactions" xlink:title="PurchasesOfPropertyAndOtherAssetsRelatedPartyTransactions" />
    <link:label xlink:type="resource" xlink:label="label_PurchasesOfPropertyAndOtherAssetsRelatedPartyTransactions" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_PurchasesOfPropertyAndOtherAssetsRelatedPartyTransactions" xml:lang="en-US" id="label_PurchasesOfPropertyAndOtherAssetsRelatedPartyTransactions">Purchases of services to related parties</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PurchasesOfPropertyAndOtherAssetsRelatedPartyTransactions" xlink:to="label_PurchasesOfPropertyAndOtherAssetsRelatedPartyTransactions" xlink:title="Label : PurchasesOfPropertyAndOtherAssetsRelatedPartyTransactions to label_PurchasesOfPropertyAndOtherAssetsRelatedPartyTransactions" />
    <link:label xlink:type="resource" xlink:label="label_PurchasesOfPropertyAndOtherAssetsRelatedPartyTransactions_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PurchasesOfPropertyAndOtherAssetsRelatedPartyTransactions_1" xml:lang="en-US" id="label_PurchasesOfPropertyAndOtherAssetsRelatedPartyTransactions_1">ifrs-full_PurchasesOfPropertyAndOtherAssetsRelatedPartyTransactions</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PurchasesOfPropertyAndOtherAssetsRelatedPartyTransactions" xlink:to="label_PurchasesOfPropertyAndOtherAssetsRelatedPartyTransactions_1" xlink:title="Label : PurchasesOfPropertyAndOtherAssetsRelatedPartyTransactions to label_PurchasesOfPropertyAndOtherAssetsRelatedPartyTransactions_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_PurchasesOfGoodsAndServicesRelatedPartyTransactions" xlink:label="PurchasesOfGoodsAndServicesRelatedPartyTransactions" xlink:title="PurchasesOfGoodsAndServicesRelatedPartyTransactions" />
    <link:label xlink:type="resource" xlink:label="label_PurchasesOfGoodsAndServicesRelatedPartyTransactions" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_PurchasesOfGoodsAndServicesRelatedPartyTransactions" xml:lang="en-US" id="label_PurchasesOfGoodsAndServicesRelatedPartyTransactions">Purchases of goods and services, related party transactions</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PurchasesOfGoodsAndServicesRelatedPartyTransactions" xlink:to="label_PurchasesOfGoodsAndServicesRelatedPartyTransactions" xlink:title="Label : PurchasesOfGoodsAndServicesRelatedPartyTransactions to label_PurchasesOfGoodsAndServicesRelatedPartyTransactions" />
    <link:label xlink:type="resource" xlink:label="label_PurchasesOfGoodsAndServicesRelatedPartyTransactions_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PurchasesOfGoodsAndServicesRelatedPartyTransactions_1" xml:lang="en-US" id="label_PurchasesOfGoodsAndServicesRelatedPartyTransactions_1">ts_PurchasesOfGoodsAndServicesRelatedPartyTransactions</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PurchasesOfGoodsAndServicesRelatedPartyTransactions" xlink:to="label_PurchasesOfGoodsAndServicesRelatedPartyTransactions_1" xlink:title="Label : PurchasesOfGoodsAndServicesRelatedPartyTransactions to label_PurchasesOfGoodsAndServicesRelatedPartyTransactions_1" />
    <link:label xlink:type="resource" xlink:label="label_PurchasesOfGoodsAndServicesRelatedPartyTransactions_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_PurchasesOfGoodsAndServicesRelatedPartyTransactions_2" xml:lang="en-US" id="label_PurchasesOfGoodsAndServicesRelatedPartyTransactions_2">The amount of purchases of goods and services in related party transactions.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PurchasesOfGoodsAndServicesRelatedPartyTransactions" xlink:to="label_PurchasesOfGoodsAndServicesRelatedPartyTransactions_2" xlink:title="Label : PurchasesOfGoodsAndServicesRelatedPartyTransactions to label_PurchasesOfGoodsAndServicesRelatedPartyTransactions_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_AmountsReceivableRelatedPartyTransactions" xlink:label="AmountsReceivableRelatedPartyTransactions" xlink:title="AmountsReceivableRelatedPartyTransactions" />
    <link:label xlink:type="resource" xlink:label="label_AmountsReceivableRelatedPartyTransactions" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_AmountsReceivableRelatedPartyTransactions" xml:lang="en-US" id="label_AmountsReceivableRelatedPartyTransactions">Receivables from non-consolidated parties</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AmountsReceivableRelatedPartyTransactions" xlink:to="label_AmountsReceivableRelatedPartyTransactions" xlink:title="Label : AmountsReceivableRelatedPartyTransactions to label_AmountsReceivableRelatedPartyTransactions" />
    <link:label xlink:type="resource" xlink:label="label_AmountsReceivableRelatedPartyTransactions_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AmountsReceivableRelatedPartyTransactions_1" xml:lang="en-US" id="label_AmountsReceivableRelatedPartyTransactions_1">ifrs-full_AmountsReceivableRelatedPartyTransactions</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AmountsReceivableRelatedPartyTransactions" xlink:to="label_AmountsReceivableRelatedPartyTransactions_1" xlink:title="Label : AmountsReceivableRelatedPartyTransactions to label_AmountsReceivableRelatedPartyTransactions_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_AmountsPayableRelatedPartyTransactions" xlink:label="AmountsPayableRelatedPartyTransactions" xlink:title="AmountsPayableRelatedPartyTransactions" />
    <link:label xlink:type="resource" xlink:label="label_AmountsPayableRelatedPartyTransactions" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AmountsPayableRelatedPartyTransactions" xml:lang="en-US" id="label_AmountsPayableRelatedPartyTransactions">ifrs-full_AmountsPayableRelatedPartyTransactions</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AmountsPayableRelatedPartyTransactions" xlink:to="label_AmountsPayableRelatedPartyTransactions" xlink:title="Label : AmountsPayableRelatedPartyTransactions to label_AmountsPayableRelatedPartyTransactions" />
    <link:label xlink:type="resource" xlink:label="label_AmountsPayableRelatedPartyTransactions_1" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:title="label_AmountsPayableRelatedPartyTransactions_1" xml:lang="en-US" id="label_AmountsPayableRelatedPartyTransactions_1">Payables to non-consolidated parties</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AmountsPayableRelatedPartyTransactions" xlink:to="label_AmountsPayableRelatedPartyTransactions_1" xlink:title="Label : AmountsPayableRelatedPartyTransactions to label_AmountsPayableRelatedPartyTransactions_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_AmountsReceivablePayableRelatedPartyTransactions" xlink:label="AmountsReceivablePayableRelatedPartyTransactions" xlink:title="AmountsReceivablePayableRelatedPartyTransactions" />
    <link:label xlink:type="resource" xlink:label="label_AmountsReceivablePayableRelatedPartyTransactions" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_AmountsReceivablePayableRelatedPartyTransactions" xml:lang="en-US" id="label_AmountsReceivablePayableRelatedPartyTransactions">Amounts receivable (payable), related party transactions</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AmountsReceivablePayableRelatedPartyTransactions" xlink:to="label_AmountsReceivablePayableRelatedPartyTransactions" xlink:title="Label : AmountsReceivablePayableRelatedPartyTransactions to label_AmountsReceivablePayableRelatedPartyTransactions" />
    <link:label xlink:type="resource" xlink:label="label_AmountsReceivablePayableRelatedPartyTransactions_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AmountsReceivablePayableRelatedPartyTransactions_1" xml:lang="en-US" id="label_AmountsReceivablePayableRelatedPartyTransactions_1">ts_AmountsReceivablePayableRelatedPartyTransactions</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AmountsReceivablePayableRelatedPartyTransactions" xlink:to="label_AmountsReceivablePayableRelatedPartyTransactions_1" xlink:title="Label : AmountsReceivablePayableRelatedPartyTransactions to label_AmountsReceivablePayableRelatedPartyTransactions_1" />
    <link:label xlink:type="resource" xlink:label="label_AmountsReceivablePayableRelatedPartyTransactions_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_AmountsReceivablePayableRelatedPartyTransactions_2" xml:lang="en-US" id="label_AmountsReceivablePayableRelatedPartyTransactions_2">The amounts receivable (payable) resulting from related party transactions.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AmountsReceivablePayableRelatedPartyTransactions" xlink:to="label_AmountsReceivablePayableRelatedPartyTransactions_2" xlink:title="Label : AmountsReceivablePayableRelatedPartyTransactions to label_AmountsReceivablePayableRelatedPartyTransactions_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_FinanceLeaseLiabilitiesFromNonconsolidatedParties" xlink:label="FinanceLeaseLiabilitiesFromNonconsolidatedParties" xlink:title="FinanceLeaseLiabilitiesFromNonconsolidatedParties" />
    <link:label xlink:type="resource" xlink:label="label_FinanceLeaseLiabilitiesFromNonconsolidatedParties" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_FinanceLeaseLiabilitiesFromNonconsolidatedParties" xml:lang="en-US" id="label_FinanceLeaseLiabilitiesFromNonconsolidatedParties">Finance lease liabilities from non-consolidated parties</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinanceLeaseLiabilitiesFromNonconsolidatedParties" xlink:to="label_FinanceLeaseLiabilitiesFromNonconsolidatedParties" xlink:title="Label : FinanceLeaseLiabilitiesFromNonconsolidatedParties to label_FinanceLeaseLiabilitiesFromNonconsolidatedParties" />
    <link:label xlink:type="resource" xlink:label="label_FinanceLeaseLiabilitiesFromNonconsolidatedParties_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_FinanceLeaseLiabilitiesFromNonconsolidatedParties_1" xml:lang="en-US" id="label_FinanceLeaseLiabilitiesFromNonconsolidatedParties_1">Represents the amount of finance lease liabilities from non-consolidated parties as of the specified date.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinanceLeaseLiabilitiesFromNonconsolidatedParties" xlink:to="label_FinanceLeaseLiabilitiesFromNonconsolidatedParties_1" xlink:title="Label : FinanceLeaseLiabilitiesFromNonconsolidatedParties to label_FinanceLeaseLiabilitiesFromNonconsolidatedParties_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_FinancialDebtRelatedParties" xlink:label="FinancialDebtRelatedParties" xlink:title="FinancialDebtRelatedParties" />
    <link:label xlink:type="resource" xlink:label="label_FinancialDebtRelatedParties" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_FinancialDebtRelatedParties" xml:lang="en-US" id="label_FinancialDebtRelatedParties">ts_FinancialDebtRelatedParties</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinancialDebtRelatedParties" xlink:to="label_FinancialDebtRelatedParties" xlink:title="Label : FinancialDebtRelatedParties to label_FinancialDebtRelatedParties" />
    <link:label xlink:type="resource" xlink:label="label_FinancialDebtRelatedParties_1" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_FinancialDebtRelatedParties_1" xml:lang="en-US" id="label_FinancialDebtRelatedParties_1">Financial debt, related parties</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinancialDebtRelatedParties" xlink:to="label_FinancialDebtRelatedParties_1" xlink:title="Label : FinancialDebtRelatedParties to label_FinancialDebtRelatedParties_1" />
    <link:label xlink:type="resource" xlink:label="label_FinancialDebtRelatedParties_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_FinancialDebtRelatedParties_2" xml:lang="en-US" id="label_FinancialDebtRelatedParties_2">Represents the amount of financial debt with related parties.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinancialDebtRelatedParties" xlink:to="label_FinancialDebtRelatedParties_2" xlink:title="Label : FinancialDebtRelatedParties to label_FinancialDebtRelatedParties_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_AuditorsRemunerationForAuditServices" xlink:label="AuditorsRemunerationForAuditServices" xlink:title="AuditorsRemunerationForAuditServices" />
    <link:label xlink:type="resource" xlink:label="label_AuditorsRemunerationForAuditServices" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AuditorsRemunerationForAuditServices" xml:lang="en-US" id="label_AuditorsRemunerationForAuditServices">Audit fees</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AuditorsRemunerationForAuditServices" xlink:to="label_AuditorsRemunerationForAuditServices" xlink:title="Label : AuditorsRemunerationForAuditServices to label_AuditorsRemunerationForAuditServices" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_AuditorsRemunerationForAuditrelatedFees" xlink:label="AuditorsRemunerationForAuditrelatedFees" xlink:title="AuditorsRemunerationForAuditrelatedFees" />
    <link:label xlink:type="resource" xlink:label="label_AuditorsRemunerationForAuditrelatedFees" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AuditorsRemunerationForAuditrelatedFees" xml:lang="en-US" id="label_AuditorsRemunerationForAuditrelatedFees">Audit-related fees</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AuditorsRemunerationForAuditrelatedFees" xlink:to="label_AuditorsRemunerationForAuditrelatedFees" xlink:title="Label : AuditorsRemunerationForAuditrelatedFees to label_AuditorsRemunerationForAuditrelatedFees" />
    <link:label xlink:type="resource" xlink:label="label_AuditorsRemunerationForAuditrelatedFees_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_AuditorsRemunerationForAuditrelatedFees_1" xml:lang="en-US" id="label_AuditorsRemunerationForAuditrelatedFees_1">The amount of fees paid or payable to the entity's auditors for other audit-related fees.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AuditorsRemunerationForAuditrelatedFees" xlink:to="label_AuditorsRemunerationForAuditrelatedFees_1" xlink:title="Label : AuditorsRemunerationForAuditrelatedFees to label_AuditorsRemunerationForAuditrelatedFees_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_AuditorsRemunerationForTaxServices" xlink:label="AuditorsRemunerationForTaxServices" xlink:title="AuditorsRemunerationForTaxServices" />
    <link:label xlink:type="resource" xlink:label="label_AuditorsRemunerationForTaxServices" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AuditorsRemunerationForTaxServices" xml:lang="en-US" id="label_AuditorsRemunerationForTaxServices">Tax fees</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AuditorsRemunerationForTaxServices" xlink:to="label_AuditorsRemunerationForTaxServices" xlink:title="Label : AuditorsRemunerationForTaxServices to label_AuditorsRemunerationForTaxServices" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_AuditorsRemunerationForOtherServices" xlink:label="AuditorsRemunerationForOtherServices" xlink:title="AuditorsRemunerationForOtherServices" />
    <link:label xlink:type="resource" xlink:label="label_AuditorsRemunerationForOtherServices" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AuditorsRemunerationForOtherServices" xml:lang="en-US" id="label_AuditorsRemunerationForOtherServices">All other fees</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AuditorsRemunerationForOtherServices" xlink:to="label_AuditorsRemunerationForOtherServices" xlink:title="Label : AuditorsRemunerationForOtherServices to label_AuditorsRemunerationForOtherServices" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_AuditorsRemuneration" xlink:label="AuditorsRemuneration" xlink:title="AuditorsRemuneration" />
    <link:label xlink:type="resource" xlink:label="label_AuditorsRemuneration" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AuditorsRemuneration" xml:lang="en-US" id="label_AuditorsRemuneration">ifrs-full_AuditorsRemuneration</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AuditorsRemuneration" xlink:to="label_AuditorsRemuneration" xlink:title="Label : AuditorsRemuneration to label_AuditorsRemuneration" />
    <link:label xlink:type="resource" xlink:label="label_AuditorsRemuneration_1" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_AuditorsRemuneration_1" xml:lang="en-US" id="label_AuditorsRemuneration_1">Total</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AuditorsRemuneration" xlink:to="label_AuditorsRemuneration_1" xlink:title="Label : AuditorsRemuneration to label_AuditorsRemuneration_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_ProportionOfOwnershipInterestInSubsidiary" xlink:label="ProportionOfOwnershipInterestInSubsidiary" xlink:title="ProportionOfOwnershipInterestInSubsidiary" />
    <link:label xlink:type="resource" xlink:label="label_ProportionOfOwnershipInterestInSubsidiary" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_ProportionOfOwnershipInterestInSubsidiary" xml:lang="en-US" id="label_ProportionOfOwnershipInterestInSubsidiary">Percentage of ownership</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProportionOfOwnershipInterestInSubsidiary" xlink:to="label_ProportionOfOwnershipInterestInSubsidiary" xlink:title="Label : ProportionOfOwnershipInterestInSubsidiary to label_ProportionOfOwnershipInterestInSubsidiary" />
    <link:label xlink:type="resource" xlink:label="label_ProportionOfOwnershipInterestInSubsidiary_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ProportionOfOwnershipInterestInSubsidiary_1" xml:lang="en-US" id="label_ProportionOfOwnershipInterestInSubsidiary_1">ifrs-full_ProportionOfOwnershipInterestInSubsidiary</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProportionOfOwnershipInterestInSubsidiary" xlink:to="label_ProportionOfOwnershipInterestInSubsidiary_1" xlink:title="Label : ProportionOfOwnershipInterestInSubsidiary to label_ProportionOfOwnershipInterestInSubsidiary_1" />
    <link:label xlink:type="resource" xlink:label="label_ProportionOfOwnershipInterestInSubsidiary_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ProportionOfOwnershipInterestInSubsidiary_2" xml:lang="en-US" id="label_ProportionOfOwnershipInterestInSubsidiary_2">Proportion of ownership interest in subsidiary</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProportionOfOwnershipInterestInSubsidiary" xlink:to="label_ProportionOfOwnershipInterestInSubsidiary_2" xlink:title="Label : ProportionOfOwnershipInterestInSubsidiary to label_ProportionOfOwnershipInterestInSubsidiary_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/country/2020/country-2020-01-31.xsd#country_KZ" xlink:label="KZ" xlink:title="KZ" />
    <link:label xlink:type="resource" xlink:label="label_KZ" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_KZ" xml:lang="en-US" id="label_KZ">KAZAKHSTAN</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="KZ" xlink:to="label_KZ" xlink:title="Label : KZ to label_KZ" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/country/2020/country-2020-01-31.xsd#country_SA" xlink:label="SA" xlink:title="SA" />
    <link:label xlink:type="resource" xlink:label="label_SA" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SA" xml:lang="en-US" id="label_SA">SAUDI ARABIA</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SA" xlink:to="label_SA" xlink:title="Label : SA to label_SA" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/country/2020/country-2020-01-31.xsd#country_PT" xlink:label="PT" xlink:title="PT" />
    <link:label xlink:type="resource" xlink:label="label_PT" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PT" xml:lang="en-US" id="label_PT">PORTUGAL</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PT" xlink:to="label_PT" xlink:title="Label : PT to label_PT" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/country/2020/country-2020-01-31.xsd#country_NL" xlink:label="NL" xlink:title="NL" />
    <link:label xlink:type="resource" xlink:label="label_NL" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NL" xml:lang="en-US" id="label_NL">NETHERLANDS</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NL" xlink:to="label_NL" xlink:title="Label : NL to label_NL" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/country/2020/country-2020-01-31.xsd#country_UY" xlink:label="UY" xlink:title="UY" />
    <link:label xlink:type="resource" xlink:label="label_UY" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_UY" xml:lang="en-US" id="label_UY">URUGUAY</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="UY" xlink:to="label_UY" xlink:title="Label : UY to label_UY" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/country/2020/country-2020-01-31.xsd#country_GB" xlink:label="GB" xlink:title="GB" />
    <link:label xlink:type="resource" xlink:label="label_GB" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_GB" xml:lang="en-US" id="label_GB">UNITED KINGDOM</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GB" xlink:to="label_GB" xlink:title="Label : GB to label_GB" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/country/2020/country-2020-01-31.xsd#country_CH" xlink:label="CH" xlink:title="CH" />
    <link:label xlink:type="resource" xlink:label="label_CH" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CH" xml:lang="en-US" id="label_CH">SWITZERLAND</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CH" xlink:to="label_CH" xlink:title="Label : CH to label_CH" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_Colombia1Member" xlink:label="Colombia1Member" xlink:title="Colombia1Member" />
    <link:label xlink:type="resource" xlink:label="label_Colombia1Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_Colombia1Member" xml:lang="en-US" id="label_Colombia1Member">Represents information regarding Colombia.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Colombia1Member" xlink:to="label_Colombia1Member" xlink:title="Label : Colombia1Member to label_Colombia1Member" />
    <link:label xlink:type="resource" xlink:label="label_Colombia1Member_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_Colombia1Member_1" xml:lang="en-US" id="label_Colombia1Member_1">Colombia</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Colombia1Member" xlink:to="label_Colombia1Member_1" xlink:title="Label : Colombia1Member to label_Colombia1Member_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_AlgomaTubesIncMember" xlink:label="AlgomaTubesIncMember" xlink:title="AlgomaTubesIncMember" />
    <link:label xlink:type="resource" xlink:label="label_AlgomaTubesIncMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AlgomaTubesIncMember" xml:lang="en-US" id="label_AlgomaTubesIncMember">ALGOMA TUBES INC. [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AlgomaTubesIncMember" xlink:to="label_AlgomaTubesIncMember" xlink:title="Label : AlgomaTubesIncMember to label_AlgomaTubesIncMember" />
    <link:label xlink:type="resource" xlink:label="label_AlgomaTubesIncMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_AlgomaTubesIncMember_1" xml:lang="en-US" id="label_AlgomaTubesIncMember_1">The entity ALGOMA TUBES INC.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AlgomaTubesIncMember" xlink:to="label_AlgomaTubesIncMember_1" xlink:title="Label : AlgomaTubesIncMember to label_AlgomaTubesIncMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_KazakhstanPipeThreadersLimitedMember" xlink:label="KazakhstanPipeThreadersLimitedMember" xlink:title="KazakhstanPipeThreadersLimitedMember" />
    <link:label xlink:type="resource" xlink:label="label_KazakhstanPipeThreadersLimitedMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_KazakhstanPipeThreadersLimitedMember" xml:lang="en-US" id="label_KazakhstanPipeThreadersLimitedMember">Kazakhstan Pipe Threaders Limited [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="KazakhstanPipeThreadersLimitedMember" xlink:to="label_KazakhstanPipeThreadersLimitedMember" xlink:title="Label : KazakhstanPipeThreadersLimitedMember to label_KazakhstanPipeThreadersLimitedMember" />
    <link:label xlink:type="resource" xlink:label="label_KazakhstanPipeThreadersLimitedMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_KazakhstanPipeThreadersLimitedMember_1" xml:lang="en-US" id="label_KazakhstanPipeThreadersLimitedMember_1">Related to Kazakhstan Pipe Threaders Limited.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="KazakhstanPipeThreadersLimitedMember" xlink:to="label_KazakhstanPipeThreadersLimitedMember_1" xlink:title="Label : KazakhstanPipeThreadersLimitedMember to label_KazakhstanPipeThreadersLimitedMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_MaverickTubeCorporationAndSubsidiariesMember" xlink:label="MaverickTubeCorporationAndSubsidiariesMember" xlink:title="MaverickTubeCorporationAndSubsidiariesMember" />
    <link:label xlink:type="resource" xlink:label="label_MaverickTubeCorporationAndSubsidiariesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_MaverickTubeCorporationAndSubsidiariesMember" xml:lang="en-US" id="label_MaverickTubeCorporationAndSubsidiariesMember">MAVERICK TUBE CORPORATION and subsidiaries [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MaverickTubeCorporationAndSubsidiariesMember" xlink:to="label_MaverickTubeCorporationAndSubsidiariesMember" xlink:title="Label : MaverickTubeCorporationAndSubsidiariesMember to label_MaverickTubeCorporationAndSubsidiariesMember" />
    <link:label xlink:type="resource" xlink:label="label_MaverickTubeCorporationAndSubsidiariesMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_MaverickTubeCorporationAndSubsidiariesMember_1" xml:lang="en-US" id="label_MaverickTubeCorporationAndSubsidiariesMember_1">The entity MAVERICK TUBE CORPORATION and subsidiaries.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MaverickTubeCorporationAndSubsidiariesMember" xlink:to="label_MaverickTubeCorporationAndSubsidiariesMember_1" xlink:title="Label : MaverickTubeCorporationAndSubsidiariesMember to label_MaverickTubeCorporationAndSubsidiariesMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_PtSeamlessPipeIndonesiaJayaMember" xlink:label="PtSeamlessPipeIndonesiaJayaMember" xlink:title="PtSeamlessPipeIndonesiaJayaMember" />
    <link:label xlink:type="resource" xlink:label="label_PtSeamlessPipeIndonesiaJayaMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PtSeamlessPipeIndonesiaJayaMember" xml:lang="en-US" id="label_PtSeamlessPipeIndonesiaJayaMember">PT SEAMLESS PIPE INDONESIA JAYA [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PtSeamlessPipeIndonesiaJayaMember" xlink:to="label_PtSeamlessPipeIndonesiaJayaMember" xlink:title="Label : PtSeamlessPipeIndonesiaJayaMember to label_PtSeamlessPipeIndonesiaJayaMember" />
    <link:label xlink:type="resource" xlink:label="label_PtSeamlessPipeIndonesiaJayaMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_PtSeamlessPipeIndonesiaJayaMember_1" xml:lang="en-US" id="label_PtSeamlessPipeIndonesiaJayaMember_1">The entity PT SEAMLESS PIPE INDONESIA JAYA.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PtSeamlessPipeIndonesiaJayaMember" xlink:to="label_PtSeamlessPipeIndonesiaJayaMember_1" xlink:title="Label : PtSeamlessPipeIndonesiaJayaMember to label_PtSeamlessPipeIndonesiaJayaMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_PrudentialSteelLtdMember" xlink:label="PrudentialSteelLtdMember" xlink:title="PrudentialSteelLtdMember" />
    <link:label xlink:type="resource" xlink:label="label_PrudentialSteelLtdMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PrudentialSteelLtdMember" xml:lang="en-US" id="label_PrudentialSteelLtdMember">PRUDENTIAL STEEL LTD. [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PrudentialSteelLtdMember" xlink:to="label_PrudentialSteelLtdMember" xlink:title="Label : PrudentialSteelLtdMember to label_PrudentialSteelLtdMember" />
    <link:label xlink:type="resource" xlink:label="label_PrudentialSteelLtdMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_PrudentialSteelLtdMember_1" xml:lang="en-US" id="label_PrudentialSteelLtdMember_1">The entity PRUDENTIAL STEEL LTD.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PrudentialSteelLtdMember" xlink:to="label_PrudentialSteelLtdMember_1" xlink:title="Label : PrudentialSteelLtdMember to label_PrudentialSteelLtdMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_ScSilcotubSaMember" xlink:label="ScSilcotubSaMember" xlink:title="ScSilcotubSaMember" />
    <link:label xlink:type="resource" xlink:label="label_ScSilcotubSaMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ScSilcotubSaMember" xml:lang="en-US" id="label_ScSilcotubSaMember">S.C. SILCOTUB S.A. [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ScSilcotubSaMember" xlink:to="label_ScSilcotubSaMember" xlink:title="Label : ScSilcotubSaMember to label_ScSilcotubSaMember" />
    <link:label xlink:type="resource" xlink:label="label_ScSilcotubSaMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ScSilcotubSaMember_1" xml:lang="en-US" id="label_ScSilcotubSaMember_1">The entity S.C. SILCOTUB S.A.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ScSilcotubSaMember" xlink:to="label_ScSilcotubSaMember_1" xlink:title="Label : ScSilcotubSaMember to label_ScSilcotubSaMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_SiatSociedadAnonimaMember" xlink:label="SiatSociedadAnonimaMember" xlink:title="SiatSociedadAnonimaMember" />
    <link:label xlink:type="resource" xlink:label="label_SiatSociedadAnonimaMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SiatSociedadAnonimaMember" xml:lang="en-US" id="label_SiatSociedadAnonimaMember">SIAT SOCIEDAD ANONIMA [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SiatSociedadAnonimaMember" xlink:to="label_SiatSociedadAnonimaMember" xlink:title="Label : SiatSociedadAnonimaMember to label_SiatSociedadAnonimaMember" />
    <link:label xlink:type="resource" xlink:label="label_SiatSociedadAnonimaMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_SiatSociedadAnonimaMember_1" xml:lang="en-US" id="label_SiatSociedadAnonimaMember_1">The entity SIAT SOCIEDAD ANONIMA.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SiatSociedadAnonimaMember" xlink:to="label_SiatSociedadAnonimaMember_1" xlink:title="Label : SiatSociedadAnonimaMember to label_SiatSociedadAnonimaMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_TaltatradingEMarketingSociedadeUnipessoalLdaMember" xlink:label="TaltatradingEMarketingSociedadeUnipessoalLdaMember" xlink:title="TaltatradingEMarketingSociedadeUnipessoalLdaMember" />
    <link:label xlink:type="resource" xlink:label="label_TaltatradingEMarketingSociedadeUnipessoalLdaMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TaltatradingEMarketingSociedadeUnipessoalLdaMember" xml:lang="en-US" id="label_TaltatradingEMarketingSociedadeUnipessoalLdaMember">TALTA&#x2014;TRADING E MARKETING SOCIEDADE UNIPESSOAL LDA. [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TaltatradingEMarketingSociedadeUnipessoalLdaMember" xlink:to="label_TaltatradingEMarketingSociedadeUnipessoalLdaMember" xlink:title="Label : TaltatradingEMarketingSociedadeUnipessoalLdaMember to label_TaltatradingEMarketingSociedadeUnipessoalLdaMember" />
    <link:label xlink:type="resource" xlink:label="label_TaltatradingEMarketingSociedadeUnipessoalLdaMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_TaltatradingEMarketingSociedadeUnipessoalLdaMember_1" xml:lang="en-US" id="label_TaltatradingEMarketingSociedadeUnipessoalLdaMember_1">The entity TALTA&#x2014;TRADING E MARKETING SOCIEDADE UNIPESSOAL LDA.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TaltatradingEMarketingSociedadeUnipessoalLdaMember" xlink:to="label_TaltatradingEMarketingSociedadeUnipessoalLdaMember_1" xlink:title="Label : TaltatradingEMarketingSociedadeUnipessoalLdaMember to label_TaltatradingEMarketingSociedadeUnipessoalLdaMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_TenarisBayCityIncMember" xlink:label="TenarisBayCityIncMember" xlink:title="TenarisBayCityIncMember" />
    <link:label xlink:type="resource" xlink:label="label_TenarisBayCityIncMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TenarisBayCityIncMember" xml:lang="en-US" id="label_TenarisBayCityIncMember">TENARIS BAY CITY, INC. [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TenarisBayCityIncMember" xlink:to="label_TenarisBayCityIncMember" xlink:title="Label : TenarisBayCityIncMember to label_TenarisBayCityIncMember" />
    <link:label xlink:type="resource" xlink:label="label_TenarisBayCityIncMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_TenarisBayCityIncMember_1" xml:lang="en-US" id="label_TenarisBayCityIncMember_1">The entity TENARIS BAY CITY, INC.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TenarisBayCityIncMember" xlink:to="label_TenarisBayCityIncMember_1" xlink:title="Label : TenarisBayCityIncMember to label_TenarisBayCityIncMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_TenarisConnectionsBvMember" xlink:label="TenarisConnectionsBvMember" xlink:title="TenarisConnectionsBvMember" />
    <link:label xlink:type="resource" xlink:label="label_TenarisConnectionsBvMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TenarisConnectionsBvMember" xml:lang="en-US" id="label_TenarisConnectionsBvMember">TENARIS CONNECTIONS BV [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TenarisConnectionsBvMember" xlink:to="label_TenarisConnectionsBvMember" xlink:title="Label : TenarisConnectionsBvMember to label_TenarisConnectionsBvMember" />
    <link:label xlink:type="resource" xlink:label="label_TenarisConnectionsBvMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_TenarisConnectionsBvMember_1" xml:lang="en-US" id="label_TenarisConnectionsBvMember_1">The entity TENARIS CONNECTIONS BV.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TenarisConnectionsBvMember" xlink:to="label_TenarisConnectionsBvMember_1" xlink:title="Label : TenarisConnectionsBvMember to label_TenarisConnectionsBvMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_TenarisFinancialServicesSaMember" xlink:label="TenarisFinancialServicesSaMember" xlink:title="TenarisFinancialServicesSaMember" />
    <link:label xlink:type="resource" xlink:label="label_TenarisFinancialServicesSaMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TenarisFinancialServicesSaMember" xml:lang="en-US" id="label_TenarisFinancialServicesSaMember">TENARIS FINANCIAL SERVICES S.A. [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TenarisFinancialServicesSaMember" xlink:to="label_TenarisFinancialServicesSaMember" xlink:title="Label : TenarisFinancialServicesSaMember to label_TenarisFinancialServicesSaMember" />
    <link:label xlink:type="resource" xlink:label="label_TenarisFinancialServicesSaMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_TenarisFinancialServicesSaMember_1" xml:lang="en-US" id="label_TenarisFinancialServicesSaMember_1">The entity TENARIS FINANCIAL SERVICES S.A.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TenarisFinancialServicesSaMember" xlink:to="label_TenarisFinancialServicesSaMember_1" xlink:title="Label : TenarisFinancialServicesSaMember to label_TenarisFinancialServicesSaMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_TenarisGlobalServicesCanadaIncMember" xlink:label="TenarisGlobalServicesCanadaIncMember" xlink:title="TenarisGlobalServicesCanadaIncMember" />
    <link:label xlink:type="resource" xlink:label="label_TenarisGlobalServicesCanadaIncMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TenarisGlobalServicesCanadaIncMember" xml:lang="en-US" id="label_TenarisGlobalServicesCanadaIncMember">TENARIS GLOBAL SERVICES (CANADA) INC. [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TenarisGlobalServicesCanadaIncMember" xlink:to="label_TenarisGlobalServicesCanadaIncMember" xlink:title="Label : TenarisGlobalServicesCanadaIncMember to label_TenarisGlobalServicesCanadaIncMember" />
    <link:label xlink:type="resource" xlink:label="label_TenarisGlobalServicesCanadaIncMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_TenarisGlobalServicesCanadaIncMember_1" xml:lang="en-US" id="label_TenarisGlobalServicesCanadaIncMember_1">The entity TENARIS GLOBAL SERVICES (CANADA) INC.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TenarisGlobalServicesCanadaIncMember" xlink:to="label_TenarisGlobalServicesCanadaIncMember_1" xlink:title="Label : TenarisGlobalServicesCanadaIncMember to label_TenarisGlobalServicesCanadaIncMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_TenarisGlobalServicesUsaCorporationMember" xlink:label="TenarisGlobalServicesUsaCorporationMember" xlink:title="TenarisGlobalServicesUsaCorporationMember" />
    <link:label xlink:type="resource" xlink:label="label_TenarisGlobalServicesUsaCorporationMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TenarisGlobalServicesUsaCorporationMember" xml:lang="en-US" id="label_TenarisGlobalServicesUsaCorporationMember">TENARIS GLOBAL SERVICES (U.S.A.) CORPORATION [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TenarisGlobalServicesUsaCorporationMember" xlink:to="label_TenarisGlobalServicesUsaCorporationMember" xlink:title="Label : TenarisGlobalServicesUsaCorporationMember to label_TenarisGlobalServicesUsaCorporationMember" />
    <link:label xlink:type="resource" xlink:label="label_TenarisGlobalServicesUsaCorporationMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_TenarisGlobalServicesUsaCorporationMember_1" xml:lang="en-US" id="label_TenarisGlobalServicesUsaCorporationMember_1">The entity TENARIS GLOBAL SERVICES (U.S.A.) CORPORATION.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TenarisGlobalServicesUsaCorporationMember" xlink:to="label_TenarisGlobalServicesUsaCorporationMember_1" xlink:title="Label : TenarisGlobalServicesUsaCorporationMember to label_TenarisGlobalServicesUsaCorporationMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_TenarisGlobalServicesUkLtdMember" xlink:label="TenarisGlobalServicesUkLtdMember" xlink:title="TenarisGlobalServicesUkLtdMember" />
    <link:label xlink:type="resource" xlink:label="label_TenarisGlobalServicesUkLtdMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TenarisGlobalServicesUkLtdMember" xml:lang="en-US" id="label_TenarisGlobalServicesUkLtdMember">TENARIS GLOBAL SERVICES (UK) LTD [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TenarisGlobalServicesUkLtdMember" xlink:to="label_TenarisGlobalServicesUkLtdMember" xlink:title="Label : TenarisGlobalServicesUkLtdMember to label_TenarisGlobalServicesUkLtdMember" />
    <link:label xlink:type="resource" xlink:label="label_TenarisGlobalServicesUkLtdMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_TenarisGlobalServicesUkLtdMember_1" xml:lang="en-US" id="label_TenarisGlobalServicesUkLtdMember_1">The entity TENARIS GLOBAL SERVICES (UK) LTD.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TenarisGlobalServicesUkLtdMember" xlink:to="label_TenarisGlobalServicesUkLtdMember_1" xlink:title="Label : TenarisGlobalServicesUkLtdMember to label_TenarisGlobalServicesUkLtdMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_TenarisGlobalServicesSaAndSubsidiariesMember" xlink:label="TenarisGlobalServicesSaAndSubsidiariesMember" xlink:title="TenarisGlobalServicesSaAndSubsidiariesMember" />
    <link:label xlink:type="resource" xlink:label="label_TenarisGlobalServicesSaAndSubsidiariesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TenarisGlobalServicesSaAndSubsidiariesMember" xml:lang="en-US" id="label_TenarisGlobalServicesSaAndSubsidiariesMember">TENARIS GLOBAL SERVICES S.A. and subsidiaries [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TenarisGlobalServicesSaAndSubsidiariesMember" xlink:to="label_TenarisGlobalServicesSaAndSubsidiariesMember" xlink:title="Label : TenarisGlobalServicesSaAndSubsidiariesMember to label_TenarisGlobalServicesSaAndSubsidiariesMember" />
    <link:label xlink:type="resource" xlink:label="label_TenarisGlobalServicesSaAndSubsidiariesMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_TenarisGlobalServicesSaAndSubsidiariesMember_1" xml:lang="en-US" id="label_TenarisGlobalServicesSaAndSubsidiariesMember_1">The entity TENARIS GLOBAL SERVICES S.A. and subsidiaries.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TenarisGlobalServicesSaAndSubsidiariesMember" xlink:to="label_TenarisGlobalServicesSaAndSubsidiariesMember_1" xlink:title="Label : TenarisGlobalServicesSaAndSubsidiariesMember to label_TenarisGlobalServicesSaAndSubsidiariesMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_TenarisInvestmentsNLBVMember" xlink:label="TenarisInvestmentsNLBVMember" xlink:title="TenarisInvestmentsNLBVMember" />
    <link:label xlink:type="resource" xlink:label="label_TenarisInvestmentsNLBVMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TenarisInvestmentsNLBVMember" xml:lang="en-US" id="label_TenarisInvestmentsNLBVMember">Tenaris Investments (NL) B.V. [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TenarisInvestmentsNLBVMember" xlink:to="label_TenarisInvestmentsNLBVMember" xlink:title="Label : TenarisInvestmentsNLBVMember to label_TenarisInvestmentsNLBVMember" />
    <link:label xlink:type="resource" xlink:label="label_TenarisInvestmentsNLBVMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_TenarisInvestmentsNLBVMember_1" xml:lang="en-US" id="label_TenarisInvestmentsNLBVMember_1">Represents information regarding Tenaris Investments (NL) B.V.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TenarisInvestmentsNLBVMember" xlink:to="label_TenarisInvestmentsNLBVMember_1" xlink:title="Label : TenarisInvestmentsNLBVMember to label_TenarisInvestmentsNLBVMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_TenarisInvestmentsSrlMember" xlink:label="TenarisInvestmentsSrlMember" xlink:title="TenarisInvestmentsSrlMember" />
    <link:label xlink:type="resource" xlink:label="label_TenarisInvestmentsSrlMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TenarisInvestmentsSrlMember" xml:lang="en-US" id="label_TenarisInvestmentsSrlMember">TENARIS INVESTMENTS S.&#xE0;r.l. [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TenarisInvestmentsSrlMember" xlink:to="label_TenarisInvestmentsSrlMember" xlink:title="Label : TenarisInvestmentsSrlMember to label_TenarisInvestmentsSrlMember" />
    <link:label xlink:type="resource" xlink:label="label_TenarisInvestmentsSrlMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_TenarisInvestmentsSrlMember_1" xml:lang="en-US" id="label_TenarisInvestmentsSrlMember_1">The entity TENARIS INVESTMENTS S.&#xE0;r.l.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TenarisInvestmentsSrlMember" xlink:to="label_TenarisInvestmentsSrlMember_1" xlink:title="Label : TenarisInvestmentsSrlMember to label_TenarisInvestmentsSrlMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_TenarisInvestmentsSwitzerlandAgAndSubsidiariesMember" xlink:label="TenarisInvestmentsSwitzerlandAgAndSubsidiariesMember" xlink:title="TenarisInvestmentsSwitzerlandAgAndSubsidiariesMember" />
    <link:label xlink:type="resource" xlink:label="label_TenarisInvestmentsSwitzerlandAgAndSubsidiariesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TenarisInvestmentsSwitzerlandAgAndSubsidiariesMember" xml:lang="en-US" id="label_TenarisInvestmentsSwitzerlandAgAndSubsidiariesMember">TENARIS INVESTMENTS SWITZERLAND AG and subsidiaries [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TenarisInvestmentsSwitzerlandAgAndSubsidiariesMember" xlink:to="label_TenarisInvestmentsSwitzerlandAgAndSubsidiariesMember" xlink:title="Label : TenarisInvestmentsSwitzerlandAgAndSubsidiariesMember to label_TenarisInvestmentsSwitzerlandAgAndSubsidiariesMember" />
    <link:label xlink:type="resource" xlink:label="label_TenarisInvestmentsSwitzerlandAgAndSubsidiariesMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_TenarisInvestmentsSwitzerlandAgAndSubsidiariesMember_1" xml:lang="en-US" id="label_TenarisInvestmentsSwitzerlandAgAndSubsidiariesMember_1">The entity TENARIS INVESTMENTS SWITZERLAND AG and subsidiaries.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TenarisInvestmentsSwitzerlandAgAndSubsidiariesMember" xlink:to="label_TenarisInvestmentsSwitzerlandAgAndSubsidiariesMember_1" xlink:title="Label : TenarisInvestmentsSwitzerlandAgAndSubsidiariesMember to label_TenarisInvestmentsSwitzerlandAgAndSubsidiariesMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_TenarisTubocaribeLtdaMember" xlink:label="TenarisTubocaribeLtdaMember" xlink:title="TenarisTubocaribeLtdaMember" />
    <link:label xlink:type="resource" xlink:label="label_TenarisTubocaribeLtdaMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TenarisTubocaribeLtdaMember" xml:lang="en-US" id="label_TenarisTubocaribeLtdaMember">TENARIS TUBOCARIBE LTDA. [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TenarisTubocaribeLtdaMember" xlink:to="label_TenarisTubocaribeLtdaMember" xlink:title="Label : TenarisTubocaribeLtdaMember to label_TenarisTubocaribeLtdaMember" />
    <link:label xlink:type="resource" xlink:label="label_TenarisTubocaribeLtdaMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_TenarisTubocaribeLtdaMember_1" xml:lang="en-US" id="label_TenarisTubocaribeLtdaMember_1">The entity TENARIS TUBOCARIBE LTDA.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TenarisTubocaribeLtdaMember" xlink:to="label_TenarisTubocaribeLtdaMember_1" xlink:title="Label : TenarisTubocaribeLtdaMember to label_TenarisTubocaribeLtdaMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_TubosDeAceroDeMexicoSaMember" xlink:label="TubosDeAceroDeMexicoSaMember" xlink:title="TubosDeAceroDeMexicoSaMember" />
    <link:label xlink:type="resource" xlink:label="label_TubosDeAceroDeMexicoSaMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TubosDeAceroDeMexicoSaMember" xml:lang="en-US" id="label_TubosDeAceroDeMexicoSaMember">TUBOS DE ACERO DE MEXICO S.A. [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TubosDeAceroDeMexicoSaMember" xlink:to="label_TubosDeAceroDeMexicoSaMember" xlink:title="Label : TubosDeAceroDeMexicoSaMember to label_TubosDeAceroDeMexicoSaMember" />
    <link:label xlink:type="resource" xlink:label="label_TubosDeAceroDeMexicoSaMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_TubosDeAceroDeMexicoSaMember_1" xml:lang="en-US" id="label_TubosDeAceroDeMexicoSaMember_1">The entity TUBOS DE ACERO DE MEXICO S.A.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TubosDeAceroDeMexicoSaMember" xlink:to="label_TubosDeAceroDeMexicoSaMember_1" xlink:title="Label : TubosDeAceroDeMexicoSaMember to label_TubosDeAceroDeMexicoSaMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_NationalizationOfSubsidiariesCompensationAwardNotIncludingPreawardInterest" xlink:label="NationalizationOfSubsidiariesCompensationAwardNotIncludingPreawardInterest" xlink:title="NationalizationOfSubsidiariesCompensationAwardNotIncludingPreawardInterest" />
    <link:label xlink:type="resource" xlink:label="label_NationalizationOfSubsidiariesCompensationAwardNotIncludingPreawardInterest" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NationalizationOfSubsidiariesCompensationAwardNotIncludingPreawardInterest" xml:lang="en-US" id="label_NationalizationOfSubsidiariesCompensationAwardNotIncludingPreawardInterest">ts_NationalizationOfSubsidiariesCompensationAwardNotIncludingPreawardInterest</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NationalizationOfSubsidiariesCompensationAwardNotIncludingPreawardInterest" xlink:to="label_NationalizationOfSubsidiariesCompensationAwardNotIncludingPreawardInterest" xlink:title="Label : NationalizationOfSubsidiariesCompensationAwardNotIncludingPreawardInterest to label_NationalizationOfSubsidiariesCompensationAwardNotIncludingPreawardInterest" />
    <link:label xlink:type="resource" xlink:label="label_NationalizationOfSubsidiariesCompensationAwardNotIncludingPreawardInterest_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NationalizationOfSubsidiariesCompensationAwardNotIncludingPreawardInterest_1" xml:lang="en-US" id="label_NationalizationOfSubsidiariesCompensationAwardNotIncludingPreawardInterest_1">Nationalization of subsidiaries, compensation award not including pre-award interest</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NationalizationOfSubsidiariesCompensationAwardNotIncludingPreawardInterest" xlink:to="label_NationalizationOfSubsidiariesCompensationAwardNotIncludingPreawardInterest_1" xlink:title="Label : NationalizationOfSubsidiariesCompensationAwardNotIncludingPreawardInterest to label_NationalizationOfSubsidiariesCompensationAwardNotIncludingPreawardInterest_1" />
    <link:label xlink:type="resource" xlink:label="label_NationalizationOfSubsidiariesCompensationAwardNotIncludingPreawardInterest_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_NationalizationOfSubsidiariesCompensationAwardNotIncludingPreawardInterest_2" xml:lang="en-US" id="label_NationalizationOfSubsidiariesCompensationAwardNotIncludingPreawardInterest_2">The amount awarded, not including pre-award interest, as compensation for the nationalization of subsidiaries.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NationalizationOfSubsidiariesCompensationAwardNotIncludingPreawardInterest" xlink:to="label_NationalizationOfSubsidiariesCompensationAwardNotIncludingPreawardInterest_2" xlink:title="Label : NationalizationOfSubsidiariesCompensationAwardNotIncludingPreawardInterest to label_NationalizationOfSubsidiariesCompensationAwardNotIncludingPreawardInterest_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_NationalizationOfSubsidiariesPreawardInterest" xlink:label="NationalizationOfSubsidiariesPreawardInterest" xlink:title="NationalizationOfSubsidiariesPreawardInterest" />
    <link:label xlink:type="resource" xlink:label="label_NationalizationOfSubsidiariesPreawardInterest" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NationalizationOfSubsidiariesPreawardInterest" xml:lang="en-US" id="label_NationalizationOfSubsidiariesPreawardInterest">ts_NationalizationOfSubsidiariesPreawardInterest</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NationalizationOfSubsidiariesPreawardInterest" xlink:to="label_NationalizationOfSubsidiariesPreawardInterest" xlink:title="Label : NationalizationOfSubsidiariesPreawardInterest to label_NationalizationOfSubsidiariesPreawardInterest" />
    <link:label xlink:type="resource" xlink:label="label_NationalizationOfSubsidiariesPreawardInterest_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NationalizationOfSubsidiariesPreawardInterest_1" xml:lang="en-US" id="label_NationalizationOfSubsidiariesPreawardInterest_1">Nationalization of subsidiaries, pre-award interest</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NationalizationOfSubsidiariesPreawardInterest" xlink:to="label_NationalizationOfSubsidiariesPreawardInterest_1" xlink:title="Label : NationalizationOfSubsidiariesPreawardInterest to label_NationalizationOfSubsidiariesPreawardInterest_1" />
    <link:label xlink:type="resource" xlink:label="label_NationalizationOfSubsidiariesPreawardInterest_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_NationalizationOfSubsidiariesPreawardInterest_2" xml:lang="en-US" id="label_NationalizationOfSubsidiariesPreawardInterest_2">The amount of pre-award interest associated with compensation for the nationalization of subsidiaries.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NationalizationOfSubsidiariesPreawardInterest" xlink:to="label_NationalizationOfSubsidiariesPreawardInterest_2" xlink:title="Label : NationalizationOfSubsidiariesPreawardInterest to label_NationalizationOfSubsidiariesPreawardInterest_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_NationalizationOfSubsidiariesCompensationAwardIncludingPreawardInterest" xlink:label="NationalizationOfSubsidiariesCompensationAwardIncludingPreawardInterest" xlink:title="NationalizationOfSubsidiariesCompensationAwardIncludingPreawardInterest" />
    <link:label xlink:type="resource" xlink:label="label_NationalizationOfSubsidiariesCompensationAwardIncludingPreawardInterest" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NationalizationOfSubsidiariesCompensationAwardIncludingPreawardInterest" xml:lang="en-US" id="label_NationalizationOfSubsidiariesCompensationAwardIncludingPreawardInterest">ts_NationalizationOfSubsidiariesCompensationAwardIncludingPreawardInterest</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NationalizationOfSubsidiariesCompensationAwardIncludingPreawardInterest" xlink:to="label_NationalizationOfSubsidiariesCompensationAwardIncludingPreawardInterest" xlink:title="Label : NationalizationOfSubsidiariesCompensationAwardIncludingPreawardInterest to label_NationalizationOfSubsidiariesCompensationAwardIncludingPreawardInterest" />
    <link:label xlink:type="resource" xlink:label="label_NationalizationOfSubsidiariesCompensationAwardIncludingPreawardInterest_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NationalizationOfSubsidiariesCompensationAwardIncludingPreawardInterest_1" xml:lang="en-US" id="label_NationalizationOfSubsidiariesCompensationAwardIncludingPreawardInterest_1">Nationalization of subsidiaries, compensation award including pre-award interest</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NationalizationOfSubsidiariesCompensationAwardIncludingPreawardInterest" xlink:to="label_NationalizationOfSubsidiariesCompensationAwardIncludingPreawardInterest_1" xlink:title="Label : NationalizationOfSubsidiariesCompensationAwardIncludingPreawardInterest to label_NationalizationOfSubsidiariesCompensationAwardIncludingPreawardInterest_1" />
    <link:label xlink:type="resource" xlink:label="label_NationalizationOfSubsidiariesCompensationAwardIncludingPreawardInterest_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_NationalizationOfSubsidiariesCompensationAwardIncludingPreawardInterest_2" xml:lang="en-US" id="label_NationalizationOfSubsidiariesCompensationAwardIncludingPreawardInterest_2">The amount awarded, including pre-award interest, as compensation for the nationalization of subsidiaries.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NationalizationOfSubsidiariesCompensationAwardIncludingPreawardInterest" xlink:to="label_NationalizationOfSubsidiariesCompensationAwardIncludingPreawardInterest_2" xlink:title="Label : NationalizationOfSubsidiariesCompensationAwardIncludingPreawardInterest to label_NationalizationOfSubsidiariesCompensationAwardIncludingPreawardInterest_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_NationalizationOfSubsidiariesPostawardInterestRate" xlink:label="NationalizationOfSubsidiariesPostawardInterestRate" xlink:title="NationalizationOfSubsidiariesPostawardInterestRate" />
    <link:label xlink:type="resource" xlink:label="label_NationalizationOfSubsidiariesPostawardInterestRate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NationalizationOfSubsidiariesPostawardInterestRate" xml:lang="en-US" id="label_NationalizationOfSubsidiariesPostawardInterestRate">ts_NationalizationOfSubsidiariesPostawardInterestRate</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NationalizationOfSubsidiariesPostawardInterestRate" xlink:to="label_NationalizationOfSubsidiariesPostawardInterestRate" xlink:title="Label : NationalizationOfSubsidiariesPostawardInterestRate to label_NationalizationOfSubsidiariesPostawardInterestRate" />
    <link:label xlink:type="resource" xlink:label="label_NationalizationOfSubsidiariesPostawardInterestRate_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NationalizationOfSubsidiariesPostawardInterestRate_1" xml:lang="en-US" id="label_NationalizationOfSubsidiariesPostawardInterestRate_1">Nationalization of subsidiaries, post-award interest rate</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NationalizationOfSubsidiariesPostawardInterestRate" xlink:to="label_NationalizationOfSubsidiariesPostawardInterestRate_1" xlink:title="Label : NationalizationOfSubsidiariesPostawardInterestRate to label_NationalizationOfSubsidiariesPostawardInterestRate_1" />
    <link:label xlink:type="resource" xlink:label="label_NationalizationOfSubsidiariesPostawardInterestRate_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_NationalizationOfSubsidiariesPostawardInterestRate_2" xml:lang="en-US" id="label_NationalizationOfSubsidiariesPostawardInterestRate_2">The rate at which interest will accrue if compensation for the nationalization of subsidiaries is not received by the due date.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NationalizationOfSubsidiariesPostawardInterestRate" xlink:to="label_NationalizationOfSubsidiariesPostawardInterestRate_2" xlink:title="Label : NationalizationOfSubsidiariesPostawardInterestRate to label_NationalizationOfSubsidiariesPostawardInterestRate_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_NationalizationOfSubsidiariesCompensationAwardPostawardInterest" xlink:label="NationalizationOfSubsidiariesCompensationAwardPostawardInterest" xlink:title="NationalizationOfSubsidiariesCompensationAwardPostawardInterest" />
    <link:label xlink:type="resource" xlink:label="label_NationalizationOfSubsidiariesCompensationAwardPostawardInterest" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NationalizationOfSubsidiariesCompensationAwardPostawardInterest" xml:lang="en-US" id="label_NationalizationOfSubsidiariesCompensationAwardPostawardInterest">ts_NationalizationOfSubsidiariesCompensationAwardPostawardInterest</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NationalizationOfSubsidiariesCompensationAwardPostawardInterest" xlink:to="label_NationalizationOfSubsidiariesCompensationAwardPostawardInterest" xlink:title="Label : NationalizationOfSubsidiariesCompensationAwardPostawardInterest to label_NationalizationOfSubsidiariesCompensationAwardPostawardInterest" />
    <link:label xlink:type="resource" xlink:label="label_NationalizationOfSubsidiariesCompensationAwardPostawardInterest_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NationalizationOfSubsidiariesCompensationAwardPostawardInterest_1" xml:lang="en-US" id="label_NationalizationOfSubsidiariesCompensationAwardPostawardInterest_1">Nationalization of subsidiaries, compensation award post-award interest</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NationalizationOfSubsidiariesCompensationAwardPostawardInterest" xlink:to="label_NationalizationOfSubsidiariesCompensationAwardPostawardInterest_1" xlink:title="Label : NationalizationOfSubsidiariesCompensationAwardPostawardInterest to label_NationalizationOfSubsidiariesCompensationAwardPostawardInterest_1" />
    <link:label xlink:type="resource" xlink:label="label_NationalizationOfSubsidiariesCompensationAwardPostawardInterest_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_NationalizationOfSubsidiariesCompensationAwardPostawardInterest_2" xml:lang="en-US" id="label_NationalizationOfSubsidiariesCompensationAwardPostawardInterest_2">The amount of post-award interest for compensation for the nationalization of subsidiaries.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NationalizationOfSubsidiariesCompensationAwardPostawardInterest" xlink:to="label_NationalizationOfSubsidiariesCompensationAwardPostawardInterest_2" xlink:title="Label : NationalizationOfSubsidiariesCompensationAwardPostawardInterest to label_NationalizationOfSubsidiariesCompensationAwardPostawardInterest_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_NationalizationOfSubsidiariesReimbursementOfLegalFees" xlink:label="NationalizationOfSubsidiariesReimbursementOfLegalFees" xlink:title="NationalizationOfSubsidiariesReimbursementOfLegalFees" />
    <link:label xlink:type="resource" xlink:label="label_NationalizationOfSubsidiariesReimbursementOfLegalFees" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NationalizationOfSubsidiariesReimbursementOfLegalFees" xml:lang="en-US" id="label_NationalizationOfSubsidiariesReimbursementOfLegalFees">ts_NationalizationOfSubsidiariesReimbursementOfLegalFees</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NationalizationOfSubsidiariesReimbursementOfLegalFees" xlink:to="label_NationalizationOfSubsidiariesReimbursementOfLegalFees" xlink:title="Label : NationalizationOfSubsidiariesReimbursementOfLegalFees to label_NationalizationOfSubsidiariesReimbursementOfLegalFees" />
    <link:label xlink:type="resource" xlink:label="label_NationalizationOfSubsidiariesReimbursementOfLegalFees_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NationalizationOfSubsidiariesReimbursementOfLegalFees_1" xml:lang="en-US" id="label_NationalizationOfSubsidiariesReimbursementOfLegalFees_1">Nationalization of subsidiaries, reimbursement of legal fees</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NationalizationOfSubsidiariesReimbursementOfLegalFees" xlink:to="label_NationalizationOfSubsidiariesReimbursementOfLegalFees_1" xlink:title="Label : NationalizationOfSubsidiariesReimbursementOfLegalFees to label_NationalizationOfSubsidiariesReimbursementOfLegalFees_1" />
    <link:label xlink:type="resource" xlink:label="label_NationalizationOfSubsidiariesReimbursementOfLegalFees_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_NationalizationOfSubsidiariesReimbursementOfLegalFees_2" xml:lang="en-US" id="label_NationalizationOfSubsidiariesReimbursementOfLegalFees_2">The amount of reimbursement of legal fees associated with the nationalization of subsidiaries.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NationalizationOfSubsidiariesReimbursementOfLegalFees" xlink:to="label_NationalizationOfSubsidiariesReimbursementOfLegalFees_2" xlink:title="Label : NationalizationOfSubsidiariesReimbursementOfLegalFees to label_NationalizationOfSubsidiariesReimbursementOfLegalFees_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_NationalizationOfSubsidiariesBasisSpreadOnVariableRate" xlink:label="NationalizationOfSubsidiariesBasisSpreadOnVariableRate" xlink:title="NationalizationOfSubsidiariesBasisSpreadOnVariableRate" />
    <link:label xlink:type="resource" xlink:label="label_NationalizationOfSubsidiariesBasisSpreadOnVariableRate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NationalizationOfSubsidiariesBasisSpreadOnVariableRate" xml:lang="en-US" id="label_NationalizationOfSubsidiariesBasisSpreadOnVariableRate">ts_NationalizationOfSubsidiariesBasisSpreadOnVariableRate</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NationalizationOfSubsidiariesBasisSpreadOnVariableRate" xlink:to="label_NationalizationOfSubsidiariesBasisSpreadOnVariableRate" xlink:title="Label : NationalizationOfSubsidiariesBasisSpreadOnVariableRate to label_NationalizationOfSubsidiariesBasisSpreadOnVariableRate" />
    <link:label xlink:type="resource" xlink:label="label_NationalizationOfSubsidiariesBasisSpreadOnVariableRate_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NationalizationOfSubsidiariesBasisSpreadOnVariableRate_1" xml:lang="en-US" id="label_NationalizationOfSubsidiariesBasisSpreadOnVariableRate_1">Nationalization of subsidiaries, basis spread on variable rate</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NationalizationOfSubsidiariesBasisSpreadOnVariableRate" xlink:to="label_NationalizationOfSubsidiariesBasisSpreadOnVariableRate_1" xlink:title="Label : NationalizationOfSubsidiariesBasisSpreadOnVariableRate to label_NationalizationOfSubsidiariesBasisSpreadOnVariableRate_1" />
    <link:label xlink:type="resource" xlink:label="label_NationalizationOfSubsidiariesBasisSpreadOnVariableRate_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_NationalizationOfSubsidiariesBasisSpreadOnVariableRate_2" xml:lang="en-US" id="label_NationalizationOfSubsidiariesBasisSpreadOnVariableRate_2">Percentage points added to the reference rate to compute the variable rate on the interest receivable associated with the nationalization of subsidiaries.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NationalizationOfSubsidiariesBasisSpreadOnVariableRate" xlink:to="label_NationalizationOfSubsidiariesBasisSpreadOnVariableRate_2" xlink:title="Label : NationalizationOfSubsidiariesBasisSpreadOnVariableRate to label_NationalizationOfSubsidiariesBasisSpreadOnVariableRate_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_InterestReceivable" xlink:label="InterestReceivable" xlink:title="InterestReceivable" />
    <link:label xlink:type="resource" xlink:label="label_InterestReceivable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_InterestReceivable" xml:lang="en-US" id="label_InterestReceivable">ifrs-full_InterestReceivable</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestReceivable" xlink:to="label_InterestReceivable" xlink:title="Label : InterestReceivable to label_InterestReceivable" />
    <link:label xlink:type="resource" xlink:label="label_InterestReceivable_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_InterestReceivable_1" xml:lang="en-US" id="label_InterestReceivable_1">Interest receivable</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestReceivable" xlink:to="label_InterestReceivable_1" xlink:title="Label : InterestReceivable to label_InterestReceivable_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_MasterDistributionAgreementTerm" xlink:label="MasterDistributionAgreementTerm" xlink:title="MasterDistributionAgreementTerm" />
    <link:label xlink:type="resource" xlink:label="label_MasterDistributionAgreementTerm" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_MasterDistributionAgreementTerm" xml:lang="en-US" id="label_MasterDistributionAgreementTerm">Represents the term of a master distribution agreement, wherein the acquirer is the exclusive distributor of products.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MasterDistributionAgreementTerm" xlink:to="label_MasterDistributionAgreementTerm" xlink:title="Label : MasterDistributionAgreementTerm to label_MasterDistributionAgreementTerm" />
    <link:label xlink:type="resource" xlink:label="label_MasterDistributionAgreementTerm_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_MasterDistributionAgreementTerm_1" xml:lang="en-US" id="label_MasterDistributionAgreementTerm_1">Master distribution agreement, term (Year)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MasterDistributionAgreementTerm" xlink:to="label_MasterDistributionAgreementTerm_1" xlink:title="Label : MasterDistributionAgreementTerm to label_MasterDistributionAgreementTerm_1" />
    <link:label xlink:type="resource" xlink:label="label_MasterDistributionAgreementTerm_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_MasterDistributionAgreementTerm_2" xml:lang="en-US" id="label_MasterDistributionAgreementTerm_2">Master Distribution Agreement Term</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MasterDistributionAgreementTerm" xlink:to="label_MasterDistributionAgreementTerm_2" xlink:title="Label : MasterDistributionAgreementTerm to label_MasterDistributionAgreementTerm_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_MasterDistributionAgreementTermAvailableExtension" xlink:label="MasterDistributionAgreementTermAvailableExtension" xlink:title="MasterDistributionAgreementTermAvailableExtension" />
    <link:label xlink:type="resource" xlink:label="label_MasterDistributionAgreementTermAvailableExtension" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_MasterDistributionAgreementTermAvailableExtension" xml:lang="en-US" id="label_MasterDistributionAgreementTermAvailableExtension">ts_MasterDistributionAgreementTermAvailableExtension</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MasterDistributionAgreementTermAvailableExtension" xlink:to="label_MasterDistributionAgreementTermAvailableExtension" xlink:title="Label : MasterDistributionAgreementTermAvailableExtension to label_MasterDistributionAgreementTermAvailableExtension" />
    <link:label xlink:type="resource" xlink:label="label_MasterDistributionAgreementTermAvailableExtension_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_MasterDistributionAgreementTermAvailableExtension_1" xml:lang="en-US" id="label_MasterDistributionAgreementTermAvailableExtension_1">Master distribution agreement, term, available extension (Month)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MasterDistributionAgreementTermAvailableExtension" xlink:to="label_MasterDistributionAgreementTermAvailableExtension_1" xlink:title="Label : MasterDistributionAgreementTermAvailableExtension to label_MasterDistributionAgreementTermAvailableExtension_1" />
    <link:label xlink:type="resource" xlink:label="label_MasterDistributionAgreementTermAvailableExtension_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_MasterDistributionAgreementTermAvailableExtension_2" xml:lang="en-US" id="label_MasterDistributionAgreementTermAvailableExtension_2">Represents the term by which the master distribution agreement term may be extended at the election of the seller of the acquired entity.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MasterDistributionAgreementTermAvailableExtension" xlink:to="label_MasterDistributionAgreementTermAvailableExtension_2" xlink:title="Label : MasterDistributionAgreementTermAvailableExtension to label_MasterDistributionAgreementTermAvailableExtension_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_EstimatedAnnualSavingsFromTheReductionOfFixedCosts" xlink:label="EstimatedAnnualSavingsFromTheReductionOfFixedCosts" xlink:title="EstimatedAnnualSavingsFromTheReductionOfFixedCosts" />
    <link:label xlink:type="resource" xlink:label="label_EstimatedAnnualSavingsFromTheReductionOfFixedCosts" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EstimatedAnnualSavingsFromTheReductionOfFixedCosts" xml:lang="en-US" id="label_EstimatedAnnualSavingsFromTheReductionOfFixedCosts">ts_EstimatedAnnualSavingsFromTheReductionOfFixedCosts</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EstimatedAnnualSavingsFromTheReductionOfFixedCosts" xlink:to="label_EstimatedAnnualSavingsFromTheReductionOfFixedCosts" xlink:title="Label : EstimatedAnnualSavingsFromTheReductionOfFixedCosts to label_EstimatedAnnualSavingsFromTheReductionOfFixedCosts" />
    <link:label xlink:type="resource" xlink:label="label_EstimatedAnnualSavingsFromTheReductionOfFixedCosts_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_EstimatedAnnualSavingsFromTheReductionOfFixedCosts_1" xml:lang="en-US" id="label_EstimatedAnnualSavingsFromTheReductionOfFixedCosts_1">Estimated annual savings from the reduction of fixed costs</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EstimatedAnnualSavingsFromTheReductionOfFixedCosts" xlink:to="label_EstimatedAnnualSavingsFromTheReductionOfFixedCosts_1" xlink:title="Label : EstimatedAnnualSavingsFromTheReductionOfFixedCosts to label_EstimatedAnnualSavingsFromTheReductionOfFixedCosts_1" />
    <link:label xlink:type="resource" xlink:label="label_EstimatedAnnualSavingsFromTheReductionOfFixedCosts_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_EstimatedAnnualSavingsFromTheReductionOfFixedCosts_2" xml:lang="en-US" id="label_EstimatedAnnualSavingsFromTheReductionOfFixedCosts_2">The estimated annual savings amount from the reduction of fixed costs.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EstimatedAnnualSavingsFromTheReductionOfFixedCosts" xlink:to="label_EstimatedAnnualSavingsFromTheReductionOfFixedCosts_2" xlink:title="Label : EstimatedAnnualSavingsFromTheReductionOfFixedCosts to label_EstimatedAnnualSavingsFromTheReductionOfFixedCosts_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_ReductionOfCapitalExpendituresAndResearchAndDevelopmentExpenses" xlink:label="ReductionOfCapitalExpendituresAndResearchAndDevelopmentExpenses" xlink:title="ReductionOfCapitalExpendituresAndResearchAndDevelopmentExpenses" />
    <link:label xlink:type="resource" xlink:label="label_ReductionOfCapitalExpendituresAndResearchAndDevelopmentExpenses" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ReductionOfCapitalExpendituresAndResearchAndDevelopmentExpenses" xml:lang="en-US" id="label_ReductionOfCapitalExpendituresAndResearchAndDevelopmentExpenses">ts_ReductionOfCapitalExpendituresAndResearchAndDevelopmentExpenses</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ReductionOfCapitalExpendituresAndResearchAndDevelopmentExpenses" xlink:to="label_ReductionOfCapitalExpendituresAndResearchAndDevelopmentExpenses" xlink:title="Label : ReductionOfCapitalExpendituresAndResearchAndDevelopmentExpenses to label_ReductionOfCapitalExpendituresAndResearchAndDevelopmentExpenses" />
    <link:label xlink:type="resource" xlink:label="label_ReductionOfCapitalExpendituresAndResearchAndDevelopmentExpenses_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ReductionOfCapitalExpendituresAndResearchAndDevelopmentExpenses_1" xml:lang="en-US" id="label_ReductionOfCapitalExpendituresAndResearchAndDevelopmentExpenses_1">Reduction of capital expenditures and research and development expenses</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ReductionOfCapitalExpendituresAndResearchAndDevelopmentExpenses" xlink:to="label_ReductionOfCapitalExpendituresAndResearchAndDevelopmentExpenses_1" xlink:title="Label : ReductionOfCapitalExpendituresAndResearchAndDevelopmentExpenses to label_ReductionOfCapitalExpendituresAndResearchAndDevelopmentExpenses_1" />
    <link:label xlink:type="resource" xlink:label="label_ReductionOfCapitalExpendituresAndResearchAndDevelopmentExpenses_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ReductionOfCapitalExpendituresAndResearchAndDevelopmentExpenses_2" xml:lang="en-US" id="label_ReductionOfCapitalExpendituresAndResearchAndDevelopmentExpenses_2">The amount of reduction in capital expenditures and research and development expenses.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ReductionOfCapitalExpendituresAndResearchAndDevelopmentExpenses" xlink:to="label_ReductionOfCapitalExpendituresAndResearchAndDevelopmentExpenses_2" xlink:title="Label : ReductionOfCapitalExpendituresAndResearchAndDevelopmentExpenses to label_ReductionOfCapitalExpendituresAndResearchAndDevelopmentExpenses_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_Cash" xlink:label="Cash" xlink:title="Cash" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Cash" xlink:to="label_Cash" xlink:title="Label : Cash to label_Cash" />
    <link:label xlink:type="resource" xlink:label="label_Cash_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_Cash_1" xml:lang="en-US" id="label_Cash_1">Total cash</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Cash" xlink:to="label_Cash_1" xlink:title="Label : Cash to label_Cash_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_GeneralAndAdministrativeExpense" xlink:label="GeneralAndAdministrativeExpense" xlink:title="GeneralAndAdministrativeExpense" />
    <link:label xlink:type="resource" xlink:label="label_GeneralAndAdministrativeExpense" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_GeneralAndAdministrativeExpense" xml:lang="en-US" id="label_GeneralAndAdministrativeExpense">ifrs-full_GeneralAndAdministrativeExpense</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GeneralAndAdministrativeExpense" xlink:to="label_GeneralAndAdministrativeExpense" xlink:title="Label : GeneralAndAdministrativeExpense to label_GeneralAndAdministrativeExpense" />
    <link:label xlink:type="resource" xlink:label="label_GeneralAndAdministrativeExpense_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_GeneralAndAdministrativeExpense_1" xml:lang="en-US" id="label_GeneralAndAdministrativeExpense_1">General and administrative expense</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GeneralAndAdministrativeExpense" xlink:to="label_GeneralAndAdministrativeExpense_1" xlink:title="Label : GeneralAndAdministrativeExpense to label_GeneralAndAdministrativeExpense_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_ImpairmentLoss" xlink:label="ImpairmentLoss" xlink:title="ImpairmentLoss" />
    <link:label xlink:type="resource" xlink:label="label_ImpairmentLoss" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ImpairmentLoss" xml:lang="en-US" id="label_ImpairmentLoss">ifrs-full_ImpairmentLoss</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ImpairmentLoss" xlink:to="label_ImpairmentLoss" xlink:title="Label : ImpairmentLoss to label_ImpairmentLoss" />
    <link:label xlink:type="resource" xlink:label="label_ImpairmentLoss_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ImpairmentLoss_1" xml:lang="en-US" id="label_ImpairmentLoss_1">Impairment loss</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ImpairmentLoss" xlink:to="label_ImpairmentLoss_1" xlink:title="Label : ImpairmentLoss to label_ImpairmentLoss_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate" xlink:label="IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate" xlink:title="IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate" />
    <link:label xlink:type="resource" xlink:label="label_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate" xml:lang="en-US" id="label_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate">Intangible assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate" xlink:to="label_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate" xlink:title="Label : IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate to label_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_OtherAssetsRecognisedAsOfAcquisitionDate" xlink:label="OtherAssetsRecognisedAsOfAcquisitionDate" xlink:title="OtherAssetsRecognisedAsOfAcquisitionDate" />
    <link:label xlink:type="resource" xlink:label="label_OtherAssetsRecognisedAsOfAcquisitionDate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OtherAssetsRecognisedAsOfAcquisitionDate" xml:lang="en-US" id="label_OtherAssetsRecognisedAsOfAcquisitionDate">Other assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherAssetsRecognisedAsOfAcquisitionDate" xlink:to="label_OtherAssetsRecognisedAsOfAcquisitionDate" xlink:title="Label : OtherAssetsRecognisedAsOfAcquisitionDate to label_OtherAssetsRecognisedAsOfAcquisitionDate" />
    <link:label xlink:type="resource" xlink:label="label_OtherAssetsRecognisedAsOfAcquisitionDate_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_OtherAssetsRecognisedAsOfAcquisitionDate_1" xml:lang="en-US" id="label_OtherAssetsRecognisedAsOfAcquisitionDate_1">The amount recognised as of the acquisition date for other assets acquired in a business combination.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherAssetsRecognisedAsOfAcquisitionDate" xlink:to="label_OtherAssetsRecognisedAsOfAcquisitionDate_1" xlink:title="Label : OtherAssetsRecognisedAsOfAcquisitionDate to label_OtherAssetsRecognisedAsOfAcquisitionDate_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_ProvisionsRecognisedAsOfAcquisitionDate" xlink:label="ProvisionsRecognisedAsOfAcquisitionDate" xlink:title="ProvisionsRecognisedAsOfAcquisitionDate" />
    <link:label xlink:type="resource" xlink:label="label_ProvisionsRecognisedAsOfAcquisitionDate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ProvisionsRecognisedAsOfAcquisitionDate" xml:lang="en-US" id="label_ProvisionsRecognisedAsOfAcquisitionDate">ts_ProvisionsRecognisedAsOfAcquisitionDate</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProvisionsRecognisedAsOfAcquisitionDate" xlink:to="label_ProvisionsRecognisedAsOfAcquisitionDate" xlink:title="Label : ProvisionsRecognisedAsOfAcquisitionDate to label_ProvisionsRecognisedAsOfAcquisitionDate" />
    <link:label xlink:type="resource" xlink:label="label_ProvisionsRecognisedAsOfAcquisitionDate_1" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_ProvisionsRecognisedAsOfAcquisitionDate_1" xml:lang="en-US" id="label_ProvisionsRecognisedAsOfAcquisitionDate_1">Provisions</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProvisionsRecognisedAsOfAcquisitionDate" xlink:to="label_ProvisionsRecognisedAsOfAcquisitionDate_1" xlink:title="Label : ProvisionsRecognisedAsOfAcquisitionDate to label_ProvisionsRecognisedAsOfAcquisitionDate_1" />
    <link:label xlink:type="resource" xlink:label="label_ProvisionsRecognisedAsOfAcquisitionDate_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ProvisionsRecognisedAsOfAcquisitionDate_2" xml:lang="en-US" id="label_ProvisionsRecognisedAsOfAcquisitionDate_2">The amount recognised as of the acquisition date for provisions assumed in a business combination.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProvisionsRecognisedAsOfAcquisitionDate" xlink:to="label_ProvisionsRecognisedAsOfAcquisitionDate_2" xlink:title="Label : ProvisionsRecognisedAsOfAcquisitionDate to label_ProvisionsRecognisedAsOfAcquisitionDate_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_OtherLiabilitiesRecognisedAsOfAcquisitionDate" xlink:label="OtherLiabilitiesRecognisedAsOfAcquisitionDate" xlink:title="OtherLiabilitiesRecognisedAsOfAcquisitionDate" />
    <link:label xlink:type="resource" xlink:label="label_OtherLiabilitiesRecognisedAsOfAcquisitionDate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OtherLiabilitiesRecognisedAsOfAcquisitionDate" xml:lang="en-US" id="label_OtherLiabilitiesRecognisedAsOfAcquisitionDate">ts_OtherLiabilitiesRecognisedAsOfAcquisitionDate</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherLiabilitiesRecognisedAsOfAcquisitionDate" xlink:to="label_OtherLiabilitiesRecognisedAsOfAcquisitionDate" xlink:title="Label : OtherLiabilitiesRecognisedAsOfAcquisitionDate to label_OtherLiabilitiesRecognisedAsOfAcquisitionDate" />
    <link:label xlink:type="resource" xlink:label="label_OtherLiabilitiesRecognisedAsOfAcquisitionDate_1" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_OtherLiabilitiesRecognisedAsOfAcquisitionDate_1" xml:lang="en-US" id="label_OtherLiabilitiesRecognisedAsOfAcquisitionDate_1">Other liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherLiabilitiesRecognisedAsOfAcquisitionDate" xlink:to="label_OtherLiabilitiesRecognisedAsOfAcquisitionDate_1" xlink:title="Label : OtherLiabilitiesRecognisedAsOfAcquisitionDate to label_OtherLiabilitiesRecognisedAsOfAcquisitionDate_1" />
    <link:label xlink:type="resource" xlink:label="label_OtherLiabilitiesRecognisedAsOfAcquisitionDate_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_OtherLiabilitiesRecognisedAsOfAcquisitionDate_2" xml:lang="en-US" id="label_OtherLiabilitiesRecognisedAsOfAcquisitionDate_2">The amount recognised as of the acquisition date for other liabilities assumed in a business combination.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherLiabilitiesRecognisedAsOfAcquisitionDate" xlink:to="label_OtherLiabilitiesRecognisedAsOfAcquisitionDate_2" xlink:title="Label : OtherLiabilitiesRecognisedAsOfAcquisitionDate to label_OtherLiabilitiesRecognisedAsOfAcquisitionDate_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_BasicAndDilutedEarningsLossPerAmericanDepositaryShareFromContinuingOperations" xlink:label="BasicAndDilutedEarningsLossPerAmericanDepositaryShareFromContinuingOperations" xlink:title="BasicAndDilutedEarningsLossPerAmericanDepositaryShareFromContinuingOperations" />
    <link:label xlink:type="resource" xlink:label="label_BasicAndDilutedEarningsLossPerAmericanDepositaryShareFromContinuingOperations" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_BasicAndDilutedEarningsLossPerAmericanDepositaryShareFromContinuingOperations" xml:lang="en-US" id="label_BasicAndDilutedEarningsLossPerAmericanDepositaryShareFromContinuingOperations">Basic And Diluted Earnings (Loss) Per American Depositary Share From Continuing Operations</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BasicAndDilutedEarningsLossPerAmericanDepositaryShareFromContinuingOperations" xlink:to="label_BasicAndDilutedEarningsLossPerAmericanDepositaryShareFromContinuingOperations" xlink:title="Label : BasicAndDilutedEarningsLossPerAmericanDepositaryShareFromContinuingOperations to label_BasicAndDilutedEarningsLossPerAmericanDepositaryShareFromContinuingOperations" />
    <link:label xlink:type="resource" xlink:label="label_BasicAndDilutedEarningsLossPerAmericanDepositaryShareFromContinuingOperations_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_BasicAndDilutedEarningsLossPerAmericanDepositaryShareFromContinuingOperations_1" xml:lang="en-US" id="label_BasicAndDilutedEarningsLossPerAmericanDepositaryShareFromContinuingOperations_1">The amount of basic and diluted earnings (losses) per American depositary share (ADS) from continuing operations. Each ADS equals two shares.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BasicAndDilutedEarningsLossPerAmericanDepositaryShareFromContinuingOperations" xlink:to="label_BasicAndDilutedEarningsLossPerAmericanDepositaryShareFromContinuingOperations_1" xlink:title="Label : BasicAndDilutedEarningsLossPerAmericanDepositaryShareFromContinuingOperations to label_BasicAndDilutedEarningsLossPerAmericanDepositaryShareFromContinuingOperations_1" />
    <link:label xlink:type="resource" xlink:label="label_BasicAndDilutedEarningsLossPerAmericanDepositaryShareFromContinuingOperations_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_BasicAndDilutedEarningsLossPerAmericanDepositaryShareFromContinuingOperations_2" xml:lang="en-US" id="label_BasicAndDilutedEarningsLossPerAmericanDepositaryShareFromContinuingOperations_2">Basic and diluted earnings per ADS (U.S. dollars per ADS) (in dollars per share)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BasicAndDilutedEarningsLossPerAmericanDepositaryShareFromContinuingOperations" xlink:to="label_BasicAndDilutedEarningsLossPerAmericanDepositaryShareFromContinuingOperations_2" xlink:title="Label : BasicAndDilutedEarningsLossPerAmericanDepositaryShareFromContinuingOperations to label_BasicAndDilutedEarningsLossPerAmericanDepositaryShareFromContinuingOperations_2" />
    <link:label xlink:type="resource" xlink:label="label_NoncurrentAssetsAbstract_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NoncurrentAssetsAbstract_1" xml:lang="en-US" id="label_NoncurrentAssetsAbstract_1">Non-current assets [abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncurrentAssetsAbstract" xlink:to="label_NoncurrentAssetsAbstract_1" xlink:title="Label : NoncurrentAssetsAbstract to label_NoncurrentAssetsAbstract_1" />
    <link:label xlink:type="resource" xlink:label="label_CurrentAssetsAbstract_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CurrentAssetsAbstract_1" xml:lang="en-US" id="label_CurrentAssetsAbstract_1">Current assets [abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentAssetsAbstract" xlink:to="label_CurrentAssetsAbstract_1" xlink:title="Label : CurrentAssetsAbstract to label_CurrentAssetsAbstract_1" />
    <link:label xlink:type="resource" xlink:label="label_ReserveOfExchangeDifferencesOnTranslationMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ReserveOfExchangeDifferencesOnTranslationMember_1" xml:lang="en-US" id="label_ReserveOfExchangeDifferencesOnTranslationMember_1">Currency Translation Adjustment</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ReserveOfExchangeDifferencesOnTranslationMember" xlink:to="label_ReserveOfExchangeDifferencesOnTranslationMember_1" xlink:title="Label : ReserveOfExchangeDifferencesOnTranslationMember to label_ReserveOfExchangeDifferencesOnTranslationMember_1" />
    <link:label xlink:type="resource" xlink:label="label_OtherReservesMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_OtherReservesMember_1" xml:lang="en-US" id="label_OtherReservesMember_1">Other Reserves</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherReservesMember" xlink:to="label_OtherReservesMember_1" xlink:title="Label : OtherReservesMember to label_OtherReservesMember_1" />
    <link:label xlink:type="resource" xlink:label="label_RetainedEarningsMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_RetainedEarningsMember_1" xml:lang="en-US" id="label_RetainedEarningsMember_1">Retained Earnings</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RetainedEarningsMember" xlink:to="label_RetainedEarningsMember_1" xlink:title="Label : RetainedEarningsMember to label_RetainedEarningsMember_1" />
    <link:label xlink:type="resource" xlink:label="label_EquityAttributableToOwnersOfParentMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_EquityAttributableToOwnersOfParentMember_1" xml:lang="en-US" id="label_EquityAttributableToOwnersOfParentMember_1">Total</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EquityAttributableToOwnersOfParentMember" xlink:to="label_EquityAttributableToOwnersOfParentMember_1" xlink:title="Label : EquityAttributableToOwnersOfParentMember to label_EquityAttributableToOwnersOfParentMember_1" />
    <link:label xlink:type="resource" xlink:label="label_NoncontrollingInterestsMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NoncontrollingInterestsMember_1" xml:lang="en-US" id="label_NoncontrollingInterestsMember_1">Non-controlling interests</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncontrollingInterestsMember" xlink:to="label_NoncontrollingInterestsMember_1" xlink:title="Label : NoncontrollingInterestsMember to label_NoncontrollingInterestsMember_1" />
    <link:label xlink:type="resource" xlink:label="label_StatementOfChangesInEquityLineItems_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_StatementOfChangesInEquityLineItems_1" xml:lang="en-US" id="label_StatementOfChangesInEquityLineItems_1">CONSOLIDATED STATEMENT OF CHANGES IN EQUITY</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StatementOfChangesInEquityLineItems" xlink:to="label_StatementOfChangesInEquityLineItems_1" xlink:title="Label : StatementOfChangesInEquityLineItems to label_StatementOfChangesInEquityLineItems_1" />
    <link:label xlink:type="resource" xlink:label="label_AdjustmentsForFinanceIncomeCost_1" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_AdjustmentsForFinanceIncomeCost_1" xml:lang="en-US" id="label_AdjustmentsForFinanceIncomeCost_1">Interest accruals less payments, net</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdjustmentsForFinanceIncomeCost" xlink:to="label_AdjustmentsForFinanceIncomeCost_1" xlink:title="Label : AdjustmentsForFinanceIncomeCost to label_AdjustmentsForFinanceIncomeCost_1" />
    <link:label xlink:type="resource" xlink:label="label_AdjustmentsForFinanceIncomeCost_2" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:title="label_AdjustmentsForFinanceIncomeCost_2" xml:lang="en-US" id="label_AdjustmentsForFinanceIncomeCost_2">Interest income (expense)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdjustmentsForFinanceIncomeCost" xlink:to="label_AdjustmentsForFinanceIncomeCost_2" xlink:title="Label : AdjustmentsForFinanceIncomeCost to label_AdjustmentsForFinanceIncomeCost_2" />
    <link:label xlink:type="resource" xlink:label="label_CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPositionAbstract_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPositionAbstract_1" xml:lang="en-US" id="label_CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPositionAbstract_1">Cash and cash equivalents if different from statement of financial position [abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPositionAbstract" xlink:to="label_CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPositionAbstract_1" xlink:title="Label : CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPositionAbstract to label_CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPositionAbstract_1" />
    <link:label xlink:type="resource" xlink:label="label_CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPositionAbstract_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPositionAbstract_2" xml:lang="en-US" id="label_CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPositionAbstract_2">Movement in cash and cash equivalents</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPositionAbstract" xlink:to="label_CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPositionAbstract_2" xlink:title="Label : CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPositionAbstract to label_CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPositionAbstract_2" />
    <link:label xlink:type="resource" xlink:label="label_CashAndCashEquivalents_3" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_CashAndCashEquivalents_3" xml:lang="en-US" id="label_CashAndCashEquivalents_3">Total cash and cash equivalents</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CashAndCashEquivalents" xlink:to="label_CashAndCashEquivalents_3" xlink:title="Label : CashAndCashEquivalents to label_CashAndCashEquivalents_3" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_DisclosureOfGeneralInformationAboutFinancialStatementsAbstract" xlink:label="DisclosureOfGeneralInformationAboutFinancialStatementsAbstract" xlink:title="DisclosureOfGeneralInformationAboutFinancialStatementsAbstract" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfGeneralInformationAboutFinancialStatementsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfGeneralInformationAboutFinancialStatementsAbstract" xml:lang="en-US" id="label_DisclosureOfGeneralInformationAboutFinancialStatementsAbstract">Disclosure of General Information About Financial Statements [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfGeneralInformationAboutFinancialStatementsAbstract" xlink:to="label_DisclosureOfGeneralInformationAboutFinancialStatementsAbstract" xlink:title="Label : DisclosureOfGeneralInformationAboutFinancialStatementsAbstract to label_DisclosureOfGeneralInformationAboutFinancialStatementsAbstract" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DisclosureOfFinancialRiskManagementExplanatory" xlink:label="DisclosureOfFinancialRiskManagementExplanatory" xlink:title="DisclosureOfFinancialRiskManagementExplanatory" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfFinancialRiskManagementExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DisclosureOfFinancialRiskManagementExplanatory" xml:lang="en-US" id="label_DisclosureOfFinancialRiskManagementExplanatory">III. FINANCIAL RISK MANAGEMENT</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfFinancialRiskManagementExplanatory" xlink:to="label_DisclosureOfFinancialRiskManagementExplanatory" xlink:title="Label : DisclosureOfFinancialRiskManagementExplanatory to label_DisclosureOfFinancialRiskManagementExplanatory" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory_1" xml:lang="en-US" id="label_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory_1">Disclosure of significant accounting policies [text block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory" xlink:to="label_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory_1" xlink:title="Label : DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory to label_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DisclosureOfFinancialInstrumentsAbstract" xlink:label="DisclosureOfFinancialInstrumentsAbstract" xlink:title="DisclosureOfFinancialInstrumentsAbstract" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfFinancialInstrumentsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfFinancialInstrumentsAbstract" xml:lang="en-US" id="label_DisclosureOfFinancialInstrumentsAbstract">Disclosure of detailed information about financial instruments [abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfFinancialInstrumentsAbstract" xlink:to="label_DisclosureOfFinancialInstrumentsAbstract" xlink:title="Label : DisclosureOfFinancialInstrumentsAbstract to label_DisclosureOfFinancialInstrumentsAbstract" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory_1" xml:lang="en-US" id="label_DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory_1">I. GENERAL INFORMATION</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory" xlink:to="label_DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory_1" xlink:title="Label : DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory to label_DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory_1" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfFinancialRiskManagementExplanatory_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfFinancialRiskManagementExplanatory_1" xml:lang="en-US" id="label_DisclosureOfFinancialRiskManagementExplanatory_1">Disclosure of financial risk management [text block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfFinancialRiskManagementExplanatory" xlink:to="label_DisclosureOfFinancialRiskManagementExplanatory_1" xlink:title="Label : DisclosureOfFinancialRiskManagementExplanatory to label_DisclosureOfFinancialRiskManagementExplanatory_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DisclosureOfOperatingSegmentsAbstract" xlink:label="DisclosureOfOperatingSegmentsAbstract" xlink:title="DisclosureOfOperatingSegmentsAbstract" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfOperatingSegmentsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfOperatingSegmentsAbstract" xml:lang="en-US" id="label_DisclosureOfOperatingSegmentsAbstract">Disclosure of operating segments [abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfOperatingSegmentsAbstract" xlink:to="label_DisclosureOfOperatingSegmentsAbstract" xlink:title="Label : DisclosureOfOperatingSegmentsAbstract to label_DisclosureOfOperatingSegmentsAbstract" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfEntitysReportableSegmentsExplanatory_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DisclosureOfEntitysReportableSegmentsExplanatory_1" xml:lang="en-US" id="label_DisclosureOfEntitysReportableSegmentsExplanatory_1">Note 1 - Segment Information</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfEntitysReportableSegmentsExplanatory" xlink:to="label_DisclosureOfEntitysReportableSegmentsExplanatory_1" xlink:title="Label : DisclosureOfEntitysReportableSegmentsExplanatory to label_DisclosureOfEntitysReportableSegmentsExplanatory_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_DisclosureOfCostOfSalesAbstract" xlink:label="DisclosureOfCostOfSalesAbstract" xlink:title="DisclosureOfCostOfSalesAbstract" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfCostOfSalesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfCostOfSalesAbstract" xml:lang="en-US" id="label_DisclosureOfCostOfSalesAbstract">Disclosure of Cost of Sales [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfCostOfSalesAbstract" xlink:to="label_DisclosureOfCostOfSalesAbstract" xlink:title="Label : DisclosureOfCostOfSalesAbstract to label_DisclosureOfCostOfSalesAbstract" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfCostOfSalesExplanatory_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DisclosureOfCostOfSalesExplanatory_1" xml:lang="en-US" id="label_DisclosureOfCostOfSalesExplanatory_1">Note 2 - Cost of Sales</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfCostOfSalesExplanatory" xlink:to="label_DisclosureOfCostOfSalesExplanatory_1" xlink:title="Label : DisclosureOfCostOfSalesExplanatory to label_DisclosureOfCostOfSalesExplanatory_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_DisclosureOfContingenciesCommitmentsAndRestrictionsOnDistributionOfProfitsAbstract" xlink:label="DisclosureOfContingenciesCommitmentsAndRestrictionsOnDistributionOfProfitsAbstract" xlink:title="DisclosureOfContingenciesCommitmentsAndRestrictionsOnDistributionOfProfitsAbstract" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfContingenciesCommitmentsAndRestrictionsOnDistributionOfProfitsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfContingenciesCommitmentsAndRestrictionsOnDistributionOfProfitsAbstract" xml:lang="en-US" id="label_DisclosureOfContingenciesCommitmentsAndRestrictionsOnDistributionOfProfitsAbstract">Disclosure of Contingencies, Commitments and Restrictions on Distribution of Profits [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfContingenciesCommitmentsAndRestrictionsOnDistributionOfProfitsAbstract" xlink:to="label_DisclosureOfContingenciesCommitmentsAndRestrictionsOnDistributionOfProfitsAbstract" xlink:title="Label : DisclosureOfContingenciesCommitmentsAndRestrictionsOnDistributionOfProfitsAbstract to label_DisclosureOfContingenciesCommitmentsAndRestrictionsOnDistributionOfProfitsAbstract" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DisclosureOfAnalysisOfSingleAmountOfDiscontinuedOperationsAbstract" xlink:label="DisclosureOfAnalysisOfSingleAmountOfDiscontinuedOperationsAbstract" xlink:title="DisclosureOfAnalysisOfSingleAmountOfDiscontinuedOperationsAbstract" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfAnalysisOfSingleAmountOfDiscontinuedOperationsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfAnalysisOfSingleAmountOfDiscontinuedOperationsAbstract" xml:lang="en-US" id="label_DisclosureOfAnalysisOfSingleAmountOfDiscontinuedOperationsAbstract">Disclosure of analysis of single amount of discontinued operations [abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfAnalysisOfSingleAmountOfDiscontinuedOperationsAbstract" xlink:to="label_DisclosureOfAnalysisOfSingleAmountOfDiscontinuedOperationsAbstract" xlink:title="Label : DisclosureOfAnalysisOfSingleAmountOfDiscontinuedOperationsAbstract to label_DisclosureOfAnalysisOfSingleAmountOfDiscontinuedOperationsAbstract" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DisclosureOfNonadjustingEventsAfterReportingPeriodAbstract" xlink:label="DisclosureOfNonadjustingEventsAfterReportingPeriodAbstract" xlink:title="DisclosureOfNonadjustingEventsAfterReportingPeriodAbstract" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfNonadjustingEventsAfterReportingPeriodAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfNonadjustingEventsAfterReportingPeriodAbstract" xml:lang="en-US" id="label_DisclosureOfNonadjustingEventsAfterReportingPeriodAbstract">Disclosure of non-adjusting events after reporting period [abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfNonadjustingEventsAfterReportingPeriodAbstract" xlink:to="label_DisclosureOfNonadjustingEventsAfterReportingPeriodAbstract" xlink:title="Label : DisclosureOfNonadjustingEventsAfterReportingPeriodAbstract to label_DisclosureOfNonadjustingEventsAfterReportingPeriodAbstract" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DisclosureOfNonadjustingEventsAfterReportingPeriodTable" xlink:label="DisclosureOfNonadjustingEventsAfterReportingPeriodTable" xlink:title="DisclosureOfNonadjustingEventsAfterReportingPeriodTable" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfNonadjustingEventsAfterReportingPeriodTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfNonadjustingEventsAfterReportingPeriodTable" xml:lang="en-US" id="label_DisclosureOfNonadjustingEventsAfterReportingPeriodTable">Disclosure of non-adjusting events after reporting period [table]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfNonadjustingEventsAfterReportingPeriodTable" xlink:to="label_DisclosureOfNonadjustingEventsAfterReportingPeriodTable" xlink:title="Label : DisclosureOfNonadjustingEventsAfterReportingPeriodTable to label_DisclosureOfNonadjustingEventsAfterReportingPeriodTable" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DisclosureOfNonadjustingEventsAfterReportingPeriodLineItems" xlink:label="DisclosureOfNonadjustingEventsAfterReportingPeriodLineItems" xlink:title="DisclosureOfNonadjustingEventsAfterReportingPeriodLineItems" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfNonadjustingEventsAfterReportingPeriodLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfNonadjustingEventsAfterReportingPeriodLineItems" xml:lang="en-US" id="label_DisclosureOfNonadjustingEventsAfterReportingPeriodLineItems">Disclosure of non-adjusting events after reporting period [line items]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfNonadjustingEventsAfterReportingPeriodLineItems" xlink:to="label_DisclosureOfNonadjustingEventsAfterReportingPeriodLineItems" xlink:title="Label : DisclosureOfNonadjustingEventsAfterReportingPeriodLineItems to label_DisclosureOfNonadjustingEventsAfterReportingPeriodLineItems" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory" xlink:label="DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory" xlink:title="DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory" xml:lang="en-US" id="label_DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory">Disclosure of quantitative information about right-of-use assets [text block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory" xlink:to="label_DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory" xlink:title="Label : DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory to label_DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DisclosureOfAnalysisOfSingleAmountOfDiscontinuedOperationsTable" xlink:label="DisclosureOfAnalysisOfSingleAmountOfDiscontinuedOperationsTable" xlink:title="DisclosureOfAnalysisOfSingleAmountOfDiscontinuedOperationsTable" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfAnalysisOfSingleAmountOfDiscontinuedOperationsTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfAnalysisOfSingleAmountOfDiscontinuedOperationsTable" xml:lang="en-US" id="label_DisclosureOfAnalysisOfSingleAmountOfDiscontinuedOperationsTable">Disclosure of analysis of single amount of discontinued operations [table]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfAnalysisOfSingleAmountOfDiscontinuedOperationsTable" xlink:to="label_DisclosureOfAnalysisOfSingleAmountOfDiscontinuedOperationsTable" xlink:title="Label : DisclosureOfAnalysisOfSingleAmountOfDiscontinuedOperationsTable to label_DisclosureOfAnalysisOfSingleAmountOfDiscontinuedOperationsTable" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DisclosureOfAnalysisOfSingleAmountOfDiscontinuedOperationsLineItems" xlink:label="DisclosureOfAnalysisOfSingleAmountOfDiscontinuedOperationsLineItems" xlink:title="DisclosureOfAnalysisOfSingleAmountOfDiscontinuedOperationsLineItems" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfAnalysisOfSingleAmountOfDiscontinuedOperationsLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfAnalysisOfSingleAmountOfDiscontinuedOperationsLineItems" xml:lang="en-US" id="label_DisclosureOfAnalysisOfSingleAmountOfDiscontinuedOperationsLineItems">Disclosure of analysis of single amount of discontinued operations [line items]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfAnalysisOfSingleAmountOfDiscontinuedOperationsLineItems" xlink:to="label_DisclosureOfAnalysisOfSingleAmountOfDiscontinuedOperationsLineItems" xlink:title="Label : DisclosureOfAnalysisOfSingleAmountOfDiscontinuedOperationsLineItems to label_DisclosureOfAnalysisOfSingleAmountOfDiscontinuedOperationsLineItems" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DisclosureOfInformationAboutCreditExposuresDesignatedAsMeasuredAtFairValueThroughProfitOrLossTable" xlink:label="DisclosureOfInformationAboutCreditExposuresDesignatedAsMeasuredAtFairValueThroughProfitOrLossTable" xlink:title="DisclosureOfInformationAboutCreditExposuresDesignatedAsMeasuredAtFairValueThroughProfitOrLossTable" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfInformationAboutCreditExposuresDesignatedAsMeasuredAtFairValueThroughProfitOrLossTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfInformationAboutCreditExposuresDesignatedAsMeasuredAtFairValueThroughProfitOrLossTable" xml:lang="en-US" id="label_DisclosureOfInformationAboutCreditExposuresDesignatedAsMeasuredAtFairValueThroughProfitOrLossTable">Disclosure of information about credit exposures designated as measured at fair value through profit or loss [table]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfInformationAboutCreditExposuresDesignatedAsMeasuredAtFairValueThroughProfitOrLossTable" xlink:to="label_DisclosureOfInformationAboutCreditExposuresDesignatedAsMeasuredAtFairValueThroughProfitOrLossTable" xlink:title="Label : DisclosureOfInformationAboutCreditExposuresDesignatedAsMeasuredAtFairValueThroughProfitOrLossTable to label_DisclosureOfInformationAboutCreditExposuresDesignatedAsMeasuredAtFairValueThroughProfitOrLossTable" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DisclosureOfInformationAboutCreditExposuresDesignatedAsMeasuredAtFairValueThroughProfitOrLossLineItems" xlink:label="DisclosureOfInformationAboutCreditExposuresDesignatedAsMeasuredAtFairValueThroughProfitOrLossLineItems" xlink:title="DisclosureOfInformationAboutCreditExposuresDesignatedAsMeasuredAtFairValueThroughProfitOrLossLineItems" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfInformationAboutCreditExposuresDesignatedAsMeasuredAtFairValueThroughProfitOrLossLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfInformationAboutCreditExposuresDesignatedAsMeasuredAtFairValueThroughProfitOrLossLineItems" xml:lang="en-US" id="label_DisclosureOfInformationAboutCreditExposuresDesignatedAsMeasuredAtFairValueThroughProfitOrLossLineItems">Disclosure of information about credit exposures designated as measured at fair value through profit or loss [line items]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfInformationAboutCreditExposuresDesignatedAsMeasuredAtFairValueThroughProfitOrLossLineItems" xlink:to="label_DisclosureOfInformationAboutCreditExposuresDesignatedAsMeasuredAtFairValueThroughProfitOrLossLineItems" xlink:title="Label : DisclosureOfInformationAboutCreditExposuresDesignatedAsMeasuredAtFairValueThroughProfitOrLossLineItems to label_DisclosureOfInformationAboutCreditExposuresDesignatedAsMeasuredAtFairValueThroughProfitOrLossLineItems" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DisclosureOfDetailedInformationAboutHedgingInstrumentsTable" xlink:label="DisclosureOfDetailedInformationAboutHedgingInstrumentsTable" xlink:title="DisclosureOfDetailedInformationAboutHedgingInstrumentsTable" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfDetailedInformationAboutHedgingInstrumentsTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfDetailedInformationAboutHedgingInstrumentsTable" xml:lang="en-US" id="label_DisclosureOfDetailedInformationAboutHedgingInstrumentsTable">Disclosure of detailed information about hedging instruments [table]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfDetailedInformationAboutHedgingInstrumentsTable" xlink:to="label_DisclosureOfDetailedInformationAboutHedgingInstrumentsTable" xlink:title="Label : DisclosureOfDetailedInformationAboutHedgingInstrumentsTable to label_DisclosureOfDetailedInformationAboutHedgingInstrumentsTable" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DisclosureOfDetailedInformationAboutHedgingInstrumentsLineItems" xlink:label="DisclosureOfDetailedInformationAboutHedgingInstrumentsLineItems" xlink:title="DisclosureOfDetailedInformationAboutHedgingInstrumentsLineItems" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfDetailedInformationAboutHedgingInstrumentsLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfDetailedInformationAboutHedgingInstrumentsLineItems" xml:lang="en-US" id="label_DisclosureOfDetailedInformationAboutHedgingInstrumentsLineItems">Disclosure of detailed information about hedging instruments [line items]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfDetailedInformationAboutHedgingInstrumentsLineItems" xlink:to="label_DisclosureOfDetailedInformationAboutHedgingInstrumentsLineItems" xlink:title="Label : DisclosureOfDetailedInformationAboutHedgingInstrumentsLineItems to label_DisclosureOfDetailedInformationAboutHedgingInstrumentsLineItems" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DisclosureOfOtherProvisionsTable" xlink:label="DisclosureOfOtherProvisionsTable" xlink:title="DisclosureOfOtherProvisionsTable" />
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    <link:label xlink:type="resource" xlink:label="label_DisclosureOfOtherProvisionsLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfOtherProvisionsLineItems" xml:lang="en-US" id="label_DisclosureOfOtherProvisionsLineItems">Disclosure of other provisions [line items]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfOtherProvisionsLineItems" xlink:to="label_DisclosureOfOtherProvisionsLineItems" xlink:title="Label : DisclosureOfOtherProvisionsLineItems to label_DisclosureOfOtherProvisionsLineItems" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DisclosureOfDefinedBenefitPlansTable" xlink:label="DisclosureOfDefinedBenefitPlansTable" xlink:title="DisclosureOfDefinedBenefitPlansTable" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfDefinedBenefitPlansTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfDefinedBenefitPlansTable" xml:lang="en-US" id="label_DisclosureOfDefinedBenefitPlansTable">Disclosure of defined benefit plans [table]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfDefinedBenefitPlansTable" xlink:to="label_DisclosureOfDefinedBenefitPlansTable" xlink:title="Label : DisclosureOfDefinedBenefitPlansTable to label_DisclosureOfDefinedBenefitPlansTable" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DisclosureOfDefinedBenefitPlansLineItems" xlink:label="DisclosureOfDefinedBenefitPlansLineItems" xlink:title="DisclosureOfDefinedBenefitPlansLineItems" />
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    <link:label xlink:type="resource" xlink:label="label_DisclosureOfInformationAboutUnconsolidatedStructuredEntitiesControlledByInvestmentEntityExplanatory_1" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_DisclosureOfInformationAboutUnconsolidatedStructuredEntitiesControlledByInvestmentEntityExplanatory_1" xml:lang="en-US" id="label_DisclosureOfInformationAboutUnconsolidatedStructuredEntitiesControlledByInvestmentEntityExplanatory_1">Note 35 - Closure of facilities at JFE&#x2019;s Keihin steel complex</link:label>
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    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_CurrentReceivablesAndPrepaymentsPrepaidExpensesAndOtherReceivables" xlink:label="CurrentReceivablesAndPrepaymentsPrepaidExpensesAndOtherReceivables" xlink:title="CurrentReceivablesAndPrepaymentsPrepaidExpensesAndOtherReceivables" />
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    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_CurrentReceivablesAndPrepaymentsGovernmentEntities" xlink:label="CurrentReceivablesAndPrepaymentsGovernmentEntities" xlink:title="CurrentReceivablesAndPrepaymentsGovernmentEntities" />
    <link:label xlink:type="resource" xlink:label="label_CurrentReceivablesAndPrepaymentsGovernmentEntities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CurrentReceivablesAndPrepaymentsGovernmentEntities" xml:lang="en-US" id="label_CurrentReceivablesAndPrepaymentsGovernmentEntities">Current Receivables and Prepayments Government Entities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentReceivablesAndPrepaymentsGovernmentEntities" xlink:to="label_CurrentReceivablesAndPrepaymentsGovernmentEntities" xlink:title="Label : CurrentReceivablesAndPrepaymentsGovernmentEntities to label_CurrentReceivablesAndPrepaymentsGovernmentEntities" />
    <link:label xlink:type="resource" xlink:label="label_CurrentReceivablesAndPrepaymentsGovernmentEntities_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CurrentReceivablesAndPrepaymentsGovernmentEntities_1" xml:lang="en-US" id="label_CurrentReceivablesAndPrepaymentsGovernmentEntities_1">Government entities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentReceivablesAndPrepaymentsGovernmentEntities" xlink:to="label_CurrentReceivablesAndPrepaymentsGovernmentEntities_1" xlink:title="Label : CurrentReceivablesAndPrepaymentsGovernmentEntities to label_CurrentReceivablesAndPrepaymentsGovernmentEntities_1" />
    <link:label xlink:type="resource" xlink:label="label_CurrentReceivablesAndPrepaymentsGovernmentEntities_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CurrentReceivablesAndPrepaymentsGovernmentEntities_2" xml:lang="en-US" id="label_CurrentReceivablesAndPrepaymentsGovernmentEntities_2">The amount of government entities attributable to current receivables and prepayments.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentReceivablesAndPrepaymentsGovernmentEntities" xlink:to="label_CurrentReceivablesAndPrepaymentsGovernmentEntities_2" xlink:title="Label : CurrentReceivablesAndPrepaymentsGovernmentEntities to label_CurrentReceivablesAndPrepaymentsGovernmentEntities_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_CurrentReceivablesAndPrepaymentsEmployeeAdvancesAndLoans" xlink:label="CurrentReceivablesAndPrepaymentsEmployeeAdvancesAndLoans" xlink:title="CurrentReceivablesAndPrepaymentsEmployeeAdvancesAndLoans" />
    <link:label xlink:type="resource" xlink:label="label_CurrentReceivablesAndPrepaymentsEmployeeAdvancesAndLoans" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CurrentReceivablesAndPrepaymentsEmployeeAdvancesAndLoans" xml:lang="en-US" id="label_CurrentReceivablesAndPrepaymentsEmployeeAdvancesAndLoans">Current Receivables and Prepayments Employee Advances and Loans</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentReceivablesAndPrepaymentsEmployeeAdvancesAndLoans" xlink:to="label_CurrentReceivablesAndPrepaymentsEmployeeAdvancesAndLoans" xlink:title="Label : CurrentReceivablesAndPrepaymentsEmployeeAdvancesAndLoans to label_CurrentReceivablesAndPrepaymentsEmployeeAdvancesAndLoans" />
    <link:label xlink:type="resource" xlink:label="label_CurrentReceivablesAndPrepaymentsEmployeeAdvancesAndLoans_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CurrentReceivablesAndPrepaymentsEmployeeAdvancesAndLoans_1" xml:lang="en-US" id="label_CurrentReceivablesAndPrepaymentsEmployeeAdvancesAndLoans_1">The amount of employee advances and loans that are attributable to current receivables and prepayments.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentReceivablesAndPrepaymentsEmployeeAdvancesAndLoans" xlink:to="label_CurrentReceivablesAndPrepaymentsEmployeeAdvancesAndLoans_1" xlink:title="Label : CurrentReceivablesAndPrepaymentsEmployeeAdvancesAndLoans to label_CurrentReceivablesAndPrepaymentsEmployeeAdvancesAndLoans_1" />
    <link:label xlink:type="resource" xlink:label="label_CurrentReceivablesAndPrepaymentsEmployeeAdvancesAndLoans_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CurrentReceivablesAndPrepaymentsEmployeeAdvancesAndLoans_2" xml:lang="en-US" id="label_CurrentReceivablesAndPrepaymentsEmployeeAdvancesAndLoans_2">Employee advances and loans</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentReceivablesAndPrepaymentsEmployeeAdvancesAndLoans" xlink:to="label_CurrentReceivablesAndPrepaymentsEmployeeAdvancesAndLoans_2" xlink:title="Label : CurrentReceivablesAndPrepaymentsEmployeeAdvancesAndLoans to label_CurrentReceivablesAndPrepaymentsEmployeeAdvancesAndLoans_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_CurrentReceivablesAndPrepaymentsAdvancesToSuppliersAndOtherAdvances" xlink:label="CurrentReceivablesAndPrepaymentsAdvancesToSuppliersAndOtherAdvances" xlink:title="CurrentReceivablesAndPrepaymentsAdvancesToSuppliersAndOtherAdvances" />
    <link:label xlink:type="resource" xlink:label="label_CurrentReceivablesAndPrepaymentsAdvancesToSuppliersAndOtherAdvances" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CurrentReceivablesAndPrepaymentsAdvancesToSuppliersAndOtherAdvances" xml:lang="en-US" id="label_CurrentReceivablesAndPrepaymentsAdvancesToSuppliersAndOtherAdvances">Current Receivables and Prepayments Advances to Suppliers and Other Advances</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentReceivablesAndPrepaymentsAdvancesToSuppliersAndOtherAdvances" xlink:to="label_CurrentReceivablesAndPrepaymentsAdvancesToSuppliersAndOtherAdvances" xlink:title="Label : CurrentReceivablesAndPrepaymentsAdvancesToSuppliersAndOtherAdvances to label_CurrentReceivablesAndPrepaymentsAdvancesToSuppliersAndOtherAdvances" />
    <link:label xlink:type="resource" xlink:label="label_CurrentReceivablesAndPrepaymentsAdvancesToSuppliersAndOtherAdvances_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CurrentReceivablesAndPrepaymentsAdvancesToSuppliersAndOtherAdvances_1" xml:lang="en-US" id="label_CurrentReceivablesAndPrepaymentsAdvancesToSuppliersAndOtherAdvances_1">The amount of advances to suppliers and other advances that are attributable to current receivables and prepayments.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentReceivablesAndPrepaymentsAdvancesToSuppliersAndOtherAdvances" xlink:to="label_CurrentReceivablesAndPrepaymentsAdvancesToSuppliersAndOtherAdvances_1" xlink:title="Label : CurrentReceivablesAndPrepaymentsAdvancesToSuppliersAndOtherAdvances to label_CurrentReceivablesAndPrepaymentsAdvancesToSuppliersAndOtherAdvances_1" />
    <link:label xlink:type="resource" xlink:label="label_CurrentReceivablesAndPrepaymentsAdvancesToSuppliersAndOtherAdvances_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CurrentReceivablesAndPrepaymentsAdvancesToSuppliersAndOtherAdvances_2" xml:lang="en-US" id="label_CurrentReceivablesAndPrepaymentsAdvancesToSuppliersAndOtherAdvances_2">Advances to suppliers and other advances</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentReceivablesAndPrepaymentsAdvancesToSuppliersAndOtherAdvances" xlink:to="label_CurrentReceivablesAndPrepaymentsAdvancesToSuppliersAndOtherAdvances_2" xlink:title="Label : CurrentReceivablesAndPrepaymentsAdvancesToSuppliersAndOtherAdvances to label_CurrentReceivablesAndPrepaymentsAdvancesToSuppliersAndOtherAdvances_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_CurrentReceivablesFromTaxesOtherThanIncomeTax" xlink:label="CurrentReceivablesFromTaxesOtherThanIncomeTax" xlink:title="CurrentReceivablesFromTaxesOtherThanIncomeTax" />
    <link:label xlink:type="resource" xlink:label="label_CurrentReceivablesFromTaxesOtherThanIncomeTax" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CurrentReceivablesFromTaxesOtherThanIncomeTax" xml:lang="en-US" id="label_CurrentReceivablesFromTaxesOtherThanIncomeTax">Current receivables from taxes other than income tax</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentReceivablesFromTaxesOtherThanIncomeTax" xlink:to="label_CurrentReceivablesFromTaxesOtherThanIncomeTax" xlink:title="Label : CurrentReceivablesFromTaxesOtherThanIncomeTax to label_CurrentReceivablesFromTaxesOtherThanIncomeTax" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_CurrentReceivablesAndPrepaymentsReceivablesFromRelatedParties" xlink:label="CurrentReceivablesAndPrepaymentsReceivablesFromRelatedParties" xlink:title="CurrentReceivablesAndPrepaymentsReceivablesFromRelatedParties" />
    <link:label xlink:type="resource" xlink:label="label_CurrentReceivablesAndPrepaymentsReceivablesFromRelatedParties" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CurrentReceivablesAndPrepaymentsReceivablesFromRelatedParties" xml:lang="en-US" id="label_CurrentReceivablesAndPrepaymentsReceivablesFromRelatedParties">Current Receivables and Prepayments Receivables from Related Parties</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentReceivablesAndPrepaymentsReceivablesFromRelatedParties" xlink:to="label_CurrentReceivablesAndPrepaymentsReceivablesFromRelatedParties" xlink:title="Label : CurrentReceivablesAndPrepaymentsReceivablesFromRelatedParties to label_CurrentReceivablesAndPrepaymentsReceivablesFromRelatedParties" />
    <link:label xlink:type="resource" xlink:label="label_CurrentReceivablesAndPrepaymentsReceivablesFromRelatedParties_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CurrentReceivablesAndPrepaymentsReceivablesFromRelatedParties_1" xml:lang="en-US" id="label_CurrentReceivablesAndPrepaymentsReceivablesFromRelatedParties_1">Receivables from related parties</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentReceivablesAndPrepaymentsReceivablesFromRelatedParties" xlink:to="label_CurrentReceivablesAndPrepaymentsReceivablesFromRelatedParties_1" xlink:title="Label : CurrentReceivablesAndPrepaymentsReceivablesFromRelatedParties to label_CurrentReceivablesAndPrepaymentsReceivablesFromRelatedParties_1" />
    <link:label xlink:type="resource" xlink:label="label_CurrentReceivablesAndPrepaymentsReceivablesFromRelatedParties_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CurrentReceivablesAndPrepaymentsReceivablesFromRelatedParties_2" xml:lang="en-US" id="label_CurrentReceivablesAndPrepaymentsReceivablesFromRelatedParties_2">The amount of current receivables from related parties that are attributable to receivables and prepayments.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentReceivablesAndPrepaymentsReceivablesFromRelatedParties" xlink:to="label_CurrentReceivablesAndPrepaymentsReceivablesFromRelatedParties_2" xlink:title="Label : CurrentReceivablesAndPrepaymentsReceivablesFromRelatedParties to label_CurrentReceivablesAndPrepaymentsReceivablesFromRelatedParties_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_OtherCurrentReceivables" xlink:label="OtherCurrentReceivables" xlink:title="OtherCurrentReceivables" />
    <link:label xlink:type="resource" xlink:label="label_OtherCurrentReceivables" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OtherCurrentReceivables" xml:lang="en-US" id="label_OtherCurrentReceivables">Other current receivables</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherCurrentReceivables" xlink:to="label_OtherCurrentReceivables" xlink:title="Label : OtherCurrentReceivables to label_OtherCurrentReceivables" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_CurrentReceivablesAndPrepaymentsGross" xlink:label="CurrentReceivablesAndPrepaymentsGross" xlink:title="CurrentReceivablesAndPrepaymentsGross" />
    <link:label xlink:type="resource" xlink:label="label_CurrentReceivablesAndPrepaymentsGross" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_CurrentReceivablesAndPrepaymentsGross" xml:lang="en-US" id="label_CurrentReceivablesAndPrepaymentsGross">Receivables and prepayments, gross</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentReceivablesAndPrepaymentsGross" xlink:to="label_CurrentReceivablesAndPrepaymentsGross" xlink:title="Label : CurrentReceivablesAndPrepaymentsGross to label_CurrentReceivablesAndPrepaymentsGross" />
    <link:label xlink:type="resource" xlink:label="label_CurrentReceivablesAndPrepaymentsGross_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CurrentReceivablesAndPrepaymentsGross_1" xml:lang="en-US" id="label_CurrentReceivablesAndPrepaymentsGross_1">The gross amount of current receivables and prepayments.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentReceivablesAndPrepaymentsGross" xlink:to="label_CurrentReceivablesAndPrepaymentsGross_1" xlink:title="Label : CurrentReceivablesAndPrepaymentsGross to label_CurrentReceivablesAndPrepaymentsGross_1" />
    <link:label xlink:type="resource" xlink:label="label_CurrentReceivablesAndPrepaymentsGross_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CurrentReceivablesAndPrepaymentsGross_2" xml:lang="en-US" id="label_CurrentReceivablesAndPrepaymentsGross_2">Current Receivables and Prepayments Gross</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentReceivablesAndPrepaymentsGross" xlink:to="label_CurrentReceivablesAndPrepaymentsGross_2" xlink:title="Label : CurrentReceivablesAndPrepaymentsGross to label_CurrentReceivablesAndPrepaymentsGross_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_CurrentAllowanceForOtherDoubtfulAccounts" xlink:label="CurrentAllowanceForOtherDoubtfulAccounts" xlink:title="CurrentAllowanceForOtherDoubtfulAccounts" />
    <link:label xlink:type="resource" xlink:label="label_CurrentAllowanceForOtherDoubtfulAccounts" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CurrentAllowanceForOtherDoubtfulAccounts" xml:lang="en-US" id="label_CurrentAllowanceForOtherDoubtfulAccounts">Allowance for other doubtful accounts, see note 24 (i)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentAllowanceForOtherDoubtfulAccounts" xlink:to="label_CurrentAllowanceForOtherDoubtfulAccounts" xlink:title="Label : CurrentAllowanceForOtherDoubtfulAccounts to label_CurrentAllowanceForOtherDoubtfulAccounts" />
    <link:label xlink:type="resource" xlink:label="label_CurrentAllowanceForOtherDoubtfulAccounts_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CurrentAllowanceForOtherDoubtfulAccounts_1" xml:lang="en-US" id="label_CurrentAllowanceForOtherDoubtfulAccounts_1">Represents a valuation allowance for other doubtful accounts due to an Entity within one year (or one operating cycle if longer) that are expected to be uncollectible.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentAllowanceForOtherDoubtfulAccounts" xlink:to="label_CurrentAllowanceForOtherDoubtfulAccounts_1" xlink:title="Label : CurrentAllowanceForOtherDoubtfulAccounts to label_CurrentAllowanceForOtherDoubtfulAccounts_1" />
    <link:label xlink:type="resource" xlink:label="label_CurrentAllowanceForOtherDoubtfulAccounts_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CurrentAllowanceForOtherDoubtfulAccounts_2" xml:lang="en-US" id="label_CurrentAllowanceForOtherDoubtfulAccounts_2">Current Allowance for Other Doubtful Accounts</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentAllowanceForOtherDoubtfulAccounts" xlink:to="label_CurrentAllowanceForOtherDoubtfulAccounts_2" xlink:title="Label : CurrentAllowanceForOtherDoubtfulAccounts to label_CurrentAllowanceForOtherDoubtfulAccounts_2" />
    <link:label xlink:type="resource" xlink:label="label_CurrentReceivablesFromTaxesOtherThanIncomeTax_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CurrentReceivablesFromTaxesOtherThanIncomeTax_1" xml:lang="en-US" id="label_CurrentReceivablesFromTaxesOtherThanIncomeTax_1">Government tax refunds on exports</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentReceivablesFromTaxesOtherThanIncomeTax" xlink:to="label_CurrentReceivablesFromTaxesOtherThanIncomeTax_1" xlink:title="Label : CurrentReceivablesFromTaxesOtherThanIncomeTax to label_CurrentReceivablesFromTaxesOtherThanIncomeTax_1" />
    <link:label xlink:type="resource" xlink:label="label_OtherCurrentReceivables_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_OtherCurrentReceivables_1" xml:lang="en-US" id="label_OtherCurrentReceivables_1">Miscellaneous</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherCurrentReceivables" xlink:to="label_OtherCurrentReceivables_1" xlink:title="Label : OtherCurrentReceivables to label_OtherCurrentReceivables_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_NoncurrentReceivablesFromInterestInVenezuelanCompanies" xlink:label="NoncurrentReceivablesFromInterestInVenezuelanCompanies" xlink:title="NoncurrentReceivablesFromInterestInVenezuelanCompanies" />
    <link:label xlink:type="resource" xlink:label="label_NoncurrentReceivablesFromInterestInVenezuelanCompanies" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NoncurrentReceivablesFromInterestInVenezuelanCompanies" xml:lang="en-US" id="label_NoncurrentReceivablesFromInterestInVenezuelanCompanies">Noncurrent Receivables from Interest in Venezuelan Companies</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncurrentReceivablesFromInterestInVenezuelanCompanies" xlink:to="label_NoncurrentReceivablesFromInterestInVenezuelanCompanies" xlink:title="Label : NoncurrentReceivablesFromInterestInVenezuelanCompanies to label_NoncurrentReceivablesFromInterestInVenezuelanCompanies" />
    <link:label xlink:type="resource" xlink:label="label_NoncurrentReceivablesFromInterestInVenezuelanCompanies_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NoncurrentReceivablesFromInterestInVenezuelanCompanies_1" xml:lang="en-US" id="label_NoncurrentReceivablesFromInterestInVenezuelanCompanies_1">Receivable Venezuelan subsidiaries</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncurrentReceivablesFromInterestInVenezuelanCompanies" xlink:to="label_NoncurrentReceivablesFromInterestInVenezuelanCompanies_1" xlink:title="Label : NoncurrentReceivablesFromInterestInVenezuelanCompanies to label_NoncurrentReceivablesFromInterestInVenezuelanCompanies_1" />
    <link:label xlink:type="resource" xlink:label="label_NoncurrentReceivablesFromInterestInVenezuelanCompanies_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_NoncurrentReceivablesFromInterestInVenezuelanCompanies_2" xml:lang="en-US" id="label_NoncurrentReceivablesFromInterestInVenezuelanCompanies_2">The amount of non-current receivables from interest in Venezuelan companies.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncurrentReceivablesFromInterestInVenezuelanCompanies" xlink:to="label_NoncurrentReceivablesFromInterestInVenezuelanCompanies_2" xlink:title="Label : NoncurrentReceivablesFromInterestInVenezuelanCompanies to label_NoncurrentReceivablesFromInterestInVenezuelanCompanies_2" />
    <link:label xlink:type="resource" xlink:label="label_NoncurrentReceivables_2" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_NoncurrentReceivables_2" xml:lang="en-US" id="label_NoncurrentReceivables_2">Trade and other non-current receivables before the allowance for doubtful accounts</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncurrentReceivables" xlink:to="label_NoncurrentReceivables_2" xlink:title="Label : NoncurrentReceivables to label_NoncurrentReceivables_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_ClosingPricePerAmericanDepositarySecurity" xlink:label="ClosingPricePerAmericanDepositarySecurity" xlink:title="ClosingPricePerAmericanDepositarySecurity" />
    <link:label xlink:type="resource" xlink:label="label_ClosingPricePerAmericanDepositarySecurity" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ClosingPricePerAmericanDepositarySecurity" xml:lang="en-US" id="label_ClosingPricePerAmericanDepositarySecurity">Closing Price Per American Depositary Security</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ClosingPricePerAmericanDepositarySecurity" xlink:to="label_ClosingPricePerAmericanDepositarySecurity" xlink:title="Label : ClosingPricePerAmericanDepositarySecurity to label_ClosingPricePerAmericanDepositarySecurity" />
    <link:label xlink:type="resource" xlink:label="label_ClosingPricePerAmericanDepositarySecurity_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ClosingPricePerAmericanDepositarySecurity_1" xml:lang="en-US" id="label_ClosingPricePerAmericanDepositarySecurity_1">Closing price, per ads (in dollars per share)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ClosingPricePerAmericanDepositarySecurity" xlink:to="label_ClosingPricePerAmericanDepositarySecurity_1" xlink:title="Label : ClosingPricePerAmericanDepositarySecurity to label_ClosingPricePerAmericanDepositarySecurity_1" />
    <link:label xlink:type="resource" xlink:label="label_ClosingPricePerAmericanDepositarySecurity_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ClosingPricePerAmericanDepositarySecurity_2" xml:lang="en-US" id="label_ClosingPricePerAmericanDepositarySecurity_2">The amount of a closing price per American Depositary Security (ADS) as quoted on the New York Stock Exchange. Each ADS equals two shares.</link:label>
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    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_AcquisitionsThroughBusinessCombinationsRightOfUseAssets" xlink:label="AcquisitionsThroughBusinessCombinationsRightOfUseAssets" xlink:title="AcquisitionsThroughBusinessCombinationsRightOfUseAssets" />
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    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_IncreaseDecreaseThroughNetExchangeDifferencesRightOfUseAssets" xlink:label="IncreaseDecreaseThroughNetExchangeDifferencesRightOfUseAssets" xlink:title="IncreaseDecreaseThroughNetExchangeDifferencesRightOfUseAssets" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisposalsConsumptionsRightOfUseAssets" xlink:to="label_DisposalsConsumptionsRightOfUseAssets" xlink:title="Label : DisposalsConsumptionsRightOfUseAssets to label_DisposalsConsumptionsRightOfUseAssets" />
    <link:label xlink:type="resource" xlink:label="label_DisposalsConsumptionsRightOfUseAssets_1" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_DisposalsConsumptionsRightOfUseAssets_1" xml:lang="en-US" id="label_DisposalsConsumptionsRightOfUseAssets_1">Disposals</link:label>
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    <link:label xlink:type="resource" xlink:label="label_DisposalsConsumptionsRightOfUseAssets_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DisposalsConsumptionsRightOfUseAssets_2" xml:lang="en-US" id="label_DisposalsConsumptionsRightOfUseAssets_2">The decrease in right-of-use assets resulting from disposals and consumptions.</link:label>
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    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_IncreaseDecreaseThroughTransfersReclassificationsAndOtherChangesRightOfUseAssets" xlink:label="IncreaseDecreaseThroughTransfersReclassificationsAndOtherChangesRightOfUseAssets" xlink:title="IncreaseDecreaseThroughTransfersReclassificationsAndOtherChangesRightOfUseAssets" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdditionsToRightofuseAssets" xlink:to="label_AdditionsToRightofuseAssets" xlink:title="Label : AdditionsToRightofuseAssets to label_AdditionsToRightofuseAssets" />
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    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_DividendsPayableAmountPerAmericanDepositarySecurity" xlink:label="DividendsPayableAmountPerAmericanDepositarySecurity" xlink:title="DividendsPayableAmountPerAmericanDepositarySecurity" />
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    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_DividendsPayableAmountPerAmericanDepositarySecurityIncludingInterimDividend" xlink:label="DividendsPayableAmountPerAmericanDepositarySecurityIncludingInterimDividend" xlink:title="DividendsPayableAmountPerAmericanDepositarySecurityIncludingInterimDividend" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DividendsPayableAmountPerAmericanDepositarySecurityIncludingInterimDividend" xlink:to="label_DividendsPayableAmountPerAmericanDepositarySecurityIncludingInterimDividend" xlink:title="Label : DividendsPayableAmountPerAmericanDepositarySecurityIncludingInterimDividend to label_DividendsPayableAmountPerAmericanDepositarySecurityIncludingInterimDividend" />
    <link:label xlink:type="resource" xlink:label="label_DividendsPayableAmountPerAmericanDepositarySecurityIncludingInterimDividend_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DividendsPayableAmountPerAmericanDepositarySecurityIncludingInterimDividend_1" xml:lang="en-US" id="label_DividendsPayableAmountPerAmericanDepositarySecurityIncludingInterimDividend_1">Dividends payable, amount per ADS including interim dividend (in dollars per share)</link:label>
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    <link:label xlink:type="resource" xlink:label="label_DividendsPayableAmountPerAmericanDepositarySecurityIncludingInterimDividend_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DividendsPayableAmountPerAmericanDepositarySecurityIncludingInterimDividend_2" xml:lang="en-US" id="label_DividendsPayableAmountPerAmericanDepositarySecurityIncludingInterimDividend_2">The amount of a dividend payable including an interim dividend paid previously per American Depositary Security (ADS). Each ADS equals two shares.</link:label>
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    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_DividendsPaidPerAmericanDepositarySecurity" xlink:label="DividendsPaidPerAmericanDepositarySecurity" xlink:title="DividendsPaidPerAmericanDepositarySecurity" />
    <link:label xlink:type="resource" xlink:label="label_DividendsPaidPerAmericanDepositarySecurity" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DividendsPaidPerAmericanDepositarySecurity" xml:lang="en-US" id="label_DividendsPaidPerAmericanDepositarySecurity">Dividends Paid Per American Depositary Security</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DividendsPaidPerAmericanDepositarySecurity" xlink:to="label_DividendsPaidPerAmericanDepositarySecurity" xlink:title="Label : DividendsPaidPerAmericanDepositarySecurity to label_DividendsPaidPerAmericanDepositarySecurity" />
    <link:label xlink:type="resource" xlink:label="label_DividendsPaidPerAmericanDepositarySecurity_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DividendsPaidPerAmericanDepositarySecurity_1" xml:lang="en-US" id="label_DividendsPaidPerAmericanDepositarySecurity_1">Dividends paid, per ADS (in dollars per share)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DividendsPaidPerAmericanDepositarySecurity" xlink:to="label_DividendsPaidPerAmericanDepositarySecurity_1" xlink:title="Label : DividendsPaidPerAmericanDepositarySecurity to label_DividendsPaidPerAmericanDepositarySecurity_1" />
    <link:label xlink:type="resource" xlink:label="label_DividendsPaidPerAmericanDepositarySecurity_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DividendsPaidPerAmericanDepositarySecurity_2" xml:lang="en-US" id="label_DividendsPaidPerAmericanDepositarySecurity_2">The amount of dividends paid per American Depositary Security ("ADS"). Each ADS equals two shares.</link:label>
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    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_InterestIncomeOnFinancialAssetsDesignatedAtFairValueThroughProfitOrLoss" xlink:label="InterestIncomeOnFinancialAssetsDesignatedAtFairValueThroughProfitOrLoss" xlink:title="InterestIncomeOnFinancialAssetsDesignatedAtFairValueThroughProfitOrLoss" />
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    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_RentalIncome" xlink:label="RentalIncome" xlink:title="RentalIncome" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RentalIncome" xlink:to="label_RentalIncome" xlink:title="Label : RentalIncome to label_RentalIncome" />
    <link:label xlink:type="resource" xlink:label="label_RentalIncome_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_RentalIncome_1" xml:lang="en-US" id="label_RentalIncome_1">Net rents</link:label>
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    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_AuditorsRemunerationAbstract" xlink:label="AuditorsRemunerationAbstract" xlink:title="AuditorsRemunerationAbstract" />
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    <link:label xlink:type="resource" xlink:label="label_DisclosureOfLeasesExplanatory_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfLeasesExplanatory_1" xml:lang="en-US" id="label_DisclosureOfLeasesExplanatory_1">Disclosure of leases [text block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfLeasesExplanatory" xlink:to="label_DisclosureOfLeasesExplanatory_1" xlink:title="Label : DisclosureOfLeasesExplanatory to label_DisclosureOfLeasesExplanatory_1" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfInterestsInOtherEntitiesExplanatory_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfInterestsInOtherEntitiesExplanatory_1" xml:lang="en-US" id="label_DisclosureOfInterestsInOtherEntitiesExplanatory_1">Disclosure of interests in other entities [text block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfInterestsInOtherEntitiesExplanatory" xlink:to="label_DisclosureOfInterestsInOtherEntitiesExplanatory_1" xlink:title="Label : DisclosureOfInterestsInOtherEntitiesExplanatory to label_DisclosureOfInterestsInOtherEntitiesExplanatory_1" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfNoncurrentReceivablesTextBlock_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DisclosureOfNoncurrentReceivablesTextBlock_2" xml:lang="en-US" id="label_DisclosureOfNoncurrentReceivablesTextBlock_2">The disclosure for non-current receivables.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfNoncurrentReceivablesTextBlock" xlink:to="label_DisclosureOfNoncurrentReceivablesTextBlock_2" xlink:title="Label : DisclosureOfNoncurrentReceivablesTextBlock to label_DisclosureOfNoncurrentReceivablesTextBlock_2" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfPrepaymentsAndOtherAssetsExplanatory_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfPrepaymentsAndOtherAssetsExplanatory_1" xml:lang="en-US" id="label_DisclosureOfPrepaymentsAndOtherAssetsExplanatory_1">Disclosure of prepayments and other assets [text block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfPrepaymentsAndOtherAssetsExplanatory" xlink:to="label_DisclosureOfPrepaymentsAndOtherAssetsExplanatory_1" xlink:title="Label : DisclosureOfPrepaymentsAndOtherAssetsExplanatory to label_DisclosureOfPrepaymentsAndOtherAssetsExplanatory_1" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfTaxReceivablesAndPayablesExplanatory_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfTaxReceivablesAndPayablesExplanatory_1" xml:lang="en-US" id="label_DisclosureOfTaxReceivablesAndPayablesExplanatory_1">Disclosure of tax receivables and payables [text block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfTaxReceivablesAndPayablesExplanatory" xlink:to="label_DisclosureOfTaxReceivablesAndPayablesExplanatory_1" xlink:title="Label : DisclosureOfTaxReceivablesAndPayablesExplanatory to label_DisclosureOfTaxReceivablesAndPayablesExplanatory_1" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfTradeAndOtherReceivablesExplanatory_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfTradeAndOtherReceivablesExplanatory_1" xml:lang="en-US" id="label_DisclosureOfTradeAndOtherReceivablesExplanatory_1">Disclosure of trade and other receivables [text block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfTradeAndOtherReceivablesExplanatory" xlink:to="label_DisclosureOfTradeAndOtherReceivablesExplanatory_1" xlink:title="Label : DisclosureOfTradeAndOtherReceivablesExplanatory to label_DisclosureOfTradeAndOtherReceivablesExplanatory_1" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfCashAndCashEquivalentsAndOtherInvestmentsTextBlock_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DisclosureOfCashAndCashEquivalentsAndOtherInvestmentsTextBlock_2" xml:lang="en-US" id="label_DisclosureOfCashAndCashEquivalentsAndOtherInvestmentsTextBlock_2">The disclosure of cash and cash equivalents and other investments.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfCashAndCashEquivalentsAndOtherInvestmentsTextBlock" xlink:to="label_DisclosureOfCashAndCashEquivalentsAndOtherInvestmentsTextBlock_2" xlink:title="Label : DisclosureOfCashAndCashEquivalentsAndOtherInvestmentsTextBlock to label_DisclosureOfCashAndCashEquivalentsAndOtherInvestmentsTextBlock_2" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfBorrowingsExplanatory_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfBorrowingsExplanatory_1" xml:lang="en-US" id="label_DisclosureOfBorrowingsExplanatory_1">Disclosure of borrowings [text block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfBorrowingsExplanatory" xlink:to="label_DisclosureOfBorrowingsExplanatory_1" xlink:title="Label : DisclosureOfBorrowingsExplanatory to label_DisclosureOfBorrowingsExplanatory_1" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfDeferredTaxesExplanatory_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfDeferredTaxesExplanatory_1" xml:lang="en-US" id="label_DisclosureOfDeferredTaxesExplanatory_1">Disclosure of deferred taxes [text block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfDeferredTaxesExplanatory" xlink:to="label_DisclosureOfDeferredTaxesExplanatory_1" xlink:title="Label : DisclosureOfDeferredTaxesExplanatory to label_DisclosureOfDeferredTaxesExplanatory_1" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfOtherLiabilitiesExplanatory_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfOtherLiabilitiesExplanatory_1" xml:lang="en-US" id="label_DisclosureOfOtherLiabilitiesExplanatory_1">Disclosure of other liabilities [text block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfOtherLiabilitiesExplanatory" xlink:to="label_DisclosureOfOtherLiabilitiesExplanatory_1" xlink:title="Label : DisclosureOfOtherLiabilitiesExplanatory to label_DisclosureOfOtherLiabilitiesExplanatory_1" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfNoncurrentAllowancesAndProvisionsTextBlock_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DisclosureOfNoncurrentAllowancesAndProvisionsTextBlock_2" xml:lang="en-US" id="label_DisclosureOfNoncurrentAllowancesAndProvisionsTextBlock_2">Note 23 - Non-current allowances and provisions</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfNoncurrentAllowancesAndProvisionsTextBlock" xlink:to="label_DisclosureOfNoncurrentAllowancesAndProvisionsTextBlock_2" xlink:title="Label : DisclosureOfNoncurrentAllowancesAndProvisionsTextBlock to label_DisclosureOfNoncurrentAllowancesAndProvisionsTextBlock_2" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfCurrentAllowancesAndProvisionsTextBlock_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DisclosureOfCurrentAllowancesAndProvisionsTextBlock_2" xml:lang="en-US" id="label_DisclosureOfCurrentAllowancesAndProvisionsTextBlock_2">Note 24 - Current allowances and provisions</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfCurrentAllowancesAndProvisionsTextBlock" xlink:to="label_DisclosureOfCurrentAllowancesAndProvisionsTextBlock_2" xlink:title="Label : DisclosureOfCurrentAllowancesAndProvisionsTextBlock to label_DisclosureOfCurrentAllowancesAndProvisionsTextBlock_2" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfDerivativeFinancialInstrumentsExplanatory_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DisclosureOfDerivativeFinancialInstrumentsExplanatory_1" xml:lang="en-US" id="label_DisclosureOfDerivativeFinancialInstrumentsExplanatory_1">Note 25 - Derivative Financial Instruments</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfDerivativeFinancialInstrumentsExplanatory" xlink:to="label_DisclosureOfDerivativeFinancialInstrumentsExplanatory_1" xlink:title="Label : DisclosureOfDerivativeFinancialInstrumentsExplanatory to label_DisclosureOfDerivativeFinancialInstrumentsExplanatory_1" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory_1" xml:lang="en-US" id="label_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory_1">Note 26 - Contingencies, Commitments and Restrictions On the Distribution of Profits</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory" xlink:to="label_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory_1" xlink:title="Label : DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory to label_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory_1" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfBusinessCombinationsExplanatory_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfBusinessCombinationsExplanatory_1" xml:lang="en-US" id="label_DisclosureOfBusinessCombinationsExplanatory_1">Disclosure of business combinations [text block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfBusinessCombinationsExplanatory" xlink:to="label_DisclosureOfBusinessCombinationsExplanatory_1" xlink:title="Label : DisclosureOfBusinessCombinationsExplanatory to label_DisclosureOfBusinessCombinationsExplanatory_1" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfCashFlowStatementExplanatory_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DisclosureOfCashFlowStatementExplanatory_1" xml:lang="en-US" id="label_DisclosureOfCashFlowStatementExplanatory_1">Note 28 - Cash Flow Disclosures</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfCashFlowStatementExplanatory" xlink:to="label_DisclosureOfCashFlowStatementExplanatory_1" xlink:title="Label : DisclosureOfCashFlowStatementExplanatory to label_DisclosureOfCashFlowStatementExplanatory_1" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory_1" xml:lang="en-US" id="label_DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory_1">Note 29 - Discontinued Operations</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory" xlink:to="label_DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory_1" xlink:title="Label : DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory to label_DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory_1" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfRelatedPartyExplanatory_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfRelatedPartyExplanatory_1" xml:lang="en-US" id="label_DisclosureOfRelatedPartyExplanatory_1">Disclosure of related party [text block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfRelatedPartyExplanatory" xlink:to="label_DisclosureOfRelatedPartyExplanatory_1" xlink:title="Label : DisclosureOfRelatedPartyExplanatory to label_DisclosureOfRelatedPartyExplanatory_1" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfAdditionalInformationExplanatory_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfAdditionalInformationExplanatory_1" xml:lang="en-US" id="label_DisclosureOfAdditionalInformationExplanatory_1">Disclosure of additional information [text block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfAdditionalInformationExplanatory" xlink:to="label_DisclosureOfAdditionalInformationExplanatory_1" xlink:title="Label : DisclosureOfAdditionalInformationExplanatory to label_DisclosureOfAdditionalInformationExplanatory_1" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfInterestsInSubsidiariesExplanatory_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DisclosureOfInterestsInSubsidiariesExplanatory_2" xml:lang="en-US" id="label_DisclosureOfInterestsInSubsidiariesExplanatory_2">Principal subsidiaries</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfInterestsInSubsidiariesExplanatory" xlink:to="label_DisclosureOfInterestsInSubsidiariesExplanatory_2" xlink:title="Label : DisclosureOfInterestsInSubsidiariesExplanatory to label_DisclosureOfInterestsInSubsidiariesExplanatory_2" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfNationalizationOfSubsidiariesTextBlock_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DisclosureOfNationalizationOfSubsidiariesTextBlock_2" xml:lang="en-US" id="label_DisclosureOfNationalizationOfSubsidiariesTextBlock_2">The entire disclosure for the nationalization of subsidiaries.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfNationalizationOfSubsidiariesTextBlock" xlink:to="label_DisclosureOfNationalizationOfSubsidiariesTextBlock_2" xlink:title="Label : DisclosureOfNationalizationOfSubsidiariesTextBlock to label_DisclosureOfNationalizationOfSubsidiariesTextBlock_2" />
    <link:label xlink:type="resource" xlink:label="label_DelistingOfSharesFromStockExchangeExplanatory_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DelistingOfSharesFromStockExchangeExplanatory_2" xml:lang="en-US" id="label_DelistingOfSharesFromStockExchangeExplanatory_2">Note 34 - Delisting of Tenaris's Shares from the Buenos Aires Stock Exchange</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DelistingOfSharesFromStockExchangeExplanatory" xlink:to="label_DelistingOfSharesFromStockExchangeExplanatory_2" xlink:title="Label : DelistingOfSharesFromStockExchangeExplanatory to label_DelistingOfSharesFromStockExchangeExplanatory_2" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfEventsAfterReportingPeriodExplanatory_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfEventsAfterReportingPeriodExplanatory_1" xml:lang="en-US" id="label_DisclosureOfEventsAfterReportingPeriodExplanatory_1">Disclosure of events after reporting period [text block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfEventsAfterReportingPeriodExplanatory" xlink:to="label_DisclosureOfEventsAfterReportingPeriodExplanatory_1" xlink:title="Label : DisclosureOfEventsAfterReportingPeriodExplanatory to label_DisclosureOfEventsAfterReportingPeriodExplanatory_1" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfEventsAfterReportingPeriodAndApprovalDateTextBlock_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DisclosureOfEventsAfterReportingPeriodAndApprovalDateTextBlock_2" xml:lang="en-US" id="label_DisclosureOfEventsAfterReportingPeriodAndApprovalDateTextBlock_2">Note 36 - Update as of April 29, 2020</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfEventsAfterReportingPeriodAndApprovalDateTextBlock" xlink:to="label_DisclosureOfEventsAfterReportingPeriodAndApprovalDateTextBlock_2" xlink:title="Label : DisclosureOfEventsAfterReportingPeriodAndApprovalDateTextBlock to label_DisclosureOfEventsAfterReportingPeriodAndApprovalDateTextBlock_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_CorporateGuaranteeCoveringObligations" xlink:label="CorporateGuaranteeCoveringObligations" xlink:title="CorporateGuaranteeCoveringObligations" />
    <link:label xlink:type="resource" xlink:label="label_CorporateGuaranteeCoveringObligations" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CorporateGuaranteeCoveringObligations" xml:lang="en-US" id="label_CorporateGuaranteeCoveringObligations">Corporate Guarantee Covering Obligations</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CorporateGuaranteeCoveringObligations" xlink:to="label_CorporateGuaranteeCoveringObligations" xlink:title="Label : CorporateGuaranteeCoveringObligations to label_CorporateGuaranteeCoveringObligations" />
    <link:label xlink:type="resource" xlink:label="label_CorporateGuaranteeCoveringObligations_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CorporateGuaranteeCoveringObligations_1" xml:lang="en-US" id="label_CorporateGuaranteeCoveringObligations_1">Amount of exposure under the corporate guarantees</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CorporateGuaranteeCoveringObligations" xlink:to="label_CorporateGuaranteeCoveringObligations_1" xlink:title="Label : CorporateGuaranteeCoveringObligations to label_CorporateGuaranteeCoveringObligations_1" />
    <link:label xlink:type="resource" xlink:label="label_CorporateGuaranteeCoveringObligations_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CorporateGuaranteeCoveringObligations_2" xml:lang="en-US" id="label_CorporateGuaranteeCoveringObligations_2">Represents the amount of a corporate guarantee that covers obligations made under a loan agreement.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CorporateGuaranteeCoveringObligations" xlink:to="label_CorporateGuaranteeCoveringObligations_2" xlink:title="Label : CorporateGuaranteeCoveringObligations to label_CorporateGuaranteeCoveringObligations_2" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfInventoriesExplanatory_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DisclosureOfInventoriesExplanatory_1" xml:lang="en-US" id="label_DisclosureOfInventoriesExplanatory_1">Note 15 - Inventories, Net</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfInventoriesExplanatory" xlink:to="label_DisclosureOfInventoriesExplanatory_1" xlink:title="Label : DisclosureOfInventoriesExplanatory to label_DisclosureOfInventoriesExplanatory_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_ImpairmentLossRecognisedInProfitOrLossIntangibleAssetsAndGoodwill" xlink:label="ImpairmentLossRecognisedInProfitOrLossIntangibleAssetsAndGoodwill" xlink:title="ImpairmentLossRecognisedInProfitOrLossIntangibleAssetsAndGoodwill" />
    <link:label xlink:type="resource" xlink:label="label_ImpairmentLossRecognisedInProfitOrLossIntangibleAssetsAndGoodwill" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ImpairmentLossRecognisedInProfitOrLossIntangibleAssetsAndGoodwill" xml:lang="en-US" id="label_ImpairmentLossRecognisedInProfitOrLossIntangibleAssetsAndGoodwill">Impairment loss recognised in profit or loss, intangible assets and goodwill</link:label>
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    <link:label xlink:type="resource" xlink:label="label_ImpairmentLossRecognisedInProfitOrLossIntangibleAssetsAndGoodwill_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ImpairmentLossRecognisedInProfitOrLossIntangibleAssetsAndGoodwill_1" xml:lang="en-US" id="label_ImpairmentLossRecognisedInProfitOrLossIntangibleAssetsAndGoodwill_1">Impairment charge</link:label>
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    <link:label xlink:type="resource" xlink:label="label_IncomeTaxRelatingToComponentsOfOtherComprehensiveIncome_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_IncomeTaxRelatingToComponentsOfOtherComprehensiveIncome_1" xml:lang="en-US" id="label_IncomeTaxRelatingToComponentsOfOtherComprehensiveIncome_1">Charged to other comprehensive income</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncomeTaxRelatingToComponentsOfOtherComprehensiveIncome" xlink:to="label_IncomeTaxRelatingToComponentsOfOtherComprehensiveIncome_1" xlink:title="Label : IncomeTaxRelatingToComponentsOfOtherComprehensiveIncome to label_IncomeTaxRelatingToComponentsOfOtherComprehensiveIncome_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_GainsLossesArisingFromCurtailmentsAndSettlementsNetDefinedBenefitLiabilityAsset" xlink:label="GainsLossesArisingFromCurtailmentsAndSettlementsNetDefinedBenefitLiabilityAsset" xlink:title="GainsLossesArisingFromCurtailmentsAndSettlementsNetDefinedBenefitLiabilityAsset" />
    <link:label xlink:type="resource" xlink:label="label_GainsLossesArisingFromCurtailmentsAndSettlementsNetDefinedBenefitLiabilityAsset" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_GainsLossesArisingFromCurtailmentsAndSettlementsNetDefinedBenefitLiabilityAsset" xml:lang="en-US" id="label_GainsLossesArisingFromCurtailmentsAndSettlementsNetDefinedBenefitLiabilityAsset">Gains (Losses) Arising from Curtailments and Settlements, Net Defined Benefit Liability Asset</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GainsLossesArisingFromCurtailmentsAndSettlementsNetDefinedBenefitLiabilityAsset" xlink:to="label_GainsLossesArisingFromCurtailmentsAndSettlementsNetDefinedBenefitLiabilityAsset" xlink:title="Label : GainsLossesArisingFromCurtailmentsAndSettlementsNetDefinedBenefitLiabilityAsset to label_GainsLossesArisingFromCurtailmentsAndSettlementsNetDefinedBenefitLiabilityAsset" />
    <link:label xlink:type="resource" xlink:label="label_GainsLossesArisingFromCurtailmentsAndSettlementsNetDefinedBenefitLiabilityAsset_1" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_GainsLossesArisingFromCurtailmentsAndSettlementsNetDefinedBenefitLiabilityAsset_1" xml:lang="en-US" id="label_GainsLossesArisingFromCurtailmentsAndSettlementsNetDefinedBenefitLiabilityAsset_1">Curtailments and settlements</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GainsLossesArisingFromCurtailmentsAndSettlementsNetDefinedBenefitLiabilityAsset" xlink:to="label_GainsLossesArisingFromCurtailmentsAndSettlementsNetDefinedBenefitLiabilityAsset_1" xlink:title="Label : GainsLossesArisingFromCurtailmentsAndSettlementsNetDefinedBenefitLiabilityAsset to label_GainsLossesArisingFromCurtailmentsAndSettlementsNetDefinedBenefitLiabilityAsset_1" />
    <link:label xlink:type="resource" xlink:label="label_GainsLossesArisingFromCurtailmentsAndSettlementsNetDefinedBenefitLiabilityAsset_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_GainsLossesArisingFromCurtailmentsAndSettlementsNetDefinedBenefitLiabilityAsset_2" xml:lang="en-US" id="label_GainsLossesArisingFromCurtailmentsAndSettlementsNetDefinedBenefitLiabilityAsset_2">The decrease (increase) in the net defined benefit liability (asset) resulting from curtailments and settlements.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GainsLossesArisingFromCurtailmentsAndSettlementsNetDefinedBenefitLiabilityAsset" xlink:to="label_GainsLossesArisingFromCurtailmentsAndSettlementsNetDefinedBenefitLiabilityAsset_2" xlink:title="Label : GainsLossesArisingFromCurtailmentsAndSettlementsNetDefinedBenefitLiabilityAsset to label_GainsLossesArisingFromCurtailmentsAndSettlementsNetDefinedBenefitLiabilityAsset_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_SteelPipePremiumConnectionThreadingPlantInBaotouMember" xlink:label="SteelPipePremiumConnectionThreadingPlantInBaotouMember" xlink:title="SteelPipePremiumConnectionThreadingPlantInBaotouMember" />
    <link:label xlink:type="resource" xlink:label="label_SteelPipePremiumConnectionThreadingPlantInBaotouMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SteelPipePremiumConnectionThreadingPlantInBaotouMember" xml:lang="en-US" id="label_SteelPipePremiumConnectionThreadingPlantInBaotouMember">Steel Pipe Premium Connection Threading Plant in Baotou [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SteelPipePremiumConnectionThreadingPlantInBaotouMember" xlink:to="label_SteelPipePremiumConnectionThreadingPlantInBaotouMember" xlink:title="Label : SteelPipePremiumConnectionThreadingPlantInBaotouMember to label_SteelPipePremiumConnectionThreadingPlantInBaotouMember" />
    <link:label xlink:type="resource" xlink:label="label_SteelPipePremiumConnectionThreadingPlantInBaotouMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_SteelPipePremiumConnectionThreadingPlantInBaotouMember_1" xml:lang="en-US" id="label_SteelPipePremiumConnectionThreadingPlantInBaotouMember_1">Related to a steel pipe premium connection threading plant in Baotou.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SteelPipePremiumConnectionThreadingPlantInBaotouMember" xlink:to="label_SteelPipePremiumConnectionThreadingPlantInBaotouMember_1" xlink:title="Label : SteelPipePremiumConnectionThreadingPlantInBaotouMember to label_SteelPipePremiumConnectionThreadingPlantInBaotouMember_1" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfJointVenturesExplanatory_2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_DisclosureOfJointVenturesExplanatory_2" xml:lang="en-US" id="label_DisclosureOfJointVenturesExplanatory_2">Note 34 - Agreement to build a steel pipe premium connection threading plant in Baotou</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfJointVenturesExplanatory" xlink:to="label_DisclosureOfJointVenturesExplanatory_2" xlink:title="Label : DisclosureOfJointVenturesExplanatory to label_DisclosureOfJointVenturesExplanatory_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_InnerMongoliaBaotouSteelUnionCompanyLtdMember" xlink:label="InnerMongoliaBaotouSteelUnionCompanyLtdMember" xlink:title="InnerMongoliaBaotouSteelUnionCompanyLtdMember" />
    <link:label xlink:type="resource" xlink:label="label_InnerMongoliaBaotouSteelUnionCompanyLtdMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_InnerMongoliaBaotouSteelUnionCompanyLtdMember" xml:lang="en-US" id="label_InnerMongoliaBaotouSteelUnionCompanyLtdMember">Inner Mongolia Baotou Steel Union Company Ltd [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InnerMongoliaBaotouSteelUnionCompanyLtdMember" xlink:to="label_InnerMongoliaBaotouSteelUnionCompanyLtdMember" xlink:title="Label : InnerMongoliaBaotouSteelUnionCompanyLtdMember to label_InnerMongoliaBaotouSteelUnionCompanyLtdMember" />
    <link:label xlink:type="resource" xlink:label="label_InnerMongoliaBaotouSteelUnionCompanyLtdMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_InnerMongoliaBaotouSteelUnionCompanyLtdMember_1" xml:lang="en-US" id="label_InnerMongoliaBaotouSteelUnionCompanyLtdMember_1">Related to Inner Mongolia Baotou Steel Union Company Ltd.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InnerMongoliaBaotouSteelUnionCompanyLtdMember" xlink:to="label_InnerMongoliaBaotouSteelUnionCompanyLtdMember_1" xlink:title="Label : InnerMongoliaBaotouSteelUnionCompanyLtdMember to label_InnerMongoliaBaotouSteelUnionCompanyLtdMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_ManufacturingPlantEstimatedConstructionPeriod" xlink:label="ManufacturingPlantEstimatedConstructionPeriod" xlink:title="ManufacturingPlantEstimatedConstructionPeriod" />
    <link:label xlink:type="resource" xlink:label="label_ManufacturingPlantEstimatedConstructionPeriod" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ManufacturingPlantEstimatedConstructionPeriod" xml:lang="en-US" id="label_ManufacturingPlantEstimatedConstructionPeriod">Represents the estimated construction period of the manufacturing plant.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ManufacturingPlantEstimatedConstructionPeriod" xlink:to="label_ManufacturingPlantEstimatedConstructionPeriod" xlink:title="Label : ManufacturingPlantEstimatedConstructionPeriod to label_ManufacturingPlantEstimatedConstructionPeriod" />
    <link:label xlink:type="resource" xlink:label="label_ManufacturingPlantEstimatedConstructionPeriod_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ManufacturingPlantEstimatedConstructionPeriod_1" xml:lang="en-US" id="label_ManufacturingPlantEstimatedConstructionPeriod_1">Manufacturing Plant Estimated Construction Period</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ManufacturingPlantEstimatedConstructionPeriod" xlink:to="label_ManufacturingPlantEstimatedConstructionPeriod_1" xlink:title="Label : ManufacturingPlantEstimatedConstructionPeriod to label_ManufacturingPlantEstimatedConstructionPeriod_1" />
    <link:label xlink:type="resource" xlink:label="label_ManufacturingPlantEstimatedConstructionPeriod_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ManufacturingPlantEstimatedConstructionPeriod_2" xml:lang="en-US" id="label_ManufacturingPlantEstimatedConstructionPeriod_2">Manufacturing plant, estimated construction period (Year)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ManufacturingPlantEstimatedConstructionPeriod" xlink:to="label_ManufacturingPlantEstimatedConstructionPeriod_2" xlink:title="Label : ManufacturingPlantEstimatedConstructionPeriod to label_ManufacturingPlantEstimatedConstructionPeriod_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_NationalizationOfSubsidiariesCompensationAwardIncludingPrincipalAndPostAwardInterest" xlink:label="NationalizationOfSubsidiariesCompensationAwardIncludingPrincipalAndPostAwardInterest" xlink:title="NationalizationOfSubsidiariesCompensationAwardIncludingPrincipalAndPostAwardInterest" />
    <link:label xlink:type="resource" xlink:label="label_NationalizationOfSubsidiariesCompensationAwardIncludingPrincipalAndPostAwardInterest" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NationalizationOfSubsidiariesCompensationAwardIncludingPrincipalAndPostAwardInterest" xml:lang="en-US" id="label_NationalizationOfSubsidiariesCompensationAwardIncludingPrincipalAndPostAwardInterest">Nationalization of Subsidiaries Compensation Award Including Principal and Post Award Interest</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NationalizationOfSubsidiariesCompensationAwardIncludingPrincipalAndPostAwardInterest" xlink:to="label_NationalizationOfSubsidiariesCompensationAwardIncludingPrincipalAndPostAwardInterest" xlink:title="Label : NationalizationOfSubsidiariesCompensationAwardIncludingPrincipalAndPostAwardInterest to label_NationalizationOfSubsidiariesCompensationAwardIncludingPrincipalAndPostAwardInterest" />
    <link:label xlink:type="resource" xlink:label="label_NationalizationOfSubsidiariesCompensationAwardIncludingPrincipalAndPostAwardInterest_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NationalizationOfSubsidiariesCompensationAwardIncludingPrincipalAndPostAwardInterest_1" xml:lang="en-US" id="label_NationalizationOfSubsidiariesCompensationAwardIncludingPrincipalAndPostAwardInterest_1">Nationalization of subsidiaries, compensation award including including principal and post-award interest</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NationalizationOfSubsidiariesCompensationAwardIncludingPrincipalAndPostAwardInterest" xlink:to="label_NationalizationOfSubsidiariesCompensationAwardIncludingPrincipalAndPostAwardInterest_1" xlink:title="Label : NationalizationOfSubsidiariesCompensationAwardIncludingPrincipalAndPostAwardInterest to label_NationalizationOfSubsidiariesCompensationAwardIncludingPrincipalAndPostAwardInterest_1" />
    <link:label xlink:type="resource" xlink:label="label_NationalizationOfSubsidiariesCompensationAwardIncludingPrincipalAndPostAwardInterest_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_NationalizationOfSubsidiariesCompensationAwardIncludingPrincipalAndPostAwardInterest_2" xml:lang="en-US" id="label_NationalizationOfSubsidiariesCompensationAwardIncludingPrincipalAndPostAwardInterest_2">The amount awarded, including principal and post-award interest, as compensation for the nationalization of subsidiaries.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NationalizationOfSubsidiariesCompensationAwardIncludingPrincipalAndPostAwardInterest" xlink:to="label_NationalizationOfSubsidiariesCompensationAwardIncludingPrincipalAndPostAwardInterest_2" xlink:title="Label : NationalizationOfSubsidiariesCompensationAwardIncludingPrincipalAndPostAwardInterest to label_NationalizationOfSubsidiariesCompensationAwardIncludingPrincipalAndPostAwardInterest_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnerPerAmericanDepositarySecurity" xlink:label="DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnerPerAmericanDepositarySecurity" xlink:title="DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnerPerAmericanDepositarySecurity" />
    <link:label xlink:type="resource" xlink:label="label_DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnerPerAmericanDepositarySecurity" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnerPerAmericanDepositarySecurity" xml:lang="en-US" id="label_DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnerPerAmericanDepositarySecurity">Dividends Proposed or Declared Before Financial Statements Authorised for Issue But Not Recognised as Distribution to Owner Per American Depositary Security</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnerPerAmericanDepositarySecurity" xlink:to="label_DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnerPerAmericanDepositarySecurity" xlink:title="Label : DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnerPerAmericanDepositarySecurity to label_DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnerPerAmericanDepositarySecurity" />
    <link:label xlink:type="resource" xlink:label="label_DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnerPerAmericanDepositarySecurity_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnerPerAmericanDepositarySecurity_1" xml:lang="en-US" id="label_DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnerPerAmericanDepositarySecurity_1">Annual dividend proposed to be distributed, amount per ads (in dollars per share)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnerPerAmericanDepositarySecurity" xlink:to="label_DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnerPerAmericanDepositarySecurity_1" xlink:title="Label : DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnerPerAmericanDepositarySecurity to label_DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnerPerAmericanDepositarySecurity_1" />
    <link:label xlink:type="resource" xlink:label="label_DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnerPerAmericanDepositarySecurity_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnerPerAmericanDepositarySecurity_2" xml:lang="en-US" id="label_DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnerPerAmericanDepositarySecurity_2">The amount, per American Depositary Security (ADS), of dividends proposed or declared before financial statements were authorised for issue but not recognised as distribution to owners. Each ADS equals two shares.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnerPerAmericanDepositarySecurity" xlink:to="label_DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnerPerAmericanDepositarySecurity_2" xlink:title="Label : DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnerPerAmericanDepositarySecurity to label_DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnerPerAmericanDepositarySecurity_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare" xlink:label="DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare" xlink:title="DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare" />
    <link:label xlink:type="resource" xlink:label="label_DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare" xml:lang="en-US" id="label_DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare">Dividends proposed or declared before financial statements authorised for issue but not recognised as distribution to owners per share</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare" xlink:to="label_DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare" xlink:title="Label : DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare to label_DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners" xlink:label="DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners" xlink:title="DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners" />
    <link:label xlink:type="resource" xlink:label="label_DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners" xml:lang="en-US" id="label_DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners">Dividends proposed or declared before financial statements authorised for issue but not recognised as distribution to owners</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners" xlink:to="label_DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners" xlink:title="Label : DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners to label_DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_DividendsPayableAmountPerShares" xlink:label="DividendsPayableAmountPerShares" xlink:title="DividendsPayableAmountPerShares" />
    <link:label xlink:type="resource" xlink:label="label_DividendsPayableAmountPerShares" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DividendsPayableAmountPerShares" xml:lang="en-US" id="label_DividendsPayableAmountPerShares">Dividends Payable Amount Per Share</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DividendsPayableAmountPerShares" xlink:to="label_DividendsPayableAmountPerShares" xlink:title="Label : DividendsPayableAmountPerShares to label_DividendsPayableAmountPerShares" />
    <link:label xlink:type="resource" xlink:label="label_DividendsPayableAmountPerShares_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DividendsPayableAmountPerShares_1" xml:lang="en-US" id="label_DividendsPayableAmountPerShares_1">Dividends payable, amount per share (in dollars per share)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DividendsPayableAmountPerShares" xlink:to="label_DividendsPayableAmountPerShares_1" xlink:title="Label : DividendsPayableAmountPerShares to label_DividendsPayableAmountPerShares_1" />
    <link:label xlink:type="resource" xlink:label="label_DividendsPayableAmountPerShares_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DividendsPayableAmountPerShares_2" xml:lang="en-US" id="label_DividendsPayableAmountPerShares_2">The per share amount of a dividend payable.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DividendsPayableAmountPerShares" xlink:to="label_DividendsPayableAmountPerShares_2" xlink:title="Label : DividendsPayableAmountPerShares to label_DividendsPayableAmountPerShares_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_AnnualDividendPayable" xlink:label="AnnualDividendPayable" xlink:title="AnnualDividendPayable" />
    <link:label xlink:type="resource" xlink:label="label_AnnualDividendPayable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AnnualDividendPayable" xml:lang="en-US" id="label_AnnualDividendPayable">Annual Dividend Payable</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AnnualDividendPayable" xlink:to="label_AnnualDividendPayable" xlink:title="Label : AnnualDividendPayable to label_AnnualDividendPayable" />
    <link:label xlink:type="resource" xlink:label="label_AnnualDividendPayable_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_AnnualDividendPayable_1" xml:lang="en-US" id="label_AnnualDividendPayable_1">Annual dividend payable</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AnnualDividendPayable" xlink:to="label_AnnualDividendPayable_1" xlink:title="Label : AnnualDividendPayable to label_AnnualDividendPayable_1" />
    <link:label xlink:type="resource" xlink:label="label_AnnualDividendPayable_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_AnnualDividendPayable_2" xml:lang="en-US" id="label_AnnualDividendPayable_2">The amount of annual dividend payable.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AnnualDividendPayable" xlink:to="label_AnnualDividendPayable_2" xlink:title="Label : AnnualDividendPayable to label_AnnualDividendPayable_2" />
    <link:label xlink:type="resource" xlink:label="label_DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare_1" xml:lang="en-US" id="label_DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare_1">Annual dividend proposed to be distributed (in dollars per share)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare" xlink:to="label_DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare_1" xlink:title="Label : DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare to label_DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare_1" />
    <link:label xlink:type="resource" xlink:label="label_DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners_1" xml:lang="en-US" id="label_DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners_1">Annual dividend proposed to be distributed</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners" xlink:to="label_DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners_1" xlink:title="Label : DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners to label_DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners_1" />
    <link:label xlink:type="resource" xlink:label="label_DividendsPaidOrdinarySharesPerShare_2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_DividendsPaidOrdinarySharesPerShare_2" xml:lang="en-US" id="label_DividendsPaidOrdinarySharesPerShare_2">Dividends paid, ordinary shares per share (in dollars per share)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DividendsPaidOrdinarySharesPerShare" xlink:to="label_DividendsPaidOrdinarySharesPerShare_2" xlink:title="Label : DividendsPaidOrdinarySharesPerShare to label_DividendsPaidOrdinarySharesPerShare_2" />
    <link:label xlink:type="resource" xlink:label="label_DividendsPaid_3" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_DividendsPaid_3" xml:lang="en-US" id="label_DividendsPaid_3">Dividends recognised as distributions to owners</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DividendsPaid" xlink:to="label_DividendsPaid_3" xlink:title="Label : DividendsPaid to label_DividendsPaid_3" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_AnnualDividendProposalMember" xlink:label="AnnualDividendProposalMember" xlink:title="AnnualDividendProposalMember" />
    <link:label xlink:type="resource" xlink:label="label_AnnualDividendProposalMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AnnualDividendProposalMember" xml:lang="en-US" id="label_AnnualDividendProposalMember">Annual Dividend Proposal [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AnnualDividendProposalMember" xlink:to="label_AnnualDividendProposalMember" xlink:title="Label : AnnualDividendProposalMember to label_AnnualDividendProposalMember" />
    <link:label xlink:type="resource" xlink:label="label_AnnualDividendProposalMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_AnnualDividendProposalMember_1" xml:lang="en-US" id="label_AnnualDividendProposalMember_1">Represents annual dividend proposal.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AnnualDividendProposalMember" xlink:to="label_AnnualDividendProposalMember_1" xlink:title="Label : AnnualDividendProposalMember to label_AnnualDividendProposalMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyCadMember" xlink:label="ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyCadMember" xlink:title="ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyCadMember" />
    <link:label xlink:type="resource" xlink:label="label_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyCadMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyCadMember" xml:lang="en-US" id="label_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyCadMember">Foreign exchange contract, purchase currency USD, sell currency CAD [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyCadMember" xlink:to="label_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyCadMember" xlink:title="Label : ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyCadMember to label_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyCadMember" />
    <link:label xlink:type="resource" xlink:label="label_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyCadMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyCadMember_1" xml:lang="en-US" id="label_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyCadMember_1">Represents a foreign exchange contract where the purchase currency is USD and the sell currency CAD.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyCadMember" xlink:to="label_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyCadMember_1" xlink:title="Label : ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyCadMember to label_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyCadMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyCopMember" xlink:label="ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyCopMember" xlink:title="ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyCopMember" />
    <link:label xlink:type="resource" xlink:label="label_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyCopMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyCopMember" xml:lang="en-US" id="label_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyCopMember">Foreign exchange contract, purchase currency USD, sell currency COP [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyCopMember" xlink:to="label_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyCopMember" xlink:title="Label : ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyCopMember to label_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyCopMember" />
    <link:label xlink:type="resource" xlink:label="label_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyCopMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyCopMember_1" xml:lang="en-US" id="label_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyCopMember_1">Represents a foreign exchange contract where the purchase currency is USD and the sell currency COP.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyCopMember" xlink:to="label_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyCopMember_1" xlink:title="Label : ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyCopMember to label_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyCopMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyCnyMember" xlink:label="ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyCnyMember" xlink:title="ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyCnyMember" />
    <link:label xlink:type="resource" xlink:label="label_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyCnyMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyCnyMember" xml:lang="en-US" id="label_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyCnyMember">Foreign exchange contract, purchase currency USD, sell currency CNY [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyCnyMember" xlink:to="label_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyCnyMember" xlink:title="Label : ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyCnyMember to label_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyCnyMember" />
    <link:label xlink:type="resource" xlink:label="label_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyCnyMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyCnyMember_1" xml:lang="en-US" id="label_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyCnyMember_1">Represents a foreign exchange contract where the purchase currency is USD and the sell currency CNY.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyCnyMember" xlink:to="label_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyCnyMember_1" xlink:title="Label : ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyCnyMember to label_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyCnyMember_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss" xlink:label="ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss" xlink:title="ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss" />
    <link:label xlink:type="resource" xlink:label="label_ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss" xml:lang="en-US" id="label_ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss">Impairment loss (reversal of impairment loss) recognised in profit or loss</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss" xlink:to="label_ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss" xlink:title="Label : ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss to label_ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss" />
    <link:label xlink:type="resource" xlink:label="label_ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss_1" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss_1" xml:lang="en-US" id="label_ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss_1">Impairment charge</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss" xlink:to="label_ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss_1" xlink:title="Label : ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss to label_ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_TermOneMember" xlink:label="TermOneMember" xlink:title="TermOneMember" />
    <link:label xlink:type="resource" xlink:label="label_TermOneMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TermOneMember" xml:lang="en-US" id="label_TermOneMember">Term, One [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TermOneMember" xlink:to="label_TermOneMember" xlink:title="Label : TermOneMember to label_TermOneMember" />
    <link:label xlink:type="resource" xlink:label="label_TermOneMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_TermOneMember_1" xml:lang="en-US" id="label_TermOneMember_1">This member stands for a term, one.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TermOneMember" xlink:to="label_TermOneMember_1" xlink:title="Label : TermOneMember to label_TermOneMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_TermTwoMember" xlink:label="TermTwoMember" xlink:title="TermTwoMember" />
    <link:label xlink:type="resource" xlink:label="label_TermTwoMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TermTwoMember" xml:lang="en-US" id="label_TermTwoMember">Term Two [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TermTwoMember" xlink:to="label_TermTwoMember" xlink:title="Label : TermTwoMember to label_TermTwoMember" />
    <link:label xlink:type="resource" xlink:label="label_TermTwoMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_TermTwoMember_1" xml:lang="en-US" id="label_TermTwoMember_1">This member stands for a term, two.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TermTwoMember" xlink:to="label_TermTwoMember_1" xlink:title="Label : TermTwoMember to label_TermTwoMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_FinanceLeaseLiabilitiesFromOtherRelatedNonconsolidatedParties" xlink:label="FinanceLeaseLiabilitiesFromOtherRelatedNonconsolidatedParties" xlink:title="FinanceLeaseLiabilitiesFromOtherRelatedNonconsolidatedParties" />
    <link:label xlink:type="resource" xlink:label="label_FinanceLeaseLiabilitiesFromOtherRelatedNonconsolidatedParties" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_FinanceLeaseLiabilitiesFromOtherRelatedNonconsolidatedParties" xml:lang="en-US" id="label_FinanceLeaseLiabilitiesFromOtherRelatedNonconsolidatedParties">Finance Lease Liabilities from Other Related Non-consolidated Parties</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinanceLeaseLiabilitiesFromOtherRelatedNonconsolidatedParties" xlink:to="label_FinanceLeaseLiabilitiesFromOtherRelatedNonconsolidatedParties" xlink:title="Label : FinanceLeaseLiabilitiesFromOtherRelatedNonconsolidatedParties to label_FinanceLeaseLiabilitiesFromOtherRelatedNonconsolidatedParties" />
    <link:label xlink:type="resource" xlink:label="label_FinanceLeaseLiabilitiesFromOtherRelatedNonconsolidatedParties_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_FinanceLeaseLiabilitiesFromOtherRelatedNonconsolidatedParties_1" xml:lang="en-US" id="label_FinanceLeaseLiabilitiesFromOtherRelatedNonconsolidatedParties_1">Finance lease liabilities from other related parties</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinanceLeaseLiabilitiesFromOtherRelatedNonconsolidatedParties" xlink:to="label_FinanceLeaseLiabilitiesFromOtherRelatedNonconsolidatedParties_1" xlink:title="Label : FinanceLeaseLiabilitiesFromOtherRelatedNonconsolidatedParties to label_FinanceLeaseLiabilitiesFromOtherRelatedNonconsolidatedParties_1" />
    <link:label xlink:type="resource" xlink:label="label_FinanceLeaseLiabilitiesFromOtherRelatedNonconsolidatedParties_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_FinanceLeaseLiabilitiesFromOtherRelatedNonconsolidatedParties_2" xml:lang="en-US" id="label_FinanceLeaseLiabilitiesFromOtherRelatedNonconsolidatedParties_2">Represents the amount of finance lease liabilities from other related parties as of the specified date.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinanceLeaseLiabilitiesFromOtherRelatedNonconsolidatedParties" xlink:to="label_FinanceLeaseLiabilitiesFromOtherRelatedNonconsolidatedParties_2" xlink:title="Label : FinanceLeaseLiabilitiesFromOtherRelatedNonconsolidatedParties to label_FinanceLeaseLiabilitiesFromOtherRelatedNonconsolidatedParties_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_TenarisBaogangBaotouSteelPipesLtdMember" xlink:label="TenarisBaogangBaotouSteelPipesLtdMember" xlink:title="TenarisBaogangBaotouSteelPipesLtdMember" />
    <link:label xlink:type="resource" xlink:label="label_TenarisBaogangBaotouSteelPipesLtdMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TenarisBaogangBaotouSteelPipesLtdMember" xml:lang="en-US" id="label_TenarisBaogangBaotouSteelPipesLtdMember">Tenaris Baogang Baotou Steel Pipes Ltd [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TenarisBaogangBaotouSteelPipesLtdMember" xlink:to="label_TenarisBaogangBaotouSteelPipesLtdMember" xlink:title="Label : TenarisBaogangBaotouSteelPipesLtdMember to label_TenarisBaogangBaotouSteelPipesLtdMember" />
    <link:label xlink:type="resource" xlink:label="label_TenarisBaogangBaotouSteelPipesLtdMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_TenarisBaogangBaotouSteelPipesLtdMember_1" xml:lang="en-US" id="label_TenarisBaogangBaotouSteelPipesLtdMember_1">Represents information regarding Tenaris Baogang Baotou Steel Pipes Ltd.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TenarisBaogangBaotouSteelPipesLtdMember" xlink:to="label_TenarisBaogangBaotouSteelPipesLtdMember_1" xlink:title="Label : TenarisBaogangBaotouSteelPipesLtdMember to label_TenarisBaogangBaotouSteelPipesLtdMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_TenarisInvestmentsNLBVAndSubsidiariesMember" xlink:label="TenarisInvestmentsNLBVAndSubsidiariesMember" xlink:title="TenarisInvestmentsNLBVAndSubsidiariesMember" />
    <link:label xlink:type="resource" xlink:label="label_TenarisInvestmentsNLBVAndSubsidiariesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TenarisInvestmentsNLBVAndSubsidiariesMember" xml:lang="en-US" id="label_TenarisInvestmentsNLBVAndSubsidiariesMember">TENARIS INVESTMENTS (NL) B.V. and subsidiaries [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TenarisInvestmentsNLBVAndSubsidiariesMember" xlink:to="label_TenarisInvestmentsNLBVAndSubsidiariesMember" xlink:title="Label : TenarisInvestmentsNLBVAndSubsidiariesMember to label_TenarisInvestmentsNLBVAndSubsidiariesMember" />
    <link:label xlink:type="resource" xlink:label="label_TenarisInvestmentsNLBVAndSubsidiariesMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_TenarisInvestmentsNLBVAndSubsidiariesMember_1" xml:lang="en-US" id="label_TenarisInvestmentsNLBVAndSubsidiariesMember_1">The entity TENARIS INVESTMENTS (NL) B.V. and subsidiaries.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TenarisInvestmentsNLBVAndSubsidiariesMember" xlink:to="label_TenarisInvestmentsNLBVAndSubsidiariesMember_1" xlink:title="Label : TenarisInvestmentsNLBVAndSubsidiariesMember to label_TenarisInvestmentsNLBVAndSubsidiariesMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_IPSCOTUBULARSINCAndSubsidiariesMember" xlink:label="IPSCOTUBULARSINCAndSubsidiariesMember" xlink:title="IPSCOTUBULARSINCAndSubsidiariesMember" />
    <link:label xlink:type="resource" xlink:label="label_IPSCOTUBULARSINCAndSubsidiariesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IPSCOTUBULARSINCAndSubsidiariesMember" xml:lang="en-US" id="label_IPSCOTUBULARSINCAndSubsidiariesMember">IPSCO TUBULARS INC. and subsidiaries [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IPSCOTUBULARSINCAndSubsidiariesMember" xlink:to="label_IPSCOTUBULARSINCAndSubsidiariesMember" xlink:title="Label : IPSCOTUBULARSINCAndSubsidiariesMember to label_IPSCOTUBULARSINCAndSubsidiariesMember" />
    <link:label xlink:type="resource" xlink:label="label_IPSCOTUBULARSINCAndSubsidiariesMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_IPSCOTUBULARSINCAndSubsidiariesMember_1" xml:lang="en-US" id="label_IPSCOTUBULARSINCAndSubsidiariesMember_1">The entity IPSCO TUBULARS INC. and subsidiaries.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IPSCOTUBULARSINCAndSubsidiariesMember" xlink:to="label_IPSCOTUBULARSINCAndSubsidiariesMember_1" xlink:title="Label : IPSCOTUBULARSINCAndSubsidiariesMember to label_IPSCOTUBULARSINCAndSubsidiariesMember_1" />
    <link:label xlink:type="resource" xlink:label="label_AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss_1" xml:lang="en-US" id="label_AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss_1">Impairment charge</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss" xlink:to="label_AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss_1" xlink:title="Label : AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss to label_AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_ForeignExchangeRatesAbstract" xlink:label="ForeignExchangeRatesAbstract" xlink:title="ForeignExchangeRatesAbstract" />
    <link:label xlink:type="resource" xlink:label="label_ForeignExchangeRatesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ForeignExchangeRatesAbstract" xml:lang="en-US" id="label_ForeignExchangeRatesAbstract">Foreign exchange rates [abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ForeignExchangeRatesAbstract" xlink:to="label_ForeignExchangeRatesAbstract" xlink:title="Label : ForeignExchangeRatesAbstract to label_ForeignExchangeRatesAbstract" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfForeignExchangeControlMeasuresInForiegnCountriesTextBlock_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DisclosureOfForeignExchangeControlMeasuresInForiegnCountriesTextBlock_1" xml:lang="en-US" id="label_DisclosureOfForeignExchangeControlMeasuresInForiegnCountriesTextBlock_1">Note 27 - Foreign exchange control measures in Argentina</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfForeignExchangeControlMeasuresInForiegnCountriesTextBlock" xlink:to="label_DisclosureOfForeignExchangeControlMeasuresInForiegnCountriesTextBlock_1" xlink:title="Label : DisclosureOfForeignExchangeControlMeasuresInForiegnCountriesTextBlock to label_DisclosureOfForeignExchangeControlMeasuresInForiegnCountriesTextBlock_1" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfForeignExchangeControlMeasuresInForiegnCountriesTextBlock_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DisclosureOfForeignExchangeControlMeasuresInForiegnCountriesTextBlock_2" xml:lang="en-US" id="label_DisclosureOfForeignExchangeControlMeasuresInForiegnCountriesTextBlock_2">The entire disclosure describing the foreign exchange control measures in foreign countries.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfForeignExchangeControlMeasuresInForiegnCountriesTextBlock" xlink:to="label_DisclosureOfForeignExchangeControlMeasuresInForiegnCountriesTextBlock_2" xlink:title="Label : DisclosureOfForeignExchangeControlMeasuresInForiegnCountriesTextBlock to label_DisclosureOfForeignExchangeControlMeasuresInForiegnCountriesTextBlock_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DisclosureOfInformationAboutUnconsolidatedStructuredEntitiesControlledByInvestmentEntityAbstract" xlink:label="DisclosureOfInformationAboutUnconsolidatedStructuredEntitiesControlledByInvestmentEntityAbstract" xlink:title="DisclosureOfInformationAboutUnconsolidatedStructuredEntitiesControlledByInvestmentEntityAbstract" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfInformationAboutUnconsolidatedStructuredEntitiesControlledByInvestmentEntityAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfInformationAboutUnconsolidatedStructuredEntitiesControlledByInvestmentEntityAbstract" xml:lang="en-US" id="label_DisclosureOfInformationAboutUnconsolidatedStructuredEntitiesControlledByInvestmentEntityAbstract">Disclosure of information about unconsolidated structured entities controlled by investment entity [abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfInformationAboutUnconsolidatedStructuredEntitiesControlledByInvestmentEntityAbstract" xlink:to="label_DisclosureOfInformationAboutUnconsolidatedStructuredEntitiesControlledByInvestmentEntityAbstract" xlink:title="Label : DisclosureOfInformationAboutUnconsolidatedStructuredEntitiesControlledByInvestmentEntityAbstract to label_DisclosureOfInformationAboutUnconsolidatedStructuredEntitiesControlledByInvestmentEntityAbstract" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DisclosureOfInformationAboutUnconsolidatedStructuredEntitiesControlledByInvestmentEntityTable" xlink:label="DisclosureOfInformationAboutUnconsolidatedStructuredEntitiesControlledByInvestmentEntityTable" xlink:title="DisclosureOfInformationAboutUnconsolidatedStructuredEntitiesControlledByInvestmentEntityTable" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfInformationAboutUnconsolidatedStructuredEntitiesControlledByInvestmentEntityTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfInformationAboutUnconsolidatedStructuredEntitiesControlledByInvestmentEntityTable" xml:lang="en-US" id="label_DisclosureOfInformationAboutUnconsolidatedStructuredEntitiesControlledByInvestmentEntityTable">Disclosure of information about unconsolidated structured entities controlled by investment entity [table]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfInformationAboutUnconsolidatedStructuredEntitiesControlledByInvestmentEntityTable" xlink:to="label_DisclosureOfInformationAboutUnconsolidatedStructuredEntitiesControlledByInvestmentEntityTable" xlink:title="Label : DisclosureOfInformationAboutUnconsolidatedStructuredEntitiesControlledByInvestmentEntityTable to label_DisclosureOfInformationAboutUnconsolidatedStructuredEntitiesControlledByInvestmentEntityTable" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_UnconsolidatedStructuredEntitiesControlledByInvestmentEntityAxis" xlink:label="UnconsolidatedStructuredEntitiesControlledByInvestmentEntityAxis" xlink:title="UnconsolidatedStructuredEntitiesControlledByInvestmentEntityAxis" />
    <link:label xlink:type="resource" xlink:label="label_UnconsolidatedStructuredEntitiesControlledByInvestmentEntityAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_UnconsolidatedStructuredEntitiesControlledByInvestmentEntityAxis" xml:lang="en-US" id="label_UnconsolidatedStructuredEntitiesControlledByInvestmentEntityAxis">Unconsolidated structured entities controlled by investment entity [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="UnconsolidatedStructuredEntitiesControlledByInvestmentEntityAxis" xlink:to="label_UnconsolidatedStructuredEntitiesControlledByInvestmentEntityAxis" xlink:title="Label : UnconsolidatedStructuredEntitiesControlledByInvestmentEntityAxis to label_UnconsolidatedStructuredEntitiesControlledByInvestmentEntityAxis" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_UnconsolidatedStructuredEntitiesControlledByInvestmentEntityMember" xlink:label="UnconsolidatedStructuredEntitiesControlledByInvestmentEntityMember" xlink:title="UnconsolidatedStructuredEntitiesControlledByInvestmentEntityMember" />
    <link:label xlink:type="resource" xlink:label="label_UnconsolidatedStructuredEntitiesControlledByInvestmentEntityMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_UnconsolidatedStructuredEntitiesControlledByInvestmentEntityMember" xml:lang="en-US" id="label_UnconsolidatedStructuredEntitiesControlledByInvestmentEntityMember">Unconsolidated structured entities controlled by investment entity [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="UnconsolidatedStructuredEntitiesControlledByInvestmentEntityMember" xlink:to="label_UnconsolidatedStructuredEntitiesControlledByInvestmentEntityMember" xlink:title="Label : UnconsolidatedStructuredEntitiesControlledByInvestmentEntityMember to label_UnconsolidatedStructuredEntitiesControlledByInvestmentEntityMember" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DisclosureOfInformationAboutUnconsolidatedStructuredEntitiesControlledByInvestmentEntityLineItems" xlink:label="DisclosureOfInformationAboutUnconsolidatedStructuredEntitiesControlledByInvestmentEntityLineItems" xlink:title="DisclosureOfInformationAboutUnconsolidatedStructuredEntitiesControlledByInvestmentEntityLineItems" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfInformationAboutUnconsolidatedStructuredEntitiesControlledByInvestmentEntityLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfInformationAboutUnconsolidatedStructuredEntitiesControlledByInvestmentEntityLineItems" xml:lang="en-US" id="label_DisclosureOfInformationAboutUnconsolidatedStructuredEntitiesControlledByInvestmentEntityLineItems">Disclosure of information about unconsolidated structured entities controlled by investment entity [line items]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfInformationAboutUnconsolidatedStructuredEntitiesControlledByInvestmentEntityLineItems" xlink:to="label_DisclosureOfInformationAboutUnconsolidatedStructuredEntitiesControlledByInvestmentEntityLineItems" xlink:title="Label : DisclosureOfInformationAboutUnconsolidatedStructuredEntitiesControlledByInvestmentEntityLineItems to label_DisclosureOfInformationAboutUnconsolidatedStructuredEntitiesControlledByInvestmentEntityLineItems" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfInformationAboutUnconsolidatedStructuredEntitiesControlledByInvestmentEntityExplanatory_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DisclosureOfInformationAboutUnconsolidatedStructuredEntitiesControlledByInvestmentEntityExplanatory_2" xml:lang="en-US" id="label_DisclosureOfInformationAboutUnconsolidatedStructuredEntitiesControlledByInvestmentEntityExplanatory_2">Note 36 - Closure of Prudential Steel LTD</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfInformationAboutUnconsolidatedStructuredEntitiesControlledByInvestmentEntityExplanatory" xlink:to="label_DisclosureOfInformationAboutUnconsolidatedStructuredEntitiesControlledByInvestmentEntityExplanatory_2" xlink:title="Label : DisclosureOfInformationAboutUnconsolidatedStructuredEntitiesControlledByInvestmentEntityExplanatory to label_DisclosureOfInformationAboutUnconsolidatedStructuredEntitiesControlledByInvestmentEntityExplanatory_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_PrudentialSteelLimitedMember" xlink:label="PrudentialSteelLimitedMember" xlink:title="PrudentialSteelLimitedMember" />
    <link:label xlink:type="resource" xlink:label="label_PrudentialSteelLimitedMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PrudentialSteelLimitedMember" xml:lang="en-US" id="label_PrudentialSteelLimitedMember">Prudential Steel Limited [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PrudentialSteelLimitedMember" xlink:to="label_PrudentialSteelLimitedMember" xlink:title="Label : PrudentialSteelLimitedMember to label_PrudentialSteelLimitedMember" />
    <link:label xlink:type="resource" xlink:label="label_PrudentialSteelLimitedMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_PrudentialSteelLimitedMember_1" xml:lang="en-US" id="label_PrudentialSteelLimitedMember_1">This member stands for the information pertaining to Prudential Steel Limited which is located in Calgary, Alberta.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PrudentialSteelLimitedMember" xlink:to="label_PrudentialSteelLimitedMember_1" xlink:title="Label : PrudentialSteelLimitedMember to label_PrudentialSteelLimitedMember_1" />
    <link:label xlink:type="resource" xlink:label="label_PrudentialSteelLimitedMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_PrudentialSteelLimitedMember_2" xml:lang="en-US" id="label_PrudentialSteelLimitedMember_2">Prudential Steel Limited</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PrudentialSteelLimitedMember" xlink:to="label_PrudentialSteelLimitedMember_2" xlink:title="Label : PrudentialSteelLimitedMember to label_PrudentialSteelLimitedMember_2" />
    <link:label xlink:type="resource" xlink:label="label_IsclosureOfCancellationOfTitleDeedInAffiliatesTextBlock_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_IsclosureOfCancellationOfTitleDeedInAffiliatesTextBlock_1" xml:lang="en-US" id="label_IsclosureOfCancellationOfTitleDeedInAffiliatesTextBlock_1">The entire disclosure describing the cancellation of title deed in Affiliated entities.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IsclosureOfCancellationOfTitleDeedInAffiliatesTextBlock" xlink:to="label_IsclosureOfCancellationOfTitleDeedInAffiliatesTextBlock_1" xlink:title="Label : IsclosureOfCancellationOfTitleDeedInAffiliatesTextBlock to label_IsclosureOfCancellationOfTitleDeedInAffiliatesTextBlock_1" />
    <link:label xlink:type="resource" xlink:label="label_IsclosureOfCancellationOfTitleDeedInAffiliatesTextBlock_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IsclosureOfCancellationOfTitleDeedInAffiliatesTextBlock_2" xml:lang="en-US" id="label_IsclosureOfCancellationOfTitleDeedInAffiliatesTextBlock_2">Disclosure of Cancellation of Title Deed in Affiliates [text block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IsclosureOfCancellationOfTitleDeedInAffiliatesTextBlock" xlink:to="label_IsclosureOfCancellationOfTitleDeedInAffiliatesTextBlock_2" xlink:title="Label : IsclosureOfCancellationOfTitleDeedInAffiliatesTextBlock to label_IsclosureOfCancellationOfTitleDeedInAffiliatesTextBlock_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DescriptionOfAccountingPolicyForLeasesExplanatory" xlink:label="DescriptionOfAccountingPolicyForLeasesExplanatory" xlink:title="DescriptionOfAccountingPolicyForLeasesExplanatory" />
    <link:label xlink:type="resource" xlink:label="label_DescriptionOfAccountingPolicyForLeasesExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DescriptionOfAccountingPolicyForLeasesExplanatory" xml:lang="en-US" id="label_DescriptionOfAccountingPolicyForLeasesExplanatory">Description of accounting policy for leases [text block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DescriptionOfAccountingPolicyForLeasesExplanatory" xlink:to="label_DescriptionOfAccountingPolicyForLeasesExplanatory" xlink:title="Label : DescriptionOfAccountingPolicyForLeasesExplanatory to label_DescriptionOfAccountingPolicyForLeasesExplanatory" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_NumberOfBoardMembersCanBeAppointedThroughShareholdersAgreement" xlink:label="NumberOfBoardMembersCanBeAppointedThroughShareholdersAgreement" xlink:title="NumberOfBoardMembersCanBeAppointedThroughShareholdersAgreement" />
    <link:label xlink:type="resource" xlink:label="label_NumberOfBoardMembersCanBeAppointedThroughShareholdersAgreement" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NumberOfBoardMembersCanBeAppointedThroughShareholdersAgreement" xml:lang="en-US" id="label_NumberOfBoardMembersCanBeAppointedThroughShareholdersAgreement">Number of Board Members Can be Appointed Through Shareholders Agreement</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfBoardMembersCanBeAppointedThroughShareholdersAgreement" xlink:to="label_NumberOfBoardMembersCanBeAppointedThroughShareholdersAgreement" xlink:title="Label : NumberOfBoardMembersCanBeAppointedThroughShareholdersAgreement to label_NumberOfBoardMembersCanBeAppointedThroughShareholdersAgreement" />
    <link:label xlink:type="resource" xlink:label="label_NumberOfBoardMembersCanBeAppointedThroughShareholdersAgreement_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_NumberOfBoardMembersCanBeAppointedThroughShareholdersAgreement_1" xml:lang="en-US" id="label_NumberOfBoardMembersCanBeAppointedThroughShareholdersAgreement_1">The number of Board members can be appointed through the shareholders agreement by the entity at a date.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfBoardMembersCanBeAppointedThroughShareholdersAgreement" xlink:to="label_NumberOfBoardMembersCanBeAppointedThroughShareholdersAgreement_1" xlink:title="Label : NumberOfBoardMembersCanBeAppointedThroughShareholdersAgreement to label_NumberOfBoardMembersCanBeAppointedThroughShareholdersAgreement_1" />
    <link:label xlink:type="resource" xlink:label="label_NumberOfBoardMembersCanBeAppointedThroughShareholdersAgreement_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NumberOfBoardMembersCanBeAppointedThroughShareholdersAgreement_2" xml:lang="en-US" id="label_NumberOfBoardMembersCanBeAppointedThroughShareholdersAgreement_2">Number of Board members can be appointed through the shareholders agreement</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfBoardMembersCanBeAppointedThroughShareholdersAgreement" xlink:to="label_NumberOfBoardMembersCanBeAppointedThroughShareholdersAgreement_2" xlink:title="Label : NumberOfBoardMembersCanBeAppointedThroughShareholdersAgreement to label_NumberOfBoardMembersCanBeAppointedThroughShareholdersAgreement_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_NumberOfBoardMembers" xlink:label="NumberOfBoardMembers" xlink:title="NumberOfBoardMembers" />
    <link:label xlink:type="resource" xlink:label="label_NumberOfBoardMembers" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NumberOfBoardMembers" xml:lang="en-US" id="label_NumberOfBoardMembers">Number of Board Members</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfBoardMembers" xlink:to="label_NumberOfBoardMembers" xlink:title="Label : NumberOfBoardMembers to label_NumberOfBoardMembers" />
    <link:label xlink:type="resource" xlink:label="label_NumberOfBoardMembers_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_NumberOfBoardMembers_1" xml:lang="en-US" id="label_NumberOfBoardMembers_1">The number of Board members by the entity at a date.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfBoardMembers" xlink:to="label_NumberOfBoardMembers_1" xlink:title="Label : NumberOfBoardMembers to label_NumberOfBoardMembers_1" />
    <link:label xlink:type="resource" xlink:label="label_NumberOfBoardMembers_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NumberOfBoardMembers_2" xml:lang="en-US" id="label_NumberOfBoardMembers_2">Number of Board members</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfBoardMembers" xlink:to="label_NumberOfBoardMembers_2" xlink:title="Label : NumberOfBoardMembers to label_NumberOfBoardMembers_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_AssetsRecognisedInEntitysFinancialStatementsInRelationToStructuredEntities" xlink:label="AssetsRecognisedInEntitysFinancialStatementsInRelationToStructuredEntities" xlink:title="AssetsRecognisedInEntitysFinancialStatementsInRelationToStructuredEntities" />
    <link:label xlink:type="resource" xlink:label="label_AssetsRecognisedInEntitysFinancialStatementsInRelationToStructuredEntities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AssetsRecognisedInEntitysFinancialStatementsInRelationToStructuredEntities" xml:lang="en-US" id="label_AssetsRecognisedInEntitysFinancialStatementsInRelationToStructuredEntities">Assets recognised in entity's financial statements in relation to structured entities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AssetsRecognisedInEntitysFinancialStatementsInRelationToStructuredEntities" xlink:to="label_AssetsRecognisedInEntitysFinancialStatementsInRelationToStructuredEntities" xlink:title="Label : AssetsRecognisedInEntitysFinancialStatementsInRelationToStructuredEntities to label_AssetsRecognisedInEntitysFinancialStatementsInRelationToStructuredEntities" />
    <link:label xlink:type="resource" xlink:label="label_AssetsRecognisedInEntitysFinancialStatementsInRelationToStructuredEntities_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_AssetsRecognisedInEntitysFinancialStatementsInRelationToStructuredEntities_1" xml:lang="en-US" id="label_AssetsRecognisedInEntitysFinancialStatementsInRelationToStructuredEntities_1">Goodwill or intangible assets recognized in relation to investments in non consolidated companies under the equity method</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AssetsRecognisedInEntitysFinancialStatementsInRelationToStructuredEntities" xlink:to="label_AssetsRecognisedInEntitysFinancialStatementsInRelationToStructuredEntities_1" xlink:title="Label : AssetsRecognisedInEntitysFinancialStatementsInRelationToStructuredEntities to label_AssetsRecognisedInEntitysFinancialStatementsInRelationToStructuredEntities_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_AdditionalDepreciationExpenses" xlink:label="AdditionalDepreciationExpenses" xlink:title="AdditionalDepreciationExpenses" />
    <link:label xlink:type="resource" xlink:label="label_AdditionalDepreciationExpenses" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AdditionalDepreciationExpenses" xml:lang="en-US" id="label_AdditionalDepreciationExpenses">Additional Depreciation Expenses</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdditionalDepreciationExpenses" xlink:to="label_AdditionalDepreciationExpenses" xlink:title="Label : AdditionalDepreciationExpenses to label_AdditionalDepreciationExpenses" />
    <link:label xlink:type="resource" xlink:label="label_AdditionalDepreciationExpenses_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_AdditionalDepreciationExpenses_1" xml:lang="en-US" id="label_AdditionalDepreciationExpenses_1">The amount of additional depreciation expenses arising from re-estimation of assets useful lives, performed in accordance with IAS 16.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdditionalDepreciationExpenses" xlink:to="label_AdditionalDepreciationExpenses_1" xlink:title="Label : AdditionalDepreciationExpenses to label_AdditionalDepreciationExpenses_1" />
    <link:label xlink:type="resource" xlink:label="label_AdditionalDepreciationExpenses_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_AdditionalDepreciationExpenses_2" xml:lang="en-US" id="label_AdditionalDepreciationExpenses_2">Additional depreciation expenses</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdditionalDepreciationExpenses" xlink:to="label_AdditionalDepreciationExpenses_2" xlink:title="Label : AdditionalDepreciationExpenses to label_AdditionalDepreciationExpenses_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_AdditionalAmortizationExpenses" xlink:label="AdditionalAmortizationExpenses" xlink:title="AdditionalAmortizationExpenses" />
    <link:label xlink:type="resource" xlink:label="label_AdditionalAmortizationExpenses" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AdditionalAmortizationExpenses" xml:lang="en-US" id="label_AdditionalAmortizationExpenses">Additional Amortization Expenses</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdditionalAmortizationExpenses" xlink:to="label_AdditionalAmortizationExpenses" xlink:title="Label : AdditionalAmortizationExpenses to label_AdditionalAmortizationExpenses" />
    <link:label xlink:type="resource" xlink:label="label_AdditionalAmortizationExpenses_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_AdditionalAmortizationExpenses_1" xml:lang="en-US" id="label_AdditionalAmortizationExpenses_1">The amount of additional amortization expenses arising from re-estimation of assets useful lives, performed in accordance with IAS 38.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdditionalAmortizationExpenses" xlink:to="label_AdditionalAmortizationExpenses_1" xlink:title="Label : AdditionalAmortizationExpenses to label_AdditionalAmortizationExpenses_1" />
    <link:label xlink:type="resource" xlink:label="label_AdditionalAmortizationExpenses_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_AdditionalAmortizationExpenses_2" xml:lang="en-US" id="label_AdditionalAmortizationExpenses_2">Additional amortization expenses</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdditionalAmortizationExpenses" xlink:to="label_AdditionalAmortizationExpenses_2" xlink:title="Label : AdditionalAmortizationExpenses to label_AdditionalAmortizationExpenses_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_PurchasesFairValueMeasurementAssets" xlink:label="PurchasesFairValueMeasurementAssets" xlink:title="PurchasesFairValueMeasurementAssets" />
    <link:label xlink:type="resource" xlink:label="label_PurchasesFairValueMeasurementAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PurchasesFairValueMeasurementAssets" xml:lang="en-US" id="label_PurchasesFairValueMeasurementAssets">Purchases, fair value measurement, assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PurchasesFairValueMeasurementAssets" xlink:to="label_PurchasesFairValueMeasurementAssets" xlink:title="Label : PurchasesFairValueMeasurementAssets to label_PurchasesFairValueMeasurementAssets" />
    <link:label xlink:type="resource" xlink:label="label_PurchasesFairValueMeasurementAssets_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_PurchasesFairValueMeasurementAssets_1" xml:lang="en-US" id="label_PurchasesFairValueMeasurementAssets_1">Increase due to business combinations</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PurchasesFairValueMeasurementAssets" xlink:to="label_PurchasesFairValueMeasurementAssets_1" xlink:title="Label : PurchasesFairValueMeasurementAssets to label_PurchasesFairValueMeasurementAssets_1" />
    <link:label xlink:type="resource" xlink:label="label_IncreaseDecreaseInFairValueMeasurementAssets_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_IncreaseDecreaseInFairValueMeasurementAssets_1" xml:lang="en-US" id="label_IncreaseDecreaseInFairValueMeasurementAssets_1">(Decrease) / Addition</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseInFairValueMeasurementAssets" xlink:to="label_IncreaseDecreaseInFairValueMeasurementAssets_1" xlink:title="Label : IncreaseDecreaseInFairValueMeasurementAssets to label_IncreaseDecreaseInFairValueMeasurementAssets_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_ImpairmentLossOnFinancialAssets" xlink:label="ImpairmentLossOnFinancialAssets" xlink:title="ImpairmentLossOnFinancialAssets" />
    <link:label xlink:type="resource" xlink:label="label_ImpairmentLossOnFinancialAssets" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_ImpairmentLossOnFinancialAssets" xml:lang="en-US" id="label_ImpairmentLossOnFinancialAssets">Impairment result on financial assets at FVTOCI</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ImpairmentLossOnFinancialAssets" xlink:to="label_ImpairmentLossOnFinancialAssets" xlink:title="Label : ImpairmentLossOnFinancialAssets to label_ImpairmentLossOnFinancialAssets" />
    <link:label xlink:type="resource" xlink:label="label_ImpairmentLossOnFinancialAssets_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ImpairmentLossOnFinancialAssets_1" xml:lang="en-US" id="label_ImpairmentLossOnFinancialAssets_1">Impairment loss on financial assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ImpairmentLossOnFinancialAssets" xlink:to="label_ImpairmentLossOnFinancialAssets_1" xlink:title="Label : ImpairmentLossOnFinancialAssets to label_ImpairmentLossOnFinancialAssets_1" />
    <link:label xlink:type="resource" xlink:label="label_ProfitLossBeforeImpairmentLossReversalOfImpairmentLossRecognisedAndIncomeTax_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ProfitLossBeforeImpairmentLossReversalOfImpairmentLossRecognisedAndIncomeTax_1" xml:lang="en-US" id="label_ProfitLossBeforeImpairmentLossReversalOfImpairmentLossRecognisedAndIncomeTax_1">The profit (loss) before impairment loss or reversal of impairment loss recognised and income tax expense or income.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProfitLossBeforeImpairmentLossReversalOfImpairmentLossRecognisedAndIncomeTax" xlink:to="label_ProfitLossBeforeImpairmentLossReversalOfImpairmentLossRecognisedAndIncomeTax_1" xlink:title="Label : ProfitLossBeforeImpairmentLossReversalOfImpairmentLossRecognisedAndIncomeTax to label_ProfitLossBeforeImpairmentLossReversalOfImpairmentLossRecognisedAndIncomeTax_1" />
    <link:label xlink:type="resource" xlink:label="label_ProfitLossBeforeImpairmentLossReversalOfImpairmentLossRecognisedAndIncomeTax_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ProfitLossBeforeImpairmentLossReversalOfImpairmentLossRecognisedAndIncomeTax_2" xml:lang="en-US" id="label_ProfitLossBeforeImpairmentLossReversalOfImpairmentLossRecognisedAndIncomeTax_2">Profit (Loss) before Impairment Loss Reversal of Impairment Loss Recognised and Income Tax</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProfitLossBeforeImpairmentLossReversalOfImpairmentLossRecognisedAndIncomeTax" xlink:to="label_ProfitLossBeforeImpairmentLossReversalOfImpairmentLossRecognisedAndIncomeTax_2" xlink:title="Label : ProfitLossBeforeImpairmentLossReversalOfImpairmentLossRecognisedAndIncomeTax to label_ProfitLossBeforeImpairmentLossReversalOfImpairmentLossRecognisedAndIncomeTax_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment" xlink:label="ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment" xlink:title="ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment" />
    <link:label xlink:type="resource" xlink:label="label_ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment" xml:lang="en-US" id="label_ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment">Impairment loss recognised in profit or loss, property, plant and equipment</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment" xlink:to="label_ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment" xlink:title="Label : ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment to label_ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment" />
    <link:label xlink:type="resource" xlink:label="label_ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment_1" xml:lang="en-US" id="label_ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment_1">Impairment charge (See note 5)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment" xlink:to="label_ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment_1" xlink:title="Label : ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment to label_ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_SubsidiariesMember" xlink:label="SubsidiariesMember" xlink:title="SubsidiariesMember" />
    <link:label xlink:type="resource" xlink:label="label_SubsidiariesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SubsidiariesMember" xml:lang="en-US" id="label_SubsidiariesMember">Subsidiaries [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SubsidiariesMember" xlink:to="label_SubsidiariesMember" xlink:title="Label : SubsidiariesMember to label_SubsidiariesMember" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_PercentageOfEntitysNetEquity" xlink:label="PercentageOfEntitysNetEquity" xlink:title="PercentageOfEntitysNetEquity" />
    <link:label xlink:type="resource" xlink:label="label_PercentageOfEntitysNetEquity" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PercentageOfEntitysNetEquity" xml:lang="en-US" id="label_PercentageOfEntitysNetEquity">Percentage of Entitys Net Equity</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PercentageOfEntitysNetEquity" xlink:to="label_PercentageOfEntitysNetEquity" xlink:title="Label : PercentageOfEntitysNetEquity to label_PercentageOfEntitysNetEquity" />
    <link:label xlink:type="resource" xlink:label="label_PercentageOfEntitysNetEquity_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_PercentageOfEntitysNetEquity_1" xml:lang="en-US" id="label_PercentageOfEntitysNetEquity_1">The percentage of the entity's net equity.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PercentageOfEntitysNetEquity" xlink:to="label_PercentageOfEntitysNetEquity_1" xlink:title="Label : PercentageOfEntitysNetEquity to label_PercentageOfEntitysNetEquity_1" />
    <link:label xlink:type="resource" xlink:label="label_PercentageOfEntitysNetEquity_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_PercentageOfEntitysNetEquity_2" xml:lang="en-US" id="label_PercentageOfEntitysNetEquity_2">Percentage of entity's net equity</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PercentageOfEntitysNetEquity" xlink:to="label_PercentageOfEntitysNetEquity_2" xlink:title="Label : PercentageOfEntitysNetEquity to label_PercentageOfEntitysNetEquity_2" />
    <link:label xlink:type="resource" xlink:label="label_ForeignExchangeRiskCurrencyExposure_3" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_ForeignExchangeRiskCurrencyExposure_3" xml:lang="en-US" id="label_ForeignExchangeRiskCurrencyExposure_3">Currency exposure / functional currency</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ForeignExchangeRiskCurrencyExposure" xlink:to="label_ForeignExchangeRiskCurrencyExposure_3" xlink:title="Label : ForeignExchangeRiskCurrencyExposure to label_ForeignExchangeRiskCurrencyExposure_3" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_AdditionalInvestmentWillBeMade" xlink:label="AdditionalInvestmentWillBeMade" xlink:title="AdditionalInvestmentWillBeMade" />
    <link:label xlink:type="resource" xlink:label="label_AdditionalInvestmentWillBeMade" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AdditionalInvestmentWillBeMade" xml:lang="en-US" id="label_AdditionalInvestmentWillBeMade">Additional Investment will be Made</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdditionalInvestmentWillBeMade" xlink:to="label_AdditionalInvestmentWillBeMade" xlink:title="Label : AdditionalInvestmentWillBeMade to label_AdditionalInvestmentWillBeMade" />
    <link:label xlink:type="resource" xlink:label="label_AdditionalInvestmentWillBeMade_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_AdditionalInvestmentWillBeMade_1" xml:lang="en-US" id="label_AdditionalInvestmentWillBeMade_1">Additional investment will be made</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdditionalInvestmentWillBeMade" xlink:to="label_AdditionalInvestmentWillBeMade_1" xlink:title="Label : AdditionalInvestmentWillBeMade to label_AdditionalInvestmentWillBeMade_1" />
    <link:label xlink:type="resource" xlink:label="label_AdditionalInvestmentWillBeMade_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_AdditionalInvestmentWillBeMade_2" xml:lang="en-US" id="label_AdditionalInvestmentWillBeMade_2">The amount of additional investment will be made for repositioning of the industrial activities.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdditionalInvestmentWillBeMade" xlink:to="label_AdditionalInvestmentWillBeMade_2" xlink:title="Label : AdditionalInvestmentWillBeMade to label_AdditionalInvestmentWillBeMade_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DisclosureOfImpairmentLossAndReversalOfImpairmentLossAbstract" xlink:label="DisclosureOfImpairmentLossAndReversalOfImpairmentLossAbstract" xlink:title="DisclosureOfImpairmentLossAndReversalOfImpairmentLossAbstract" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfImpairmentLossAndReversalOfImpairmentLossAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfImpairmentLossAndReversalOfImpairmentLossAbstract" xml:lang="en-US" id="label_DisclosureOfImpairmentLossAndReversalOfImpairmentLossAbstract">Disclosure of impairment loss and reversal of impairment loss [abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfImpairmentLossAndReversalOfImpairmentLossAbstract" xlink:to="label_DisclosureOfImpairmentLossAndReversalOfImpairmentLossAbstract" xlink:title="Label : DisclosureOfImpairmentLossAndReversalOfImpairmentLossAbstract to label_DisclosureOfImpairmentLossAndReversalOfImpairmentLossAbstract" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DisclosureOfImpairmentOfAssetsExplanatory" xlink:label="DisclosureOfImpairmentOfAssetsExplanatory" xlink:title="DisclosureOfImpairmentOfAssetsExplanatory" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfImpairmentOfAssetsExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DisclosureOfImpairmentOfAssetsExplanatory" xml:lang="en-US" id="label_DisclosureOfImpairmentOfAssetsExplanatory">Note 5 - Impairment charge</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfImpairmentOfAssetsExplanatory" xlink:to="label_DisclosureOfImpairmentOfAssetsExplanatory" xlink:title="Label : DisclosureOfImpairmentOfAssetsExplanatory to label_DisclosureOfImpairmentOfAssetsExplanatory" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfImpairmentOfAssetsExplanatory_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfImpairmentOfAssetsExplanatory_1" xml:lang="en-US" id="label_DisclosureOfImpairmentOfAssetsExplanatory_1">Disclosure of impairment of assets [text block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfImpairmentOfAssetsExplanatory" xlink:to="label_DisclosureOfImpairmentOfAssetsExplanatory_1" xlink:title="Label : DisclosureOfImpairmentOfAssetsExplanatory to label_DisclosureOfImpairmentOfAssetsExplanatory_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DisclosureOfInformationForEachMaterialImpairmentLossRecognisedOrReversedForIndividualAssetOrCashgeneratingUnitExplanatory" xlink:label="DisclosureOfInformationForEachMaterialImpairmentLossRecognisedOrReversedForIndividualAssetOrCashgeneratingUnitExplanatory" xlink:title="DisclosureOfInformationForEachMaterialImpairmentLossRecognisedOrReversedForIndividualAssetOrCashgeneratingUnitExplanatory" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfInformationForEachMaterialImpairmentLossRecognisedOrReversedForIndividualAssetOrCashgeneratingUnitExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfInformationForEachMaterialImpairmentLossRecognisedOrReversedForIndividualAssetOrCashgeneratingUnitExplanatory" xml:lang="en-US" id="label_DisclosureOfInformationForEachMaterialImpairmentLossRecognisedOrReversedForIndividualAssetOrCashgeneratingUnitExplanatory">Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [text block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfInformationForEachMaterialImpairmentLossRecognisedOrReversedForIndividualAssetOrCashgeneratingUnitExplanatory" xlink:to="label_DisclosureOfInformationForEachMaterialImpairmentLossRecognisedOrReversedForIndividualAssetOrCashgeneratingUnitExplanatory" xlink:title="Label : DisclosureOfInformationForEachMaterialImpairmentLossRecognisedOrReversedForIndividualAssetOrCashgeneratingUnitExplanatory to label_DisclosureOfInformationForEachMaterialImpairmentLossRecognisedOrReversedForIndividualAssetOrCashgeneratingUnitExplanatory" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_DisclosureOfSensitivityAnalysisForAdditionalImpairmentToChangesInKeyAssumptionsTextBlock" xlink:label="DisclosureOfSensitivityAnalysisForAdditionalImpairmentToChangesInKeyAssumptionsTextBlock" xlink:title="DisclosureOfSensitivityAnalysisForAdditionalImpairmentToChangesInKeyAssumptionsTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfSensitivityAnalysisForAdditionalImpairmentToChangesInKeyAssumptionsTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfSensitivityAnalysisForAdditionalImpairmentToChangesInKeyAssumptionsTextBlock" xml:lang="en-US" id="label_DisclosureOfSensitivityAnalysisForAdditionalImpairmentToChangesInKeyAssumptionsTextBlock">Disclosure of Sensitivity Analysis for Additional Impairment to Changes in Key Assumptions [text block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfSensitivityAnalysisForAdditionalImpairmentToChangesInKeyAssumptionsTextBlock" xlink:to="label_DisclosureOfSensitivityAnalysisForAdditionalImpairmentToChangesInKeyAssumptionsTextBlock" xlink:title="Label : DisclosureOfSensitivityAnalysisForAdditionalImpairmentToChangesInKeyAssumptionsTextBlock to label_DisclosureOfSensitivityAnalysisForAdditionalImpairmentToChangesInKeyAssumptionsTextBlock" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DisclosureOfImpairmentLossRecognisedOrReversedTable" xlink:label="DisclosureOfImpairmentLossRecognisedOrReversedTable" xlink:title="DisclosureOfImpairmentLossRecognisedOrReversedTable" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfImpairmentLossRecognisedOrReversedTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfImpairmentLossRecognisedOrReversedTable" xml:lang="en-US" id="label_DisclosureOfImpairmentLossRecognisedOrReversedTable">Disclosure of impairment loss recognised or reversed for cash-generating unit [table]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfImpairmentLossRecognisedOrReversedTable" xlink:to="label_DisclosureOfImpairmentLossRecognisedOrReversedTable" xlink:title="Label : DisclosureOfImpairmentLossRecognisedOrReversedTable to label_DisclosureOfImpairmentLossRecognisedOrReversedTable" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_IndividualAssetsOrCashgeneratingUnitsAxis" xlink:label="IndividualAssetsOrCashgeneratingUnitsAxis" xlink:title="IndividualAssetsOrCashgeneratingUnitsAxis" />
    <link:label xlink:type="resource" xlink:label="label_IndividualAssetsOrCashgeneratingUnitsAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IndividualAssetsOrCashgeneratingUnitsAxis" xml:lang="en-US" id="label_IndividualAssetsOrCashgeneratingUnitsAxis">Individual assets or cash-generating units [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IndividualAssetsOrCashgeneratingUnitsAxis" xlink:to="label_IndividualAssetsOrCashgeneratingUnitsAxis" xlink:title="Label : IndividualAssetsOrCashgeneratingUnitsAxis to label_IndividualAssetsOrCashgeneratingUnitsAxis" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_EntitysTotalForIndividualAssetsOrCashgeneratingUnitsMember" xlink:label="EntitysTotalForIndividualAssetsOrCashgeneratingUnitsMember" xlink:title="EntitysTotalForIndividualAssetsOrCashgeneratingUnitsMember" />
    <link:label xlink:type="resource" xlink:label="label_EntitysTotalForIndividualAssetsOrCashgeneratingUnitsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EntitysTotalForIndividualAssetsOrCashgeneratingUnitsMember" xml:lang="en-US" id="label_EntitysTotalForIndividualAssetsOrCashgeneratingUnitsMember">Entity's total for individual assets or cash-generating units [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntitysTotalForIndividualAssetsOrCashgeneratingUnitsMember" xlink:to="label_EntitysTotalForIndividualAssetsOrCashgeneratingUnitsMember" xlink:title="Label : EntitysTotalForIndividualAssetsOrCashgeneratingUnitsMember to label_EntitysTotalForIndividualAssetsOrCashgeneratingUnitsMember" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_IPSCOMember" xlink:label="IPSCOMember" xlink:title="IPSCOMember" />
    <link:label xlink:type="resource" xlink:label="label_IPSCOMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IPSCOMember" xml:lang="en-US" id="label_IPSCOMember">IPSCO [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IPSCOMember" xlink:to="label_IPSCOMember" xlink:title="Label : IPSCOMember to label_IPSCOMember" />
    <link:label xlink:type="resource" xlink:label="label_IPSCOMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_IPSCOMember_1" xml:lang="en-US" id="label_IPSCOMember_1">The cash generating unit IPSCO.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IPSCOMember" xlink:to="label_IPSCOMember_1" xlink:title="Label : IPSCOMember to label_IPSCOMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_RodsUSAMember" xlink:label="RodsUSAMember" xlink:title="RodsUSAMember" />
    <link:label xlink:type="resource" xlink:label="label_RodsUSAMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_RodsUSAMember" xml:lang="en-US" id="label_RodsUSAMember">Rods USA [Member]</link:label>
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    <link:label xlink:type="resource" xlink:label="label_RodsUSAMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_RodsUSAMember_1" xml:lang="en-US" id="label_RodsUSAMember_1">The cash generating unit Rods (USA).</link:label>
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    <link:label xlink:type="resource" xlink:label="label_AssetsAfterImpairment" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AssetsAfterImpairment" xml:lang="en-US" id="label_AssetsAfterImpairment">Assets after Impairment</link:label>
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="UnusualOrInfrequentItems1DisclosureTextBlock" xlink:to="label_UnusualOrInfrequentItems1DisclosureTextBlock_2" xlink:title="Label : UnusualOrInfrequentItems1DisclosureTextBlock to label_UnusualOrInfrequentItems1DisclosureTextBlock_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_UnusualOrInfrequentItem1Table" xlink:label="UnusualOrInfrequentItem1Table" xlink:title="UnusualOrInfrequentItem1Table" />
    <link:label xlink:type="resource" xlink:label="label_UnusualOrInfrequentItem1Table" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_UnusualOrInfrequentItem1Table" xml:lang="en-US" id="label_UnusualOrInfrequentItem1Table">Unusual or Infrequent Item 1 [Table]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="UnusualOrInfrequentItem1Table" xlink:to="label_UnusualOrInfrequentItem1Table" xlink:title="Label : UnusualOrInfrequentItem1Table to label_UnusualOrInfrequentItem1Table" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_UnusualOrInfrequentItem1Axis" xlink:label="UnusualOrInfrequentItem1Axis" xlink:title="UnusualOrInfrequentItem1Axis" />
    <link:label xlink:type="resource" xlink:label="label_UnusualOrInfrequentItem1Axis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_UnusualOrInfrequentItem1Axis" xml:lang="en-US" id="label_UnusualOrInfrequentItem1Axis">Unusual or Infrequent Item 1 [Axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="UnusualOrInfrequentItem1Axis" xlink:to="label_UnusualOrInfrequentItem1Axis" xlink:title="Label : UnusualOrInfrequentItem1Axis to label_UnusualOrInfrequentItem1Axis" />
    <link:label xlink:type="resource" xlink:label="label_UnusualOrInfrequentItem1Table_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_UnusualOrInfrequentItem1Table_1" xml:lang="en-US" id="label_UnusualOrInfrequentItem1Table_1">Disclosure of information about the nature and financial statement effect of an event or transaction that is unusual in nature or infrequent in occurrence, or both.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="UnusualOrInfrequentItem1Table" xlink:to="label_UnusualOrInfrequentItem1Table_1" xlink:title="Label : UnusualOrInfrequentItem1Table to label_UnusualOrInfrequentItem1Table_1" />
    <link:label xlink:type="resource" xlink:label="label_UnusualOrInfrequentItem1Axis_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_UnusualOrInfrequentItem1Axis_1" xml:lang="en-US" id="label_UnusualOrInfrequentItem1Axis_1">Information by an event or transaction that is unusual in nature or infrequent in occurrence, or both.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="UnusualOrInfrequentItem1Axis" xlink:to="label_UnusualOrInfrequentItem1Axis_1" xlink:title="Label : UnusualOrInfrequentItem1Axis to label_UnusualOrInfrequentItem1Axis_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_UnusualOrInfrequentItem1Member" xlink:label="UnusualOrInfrequentItem1Member" xlink:title="UnusualOrInfrequentItem1Member" />
    <link:label xlink:type="resource" xlink:label="label_UnusualOrInfrequentItem1Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_UnusualOrInfrequentItem1Member" xml:lang="en-US" id="label_UnusualOrInfrequentItem1Member">Unusual or Infrequent Item 1 [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="UnusualOrInfrequentItem1Member" xlink:to="label_UnusualOrInfrequentItem1Member" xlink:title="Label : UnusualOrInfrequentItem1Member to label_UnusualOrInfrequentItem1Member" />
    <link:label xlink:type="resource" xlink:label="label_UnusualOrInfrequentItem1Member_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_UnusualOrInfrequentItem1Member_1" xml:lang="en-US" id="label_UnusualOrInfrequentItem1Member_1">Event or transaction that is unusual in nature or infrequent in occurrence, or both.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="UnusualOrInfrequentItem1Member" xlink:to="label_UnusualOrInfrequentItem1Member_1" xlink:title="Label : UnusualOrInfrequentItem1Member to label_UnusualOrInfrequentItem1Member_1" />
    <link:label xlink:type="resource" xlink:label="label_DividendsPayableAmountPerAmericanDepositarySecurity_3" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_DividendsPayableAmountPerAmericanDepositarySecurity_3" xml:lang="en-US" id="label_DividendsPayableAmountPerAmericanDepositarySecurity_3">Dividends paid, per American Depositary Security (in dollars per share)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DividendsPayableAmountPerAmericanDepositarySecurity" xlink:to="label_DividendsPayableAmountPerAmericanDepositarySecurity_3" xlink:title="Label : DividendsPayableAmountPerAmericanDepositarySecurity to label_DividendsPayableAmountPerAmericanDepositarySecurity_3" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_UnusualOrInfrequentItem1LineItems" xlink:label="UnusualOrInfrequentItem1LineItems" xlink:title="UnusualOrInfrequentItem1LineItems" />
    <link:label xlink:type="resource" xlink:label="label_UnusualOrInfrequentItem1LineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_UnusualOrInfrequentItem1LineItems" xml:lang="en-US" id="label_UnusualOrInfrequentItem1LineItems">Unusual or Infrequent Item 1 [line items]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="UnusualOrInfrequentItem1LineItems" xlink:to="label_UnusualOrInfrequentItem1LineItems" xlink:title="Label : UnusualOrInfrequentItem1LineItems to label_UnusualOrInfrequentItem1LineItems" />
    <link:label xlink:type="resource" xlink:label="label_UnusualOrInfrequentItem1LineItems_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_UnusualOrInfrequentItem1LineItems_1" xml:lang="en-US" id="label_UnusualOrInfrequentItem1LineItems_1">Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="UnusualOrInfrequentItem1LineItems" xlink:to="label_UnusualOrInfrequentItem1LineItems_1" xlink:title="Label : UnusualOrInfrequentItem1LineItems to label_UnusualOrInfrequentItem1LineItems_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_ProductLiabilityLitigationMember" xlink:label="ProductLiabilityLitigationMember" xlink:title="ProductLiabilityLitigationMember" />
    <link:label xlink:type="resource" xlink:label="label_ProductLiabilityLitigationMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ProductLiabilityLitigationMember" xml:lang="en-US" id="label_ProductLiabilityLitigationMember">Product Liability Litigation [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProductLiabilityLitigationMember" xlink:to="label_ProductLiabilityLitigationMember" xlink:title="Label : ProductLiabilityLitigationMember to label_ProductLiabilityLitigationMember" />
    <link:label xlink:type="resource" xlink:label="label_ProductLiabilityLitigationMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ProductLiabilityLitigationMember_1" xml:lang="en-US" id="label_ProductLiabilityLitigationMember_1">Product liability litigation</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProductLiabilityLitigationMember" xlink:to="label_ProductLiabilityLitigationMember_1" xlink:title="Label : ProductLiabilityLitigationMember to label_ProductLiabilityLitigationMember_1" />
    <link:label xlink:type="resource" xlink:label="label_ProductLiabilityLitigationMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ProductLiabilityLitigationMember_2" xml:lang="en-US" id="label_ProductLiabilityLitigationMember_2">This member stands for a component of product liability litigation.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProductLiabilityLitigationMember" xlink:to="label_ProductLiabilityLitigationMember_2" xlink:title="Label : ProductLiabilityLitigationMember to label_ProductLiabilityLitigationMember_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_ItemsOfContingentLiabilitiesAxis" xlink:label="ItemsOfContingentLiabilitiesAxis" xlink:title="ItemsOfContingentLiabilitiesAxis" />
    <link:label xlink:type="resource" xlink:label="label_ItemsOfContingentLiabilitiesAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ItemsOfContingentLiabilitiesAxis" xml:lang="en-US" id="label_ItemsOfContingentLiabilitiesAxis">Items of contingent liabilities [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ItemsOfContingentLiabilitiesAxis" xlink:to="label_ItemsOfContingentLiabilitiesAxis" xlink:title="Label : ItemsOfContingentLiabilitiesAxis to label_ItemsOfContingentLiabilitiesAxis" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_ItemsOfContingentLiabilitiesMember" xlink:label="ItemsOfContingentLiabilitiesMember" xlink:title="ItemsOfContingentLiabilitiesMember" />
    <link:label xlink:type="resource" xlink:label="label_ItemsOfContingentLiabilitiesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ItemsOfContingentLiabilitiesMember" xml:lang="en-US" id="label_ItemsOfContingentLiabilitiesMember">Items of contingent liabilities [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ItemsOfContingentLiabilitiesMember" xlink:to="label_ItemsOfContingentLiabilitiesMember" xlink:title="Label : ItemsOfContingentLiabilitiesMember to label_ItemsOfContingentLiabilitiesMember" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_ContingentLiabilityForGuaranteesMember" xlink:label="ContingentLiabilityForGuaranteesMember" xlink:title="ContingentLiabilityForGuaranteesMember" />
    <link:label xlink:type="resource" xlink:label="label_ContingentLiabilityForGuaranteesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ContingentLiabilityForGuaranteesMember" xml:lang="en-US" id="label_ContingentLiabilityForGuaranteesMember">Contingent liability for guarantees [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ContingentLiabilityForGuaranteesMember" xlink:to="label_ContingentLiabilityForGuaranteesMember" xlink:title="Label : ContingentLiabilityForGuaranteesMember to label_ContingentLiabilityForGuaranteesMember" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfContingentLiabilitiesLineItems_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DisclosureOfContingentLiabilitiesLineItems_1" xml:lang="en-US" id="label_DisclosureOfContingentLiabilitiesLineItems_1">Contingencies, commitments and restrictions on the distribution of profits</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfContingentLiabilitiesLineItems" xlink:to="label_DisclosureOfContingentLiabilitiesLineItems_1" xlink:title="Label : DisclosureOfContingentLiabilitiesLineItems to label_DisclosureOfContingentLiabilitiesLineItems_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_AllegedOverpriceThatWillBeReducedAmount" xlink:label="AllegedOverpriceThatWillBeReducedAmount" xlink:title="AllegedOverpriceThatWillBeReducedAmount" />
    <link:label xlink:type="resource" xlink:label="label_AllegedOverpriceThatWillBeReducedAmount" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AllegedOverpriceThatWillBeReducedAmount" xml:lang="en-US" id="label_AllegedOverpriceThatWillBeReducedAmount">Alleged Overprice That will be Reduced Amount</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AllegedOverpriceThatWillBeReducedAmount" xlink:to="label_AllegedOverpriceThatWillBeReducedAmount" xlink:title="Label : AllegedOverpriceThatWillBeReducedAmount to label_AllegedOverpriceThatWillBeReducedAmount" />
    <link:label xlink:type="resource" xlink:label="label_AllegedOverpriceThatWillBeReducedAmount_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_AllegedOverpriceThatWillBeReducedAmount_1" xml:lang="en-US" id="label_AllegedOverpriceThatWillBeReducedAmount_1">Alleged overprice that will be reduced amount</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AllegedOverpriceThatWillBeReducedAmount" xlink:to="label_AllegedOverpriceThatWillBeReducedAmount_1" xlink:title="Label : AllegedOverpriceThatWillBeReducedAmount to label_AllegedOverpriceThatWillBeReducedAmount_1" />
    <link:label xlink:type="resource" xlink:label="label_AllegedOverpriceThatWillBeReducedAmount_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_AllegedOverpriceThatWillBeReducedAmount_2" xml:lang="en-US" id="label_AllegedOverpriceThatWillBeReducedAmount_2">The reducable amount of alleged price overcharges on goods supplied under a supply contract.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AllegedOverpriceThatWillBeReducedAmount" xlink:to="label_AllegedOverpriceThatWillBeReducedAmount_2" xlink:title="Label : AllegedOverpriceThatWillBeReducedAmount to label_AllegedOverpriceThatWillBeReducedAmount_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_PurchaseCommitmentsPercentageToBeMade" xlink:label="PurchaseCommitmentsPercentageToBeMade" xlink:title="PurchaseCommitmentsPercentageToBeMade" />
    <link:label xlink:type="resource" xlink:label="label_PurchaseCommitmentsPercentageToBeMade" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PurchaseCommitmentsPercentageToBeMade" xml:lang="en-US" id="label_PurchaseCommitmentsPercentageToBeMade">Purchase Commitments Percentage to be Made</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PurchaseCommitmentsPercentageToBeMade" xlink:to="label_PurchaseCommitmentsPercentageToBeMade" xlink:title="Label : PurchaseCommitmentsPercentageToBeMade to label_PurchaseCommitmentsPercentageToBeMade" />
    <link:label xlink:type="resource" xlink:label="label_PurchaseCommitmentsPercentageToBeMade_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_PurchaseCommitmentsPercentageToBeMade_1" xml:lang="en-US" id="label_PurchaseCommitmentsPercentageToBeMade_1">Purchase commitments percentage to be made</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PurchaseCommitmentsPercentageToBeMade" xlink:to="label_PurchaseCommitmentsPercentageToBeMade_1" xlink:title="Label : PurchaseCommitmentsPercentageToBeMade to label_PurchaseCommitmentsPercentageToBeMade_1" />
    <link:label xlink:type="resource" xlink:label="label_PurchaseCommitmentsPercentageToBeMade_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_PurchaseCommitmentsPercentageToBeMade_2" xml:lang="en-US" id="label_PurchaseCommitmentsPercentageToBeMade_2">The percentage of purchase commitments to be made under purchase contract.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PurchaseCommitmentsPercentageToBeMade" xlink:to="label_PurchaseCommitmentsPercentageToBeMade_2" xlink:title="Label : PurchaseCommitmentsPercentageToBeMade to label_PurchaseCommitmentsPercentageToBeMade_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_PenaltiesImposed" xlink:label="PenaltiesImposed" xlink:title="PenaltiesImposed" />
    <link:label xlink:type="resource" xlink:label="label_PenaltiesImposed" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PenaltiesImposed" xml:lang="en-US" id="label_PenaltiesImposed">Penalties Imposed</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PenaltiesImposed" xlink:to="label_PenaltiesImposed" xlink:title="Label : PenaltiesImposed to label_PenaltiesImposed" />
    <link:label xlink:type="resource" xlink:label="label_PenaltiesImposed_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_PenaltiesImposed_1" xml:lang="en-US" id="label_PenaltiesImposed_1">Penalties imposed</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PenaltiesImposed" xlink:to="label_PenaltiesImposed_1" xlink:title="Label : PenaltiesImposed to label_PenaltiesImposed_1" />
    <link:label xlink:type="resource" xlink:label="label_PenaltiesImposed_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_PenaltiesImposed_2" xml:lang="en-US" id="label_PenaltiesImposed_2">The amount of expenses arising from penalties imposed.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PenaltiesImposed" xlink:to="label_PenaltiesImposed_2" xlink:title="Label : PenaltiesImposed to label_PenaltiesImposed_2" />
    <link:label xlink:type="resource" xlink:label="label_IpscoTubularsIncMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_IpscoTubularsIncMember_2" xml:lang="en-US" id="label_IpscoTubularsIncMember_2">IPSCO Tubulars, Inc.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IpscoTubularsIncMember" xlink:to="label_IpscoTubularsIncMember_2" xlink:title="Label : IpscoTubularsIncMember to label_IpscoTubularsIncMember_2" />
    <link:label xlink:type="resource" xlink:label="label_ContingentLiabilityForGuaranteesMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ContingentLiabilityForGuaranteesMember_1" xml:lang="en-US" id="label_ContingentLiabilityForGuaranteesMember_1">Commitments and guarantees</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ContingentLiabilityForGuaranteesMember" xlink:to="label_ContingentLiabilityForGuaranteesMember_1" xlink:title="Label : ContingentLiabilityForGuaranteesMember to label_ContingentLiabilityForGuaranteesMember_1" />
    <link:label xlink:type="resource" xlink:label="label_InventoriesIncludingDiscontinuedOperations_3" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_InventoriesIncludingDiscontinuedOperations_3" xml:lang="en-US" id="label_InventoriesIncludingDiscontinuedOperations_3">The amount of current inventories including discontinued operations.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InventoriesIncludingDiscontinuedOperations" xlink:to="label_InventoriesIncludingDiscontinuedOperations_3" xlink:title="Label : InventoriesIncludingDiscontinuedOperations to label_InventoriesIncludingDiscontinuedOperations_3" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_AreaOfLand1" xlink:label="AreaOfLand1" xlink:title="AreaOfLand1" />
    <link:label xlink:type="resource" xlink:label="label_AreaOfLand1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AreaOfLand1" xml:lang="en-US" id="label_AreaOfLand1">Area Of Land1</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AreaOfLand1" xlink:to="label_AreaOfLand1" xlink:title="Label : AreaOfLand1 to label_AreaOfLand1" />
    <link:label xlink:type="resource" xlink:label="label_AreaOfLand1_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_AreaOfLand1_1" xml:lang="en-US" id="label_AreaOfLand1_1">Area of land (in square meters)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AreaOfLand1" xlink:to="label_AreaOfLand1_1" xlink:title="Label : AreaOfLand1 to label_AreaOfLand1_1" />
    <link:label xlink:type="resource" xlink:label="label_AreaOfLand1_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_AreaOfLand1_2" xml:lang="en-US" id="label_AreaOfLand1_2">The area of land held by the entity.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AreaOfLand1" xlink:to="label_AreaOfLand1_2" xlink:title="Label : AreaOfLand1 to label_AreaOfLand1_2" />
    <link:label xlink:type="resource" xlink:label="label_IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsAndGoodwill_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsAndGoodwill_2" xml:lang="en-US" id="label_IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsAndGoodwill_2">Translation differences</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsAndGoodwill" xlink:to="label_IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsAndGoodwill_2" xlink:title="Label : IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsAndGoodwill to label_IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsAndGoodwill_2" />
    <link:label xlink:type="resource" xlink:label="label_LossIncomeBeforeEquityInEarningsOfNonconsolidatedCompaniesAndIncomeTax_3" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_LossIncomeBeforeEquityInEarningsOfNonconsolidatedCompaniesAndIncomeTax_3" xml:lang="en-US" id="label_LossIncomeBeforeEquityInEarningsOfNonconsolidatedCompaniesAndIncomeTax_3">Income (loss) before equity in earnings of non-consolidated companies and income tax</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LossIncomeBeforeEquityInEarningsOfNonconsolidatedCompaniesAndIncomeTax" xlink:to="label_LossIncomeBeforeEquityInEarningsOfNonconsolidatedCompaniesAndIncomeTax_3" xlink:title="Label : LossIncomeBeforeEquityInEarningsOfNonconsolidatedCompaniesAndIncomeTax to label_LossIncomeBeforeEquityInEarningsOfNonconsolidatedCompaniesAndIncomeTax_3" />
    <link:label xlink:type="resource" xlink:label="label_Equity_4" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_Equity_4" xml:lang="en-US" id="label_Equity_4">Equity</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Equity" xlink:to="label_Equity_4" xlink:title="Label : Equity to label_Equity_4" />
    <link:label xlink:type="resource" xlink:label="label_CashAndCashEquivalentsAbstract_2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_CashAndCashEquivalentsAbstract_2" xml:lang="en-US" id="label_CashAndCashEquivalentsAbstract_2">Cash and cash equivalents</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CashAndCashEquivalentsAbstract" xlink:to="label_CashAndCashEquivalentsAbstract_2" xlink:title="Label : CashAndCashEquivalentsAbstract to label_CashAndCashEquivalentsAbstract_2" />
    <link:label xlink:type="resource" xlink:label="label_OtherInvestmentsCurrentAbstract_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OtherInvestmentsCurrentAbstract_1" xml:lang="en-US" id="label_OtherInvestmentsCurrentAbstract_1">Other investments - current:</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherInvestmentsCurrentAbstract" xlink:to="label_OtherInvestmentsCurrentAbstract_1" xlink:title="Label : OtherInvestmentsCurrentAbstract to label_OtherInvestmentsCurrentAbstract_1" />
    <link:label xlink:type="resource" xlink:label="label_OtherInvestmentsNoncurrentAbstract_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_OtherInvestmentsNoncurrentAbstract_1" xml:lang="en-US" id="label_OtherInvestmentsNoncurrentAbstract_1">Other investments - Non-current</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherInvestmentsNoncurrentAbstract" xlink:to="label_OtherInvestmentsNoncurrentAbstract_1" xlink:title="Label : OtherInvestmentsNoncurrentAbstract to label_OtherInvestmentsNoncurrentAbstract_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_MaverickTubeCorporationAndSubsidiariesOneMember" xlink:label="MaverickTubeCorporationAndSubsidiariesOneMember" xlink:title="MaverickTubeCorporationAndSubsidiariesOneMember" />
    <link:label xlink:type="resource" xlink:label="label_MaverickTubeCorporationAndSubsidiariesOneMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_MaverickTubeCorporationAndSubsidiariesOneMember" xml:lang="en-US" id="label_MaverickTubeCorporationAndSubsidiariesOneMember">Maverick Tube Corporation and Subsidiaries One [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MaverickTubeCorporationAndSubsidiariesOneMember" xlink:to="label_MaverickTubeCorporationAndSubsidiariesOneMember" xlink:title="Label : MaverickTubeCorporationAndSubsidiariesOneMember to label_MaverickTubeCorporationAndSubsidiariesOneMember" />
    <link:label xlink:type="resource" xlink:label="label_MaverickTubeCorporationAndSubsidiariesOneMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_MaverickTubeCorporationAndSubsidiariesOneMember_1" xml:lang="en-US" id="label_MaverickTubeCorporationAndSubsidiariesOneMember_1">The entity MAVERICK TUBE CORPORATION and subsidiaries, One.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MaverickTubeCorporationAndSubsidiariesOneMember" xlink:to="label_MaverickTubeCorporationAndSubsidiariesOneMember_1" xlink:title="Label : MaverickTubeCorporationAndSubsidiariesOneMember to label_MaverickTubeCorporationAndSubsidiariesOneMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_MaverickTubeCorporationAndSubsidiariesTwoMember" xlink:label="MaverickTubeCorporationAndSubsidiariesTwoMember" xlink:title="MaverickTubeCorporationAndSubsidiariesTwoMember" />
    <link:label xlink:type="resource" xlink:label="label_MaverickTubeCorporationAndSubsidiariesTwoMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_MaverickTubeCorporationAndSubsidiariesTwoMember" xml:lang="en-US" id="label_MaverickTubeCorporationAndSubsidiariesTwoMember">Maverick Tube Corporation and Subsidiaries Two [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MaverickTubeCorporationAndSubsidiariesTwoMember" xlink:to="label_MaverickTubeCorporationAndSubsidiariesTwoMember" xlink:title="Label : MaverickTubeCorporationAndSubsidiariesTwoMember to label_MaverickTubeCorporationAndSubsidiariesTwoMember" />
    <link:label xlink:type="resource" xlink:label="label_MaverickTubeCorporationAndSubsidiariesTwoMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_MaverickTubeCorporationAndSubsidiariesTwoMember_1" xml:lang="en-US" id="label_MaverickTubeCorporationAndSubsidiariesTwoMember_1">The entity MAVERICK TUBE CORPORATION and subsidiaries, Two.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MaverickTubeCorporationAndSubsidiariesTwoMember" xlink:to="label_MaverickTubeCorporationAndSubsidiariesTwoMember_1" xlink:title="Label : MaverickTubeCorporationAndSubsidiariesTwoMember to label_MaverickTubeCorporationAndSubsidiariesTwoMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_TamsaHydrilAndOtherOneMember" xlink:label="TamsaHydrilAndOtherOneMember" xlink:title="TamsaHydrilAndOtherOneMember" />
    <link:label xlink:type="resource" xlink:label="label_TamsaHydrilAndOtherOneMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TamsaHydrilAndOtherOneMember" xml:lang="en-US" id="label_TamsaHydrilAndOtherOneMember">Tamsa Hydril and Other One [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TamsaHydrilAndOtherOneMember" xlink:to="label_TamsaHydrilAndOtherOneMember" xlink:title="Label : TamsaHydrilAndOtherOneMember to label_TamsaHydrilAndOtherOneMember" />
    <link:label xlink:type="resource" xlink:label="label_TamsaHydrilAndOtherOneMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_TamsaHydrilAndOtherOneMember_1" xml:lang="en-US" id="label_TamsaHydrilAndOtherOneMember_1">The cash generating unit Tamsa (Hydril and other), One.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TamsaHydrilAndOtherOneMember" xlink:to="label_TamsaHydrilAndOtherOneMember_1" xlink:title="Label : TamsaHydrilAndOtherOneMember to label_TamsaHydrilAndOtherOneMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_TamsaHydrilAndOtherTwoMember" xlink:label="TamsaHydrilAndOtherTwoMember" xlink:title="TamsaHydrilAndOtherTwoMember" />
    <link:label xlink:type="resource" xlink:label="label_TamsaHydrilAndOtherTwoMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TamsaHydrilAndOtherTwoMember" xml:lang="en-US" id="label_TamsaHydrilAndOtherTwoMember">Tamsa Hydril and Other Two [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TamsaHydrilAndOtherTwoMember" xlink:to="label_TamsaHydrilAndOtherTwoMember" xlink:title="Label : TamsaHydrilAndOtherTwoMember to label_TamsaHydrilAndOtherTwoMember" />
    <link:label xlink:type="resource" xlink:label="label_TamsaHydrilAndOtherTwoMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_TamsaHydrilAndOtherTwoMember_1" xml:lang="en-US" id="label_TamsaHydrilAndOtherTwoMember_1">The cash generating unit Tamsa (Hydril and other), Two.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TamsaHydrilAndOtherTwoMember" xlink:to="label_TamsaHydrilAndOtherTwoMember_1" xlink:title="Label : TamsaHydrilAndOtherTwoMember to label_TamsaHydrilAndOtherTwoMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_TamsaHydrilAndOtherThreeMember" xlink:label="TamsaHydrilAndOtherThreeMember" xlink:title="TamsaHydrilAndOtherThreeMember" />
    <link:label xlink:type="resource" xlink:label="label_TamsaHydrilAndOtherThreeMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TamsaHydrilAndOtherThreeMember" xml:lang="en-US" id="label_TamsaHydrilAndOtherThreeMember">Tamsa Hydril and Other Three [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TamsaHydrilAndOtherThreeMember" xlink:to="label_TamsaHydrilAndOtherThreeMember" xlink:title="Label : TamsaHydrilAndOtherThreeMember to label_TamsaHydrilAndOtherThreeMember" />
    <link:label xlink:type="resource" xlink:label="label_TamsaHydrilAndOtherThreeMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_TamsaHydrilAndOtherThreeMember_1" xml:lang="en-US" id="label_TamsaHydrilAndOtherThreeMember_1">The cash generating unit Tamsa (Hydril and other), Three.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TamsaHydrilAndOtherThreeMember" xlink:to="label_TamsaHydrilAndOtherThreeMember_1" xlink:title="Label : TamsaHydrilAndOtherThreeMember to label_TamsaHydrilAndOtherThreeMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20201231.xsd#ts_SellingGeneralAndAdministrativeExpensesLaborCostSeveranceCharges" xlink:label="SellingGeneralAndAdministrativeExpensesLaborCostSeveranceCharges" xlink:title="SellingGeneralAndAdministrativeExpensesLaborCostSeveranceCharges" />
    <link:label xlink:type="resource" xlink:label="label_SellingGeneralAndAdministrativeExpensesLaborCostSeveranceCharges" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SellingGeneralAndAdministrativeExpensesLaborCostSeveranceCharges" xml:lang="en-US" id="label_SellingGeneralAndAdministrativeExpensesLaborCostSeveranceCharges">Selling General and Administrative Expenses Labor Cost Severance Charges</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SellingGeneralAndAdministrativeExpensesLaborCostSeveranceCharges" xlink:to="label_SellingGeneralAndAdministrativeExpensesLaborCostSeveranceCharges" xlink:title="Label : SellingGeneralAndAdministrativeExpensesLaborCostSeveranceCharges to label_SellingGeneralAndAdministrativeExpensesLaborCostSeveranceCharges" />
    <link:label xlink:type="resource" xlink:label="label_SellingGeneralAndAdministrativeExpensesLaborCostSeveranceCharges_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_SellingGeneralAndAdministrativeExpensesLaborCostSeveranceCharges_1" xml:lang="en-US" id="label_SellingGeneralAndAdministrativeExpensesLaborCostSeveranceCharges_1">Selling, general and administrative expenses, labor cost severance charges</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SellingGeneralAndAdministrativeExpensesLaborCostSeveranceCharges" xlink:to="label_SellingGeneralAndAdministrativeExpensesLaborCostSeveranceCharges_1" xlink:title="Label : SellingGeneralAndAdministrativeExpensesLaborCostSeveranceCharges to label_SellingGeneralAndAdministrativeExpensesLaborCostSeveranceCharges_1" />
    <link:label xlink:type="resource" xlink:label="label_SellingGeneralAndAdministrativeExpensesLaborCostSeveranceCharges_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_SellingGeneralAndAdministrativeExpensesLaborCostSeveranceCharges_2" xml:lang="en-US" id="label_SellingGeneralAndAdministrativeExpensesLaborCostSeveranceCharges_2">Amount of labor cost severance charges attributable to selling, general and administrative expenses.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SellingGeneralAndAdministrativeExpensesLaborCostSeveranceCharges" xlink:to="label_SellingGeneralAndAdministrativeExpensesLaborCostSeveranceCharges_2" xlink:title="Label : SellingGeneralAndAdministrativeExpensesLaborCostSeveranceCharges to label_SellingGeneralAndAdministrativeExpensesLaborCostSeveranceCharges_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_CoverAbstract" xlink:label="CoverAbstract" xlink:title="CoverAbstract" />
    <link:label xlink:type="resource" xlink:label="label_CoverAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CoverAbstract" xml:lang="en-US" id="label_CoverAbstract">Cover page.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CoverAbstract" xlink:to="label_CoverAbstract" xlink:title="Label : CoverAbstract to label_CoverAbstract" />
    <link:label xlink:type="resource" xlink:label="label_EstimatedInvestmentsInJointVenturesForNextFiscalYear_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_EstimatedInvestmentsInJointVenturesForNextFiscalYear_2" xml:lang="en-US" id="label_EstimatedInvestmentsInJointVenturesForNextFiscalYear_2">Initial investment which is estimated to be completed during 2021</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EstimatedInvestmentsInJointVenturesForNextFiscalYear" xlink:to="label_EstimatedInvestmentsInJointVenturesForNextFiscalYear_2" xlink:title="Label : EstimatedInvestmentsInJointVenturesForNextFiscalYear to label_EstimatedInvestmentsInJointVenturesForNextFiscalYear_2" />
    <link:label xlink:type="resource" xlink:label="label_EstimatedManufacturingCapacitySteelPipesForNextFiscalYear_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_EstimatedManufacturingCapacitySteelPipesForNextFiscalYear_2" xml:lang="en-US" id="label_EstimatedManufacturingCapacitySteelPipesForNextFiscalYear_2">Annual manufacturing capacity which is estimated in the next fiscal year</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EstimatedManufacturingCapacitySteelPipesForNextFiscalYear" xlink:to="label_EstimatedManufacturingCapacitySteelPipesForNextFiscalYear_2" xlink:title="Label : EstimatedManufacturingCapacitySteelPipesForNextFiscalYear to label_EstimatedManufacturingCapacitySteelPipesForNextFiscalYear_2" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentAssets" xlink:to="label_CurrentAssets_3" xlink:title="Label : CurrentAssets to label_CurrentAssets_3" />
    <link:label xlink:type="resource" xlink:label="label_NoncurrentLiabilities_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NoncurrentLiabilities_2" xml:lang="en-US" id="label_NoncurrentLiabilities_2">Non-current liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncurrentLiabilities" xlink:to="label_NoncurrentLiabilities_2" xlink:title="Label : NoncurrentLiabilities to label_NoncurrentLiabilities_2" />
    <link:label xlink:type="resource" xlink:label="label_CurrentLiabilities_2" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_CurrentLiabilities_2" xml:lang="en-US" id="label_CurrentLiabilities_2">Current liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentLiabilities" xlink:to="label_CurrentLiabilities_2" xlink:title="Label : CurrentLiabilities to label_CurrentLiabilities_2" />
  </link:labelLink>
</link:linkbase>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.PRE
<SEQUENCE>7
<FILENAME>ts-20201231_pre.xml
<DESCRIPTION>PRESENTATION
<TEXT>
<XBRL>
<?xml version="1.0" encoding="us-ascii" standalone="yes"?>
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  <link:roleRef roleURI="http://www.tenaris.com/role/Note34AgreementtobuildasteelpipepremiumconnectionthreadingplantinBaotouDetails" xlink:type="simple" xlink:href="ts-20201231.xsd#Note34AgreementtobuildasteelpipepremiumconnectionthreadingplantinBaotouDetails" />
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  <link:roleRef roleURI="http://www.tenaris.com/role/statement-note-3-selling-general-and-administrative-expenses" xlink:type="simple" xlink:href="ts-20201231.xsd#statement-note-3-selling-general-and-administrative-expenses" />
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  <link:roleRef roleURI="http://www.tenaris.com/role/statement-note-4-labor-costs-labor-costs-included-in-cost-of-sales-and-in-selling-general-and-administrative-expenses" xlink:type="simple" xlink:href="ts-20201231.xsd#statement-note-4-labor-costs-labor-costs-included-in-cost-of-sales-and-in-selling-general-and-administrative-expenses" />
  <link:roleRef roleURI="http://www.tenaris.com/role/Note6Otheroperatingincomeandexpenses" xlink:type="simple" xlink:href="ts-20201231.xsd#Note6Otheroperatingincomeandexpenses" />
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<TYPE>EX-1.1
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<DESCRIPTION>EXHIBITS 1.1
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-7.1
<SEQUENCE>9
<FILENAME>ex71_2.htm
<DESCRIPTION>EXHIBITS 7.1
<TEXT>
<html><body><div><div style="font-family: 'times new roman', times; font-size: 10pt;">
<div>
<div style="-aw-headerfooter-type: footer-primary; clear: both;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 12pt; text-align: right;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; text-align: right; text-indent: -14.2pt;">Exhibit 7.1</font></p>
</div>
</div>
<div>
<p style="margin-top: 0pt; margin-left: 14.2pt; margin-bottom: 12pt; text-indent: -14.2pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Tenaris &#8211; Liquid financial assets over total assets</font></p>
<p style="margin-top: 0pt; margin-left: 14.2pt; margin-bottom: 12pt; text-indent: -14.2pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; height: 135px; width: 100%;" width="100%">

<tr style="height: 15px;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br></td>
<td colspan="5" style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">At December 31, </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br></td>
</tr>
<tr style="height: 15px;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-style: italic;">Thousands of U.S. dollars</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br></td>
<td style="border-right: 1.5pt solid #ffffff; border-bottom: 0.75pt solid #000000; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">2020</font></p>
</td>
<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom;"><br></td>
<td style="border-right: 1.5pt solid #ffffff; border-bottom: 0.75pt solid #000000; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">2019</font></p>
</td>
<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom;"><br></td>
<td style="border-right: 1.5pt solid #ffffff; border-bottom: 0.75pt solid #000000; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">2018</font></p>
</td>
<td style="border-right: 1.5pt solid #ffffff; border-bottom: 0.75pt solid #000000; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom;"><br></td>
</tr>
<tr style="height: 15px;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br></td>
</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff; width: 55%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Cash and cash equivalents</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 2%;"><br></td>
<td style="border-right: 1.5pt solid #ffffff; border-left: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 4.65pt; vertical-align: bottom; height: 15px; background-color: #cceeff; width: 12%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">584,681 </font></p>
</td>
<td style="border-right: 1.5pt solid #ffffff; border-left: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 4.65pt; vertical-align: bottom; background-color: #cceeff; width: 2%;"><br></td>
<td style="border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff; width: 12%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">1,554,299 </font></p>
</td>
<td style="border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 2%;"><br></td>
<td style="border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff; width: 12%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">428,361 </font></p>
</td>
<td style="border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br></td>
</tr>
<tr style="height: 15px;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Other current investments</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br></td>
<td style="border-right: 1.5pt solid #ffffff; border-left: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 4.65pt; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">872,488 </font></p>
</td>
<td style="border-right: 1.5pt solid #ffffff; border-left: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 4.65pt; vertical-align: bottom;"><br></td>
<td style="border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">210,376 </font></p>
</td>
<td style="border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom;"><br></td>
<td style="border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">487,734 </font></p>
</td>
<td style="border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom;"><br></td>
</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Bonds and other fixed income</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="border-right: 1.5pt solid #ffffff; border-left: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 4.65pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">239,422 </font></p>
</td>
<td style="border-right: 1.5pt solid #ffffff; border-left: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 4.65pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">18,012 </font></p>
</td>
<td style="border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">113,829 </font></p>
</td>
<td style="border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 15px;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Liquid financial assets</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-right: 1.5pt solid #ffffff; border-left: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 4.65pt; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman'; font-weight: bold;">1,696,591 </font></p>
</td>
<td style="padding-right: 4.65pt; padding-left: 4.65pt; vertical-align: bottom;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman'; font-weight: bold;">1,782,687 </font></p>
</td>
<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman'; font-weight: bold;">1,029,924 </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom;"><br></td>
</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Total assets</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="border-right: 1.5pt solid #ffffff; border-left: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 4.65pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman'; font-weight: bold;">13,716,189 </font></p>
</td>
<td style="border-right: 1.5pt solid #ffffff; border-left: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 4.65pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman'; font-weight: bold;">14,842,991 </font></p>
</td>
<td style="border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman'; font-weight: bold;">14,251,299 </font></p>
</td>
<td style="border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 15px;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Ratio</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">12%</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">12%</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">7%</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br></td>
</tr>

</table>
<p style="margin-top: 0pt; margin-left: 14.2pt; margin-bottom: 12pt; text-indent: -14.2pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-left: 14.2pt; margin-bottom: 12pt; text-indent: -14.2pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Tenaris &#8211; Total Liabilities to Total Assets Ratio</font></p>
<p style="margin-top: 0pt; margin-left: 14.2pt; margin-bottom: 12pt; text-indent: -14.2pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; height: 90px; width: 99.8365%;" width="100%">

<tr style="height: 15px;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td colspan="5" style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">At December 31, </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br></td>
</tr>
<tr style="height: 15px;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-style: italic;">Thousands of U.S. dollars</font></p>
</td>
<td style="border-right: 1.5pt solid #ffffff; border-bottom: 0.75pt solid #000000; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">2020</font></p>
</td>
<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom;"><br></td>
<td style="border-right: 1.5pt solid #ffffff; border-bottom: 0.75pt solid #000000; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">2019</font></p>
</td>
<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom;"><br></td>
<td style="border-right: 1.5pt solid #ffffff; border-bottom: 0.75pt solid #000000; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">2018</font></p>
</td>
<td style="border-right: 1.5pt solid #ffffff; border-bottom: 0.75pt solid #000000; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom;"><br></td>
</tr>
<tr style="height: 15px;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br></td>
</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff; width: 57%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Total liabilities</font></p>
</td>
<td style="border-right: 1.5pt solid #ffffff; border-left: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 4.65pt; vertical-align: bottom; height: 15px; background-color: #cceeff; width: 12%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">2,269,716 </font></p>
</td>
<td style="border-right: 1.5pt solid #ffffff; border-left: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 4.65pt; vertical-align: bottom; background-color: #cceeff; width: 2%;"><br></td>
<td style="border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff; width: 12%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">2,656,619 </font></p>
</td>
<td style="border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 2%;"><br></td>
<td style="border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff; width: 12%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">2,375,807 </font></p>
</td>
<td style="border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br></td>
</tr>
<tr style="height: 15px;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Total assets</font></p>
</td>
<td style="border-right: 1.5pt solid #ffffff; border-left: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 4.65pt; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">13,716,189 </font></p>
</td>
<td style="border-right: 1.5pt solid #ffffff; border-left: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 4.65pt; vertical-align: bottom;"><br></td>
<td style="border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">14,842,991 </font></p>
</td>
<td style="border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom;"><br></td>
<td style="border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">14,251,299 </font></p>
</td>
<td style="border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom;"><br></td>
</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Ratio</font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-right: 1.5pt solid #ffffff; border-left: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 4.65pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman'; font-weight: bold;">0.17 </font></p>
</td>
<td style="padding-right: 4.65pt; padding-left: 4.65pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman'; font-weight: bold;">0.18 </font></p>
</td>
<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman'; font-weight: bold;">0.17 </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
</tr>

</table>
<p style="margin-top: 0pt; margin-left: 14.2pt; margin-bottom: 12pt; text-indent: -14.2pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-left: 14.2pt; margin-bottom: 12pt; text-indent: -14.2pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Tenaris &#8211; Current borrowings to total borrowings</font></p>
<p style="margin-top: 0pt; margin-left: 14.2pt; margin-bottom: 12pt; text-indent: -14.2pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 99.8365%; height: 102px;" width="100%">

<tr style="height: 17px;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td colspan="5" style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">At December 31, </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-style: italic;">Millions of U.S. dollars</font></p>
</td>
<td style="border-right: 1.5pt solid #ffffff; border-bottom: 0.75pt solid #000000; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">2020</font></p>
</td>
<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-right: 1.5pt solid #ffffff; border-bottom: 0.75pt solid #000000; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">2019</font></p>
</td>
<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-right: 1.5pt solid #ffffff; border-bottom: 0.75pt solid #000000; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">2018</font></p>
</td>
<td style="border-right: 1.5pt solid #ffffff; border-bottom: 0.75pt solid #000000; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="background-color: #cceeff; height: 17px;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 57%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Current borrowings</font></p>
</td>
<td style="border-right: 1.5pt solid #ffffff; border-left: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 4.65pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 12%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">303,268 </font></p>
</td>
<td style="border-right: 1.5pt solid #ffffff; border-left: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 4.65pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 2%;"><br></td>
<td style="border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 12%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">781,272 </font></p>
</td>
<td style="border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 2%;"><br></td>
<td style="border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 12%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">509,820 </font></p>
</td>
<td style="border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Total borrowings</font></p>
</td>
<td style="border-right: 1.5pt solid #ffffff; border-left: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 4.65pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">619,007 </font></p>
</td>
<td style="border-right: 1.5pt solid #ffffff; border-left: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 4.65pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">822,152 </font></p>
</td>
<td style="border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">539,007 </font></p>
</td>
<td style="border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="background-color: #cceeff; height: 17px;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Ratio</font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-right: 1.5pt solid #ffffff; border-left: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 4.65pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman'; font-weight: bold;">0.49 </font></p>
</td>
<td style="padding-right: 4.65pt; padding-left: 4.65pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman'; font-weight: bold;">0.95 </font></p>
</td>
<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman'; font-weight: bold;">0.95 </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
</tr>

</table>
<p style="margin-top: 0pt; margin-left: 14.2pt; margin-bottom: 12pt; text-indent: -14.2pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
<div><hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr></div>
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</div></div></body></html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-7.2
<SEQUENCE>10
<FILENAME>ex72_3.htm
<DESCRIPTION>EXHIBITS 7.2
<TEXT>
<html><body><div><div style="font-family: 'times new roman', times; font-size: 10pt;">
<div>
<p style="margin-top: 0pt;margin-left: 14.2pt;margin-bottom: 8pt;text-indent: -14.2pt;text-align: right;font-size: 10pt;"><font style="font-family: 'Times New Roman';">Exhibit 7.2</font></p>
<p style="margin-top: 0pt;margin-left: 14.2pt;margin-bottom: 8pt;text-indent: -14.2pt;font-size: 10pt;"><font style="font-family: 'Times New Roman';">Alternative performance measures</font></p>
<p style="margin-top: 0pt;margin-bottom: 8pt;font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">EBITDA, Earnings before interest, tax, depreciation and amortization.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">EBITDA provides an analysis of the operating results excluding depreciation and amortization and impairments, as they are non-cash variables which can vary substantially from company to company depending on accounting policies and the accounting value of the assets. EBITDA is an approximation to pre-tax operating cash flow and reflects cash generation before working capital variation. EBITDA is widely used by investors when evaluating businesses (multiples valuation), as well as by rating agencies and creditors to evaluate the level of debt, comparing EBITDA with net debt. EBITDA is calculated in the following manner:</font></p>
<p style="margin-top: 0pt;margin-bottom: 8pt;font-size: 10pt;"><font style="font-family: 'Times New Roman';">EBITDA = Operating results + Depreciation and amortization + Impairment charges/(reversals).</font></p>
<p style="margin-top: 0pt;margin-bottom: 7pt;font-size: 10pt;"><font style="font-family: 'Times New Roman';">EBITDA is a non-IFRS alternative performance measure. Operating result for the year 2020 amounted to a loss of $663 million.</font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; height: 122px; width: 100%; font-family: 'times new roman'; font-size: 10pt;" width="100%">

<tr style="height: 17px;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td colspan="5" style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">For the year ended December 31, </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-style: italic;">Millions of U.S. dollars</font></p>
</td>
<td style="border-right: 1.5pt solid #ffffff; border-bottom: 0.75pt solid #000000; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-right: 1.5pt solid #ffffff; border-bottom: 0.75pt solid #000000; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">2020</font></p>
</td>
<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-right: 1.5pt solid #ffffff; border-bottom: 0.75pt solid #000000; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">2019</font></p>
</td>
<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-right: 1.5pt solid #ffffff; border-bottom: 0.75pt solid #000000; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">2018</font></p>
</td>
<td style="border-right: 1.5pt solid #ffffff; border-bottom: 0.75pt solid #000000; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 55%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Operating (loss)/income</font></p>
</td>
<td style="border-right: 1.5pt solid #ffffff; border-left: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 4.65pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 2%;"><br></td>
<td style="border-right: 1.5pt solid #ffffff; border-left: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 4.65pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 12%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">(663) </font></p>
</td>
<td style="border-right: 1.5pt solid #ffffff; border-left: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 4.65pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 2%;"><br></td>
<td style="border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 12%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">832 </font></p>
</td>
<td style="border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 2%;"><br></td>
<td style="border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 12%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">872 </font></p>
</td>
<td style="border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Depreciation and amortization</font></p>
</td>
<td style="border-right: 1.5pt solid #ffffff; border-left: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 4.65pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-right: 1.5pt solid #ffffff; border-left: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 4.65pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">679 </font></p>
</td>
<td style="border-right: 1.5pt solid #ffffff; border-left: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 4.65pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">540 </font></p>
</td>
<td style="border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">664 </font></p>
</td>
<td style="border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Impairment charge</font></p>
</td>
<td style="border-right: 1.5pt solid #ffffff; border-left: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 4.65pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="border-right: 1.5pt solid #ffffff; border-left: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 4.65pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">622 </font></p>
</td>
<td style="border-right: 1.5pt solid #ffffff; border-left: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 4.65pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">- </font></p>
</td>
<td style="border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">- </font></p>
</td>
<td style="border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="height: 20px;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 20px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">EBITDA</font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-right: 1.5pt solid #ffffff; border-left: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 4.65pt; vertical-align: bottom; height: 20px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-right: 1.5pt solid #ffffff; border-left: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 4.65pt; vertical-align: bottom; height: 20px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman'; font-weight: bold;">638 </font></p>
</td>
<td style="padding-right: 4.65pt; padding-left: 4.65pt; vertical-align: bottom; height: 20px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 20px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman'; font-weight: bold;">1,372 </font></p>
</td>
<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 20px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 20px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman'; font-weight: bold;">1,536 </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 20px;"><br></td>
</tr>

</table>
<p style="margin: 0px;font-size: 6pt;text-indent: 0px;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Net cash/(debt) position</font></p>
<p style="margin-bottom: 7pt;font-size: 10pt;"><font style="font-family: 'Times New Roman';">This is the net balance of cash and cash equivalents, other current investments and fixed income investments held to maturity less total borrowings. It provides a summary of the financial solvency and liquidity of the company. Net cash / (debt) is widely used by investors and rating agencies and creditors to assess the company&#8217;s leverage, financial strength, flexibility and risks.</font></p>
<p style="margin-bottom: 10pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Net cash/ debt is calculated in the following manner:</font></p>
<p style="margin-bottom: 7pt;font-size: 10pt;"><font style="font-family: 'Times New Roman';">Net cash= Cash and cash equivalents + Other investments (Current</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">and Non-Current)</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">+/-</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">Derivatives hedging borrowings and investments</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">&#8211;</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">Borrowings</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">(Current and Non-Current).</font></p>
<p style="margin-bottom: 7pt;font-size: 10pt;"><font style="font-family: 'Times New Roman';">Net cash is a non-IFRS alternative performance measure.</font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; height: 135px; width: 100%;" width="100%">

<tr style="height: 15px;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; width: 56.0098%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-style: italic;">Millions of U.S. dollars</font></p>
</td>
<td style="border-right: 1.5pt solid #ffffff; border-bottom: 0.75pt solid #000000; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; width: 1.96239%;"><br></td>
<td style="border-right: 1.5pt solid #ffffff; border-bottom: 0.75pt solid #000000; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; width: 12.1832%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">2020</font></p>
</td>
<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; width: 1.96239%;"><br></td>
<td style="border-right: 1.5pt solid #ffffff; border-bottom: 0.75pt solid #000000; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; width: 12.1832%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">2019</font></p>
</td>
<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; width: 1.96239%;"><br></td>
<td style="border-right: 1.5pt solid #ffffff; border-bottom: 0.75pt solid #000000; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; width: 12.2649%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">2018</font></p>
</td>
<td style="border-right: 1.5pt solid #ffffff; border-bottom: 0.75pt solid #000000; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; width: 1.39002%;"><br></td>
</tr>
<tr style="height: 15px;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; width: 56.0098%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1.96239%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; width: 12.1832%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1.96239%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; width: 12.1832%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1.96239%;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; width: 12.2649%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1.39002%;"><br></td>
</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff; width: 56.0098%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Cash and bank deposits</font></p>
</td>
<td style="border-right: 1.5pt solid #ffffff; border-left: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 4.65pt; vertical-align: bottom; background-color: #cceeff; width: 1.96239%;"><br></td>
<td style="border-right: 1.5pt solid #ffffff; border-left: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 4.65pt; vertical-align: bottom; height: 15px; background-color: #cceeff; width: 12.1832%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">585 </font></p>
</td>
<td style="border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1.96239%;"><br></td>
<td style="border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff; width: 12.1832%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">1,554 </font></p>
</td>
<td style="border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1.96239%;"><br></td>
<td style="border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff; width: 12.2649%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">428 </font></p>
</td>
<td style="border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1.39002%;"><br></td>
</tr>
<tr style="height: 15px;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; width: 56.0098%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Other current investments</font></p>
</td>
<td style="border-right: 1.5pt solid #ffffff; border-left: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 4.65pt; vertical-align: bottom; width: 1.96239%;"><br></td>
<td style="border-right: 1.5pt solid #ffffff; border-left: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 4.65pt; vertical-align: bottom; height: 15px; width: 12.1832%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">872 </font></p>
</td>
<td style="border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; width: 1.96239%;"><br></td>
<td style="border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; width: 12.1832%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">210 </font></p>
</td>
<td style="border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; width: 1.96239%;"><br></td>
<td style="border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; width: 12.2649%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">488 </font></p>
</td>
<td style="border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; width: 1.39002%;"><br></td>
</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff; width: 56.0098%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Non-current investments</font></p>
</td>
<td style="border-right: 1.5pt solid #ffffff; border-left: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 4.65pt; vertical-align: bottom; background-color: #cceeff; width: 1.96239%;"><br></td>
<td style="border-right: 1.5pt solid #ffffff; border-left: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 4.65pt; vertical-align: bottom; height: 15px; background-color: #cceeff; width: 12.1832%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">239 </font></p>
</td>
<td style="border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1.96239%;"><br></td>
<td style="border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff; width: 12.1832%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">18 </font></p>
</td>
<td style="border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1.96239%;"><br></td>
<td style="border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff; width: 12.2649%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">114 </font></p>
</td>
<td style="border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1.39002%;"><br></td>
</tr>
<tr style="height: 15px;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; width: 56.0098%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Derivatives hedging borrowings and investments</font></p>
</td>
<td style="border-right: 1.5pt solid #ffffff; border-left: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 4.65pt; vertical-align: bottom; width: 1.96239%;"><br></td>
<td style="border-right: 1.5pt solid #ffffff; border-left: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 4.65pt; vertical-align: bottom; height: 15px; width: 12.1832%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">8 </font></p>
</td>
<td style="border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; width: 1.96239%;"><br></td>
<td style="border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; width: 12.1832%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">19 </font></p>
</td>
<td style="border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; width: 1.96239%;"><br></td>
<td style="border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; width: 12.2649%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">(6) </font></p>
</td>
<td style="border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; width: 1.39002%;"><br></td>
</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff; width: 56.0098%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Current </font><font style="font-family: 'Times New Roman';">b</font><font style="font-family: 'Times New Roman';">orrowings</font></p>
</td>
<td style="border-right: 1.5pt solid #ffffff; border-left: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 4.65pt; vertical-align: bottom; background-color: #cceeff; width: 1.96239%;"><br></td>
<td style="border-right: 1.5pt solid #ffffff; border-left: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 4.65pt; vertical-align: bottom; height: 15px; background-color: #cceeff; width: 12.1832%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">(303) </font></p>
</td>
<td style="border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1.96239%;"><br></td>
<td style="border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff; width: 12.1832%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">(781) </font></p>
</td>
<td style="border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1.96239%;"><br></td>
<td style="border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff; width: 12.2649%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">(510) </font></p>
</td>
<td style="border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1.39002%;"><br></td>
</tr>
<tr style="height: 15px;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; width: 56.0098%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Non-current borrowings</font></p>
</td>
<td style="border-right: 1.5pt solid #ffffff; border-left: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 4.65pt; vertical-align: bottom; width: 1.96239%;"><br></td>
<td style="border-right: 1.5pt solid #ffffff; border-left: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 4.65pt; vertical-align: bottom; height: 15px; width: 12.1832%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">(316) </font></p>
</td>
<td style="border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; width: 1.96239%;"><br></td>
<td style="border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; width: 12.1832%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">(41) </font></p>
</td>
<td style="border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; width: 1.96239%;"><br></td>
<td style="border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; width: 12.2649%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">(29) </font></p>
</td>
<td style="border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; width: 1.39002%;"><br></td>
</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff; width: 56.0098%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Net cash position</font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-right: 1.5pt solid #ffffff; border-left: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 4.65pt; vertical-align: bottom; background-color: #cceeff; width: 1.96239%;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-right: 1.5pt solid #ffffff; border-left: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 4.65pt; vertical-align: bottom; height: 15px; background-color: #cceeff; width: 12.1832%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman'; font-weight: bold;">1,085 </font></p>
</td>
<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1.96239%;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff; width: 12.1832%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman'; font-weight: bold;">980 </font></p>
</td>
<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1.96239%;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff; width: 12.2649%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman'; font-weight: bold;">485 </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1.39002%;"><br></td>
</tr>

</table>
<p style="margin-top: 8pt;margin-bottom: 8pt;font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Free Cash Flow</font><font style="width: 4.79pt; display: inline-block;">&nbsp;</font></p>
<p style="margin-top: 0pt;margin-bottom: 8pt;font-size: 10pt;"><font style="font-family: 'Times New Roman';">Free cash flow is a measure of financial performance, calculated as operating cash flow less capital expenditures. FCF represents the cash that a company is able to generate after spending the money required to maintain or expand its asset base. Free cash flow is calc</font><font style="font-family: 'Times New Roman';">ulated in the following manner:</font></p>
<p style="margin-top: 0pt;margin-bottom: 7pt;font-size: 10pt;"><font style="font-family: 'Times New Roman';">Free cash flow = Net cash (used in) provided by operating activities &#8211; Capital expenditures.</font></p>
<p style="margin-top: 0pt;margin-bottom: 6pt;font-size: 10pt;"><font style="font-family: 'Times New Roman';">Free cash flow is a non-IFRS alternative performance measure. Net cash provided by operating activities for the year 2020 amounted to $1,520 million.</font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 115px;" width="100%">

<tr style="height: 17px;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br></td>
<td colspan="5" style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">For the year ended December 31, </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-style: italic;">Millions of U.S. dollars</font></p>
</td>
<td style="border-right: 1.5pt solid #ffffff; border-bottom: 0.75pt solid #000000; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom;"><br></td>
<td style="border-right: 1.5pt solid #ffffff; border-bottom: 0.75pt solid #000000; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">2020</font></p>
</td>
<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-right: 1.5pt solid #ffffff; border-bottom: 0.75pt solid #000000; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">2019</font></p>
</td>
<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-right: 1.5pt solid #ffffff; border-bottom: 0.75pt solid #000000; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">2018</font></p>
</td>
<td style="border-right: 1.5pt solid #ffffff; border-bottom: 0.75pt solid #000000; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="background-color: #cceeff; height: 17px;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 55%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Net cash provided by operating activities</font></p>
</td>
<td style="border-right: 1.5pt solid #ffffff; border-left: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 4.65pt; vertical-align: bottom; background-color: #cceeff; width: 2%;"><br></td>
<td style="border-right: 1.5pt solid #ffffff; border-left: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 4.65pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 12%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">1,520 </font></p>
</td>
<td style="border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 2%;"><br></td>
<td style="border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 12%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">1,528 </font></p>
</td>
<td style="border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 2%;"><br></td>
<td style="border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 12%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">611 </font></p>
</td>
<td style="border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"><br></td>
</tr>
<tr style="height: 30px;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 30px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman';">Capital expenditures</font></p>
</td>
<td style="border-right: 1.5pt solid #ffffff; border-left: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 4.65pt; vertical-align: bottom;"><br></td>
<td style="border-right: 1.5pt solid #ffffff; border-left: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 4.65pt; vertical-align: bottom; height: 30px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">(193) </font></p>
</td>
<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 30px;"><br></td>
<td style="border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 30px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">(350) </font></p>
</td>
<td style="border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 30px;"><br></td>
<td style="border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 30px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">(349) </font></p>
</td>
<td style="border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; height: 30px;"><br></td>
</tr>
<tr style="background-color: #cceeff; height: 17px;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Free cash flow</font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-right: 1.5pt solid #ffffff; border-left: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 4.65pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-right: 1.5pt solid #ffffff; border-left: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 4.65pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman'; font-weight: bold;">1,327 </font></p>
</td>
<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman'; font-weight: bold;">1,178 </font></p>
</td>
<td style="padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman'; font-weight: bold;">261 </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-right: 1.5pt solid #ffffff; padding-right: 4.65pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-8.1
<SEQUENCE>11
<FILENAME>ex81_4.htm
<DESCRIPTION>EXHIBITS 8.1
<TEXT>
<html><body><div><div style="font-family: 'times new roman', times; font-size: 10pt;">
<p style="margin-top: 0pt; margin-bottom: 12pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Exhibit 8.1</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Tenaris &#8211; List of subsidiaries of Tenaris S.A.</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Principal</font><font style="font-family: 'Times New Roman'; font-weight: bold;"> subsidiaries</font></p>
<p style="margin-top: 0pt; margin-bottom: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">We conduct all our operations through subsidiaries. The following table shows the </font><font style="font-family: 'Times New Roman';">principal</font><font style="font-family: 'Times New Roman';"> subsidiaries of the Company and its direct and indirect ownership in each subsidiary as of December 31, 20</font><font style="font-family: 'Times New Roman';">20</font><font style="font-family: 'Times New Roman';">, 201</font><font style="font-family: 'Times New Roman';">9</font><font style="font-family: 'Times New Roman';"> and 201</font><font style="font-family: 'Times New Roman';">8</font><font style="font-family: 'Times New Roman';">.</font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; height: 364px; width: 100%;" width="100%">

<tr style="height: 13px;">
<td rowspan="2" style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 26px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Company</font></p>
</td>
<td rowspan="2" style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 26px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Country of <br>Incorporation</font></p>
</td>
<td rowspan="2" style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 26px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Main activity</font></p>
</td>
<td colspan="3" style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Percentage of ownership at <br>December 31, (*)</font></p>
</td>
</tr>
<tr style="height: 13px;">
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">2020</font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">2019</font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">2018</font></p>
</td>
</tr>
<tr style="height: 13px; background-color: #cceeff;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px; background-color: #cceeff; width: 37%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">ALGOMA TUBES INC.</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px; background-color: #cceeff; width: 12%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">Canada</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px; background-color: #cceeff; width: 30%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">Manufacturing of seamless steel pipes</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px; background-color: #cceeff; width: 7%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman';">100%</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px; background-color: #cceeff; width: 7%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman';">100%</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px; background-color: #cceeff; width: 7%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman';">100%</font></p>
</td>
</tr>
<tr style="height: 13px;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">CONFAB INDUSTRIAL S.A. and subsidiaries</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">Brazil</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">Manufacturing of welded steel pipes and capital goods</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman';">100%</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman';">100%</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman';">100%</font></p>
</td>
</tr>
<tr style="height: 13px; background-color: #cceeff;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">DALMINE S.p.A.</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">Italy</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">Manufacturing of seamless steel pipes</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman';">100%</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman';">100%</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman';">100%</font></p>
</td>
</tr>
<tr style="height: 13px;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">HYDRIL COMPANY and subsidiaries (except detailed) (a)</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">USA</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">Manufacture and marketing of premium connections</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman';">100%</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman';">100%</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman';">100%</font></p>
</td>
</tr>
<tr style="height: 13px; background-color: #cceeff;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">IPSCO TUBULARS INC. and subsidiaries</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">USA</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">Manufacturing of welded and seamless steel pipes </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman';">100%</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman';">NA</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman';">NA</font></p>
</td>
</tr>
<tr style="height: 13px;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">KAZAKHSTAN PIPE THREADERS LIMITED LIABILITY PARTNERSHIP</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">Kazakhstan</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">Threading of premium products</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman';">100%</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman';">100%</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman';">100%</font></p>
</td>
</tr>
<tr style="height: 13px; background-color: #cceeff;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">MAVERICK TUBE CORPORATION and subsidiaries</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">USA</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">Manufacturing of welded steel pipes </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman';">100%</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman';">100%</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman';">100%</font></p>
</td>
</tr>
<tr style="height: 13px;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">NKKTUBES</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">Japan</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">Manufacturing of seamless steel pipes</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman';">51%</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman';">51%</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman';">51%</font></p>
</td>
</tr>
<tr style="height: 13px; background-color: #cceeff;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">P.T. SEAMLESS PIPE INDONESIA JAYA</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">Indonesia</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">Manufacturing of seamless steel products</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman';">89%</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman';">89%</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman';">89%</font></p>
</td>
</tr>
<tr style="height: 13px;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">PRUDENTIAL STEEL LTD. (b</font><font style="font-family: 'Times New Roman';">)</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">Canada</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">Manufacturing of welded steel pipes </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman';">100%</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman';">100%</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman';">100%</font></p>
</td>
</tr>
<tr style="height: 13px; background-color: #cceeff;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">S.C. SILCOTUB S.A.</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">Romania</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">Manufacturing of seamless steel pipes</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman';">100%</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman';">100%</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman';">100%</font></p>
</td>
</tr>
<tr style="height: 13px;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">SAUDI STEEL PIPE CO.</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">Saudi Arabia</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">Manufacturing of welded steel pipes </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman';">48%</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman';">48%</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman';">NA</font></p>
</td>
</tr>
<tr style="height: 13px; background-color: #cceeff;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">SIAT SOCIEDAD ANONIMA</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">Argentina</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">Manufacturing of welded and seamless steel pipes </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman';">100%</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman';">100%</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman';">100%</font></p>
</td>
</tr>
<tr style="height: 13px;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">SIDERCA SOCIEDAD ANONIMA INDUSTRIAL Y COMERCIAL and subsidiaries</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">Argentina</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">Manufacturing of seamless steel pipes</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman';">100%</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman';">100%</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman';">100%</font></p>
</td>
</tr>
<tr style="height: 13px; background-color: #cceeff;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">TALTA - TRADING E MARKETING SOCIEDADE UNIPESSOAL LDA.</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">Portugal</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">Holding Company</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman';">100%</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman';">100%</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman';">100%</font></p>
</td>
</tr>
<tr style="height: 13px;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">TENARIS BAY CITY, INC.</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">USA</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">Manufacturing of seamless steel pipes</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman';">100%</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman';">100%</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman';">100%</font></p>
</td>
</tr>
<tr style="height: 13px; background-color: #cceeff;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">TENARIS CONNECTIONS BV</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">Netherlands</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">Development, management and licensing of intellectual property</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman';">100%</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman';">100%</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman';">100%</font></p>
</td>
</tr>
<tr style="height: 13px;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">TENARIS FINANCIAL SERVICES S.A.</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">Uruguay</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">Financial company</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman';">100%</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman';">100%</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman';">100%</font></p>
</td>
</tr>
<tr style="height: 13px; background-color: #cceeff;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">TENARIS GLOBAL SERVICES (CANADA) INC.</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">Canada</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">Marketing of steel products</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman';">100%</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman';">100%</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman';">100%</font></p>
</td>
</tr>
<tr style="height: 13px;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">TENARIS GLOBAL SERVICES (U.S.A.) CORPORATION</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">USA</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">Marketing of steel products</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman';">100%</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman';">100%</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman';">100%</font></p>
</td>
</tr>
<tr style="height: 13px; background-color: #cceeff;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">TENARIS GLOBAL SERVICES (UK) LTD</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">United Kingdom</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">Holding company and marketing of steel products</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman';">100%</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman';">100%</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman';">100%</font></p>
</td>
</tr>
<tr style="height: 13px;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">TENARIS GLOBAL SERVICES S.A. and subsidiaries (except detailed) (</font><font style="font-family: 'Times New Roman';">c</font><font style="font-family: 'Times New Roman';">)</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">Uruguay</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">Holding company and marketing of steel products</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman';">100%</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman';">100%</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman';">100%</font></p>
</td>
</tr>
<tr style="height: 13px; background-color: #cceeff;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">TENARIS INVESTMENTS (NL) B.V. and subsidiaries</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">Netherlands</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">Holding company</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman';">100%</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman';">100%</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman';">NA</font></p>
</td>
</tr>
<tr style="height: 13px;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">TENARIS INVESTMENTS S.&#224;r.l.</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">Luxembourg</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">Holding company</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman';">100%</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman';">100%</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman';">100%</font></p>
</td>
</tr>
<tr style="height: 13px; background-color: #cceeff;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">TENARIS TUBOCARIBE LTDA.</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">Colombia</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">Manufacturing of welded and seamless steel pipes</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman';">100%</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman';">100%</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman';">100%</font></p>
</td>
</tr>
<tr style="height: 13px;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">TUBOS DE ACERO DE MEXICO, S.A.</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">Mexico</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">Manufacturing of seamless steel pipes</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman';">100%</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman';">100%</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman';">100%</font></p>
</td>
</tr>

</table>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;">(*) All percentages rounded.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;">(a) Tenaris Investments S.a.r.l. holds 100% of Hydril's subsidiaries shares except for Technical Drilling &amp; Production Services Nigeria. Ltd where it held 80% for 2019 and 2018.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;">(b</font><font style="font-family: 'Times New Roman'; font-size: 8pt;">) </font><font style="font-family: 'Times New Roman'; font-size: 8pt;">Prudential Steel Ltd. has been closed down and the pipe manufacturing operations of seamless, welded and premium products in Canada will be </font><font style="font-family: 'Times New Roman'; font-size: 8pt;">consolidated at the facility of</font><font style="font-family: 'Times New Roman'; font-size: 8pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 8pt;">A</font><font style="font-family: 'Times New Roman'; font-size: 8pt;">lgoma Tubes Inc.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;">(</font><font style="font-family: 'Times New Roman'; font-size: 8pt;">c</font><font style="font-family: 'Times New Roman'; font-size: 8pt;">) </font><font style="font-family: 'Times New Roman'; font-size: 8pt;">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% of Tubular Services Angola Lda and 60% of Tenaris Baogang Baotou Steel Pipes Ltd.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"><br></font></p>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-12.1
<SEQUENCE>12
<FILENAME>ex121_5.htm
<DESCRIPTION>EXHIBITS 12.1
<TEXT>
<html><body><div><div style="font-family: 'times new roman', times; font-size: 10pt;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Exhibit 12.1 </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';">CERTIFICATE</font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">I, PAOLO ROCCA, CERTIFY THAT:</font></p>
<p style="margin-top: 6pt; margin-left: 24.5pt; margin-bottom: 0pt; text-indent: -24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">1.</font><font style="width: 17pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman';">I have reviewed this annual report on Form 20-F of Tenaris S.A.;</font></p>
<p style="margin-top: 6pt; margin-left: 24.5pt; margin-bottom: 0pt; text-indent: -24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">2.</font><font style="width: 17pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman';">Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;</font></p>
<p style="margin-top: 6pt; margin-left: 24.5pt; margin-bottom: 0pt; text-indent: -24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">3.</font><font style="width: 17pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman';">Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the </font><font style="font-family: 'Times New Roman';">registrant</font><font style="font-family: 'Times New Roman';"> as of, and for, the periods presented in this report;</font></p>
<p style="margin-top: 6pt; margin-left: 24.5pt; margin-bottom: 0pt; text-indent: -24.5pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">4.</font><font style="width: 17pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman';">The </font><font style="font-family: 'Times New Roman';">registrant</font><font style="font-family: 'Times New Roman';">&#8217;s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f) for the </font><font style="font-family: 'Times New Roman';">registrant</font><font style="font-family: 'Times New Roman';"> and have:</font></p>
<p style="margin-top: 6pt; margin-left: 48.95pt; margin-bottom: 0pt; text-indent: -24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">(a)</font><font style="width: 13.4pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman';">Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the </font><font style="font-family: 'Times New Roman';">registrant</font><font style="font-family: 'Times New Roman';">, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;</font></p>
<p style="margin-top: 6pt; margin-left: 48.95pt; margin-bottom: 0pt; text-indent: -24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">(b)</font><font style="width: 12.84pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman';">Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; </font></p>
<p style="margin-top: 6pt; margin-left: 48.95pt; margin-bottom: 0pt; text-indent: -24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">(c)</font><font style="width: 13.4pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman';">Evaluated the effectiveness of the </font><font style="font-family: 'Times New Roman';">registrant</font><font style="font-family: 'Times New Roman';">&#8217;s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; </font><font style="font-family: 'Times New Roman'; font-style: italic;">and</font></p>
<p style="margin-top: 6pt; margin-left: 48.95pt; margin-bottom: 0pt; text-indent: -24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">(d)</font><font style="width: 12.84pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman';">Disclosed in t</font><font style="font-family: 'Times New Roman';">his report any change in the registrant</font><font style="font-family: 'Times New Roman';">&#8217;s internal control over financial reporting that occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially affect, the </font><font style="font-family: 'Times New Roman';">registrant</font><font style="font-family: 'Times New Roman';">&#8217;s internal control over financial reporting; </font><font style="font-family: 'Times New Roman'; font-style: italic;">and</font></p>
<p style="margin-top: 6pt; margin-left: 24.5pt; margin-bottom: 0pt; text-indent: -24.5pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">5.</font><font style="width: 17pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman';">The </font><font style="font-family: 'Times New Roman';">registrant</font><font style="font-family: 'Times New Roman';">&#8217;s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the </font><font style="font-family: 'Times New Roman';">registrant</font><font style="font-family: 'Times New Roman';">&#8217;s auditors and the audit committee of the </font><font style="font-family: 'Times New Roman';">registrant</font><font style="font-family: 'Times New Roman';">&#8217;s board of directors (or persons performing the equivalent functions):</font></p>
<p style="margin-top: 6pt; margin-left: 48.95pt; margin-bottom: 0pt; text-indent: -24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">(a)</font><font style="width: 13.4pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman';">All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the </font><font style="font-family: 'Times New Roman';">registrant</font><font style="font-family: 'Times New Roman';">&#8217;s ability to record, process, summarize and report financial information; </font><font style="font-family: 'Times New Roman'; font-style: italic;">and</font></p>
<p style="margin-top: 6pt; margin-left: 48.95pt; margin-bottom: 0pt; text-indent: -24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">(b)</font><font style="width: 12.84pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman';">Any fraud, whether or not material, that involves management or other employees who </font><font style="font-family: 'Times New Roman';">have a significant role in the registrant</font><font style="font-family: 'Times New Roman';">&#8217;s internal control over financial reporting.</font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Date: </font><font style="font-family: 'Times New Roman';">March</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">30</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">20</font><font style="font-family: 'Times New Roman';">2</font><font style="font-family: 'Times New Roman';">1</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 12pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
<table cellspacing="0" cellpadding="0" style="margin-left: auto; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%">

<tr>
<td style="vertical-align: middle;"><br></td>
<td colspan="2" style="vertical-align: middle;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 0.5pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="vertical-align: middle;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 0.5pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="vertical-align: middle;"><br></td>
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<tr>
<td style="vertical-align: top;"><br></td>
<td colspan="3" style="vertical-align: top;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">/s/ Paolo Rocca</font></p>
<p style="margin-top: 1pt; margin-bottom: 0pt; text-align: center; line-height: 1pt; border-top: 1pt solid #000000; padding-top: 1pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top;"><br></td>
</tr>
<tr>
<td style="vertical-align: top; width: 50%;"><br></td>
<td style="vertical-align: top; width: 5%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Name:</font></p>
</td>
<td colspan="2" style="vertical-align: top; width: 25%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Paolo Rocca</font></p>
</td>
<td style="vertical-align: top; width: 20%;"><br></td>
</tr>
<tr>
<td style="vertical-align: top;"><br></td>
<td style="vertical-align: top;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Title:</font></p>
</td>
<td colspan="2" style="vertical-align: top;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Chief Executive Officer</font></p>
</td>
<td style="vertical-align: top;"><br></td>
</tr>
<tr style="height: 0pt;">
<td><br></td>
<td></td>
<td></td>
<td></td>
<td><br></td>
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</table>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-12.2
<SEQUENCE>13
<FILENAME>ex122_6.htm
<DESCRIPTION>EXHIBITS 12.2
<TEXT>
<html><body><div><div style="font-family: 'times new roman', times; font-size: 10pt;">
<p style="margin-top: 13.5pt; margin-bottom: 0pt; text-align: right; font-size: 12pt;"><br><font style="font-family: 'Times New Roman'; font-size: 10pt;">Exhibit 12.2 </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';">CERTIFICATE</font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">I</font><font style="font-family: 'Times New Roman';">, ALICIA M&#211;NDOLO</font><font style="font-family: 'Times New Roman';">, CERTIFY THAT:</font></p>
<p style="margin-top: 6pt; margin-left: 24.5pt; margin-bottom: 0pt; text-indent: -24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">1.</font><font style="width: 17pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman';">I have reviewed this annual report on Form 20-F of Tenaris S.A.;</font></p>
<p style="margin-top: 6pt; margin-left: 24.5pt; margin-bottom: 0pt; text-indent: -24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">2.</font><font style="width: 17pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman';">Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;</font></p>
<p style="margin-top: 6pt; margin-left: 24.5pt; margin-bottom: 0pt; text-indent: -24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">3.</font><font style="width: 17pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman';">Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the </font><font style="font-family: 'Times New Roman';">registrant</font><font style="font-family: 'Times New Roman';"> as of, and for, the periods presented in this report;</font></p>
<p style="margin-top: 6pt; margin-left: 24.5pt; margin-bottom: 0pt; text-indent: -24.5pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">4.</font><font style="width: 17pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman';">The </font><font style="font-family: 'Times New Roman';">registrant</font><font style="font-family: 'Times New Roman';">&#8217;s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f) for the </font><font style="font-family: 'Times New Roman';">registrant</font><font style="font-family: 'Times New Roman';"> and have:</font></p>
<p style="margin-top: 6pt; margin-left: 48.95pt; margin-bottom: 0pt; text-indent: -24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">(a)</font><font style="width: 13.4pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman';">Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the </font><font style="font-family: 'Times New Roman';">registrant</font><font style="font-family: 'Times New Roman';">, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;</font></p>
<p style="margin-top: 6pt; margin-left: 48.95pt; margin-bottom: 0pt; text-indent: -24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">(b)</font><font style="width: 12.84pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman';">Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</font></p>
<p style="margin-top: 6pt; margin-left: 48.95pt; margin-bottom: 0pt; text-indent: -24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">(c)</font><font style="width: 13.4pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman';">Evaluated the effectiveness of the </font><font style="font-family: 'Times New Roman';">registrant</font><font style="font-family: 'Times New Roman';">&#8217;s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; </font><font style="font-family: 'Times New Roman'; font-style: italic;">and</font></p>
<p style="margin-top: 6pt; margin-left: 48.95pt; margin-bottom: 0pt; text-indent: -24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">(d)</font><font style="width: 12.84pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman';">Disclosed in this report any change in the </font><font style="font-family: 'Times New Roman';">registrant</font><font style="font-family: 'Times New Roman';">&#8217;s internal control over financial reporting that occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially affect, the </font><font style="font-family: 'Times New Roman';">registrant</font><font style="font-family: 'Times New Roman';">&#8217;s internal control over financial reporting; </font><font style="font-family: 'Times New Roman'; font-style: italic;">and</font></p>
<p style="margin-top: 6pt; margin-left: 24.5pt; margin-bottom: 0pt; text-indent: -24.5pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">5.</font><font style="width: 17pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman';">The </font><font style="font-family: 'Times New Roman';">registrant</font><font style="font-family: 'Times New Roman';">&#8217;s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the </font><font style="font-family: 'Times New Roman';">registrant</font><font style="font-family: 'Times New Roman';">&#8217;s auditors and the audit committee of the </font><font style="font-family: 'Times New Roman';">registrant</font><font style="font-family: 'Times New Roman';">&#8217;s board of directors (or persons performing the equivalent functions):</font></p>
<p style="margin-top: 6pt; margin-left: 48.95pt; margin-bottom: 0pt; text-indent: -24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">(a)</font><font style="width: 13.4pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman';">All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the </font><font style="font-family: 'Times New Roman';">registrant</font><font style="font-family: 'Times New Roman';">&#8217;s ability to record, process, summarize and report financial information; </font><font style="font-family: 'Times New Roman'; font-style: italic;">and</font></p>
<p style="margin-top: 6pt; margin-left: 48.95pt; margin-bottom: 0pt; text-indent: -24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">(b)</font><font style="width: 12.84pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman';">Any fraud, whether or not material, that involves management or other employees who have a significant role in the </font><font style="font-family: 'Times New Roman';">registrant</font><font style="font-family: 'Times New Roman';">&#8217;s internal control over financial reporting.</font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Date: </font><font style="font-family: 'Times New Roman';">March</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">30</font><font style="font-family: 'Times New Roman';">, </font><font style="font-family: 'Times New Roman';">20</font><font style="font-family: 'Times New Roman';">2</font><font style="font-family: 'Times New Roman';">1</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 12pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
<table cellspacing="0" cellpadding="0" style="margin-left: auto; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%">

<tr>
<td style="vertical-align: middle;"><br></td>
<td colspan="2" style="vertical-align: middle;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 0.5pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="vertical-align: middle;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 0.5pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="vertical-align: middle;"><br></td>
</tr>
<tr>
<td style="vertical-align: top;"><br></td>
<td colspan="3" style="vertical-align: top;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">/s/ </font><font style="font-family: 'Times New Roman';">Alicia M&#243;ndolo</font></p>
<p style="margin-top: 1pt; margin-bottom: 0pt; text-align: center; line-height: 1pt; border-top: 1pt solid #000000; padding-top: 1pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top;"><br></td>
</tr>
<tr>
<td style="vertical-align: top; width: 50%;"><br></td>
<td style="vertical-align: top; width: 5%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Name:</font></p>
</td>
<td colspan="2" style="vertical-align: top; width: 25%;">
<p style="margin-top: 0pt; margin-left: 7.1pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Alicia M&#243;ndolo</font></p>
</td>
<td style="vertical-align: top; width: 20%;"><br></td>
</tr>
<tr>
<td style="vertical-align: top;"><br></td>
<td style="vertical-align: top;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Title:</font></p>
</td>
<td colspan="2" style="vertical-align: top;">
<p style="margin-top: 0pt; margin-left: 7.1pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Chief Financial Officer</font></p>
</td>
<td style="vertical-align: top;"><br></td>
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<tr style="height: 0pt;">
<td><br></td>
<td></td>
<td></td>
<td></td>
<td><br></td>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-13.1
<SEQUENCE>14
<FILENAME>ex131_7.htm
<DESCRIPTION>EXHIBITS 13.1
<TEXT>
<html><body><div><div style="font-family: 'times new roman', times; font-size: 10pt;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Exhibit 13.1 </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-align: center; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">CERTIFICATION</font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-align: center; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">PURSUANT TO SECTION</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">906 OF THE SARBANES-OXLEY ACT OF 2002</font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-align: center; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">(SUBSECTIONS (A)</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">AND (B)</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">OF SECTION</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">1350, CHAPTER 63 OF TITLE 18, UNITED STATES CODE)</font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Pursuant to Section</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">906 of the Sarbanes-Oxley Act of 2002 (Subsections (a)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">and (b)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">of Section</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">1350, Chapter 63 of Title 18, United States Code), the undersigned officer of Tenaris S.A. (the &#8220;</font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Company</font><font style="font-family: 'Times New Roman';">&#8221;), hereby certifies, to such officer&#8217;s knowledge, that the Company&#8217;s Annual Report on Form 20-F for the year ended December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">31, 20</font><font style="font-family: 'Times New Roman';">20</font><font style="font-family: 'Times New Roman';"> (the &#8220;</font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Report</font><font style="font-family: 'Times New Roman';">&#8221;), fully complies with the requirements of section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 12pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100.194%; height: 73px;" width="100%">

<tr style="height: 17px;">
<td style="vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 0.5pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 0.5pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 0.5pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 0.5pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 0.5pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="vertical-align: middle; height: 17px;"><br></td>
</tr>
<tr style="height: 22px;">
<td style="vertical-align: top; height: 22px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Date:</font></p>
</td>
<td style="vertical-align: top; height: 22px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">March</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">30</font><font style="font-family: 'Times New Roman';">, </font><font style="font-family: 'Times New Roman';">20</font><font style="font-family: 'Times New Roman';">2</font><font style="font-family: 'Times New Roman';">1</font></p>
<p style="margin-top: 1pt; margin-bottom: 0pt; text-align: center; line-height: 1pt; border-top: 1pt solid #000000; padding-top: 1pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: top; height: 22px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 2pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
</td>
<td colspan="2" style="vertical-align: top; height: 22px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">/s/ Paolo Rocca</font></p>
<p style="margin-top: 1pt; margin-bottom: 0pt; text-align: center; line-height: 1pt; border-top: 1pt solid #000000; padding-top: 1pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 22px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 7.2pt; vertical-align: top; height: 17px; width: 3%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 2pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: top; height: 17px; width: 42%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 2pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: top; height: 17px; width: 5%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 2pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 17px; width: 5%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Name:</font></p>
</td>
<td style="vertical-align: top; height: 17px; width: 25%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Paolo Rocca</font></p>
</td>
<td style="vertical-align: top; height: 17px; width: 20%;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 7.2pt; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 2pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 2pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 2pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Title:</font></p>
</td>
<td style="vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Chief Executive Officer</font></p>
</td>
<td style="vertical-align: top; height: 17px;"><br></td>
</tr>

</table>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The foregoing certification is being furnished solely pursuant to section 906 </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';">of the Sarbanes-Oxley Act of 2002 (subsections (a)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">and (b)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">of section 1350, chapter 63 of title 18, United States </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Code) and is not being filed as part of the Report or </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';">as a separate disclosure document.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';"><br></font></p>
<div><hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr></div>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-13.2
<SEQUENCE>15
<FILENAME>ex132_8.htm
<DESCRIPTION>EXHIBITS 13.2
<TEXT>
<html><body><div><div style="font-family: 'times new roman', times; font-size: 10pt;">
<div>
<p style="margin-top: 13.5pt; margin-bottom: 0pt; text-align: right; font-size: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Exhibit 13.2 </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-align: center; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">CERTIFICATION</font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-align: center; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">PURSUANT TO SECTION</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">906 OF THE SARBANES-OXLEY ACT OF 2002</font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-align: center; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">(SUBSECTIONS (A)</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">AND (B)</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">OF SECTION</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">1350, CHAPTER 63 OF TITLE 18, UNITED STATES CODE)</font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Pursuant to Section</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">906 of the Sarbanes-Oxley Act of 2002 (Subsections (a)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">and (b)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">of Section</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">1350, Chapter 63 of Title 18, United States Code), the undersigned officer of Tenaris S.A. (the &#8220;</font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Company</font><font style="font-family: 'Times New Roman';">&#8221;), hereby certifies, to such officer&#8217;s knowledge, that the Company&#8217;s Annual Report on Form 20-F for the year ended December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">31, 20</font><font style="font-family: 'Times New Roman';">20</font><font style="font-family: 'Times New Roman';"> (the &#8220;</font><font style="font-family: 'Times New Roman'; text-decoration: underline;">Report</font><font style="font-family: 'Times New Roman';">&#8221;), fully complies with the requirements of section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 12pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100.194%;" width="100%">

<tr>
<td style="vertical-align: middle;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 0.5pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="vertical-align: middle;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 0.5pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="vertical-align: middle;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 0.5pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="vertical-align: middle;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 0.5pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="vertical-align: middle;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 0.5pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="vertical-align: middle;"><br></td>
</tr>
<tr>
<td style="vertical-align: top;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Date:</font></p>
</td>
<td style="vertical-align: top;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">March </font><font style="font-family: 'Times New Roman';">30</font><font style="font-family: 'Times New Roman';">, </font><font style="font-family: 'Times New Roman';">20</font><font style="font-family: 'Times New Roman';">2</font><font style="font-family: 'Times New Roman';">1</font></p>
<p style="margin-top: 1pt; margin-bottom: 0pt; text-align: center; line-height: 1pt; border-top: 1pt solid #000000; padding-top: 1pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: top;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 2pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
</td>
<td colspan="2" style="vertical-align: top;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">/s/ </font><font style="font-family: 'Times New Roman';">Alicia M&#243;ndolo</font></p>
<p style="margin-top: 1pt; margin-bottom: 0pt; text-align: center; line-height: 1pt; border-top: 1pt solid #000000; padding-top: 1pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top;"><br></td>
</tr>
<tr>
<td style="padding-left: 7.2pt; vertical-align: top; width: 3%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 2pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: top; width: 42%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 2pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: top; width: 5%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 2pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; width: 5%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Name:</font></p>
</td>
<td style="vertical-align: top; width: 25%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Alicia M&#243;ndolo</font></p>
</td>
<td style="vertical-align: top; width: 20%;"><br></td>
</tr>
<tr>
<td style="padding-left: 7.2pt; vertical-align: top;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 2pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: top;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 2pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: top;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 2pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Title:</font></p>
</td>
<td style="vertical-align: top;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Chief Financial Officer</font></p>
</td>
<td style="vertical-align: top;"><br></td>
</tr>

</table>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The foregoing certification is being furnished solely pursuant to section 906 </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';">of the Sarbanes-Oxley Act of 2002 (subsections (a)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">and (b)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">of section 1350, chapter 63 of title 18, United States </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Code) and is not being filed as part of the Report or </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';">as a separate disclosure document.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';"><br></font></p>
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<br></div>
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<div style="-aw-footnote-isauto: 1;">
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<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140345108008472">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Document And Entity Information<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th">
<div>Dec. 31, 2020 </div>
<div>shares</div>
</th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_CoverAbstract', window );"><strong>Cover page.</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityRegistrantName', window );">Entity Registrant Name</a></td>
<td class="text">Tenaris SA<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityCentralIndexKey', window );">Entity Central Index Key</a></td>
<td class="text">0001190723<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">ts<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_CurrentFiscalYearEndDate', window );">Current Fiscal Year End Date</a></td>
<td class="text">--12-31<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityFilerCategory', window );">Entity Filer Category</a></td>
<td class="text">Large Accelerated Filer<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityCurrentReportingStatus', window );">Entity Current Reporting Status</a></td>
<td class="text">Yes<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityVoluntaryFilers', window );">Entity Voluntary Filers</a></td>
<td class="text">No<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityWellKnownSeasonedIssuer', window );">Entity Well-known Seasoned Issuer</a></td>
<td class="text">Yes<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityEmergingGrowthCompany', window );">Entity Emerging Growth Company</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityInteractiveDataCurrent', window );">Entity Interactive Data Current</a></td>
<td class="text">Yes<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityCommonStockSharesOutstanding', window );">Entity Common Stock, Shares Outstanding (in shares)</a></td>
<td class="nump">1,180,536,830<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityShellCompany', window );">Entity Shell Company</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentType', window );">Document Type</a></td>
<td class="text">20-F<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentPeriodEndDate', window );">Document Period End Date</a></td>
<td class="text">Dec. 31,  2020<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentFiscalYearFocus', window );">Document Fiscal Year Focus</a></td>
<td class="text">2019<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentFiscalPeriodFocus', window );">Document Fiscal Period Focus</a></td>
<td class="text">FY<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_AmendmentFlag', window );">Amendment Flag</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">Ordinary Shares, par value $1.00 per share<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentAnnualReport', window );">Document Annual Report</a></td>
<td class="text">true<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentTransitionReport', window );">Document Transition Report</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentShellCompanyReport', window );">Document Shell Company Report</a></td>
<td class="text">false<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_AmendmentFlag">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_AmendmentFlag</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CoverAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Cover page.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CoverAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CurrentFiscalYearEndDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>End date of current fiscal year in the format --MM-DD.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CurrentFiscalYearEndDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:gMonthDayItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentAnnualReport">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true only for a form used as an annual report.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Forms 10-K, 20-F, 40-F<br> -Number 240<br> -Section 15<br> -Subsection d-1<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentAnnualReport</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentFiscalPeriodFocus">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Fiscal period values are FY, Q1, Q2, and Q3.  1st, 2nd and 3rd quarter 10-Q or 10-QT statements have value Q1, Q2, and Q3 respectively, with 10-K, 10-KT or other fiscal year statements having FY.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentFiscalPeriodFocus</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:fiscalPeriodItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentFiscalYearFocus">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>This is focus fiscal year of the document report in CCYY format. For a 2006 annual report, which may also provide financial information from prior periods, fiscal 2006 should be given as the fiscal year focus. Example: 2006.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentFiscalYearFocus</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:gYearItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentPeriodEndDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements containing historical data, it is the date up through which that historical data is presented.  If there is no historical data in the report, use the filing date. The format of the date is CCYY-MM-DD.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentPeriodEndDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:dateItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentShellCompanyReport">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true for a Shell Company Report pursuant to section 13 or 15(d) of the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 20-F<br> -Number 249<br> -Section 220<br> -Subsection f<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentShellCompanyReport</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentTransitionReport">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true only for a form used as a transition report.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Forms 10-K, 10-Q, 20-F<br> -Number 240<br> -Section 13<br> -Subsection a-1-<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentTransitionReport</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentType">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentType</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:submissionTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCentralIndexKey</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:centralIndexKeyItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCommonStockSharesOutstanding">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate number of shares or other units outstanding of each of registrant's classes of capital or common stock or other ownership interests, if and as stated on cover of related periodic report. Where multiple classes or units exist define each class/interest by adding class of stock items such as Common Class A [Member], Common Class B [Member] or Partnership Interest [Member] onto the Instrument [Domain] of the Entity Listings, Instrument.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCommonStockSharesOutstanding</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCurrentReportingStatus">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate 'Yes' or 'No' whether registrants (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that registrants were required to file such reports), and (2) have been subject to such filing requirements for the past 90 days. This information should be based on the registrant's current or most recent filing containing the related disclosure.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCurrentReportingStatus</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:yesNoItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityEmergingGrowthCompany">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate if registrant meets the emerging growth company criteria.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityEmergingGrowthCompany</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityFilerCategory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate whether the registrant is one of the following: Large Accelerated Filer, Accelerated Filer, Non-accelerated Filer. Definitions of these categories are stated in Rule 12b-2 of the Exchange Act. This information should be based on the registrant's current or most recent filing containing the related disclosure.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityFilerCategory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:filerCategoryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityInteractiveDataCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-T<br> -Number 232<br> -Section 405<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityInteractiveDataCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:yesNoItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityRegistrantName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityRegistrantName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityShellCompany">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the registrant is a shell company as defined in Rule 12b-2 of the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityShellCompany</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityVoluntaryFilers">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate 'Yes' or 'No' if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityVoluntaryFilers</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:yesNoItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityWellKnownSeasonedIssuer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate 'Yes' or 'No' if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Is used on Form Type: 10-K, 10-Q, 8-K, 20-F, 6-K, 10-K/A, 10-Q/A, 20-F/A, 6-K/A, N-CSR, N-Q, N-1A.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityWellKnownSeasonedIssuer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:yesNoItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_Security12bTitle">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Title of a 12(b) registered security.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_Security12bTitle</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:securityTitleItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_TradingSymbol">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Trading symbol of an instrument as listed on an exchange.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_TradingSymbol</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:tradingSymbolItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>44
<FILENAME>R2.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140345111290824">
<tr>
<th class="tl" colspan="2" rowspan="2"><div style="width: 200px;"><strong>CONSOLIDATED INCOME STATEMENT - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_ContinuingOperationsAbstract', window );"><strong>Continuing operations</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Revenue', window );">Net sales</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 5,146,734<span></span>
</td>
<td class="nump">$ 7,294,055<span></span>
</td>
<td class="nump">$ 7,658,588<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CostOfSales', window );">Cost of sales</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(4,087,317)<span></span>
</td>
<td class="num">(5,107,495)<span></span>
</td>
<td class="num">(5,279,300)<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GrossProfit', window );">Gross profit</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">1,059,417<span></span>
</td>
<td class="nump">2,186,560<span></span>
</td>
<td class="nump">2,379,288<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SellingGeneralAndAdministrativeExpense', window );">Selling, general and administrative expenses</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(1,119,227)<span></span>
</td>
<td class="num">(1,365,974)<span></span>
</td>
<td class="num">(1,509,976)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss', window );">Impairment charge</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(622,402)<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherIncome', window );">Other operating income</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">33,393<span></span>
</td>
<td class="nump">23,004<span></span>
</td>
<td class="nump">15,059<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherExpenseByFunction', window );">Other operating expenses</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(14,252)<span></span>
</td>
<td class="num">(11,199)<span></span>
</td>
<td class="num">(12,558)<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLossFromOperatingActivities', window );">Operating (loss) income</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(663,071)<span></span>
</td>
<td class="nump">832,391<span></span>
</td>
<td class="nump">871,813<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinanceIncome', window );">Finance income</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">18,387<span></span>
</td>
<td class="nump">47,997<span></span>
</td>
<td class="nump">39,856<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinanceCosts', window );">Finance cost</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(27,014)<span></span>
</td>
<td class="num">(43,381)<span></span>
</td>
<td class="num">(36,942)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherFinanceIncomeCost', window );">Other financial results</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(56,368)<span></span>
</td>
<td class="nump">14,667<span></span>
</td>
<td class="nump">34,386<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_LossIncomeBeforeEquityInEarningsOfNonconsolidatedCompaniesAndIncomeTax', window );">(Loss) income before equity in earnings of non-consolidated companies and income tax</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(728,066)<span></span>
</td>
<td class="nump">851,674<span></span>
</td>
<td class="nump">909,113<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod', window );">Equity in earnings of non-consolidated companies</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">108,799<span></span>
</td>
<td class="nump">82,036<span></span>
</td>
<td class="nump">193,994<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLossBeforeTax', window );">(Loss) income before income tax</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(619,267)<span></span>
</td>
<td class="nump">933,710<span></span>
</td>
<td class="nump">1,103,107<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncomeTaxExpenseContinuingOperations', window );">Income tax</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(23,150)<span></span>
</td>
<td class="num">(202,452)<span></span>
</td>
<td class="num">(229,207)<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLossFromContinuingOperations', window );">(Loss) income for the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(642,417)<span></span>
</td>
<td class="nump">731,258<span></span>
</td>
<td class="nump">873,900<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLossAttributableToAbstract', window );"><strong>Attributable to:</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLossAttributableToOwnersOfParent', window );">Owners of the parent</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(634,418)<span></span>
</td>
<td class="nump">742,686<span></span>
</td>
<td class="nump">876,063<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLossAttributableToNoncontrollingInterests', window );">Non-controlling interests</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(7,999)<span></span>
</td>
<td class="num">(11,428)<span></span>
</td>
<td class="num">(2,163)<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLoss', window );">(Loss) income for the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">$ (642,417)<span></span>
</td>
<td class="nump">$ 731,258<span></span>
</td>
<td class="nump">$ 873,900<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_EarningsPerShareAbstract', window );"><strong>Earnings per share attributable to the owners of the parent during the year:</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_WeightedAverageShares', window );">Weighted average number of ordinary shares (thousands) (in shares)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">1,180,537<span></span>
</td>
<td class="nump">1,180,537<span></span>
</td>
<td class="nump">1,180,537<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_ContinuingAndDiscontinuedOperationsAbstract', window );"><strong>Continuing operations</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BasicAndDilutedEarningsLossPerShareFromContinuingOperations', window );">Basic and diluted earnings (losses) per share (in dollars per share)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">$ (0.54)<span></span>
</td>
<td class="nump">$ 0.63<span></span>
</td>
<td class="nump">$ 0.74<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_BasicAndDilutedEarningsLossPerAmericanDepositaryShareFromContinuingOperations', window );">Basic and diluted earnings per ADS (U.S. dollars per ADS) (in dollars per share)</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="num">$ (1.07)<span></span>
</td>
<td class="nump">$ 1.26<span></span>
</td>
<td class="nump">$ 1.48<span></span>
</td>
</tr>
<tr><td colspan="4"></td></tr>
<tr><td colspan="4"><table class="outerFootnotes" width="100%"><tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">Each ADS equals two shares.</td>
</tr></table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BasicAndDilutedEarningsLossPerShareFromContinuingOperations">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Basic and diluted earnings (loss) per share from continuing operations. [Refer: Basic and diluted earnings (loss) per share]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 85<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_85&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BasicAndDilutedEarningsLossPerShareFromContinuingOperations</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CostOfSales">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of costs relating to expenses directly or indirectly attributed to the goods or services sold, which may include, but are not limited to, costs previously included in the measurement of inventory that has now been sold, unallocated production overheads and abnormal amounts of production costs of inventories.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 99<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_99&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 103<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_103&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CostOfSales</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_EarningsPerShareAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_EarningsPerShareAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_FinanceCosts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of costs associated with financing activities of the entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 82<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_82_b&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_FinanceCosts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_FinanceIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of income associated with interest and other financing activities of the entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 85<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_85&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_FinanceIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GrossProfit">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of revenue less cost of sales. [Refer: Cost of sales; Revenue]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 103<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_103&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GrossProfit</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of impairment loss or reversal of impairment loss recognised in profit or loss. [Refer: Impairment loss recognised in profit or loss; Reversal of impairment loss recognised in profit or loss]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 99<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_99&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncomeTaxExpenseContinuingOperations">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The aggregate amount included in the determination of profit (loss) for the period in respect of current tax and deferred tax. [Refer: Current tax expense (income); Deferred tax expense (income)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2019-01-01<br> -Paragraph 23<br> -Subparagraph h<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_23_h&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 26<br> -IssueDate 2019-01-01<br> -Paragraph 35<br> -Subparagraph b<br> -Clause viii<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=26&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_35_b_viii&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2019-01-01<br> -Paragraph 79<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=12&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_79&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2019-01-01<br> -Paragraph 81<br> -Subparagraph c<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=12&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_81_c_i&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 82<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_82_d&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2019-01-01<br> -Paragraph 81<br> -Subparagraph c<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=12&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_81_c_ii&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2019-01-01<br> -Paragraph B13<br> -Subparagraph g<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_B13_g&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncomeTaxExpenseContinuingOperations</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherExpenseByFunction">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of expenses that the entity does not separately disclose in the same statement or note when the entity uses the 'function of expense' form for its analysis of expenses.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 26<br> -IssueDate 2019-01-01<br> -Paragraph 35<br> -Subparagraph b<br> -Clause vii<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=26&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_35_b_vii&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 103<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_103&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 99<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_99&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherExpenseByFunction</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherFinanceIncomeCost">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of finance income or cost that the entity does not separately disclose in the same statement or note. [Refer: Finance income (cost)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 85<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_85&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherFinanceIncomeCost</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of operating income that the entity does not separately disclose in the same statement or note.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 26<br> -IssueDate 2019-01-01<br> -Paragraph 35<br> -Subparagraph b<br> -Clause iv<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=26&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_35_b_iv&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 103<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_103&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 102<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_102&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProfitLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The total of income less expenses from continuing and discontinued operations, excluding the components of other comprehensive income. [Refer: Other comprehensive income]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2019-01-01<br> -Paragraph 18<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_18_b&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 24<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_24_b&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 32<br> -Subparagraph a<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_32_a_ii&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2019-01-01<br> -Paragraph 28<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_28_b&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 5: http://www.xbrl.org/2003/role/exampleRef<br> -Note Effective on first application of IFRS 9<br> -Name IFRS<br> -Number 4<br> -IssueDate 2019-01-01<br> -Paragraph 39L<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=4&amp;code=ifrs-tx-2019-en-b&amp;anchor=para_39L_e&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2019-01-01<br> -Paragraph 23<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_23&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 7: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2019-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2019-03-27<br><br>Reference 8: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 106<br> -Subparagraph d<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_106_d_i&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 9: http://www.xbrl.org/2003/role/exampleRef<br> -Note Effective 2021-01-01<br> -Name IFRS<br> -Number 17<br> -IssueDate 2019-01-01<br> -Paragraph 113<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=17&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_113_b&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 10: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 81A<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_81A_a&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProfitLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProfitLossAttributableToAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProfitLossAttributableToAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProfitLossAttributableToNoncontrollingInterests">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The profit (loss) from continuing and discontinued operations attributable to non-controlling interests. [Refer: Profit (loss); Non-controlling interests]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2019-01-01<br> -Paragraph 12<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_12_e&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 81B<br> -Subparagraph a<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_81B_a_i&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProfitLossAttributableToNoncontrollingInterests</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProfitLossAttributableToOwnersOfParent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The profit (loss) from continuing and discontinued operations attributable to owners of the parent. [Refer: Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 81B<br> -Subparagraph a<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_81B_a_ii&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProfitLossAttributableToOwnersOfParent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProfitLossBeforeTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The profit (loss) before tax expense or income. [Refer: Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2019-01-01<br> -Paragraph 28<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_28_b&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2019-01-01<br> -Paragraph 23<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_23&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 103<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_103&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 4: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 102<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_102&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 5<br> -IssueDate 2019-01-01<br> -Paragraph 33<br> -Subparagraph b<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=5&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_33_b_i&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProfitLossBeforeTax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProfitLossFromContinuingOperations">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The profit (loss) from continuing operations. [Refer: Continuing operations [member]; Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2019-01-01<br> -Paragraph 28<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_28_b&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2019-01-01<br> -Paragraph 23<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_23&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2019-01-01<br> -Paragraph B12<br> -Subparagraph b<br> -Clause vi<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_B12_b_vi&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2019-03-27<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 81A<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_81A_a&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProfitLossFromContinuingOperations</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProfitLossFromOperatingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The profit (loss) from operating activities of the entity. [Refer: Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 32<br> -IssueDate 2019-01-01<br> -Paragraph IE33<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=32&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_IE33&amp;doctype=Illustrative%20Examples<br> -URIDate 2019-03-27<br><br>Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 85<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_85&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProfitLossFromOperatingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Revenue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Expiry date 2020-01-01: The income arising in the course of an entity's ordinary activities. Income is increases in economic benefits during the accounting period in the form of inflows or enhancements of assets or decreases of liabilities that result in an increase in equity, other than those relating to contributions from equity participants.
Effective 2020-01-01: The income arising in the course of an entity's ordinary activities. Income is increases in assets, or decreases in liabilities, that result in increases in equity, other than those relating to contributions from holders of equity claims.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2019-01-01<br> -Paragraph 28<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_28_a&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2019-01-01<br> -Paragraph 23<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_23_a&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2019-01-01<br> -Paragraph 32<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_32&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2019-01-01<br> -Paragraph 33<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_33_a&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2019-01-01<br> -Paragraph 34<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_34&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 82<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_82_a&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 7: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 103<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_103&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 8: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 102<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_102&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 9: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 5<br> -IssueDate 2019-01-01<br> -Paragraph 33<br> -Subparagraph b<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=5&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_33_b_i&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 10: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2019-01-01<br> -Paragraph B12<br> -Subparagraph b<br> -Clause v<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_B12_b_v&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2019-03-27<br><br>Reference 11: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2019-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Revenue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SellingGeneralAndAdministrativeExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of expense relating to selling, general and administrative activities of the entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 85<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_85&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SellingGeneralAndAdministrativeExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entity's share of the profit (loss) of associates and joint ventures accounted for using the equity method. [Refer: Associates [member]; Investments accounted for using equity method; Joint ventures [member]; Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2019-01-01<br> -Paragraph 23<br> -Subparagraph g<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_23_g&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2019-01-01<br> -Paragraph 28<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_28_e&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Note Effective on first application of IFRS 9<br> -Name IFRS<br> -Number 4<br> -IssueDate 2019-01-01<br> -Paragraph 39M<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=4&amp;code=ifrs-tx-2019-en-b&amp;anchor=para_39M_b&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 82<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_82_c&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_WeightedAverageShares">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of ordinary shares outstanding at the beginning of the period, adjusted by the number of ordinary shares bought back or issued during the period multiplied by a time-weighting factor.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 33<br> -IssueDate 2019-01-01<br> -Paragraph 70<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=33&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_70_b&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_WeightedAverageShares</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_BasicAndDilutedEarningsLossPerAmericanDepositaryShareFromContinuingOperations">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of basic and diluted earnings (losses) per American depositary share (ADS) from continuing operations. Each ADS equals two shares.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_BasicAndDilutedEarningsLossPerAmericanDepositaryShareFromContinuingOperations</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_ContinuingAndDiscontinuedOperationsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_ContinuingAndDiscontinuedOperationsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_ContinuingOperationsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_ContinuingOperationsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_LossIncomeBeforeEquityInEarningsOfNonconsolidatedCompaniesAndIncomeTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The (loss) income before equity in earnings of non-consolidated companies and income tax.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_LossIncomeBeforeEquityInEarningsOfNonconsolidatedCompaniesAndIncomeTax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
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<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140345108065192">
<tr>
<th class="tl" colspan="2" rowspan="2"><div style="width: 200px;"><strong>CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_StatementOfComprehensiveIncomeAbstract', window );"><strong>CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLoss', window );">(Loss) income for the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">$ (642,417)<span></span>
</td>
<td class="nump">$ 731,258<span></span>
</td>
<td class="nump">$ 873,900<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ComponentsOfOtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTaxAbstract', window );"><strong>Items that may be subsequently reclassified to profit or loss:</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherComprehensiveIncomeBeforeTaxExchangeDifferencesOnTranslation', window );">Currency translation adjustment</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">31,172<span></span>
</td>
<td class="num">(27,294)<span></span>
</td>
<td class="num">(96,916)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherComprehensiveIncomeBeforeTaxCashFlowHedges', window );">Change in value of cash flow hedges and instruments at fair value</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(9,832)<span></span>
</td>
<td class="nump">3,039<span></span>
</td>
<td class="num">(6,701)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncomeTaxRelatingToComponentsOfOtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLoss', window );">Income tax relating to components of other comprehensive income</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">2,376<span></span>
</td>
<td class="num">(707)<span></span>
</td>
<td class="nump">34<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_OtherComprehensiveIncomeLossBeforeTaxExchangeDifferencesOnTranslationAttributableToNonconsolidatedCompanies', window );">- Currency translation adjustment</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="num">(31,977)<span></span>
</td>
<td class="num">(10,781)<span></span>
</td>
<td class="nump">1,848<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_OtherComprehensiveIncomeBeforeTaxCashFlowHedgesAndOthersAttributableToNonconsolidatedCompanies', window );">- Changes in the fair value of derivatives held as cash flow hedges and others</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">792<span></span>
</td>
<td class="nump">812<span></span>
</td>
<td class="num">(132)<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTax', window );">Total other comprehensive income that will be reclassified to profit or loss, net of tax</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(7,469)<span></span>
</td>
<td class="num">(34,931)<span></span>
</td>
<td class="num">(101,867)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ComponentsOfOtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTaxAbstract', window );"><strong>Items that will not be reclassified to profit or loss:</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans', window );">Remeasurements of post employment benefit obligations</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(4,971)<span></span>
</td>
<td class="num">(9,272)<span></span>
</td>
<td class="nump">7,963<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncomeTaxRelatingToComponentsOfOtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLoss', window );">Income tax on items that will not be reclassified</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">770<span></span>
</td>
<td class="nump">1,545<span></span>
</td>
<td class="num">(1,932)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethodThatWillNotBeReclassifiedToProfitOrLossNetOfTax', window );">Remeasurements of post employment benefit obligations of non-consolidated companies</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">634<span></span>
</td>
<td class="num">(9,878)<span></span>
</td>
<td class="num">(3,855)<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTax', window );">Total other comprehensive income that will not be reclassified to profit or loss, net of tax</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(3,567)<span></span>
</td>
<td class="num">(17,605)<span></span>
</td>
<td class="nump">2,176<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherComprehensiveIncome', window );">Other comprehensive (loss) for the year, net of tax</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(11,036)<span></span>
</td>
<td class="num">(52,536)<span></span>
</td>
<td class="num">(99,691)<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ComprehensiveIncome', window );">Total comprehensive (loss) income for the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(653,453)<span></span>
</td>
<td class="nump">678,722<span></span>
</td>
<td class="nump">774,209<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ComprehensiveIncomeAttributableToAbstract', window );"><strong>Attributable to:</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ComprehensiveIncomeAttributableToOwnersOfParent', window );">Owners of the parent</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(643,435)<span></span>
</td>
<td class="nump">690,095<span></span>
</td>
<td class="nump">776,713<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ComprehensiveIncomeAttributableToNoncontrollingInterests', window );">Non-controlling interests</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(10,018)<span></span>
</td>
<td class="num">(11,373)<span></span>
</td>
<td class="num">(2,504)<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ComprehensiveIncome', window );">Total comprehensive (loss) income for the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">$ (653,453)<span></span>
</td>
<td class="nump">$ 678,722<span></span>
</td>
<td class="nump">$ 774,209<span></span>
</td>
</tr>
<tr><td colspan="4"></td></tr>
<tr><td colspan="4"><table class="outerFootnotes" width="100%"><tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">For 2018 and 2019 Tenaris recognized its share over the effects on the adoption of IAS 29, &#8220;Financial Reporting in Hyperinflationary Economies&#8221; by Ternium in other comprehensive income as a currency translation adjustment. In 2020 Ternium changed the functional currency of its Argentine subsidiary to U.S. dollar and IAS 29 is no longer applicable.</td>
</tr></table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ComponentsOfOtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTaxAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ComponentsOfOtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTaxAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ComponentsOfOtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTaxAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ComponentsOfOtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTaxAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ComprehensiveIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of change in equity resulting from transactions and other events, other than those changes resulting from transactions with owners in their capacity as owners.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 32<br> -Subparagraph a<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_32_a_ii&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 24<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_24_b&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2019-01-01<br> -Paragraph B12<br> -Subparagraph b<br> -Clause ix<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_B12_b_ix&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2019-03-27<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 106<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_106_a&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 5: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2019-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2019-03-27<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 81A<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_81A_c&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ComprehensiveIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ComprehensiveIncomeAttributableToAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ComprehensiveIncomeAttributableToAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ComprehensiveIncomeAttributableToNoncontrollingInterests">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of comprehensive income attributable to non-controlling interests. [Refer: Comprehensive income; Non-controlling interests]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 106<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_106_a&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 81B<br> -Subparagraph b<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_81B_b_i&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ComprehensiveIncomeAttributableToNoncontrollingInterests</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ComprehensiveIncomeAttributableToOwnersOfParent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of comprehensive income attributable to owners of the parent. [Refer: Comprehensive income]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 106<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_106_a&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 81B<br> -Subparagraph b<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_81B_b_ii&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ComprehensiveIncomeAttributableToOwnersOfParent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncomeTaxRelatingToComponentsOfOtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of income tax relating to amounts recognised in other comprehensive income that will be reclassified to profit or loss. [Refer: Income tax relating to components of other comprehensive income]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 91<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_91&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncomeTaxRelatingToComponentsOfOtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLoss</td>
</tr>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncomeTaxRelatingToComponentsOfOtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of income tax relating to amounts recognised in other comprehensive income that will not be reclassified to profit or loss. [Refer: Income tax relating to components of other comprehensive income]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 91<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_91&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncomeTaxRelatingToComponentsOfOtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherComprehensiveIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of income and expense (including reclassification adjustments) that is not recognised in profit or loss as required or permitted by IFRSs. [Refer: IFRSs [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 106<br> -Subparagraph d<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_106_d_ii&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2019-01-01<br> -Paragraph B12<br> -Subparagraph b<br> -Clause viii<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_B12_b_viii&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2019-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 81A<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_81A_b&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 91<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_91_a&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherComprehensiveIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherComprehensiveIncomeBeforeTaxCashFlowHedges">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of other comprehensive income, before tax, related to cash flow hedges. [Refer: Cash flow hedges [member]; Other comprehensive income, before tax]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 91<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_91_b&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 7<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_7&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherComprehensiveIncomeBeforeTaxCashFlowHedges</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherComprehensiveIncomeBeforeTaxExchangeDifferencesOnTranslation">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of other comprehensive income, before tax, related to exchange differences on translation of financial statements of foreign operations. [Refer: Other comprehensive income, before tax]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 91<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_91_b&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 7<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_7&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherComprehensiveIncomeBeforeTaxExchangeDifferencesOnTranslation</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of other comprehensive income, before tax, related to gains (losses) on remeasurements of defined benefit plans, which comprise actuarial gains and losses; the return on plan assets, excluding amounts included in net interest on the net defined benefit liability (asset); and any change in the effect of the asset ceiling, excluding amounts included in net interest on the net defined benefit liability (asset). [Refer: Other comprehensive income, before tax; Defined benefit plans [member]; Plan assets [member]; Net defined benefit liability (asset)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 91<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_91_b&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 7<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_7&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of other comprehensive income that will be reclassified to profit or loss, net of tax. [Refer: Other comprehensive income]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph IG6<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_IG6&amp;doctype=Implementation%20Guidance<br> -URIDate 2019-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 82A<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_82A&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of other comprehensive income that will not be reclassified to profit or loss, net of tax. [Refer: Other comprehensive income]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph IG6<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_IG6&amp;doctype=Implementation%20Guidance<br> -URIDate 2019-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 82A<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_82A&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProfitLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The total of income less expenses from continuing and discontinued operations, excluding the components of other comprehensive income. [Refer: Other comprehensive income]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2019-01-01<br> -Paragraph 18<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_18_b&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 24<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_24_b&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 32<br> -Subparagraph a<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_32_a_ii&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2019-01-01<br> -Paragraph 28<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_28_b&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 5: http://www.xbrl.org/2003/role/exampleRef<br> -Note Effective on first application of IFRS 9<br> -Name IFRS<br> -Number 4<br> -IssueDate 2019-01-01<br> -Paragraph 39L<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=4&amp;code=ifrs-tx-2019-en-b&amp;anchor=para_39L_e&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2019-01-01<br> -Paragraph 23<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_23&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 7: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2019-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2019-03-27<br><br>Reference 8: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 106<br> -Subparagraph d<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_106_d_i&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 9: http://www.xbrl.org/2003/role/exampleRef<br> -Note Effective 2021-01-01<br> -Name IFRS<br> -Number 17<br> -IssueDate 2019-01-01<br> -Paragraph 113<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=17&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_113_b&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 10: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 81A<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_81A_a&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProfitLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethodThatWillNotBeReclassifiedToProfitOrLossNetOfTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Share of the other comprehensive income of associates and joint ventures accounted for using the equity method that will not be reclassified to profit or loss, net of tax.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 82A<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_82A&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethodThatWillNotBeReclassifiedToProfitOrLossNetOfTax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_StatementOfComprehensiveIncomeAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_StatementOfComprehensiveIncomeAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_OtherComprehensiveIncomeBeforeTaxCashFlowHedgesAndOthersAttributableToNonconsolidatedCompanies">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of other comprehensive income, before tax, attributable to non-consolidated companies related to derivatives held as cash flow hedges and others.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_OtherComprehensiveIncomeBeforeTaxCashFlowHedgesAndOthersAttributableToNonconsolidatedCompanies</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_OtherComprehensiveIncomeLossBeforeTaxExchangeDifferencesOnTranslationAttributableToNonconsolidatedCompanies">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of other comprehensive income (loss), before tax, attributable to non-consolidated companies related to exchange differences when financial statements of foreign operations are translated</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_OtherComprehensiveIncomeLossBeforeTaxExchangeDifferencesOnTranslationAttributableToNonconsolidatedCompanies</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
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<SEQUENCE>46
<FILENAME>R4.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140345111098872">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>CONSOLIDATED STATEMENT OF FINANCIAL POSITION - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentAssetsAbstract', window );"><strong>Non-current assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment, net</a></td>
<td class="nump">$ 6,193,181<span></span>
</td>
<td class="nump">$ 6,090,017<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsAndGoodwill', window );">Intangible assets, net</a></td>
<td class="nump">1,429,056<span></span>
</td>
<td class="nump">1,561,559<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RightofuseAssets', window );">Right-of-use assets, net</a></td>
<td class="nump">241,953<span></span>
</td>
<td class="nump">233,126<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_InvestmentsInSubsidiariesJointVenturesAndAssociates', window );">Investments in non-consolidated companies</a></td>
<td class="nump">957,352<span></span>
</td>
<td class="nump">879,965<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod', window );">Other investments</a></td>
<td class="nump">247,082<span></span>
</td>
<td class="nump">24,934<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxAssets', window );">Deferred tax assets</a></td>
<td class="nump">205,590<span></span>
</td>
<td class="nump">225,680<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentReceivables', window );">Receivables, net</a></td>
<td class="nump">154,303<span></span>
</td>
<td class="nump">157,103<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentAssets', window );">Non-current assets</a></td>
<td class="nump">9,428,517<span></span>
</td>
<td class="nump">9,172,384<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentAssetsAbstract', window );"><strong>Current assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Inventories', window );">Inventories, net</a></td>
<td class="nump">1,636,673<span></span>
</td>
<td class="nump">2,265,880<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentPrepaymentsAndOtherCurrentAssets', window );">Receivables and prepayments, net</a></td>
<td class="nump">77,849<span></span>
</td>
<td class="nump">104,575<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentTaxAssetsCurrent', window );">Current tax assets</a></td>
<td class="nump">136,384<span></span>
</td>
<td class="nump">167,388<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentTradeReceivables', window );">Trade receivables, net</a></td>
<td class="nump">968,148<span></span>
</td>
<td class="nump">1,348,160<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentDerivativeFinancialAssets', window );">Derivative financial instruments</a></td>
<td class="nump">11,449<span></span>
</td>
<td class="nump">19,929<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentInvestments', window );">Other investments</a></td>
<td class="nump">872,488<span></span>
</td>
<td class="nump">210,376<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashAndCashEquivalents', window );">Cash and cash equivalents</a></td>
<td class="nump">584,681<span></span>
</td>
<td class="nump">1,554,299<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentAssets', window );">Current assets</a></td>
<td class="nump">4,287,672<span></span>
</td>
<td class="nump">5,670,607<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Assets', window );">Total assets</a></td>
<td class="nump">13,716,189<span></span>
</td>
<td class="nump">14,842,991<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_EquityAbstract', window );"><strong>EQUITY</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_EquityAttributableToOwnersOfParent', window );">Capital and reserves attributable to owners of the parent</a></td>
<td class="nump">11,262,888<span></span>
</td>
<td class="nump">11,988,958<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncontrollingInterests', window );">Non-controlling interests</a></td>
<td class="nump">183,585<span></span>
</td>
<td class="nump">197,414<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Equity', window );">Total equity</a></td>
<td class="nump">11,446,473<span></span>
</td>
<td class="nump">12,186,372<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentLiabilitiesAbstract', window );"><strong>Non-current liabilities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LongtermBorrowings', window );">Borrowings</a></td>
<td class="nump">315,739<span></span>
</td>
<td class="nump">40,880<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentLeaseLiabilities', window );">Lease liabilities</a></td>
<td class="nump">213,848<span></span>
</td>
<td class="nump">192,318<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilities', window );">Deferred tax liabilities</a></td>
<td class="nump">254,801<span></span>
</td>
<td class="nump">336,982<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherNoncurrentLiabilities', window );">Other liabilities</a></td>
<td class="nump">245,635<span></span>
</td>
<td class="nump">251,383<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentProvisions', window );">Provisions</a></td>
<td class="nump">73,218<span></span>
</td>
<td class="nump">54,599<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentLiabilities', window );">Non-current liabilities</a></td>
<td class="nump">1,103,241<span></span>
</td>
<td class="nump">876,162<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentLiabilitiesAbstract', window );"><strong>Current liabilities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings', window );">Borrowings</a></td>
<td class="nump">303,268<span></span>
</td>
<td class="nump">781,272<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentLeaseLiabilities', window );">Lease liabilities</a></td>
<td class="nump">43,495<span></span>
</td>
<td class="nump">37,849<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentDerivativeFinancialLiabilities', window );">Derivative financial instruments</a></td>
<td class="nump">3,217<span></span>
</td>
<td class="nump">1,814<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentTaxLiabilitiesCurrent', window );">Current tax liabilities</a></td>
<td class="nump">90,593<span></span>
</td>
<td class="nump">127,625<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherCurrentLiabilities', window );">Other liabilities</a></td>
<td class="nump">202,826<span></span>
</td>
<td class="nump">176,264<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentProvisions', window );">Provisions</a></td>
<td class="nump">12,279<span></span>
</td>
<td class="nump">17,017<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentAdvances', window );">Customer advances</a></td>
<td class="nump">48,692<span></span>
</td>
<td class="nump">82,729<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TradeAndOtherCurrentPayables', window );">Trade payables</a></td>
<td class="nump">462,105<span></span>
</td>
<td class="nump">555,887<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentLiabilities', window );">Current liabilities</a></td>
<td class="nump">1,166,475<span></span>
</td>
<td class="nump">1,780,457<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Liabilities', window );">Total liabilities</a></td>
<td class="nump">2,269,716<span></span>
</td>
<td class="nump">2,656,619<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_EquityAndLiabilities', window );">Total equity and liabilities</a></td>
<td class="nump">$ 13,716,189<span></span>
</td>
<td class="nump">$ 14,842,991<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Assets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Expiry date 2020-01-01: The amount of resources: (a) controlled by the entity as a result of past events; and (b) from which future economic benefits are expected to flow to the entity.
Effective 2020-01-01: The amount of a present economic resource controlled by the entity as a result of past events. Economic resource is a right that has the potential to produce economic benefits.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2019-01-01<br> -Paragraph 93<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=13&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_93_a&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2019-01-01<br> -Paragraph 28<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_28_c&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2019-01-01<br> -Paragraph 93<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=13&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_93_b&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2019-01-01<br> -Paragraph 93<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=13&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_93_e&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2019-01-01<br> -Paragraph 23<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_23&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Assets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashAndCashEquivalents">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of cash on hand and demand deposits, along with short-term, highly liquid investments that are readily convertible to known amounts of cash and that are subject to an insignificant risk of changes in value. [Refer: Cash; Cash equivalents]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2019-01-01<br> -Paragraph 45<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_45&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2019-01-01<br> -Paragraph B13<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_B13_a&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2019-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 54<br> -Subparagraph i<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_54_i&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashAndCashEquivalents</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentAdvances">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current payments received for goods or services to be provided in the future. [Refer: Advances received]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentAdvances</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of assets that the entity (a) expects to realise or intends to sell or consume in its normal operating cycle; (b) holds primarily for the purpose of trading; (c) expects to realise within twelve months after the reporting period; or (d) classifies as cash or cash equivalents (as defined in IAS 7) unless the asset is restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period. [Refer: Assets]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2019-01-01<br> -Paragraph B12<br> -Subparagraph b<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_B12_b_i&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2019-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 66<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_66&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2019-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentAssetsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentAssetsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current borrowings and current portion of non-current borrowings. [Refer: Borrowings]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentDerivativeFinancialAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current derivative financial assets. [Refer: Derivative financial assets]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentDerivativeFinancialAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentDerivativeFinancialLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current derivative financial liabilities. [Refer: Derivative financial liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentDerivativeFinancialLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentInvestments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current investments.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentInvestments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentLeaseLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current lease liabilities. [Refer: Lease liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 16<br> -IssueDate 2019-01-01<br> -Paragraph 47<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=16&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_47_b&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentLeaseLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of liabilities that: (a) the entity expects to settle in its normal operating cycle; (b) the entity holds primarily for the purpose of trading; (c) are due to be settled within twelve months after the reporting period; or (d) the entity does not have an unconditional right to defer settlement for at least twelve months after the reporting period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2019-01-01<br> -Paragraph B12<br> -Subparagraph b<br> -Clause iii<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_B12_b_iii&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2019-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 69<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_69&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2019-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentLiabilitiesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentLiabilitiesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentPrepaymentsAndOtherCurrentAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current prepayments and other current assets. [Refer: Other current assets; Current prepayments]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentPrepaymentsAndOtherCurrentAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentProvisions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current provisions. [Refer: Provisions]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 54<br> -Subparagraph l<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_54_l&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentProvisions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentTaxAssetsCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The current amount of current tax assets. [Refer: Current tax assets]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 54<br> -Subparagraph n<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_54_n&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentTaxAssetsCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentTaxLiabilitiesCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The current amount of current tax liabilities. [Refer: Current tax liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 54<br> -Subparagraph n<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_54_n&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentTaxLiabilitiesCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentTradeReceivables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current trade receivables. [Refer: Trade receivables]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 78<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_78_b&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 68<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_68&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentTradeReceivables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DeferredTaxAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amounts of income taxes recoverable in future periods in respect of: (a) deductible temporary differences; (b) the carryforward of unused tax losses; and (c) the carryforward of unused tax credits. [Refer: Temporary differences [member]; Unused tax credits [member]; Unused tax losses [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2019-01-01<br> -Paragraph 81<br> -Subparagraph g<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=12&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_81_g_i&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 54<br> -Subparagraph o<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_54_o&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 56<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_56&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DeferredTaxAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DeferredTaxLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amounts of income taxes payable in future periods in respect of taxable temporary differences. [Refer: Temporary differences [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2019-01-01<br> -Paragraph 81<br> -Subparagraph g<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=12&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_81_g_i&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 54<br> -Subparagraph o<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_54_o&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 56<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_56&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DeferredTaxLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Equity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of residual interest in the assets of the entity after deducting all its liabilities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 24<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_24_a&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 32<br> -Subparagraph a<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_32_a_i&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2019-01-01<br> -Paragraph 93<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=13&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_93_a&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2019-01-01<br> -Paragraph 93<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=13&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_93_b&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2019-01-01<br> -Paragraph 93<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=13&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_93_e&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 78<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_78_e&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Equity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_EquityAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_EquityAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_EquityAndLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of the entity's equity and liabilities. [Refer: Equity; Liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_EquityAndLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_EquityAttributableToOwnersOfParent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of equity attributable to the owners of the parent. This specifically excludes non-controlling interest.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 54<br> -Subparagraph r<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_54_r&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_EquityAttributableToOwnersOfParent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IntangibleAssetsAndGoodwill">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of intangible assets and goodwill held by the entity. [Refer: Goodwill; Intangible assets other than goodwill]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IntangibleAssetsAndGoodwill</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Inventories">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current inventories. [Refer: Inventories]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 2<br> -IssueDate 2019-01-01<br> -Paragraph 36<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=2&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_36_b&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 54<br> -Subparagraph g<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_54_g&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 68<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_68&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Inventories</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_InvestmentsInSubsidiariesJointVenturesAndAssociates">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of investments in subsidiaries, joint ventures and associates in an entity's separate financial statements. [Refer: Associates [member]; Joint ventures [member]; Subsidiaries [member]; Investments in subsidiaries]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 27<br> -IssueDate 2019-01-01<br> -Paragraph 10<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=27&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_10&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_InvestmentsInSubsidiariesJointVenturesAndAssociates</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Liabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Expiry date 2020-01-01: The amount of present obligations of the entity arising from past events, the settlement of which is expected to result in an outflow from the entity of resources embodying economic benefits.
Effective 2020-01-01: The amount of a present obligation of the entity to transfer an economic resource as a result of past events. Economic resource is a right that has the potential to produce economic benefits.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2019-01-01<br> -Paragraph 93<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=13&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_93_a&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2019-01-01<br> -Paragraph 93<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=13&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_93_b&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2019-01-01<br> -Paragraph 93<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=13&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_93_e&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2019-01-01<br> -Paragraph 28<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_28_d&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2019-01-01<br> -Paragraph 23<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_23&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Liabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_LongtermBorrowings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The non-current portion of non-current borrowings. [Refer: Borrowings]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_LongtermBorrowings</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncontrollingInterests">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of equity in a subsidiary not attributable, directly or indirectly, to a parent. [Refer: Subsidiaries [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2019-01-01<br> -Paragraph 12<br> -Subparagraph f<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_12_f&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 54<br> -Subparagraph q<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_54_q&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 10<br> -IssueDate 2019-01-01<br> -Paragraph 22<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=10&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_22&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncontrollingInterests</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncurrentAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of assets that do not meet the definition of current assets. [Refer: Current assets]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 66<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_66&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2019-01-01<br> -Paragraph B12<br> -Subparagraph b<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_B12_b_ii&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2019-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2019-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncurrentAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncurrentAssetsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncurrentAssetsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of non-current investments other than investments accounted for using the equity method. [Refer: Investments accounted for using equity method; Non-current assets; Investments other than investments accounted for using equity method]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncurrentLeaseLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of non-current lease liabilities. [Refer: Lease liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 16<br> -IssueDate 2019-01-01<br> -Paragraph 47<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=16&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_47_b&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncurrentLeaseLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncurrentLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of liabilities that do not meet the definition of current liabilities. [Refer: Current liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2019-01-01<br> -Paragraph B12<br> -Subparagraph b<br> -Clause iv<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_B12_b_iv&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2019-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 69<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_69&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2019-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncurrentLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncurrentLiabilitiesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncurrentLiabilitiesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncurrentProvisions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of non-current provisions. [Refer: Provisions]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 54<br> -Subparagraph l<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_54_l&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncurrentProvisions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncurrentReceivables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of non-current trade receivables and non-current other receivables. [Refer: Non-current trade receivables; Other non-current receivables]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 54<br> -Subparagraph h<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_54_h&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 78<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_78_b&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncurrentReceivables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherCurrentLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current liabilities that the entity does not separately disclose in the same statement or note. [Refer: Current liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherCurrentLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherNoncurrentLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of non-current liabilities that the entity does not separately disclose in the same statement or note. [Refer: Non-current liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherNoncurrentLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of tangible assets that: (a) are held for use in the production or supply of goods or services, for rental to others, or for administrative purposes; and (b) are expected to be used during more than one period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 16<br> -IssueDate 2019-01-01<br> -Paragraph 73<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=16&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_73_e&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 54<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_54_a&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RightofuseAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of assets that represent a lessee's right to use an underlying asset for the lease term. Underlying asset is an asset that is the subject of a lease, for which the right to use that asset has been provided by a lessor to a lessee.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 16<br> -IssueDate 2019-01-01<br> -Paragraph 53<br> -Subparagraph j<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=16&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_53_j&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RightofuseAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TradeAndOtherCurrentPayables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current trade payables and current other payables. [Refer: Current trade payables; Other current payables]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 54<br> -Subparagraph k<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_54_k&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TradeAndOtherCurrentPayables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
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<head>
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140345106489976">
<tr>
<th class="tl" colspan="2" rowspan="1"><div style="width: 200px;"><strong>CONSOLIDATED STATEMENT OF CHANGES IN EQUITY - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Total</div></th>
<th class="th"><div>Total</div></th>
<th class="th" colspan="2"><div>Share Capital</div></th>
<th class="th"><div>Legal Reserves</div></th>
<th class="th"><div>Share Premium</div></th>
<th class="th"><div>Currency Translation Adjustment</div></th>
<th class="th" colspan="2"><div>Other Reserves</div></th>
<th class="th" colspan="2"><div>Retained Earnings</div></th>
<th class="th"><div>Non-controlling interests</div></th>
</tr>
<tr class="rc">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Equity', window );">Balance (Previously stated) at Dec. 31, 2017</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 11,580,970<span></span>
</td>
<td class="nump">$ 11,482,185<span></span>
</td>
<td class="nump">$ 1,180,537<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">$ 118,054<span></span>
</td>
<td class="nump">$ 609,733<span></span>
</td>
<td class="num">$ (824,423)<span></span>
</td>
<td class="num">$ (320,569)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="nump">$ 10,718,853<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">$ 98,785<span></span>
</td>
</tr>
<tr class="rc">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Equity', window );">Balance (Changes in accounting policies (Section II AP)) at Dec. 31, 2017</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">8,018<span></span>
</td>
<td class="nump">8,006<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2,786<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="nump">5,220<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">12<span></span>
</td>
</tr>
<tr class="rc">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Equity', window );">Balance at Dec. 31, 2017</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">11,588,988<span></span>
</td>
<td class="nump">11,490,191<span></span>
</td>
<td class="nump">1,180,537<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">118,054<span></span>
</td>
<td class="nump">609,733<span></span>
</td>
<td class="num">(824,423)<span></span>
</td>
<td class="num">(317,783)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="nump">10,724,073<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">98,797<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLoss', window );">Income (loss) for the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">873,900<span></span>
</td>
<td class="nump">876,063<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">876,063<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(2,163)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation', window );">Currency translation adjustment</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(96,916)<span></span>
</td>
<td class="num">(96,673)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(96,673)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(243)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans', window );">Remeasurements of post employment benefit obligations, net of taxes</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">6,031<span></span>
</td>
<td class="nump">6,135<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">6,135<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(104)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherComprehensiveIncomeNetOfTaxFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncome', window );">Change in value of instruments at fair value through other comprehensive income and cash flow hedges, net of taxes</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(6,667)<span></span>
</td>
<td class="num">(6,673)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(6,673)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">6<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethod', window );">From other comprehensive income of non-consolidated companies</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(2,139)<span></span>
</td>
<td class="num">(2,139)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,848<span></span>
</td>
<td class="num">(3,987)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherComprehensiveIncome', window );">Other comprehensive (loss) income for the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(99,691)<span></span>
</td>
<td class="num">(99,350)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(94,825)<span></span>
</td>
<td class="num">(4,525)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(341)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ComprehensiveIncome', window );">Total comprehensive (loss) income for the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">774,209<span></span>
</td>
<td class="nump">776,713<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(94,825)<span></span>
</td>
<td class="num">(4,525)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="nump">876,063<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(2,504)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl', window );">Acquisition and other changes in non-controlling interests</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[3]</sup></td>
<td class="num">(24)<span></span>
</td>
<td class="num">(2)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(2)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(22)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DividendsPaid', window );">Dividends paid in cash</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(487,681)<span></span>
</td>
<td class="num">(484,020)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(484,020)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(3,661)<span></span>
</td>
</tr>
<tr class="rc">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Equity', window );">Balance at Dec. 31, 2018</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">11,875,492<span></span>
</td>
<td class="nump">11,782,882<span></span>
</td>
<td class="nump">1,180,537<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">118,054<span></span>
</td>
<td class="nump">609,733<span></span>
</td>
<td class="num">(919,248)<span></span>
</td>
<td class="num">(322,310)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="nump">11,116,116<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">92,610<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLoss', window );">Income (loss) for the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">731,258<span></span>
</td>
<td class="nump">742,686<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">742,686<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(11,428)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation', window );">Currency translation adjustment</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(27,294)<span></span>
</td>
<td class="num">(27,217)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(27,217)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(77)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans', window );">Remeasurements of post employment benefit obligations, net of taxes</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(7,727)<span></span>
</td>
<td class="num">(7,132)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(7,132)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(595)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherComprehensiveIncomeNetOfTaxFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncome', window );">Change in value of instruments at fair value through other comprehensive income and cash flow hedges, net of taxes</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">2,332<span></span>
</td>
<td class="nump">1,605<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,605<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">727<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethod', window );">From other comprehensive income of non-consolidated companies</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(19,847)<span></span>
</td>
<td class="num">(19,847)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(10,781)<span></span>
</td>
<td class="num">(9,066)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherComprehensiveIncome', window );">Other comprehensive (loss) income for the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(52,536)<span></span>
</td>
<td class="num">(52,591)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(37,998)<span></span>
</td>
<td class="num">(14,593)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">55<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ComprehensiveIncome', window );">Total comprehensive (loss) income for the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">678,722<span></span>
</td>
<td class="nump">690,095<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(37,998)<span></span>
</td>
<td class="num">(14,593)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="nump">742,686<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(11,373)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl', window );">Acquisition and other changes in non-controlling interests</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[3]</sup></td>
<td class="nump">117,985<span></span>
</td>
<td class="nump">1<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">117,984<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DividendsPaid', window );">Dividends paid in cash</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(485,827)<span></span>
</td>
<td class="num">(484,020)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(484,020)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(1,807)<span></span>
</td>
</tr>
<tr class="rc">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Equity', window );">Balance at Dec. 31, 2019</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">12,186,372<span></span>
</td>
<td class="nump">11,988,958<span></span>
</td>
<td class="nump">1,180,537<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">118,054<span></span>
</td>
<td class="nump">609,733<span></span>
</td>
<td class="num">(957,246)<span></span>
</td>
<td class="num">(336,902)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="nump">11,374,782<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">197,414<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLoss', window );">Income (loss) for the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(642,417)<span></span>
</td>
<td class="num">(634,418)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(634,418)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[4]</sup></td>
<td class="num">(7,999)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation', window );">Currency translation adjustment</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">31,172<span></span>
</td>
<td class="nump">30,849<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">30,849<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">323<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans', window );">Remeasurements of post employment benefit obligations, net of taxes</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(4,201)<span></span>
</td>
<td class="num">(4,236)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(4,664)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[5]</sup></td>
<td class="nump">428<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[4]</sup></td>
<td class="nump">35<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherComprehensiveIncomeNetOfTaxFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncome', window );">Change in value of instruments at fair value through other comprehensive income and cash flow hedges, net of taxes</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(7,456)<span></span>
</td>
<td class="num">(5,079)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(5,079)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[5]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(2,377)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethod', window );">From other comprehensive income of non-consolidated companies</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(30,551)<span></span>
</td>
<td class="num">(30,551)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(31,977)<span></span>
</td>
<td class="nump">1,426<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[5]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherComprehensiveIncome', window );">Other comprehensive (loss) income for the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(11,036)<span></span>
</td>
<td class="num">(9,017)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(1,128)<span></span>
</td>
<td class="num">(8,317)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[5]</sup></td>
<td class="nump">428<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[4]</sup></td>
<td class="num">(2,019)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ComprehensiveIncome', window );">Total comprehensive (loss) income for the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(653,453)<span></span>
</td>
<td class="num">(643,435)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(1,128)<span></span>
</td>
<td class="num">(8,317)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[5]</sup></td>
<td class="num">(633,990)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[4]</sup></td>
<td class="num">(10,018)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl', window );">Acquisition and other changes in non-controlling interests</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[6]</sup></td>
<td class="nump">1,492<span></span>
</td>
<td class="nump">2<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[5]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">1,490<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DividendsPaid', window );">Dividends paid in cash</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(87,938)<span></span>
</td>
<td class="num">(82,637)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(82,637)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[4]</sup></td>
<td class="num">(5,301)<span></span>
</td>
</tr>
<tr class="rc">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Equity', window );">Balance at Dec. 31, 2020</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 11,446,473<span></span>
</td>
<td class="nump">$ 11,262,888<span></span>
</td>
<td class="nump">$ 1,180,537<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[7]</sup></td>
<td class="nump">$ 118,054<span></span>
</td>
<td class="nump">$ 609,733<span></span>
</td>
<td class="num">$ (958,374)<span></span>
</td>
<td class="num">$ (345,217)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[5]</sup></td>
<td class="nump">$ 10,658,155<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[4]</sup></td>
<td class="nump">$ 183,585<span></span>
</td>
</tr>
<tr><td colspan="13"></td></tr>
<tr><td colspan="13"><table class="outerFootnotes" width="100%">
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">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 and 2018 there were 1,180,536,830 shares issued. All issued shares are fully paid.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[2]</td>
<td style="vertical-align: top;" valign="top">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.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[3]</td>
<td style="vertical-align: top;" valign="top">Mainly related to Saudi Steel Pipe Company (&#8220;SSPC&#8221;) acquisition. See note 32.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[4]</td>
<td style="vertical-align: top;" valign="top">The restrictions to the distribution of profits and payment of dividends according to Luxembourg Law are disclosed in note 26 (iii).</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[5]</td>
<td style="vertical-align: top;" valign="top">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.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[6]</td>
<td style="vertical-align: top;" valign="top">Mainly related to the agreement for the construction of Tenaris Baogang Baotou Steel Pipes Ltd. See note 34.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[7]</td>
<td style="vertical-align: top;" valign="top">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, 2020 there were 1,180,536,830 shares issued. All issued shares are fully paid.</td>
</tr>
</table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ComprehensiveIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of change in equity resulting from transactions and other events, other than those changes resulting from transactions with owners in their capacity as owners.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 32<br> -Subparagraph a<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_32_a_ii&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 24<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_24_b&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2019-01-01<br> -Paragraph B12<br> -Subparagraph b<br> -Clause ix<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_B12_b_ix&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2019-03-27<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 106<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_106_a&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 5: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2019-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2019-03-27<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 81A<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_81A_c&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ComprehensiveIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DividendsPaid">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of dividends recognised as distributions to owners.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 107<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_107&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DividendsPaid</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Equity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of residual interest in the assets of the entity after deducting all its liabilities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 24<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_24_a&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 32<br> -Subparagraph a<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_32_a_i&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2019-01-01<br> -Paragraph 93<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=13&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_93_a&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2019-01-01<br> -Paragraph 93<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=13&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_93_b&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2019-01-01<br> -Paragraph 93<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=13&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_93_e&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 78<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_78_e&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Equity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in equity through changes in ownership interests in subsidiaries that do not result in loss of control. [Refer: Subsidiaries [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 106<br> -Subparagraph d<br> -Clause iii<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_106_d_iii&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherComprehensiveIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of income and expense (including reclassification adjustments) that is not recognised in profit or loss as required or permitted by IFRSs. [Refer: IFRSs [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 106<br> -Subparagraph d<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_106_d_ii&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2019-01-01<br> -Paragraph B12<br> -Subparagraph b<br> -Clause viii<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_B12_b_viii&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2019-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 81A<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_81A_b&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 91<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_91_a&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherComprehensiveIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of other comprehensive income, net of tax, related to exchange differences when financial statements of foreign operations are translated. [Refer: Other comprehensive income]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 91<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_91_a&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 7<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_7&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherComprehensiveIncomeNetOfTaxFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of other comprehensive income, net of tax, related to financial assets measured at fair value through other comprehensive income. [Refer: Financial assets measured at fair value through other comprehensive income; Other comprehensive income]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 7<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_7&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 91<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_91_a&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherComprehensiveIncomeNetOfTaxFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of other comprehensive income, net of tax, related to gains (losses) on remeasurements of defined benefit plans, which comprise actuarial gains and losses; the return on plan assets, excluding amounts included in net interest on the net defined benefit liability (asset); and any change in the effect of the asset ceiling, excluding amounts included in net interest on the net defined benefit liability (asset). [Refer: Other comprehensive income; Defined benefit plans [member]; Plan assets [member]; Net defined benefit liability (asset)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 91<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_91_a&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 7<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_7&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProfitLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The total of income less expenses from continuing and discontinued operations, excluding the components of other comprehensive income. [Refer: Other comprehensive income]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2019-01-01<br> -Paragraph 18<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_18_b&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 24<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_24_b&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 32<br> -Subparagraph a<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_32_a_ii&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2019-01-01<br> -Paragraph 28<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_28_b&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 5: http://www.xbrl.org/2003/role/exampleRef<br> -Note Effective on first application of IFRS 9<br> -Name IFRS<br> -Number 4<br> -IssueDate 2019-01-01<br> -Paragraph 39L<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=4&amp;code=ifrs-tx-2019-en-b&amp;anchor=para_39L_e&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2019-01-01<br> -Paragraph 23<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_23&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 7: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2019-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2019-03-27<br><br>Reference 8: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 106<br> -Subparagraph d<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_106_d_i&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 9: http://www.xbrl.org/2003/role/exampleRef<br> -Note Effective 2021-01-01<br> -Name IFRS<br> -Number 17<br> -IssueDate 2019-01-01<br> -Paragraph 113<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=17&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_113_b&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 10: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 81A<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_81A_a&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProfitLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethod">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entity's share of the other comprehensive income of associates and joint ventures accounted for using the equity method, net of tax. [Refer: Associates [member]; Investments accounted for using equity method; Joint ventures [member]; Other comprehensive income]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Note Effective on first application of IFRS 9<br> -Name IFRS<br> -Number 4<br> -IssueDate 2019-01-01<br> -Paragraph 39M<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=4&amp;code=ifrs-tx-2019-en-b&amp;anchor=para_39M_b&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2019-01-01<br> -Paragraph B16<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_B16_c&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2019-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 91<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_91_a&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethod</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RetrospectiveApplicationAndRetrospectiveRestatementAxis=ifrs-full_PreviouslyStatedMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RetrospectiveApplicationAndRetrospectiveRestatementAxis=ifrs-full_PreviouslyStatedMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RetrospectiveApplicationAndRetrospectiveRestatementAxis=ifrs-full_IncreaseDecreaseDueToChangesInAccountingPolicyRequiredByIFRSsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RetrospectiveApplicationAndRetrospectiveRestatementAxis=ifrs-full_IncreaseDecreaseDueToChangesInAccountingPolicyRequiredByIFRSsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>48
<FILENAME>R6.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<body>
<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140345113259848">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (Parentheticals) - $ / shares<br></strong></div></th>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_StatementOfChangesInEquityAbstract', window );"><strong>CONSOLIDATED STATEMENT OF CHANGES IN EQUITY</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfSharesAuthorised', window );">Authorized share capital (in shares)</a></td>
<td class="nump">2,500,000,000<span></span>
</td>
<td class="nump">2,500,000,000<span></span>
</td>
<td class="nump">2,500,000,000<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ParValuePerShare', window );">Nominal value (in dollars per share)</a></td>
<td class="nump">$ 1.00<span></span>
</td>
<td class="nump">$ 1.00<span></span>
</td>
<td class="nump">$ 1.00<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfSharesIssued', window );">Shares issued (in shares)</a></td>
<td class="nump">1,180,536,830<span></span>
</td>
<td class="nump">1,180,536,830<span></span>
</td>
<td class="nump">1,180,536,830<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NumberOfSharesAuthorised">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of shares authorised.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 79<br> -Subparagraph a<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_79_a_i&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NumberOfSharesAuthorised</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NumberOfSharesIssued">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of shares issued by the entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 106<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_106_d&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NumberOfSharesIssued</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ParValuePerShare">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The nominal value per share.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 79<br> -Subparagraph a<br> -Clause iii<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_79_a_iii&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ParValuePerShare</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_StatementOfChangesInEquityAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_StatementOfChangesInEquityAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>49
<FILENAME>R7.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
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</head>
<body>
<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140345110694344">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashFlowsFromUsedInOperatingActivitiesAbstract', window );"><strong>Cash flows from operating activities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLoss', window );">(Loss) income for the year</a></td>
<td class="num">$ (642,417)<span></span>
</td>
<td class="nump">$ 731,258<span></span>
</td>
<td class="nump">$ 873,900<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdjustmentsForReconcileProfitLossAbstract', window );"><strong>Adjustments for:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdjustmentsForDepreciationAndAmortisationExpense', window );">Depreciation and amortization</a></td>
<td class="nump">678,806<span></span>
</td>
<td class="nump">539,521<span></span>
</td>
<td class="nump">664,357<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss', window );">Impairment charge</a></td>
<td class="nump">622,402<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdjustmentsForIncomeTaxExpense', window );">Income tax accruals less payments</a></td>
<td class="num">(117,214)<span></span>
</td>
<td class="num">(193,417)<span></span>
</td>
<td class="nump">58,494<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdjustmentsForUndistributedProfitsOfAssociates', window );">Equity in earnings of non-consolidated companies</a></td>
<td class="num">(108,799)<span></span>
</td>
<td class="num">(82,036)<span></span>
</td>
<td class="num">(193,994)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdjustmentsForFinanceIncomeCost', window );">Interest accruals less payments, net</a></td>
<td class="num">(538)<span></span>
</td>
<td class="num">(4,381)<span></span>
</td>
<td class="nump">6,151<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdjustmentsForProvisions', window );">Changes in provisions</a></td>
<td class="num">(13,175)<span></span>
</td>
<td class="nump">2,739<span></span>
</td>
<td class="num">(8,396)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseInWorkingCapital', window );">Changes in working capital</a></td>
<td class="nump">1,059,135<span></span>
</td>
<td class="nump">523,109<span></span>
</td>
<td class="num">(737,952)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherAdjustmentsForNoncashItems', window );">Currency translation adjustment and others</a></td>
<td class="nump">42,183<span></span>
</td>
<td class="nump">11,146<span></span>
</td>
<td class="num">(51,758)<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashFlowsFromUsedInOperatingActivities', window );">Net cash provided by operating activities</a></td>
<td class="nump">1,520,383<span></span>
</td>
<td class="nump">1,527,939<span></span>
</td>
<td class="nump">610,802<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashFlowsFromUsedInInvestingActivitiesAbstract', window );"><strong>Cash flows from investing activities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PurchaseOfPropertyPlantAndEquipmentIntangibleAssetsOtherThanGoodwillInvestmentPropertyAndOtherNoncurrentAssets', window );">Capital expenditures</a></td>
<td class="num">(193,322)<span></span>
</td>
<td class="num">(350,174)<span></span>
</td>
<td class="num">(349,473)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashReceiptsFromRepaymentOfAdvancesAndLoansMadeToOtherPartiesClassifiedAsInvestingActivities', window );">Changes in advance to suppliers of property, plant and equipment</a></td>
<td class="num">(1,031)<span></span>
</td>
<td class="nump">3,820<span></span>
</td>
<td class="nump">4,851<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities', window );">Acquisition of subsidiaries, net of cash acquired</a></td>
<td class="num">(1,025,367)<span></span>
</td>
<td class="num">(132,845)<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PurchaseOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod', window );">Investment in companies under cost method</a></td>
<td class="text"> <span></span>
</td>
<td class="num">(2,933)<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PurchaseOfInterestsInAssociates', window );">Additions to associated companies</a></td>
<td class="text"> <span></span>
</td>
<td class="num">(19,610)<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashAdvancesAndLoansMadeToRelatedParties', window );">Loan to non-consolidated companies</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="num">(14,740)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashReceiptsFromRepaymentOfAdvancesAndLoansMadeToRelatedParties', window );">Repayment of loan by non-consolidated companies</a></td>
<td class="text"> <span></span>
</td>
<td class="nump">40,470<span></span>
</td>
<td class="nump">9,370<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProceedsFromDisposalsOfPropertyPlantAndEquipmentIntangibleAssetsOtherThanGoodwillInvestmentPropertyAndOtherNoncurrentAssets', window );">Proceeds from disposal of property, plant and equipment and intangible assets</a></td>
<td class="nump">14,394<span></span>
</td>
<td class="nump">2,091<span></span>
</td>
<td class="nump">6,010<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DividendsReceivedFromAssociatesClassifiedAsInvestingActivities', window );">Dividends received from non-consolidated companies</a></td>
<td class="nump">278<span></span>
</td>
<td class="nump">28,974<span></span>
</td>
<td class="nump">25,722<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashFlowsFromUsedInDecreaseIncreaseInShorttermDepositsAndInvestments', window );">Changes in investments in securities</a></td>
<td class="num">(887,216)<span></span>
</td>
<td class="nump">389,815<span></span>
</td>
<td class="nump">717,368<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashFlowsFromUsedInInvestingActivities', window );">Net cash (used in) provided by investing activities</a></td>
<td class="num">(2,092,264)<span></span>
</td>
<td class="num">(40,392)<span></span>
</td>
<td class="nump">399,108<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashFlowsFromUsedInFinancingActivitiesAbstract', window );"><strong>Cash flows from financing activities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DividendsPaidClassifiedAsFinancingActivities', window );">Dividends paid</a></td>
<td class="num">(82,637)<span></span>
</td>
<td class="num">(484,020)<span></span>
</td>
<td class="num">(484,020)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DividendsPaidToNoncontrollingInterestsClassifiedAsFinancingActivities', window );">Dividends paid to non-controlling interest in subsidiaries</a></td>
<td class="num">(5,301)<span></span>
</td>
<td class="num">(1,872)<span></span>
</td>
<td class="num">(3,498)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_ProceedsPaymentsFromChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl', window );">Changes in non-controlling interests</a></td>
<td class="nump">2<span></span>
</td>
<td class="nump">1<span></span>
</td>
<td class="num">(24)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities', window );">Payments of lease liabilities</a></td>
<td class="num">(48,553)<span></span>
</td>
<td class="num">(41,530)<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProceedsFromBorrowingsClassifiedAsFinancingActivities', window );">Proceeds from borrowings</a></td>
<td class="nump">658,156<span></span>
</td>
<td class="nump">1,332,716<span></span>
</td>
<td class="nump">1,019,302<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities', window );">Repayments of borrowings</a></td>
<td class="num">(896,986)<span></span>
</td>
<td class="num">(1,159,053)<span></span>
</td>
<td class="num">(1,432,202)<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashFlowsFromUsedInFinancingActivities', window );">Net cash used in financing activities</a></td>
<td class="num">(375,319)<span></span>
</td>
<td class="num">(353,758)<span></span>
</td>
<td class="num">(900,442)<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges', window );">(Decrease) increase in cash and cash equivalents</a></td>
<td class="num">(947,200)<span></span>
</td>
<td class="nump">1,133,789<span></span>
</td>
<td class="nump">109,468<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPositionAbstract', window );"><strong>Movement in cash and cash equivalents</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition', window );">At the beginning of the year</a></td>
<td class="nump">1,554,275<span></span>
</td>
<td class="nump">426,717<span></span>
</td>
<td class="nump">330,090<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_EffectOfExchangeRateChangesOnCashAndCashEquivalents', window );">Effect of exchange rate changes</a></td>
<td class="num">(22,492)<span></span>
</td>
<td class="num">(6,231)<span></span>
</td>
<td class="num">(12,841)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseInCashAndCashEquivalents', window );">(Decrease) increase in cash and cash equivalents</a></td>
<td class="num">(947,200)<span></span>
</td>
<td class="nump">1,133,789<span></span>
</td>
<td class="nump">109,468<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition', window );">At December 31,</a></td>
<td class="nump">584,583<span></span>
</td>
<td class="nump">1,554,275<span></span>
</td>
<td class="nump">426,717<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashAndCashEquivalentsAbstract', window );"><strong>Cash and cash equivalents:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition', window );">Cash and cash equivalents</a></td>
<td class="nump">$ 1,554,275<span></span>
</td>
<td class="nump">$ 426,717<span></span>
</td>
<td class="nump">$ 426,717<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdjustmentsForDepreciationAndAmortisationExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Adjustments for depreciation and amortisation expense to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Depreciation and amortisation expense; Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2019-01-01<br> -Paragraph 20<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_20_b&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdjustmentsForDepreciationAndAmortisationExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdjustmentsForFinanceIncomeCost">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Adjustments for net finance income or cost to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Finance income (cost); Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2019-01-01<br> -Paragraph 20<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_20&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdjustmentsForFinanceIncomeCost</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
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<tr>
<td><strong> Data Type:</strong></td>
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</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Adjustments for impairment loss (reversal of impairment loss) recognised in profit or loss to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Impairment loss (reversal of impairment loss) recognised in profit or loss]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2019-01-01<br> -Paragraph 20<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_20_b&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdjustmentsForIncomeTaxExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Adjustments for income tax expense to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2019-01-01<br> -Paragraph 35<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_35&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdjustmentsForIncomeTaxExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdjustmentsForProvisions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Adjustments for provisions to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Provisions; Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2019-01-01<br> -Paragraph 20<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_20_b&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdjustmentsForProvisions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdjustmentsForReconcileProfitLossAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdjustmentsForReconcileProfitLossAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdjustmentsForUndistributedProfitsOfAssociates">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Adjustments for undistributed profits of associates to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Associates [member]; Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2019-01-01<br> -Paragraph 20<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_20_b&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdjustmentsForUndistributedProfitsOfAssociates</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashAdvancesAndLoansMadeToRelatedParties">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for loans and advances made to related parties. [Refer: Related parties [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2019-01-01<br> -Paragraph 16<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_16&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashAdvancesAndLoansMadeToRelatedParties</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashAndCashEquivalentsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashAndCashEquivalentsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of cash and cash equivalents in the statement of cash flows when different from the amount of cash and cash equivalents in the statement of financial position. [Refer: Cash and cash equivalents]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2019-01-01<br> -Paragraph 45<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_45&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPositionAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPositionAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashFlowsFromUsedInDecreaseIncreaseInShorttermDepositsAndInvestments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash inflow (outflow) due to a decrease (increase) in short-term deposits and investments.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2019-01-01<br> -Paragraph 16<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_16&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashFlowsFromUsedInDecreaseIncreaseInShorttermDepositsAndInvestments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashFlowsFromUsedInFinancingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash flows from (used in) financing activities, which are activities that result in changes in the size and composition of the contributed equity and borrowings of the entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2019-01-01<br> -Paragraph 10<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_10&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2019-01-01<br> -Paragraph 50<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_50_d&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashFlowsFromUsedInFinancingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashFlowsFromUsedInFinancingActivitiesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashFlowsFromUsedInFinancingActivitiesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashFlowsFromUsedInInvestingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash flows from (used in) investing activities, which are the acquisition and disposal of long-term assets and other investments not included in cash equivalents.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2019-01-01<br> -Paragraph 10<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_10&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2019-01-01<br> -Paragraph 50<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_50_d&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashFlowsFromUsedInInvestingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashFlowsFromUsedInInvestingActivitiesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashFlowsFromUsedInInvestingActivitiesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashFlowsFromUsedInOperatingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash flows from (used in) operating activities, which are the principal revenue-producing activities of the entity and other activities that are not investing or financing activities. [Refer: Revenue]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2019-01-01<br> -Paragraph 10<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_10&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2019-01-01<br> -Paragraph 50<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_50_d&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashFlowsFromUsedInOperatingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashFlowsFromUsedInOperatingActivitiesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashFlowsFromUsedInOperatingActivitiesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The aggregate cash flows used in obtaining control of subsidiaries or other businesses, classified as investing activities. [Refer: Subsidiaries [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2019-01-01<br> -Paragraph 39<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_39&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashReceiptsFromRepaymentOfAdvancesAndLoansMadeToOtherPartiesClassifiedAsInvestingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash inflow from the repayment of advances and loans made to other parties (other than advances and loans of a financial institution), classified as investing activities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2019-01-01<br> -Paragraph 16<br> -Subparagraph f<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_16_f&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashReceiptsFromRepaymentOfAdvancesAndLoansMadeToOtherPartiesClassifiedAsInvestingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashReceiptsFromRepaymentOfAdvancesAndLoansMadeToRelatedParties">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash inflow from repayment to the entity of loans and advances made to related parties. [Refer: Related parties [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2019-01-01<br> -Paragraph 16<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_16&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashReceiptsFromRepaymentOfAdvancesAndLoansMadeToRelatedParties</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DividendsPaidClassifiedAsFinancingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for dividends paid by the entity, classified as financing activities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2019-01-01<br> -Paragraph 31<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_31&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DividendsPaidClassifiedAsFinancingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DividendsPaidToNoncontrollingInterestsClassifiedAsFinancingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for dividends paid to non-controlling interests, classified as financing activities. [Refer: Non-controlling interests; Dividends paid to non-controlling interests]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2019-01-01<br> -Paragraph 17<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_17&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DividendsPaidToNoncontrollingInterestsClassifiedAsFinancingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DividendsReceivedFromAssociatesClassifiedAsInvestingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash inflow representing dividends received from associates, classified as investing activities. [Refer: Associates [member]; Dividends received]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2019-01-01<br> -Paragraph 16<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_16&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DividendsReceivedFromAssociatesClassifiedAsInvestingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_EffectOfExchangeRateChangesOnCashAndCashEquivalents">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The effect of exchange rate changes on cash and cash equivalents held or due in a foreign currency. [Refer: Cash and cash equivalents]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2019-01-01<br> -Paragraph 25<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_25&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2019-01-01<br> -Paragraph 28<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_28&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_EffectOfExchangeRateChangesOnCashAndCashEquivalents</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncreaseDecreaseInCashAndCashEquivalents">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in cash and cash equivalents. [Refer: Cash and cash equivalents]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2019-01-01<br> -Paragraph 45<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_45&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncreaseDecreaseInCashAndCashEquivalents</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in cash and cash equivalents before the effect of exchange rate changes on cash and cash equivalents held in foreign currencies. [Refer: Cash and cash equivalents; Effect of exchange rate changes on cash and cash equivalents]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2019-01-01<br> -Paragraph 45<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_45&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncreaseDecreaseInWorkingCapital">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in working capital.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2019-01-01<br> -Paragraph 20<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_20&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncreaseDecreaseInWorkingCapital</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherAdjustmentsForNoncashItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Adjustments for non-cash items to reconcile profit (loss) to net cash flow from (used in) operating activities that the entity does not separately disclose in the same statement or note. [Refer: Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2019-01-01<br> -Paragraph 20<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_20_b&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherAdjustmentsForNoncashItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for payment of lease liabilities, classified as financing activities. [Refer: Lease liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2019-01-01<br> -Paragraph 17<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_17_e&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProceedsFromBorrowingsClassifiedAsFinancingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash inflow from borrowings obtained. [Refer: Borrowings]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2019-01-01<br> -Paragraph 17<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_17_c&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProceedsFromBorrowingsClassifiedAsFinancingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProceedsFromDisposalsOfPropertyPlantAndEquipmentIntangibleAssetsOtherThanGoodwillInvestmentPropertyAndOtherNoncurrentAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash inflow from the disposal of property, plant and equipment, intangible assets other than goodwill, investment property and other non-current assets. [Refer: Intangible assets other than goodwill; Investment property; Other non-current assets; Property, plant and equipment]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2019-01-01<br> -Paragraph 16<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_16&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProceedsFromDisposalsOfPropertyPlantAndEquipmentIntangibleAssetsOtherThanGoodwillInvestmentPropertyAndOtherNoncurrentAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProfitLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The total of income less expenses from continuing and discontinued operations, excluding the components of other comprehensive income. [Refer: Other comprehensive income]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2019-01-01<br> -Paragraph 18<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_18_b&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 24<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_24_b&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 32<br> -Subparagraph a<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_32_a_ii&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2019-01-01<br> -Paragraph 28<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_28_b&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 5: http://www.xbrl.org/2003/role/exampleRef<br> -Note Effective on first application of IFRS 9<br> -Name IFRS<br> -Number 4<br> -IssueDate 2019-01-01<br> -Paragraph 39L<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=4&amp;code=ifrs-tx-2019-en-b&amp;anchor=para_39L_e&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2019-01-01<br> -Paragraph 23<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_23&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 7: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2019-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2019-03-27<br><br>Reference 8: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 106<br> -Subparagraph d<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_106_d_i&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 9: http://www.xbrl.org/2003/role/exampleRef<br> -Note Effective 2021-01-01<br> -Name IFRS<br> -Number 17<br> -IssueDate 2019-01-01<br> -Paragraph 113<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=17&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_113_b&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 10: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 81A<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_81A_a&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProfitLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>credit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PurchaseOfInterestsInAssociates">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for the purchase of interests in associates. [Refer: Associates [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2019-01-01<br> -Paragraph 16<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_16&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PurchaseOfInterestsInAssociates</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
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<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PurchaseOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for the purchase of investments other than investments accounted for using equity method. [Refer: Investments accounted for using equity method; Investments other than investments accounted for using equity method]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2019-01-01<br> -Paragraph 16<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_16&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PurchaseOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod</td>
</tr>
<tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PurchaseOfPropertyPlantAndEquipmentIntangibleAssetsOtherThanGoodwillInvestmentPropertyAndOtherNoncurrentAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for the purchase of property, plant and equipment, intangible assets other than goodwill, investment property and other non-current assets. [Refer: Intangible assets other than goodwill; Investment property; Other non-current assets; Property, plant and equipment]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2019-01-01<br> -Paragraph 16<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_16&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PurchaseOfPropertyPlantAndEquipmentIntangibleAssetsOtherThanGoodwillInvestmentPropertyAndOtherNoncurrentAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow to settle borrowings, classified as financing activities. [Refer: Borrowings]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2019-01-01<br> -Paragraph 17<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_17_d&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_ProceedsPaymentsFromChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash inflow (outflow) from changes in ownership interests in subsidiaries that do not result in a loss of control.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_ProceedsPaymentsFromChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl</td>
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140345114690952">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>I. General Information<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2020</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_DisclosureOfGeneralInformationAboutFinancialStatementsAbstract', window );"><strong>Disclosure of General Information About Financial Statements [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory', window );">I. GENERAL INFORMATION</a></td>
<td class="text"><div>
<p style="margin-top: 0pt;margin-bottom: 0pt;line-height: 12pt;padding-top: 5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; text-transform: uppercase;">I.</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; text-transform: uppercase;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; text-transform: uppercase;">GENERAL INFORMATION</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Tenaris S.A. (the &#8220;Company&#8221;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">) was established as a public limited liability company (</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">s</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">oci</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">&#233;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">t&#233; </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">a</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">nonyme</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">) under the laws of the Grand-Duchy of Luxembourg on December 17, 2001. 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 &#8220;Tenaris&#8221; refer to </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">the Company</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> and its consolidated subsidiaries. A list of the principal Company&#8217;s subsidiaries is included in </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">n</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ote </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">3</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">1</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> to these Consolidated Financial Statements.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The Company&#8217;s shares trade on the Italian Stock Exchange and the Mexican Stock Exchange; the Company&#8217;s American Depositary Securities (&#8220;ADS&#8221;) trade on the New York Stock Exchange.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">These Consolidated Financial Statements were approved for issuance by the Company&#8217;s Board of Directors on</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> February </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">24</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, 202</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">1</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">.</font></p>
</div><span></span>
</td>
</tr>
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<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for general information about financial statements.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 51<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_51&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory</td>
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140345109513208">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>II. Accounting Policies<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2020</div></th></tr>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_DisclosureOfSummaryOfSignificantAccountingPoliciesAbstract', window );"><strong>Disclosure of Summary of Significant Accounting Policies [Abstract]</strong></a></td>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory', window );">II. Accounting Policies</a></td>
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<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; text-transform: uppercase;">II</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; text-transform: uppercase;">. </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; text-transform: uppercase;">Accounting policies</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; text-transform: uppercase;"> </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; text-transform: uppercase; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">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.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 12pt; -aw-import: ignore;">&nbsp;</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">A</font><font style="width: 28.78pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Basis of presentation</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 12pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The Consolidated Financial Statements of Tenaris have been prepared in accordance with International Financial Reporting Standards (&#8220;IFRS&#8221;), as issued by the International Accounting Standards Board (&#8220;IASB&#8221;) and</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> in accordance with IFRS</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> as adopted by the European Union,</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">under the historical cost convention, as modified by the revaluation of </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">certain </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">financial assets</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">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 (&#8220;$&#8221;).</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Whenever necessary, c</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ertain comparative amounts</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">have been reclassified to conform to changes in presentation in the current year.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">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 may differ from these estimates.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> The</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> main</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> areas involving significant estimates or judgements are: </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">i</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">mpairment of goodwill and long-lived assets (not</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">e II.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">H</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">); i</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ncome </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">t</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">axes (note II.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">O</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">); </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">obsolescence of inventory (note </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">II.J</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">); loss contingencies (note II.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Q</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">); </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">allowance for trade receivables (note II.K)</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">d</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">efined be</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">nefit obligations (note II.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">P</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">);</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">business combinations </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">(notes II.B, I</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">V</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>3</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>2</font>); u</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">seful lives of property, plant and equipment</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> and</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> other long-lived assets (notes II.E, II.F</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, II.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">H</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">)</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">; property title ownership </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">restriction</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (note <font>37</font>). </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">During the period there were no material changes in the significant accounting estimates.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Management has reviewed the Company&#8217;s exposure to the effects of the oil and gas crisis and the COVID-<font>19</font> pandemic and their impact over its business, financial position and performance, monitoring the recognition of deferred tax assets, and their recoverability, impairment testing, financial risk management -in particular credit and liquidity risks- and the adequacy of its provisions for contingent liabilities. In the <font>twelve</font>-month period ended December 31, 2020, management conducted impairment tests and recorded impairment charges over certa</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">in long-lived assets. Refer to n</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">otes <font>5</font> and <font>3</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>9</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> for further information on impairment of assets and the impact of the oil and gas crisis and the COVID-<font>19</font> pandemic.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-left: 36pt; margin-bottom: 0pt; text-indent: -36pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">(<font>1</font>)</font><font style="font: 7pt 'Times New Roman'; -aw-import: spaces;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Accounting pronouncements applicable as from J</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">anuary <font>1</font>, <font>20</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"><font>20</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"> and relevant for Tenaris</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">IFRS <font>16</font> &#8220;Leases&#8221;, &#8220;COVID-<font>19</font> - Related Rent Concessions&#8221;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The Company chose not to adopt the optional amendment to IFRS <font>16</font> &#8220;Leases&#8221;, &#8220;COVID-<font>19</font> - Related Rent Concessions&#8221;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">. An assessment was conducted and the Company concluded that </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">the impact </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">was </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">not material.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Other accounting pronouncements t</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">hat became effective during <font>20</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>20</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> have no material effect on the Company&#8217;s financial condition or results of operations.</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><br/></font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt; padding-top: 5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">B</font><font style="width: 29.33pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Group accounting</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 12pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">(<font>1</font>)</font><font style="width: 24.34pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Subsidiaries and transactions with non-controlling interests</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">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 no longer consolidated from the date control ceases. </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">acquisition</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> method of accounting is used to account for the acquisition of subsidiaries by </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Tenaris</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">. The cost of an acquisition is measured as the fair value of the assets </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">transferred</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, equity instruments issued and liabilities incurred or assumed at the date of </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">exchange</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">. Acquisition-related costs are expensed as incurred.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Identifiable assets acquired</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">,</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">. Any non-controlling interest in the acquiree is measured either at fair value or at the non-controlling interest&#8217;s proportionate share of the acquiree&#8217;s net assets. </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">The excess of the</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> aggregate of the</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">consideration transferred</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> and</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> the amount of any non-controlling interest in the acquiree</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">over the fair value of the identifiable net assets acquired is recorded as goodwill. If </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">this</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> is less than the fair value of the net assets of the subsidiary acquired, the difference is recognized directly in the</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Consolidated</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">I</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ncome </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">S</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">tatement.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Contingent consideration is classified either as equity or a</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">s</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">a </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">financial liability. Amounts classified as a financial liability are subsequently remeasured to fair value with changes in fair value recognized in profit or loss.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">If the business combination is achieved in stages, the acquisition date carrying value of the acquirer&#8217;s previously held equity interest in the acquire</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">e</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> is remeasured to fair value at the acquisition date. Any gains or losses arising from such remeasurement are recognized in profit or loss.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">T</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ransactions with non-controlling interests </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">that do not result in a loss of control</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> are accounted</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">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.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">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 may mean that amounts previously recognized in other comprehensive income are reclassified to profit or loss. </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Material intercompany transactions</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">balances </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">and unrealized gains (losses) on transactions </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">between Tenaris subsidiaries have been eliminated in consolidation. However, </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">since</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> the functional currency of some subsidiaries </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">is </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">i</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">t</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">s respective local currency, some financial gains (losses) arising from intercompany transactions</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> are generated. These</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> are included in the </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">C</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">onsolidated </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">I</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ncome </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">S</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">tatement under </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Other f</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">inancial results</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; -aw-import: spaces;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">(<font>2</font>)</font><font style="width: 21.84pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Non-consolidated companies</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 12pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Non-consolidated companies</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> are</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> all</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">entities</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> in which Tenaris </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">has significant influence but not control</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">,</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> generally accompanying a shareholding of </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">between <font style="border-left: none; border-right: none;"><font>20</font></font>% and <font style="border-left: none; border-right: none;"><font>50</font></font>% of the voting rights.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Investments in </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">non-</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">consolidated companies</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">(associated </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">and joint ventures</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">)</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">are accounted for by the equity method of accounting and</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> are</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> initially recognized at cost.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">The Company&#8217;s investment in </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">non-</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">consolidated companies</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> includes goodwill identified in acquisition, net of any accumulated impairment loss.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Under the equity method of accounting, the investments are initially recognized at cost and adjusted thereafter to recognize Tenaris&#8217;s share of the post-acquisition profits or losses of the investee in profit or loss, and Tenaris&#8217;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.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">If material, u</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">nrealized results on transactions between Tenaris and its </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">non-consolidated companies</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> are eliminated to the extent of </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Tenaris&#8217;s</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> interest in the </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">non-consolidated companies</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">. </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Unreali</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">z</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ed losses are also eliminated </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">unless the transaction provides evidence of </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">an impairment </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">indicator </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">of the asset transferred. </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Financial </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">s</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">tatements of </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">non-consolidated companies </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">have been</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> adjusted</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> where necessary to ensure consistency with</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> IFRS</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><br/></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><br/></font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">(<font>2</font>)</font><font style="width: 24.34pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Non-consolidated companies (Cont.)</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The Company&#8217;s pro-rata share of earnings in non-consolidated companies is recorded in the Consolidated Income Statement under </font><font style="font-family: 'Times New (W1)'; font-size: 10pt; font-style: italic;">Equity in earnings</font><font style="font-family: 'Times New (W1)'; font-size: 10pt;"> </font><font style="font-family: 'Times New (W1)'; font-size: 10pt; font-style: italic;">of non-consolidated companies</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">. The Company&#8217;s pro-rata share of changes in other comprehensive income is recognized in the Consolidated Statement of Comprehensive Income.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Ternium</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">At December 31, </font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>20</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font style="border-left: none; border-right: none;"><font>20</font></font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, Tenaris h</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">e</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ld </font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>11.46</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">%</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> of </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Ternium S.A (&#8220;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Ternium</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8221;)</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8217;s common stock</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">. The following factors and circumstances evidence that Tenaris has significant influence (as defined by IAS <font style="border-left: none; border-right: none;"><font>28</font></font>, &#8220;Investments in </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">associates</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> companies</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">and Joint Ventures</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8221;) </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">over Ternium</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, and as a result the Company&#8217;s investment in Ternium has been accounted for under the equity method:</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: spaces;">&nbsp;</font></p>
<ul style="margin: 0pt; padding-left: 0pt; margin-left: 2.58pt;" type="square">
<li style="margin-left: 9.58pt; text-align: justify; line-height: 12pt; padding-left: 8.27pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Wingdings'; -aw-font-weight: normal; -aw-number-format: '&#61607;';"><font style="font-family: 'Times New Roman';">Both the Company and Ternium are under</font><font style="font-family: 'Times New Roman';"> the</font><font style="font-family: 'Times New Roman';"> indirect com</font><font style="font-family: 'Times New Roman';">mon control of San Faustin S.A.</font><font style="font-family: 'Times New Roman';"> (&#8220;San Faustin&#8221;)</font><font style="font-family: 'Times New Roman';">;</font></li>
<li style="margin-left: 9.58pt; text-align: justify; line-height: 12pt; padding-left: 8.27pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Wingdings'; -aw-font-weight: normal; -aw-number-format: '&#61607;';"><font style="font-family: 'Times New Roman';"><font style="border-left: none; border-right: none;"><font>Four</font></font> out of</font><font style="font-family: 'Times New Roman';"> <font style="border-left: none; border-right: none;"><font>eight</font></font></font><font style="font-family: 'Times New Roman';"> members of Ternium&#8217;s Board of D</font><font style="font-family: 'Times New Roman';">irectors (including Ternium&#8217;s </font><font style="font-family: 'Times New Roman';">C</font><font style="font-family: 'Times New Roman';">hairman) are also members of t</font><font style="font-family: 'Times New Roman';">he Company&#8217;s </font><font style="font-family: 'Times New Roman';">Board of D</font><font style="font-family: 'Times New Roman';">irectors</font><font style="font-family: 'Times New Roman';">;</font></li>
<li style="margin-left: 9.58pt; text-align: justify; line-height: 12pt; padding-left: 8.27pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Wingdings'; -aw-font-weight: normal; -aw-number-format: '&#61607;';"><font style="font-family: 'Times New Roman';">Under the shareholders</font><font style="font-family: 'Times New Roman';">&#8217;</font><font style="font-family: 'Times New Roman';"> agreement by and between </font><font style="font-family: 'Times New Roman';">the Company and Techint Holdings S.&#224;</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">r.l, a wholly owned subsidiary of San Faustin </font><font style="font-family: 'Times New Roman';">and Ternium&#8217;s main shareholder, dated January 9, 2006, </font><font style="font-family: 'Times New Roman';">Techint Holdings</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">S.&#224;</font><font style="font-family: 'Times New Roman';">.</font><font style="font-family: 'Times New Roman';">r.l, </font><font style="font-family: 'Times New Roman';">is required to take actions within its power to cause</font><font style="font-family: 'Times New Roman';"> (a) <font style="border-left: none; border-right: none;"><font>one</font></font> of the members of Ternium&#8217;s </font><font style="font-family: 'Times New Roman';">Board of D</font><font style="font-family: 'Times New Roman';">irectors to be nominated by </font><font style="font-family: 'Times New Roman';">the Company</font><font style="font-family: 'Times New Roman';"> and (b) any director nominated by </font><font style="font-family: 'Times New Roman';">the Company</font><font style="font-family: 'Times New Roman';"> to be only removed </font><font style="font-family: 'Times New Roman';">from Ternium&#8217;s Board of D</font><font style="font-family: 'Times New Roman';">irectors pursuant to previous written instructions of </font><font style="font-family: 'Times New Roman';">the Company</font><font style="font-family: 'Times New Roman';">.</font></li>
</ul>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 12pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Usiminas</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">At December 31, 2020, Tenaris he</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ld, through its Brazilian subsidiary Confab Industrial S.A. (&#8220;Confab&#8221;), <font>36.5</font> million ordinary shares and <font>1.3</font> million preferred shares of Usinas Sider&#250;rgicas de Minas Gerais S.A. - Usiminas (&#8220;Usiminas&#8221;), representing </font><font style="border-right: none; border-left: none;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font style="border-left: none; border-right: none;"><font>5.19</font></font></font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">% of its shares with voting rights and <font>3.07</font>% of its total share capital. </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Confab&#8217;s acquisition of the Usiminas shares was part of a larger transaction performed on January 16, 2012, pursuant to which Tenaris&#8217;s affiliate Ternium (through certain of its subsidiaries) and Confab acquired a large block of Usiminas ordinary shares and joined Usiminas&#8217; existing control group. Subsequently, in <font style="border-left: none; border-right: none;"><font>2016</font></font>, Ternium and Confab subscribed to additional ordinary shares and to preferred shares.</font><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: spaces;">&nbsp;&nbsp; </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">At December 31, 202</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font style="border-left: none; border-right: none;"><font>0</font></font>, the Usiminas control group he</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ld, in the aggregate, <font>483.6</font> million ordinary shares bound to the Usiminas shareholders&#8217; agreement, representing approximately <font>68.6</font>% of Usiminas&#8217; voting capital. The Usiminas control group, which is bound by a long-term shareholders&#8217; agreement that governs the rights and obligations of Usiminas&#8217; control group members, is currently composed of <font style="border-left: none; border-right: none;"><font>three</font></font> sub-groups: the T/T Group, comprising Confab and certain Ternium entities; the NSC Group, comprising Nippon Steel Corporation (&#8220;NSC&#8221;), Metal <font style="border-left: none; border-right: none;"><font>One</font></font> Corporation and Mitsubishi Corporation; and Usiminas&#8217; pension fund Previd&#234;ncia Usiminas. The T/T Group holds approximately <font>47.1</font>% of the total shares held by the control group (<font>39.5</font>% corresponding to the Ternium entities and the other <font>7.6</font>% corresponding to Confab); the NSC Group holds approximately <font>45.9</font>% of the total shares held by the control group; and Previd&#234;ncia Usiminas holds the remaining <font>7</font>%.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The corporate governance rules reflected in the Usiminas shareholders agreement include, among others, an alternation mechanism for the nomination of each of the </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">C</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">hief </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">E</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">xecutive </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">O</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">fficer</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (&#8220;CEO&#8221;)</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> and the C</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">hairman of the board of directors of Usiminas, as well as a mechanism for the nomination of other members of Usiminas&#8217; executive board. The Usiminas shareholders agreement also provides for an exit mechanism consisting of a buy-and-sell procedure&#8212;exercisable at any time after November 16, 2022 and applicable with respect to shares held by NSC and the T/T Group&#8212;, which would allow either Ternium or NSC to purchase all or a majority of the Usiminas shares held by the other shareholder. </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Confab and the Ternium entities party to the Usiminas shareholders agreement have a separate shareholders agreement governing their respective rights and obligations as members of the T/T Group. Such separate agreement includes, among others, provisions granting Confab certain rights relating to the T/T Group&#8217;s nomination of Usiminas&#8217; officers and directors under the Usiminas shareholders agreement. Those circumstances evidence that Tenaris has significant influence over Usiminas, and consequently, Tenaris accounts for its investment in Usiminas under the equity method (as defined by IAS <font style="border-left: none; border-right: none;"><font>28</font></font>).</font></p>

<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Techgen</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Techgen S.A. de C.V. (&#8220;Techgen&#8221;)</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, which operates an electric power plant in Mexico,</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> is a joint venture company owned <font>48</font>% by Ternium, <font>30</font>% by Tecpetrol International S.A.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (&#8220;Tecpetrol&#8221;)</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> and <font>22</font>% by Tenaris. Tenaris, Ternium and Tecpetrol are parties to a shareholders&#8217; agreement relating to the governa</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">nce of Techgen. </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">T</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">he Company, Ternium and Tecpetrol are under the indirect com</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">mon control of San Faustin</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> consequently</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">,</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Tenaris</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> account</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">s</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> it</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">s interest </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">in Techgen </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">under the equity method (as defined by IAS <font style="border-left: none; border-right: none;"><font>28</font></font>).</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Global Pipe Company</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Global Pipe Company (&#8220;GPC&#8221;) </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">is a Saudi-German joint venture, established in <font style="border-left: none; border-right: none;"><font>2010</font></font> and located in Jubail</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">,</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Saudi Arabia</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, which manufactures LSAW pipes. Tenaris, through its subsidiary Saudi Steel Pipe Company (&#8220;SSPC&#8221;), currently owns <font>35</font>% of the share capital of GPC. Through the shareholders agreement, </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">SSPC</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> is entitled to choose <font>one</font> of the <font>five</font> members of the Board of Directors of GPC</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">In addition, SSPC has the ability to block any shareholder resolution</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">. Based on the facts stated above, the Company has determined that it has signifi</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">cant influence over this entity and accounts for its investment in GPC under the equity method (as defined by IAS <font style="border-left: none; border-right: none;"><font>28</font></font>).</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Tenaris carries its investment</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">s in non consolidated companies</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">under </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">the equity method, with <font>no</font> 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&#8217;s carrying amount may not be recoverable. At December 31, </font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font style="border-left: none; border-right: none;"><font>2020</font></font>, </font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font style="border-left: none; border-right: none;"><font>2019</font></font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> and</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font style="border-left: none; border-right: none;"><font>2018</font></font>, <font>no</font> impairment provisions were recorded in any of the aforementioned investments. </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">See n</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ote <font>1</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>3</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">.</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">C</font><font style="width: 28.78pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Segment information</font><font style="font-family: 'Times New Roman'; font-size: 12pt;"> </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The Company is organized in <font>one</font> major business segment, Tubes, which is also the reportable operating segment.</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">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 (</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8220;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">OCTG</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8221;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">) 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 </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">are </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">made through local subsidiaries.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Corporate general and administrative expenses have been allocated to the Tubes segment.</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Others include</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">s</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> all other business activities and operating segments that are not required to be separately reported, including the production and selling of sucker rods, industrial equipment, coiled tubing</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">,</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">utility conduits</font><font style="font-family: 'Times New Roman'; font-size: 10.5pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">for buildings</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">,</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> heat exchangers,</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">energy</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> and </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">raw materials that exceed internal requirements. </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Tenaris&#8217;s</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Chief Operating Decision Maker (</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8220;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">C</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">O</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">DM</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8221;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">) 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:</font></p>
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<li style="margin-left: 9.58pt; text-align: justify; line-height: 12pt; padding-left: 8.27pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Wingdings'; -aw-font-weight: normal; -aw-number-format: '&#61607;';"><font style="font-family: 'Times New Roman';">The use of direct cost methodology to calculate the inventories, while under IFRS </font><font style="font-family: 'Times New Roman';">it </font><font style="font-family: 'Times New Roman';">is at full cost, including absorption of production overheads and depreciation</font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';">;</font></li>
<li style="margin-left: 9.58pt; text-align: justify; line-height: 12pt; padding-left: 8.27pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Wingdings'; -aw-font-weight: normal; -aw-number-format: '&#61607;';"><font style="font-family: 'Times New Roman';">The use of costs based on previously internally defined cost estimates, while, under IFRS, costs are calculated at historical cost</font><font style="font-family: 'Times New Roman';">;</font></li>
<li style="margin-left: 9.58pt; text-align: justify; line-height: 12pt; padding-left: 8.27pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Wingdings'; -aw-font-weight: normal; -aw-number-format: '&#61607;';"><font style="font-family: 'Times New Roman';">Other timing differences, if any.</font></li>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">T</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">enaris</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> presents</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> its geographical information in <font style="border-left: none; border-right: none;"><font>five</font></font> areas:</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> North America,</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> South America, Europe, Middle East and Afri</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ca</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> and </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Asia Pacific</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">. For purposes of reporting geographical information, net sales are </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">allocated</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> to geographical areas based on the customer&#8217;s location; allocation of assets</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">,</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> capital expenditures and associated depreciation</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">s</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> and amortization</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">s</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> are based on the </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">geographical</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> location of the assets</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">.</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt; padding-top: 5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">D</font><font style="width: 28.78pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Foreign </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">c</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">urrency </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">t</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">ranslation</font></p>
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<p style="margin-top: 0pt; margin-left: 35.45pt; margin-bottom: 0pt; text-indent: -35.45pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">(<font>1</font>)</font><font style="font: 7pt 'Times New Roman'; -aw-import: spaces;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Functional</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"> and presentation</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"> currency</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">IAS </font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>21</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">(</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">revised</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">)</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">,</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8220;The effects of changes in foreign exchange rates&#8221; </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">defines the functional currency as the currency of the primary economic environment in which </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">an </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">entity operates.</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The functional </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">and presentation </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">curren</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">c</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">y of </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">the Company </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">is the U.S. </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">dollar</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">. The U.S. </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">d</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ollar</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> is the currency that best reflects the economic substance of the underlying events and circumstances relevant to </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Tenaris&#8217;s</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> global operations. </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Except f</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">or</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> the Brazilian and Italian subsidiaries whose functional currenci</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">es are their local currencies, </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Tenaris determined that the functional currency of its</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> other subsidiaries </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">is the U.S. dollar, based on the following principal considerations</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">:</font></p>
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<li style="margin-left: 9.58pt; text-align: justify; line-height: 12pt; padding-left: 8.27pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Wingdings'; -aw-font-weight: normal; -aw-number-format: '&#61607;';"><font style="font-family: 'Times New Roman';">S</font><font style="font-family: 'Times New Roman';">ales are mainly negotiated, denominated and settled in U.S. </font><font style="font-family: 'Times New Roman';">dollar</font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';">. If priced in a currency other than the U.S. dollar, the </font><font style="font-family: 'Times New Roman';">sales </font><font style="font-family: 'Times New Roman';">price </font><font style="font-family: 'Times New Roman';">may consider</font><font style="font-family: 'Times New Roman';"> exposure to fluctuation in the exchange rate versus the U.S. dollar;</font></li>
<li style="margin-left: 9.58pt; text-align: justify; line-height: 12pt; padding-left: 8.27pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Wingdings'; -aw-font-weight: normal; -aw-number-format: '&#61607;';"><font style="font-family: 'Times New Roman';">P</font><font style="font-family: 'Times New Roman';">rices of </font><font style="font-family: 'Times New Roman';">their </font><font style="font-family: 'Times New Roman';">critical raw materials and inputs are priced and</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">/</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">or</font><font style="font-family: 'Times New Roman';"> settled in U.S. dollars; </font></li>
<li style="margin-left: 9.58pt; text-align: justify; line-height: 12pt; padding-left: 8.27pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Wingdings'; -aw-font-weight: normal; -aw-number-format: '&#61607;';"><font style="font-family: 'Times New Roman';">Transaction</font><font style="font-family: 'Times New Roman';"> and operational</font><font style="font-family: 'Times New Roman';"> environment and the cash flow </font><font style="font-family: 'Times New Roman';">of these </font><font style="font-family: 'Times New Roman';">operations ha</font><font style="font-family: 'Times New Roman';">ve</font><font style="font-family: 'Times New Roman';"> the U.S</font><font style="font-family: 'Times New Roman';">. dollar</font><font style="font-family: 'Times New Roman';"> as reference currency;</font><font style="font-family: 'Times New Roman';"> </font></li>
<li style="margin-left: 9.58pt; text-align: justify; line-height: 12pt; padding-left: 8.27pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Wingdings'; -aw-font-weight: normal; -aw-number-format: '&#61607;';"><font style="font-family: 'Times New Roman';">S</font><font style="font-family: 'Times New Roman';">ignificant level of integration of the l</font><font style="font-family: 'Times New Roman';">ocal operations within </font><font style="font-family: 'Times New Roman';">Tenaris&#8217;s</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">international </font><font style="font-family: 'Times New Roman';">global distribution network</font><font style="font-family: 'Times New Roman';">;</font></li>
<li style="margin-left: 9.58pt; text-align: justify; line-height: 12pt; padding-left: 8.27pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Wingdings'; -aw-font-weight: normal; -aw-number-format: '&#61607;';"><font style="font-family: 'Times New Roman';">N</font><font style="font-family: 'Times New Roman';">et financial assets and liabilities are mainly received and maintained in U.S. dollars;</font></li>
<li style="margin-left: 9.58pt; text-align: justify; line-height: 12pt; padding-left: 8.27pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Wingdings'; -aw-font-weight: normal; -aw-number-format: '&#61607;';"><font style="font-family: 'Times New Roman';">The exchange rate of </font><font style="font-family: 'Times New Roman';">certain legal currencies</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">has long-been affected by recurring and seve</font><font style="font-family: 'Times New Roman';">re economic crise</font><font style="font-family: 'Times New Roman';">s.</font></li>
</ul>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">(<font>2</font>)</font><font style="width: 24.34pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Transactions in currencies other than the functional currency</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">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 valuati</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">on where items are re-measured.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">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</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> the fair value was determined.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">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 </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Other financial results</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> in the Consolidated Income Statement, except when deferred in equity as qualifying cash flow hedges and qu</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">alifying net investment hedges.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">(</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"><font>3</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">)</font><font style="width: 24.34pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Translation of financial </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">information </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">in currencies other than the functional currency</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Results of operations for</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> subsidiar</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">i</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">es </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">whose functional </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">currencies are</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> not </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">the U.S. </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">d</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ollar</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> are translated into U.S. </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">dollars</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> at the average exchange rates for </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">each quarter of the </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">year</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">. </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Financial s</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">tatement </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">position</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">s are translated at the </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">year</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">-end</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">exchange rates. Translation differences are recognized in </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">a separate component of </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">equity</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> as </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">currency </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">translation adjustments</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">. In the case of a sale or other dispos</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">al</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> of any of such subsidiaries</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, any accumulated translation difference</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> would be</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> recognized in income as </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">a</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> gain or loss </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">f</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">rom</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> the </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">sale.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Goodwill and fair value adjustments arising </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">from</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> the acquisition of a foreign operation are treated as assets and liabilities of the foreign operation and translated at the closing rate.</font></p>
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<p style="margin-top: 0pt; margin-left: 36pt; margin-bottom: 0pt; text-indent: -36pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; -aw-import: ignore;">&nbsp;</font></p>
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<div style="border-right: none; border-left: none;">

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<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt; padding-top: 5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">E</font><font style="width: 29.33pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Property, plant and equipment</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 12pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Property, plant and equipment are recognized at historical acquisition or construction cost</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> less accumulated depreciation</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> and impairment losses</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">. H</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">istorical cost includes expenditure that is directly attributable to the acquisition of the items</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">. </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Property</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">p</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">lant</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> and </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">e</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">quipment acquired through</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">acquisitions accounted for as </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">business </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">combination</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">s </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">have been valued </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">initially </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">at the </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">fair </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">market </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">value of the assets </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">acquired.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Major overhaul and rebuilding expenditures</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> are capitalized as property, plant and equipment only when </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">it is probable that future economic benefits associated with</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> the item will flow to the Company</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> and </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">the investment enhances the condition of assets beyond its original condition.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> The carrying amount of the replaced part is derecognized</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">M</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">aintenance expenses on manufacturing properties are recorded as cost of products sold in the year in which they are incurred.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Cost may also include transfers fro</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">m equity of any gains or losses</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> on qualifying cash flow hedges of foreign currency purchases of property, plant and equipment. </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">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</font><font style="font-family: 'Times New (W1)'; font-size: 10pt;"> IAS <font>23</font></font><font style="font-family: 'Times New (W1)'; font-size: 10pt;">(R)</font><font style="font-family: 'Times New (W1)'; font-size: 10pt;">,</font><font style="font-family: 'Times New (W1)'; font-size: 10pt;"> </font><font style="font-family: 'Times New (W1)'; font-size: 10pt;">&#8220;Borrowing Cost</font><font style="font-family: 'Times New (W1)'; font-size: 10pt;">s</font><font style="font-family: 'Times New (W1)'; font-size: 10pt;">&#8221;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">. </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">A</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ssets for which borrowing costs are capitalized are those that require a substantial period of time to prepare for their intended use.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The d</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">epreciation method is reviewed at each year end. </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Depreciation</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">is calculated using the straight-line method to </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">depreciate </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">the cost of each asset to its residual value over its estimated useful life</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, as follows:</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
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<table style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; height: 58px; width: 100%;" width="100%" cellspacing="0" cellpadding="0">

<tr style="height: 16px;">
<td style="width: 4.92%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt; -aw-import: ignore;"> &nbsp; </font></p>
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<td style="width: 54.22%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"> Land </font></p>
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<td style="width: 40.86%; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"> No Depreciation </font></p>
</td>
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<tr style="height: 16px;">
<td style="width: 4.92%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt; -aw-import: ignore;"> &nbsp; </font></p>
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<td style="width: 54.22%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"> Buildings and improvements&nbsp; </font></p>
</td>
<td style="width: 40.86%; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"> <font style="border-right: none; border-left: none;"><font>30</font></font>-<font>50</font> years </font></p>
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<tr style="height: 16px;">
<td style="width: 4.92%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="width: 54.22%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"> Plant and production equipment&nbsp; </font></p>
</td>
<td style="width: 40.86%; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"> <font>10</font>-<font>40</font> years </font></p>
</td>
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<tr style="height: 10px;">
<td style="width: 4.92%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt; -aw-import: ignore;"> &nbsp; </font></p>
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<td style="width: 54.22%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"> Vehicles, furniture and fixtures, and other equipment </font></p>
</td>
<td style="width: 40.86%; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px;"><font>4</font> -<font>10</font> years</td>
</tr>

</table>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> assets</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8217;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">residual values and useful lives of significant plant and </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">production </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">equipment are reviewed</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> and adjusted</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">,</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> if appropriate, at each year-end</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">date. </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">An asset&#8217;s carrying amount is written down immediately to its recoverable amount if the asset&#8217;s carrying amount is greater than its estimated recoverable amount.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New (W1)'; font-size: 10pt;">Management&#8217;s re</font><font style="font-family: 'Times New (W1)'; font-size: 10pt;">-</font><font style="font-family: 'Times New (W1)'; font-size: 10pt;">estimation of asset</font><font style="font-family: 'Times New (W1)'; font-size: 10pt;">s</font><font style="font-family: 'Times New (W1)'; font-size: 10pt;"> useful </font><font style="font-family: 'Times New (W1)'; font-size: 10pt;">lives</font><font style="font-family: 'Times New (W1)'; font-size: 10pt;">, performed </font><font style="font-family: 'Times New (W1)'; font-size: 10pt;">in accordance with IAS <font>16</font></font><font style="font-family: 'Times New (W1)'; font-size: 10pt;">,</font><font style="font-family: 'Times New (W1)'; font-size: 10pt;"> &#8220;Property</font><font style="font-family: 'Times New (W1)'; font-size: 10pt;">, Plant and E</font><font style="font-family: 'Times New (W1)'; font-size: 10pt;">quipment&#8221;</font><font style="font-family: 'Times New (W1)'; font-size: 10pt;">, </font><font style="font-family: 'Times New (W1)'; font-size: 10pt;">resulted in additional depreciation expenses for <font>2020</font> of $</font><font style="font-family: 'Times New (W1)'; font-size: 10pt;"><font>45</font></font><font style="font-family: 'Times New (W1)'; font-size: 10pt;"> million</font><font style="font-family: 'Times New (W1)'; font-size: 10pt;"> and </font><font style="font-family: 'Times New (W1)'; font-size: 10pt;">did not materially affect depreciation expense</font><font style="font-family: 'Times New (W1)'; font-size: 10pt;">s</font><font style="font-family: 'Times New (W1)'; font-size: 10pt;"> for </font><font style="font-family: 'Times New (W1)'; font-size: 10pt;"><font>201</font></font><font style="font-family: 'Times New (W1)'; font-size: 10pt;"><font>9</font></font><font style="font-family: 'Times New (W1)'; font-size: 10pt;"> and <font>201</font></font><font style="font-family: 'Times New (W1)'; font-size: 10pt;"><font>8</font></font><font style="font-family: 'Times New (W1)'; font-size: 10pt;">.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">T</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">enaris</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> depreciates each significant part of an item of property, plant and equipment </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">for its different production facilities </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">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.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Gains and losses on disposals are determined by comparing the proceeds with the carrying amount of assets and are recognized under </font><font style="font-family: 'Times New (W1)'; font-size: 10pt; font-style: italic;">Other operating income </font><font style="font-family: 'Times New (W1)'; font-size: 10pt;">or </font><font style="font-family: 'Times New (W1)'; font-size: 10pt; font-style: italic;">Other operating </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">expenses</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> in the Consolidated Income Statement.</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 12pt; font-weight: bold; -aw-import: ignore;">&nbsp;</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">F</font><font style="width: 29.89pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Intangible assets</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">(<font>1</font>)</font><font style="width: 24.34pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Goodwill </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Goodwill represents the excess of the acquisition cost </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">over the fair value of </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Tenaris&#8217;s</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> share of net identifiable assets acquired as part of business combinations determined mainly by independent valuations. Goodwill is tested </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">at least </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">annually for impairment and carried at cost less accumulated impairment losses. Impairment losses on goodwill are not reversed. Goodwill is included </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">in</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> the Consolidated Statement of Financial Position under </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Intangible assets, net.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">For the purpose of impairment testing, g</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">oodwill is allocated to a </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">cash generating unit (&#8220;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">CGU</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8221;)</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> or group of </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">CGUs</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> that are expected to benefit from the business combination which generated the goodwill being tested.</font></p>

<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">(<font>2</font>)</font><font style="width: 24.34pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Information systems projects</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">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 <font style="border-left: none; border-right: none;"><font>one</font></font> year and comply with the recognition criteria of IAS <font>38</font>, </font><font style="font-family: 'Times New (W1)'; font-size: 10pt;">&#8220;Intangible Assets&#8221;.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Information systems projects recognized as assets are amortized using the straight-line method over their useful lives, </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">generally </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">not exceeding a period of <font>3</font> years. Amortization charges are </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">mainly </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">classified as </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Selling, general and administrative expenses</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> in the</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Consolidated</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">I</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ncome </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">S</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">tatement.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New (W1)'; font-size: 10pt;">Management&#8217;s re-estimation of assets useful lives, performed in accordance with IAS <font>38</font>, </font><font style="font-family: 'Times New (W1)'; font-size: 10pt;">resulted in additional amortization expenses for <font>2020</font> of $</font><font style="font-family: 'Times New (W1)'; font-size: 10pt;"><font>11.1</font> million</font><font style="font-family: 'Times New (W1)'; font-size: 10pt;"> and did not materially affect amortization expenses for <font>2019</font> and <font>2018</font>.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 12pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">(<font>3</font>)</font><font style="width: 24.34pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Licenses, patents, trademarks and proprietary technology </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">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 not exceed a period of <font>10</font> years.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Amortization charges are mainly classified as </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Selling, general and administrative expenses</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> in the Consolidated Income Statement.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The balance of acquired t</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">rademarks</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> that have indefinite useful lives according to external appraisal</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> amo<font>unt</font></font><font><font style="font-family: 'Times New Roman'; font-size: 10pt;">s</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> to</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">$</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>86.7</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;" class="selected"> </font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>m</font>illion</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> at December 31, </font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>20</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>20</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, <font>201</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>9</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> and </font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>201</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>8</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">and are </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">included in Hydril CGU</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">. Main factors considered in the determination of the</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> indefinite useful lives</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> include the years that </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">they have</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> been in service and </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">their </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">recognition among customers in the industry.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; line-height: 10pt;"><font style="font-family: 'MS Shell Dlg'; font-size: 10pt; font-style: italic; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New (W1)'; font-size: 10pt;">Management&#8217;s re-estimation of assets useful lives, performed in accordance with IAS <font>38</font></font><font style="font-family: 'Times New (W1)'; font-size: 10pt;">,</font><font style="font-family: 'Times New (W1)'; font-size: 10pt;"> did no</font><font style="font-family: 'Times New (W1)'; font-size: 10pt;">t materially affect amortization</font><font style="font-family: 'Times New (W1)'; font-size: 10pt;"> expenses for <font>20</font></font><font style="font-family: 'Times New (W1)'; font-size: 10pt;"><font>20</font></font><font style="font-family: 'Times New (W1)'; font-size: 10pt;">, <font>201</font></font><font style="font-family: 'Times New (W1)'; font-size: 10pt;"><font>9</font></font><font style="font-family: 'Times New (W1)'; font-size: 10pt;"> and <font>201</font></font><font style="font-family: 'Times New (W1)'; font-size: 10pt;"><font>8</font></font><font style="font-family: 'Times New (W1)'; font-size: 10pt;">.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; line-height: 10pt;"><font style="font-family: 'MS Shell Dlg'; font-size: 10pt; font-style: italic; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">(<font>4</font>)</font><font style="width: 24.34pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Research and development</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 12pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">Research expenditures as well as </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">development costs that do not fulfill the criteria for capitalization are recorded as </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Cost of sales</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> in the Consolidated Income Statement as incurred. Research and development expenditures included in </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Cost of sales</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> for the years </font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>20</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>20</font>,</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>201</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>9</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> and </font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>201</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>8</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> totaled $<font>41.8</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;million, $<font>61.1</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> million and $<font>63.4</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;million, respectively.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Capitalized costs were not material for the years <font>20</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>20</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, <font>201</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>9</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> and <font>201</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>8</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">.</font></p>
<p style="margin-top: 0pt; margin-left: 36pt; margin-bottom: 0pt; text-indent: -36pt; text-align: justify; line-height: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; letter-spacing: -0.1pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-left: 36pt; margin-bottom: 0pt; text-indent: -36pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; letter-spacing: -0.1pt;">(<font>5</font>) </font><font style="width: 21.84pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; letter-spacing: -0.1pt;">Customer relationship</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; letter-spacing: -0.1pt;">s</font></p>
<p style="margin: 0pt 0.85pt 0pt 13.9pt; line-height: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; letter-spacing: -0.1pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-right: 0.9pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">In accordance with IFRS <font>3</font>, "Business Combinations" and IAS <font>38</font>, Tenaris has recognized the value of customer relationships separately from goodwill attributable to the acquisition of Maverick</font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"> Tube Corporation (&#8220;Maverick&#8221;)</font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"> and Hydril</font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"> Company (&#8220;Hydril&#8221;)</font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"> groups, as well as the more recent acquisi</font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">tion</font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">s</font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"> of S</font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">audi </font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">S</font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">teel </font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">P</font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">ipes (&#8220;SSPC</font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">&#8221;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">) and Ipsco Tubulars Inc. (&#8220;IPSCO&#8221;)</font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">.</font></p>
<p style="margin-top: 0pt; margin-right: 0.85pt; margin-bottom: 0pt; text-align: justify; line-height: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-right: 0.9pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">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 <font>14</font> years for Maverick, <font>10</font> y</font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">ears for Hydril</font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">,</font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"> <font>9</font> years for </font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">SSP</font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">C and </font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"><font>3</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"> year</font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">s</font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"> for IPSCO</font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">.</font></p>
<p style="margin-top: 0pt; margin-right: 0.85pt; margin-bottom: 0pt; text-align: justify; line-height: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt; widows: 0; orphans: 0;"><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">In <font>2018</font> the Company reviewed the useful life of Maverick&#8217;s Tubes customer relationships and decided to reduce the remaining useful life from <font>2</font> years to <font>zero</font>, consequently a higher amortization charge of approximately $<font>109</font> million was recorded in the Consolidated Income Statement under </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; letter-spacing: -0.1pt;">Selling, general and administrative expenses</font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"> for the year ended December 31, 2018.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 10pt; widows: 0; orphans: 0;"><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">As o</font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">f December 31, 20</font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"><font>20</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"> the net book</font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"> value of </font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">IPSCO&#8217;s customer relationship amounts <font>to $</font><font>51.3</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"><font>&nbsp;with</font> a residual life of <font>2</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"> years, </font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">SSP</font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">C</font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">&#8217;s customer relationship amounts to<font> $</font><font>63.8</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"><font>&nbsp;mill</font>ion, with a residual useful life of </font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"><font>7</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"> years</font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">, w</font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">hile </font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">Maverick&#8217;s </font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">and</font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"> Hydril&#8217;s customer relationships </font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">are</font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"> fully amortized.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New (W1)'; font-size: 10pt;">Management&#8217;s re-estimation of assets useful lives, performed in accordance with IAS <font>38</font>, did not materially affect</font><font style="font-family: 'Times New (W1)'; font-size: 10pt;"> amortization expenses for <font>2020</font> and</font><font style="font-family: 'Times New (W1)'; font-size: 10pt;"> <font>2019</font></font><font style="font-family: 'Times New (W1)'; font-size: 10pt;">.</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt; padding-top: 5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">G</font><font style="width: 28.22pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Right-of-use assets and lease liabilities</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">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</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> term on a straight-line basis.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">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.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be determined, the lessee&#8217;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 wit</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">h similar terms and conditions.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">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.</font></p>
<p style="margin-top: 0pt; margin-left: 28.05pt; margin-bottom: 0pt; text-indent: -28.05pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Payments associated with short-term leases and leases of low-value assets are recognize</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">d on a straight-line basis as</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> expenses in profit or loss. Short-term leases are leases with a lease term of <font>12</font> months o</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">r less.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">In determining the lease term, management considers all facts and circumstances that create an economic incentive to exercise an extension option, or not 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 not terminated).</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">H</font><font style="width: 28.22pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Impairment of non-financial assets</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Long-lived assets including identifiable intangible assets are reviewed for impairment at the lowest level for which there are separately identifiable cash flows (CGU). Most of the Company&#8217;s principal subsidiaries that constitute a CGU have a single main production facility and, accordingly, each of </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">such subsidiaries</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> represents the lowest level of asset aggregation that generates largely independent cash inflows.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Assets that are subject to amortization </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">or depreciation </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Intangible assets with indefinite useful lives, including goodwill, are subject to at least an annual impairment test.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Or more frequently if events or circumstances indicate that the carrying amount value may be impaired.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">In assessing whether there is any indication that a CGU may 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&#8217;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&#8217;s customers and the evolution of the rig count.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 12pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">An impairment loss is recognized for the amount by which the asset&#8217;s carrying amount exceeds its recoverable amount. The recoverable amount is the higher between the asset&#8217;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:</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-left: 28.35pt; margin-bottom: 0pt; text-indent: -14.15pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(a) first, to reduce the carrying amount of any goodwill allocated to the CGU; and</font></p>
<p style="margin-top: 0pt; margin-left: 28.35pt; margin-bottom: 0pt; text-indent: -14.15pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(b) 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 not to reduce the carrying amount of the asset below the highest of its fair value less cost of disposal, its value in use or <font>zero</font>.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">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.&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">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.</font><br/></p>

<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Non-financial assets other than goodwill that suffered an impairment are reviewed for possible reversal at each reporting date.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> For more information on impairment charges see note <font>5</font>.</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">I</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="width: 29.61pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Other </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">i</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">nvestments</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">O</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ther investments consist primarily of investments in financial instruments</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> and time deposits with a maturity of more than </font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>three</font> months</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> at the date of purchase</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Certain non-derivative financ</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ial assets that the Company held not for trading</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> have been categorized as </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">financial assets &#8220;at </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">fair value through other comprehensive income</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8221; (&#8220;FV</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">OCI</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8221;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">)</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">. They are carried at </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">fair value</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> and </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">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 </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">C</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">onsolidated </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">S</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">tatement of </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">C</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">omprehensive </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Income and transferred to the C</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">onsolidated </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">I</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ncome </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">S</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">tatement when the financial asset is sold. Exchange gains and losses and impairments related to the financial assets are immediately recognized in the </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">C</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">onsolidated </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">I</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ncome </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">S</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">tatement. F</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">V</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">OCI</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> instruments with maturities greater than <font>12</font> months after the balance sheet date a</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">re included in</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> non-current assets</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">O</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ther investments in financial instruments and time deposits are categorized as financial assets &#8220;at fair value through profit or loss&#8221; </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">(&#8220;FVPL&#8221;) </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">because such investments are held for trading and </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">their</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> performance is evaluated on a fair value basis</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">. The results of these investments are recognized in </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Financial Results</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> in the Consolidated Income Statement.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Purchases and sales of financial investments are recognized as of the</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ir</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">settlement</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> date</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">The fair values of quoted investments are </font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">generally </font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">based on current bid prices. If the market for a financial investment is not active or the securities are not listed, Tenaris estimates the fair value by using standard valuation techniques</font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">. S</font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">ee Sectio</font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">n III Financial Risk Management</font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">.</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">J</font><font style="width: 31pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Inventories</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">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</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, freights</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> and other direct costs and related production overhead costs, and it excludes borrowing costs. </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">The a</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">llocation of fixed production costs</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, including depreciation and amortization charges,</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> is based on</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> the</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> normal</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> level of production capacity. </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Inventories</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> cost is mainly based on </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">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. </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">G</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">oods in transit </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">as of</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> year-</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">end are valued based on </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">supplier&#8217;s invoice cost.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">T</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">enaris</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> establish</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">es</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> a</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">n allowance for </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">obsolete or </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">slow-moving inventories</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> related to finished goods</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">,</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">goods in proc</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ess, </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">supplies and spare parts</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">For slow moving or obsolete finished product</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">s</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, an allowance is established </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">based on management&#8217;s analysis of product aging</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">. </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">An allowance for</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> obsolete and</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> slow-moving inventory </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">of </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">sup</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">plies and spare parts </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">is </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">established</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> based on management's analysis of such </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">item</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">s to be used</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> as intended </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">and the </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">consideration of </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">potential obsolescence due to technological changes</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">,</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> aging and consumption patterns</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">.</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">K</font><font style="width: 28.22pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Trade </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">and other </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">receivables</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">Trade and other receivables are recognized initially at</font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"> fair value that corresponds to</font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"> the amount of consideration that is unconditional unless they contain significant financing c</font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">omponents. The Company holds</font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"> trade receivables with the objective to collect the contractual cash flows and therefore measu</font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">res them subsequently at amortiz</font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">ed cost using the effective interest method. </font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">Due to the short-term nature, their carrying amount is considered to be the same as their fair value</font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">Tenaris applies the</font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"> IFRS <font>9</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"> &#8220;Financial Instruments&#8221;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">simplified approach to measure</font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"> expected credit losses</font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">,</font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"> 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 </font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"><font>three</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">years</font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"> and the corresponding historical credit losses exp</font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">erienced within this period. The expected loss allowance also</font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"> reflect</font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">s</font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"> current and forward-looking information on macroeconomic factors affecting the ability</font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"> of</font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">each </font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">custo</font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">mer to settle the receivables.</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt; padding-top: 5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">L</font><font style="width: 29.33pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Cash and cash equivalents</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">Cash and cash equi</font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">valents are comprised of cash at</font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"> banks, liquidity funds and short-term investments with a maturity of less than <font>three</font> 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 </font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">approximates fair market value.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">In the Consolidated Statement of Financial Position, bank overdrafts are included in </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; letter-spacing: -0.1pt;">Borrowings</font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"> in current liabilities.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">For the purposes of the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">Consolidated Statement of C</font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">ash </font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">F</font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">low</font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">s</font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">, </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; letter-spacing: -0.1pt;">C</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; letter-spacing: -0.1pt;">ash and cash equivalents</font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"> includes </font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">overdrafts</font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">.</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">M</font><font style="width: 26.56pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">E</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">quity</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">(<font>1</font>)</font><font style="width: 24.34pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Equity</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"> components</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">C</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">onsolidated </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">S</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">tatement of </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">C</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">hanges in </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">E</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">quity include</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">s</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">:</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
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<li style="margin-left: 9.58pt; text-align: justify; line-height: 12pt; padding-left: 8.42pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Wingdings'; -aw-font-weight: normal; -aw-number-format: '&#61607;';"><font style="font-family: 'Times New Roman';">The value of share capital, legal reserve</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">share premium</font><font style="font-family: 'Times New Roman';"> and other distributable reserve</font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">calculated </font><font style="font-family: 'Times New Roman';">in accordance with Luxembourg l</font><font style="font-family: 'Times New Roman';">aw;</font></li>
<li style="margin-left: 9.58pt; text-align: justify; line-height: 12pt; padding-left: 8.42pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Wingdings'; -aw-font-weight: normal; -aw-number-format: '&#61607;';"><font style="font-family: 'Times New Roman';">The currency translation adjustment</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">other reserves,</font><font style="font-family: 'Times New Roman';"> retained earnings</font><font style="font-family: 'Times New Roman';"> and</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">non-controlling</font><font style="font-family: 'Times New Roman';"> interest</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">calculated in accordance with</font><font style="font-family: 'Times New Roman';"> IFRS.</font></li>
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<p style="margin-top: 0pt; margin-left: 18pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 12pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-left: 36pt; margin-bottom: 0pt; text-indent: -36pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">(<font>2</font>)</font><font style="font: 7pt 'Times New Roman'; -aw-import: spaces;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Share cap</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">it</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">al</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The Company has an authorized share capital of a single class of <font>2.5</font> billion shares having a nominal value of </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">$</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>1.00</font> per share. </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Total ordinary shares issued and outstanding as of </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">December 31, 20</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>20</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, <font>201</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>9</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> and <font>201</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>8</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">are</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>1,180,536,830</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">with a par value of $<font>1.00</font> per share with <font>one</font> vote each.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> All issued shares are fully paid.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 12pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-left: 36pt; margin-bottom: 0pt; text-indent: -36pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">(<font>3</font>)</font><font style="font: 7pt 'Times New Roman'; -aw-import: spaces;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Dividends distribution by the Company to shareholders </font></p>
<p style="margin-top: 0pt; margin-left: 36pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: Arial; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Dividends distributions are recorded in the Company&#8217;s financial statements when Company&#8217;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.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Dividends may be paid by the Company to the extent that it has distributable retained earnings, calculated in accordance with Luxembourg law. S</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ee n</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ote <font>26</font> (iii).</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">N</font><font style="width: 28.78pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Borrowings</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">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.</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">O</font><font style="width: 28.22pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Current and d</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">eferred income tax</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The income tax expense or credit for the period is the tax payable on the current period&#8217;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 </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">other comprehensive income or directly in equity.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">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&#8217;s subsidiaries operate and generate taxable income. </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">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.</font></p>

<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Deferred income tax is recognized applying the liability method on temporary differences arising between the tax bas</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">e</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">s of assets and liabilities and their carrying amounts in the financial statements. The temporary differences arise </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">mainly </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">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. </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation and considers whether it is probable that a taxation authority will accept an uncertain tax treatment. The Company measures its tax balances either based on the most likely amount or the expected value, depending on which method provides a better prediction of the resolution of the uncertainty.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Deferred tax assets are recognized to the extent</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> that</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> it is probable that future taxable income will be available</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> against which the te</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">mporary differences can be utiliz</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ed.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">At the end of each reporting period, </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Tenaris</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> reassesses </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">unrecognized</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> deferred tax assets. T</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">enaris</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">recognizes</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> a previously </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">unrecognized</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> deferred tax asset to the extent that it has become probable that future taxable </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">income</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> will allow the deferred tax asset to be recovered.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Deferred tax liabilities and assets are not recognized for temporary differences between the carrying amount and t</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ax basi</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">s 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 not reverse in the foreseeable future.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">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.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Deferred tax assets </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">and liabilities are re-measured</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> if tax rates change. These amounts </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">are charged or credited to the Consolidated Income Statement or to the item </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">O</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">ther co</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">mprehensive income for the year</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">in the C</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">onsolidated </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">S</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">tatement of </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Comprehensive I</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ncome, depending on the account to which the original </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">amount was charged or credited.</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">P</font><font style="width: 29.89pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Employee benefits</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 12pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-left: 22.5pt; margin-bottom: 0pt; text-indent: -22.5pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">(<font>1</font>)</font><font style="font: 7pt 'Times New Roman'; -aw-import: spaces;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Short-term obligations</font></p>
<p style="margin-top: 0pt; margin-left: 36pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Liabilities for wages and salaries are recognized in respect of employees&#8217; 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.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-left: 22.5pt; margin-bottom: 0pt; text-indent: -22.5pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">(<font>2</font>)</font><font style="font: 7pt 'Times New Roman'; -aw-import: spaces;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Post employment benefits</font></p>
<p style="margin-top: 0pt; margin-left: 22.5pt; margin-bottom: 0pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">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 <font>one</font> or more factors such as age, years of service and compensation.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">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. </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Remeasurement gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to equity in </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Other comprehensive income</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> in the period in which they arise. Past-service costs are recognized immediately in the Income Statement.</font></p>

<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 12pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-left: 36pt; margin-bottom: 0pt; text-indent: -36pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">(<font>2</font>)</font><font style="font: 7pt 'Times New Roman'; -aw-import: spaces;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Post employment benefits (Cont.)</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">For defined benefit plans, net interest income</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">/</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">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 no 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. </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Tenaris sponsors funded and unfunded defined benefit pension plans in certain subsidiaries. The most significant are: </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<ul style="margin: 0pt; padding-left: 0pt; margin-left: 2.58pt;" type="square">
<li style="margin-left: 9.58pt; text-align: justify; line-height: 12pt; padding-left: 8.27pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Wingdings'; -aw-font-weight: normal; -aw-number-format: '&#61607;';"><font style="font-family: 'Times New Roman';">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</font><font style="font-family: 'Times New Roman';">. </font><font style="font-family: 'Times New Roman';">As of December 31, 20</font><font style="font-family: 'Times New Roman';"><font>20</font></font><font style="font-family: 'Times New Roman';"> the outstanding liabil</font><font style="font-family: 'Times New Roman';">ity for this plan amounts to $<font>36.9</font></font><font style="font-family: 'Times New Roman';"> million.</font></li>
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<p style="margin-top: 0pt; margin-left: 18pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
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<li style="margin-left: 9.58pt; text-align: justify; line-height: 12pt; padding-left: 8.27pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Wingdings'; -aw-font-weight: normal; -aw-number-format: '&#61607;';"><font style="font-family: 'Times New Roman';">Employees&#8217; service rescission indemnity</font><font style="font-family: 'Times New Roman';">:</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">the </font><font style="font-family: 'Times New Roman';">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 ac</font><font style="font-family: 'Times New Roman';">crued for employees at </font><font style="font-family: 'Times New Roman';">Tenaris&#8217;s</font><font style="font-family: 'Times New Roman';"> Italian subsidiary. As from January 1, 2007 as a consequence of a change in an Italian law, employees were entitled to make contributions to external funds, thus, </font><font style="font-family: 'Times New Roman';">Tenaris&#8217;s</font><font style="font-family: 'Times New Roman';"> Italian subsidiary pays every year the required contribution to the funds with no 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 <font>2007</font> onwards.</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">As of December 31, 20</font><font style="font-family: 'Times New Roman';"><font>20</font></font><font style="font-family: 'Times New Roman';"> the outstanding </font><font style="font-family: 'Times New Roman';">liabil</font><font style="font-family: 'Times New Roman';">ity for this plan amounts to $<font>17.3</font></font><font style="font-family: 'Times New Roman';">&nbsp;million.</font></li>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<ul style="margin: 0pt; padding-left: 0pt; margin-left: 2.58pt;" type="square">
<li style="margin-left: 9.58pt; text-align: justify; line-height: 12pt; padding-left: 8.27pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Wingdings'; -aw-font-weight: normal; -aw-number-format: '&#61607;';"><font style="font-family: 'Times New Roman';">Funded retirement benefit plan held in the US for the benefit of some employees hir</font><font style="font-family: 'Times New Roman';">ed prior a certain date,</font><font style="font-family: 'Times New Roman';"> 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</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">funds. Additionally, an unfunded postretirement health and life plan</font><font style="font-family: 'Times New Roman';"> is present</font><font style="font-family: 'Times New Roman';"> that offers limited medical and life insurance benefits to the retirees, </font><font style="font-family: 'Times New Roman';">frozen to new participants</font><font style="font-family: 'Times New Roman';">.</font><font style="font-family: 'Times New Roman';"> A</font><font style="font-family: 'Times New Roman';">s of December 31, 20</font><font style="font-family: 'Times New Roman';"><font>20</font></font><font style="font-family: 'Times New Roman';"> the outstanding</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">liabil</font><font style="font-family: 'Times New Roman';">ity for these</font><font style="font-family: 'Times New Roman';"> plan</font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';"> amounts to<font> $</font><font>13.6</font></font><font style="font-family: 'Times New Roman';"><font>&nbsp;m</font>illion.</font></li>
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<p style="margin-top: 0pt; margin-left: 36pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: Arial; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
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<li style="margin-left: 9.58pt; text-align: justify; line-height: 12pt; padding-left: 8.27pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Wingdings'; -aw-font-weight: normal; -aw-number-format: '&#61607;';"><font style="font-family: 'Times New Roman';">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 June 2016 the salary plan was frozen for the purposes of credited service as well as determination of final average pay. As of December 31, 2020 the outstanding liability for this plan amount<font>s to $</font><font>10.6</font><font> millio</font>n.</font></li>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-left: 22.5pt; margin-bottom: 0pt; text-indent: -22.5pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">(<font>3</font>)</font><font style="font: 7pt 'Times New Roman'; -aw-import: spaces;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Other long term benefits </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">During <font>2007</font>, Tenaris launched an</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">employee retention and long term incentive program</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; letter-spacing: -0.1pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">(the &#8220;Program&#8221;) 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 </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Tenaris&#8217;s</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> shareholders&#8217; equity (excluding non-cont</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">rolling interest). </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Also</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">,</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> t</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">he 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. </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Until <font>2017</font> u</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">nits </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">were </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">vest</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ed</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> ratably over</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> a period of <font>four</font> years and were </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">mandatorily</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> redeemed by the Company <font>ten</font> years after grant date, with the option of an early redemption at <font>seven</font> years after</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> the</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> grant date.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Since</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>2018</font> units </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">are </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">vest</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ed</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> ratably over the same period and </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">are</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">mandatorily redeemed by the</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Company <font>seven</font> years after grant date.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> The payment of the benefit is tied to the book value of the shares, and not to their market value.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Tenaris valued this long-term incentive program as a long term benefit plan as classified in IAS <font>19</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">,</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &#8220;Employee Benefits&#8221;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">As of December 31, 20</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>20</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> and <font>201</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>9</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, the outstanding liability corresponding to the Program amounts to $<font>82.4</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;million and $<font>99.0</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> million, respectively. The total value of the units granted </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">(vested and unvested) </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">to date under the program, considering the number of units and the book value p</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">er share as of December 31, 20</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>20</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> and <font>201</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>9</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, is $<font>108.7</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">million and $<font>119.9</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;million, respectively.</font></p>

<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 12pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-left: 22.5pt; margin-bottom: 0pt; text-indent: -22.5pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">(<font>4</font>)</font><font style="font: 7pt 'Times New Roman'; -aw-import: spaces;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Termination benefits</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">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 </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">recognizes</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> termination benefits at the earlier of the following dates: (a) when it can no longer withdraw the offer of those benefits; and (b) when the costs for a restructuring that is within the scope of IAS <font>37</font> 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.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 12pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-left: 18pt; margin-bottom: 0pt; text-indent: -18pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">(<font>5</font>)</font><font style="font: 7pt 'Times New Roman'; -aw-import: spaces;">&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Other compensation obligations</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Employ</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ee entitlements to annual leave, </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">long-service leave</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, sick leave and other bonuses and compensations</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> obligations</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> are accrued as earned.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="width: 66.55pt; display: inline-block; -aw-tabstop-align: left; -aw-tabstop-pos: 66.55pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Compensation to employees in the event of dismissal is charged to income in the year in which it becomes payable.</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Q</font><font style="width: 28.22pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Provisions </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Tenaris is subject to various claims, lawsuits and other legal proceedings, including customer claims, in which a third party is seeking payment for alleged damages, reimbursement for losses or indemnity. </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Tenaris&#8217;s</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> 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</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, as a result of past events, </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">a potential loss from a claim or proceeding is considered probable and the amount can be </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">reliably</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> estimated, a </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">provision </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">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 </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Tenaris&#8217;s</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> litigation and settlement strategies. These estimates are primarily constructed with the assistance of legal counsel. </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">As the scope of liabilities become better defined, there may be changes in the estimates of future costs </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">which could have a material adverse effect on its results of operations, financial condition and </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">cash flows.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 12pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">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.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">This note should be read in conjunction with </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">n</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ote <font>2</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>6</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">.</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">R</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> </font><font style="width: 26.28pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Trade and other payables </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Trade and other payables are recognized initially at fair value, generally the nominal invoice amount and </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">subsequently measured at amortiz</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ed cost. They are presented as current liabilities unl</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ess payment is not due within <font>twelve</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> months after the reporting period.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Due to the short-term nature </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">t</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">heir carrying amount</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">s</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">are</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> considered to be the same as their fair value.</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">S</font><font style="width: 30.44pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Revenue recognition </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Revenue comprises the fair value of the consideration received or receivable for the sale of goods and</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> rendering of</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> services in the ordinary course of Tenaris&#8217;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.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Revenue is recognized at a point in time or </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">over</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> time from sales when control has been transferred and there is no unfulfilled performance obligation that could affect the acceptance of the product by the customer. </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">The control </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">is</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> transfer</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">red</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">upon</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> delivery.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">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. </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">These conditions are determined and ana</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">lyzed on a contract by contract</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> basis to ensure that all performance obligations are fulfilled</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">. I</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">n particular, Tenaris verifies customer acceptance of the goods, the satisfaction of delivery terms and any other applicable condition.</font><br/></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">For bill and hold transactions</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> 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 </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">does not</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> have the ability to use the product or to direct it to another customer; (d</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">) the usual payment terms apply.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The Company&#8217;s contracts</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> with customers</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> do not 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 right</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">s</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> of return</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">are based o</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">n expected value considering past experience</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> and contract conditions.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: spaces;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">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 not directly observable, they are estimated based on the expected cost plus margin.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">There are no 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. </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Tenaris provides services related to goods sold, which represent a non-material portion of sales revenue and </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">mainly </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">include:</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Pipe Management Services. </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">This comprises mainly preparation of the pipes ready to be run, delivery to the customer, storage services and rig return.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Field Services. </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Comprises</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">field technical support and running assistance.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">These services</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">are</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">rendered in connection to the sales of goods and</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> are</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> 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 no 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.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Revenue from providing services is recognized over time in the accounting period in which the services are rendered</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">. T</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">he following in</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">puts and outputs methods are applied</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> to recognize revenue</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> considering the nature</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> of service</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">:</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Storage services</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, the C</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ompany provides storage services in owned or third-party warehouses, subject to a variable fee</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> to be invoiced. T</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">his fe</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">e is determined based on the time that the customer maintains the material in the warehouse and th</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">e 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).</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Freights</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">, </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">the Company</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">recognized the revenue on a pro rata bases considering the </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">units delivered and time</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> elapsed.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Field services</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, the revenue i</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">s recognized considering output</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> method</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">s</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, in particular surveys of service comple</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">tion provided by the customer.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The Company does not 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 <font>one</font> year. As a consequence,</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> considering that the contracts do not include any significant financing component,</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> the Company does not adjust any of the transaction pric</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">es for the time value of money. For this reason, the Company is also applying the practical expedient not to disclose details on transaction prices allocated to the remaining performance obligations as of the end of the reporting period.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Tenaris only provides standard quality warranties assuring that the goods sold will function as expected or are fit for their intended purpose, with no incremental service to the customer. Accordingly, warranties do not constitute a separate performance obligation.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Other revenues earned by Tenaris are recognized on the following basis:</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<ul style="margin: 0pt; padding-left: 0pt; margin-left: 2.58pt;" type="square">
<li style="margin-left: 9.58pt; text-align: justify; line-height: 12pt; padding-left: 8.42pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Wingdings'; -aw-font-weight: normal; -aw-number-format: '&#61607;';"><font style="font-family: 'Times New Roman';">Interest income: on the effective yield basis. </font></li>
<li style="margin-left: 9.58pt; text-align: justify; line-height: 12pt; padding-left: 8.42pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Wingdings'; -aw-font-weight: normal; -aw-number-format: '&#61607;';"><font style="font-family: 'Times New Roman';">Dividend income from investments in other companies: when Tenaris&#8217;s right to receive payment is established.</font></li>
<li style="margin-left: 9.58pt; text-align: justify; line-height: 12pt; padding-left: 8.42pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Wingdings'; -aw-font-weight: normal; -aw-number-format: '&#61607;';"><font style="font-family: 'Times New Roman';">Construction contracts </font><font style="font-family: 'Times New Roman';">revenues is recognized in accordance with the stage of the project completion.</font></li>
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<h4 style="margin-top: 0pt; margin-bottom: 0pt; page-break-after: avoid; line-height: 12pt; padding-top: 5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">T</font><font style="width: 29.33pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Cost of sales and </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">other selling expenses</font></h4>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Cost of sales and </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">other selling</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">expenses are recognized in the</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Consolidated I</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ncome </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">S</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">tatement on the accrual basis of accounting.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Commissions, freight</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">s</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">and other selling expenses</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, including shipping and handling costs, </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">are </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">recorded</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">in</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">S</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">elling, general and administrative expense</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">s</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">in the </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Consolidated I</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ncome </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">S</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">tatement</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">.</font></p>
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<h4 style="margin-top: 0pt; margin-bottom: 0pt; page-break-after: avoid; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></h4>
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<h4 style="margin-top: 0pt; margin-bottom: 0pt; page-break-after: avoid; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">U</font><font style="width: 28.78pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Earnings per share</font></h4>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Earnings per share are calculated by dividing the income attributable to </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">owners</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">of the </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">parent</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">by the daily weighted average number of </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">common</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> shares </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">outstanding</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> during the </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">year</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">There are no dilutive potential ordinary shares.</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; -aw-import: ignore;">&nbsp;</font></p>
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<h4 style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; page-break-after: avoid; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">V</font><font style="width: 28.78pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">F</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">inancial instruments</font><font style="font-family: 'Times New Roman Bold'; font-size: 10pt;"> </font></h4>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Non derivative financial instruments comprise investments in financial debt instruments and equity, time deposits, trade and other receivables, cash and cash equivalents, borrowing</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">s and trade and other payables.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The Company classifies its financial instruments according to the following measurement categories:&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<ul style="margin: 0pt; padding-left: 0pt; margin-left: 2.58pt;" type="disc">
<li style="margin-left: 9.6pt; text-align: justify; line-height: 12pt; padding-left: 4.6pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman';">those to be measured subsequently at fair value (either through OCI or through profit or loss), and</font></li>
<li style="margin-left: 9.6pt; text-align: justify; line-height: 12pt; padding-left: 4.6pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman';">those to be measured at amortised cost</font><font style="font-family: 'Times New Roman';">.</font></li>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The classification depends on the Company&#8217;s business model for managing the financial assets and contractual terms of the cash flows.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">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.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">At initial recognition, the Company measures a financial asset at its fair value plus, in the case of a financial asset not 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.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Subsequent measurement of debt instruments depends on the Company&#8217;s business model for managing the asset and the cash flow characteristics of the asset. There are <font>three</font> measurement categories into which the Company classifies its debt instruments:</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">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.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Exchange gains and losses and impairments related to the financial assets are immediately recognized in the Consolidated Income S</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">tatement.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Fair value through oth</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">er comprehensive income</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">: Assets that are held for collection of contractual cash flows and for selling the financial assets, where the assets&#8217; 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.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Fai</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">r value through profit and loss</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">: Assets that do not 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.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">For equity instruments, these are subsequently measured at fair value.&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Accounting for derivative financial instruments and hedging activities is included within the Section III, Financial Risk Management.</font></p>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 117<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_117&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140345109523480">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>III. Financial Risk Management<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2020</div></th></tr>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialRiskManagementExplanatory', window );">III. FINANCIAL RISK MANAGEMENT</a></td>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt; padding-top: 5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; text-transform: uppercase;">iii</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; text-transform: uppercase;">.</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; text-transform: uppercase;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; text-transform: uppercase;">Financial risk management</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; text-transform: uppercase;"> </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The multinational nature of </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Tenaris&#8217;s</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> operations and customer base expose</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">s</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> the </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">C</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ompany </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">to </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">a variety of risks,</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> mainly related to market risks (</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">including the effects of changes in foreign currency exchange rates and interest rates</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">)</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, credit risk</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> and capital</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> market</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> risk</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">. </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">In order to </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">manage the volatility related to these exposures, management evaluates </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">exposures</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> on a consolidated basis</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">,</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> tak</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ing</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> advantage of exposure netting. </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">T</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">he Company or its subsidiaries may </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">then </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">enter into various derivative transactions </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">in order</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> to </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">prevent</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> potential adverse impacts on </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Tenaris&#8217;s</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">financial </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">performance</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">. Such derivative transactions are executed in accordance with internal policies and hedging practices.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; font-style: italic; text-transform: uppercase; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">A. Financial Risk Factors</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">(i) </font><font style="width: 24.06pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Capital Risk Management</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Tenar</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">is seeks to maintain a low</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> debt</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> to total </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">equity ratio considering the industry and the mark</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ets where it operates. The year-</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">end </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ratio of </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">debt </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">to total </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">equity </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">(where </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8220;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">debt</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8221;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> comprises financial borrowings and </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8220;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">total </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">equity</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8221;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> is the sum of financial borrowings and equity) </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">is <font>0.05</font>&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">as of December</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> 31</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, </font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>20</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>20</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">and <font style="border-left: none; border-right: none;"><font>0.06</font></font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">as of December 31, 20</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>1</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>9</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">. The Company does not have to comply with regulatory capital adequacy requirements</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; font-style: italic; text-transform: uppercase; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; -aw-import: spaces;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">(ii)</font><font style="width: 21.28pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Foreign exchange risk </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">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&#8217;s functional currency is the U.S. dollar the purpose of Tenaris&#8217;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</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Tenaris&#8217;s exposure to currency fluctuations is reviewed on a periodic </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">and </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">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 fo</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">rward exchange rates contracts. S</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ee </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">n</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ote <font>2</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>5</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Tenaris does not</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">enter into derivative financial instruments for trading or other speculative purposes, other than non-material investments in structured products</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">In the case of</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> subsidiaries </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">with</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> functional currencies other than the U.S. </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">dollar</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, the results of hedging activities</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">,</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> reported in accordance with IFRS</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">,</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> may not</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">reflect</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> entirely</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> the</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> management&#8217;s assessment of its foreign exchange risk hedging program. </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">I</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ntercompany balances between </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Tenaris&#8217;s</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> subsidiaries may generate financial gains (losses) to the extent that functional currencies differ.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The value</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> of </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Tenaris&#8217;s</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> financial assets and liabilities </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">is</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> s</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ubject to changes arising from</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> the variation of </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">foreign currency</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> exchange rates. The following table </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">provides</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> a breakdown of </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Tenaris&#8217;s</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">main financial assets and liabilities </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">(including foreign exchange derivative contracts) </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">which impact the Company&#8217;s profit and loss </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">as of December 31, 20</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>20</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> and <font>201</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>9</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> All amounts Long / (Short) in thousands of U.S. dollars </font></p>
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<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;" colspan="6">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> As of December 31, </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Currency Exposure / Functional currency </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> <font>2020</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> <font>2019</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 10px; width: 70%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Argentine Peso / U.S. dollar </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 10px; width: 1%; background-color: #cceeff;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 10px; width: 1%; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 10px; width: 12%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>39,561</font> </font></p>
</td>
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; width: 1%; background-color: #cceeff;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 10px; width: 1%; background-color: #cceeff;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 10px; width: 1%; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 10px; width: 12%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>95,811</font> </font></p>
</td>
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; width: 1%; background-color: #cceeff;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 17px;">
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Euro / U.S. dollar </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>291,362</font> </font></p>
</td>
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>103,518</font> </font></p>
</td>
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Saudi Arabian Riyal / U.S. dollar </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>125,789</font> </font></p>
</td>
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>107,582</font> </font></p>
</td>
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><font style="font-size: 10pt;">)</font></td>
</tr>

</table>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><br/></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The main relevant exposures correspond to:</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 9pt; -aw-import: ignore;">&nbsp;</font></p>
<ul style="margin: 0pt; padding-left: 0pt; margin-left: 2.58pt;" type="square">
<li style="margin-left: 9.58pt; text-align: justify; line-height: 12pt; padding-left: 8.42pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Wingdings'; -aw-font-weight: normal; -aw-number-format: '&#61607;';"><font style="font-family: 'Times New Roman';">Argentine Peso / U.S. dollar</font></li>
</ul>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-left: 14.2pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">As of December 31, 20</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>20</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> and <font>201</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>9</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> 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 <font>1</font>% in the ARS/USD exchange rate would have generated a pre-tax gain / loss of $<font>0.4</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> million and $<font>1.0</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;million as of December 31, 20</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>20</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> and <font>201</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>9</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> respectively.</font></p>
<div>

</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">(ii)</font><font style="width: 23.78pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Foreign exchange risk (Cont.)</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; -aw-import: ignore;">&nbsp;</font></p>
<ul style="margin: 0pt; padding-left: 0pt; margin-left: 2.58pt;" type="square">
<li style="margin-left: 9.58pt; text-align: justify; line-height: 12pt; padding-left: 8.42pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Wingdings'; -aw-font-weight: normal; -aw-number-format: '&#61607;';"><font style="font-family: 'Times New Roman';">Euro / U.S. dollar</font></li>
</ul>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-left: 18pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">As of December 31, 20</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>20</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> and <font>201</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>9</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, consisting primarily of Euro-denominated intercompany liabilities at certain subsidiaries whose functional currency is the U.S. dollar. A change of <font>1</font>% in the EUR/USD exchange rate would have generated a pre-tax gain / loss of $</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>2.9</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> million and $<font>1.0</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;million as of December 31, 20</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>20</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> and <font>201</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>9</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, respectively, which would have been to a large extent offset by changes in currency translation adjustment included in Tenaris&#8217;s net equity position.&nbsp;</font></p>
<p style="margin-top: 0pt; margin-left: 18pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<ul style="margin: 0pt; padding-left: 0pt; margin-left: 2.58pt;" type="square">
<li style="margin-left: 9.58pt; text-align: justify; line-height: 12pt; padding-left: 8.42pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Wingdings'; -aw-font-weight: normal; -aw-number-format: '&#61607;';"><font style="font-family: 'Times New Roman';">Saudi Arabian Riyal / U. S. d</font><font style="font-family: 'Times New Roman';">ollar</font></li>
</ul>
<p style="margin-top: 0pt; margin-left: 18pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: Arial; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-left: 18pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">As of December 31, 20</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>20</font> and <font>2019</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> consisting primarily of </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Saudi Arabian Riyal-denominated financial and trade payables</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">. The Saudi Arabian Riyal is tied to the dollar.</font></p>
<p style="margin-top: 0pt; margin-left: 18pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: Arial; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Considering the balances held as of December 31, 20</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>20</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> on financial assets and liabilities exposed to foreign exchange rate fluctuations, Tenaris estimates that the impact of a simultaneous <font>1</font>% appreciation / depreciation movement in the levels of foreign currencies exchange rates relative to the U.S. dollar, woul</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">d be a pre-tax gain / loss of $</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>5.1</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">million (including a loss / gain of<font> $</font></font><font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>1.0</font></font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> million due to </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">foreign exchange derivative contracts), </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">which would be partially offset by changes to Tenaris&#8217;s net equity position of $</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>2.3</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> million</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> For balances held as of December 31, 201</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>9</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, a simultaneous <font>1</font>% favorable / unfavorable movement in the foreign currencies exchange rates relative to the U.S. dollar, would have generated a pre-tax gain / loss of $</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>4.6</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;million (including a loss / gain <font>of $</font></font><font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>4.9</font></font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> m</font>illion due to </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">foreign exchange derivative contracts), </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">which would have been partially offset by changes to Tenaris&#8217;s net equity position of $</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>0.6</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> million.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The Company entered into foreign exchange derivative contracts to mitigate the exposure to fluctuations in exchange rates.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 9pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">(iii)</font><font style="width: 21pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Interest rate risk</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Tenaris is subject to interest rate risk</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> on</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> its investment portfolio</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> and its debt</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">. </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">The Company uses a mix of variable and fixed rate debt in combination with its investment portfolio strategy. </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">T</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">he Company may choose to enter into </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">foreign exchange derivative contracts and / or </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">interest rate swaps to mitigate the exposure to changes in the interest rates. </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The following </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">table </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">summarizes</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">the proportions of variable-rate and fixed-rate debt as of each year end</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<div>
<table style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px; height: 95px;" width="100%" cellspacing="0" cellpadding="0">

<tr style="height: 17px;">
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; height: 17px; width: 41.1243%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; height: 17px; width: 1.47929%;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; height: 17px; width: 1.47929%;"><br/></td>
<td colspan="10" style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; height: 17px; width: 55.9527%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> As of December 31, </font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; height: 17px; width: 41.1243%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; height: 17px; width: 1.47929%;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; height: 17px; width: 1.47929%;"><br/></td>
<td colspan="4" style="border-bottom: 0.75pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; height: 17px; width: 26.497%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> <font>2020</font> </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; height: 17px; width: 1.47929%;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; height: 17px; width: 1.47929%;"><br/></td>
<td colspan="4" style="border-bottom: 0.75pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; height: 17px; width: 26.497%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> <font>2019</font> </font></p>
</td>
</tr>
<tr style="height: 10px;">
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: middle; height: 10px; width: 41.1243%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: middle; height: 10px; width: 1.47929%;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; height: 10px; width: 13.4793%;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> Amount in thousands of U.S. dollars </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; height: 10px; width: 1.47929%;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; height: 10px; width: 1.47929%;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 10px; width: 11.5385%;" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> % </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; height: 10px; width: 1.47929%;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; height: 10px; width: 13.4793%;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> Amount in thousands of U.S. dollars </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; height: 10px; width: 1.47929%;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; height: 10px; width: 1.47929%;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 10px; width: 11.5385%;" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> % </font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; width: 41.1243%; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Fixed rate (*) </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; width: 1.47929%; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; width: 1.47929%; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; width: 12%; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>237,320</font> </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; width: 1.47929%; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; width: 1.47929%; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 4px; vertical-align: top; width: 11.5385%; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>38</font>% </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; width: 1.47929%; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; width: 1.47929%; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; width: 12%; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>768,002</font> </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; width: 1.47929%; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; width: 1.47929%; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 4px; vertical-align: top; width: 11.5385%; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>93</font>% </font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; height: 17px; width: 41.1243%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Variable rate </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; height: 17px; width: 1.47929%;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; width: 1.47929%;"><br/></td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px; width: 12%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>381,687</font> </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; width: 1.47929%;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; width: 1.47929%;"><br/></td>
<td style="padding: 0px 0px 0px 4px; vertical-align: top; height: 17px; width: 11.5385%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>62</font>% </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; width: 1.47929%;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; width: 1.47929%;"><br/></td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px; width: 12%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>54,150</font> </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; width: 1.47929%;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; width: 1.47929%;"><br/></td>
<td style="padding: 0px 0px 0px 4px; vertical-align: top; height: 17px; width: 11.5385%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>7</font>% </font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 41.1243%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> Total </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.47929%;"><br/></td>
<td style="border-top: 0.75pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.47929%;"><br/></td>
<td style="border-top: 0.75pt solid #000000; padding: 0px 0px 0px 4px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 12%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> <font>619,007</font> </font></font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.47929%;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.47929%;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 11.5385%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> &nbsp; </font></font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.47929%;"><br/></td>
<td style="border-top: 0.75pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.47929%;"><br/></td>
<td style="border-top: 0.75pt solid #000000; padding: 0px 0px 0px 4px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 12%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> <font>822,152</font> </font></font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.47929%;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.47929%;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 11.5385%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> &nbsp; </font></p>
</td>
</tr>

</table>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: spaces;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">(*) </font><font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Out of the $</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>23</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>7</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> m</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">illion fixed rate </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">borrowings,</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> $</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>197</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> m</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">illion are short-term.</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The Company estimates that</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">,</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> if</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> market</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> interest rates</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> applicable to </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Tenaris&#8217;s</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> borrowings</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">had</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> been <font>100</font> basis points higher</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">,</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">then the additional </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">pre-tax </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">loss</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> would have been </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">$</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>7.1</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; color: #ff0000;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">million </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">in <font>20</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>20</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> and</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> $</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>7.7</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> million </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">in <font>201</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>9</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">(iv)</font><font style="width: 22.12pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Credit risk</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">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.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">There is no significant concentration of credit risk from customers. No single customer comprised more than <font>10</font>% of Tenaris&#8217;s net sales in <font>20</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>20</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, <font>201</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>9</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> and <font>201</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>8</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><br/></font></p>
<div>

</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">(iv)</font><font style="width: 22.12pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Credit risk (Cont.)</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Tenaris&#8217;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 </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">whenever deemed necessary. Tenaris maintains allowances for impairment for potential credit losses.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> See Section II.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">K</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">As of December 31, 2020</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> and <font>201</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>9</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> trade receivables amount</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ed</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> to<font> $</font></font><font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>968.1</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;" class="selected"> million and $<font>1,348.2</font></font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> million respectively. Trade receivables have guarantees under credit insurance of $</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>134.9</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> million and $<font>178.7</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;million, letter of credit and other bank guarantees of $</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>47.8</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> million and $</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>55.2</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> million, and other guarantees of $</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>8.8</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> million and $</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>0.6</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> million as of December 31, 20</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>20</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> and <font>201</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>9</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> respectively.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">As of December 31, 20</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>20</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> and <font>201</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>9</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">,</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">overdue</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> trade receivables amounted to $</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>195.9</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> million and $</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>242.7</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> million, respectively. As of December 31, 20</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>20</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> and <font>201</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>9</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">overdue </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">guaranteed trade receivables amounted to </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">$</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>20.7</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">million and $</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>28.7</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> million</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">; and the allowance for doubtful accounts amounted to</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">$</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>53.7</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> million and $</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>48.8</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> million</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> respectively.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Both the allowance for doubtful accounts and the existing guarantees are sufficient to cover doubtful trade receivables. </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">(v) </font><font style="width: 22.4pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Counterparty risk</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">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.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Approximately </font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>88</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">% of Tenaris&#8217;s liquid financial assets correspond</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ed</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> to Investment Grade-rated instruments as of December 31, 20</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>20</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, in comparison with approximately </font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>96</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">% as of December 31, 201</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>9</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">(</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">v</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">i</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">)</font><font style="width: 22.12pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Liquidity risk</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; -aw-import: spaces;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Tenaris financing strategy </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">a</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">i</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">m</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">s to maintain adequate financial resources and access to additional liquidity. During <font>20</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>20</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, Tenaris has counted on cash flows from operations as well as additional bank financing to fund its transactions. </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Management maintains sufficient cash and marketable securities to finance normal operations and believes that Tenaris also has </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">appropriate </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">access to market for short-term working capital needs. </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Liquid financial assets as a whole (comprising cash and cash equivalents and other investments) were </font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>12</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">%</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> of</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> total asset</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">s at the end of <font>20</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>20</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">and</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>201</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>9</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Tenaris has a conservative approach to the management of its liquidity, which consists of i)</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">cash and cash equivalents (cash in banks, liquidity funds and investments</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">with a</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">maturity of less than <font>three</font> months</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">at the date of purchase), and ii) </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">o</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ther </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">i</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">nvestments (fixed income securities, time d</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">eposits, and fund investments).</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Tenaris holds primarily investments in money market funds and variable or fixed-rate securities from investment grade issuers. As of December 31, 20</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>20</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> and <font>201</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>9</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, Tenaris does not have direct exposure to financial instruments issued by European sovereign counterparties</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Tenaris holds its investments primarily in U.S. dollars. As of December 31, 2020 and <font>2019</font>, U.S. dollar denominated liquid assets plus investments denominated in other currencies hedged to the U.S. dollar represented approximate<font>ly </font><font>95</font><font>%</font> of total liquid financial assets.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">(vii)</font><font style="width: 19.34pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Commodity price risk</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">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 not in excess of <font>one</font> year, in general Tenaris does not hedge this risk. </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; -aw-import: ignore;">&nbsp;</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt; padding-top: 5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">B. Category of financial instruments and classification w</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">ithin th</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">e fair value h</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">ierarchy</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">As mentioned in note II.A, the Company classifies its financial instruments in the following measurement categories: amortized cost, fair value through othe</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">r comprehensive income</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> and fair </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">value through profit and loss</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">For financial instruments that are measured in the statement of financial position at fair value, IFRS <font>13</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">,</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8220;Fair value measurement&#8221; </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">requires a disclosure of fair value measurements by level according to the following fair value measurement hierarchy:</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Level <font>1</font> - Quoted prices (unadjusted) in active markets for identical assets or liabilities.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Level <font>2</font> - Inputs other than quoted prices included within Level <font>1</font> that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices).</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Level <font>3</font> - Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs).</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The following tables present the financial instruments by category and levels as of December 31, 20</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>20</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> and <font>201</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>9</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(all amounts in thousands of U.S. dollars)</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"><font><font class="selected">Ca<font>rrying Amount</font></font><br/></font></font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Measurement Categories </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> At Fair Value </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> December 31, 2020 </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Amortized Cost </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> FVOCI </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> FVPL </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Level <font>1</font></font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Level <font>2</font></font></p>
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<td style="border-bottom: 0.75pt solid #000000; padding: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; height: 10px; vertical-align: bottom;" colspan="2" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Level <font>3</font></font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: middle; height: 10px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px; vertical-align: top; background-color: #ffffff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Assets </font></p>
</td>
<td style="padding: 0px; vertical-align: top; background-color: #ffffff; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px; vertical-align: top; height: 10px; background-color: #cceeff; width: 37%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> Cash and cash equivalents </font></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 10px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 6%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> <font>584,681</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 6%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> <font>486,498</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 6%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 6%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> <font>98,183</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 6%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> <font>98,183</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 6%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 6%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1%;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> Other investments </font></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> <font>872,488</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> <font>763,697</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> <font>108,791</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> <font>108,791</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"> Fixed income (time-deposit, <font>zero</font> coupon bonds, commercial papers) </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: top; height: 10px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"><font>763,697</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"><font>763,697</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-left: 7.1pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> U.S. Sovereign Bills </font></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"> <font>97,982</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>97,982</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px; vertical-align: top; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 7.1pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Non - U.S. Sovereign Bills </font></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"> <font>14,586</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>14,586</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-left: 7.1pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Certificates of deposits </font></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"> <font>222,132</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>222,132</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 7.1pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Commercial papers </font></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"> <font>268,737</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>268,737</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-left: 7.1pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Other notes </font></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"> <font>160,260</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>160,260</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: top; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"> Bonds and other fixed income </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: top; height: 10px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"> <font>108,791</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"> <font>108,791</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"> <font>108,791</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px; vertical-align: top; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 7.1pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Non - U.S. government securities </font></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"> <font>20,219</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>20,219</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>20,219</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;- </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 7.1pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Corporates securities </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: top; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"> <font>88,572</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>88,572</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>88,572</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><br/></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px; vertical-align: top; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> Derivative financial instruments </font></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> <font>11,449</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> <font>11,449</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> &nbsp;<font>-</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> <font>11,449</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> &nbsp;<font>-</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br/></td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px; vertical-align: top; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> Other Investments Non-current </font></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> <font>247,082</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> <font>239,422</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> <font>7,660</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> <font>239,422</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> <font>7,660</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px; vertical-align: top; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 7.1pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Bonds and other fixed income </font></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"> <font>239,422</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>239,422</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>239,422</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 7.1pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Other investments </font></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"> <font>7,660</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>7,660</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>7,660</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> Trade receivables </font></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> <font>968,148</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> <font>968,148</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px; vertical-align: top; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> Receivables C and NC (*) </font></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> <font>232,152</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> <font>90,330</font>&nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> <font>48,659</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><br/></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> <font>48,659</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 7.1pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Other receivables </font></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"> <font>138,989</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>90,330</font>&nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>48,659</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>48,659</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px; vertical-align: top; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 7.1pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Other receivables (non-financial) </font></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"> <font>93,163</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"> &nbsp;- </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Total </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: top; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>2,308,673</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>396,872</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>117,292</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>446,396</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>11,449</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>56,319</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Liabilities </font></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> Borrowings C and NC </font></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> <font>619,007</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> <font>619,007</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> Trade payables </font></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> <font>462,105</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> <font>462,105</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px; vertical-align: top; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> Finance Lease Liabilities C and NC </font></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> <font>257,343</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> <font>257,343</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br/></td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px; vertical-align: top; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> Derivative financial instruments </font></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> <font>3,217</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> <font>3,217</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> <font>3,217</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Total </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: top; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>1,338,455</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp;<font>-</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>3,217</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>3,217</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
</tr>

</table>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';"> </font><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">(*) Includes </font><font style="font-family: 'Times New Roman';">balances</font><font style="font-family: 'Times New Roman';"> related to</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">interest in our </font><font style="font-family: 'Times New Roman';">Venezuelan</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">companies</font><font style="font-family: 'Times New Roman';">. S</font><font style="font-family: 'Times New Roman';">ee </font><font style="font-family: 'Times New Roman';">n</font><font style="font-family: 'Times New Roman';">ote <font>3</font></font><font style="font-family: 'Times New Roman';"><font>8</font></font><font style="font-family: 'Times New Roman';">.</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><br/></p>
<div>

</div>
<p style="margin-top: 10pt; margin-bottom: 10pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(all amounts in thousands of U.S. dollars)</font></p>
<div>
<table style="height: 462px; margin-left: 0.1px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%" cellspacing="0" cellpadding="0">

<tr style="height: 17px;">
<td style="padding: 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; background-color: #ffffff; vertical-align: bottom; height: 27px;" rowspan="2" colspan="2" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"><font> Carrying amount</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; background-color: #ffffff; vertical-align: bottom; height: 27px;" rowspan="2" valign="bottom"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; background-color: #ffffff; vertical-align: bottom; height: 27px;" rowspan="2" valign="bottom"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; background-color: #ffffff; vertical-align: bottom; height: 17px; border-top: 1pt solid #000000;" colspan="10" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Measurement Categories </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;" valign="bottom"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;" valign="bottom"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;" colspan="10" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> At Fair Value </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;" valign="bottom"><br/></td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px; background-color: #ffffff; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> December 31, 2019 </font></p>
</td>
<td style="padding: 0px; vertical-align: top; background-color: #ffffff; height: 10px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; background-color: #ffffff; vertical-align: bottom; height: 10px;" colspan="2" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Amortized Cost </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;" valign="bottom"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;" valign="bottom"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;" colspan="2" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> FVOCI </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;" valign="bottom"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;" valign="bottom"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;" colspan="2" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> FVPL </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;" valign="bottom"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;" valign="bottom"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;" colspan="2" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Level <font>1</font></font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;" valign="bottom"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;" valign="bottom"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;" colspan="2" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Level <font>2</font></font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;" valign="bottom"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;" valign="bottom"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;" colspan="2" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Level <font>3</font></font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;" valign="bottom"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px; vertical-align: top; background-color: #ffffff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Assets </font></p>
</td>
<td style="padding: 0px; vertical-align: top; background-color: #ffffff; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px; vertical-align: top; height: 17px; background-color: #cceeff; width: 37%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> Cash and cash equivalents </font></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 17px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 6%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> <font>1,554,299</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 6%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> <font>387,602</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 6%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 6%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> <font>1,166,697</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 6%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> <font>1,166,697</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 6%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 6%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> Other investments </font></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> <font>210,376</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> <font>65,874</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> <font>144,502</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> <font>134,990</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> <font>9,512</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> &nbsp;- </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: top; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"> Fixed income (time-deposit, <font>zero</font> coupon bonds, commercial papers) </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: top; height: 10px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"> <font>65,874</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"> <font>65,874</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 8.55pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Certificates of deposits </font></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"> <font>20,637</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>20,637</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 8.55pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Commercial papers </font></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"> <font>4,993</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>4,993</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> -&nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 8.55pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Other notes </font></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"> <font>40,244</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>40,244</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> -&nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"> Bonds and other fixed income </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: top; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"> <font>144,502</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"> <font>144,502</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"> <font>134,990</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"> <font>9,512</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 8.55pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> U.S. government securities </font></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"> <font>10,211</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>10,211</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>10,211</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 8.55pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Non - U.S. government securities </font></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"> <font>28,637</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>28,637</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>19,125</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>9,512</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 8.55pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Corporates securities </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: top; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"> <font>105,654</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>105,654</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>105,654</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> Derivative financial instruments </font></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> <font>19,929</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> <font>19,929</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> &nbsp;-&nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> <font>19,929</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> Other Investments Non-current </font></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> <font>24,934</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> <font>18,012</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> <font>6,922</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> <font>18,012</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> <font>6,922</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 8.55pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Bonds and other fixed income </font></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"> <font>18,012</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>18,012</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>18,012</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 8.55pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Other investments </font></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"> <font>6,922</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>6,922</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>6,922</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> Trade receivables </font></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> <font>1,348,160</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> <font>1,348,160</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> Receivables C and NC (*) </font></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> <font>261,678</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> <font>93,239</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> <font>48,659</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> <font>48,659</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 8.55pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Other receivables </font></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"> <font>141,898</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>93,239</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>48,659</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>48,659</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 8.55pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Other receivables (non-financial) </font></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"> <font>119,780</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Total </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: top; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>1,894,875</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>211,173</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>1,193,548</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>1,319,699</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>29,441</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>55,581</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Liabilities </font></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> Borrowings C and NC </font></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> <font>822,152</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> <font>822,152</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> Trade payables </font></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> <font>555,887</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> <font>555,887</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> &nbsp;<font>-</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> Finance Lease Liabilities C and NC </font></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> <font>230,167</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> <font>230,167</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> <font>-</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> Derivative financial instruments </font></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> <font>1,814</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> <font>-</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> <font>1,814</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> <font>1,814</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Total </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: top; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>1,608,206</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>1,814</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp;- </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>1,814</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
</tr>

</table>
</div>
<p style="margin-top: 10pt; margin-bottom: 10pt; line-height: 12pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">(*) Includes balances related to interest in our Venezuelan companies</font><font style="font-family: 'Times New Roman';">. S</font><font style="font-family: 'Times New Roman';">ee n</font><font style="font-family: 'Times New Roman';">ote <font>3</font></font><font style="font-family: 'Times New Roman';"><font>8</font></font><font style="font-family: 'Times New Roman';">.</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 10pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">T</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">here were no transfers between l</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">evel</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">s</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> during the </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">year</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">.</font></p>
<p style="margin-top: 0pt; margin-bottom: 10pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The fair value of financial instruments traded in active markets is based on quoted market prices at the </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">reporting</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> 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&#8217;s length basis. The quoted market price used for financial assets held by </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Tenaris</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> is the current bid price. These instruments are included in </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">L</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">evel </font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>1</font> and comprise primar</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">il</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">y corporate and sovereign debt securities.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font></p>
<p style="margin-top: 0pt; margin-bottom: 10pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The fair value of financial instruments that are not traded in an active market (such as certain debt securities, certificates of deposits with original maturity of more than </font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>three</font> months</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">f</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">orward and </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">i</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">nterest </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">r</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ate derivative in</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">s</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">truments) is determined by using valuation techniques</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> which</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> maximiz</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">e the use</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> of observable market data when</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> 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 </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">L</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">evel <font>2</font>.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> 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 </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">obtained </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">from market contributors as of the valuation date.</font></p>
<p style="margin-top: 0pt; margin-bottom: 10pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">If <font>one</font> or more of the significant inputs </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">are</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> not based on observable market data, the instruments are included in </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">L</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">evel <font>3</font>. </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Tenaris values its assets and liabilities in this level using observable market inputs and management assumptions which reflect the Company&#8217;s best estimate on how market participants would price the asset or liability at measurement date. </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Main balances included in this level correspond to </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">the Company interest in Venezuelan companies</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">S</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ee </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">n</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ote <font>3</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>8</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">.</font></p>
<div>

</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The following table presents the changes</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> in </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">L</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">evel <font>3</font> assets</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">:</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<div>
<table style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px; height: 120px;" width="100%" cellspacing="0" cellpadding="0">

<tr style="height: 17px;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 68.2739%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.54291%;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px; width: 29.0858%;" colspan="6">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Year ended December 31, </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px; width: 1.54291%;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 68.2739%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (all amounts in thousands of U.S. dollars) </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 1.54291%;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px; width: 13%;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>2020</font></font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px; width: 1.54291%;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px; width: 1.54291%;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px; width: 13%;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>2019</font></font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px; width: 1.54291%;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 68.2739%; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> At the beginning of the year </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 1.54291%; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 12%; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>55,581</font> </font></font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.54291%; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.54291%; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 12%; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>52,985</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.54291%; background-color: #cceeff; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 68.2739%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (Decrease) / Addition </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 1.54291%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 12%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>3,604</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.54291%;"><font style="font-size: 10pt;">)</font></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 1.54291%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 12%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2,933</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 1.54291%;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 68.2739%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Increase due to business combinations </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.54291%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 12%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>3,915</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.54291%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.54291%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 12%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.54291%;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 68.2739%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Currency translation adjustment and others </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 1.54291%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 12%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>427</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 1.54291%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 1.54291%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 12%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>337</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.54291%;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 18px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 18px; width: 68.2739%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> At the end of the year </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 18px; width: 1.54291%;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px; width: 1%;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px; width: 12%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>56,319</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px; width: 1.54291%;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px; width: 1.54291%;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px; width: 1%;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px; width: 12%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>55,581</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px; width: 1.54291%;"><br/></td>
</tr>

</table>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 7pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">C</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">. </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Fair value estimation</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">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.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The fair values of quoted investments are</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> generally</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> based on current bid prices. If the market for a financial asset is not active or no market is available, fair values are established using standard valuation techniques. </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The fair value of all outstanding derivatives is determined using speci</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">fic pricing models that include</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> inputs that are observable in the market or can be derived from or corroborated by observable data.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">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.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 12pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Borrowings are classified under </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">other financial liabilities </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">and measured at their amortized cost</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">. Tenaris estimates that the fair value of its main financial liabilities is approximately</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>100.0</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">%</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> of its carrying amount </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">(</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">inc</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">luding interests accrued</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">)</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> in <font>20</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>20</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> and <font>2019</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Fair values were calculated using standard valuation techniques for floating rate instruments and comparable market rates for discounting flows.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The carrying</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> amount of investments</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> valuated at amortized cos</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">t approximates its fair value.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">D. Accounting for derivative financial instruments and hedging activities</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">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&#8217;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. </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">As a general rule, Tenaris recognizes the full amount related to the change in fair value of derivative financial instruments in </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Financial Results</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> in the Consolidated Income Statement.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt; widows: 0; orphans: 0;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">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</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> 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&#8217;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 derivati</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ve and the leasing liability is</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> classified as a current or non-current asset or liability according to its expiry date.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 8pt; widows: 0; orphans: 0;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt; widows: 0; orphans: 0;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">For transactions designated and qualifying for hedge accounting, </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Tenaris</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> 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 undertak</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ing various hedge transactions.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Tenaris also documents its assessment on an ongoing basis, of whether the </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">hedging instrument</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> are highly effective in offsetting changes in </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">fair value or cash flow of hedged items.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> At December 31, 20</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>20</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> and <font>201</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>9</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, the effective portion of designated cash flow hedges </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">which is included</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> in </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Other Reserves</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> in equity </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">amount</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ed</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> to </font><font style="font-family: 'Times New Roman'; font-size: 10pt; background-color: #ffffff;">$</font><font style="font-family: 'Times New Roman'; font-size: 10pt; background-color: #ffffff;"><font>4.8</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> million</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">debit</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">and</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">$</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>2.6</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> million </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">credit</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> respectively</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">S</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ee n</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ote <font>2</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>5</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 8pt; widows: 0; orphans: 0;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt; widows: 0; orphans: 0;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The fair values of various derivative instruments used for hedging purposes </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">and the movements of the hedging reserve included within </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Other Reserves</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> in equity </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">are disclosed in </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">n</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ote </font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>2</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>5</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">.</font></p>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of the entity's financial risk management practices and policies.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 10<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_10_e&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140345109432280">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 1 - Segment Information<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2020</div></th></tr>
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<td class="text">&#160;<span></span>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfEntitysReportableSegmentsExplanatory', window );">Note 1 - Segment Information</a></td>
<td class="text"><div>
<p style="margin-top: 0pt; margin-left: 22.5pt; margin-bottom: 0pt; text-indent: -22.5pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><font style="border-left: none; border-right: none;">1</font></font><font style="font: 7pt 'Times New Roman'; -aw-import: spaces;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Segment information</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 8pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">As mentioned in sectio</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">n II.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">C</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, the </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">S</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">egment </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">I</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">nformation is disclosed as follow</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">s</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">:</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Reportable operating segments</font><font style="font-family: 'Times New Roman'; font-weight: bold;"> </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">(All amounts in millions of U.S. dollars</font><font style="font-family: 'Times New Roman';">)</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"><font style="font-family: 'Times New Roman';"><br/></font></p>
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<div style="border-left: none; border-right: none;">
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; height: 192px; width: 100.02%;" width="100%">

<tr style="height: 10px;">
<td style="border-bottom: 1pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Year ended December 31, 2020 </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 10px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 10px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Tubes </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 10px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 10px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 10px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Other </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 10px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 10px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 10px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Total </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 10px;"><br/></td>
</tr>
<tr style="height: 13px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 13px; border-bottom: 2.8pt double #000000; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> IFRS - Net Sales </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; border-bottom: 2.8pt double #000000; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; border-bottom: 2.8pt double #000000; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; border-bottom: 2.8pt double #000000; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>4,844</font> </font></font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; border-bottom: 2.8pt double #000000; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; border-bottom: 2.8pt double #000000; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; border-bottom: 2.8pt double #000000; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; border-bottom: 2.8pt double #000000; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>303</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px; border-bottom: 2.8pt double #000000; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; border-bottom: 2.8pt double #000000; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; border-bottom: 2.8pt double #000000; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; border-bottom: 2.8pt double #000000; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>5,147</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px; border-bottom: 2.8pt double #000000; background-color: #cceeff;"><br/></td>
</tr>
<tr style="height: 13px;">
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 13px; width: 61%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Management view - operating (loss) </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; width: 1%;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 13px; width: 1%;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp;(<font>277</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px; width: 1%;"><font style="font-size: 10pt;">)</font></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; width: 1%;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; width: 1%;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp;(<font>50</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px; width: 1%;"><font style="font-size: 10pt;">)</font></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; width: 1%;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 13px; width: 1%;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp;(<font>327</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px; width: 1%;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 13px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Differences in cost of sales </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;(<font>138</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><font style="font-size: 10pt;">)</font></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>4</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;(<font>134</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 13px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Differences in depreciation and amortization </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;(<font>1</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br/></td>
</tr>
<tr style="height: 13px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Differences in selling, general and administrative expenses </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;(<font>2</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><font style="font-size: 10pt;">)</font></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;(<font>2</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 13px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Differences in other operating income (expenses), net </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;(<font>200</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;(<font>200</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 13px; background-color: #cceeff;">
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> IFRS - operating (loss) </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp;(<font>616</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><font style="font-size: 10pt;">)</font></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp;(<font>47</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><font style="font-size: 10pt;">)</font></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp;(<font>663</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 13px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Financial income (expense), net </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;(<font>65</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 13px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> (Loss) before equity in earnings of non-consolidated companies and income tax </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp;(<font>728</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 13px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Equity in earnings of non-consolidated companies </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>109</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br/></td>
</tr>
<tr style="height: 13px; background-color: #cceeff;">
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> (Loss) before income tax </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp;(<font>619</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 13px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"> Capital expenditures </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"> <font>189</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"> <font>4</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> <font>193</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br/></td>
</tr>
<tr style="height: 13px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"> Depreciation and amortization </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"> <font>661</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"> <font>18</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> <font>679</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br/></td>
</tr>

</table>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; -aw-import: ignore;">&nbsp;</font></p>
<div style="border-left: none; border-right: none;">
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 254px;" width="100%">

<tr style="height: 17px;">
<td style="border-bottom: 1pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Year ended December 31, 2019 </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Tubes </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Other </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Total </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; border-bottom: 2.8pt double #000000; height: 17px; background-color: #cceeff; width: 61%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> IFRS - Net Sales </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-bottom: 2.8pt double #000000; height: 17px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-bottom: 2.8pt double #000000; height: 17px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; border-bottom: 2.8pt double #000000; height: 17px; background-color: #cceeff; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>6,870</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-bottom: 2.8pt double #000000; height: 17px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-bottom: 2.8pt double #000000; height: 17px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-bottom: 2.8pt double #000000; height: 17px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; border-bottom: 2.8pt double #000000; height: 17px; background-color: #cceeff; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>424</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-bottom: 2.8pt double #000000; height: 17px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-bottom: 2.8pt double #000000; height: 17px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-bottom: 2.8pt double #000000; height: 17px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; border-bottom: 2.8pt double #000000; height: 17px; background-color: #cceeff; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>7,294</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-bottom: 2.8pt double #000000; height: 17px; background-color: #cceeff; width: 1%;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Management view - operating income </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>857</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>73</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>930</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Differences in cost of sales </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;(<font>105</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>3</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;(<font>102</font>) </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Differences in depreciation and amortization </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;(<font>1</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;(<font>1</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Differences in selling, general and administrative expenses </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;(<font>1</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Differences in other operating income (expenses), net </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>6</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>6</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> IFRS - operating income </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>756</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>77</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>833</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Financial income (expense), net </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>19</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Income before equity in earnings of non-consolidated companies and income tax </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>852</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Equity in earnings of non-consolidated companies </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>82</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Income before income tax </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>934</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"> Capital expenditures </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"> <font>338</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"> <font>12</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> <font>350</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"> Depreciation and amortization </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"> <font>523</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"> <font>17</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> <font>540</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
</tr>

</table>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; -aw-import: ignore;">&nbsp;</font></p>
<div style="border-left: none; border-right: none;">
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 221px;" width="100%">

<tr style="height: 17px;">
<td style="border-bottom: 1pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Year ended December 31, 2018 </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Tubes </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Other </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Total </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; border-bottom: 2.8pt double #000000; background-color: #cceeff; height: 17px; width: 61%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> IFRS - Net Sales </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-bottom: 2.8pt double #000000; background-color: #cceeff; height: 17px; width: 1%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-bottom: 2.8pt double #000000; background-color: #cceeff; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; border-bottom: 2.8pt double #000000; background-color: #cceeff; height: 17px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>7,233</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-bottom: 2.8pt double #000000; background-color: #cceeff; height: 17px; width: 1%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-bottom: 2.8pt double #000000; background-color: #cceeff; height: 17px; width: 1%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-bottom: 2.8pt double #000000; background-color: #cceeff; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; border-bottom: 2.8pt double #000000; background-color: #cceeff; height: 17px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>426</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-bottom: 2.8pt double #000000; background-color: #cceeff; height: 17px; width: 1%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-bottom: 2.8pt double #000000; background-color: #cceeff; height: 17px; width: 1%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-bottom: 2.8pt double #000000; background-color: #cceeff; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; border-bottom: 2.8pt double #000000; background-color: #cceeff; height: 17px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>7,659</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-bottom: 2.8pt double #000000; background-color: #cceeff; height: 17px; width: 1%;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Management view - operating income </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>702</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>81</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>783</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Differences in cost of sales </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>112</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>7</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>119</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Differences in depreciation and amortization </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;(<font>34</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;(<font>34</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Differences in selling, general and administrative expenses </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;(<font>2</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>6</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>4</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> IFRS - operating income </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>778</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>94</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>872</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Financial income (expense), net </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>37</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Income before equity in earnings of non-consolidated companies and income tax </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>909</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Equity in earnings of non-consolidated companies </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>194</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Income before income tax </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>1,103</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"> Capital expenditures </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"> <font>346</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"> <font>3</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> <font>349</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"> Depreciation and amortization </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"> <font>645</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"> <font>19</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> <font>664</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
</tr>

</table>
</div>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; -aw-import: ignore;">&nbsp;</font></p>
<div>

</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Transactions between segments, which were eliminated in consolidation,</font><font style="font-family: 'Times New Roman';"> are</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">mainly related to</font><font style="font-family: 'Times New Roman';"> sales of scrap</font><font style="font-family: 'Times New Roman';">, energy, surplus raw materials and others</font><font style="font-family: 'Times New Roman';"> from the Other segment to the Tubes segment for $</font><font style="border-right: none; border-left: none;"><font style="font-family: 'Times New Roman';"><font style="border-left: none; border-right: none;"><font>16.9</font></font></font></font><font style="font-family: 'Times New Roman';">, $</font><font style="font-family: 'Times New Roman';"><font style="border-left: none; border-right: none;"><font>36.2</font></font></font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">and </font><font style="font-family: 'Times New Roman';">$</font><font style="font-family: 'Times New Roman';"><font style="border-left: none; border-right: none;"><font>52.4</font></font></font><font style="font-family: 'Times New Roman';">&nbsp;million</font><font style="font-family: 'Times New Roman';"> in <font>20</font></font><font style="font-family: 'Times New Roman';"><font>20</font></font><font style="font-family: 'Times New Roman';">, <font>201</font></font><font style="font-family: 'Times New Roman';"><font>9</font></font><font style="font-family: 'Times New Roman';"> and <font>201</font></font><font style="font-family: 'Times New Roman';"><font>8</font></font><font style="font-family: 'Times New Roman';">, respectively.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">There are no material differences between IFRS and management view in total revenues and by reportable segments.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The main differences between operating income under IFRS view and the management view are mainly related to the cost of goods sold and other tim</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ing differences. See Section II.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">C </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">- </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Segment Information. The main difference in Other operating income (expenses), net is attributable to the impairment of the goodwill, which residual value in the management view differs from IFRS.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In addition to the amounts reconciled above, t</font><font style="font-family: 'Times New Roman';">he 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</font><font style="font-family: 'Times New Roman';">.</font><font style="font-family: 'Times New Roman';"> </font><br/></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Geographical information</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
<div>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 99.836%; height: 434px;" width="100%">

<tr style="height: 26px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 26px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (all amounts in thousands of U.S. dollars) </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 26px;"><br/></td>
<td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; height: 26px; vertical-align: bottom;" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> North America </font></p>
</td>
<td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; height: 26px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; height: 26px; vertical-align: bottom;" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> South America </font></p>
</td>
<td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; height: 26px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; height: 26px; vertical-align: bottom;" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Europe </font></p>
</td>
<td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 26px;" valign="bottom"><br/></td>
<td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; height: 26px; vertical-align: bottom;" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Middle East &amp; Africa </font></p>
</td>
<td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; height: 26px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; height: 26px; vertical-align: bottom;" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Asia Pacific </font></p>
</td>
<td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; height: 26px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; height: 26px; vertical-align: bottom;" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Unallocated (*) </font></p>
</td>
<td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; height: 26px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; height: 26px; vertical-align: bottom;" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Total </font></font></p>
</td>
<td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 26px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Year ended December 31, 2020 </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 34%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Net sales </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 2%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 7%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2,179,949</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 2%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 7%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>776,235</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 2%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 7%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>642,793</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 2%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 8%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,227,532</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 2%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 7%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>320,225</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 2%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 7%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 2%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 7%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>5,146,734</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 2%;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Total assets </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>8,071,574</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,868,458</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,461,738</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>804,559</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>552,508</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>957,352</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>13,716,189</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Trade receivables </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>411,692</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>115,972</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>139,427</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>210,194</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>90,863</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>968,148</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Property, plant and equipment, net </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>3,971,101</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,050,619</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>823,057</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>242,939</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>105,465</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>6,193,181</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Capital expenditures </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>71,531</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>63,111</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>39,691</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>10,452</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>8,537</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>193,322</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Depreciation and amortization </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>408,546</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>106,827</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>84,518</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>44,259</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>34,656</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>678,806</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Year ended December 31, 2019 </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Net sales </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>3,429,911</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,391,288</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>738,880</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,382,172</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>351,804</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>7,294,055</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Total assets </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>7,885,120</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2,227,044</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2,282,775</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>958,424</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>609,663</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>879,965</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>14,842,991</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Trade receivables </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>612,809</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>176,173</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>149,321</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>319,406</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>90,451</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,348,160</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Property, plant and equipment, net </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>3,771,570</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,129,260</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>816,721</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>254,858</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>117,608</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>6,090,017</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Capital expenditures </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>169,390</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>113,999</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>55,169</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>4,578</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>7,038</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>350,174</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Depreciation and amortization </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>276,046</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>105,308</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>82,400</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>42,520</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>33,247</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>539,521</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Year ended December 31, 2018 </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Net sales </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>3,611,509</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,462,044</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>724,733</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,559,988</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>300,314</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>7,658,588</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Total assets </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>7,971,311</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2,489,522</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,913,589</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>588,746</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>482,563</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>805,568</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>14,251,299</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Trade receivables </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>791,190</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>280,801</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>215,202</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>383,358</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>66,815</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,737,366</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Property, plant and equipment, net </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>3,859,060</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,133,113</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>848,178</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>94,040</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>129,517</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>6,063,908</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Capital expenditures </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>196,220</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>68,603</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>77,467</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2,047</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>5,136</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>349,473</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Depreciation and amortization </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>441,705</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>108,558</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>82,769</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>10,389</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>20,936</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>664,357</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
</tr>

</table>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">(*) <font>For </font></font><font><font style="font-family: 'Times New Roman';"><font>2020</font>, </font><font style="font-family: 'Times New Roman';"><font>2019</font> and <font>2018</font> includes </font><font style="font-family: 'Times New Roman'; font-style: italic;">Investment</font><font style="font-family: 'Times New Roman'; font-style: italic;">s in non-consolidated companies</font><font style="font-family: 'Times New Roman';">. See n</font><font style="font-family: 'Times New Roman';">ote <font>13</font>.</font></font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<div>

</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">There are no revenues from external customers attributable to the Company&#8217;s country of incorporation (Luxembourg). </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The principal countries from which the C</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ompany derives its revenues are</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> USA (<font>26</font>%), Mexico, Argentina, Canada, Saudi Arabia, Brazil and Italy.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Revenue is mainly recognized at a point in time to direct customers, when control has been transferred and there is no unfulfilled performance obligation that could affect the acceptance of the product by the customer. Revenues related to governmental institutions represents approximately </font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font style="border-left: none; border-right: none;"><font>24</font></font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">%</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, </font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>21</font>% and <font>15</font>% in <font>2020</font>, <font>2019</font> and <font>2018</font> respectively.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Tubes segment revenues by market:</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<div>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100.02%; height: 86px;" width="100%">

<tr style="height: 17px;">
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Revenues Tubes (in millions of U.S. dollars) </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>2020</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>2019</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>2018</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 55%; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Oil and Gas </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 12%; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>4,073</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 12%; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>5,757</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 12%; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>6,042</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Hydrocarbon Processing and Power Generation </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>371</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>534</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>602</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Industrial and Other </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>400</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>579</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>589</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
</tr>
<tr style="height: 18px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Total </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>4,844</font> </font></p>
</td>
<td style="border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>6,870</font> </font></p>
</td>
<td style="border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>7,233</font> </font></p>
</td>
<td style="border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"><br/></td>
</tr>

</table>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">At December </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">31, </font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>20</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>20</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, <font>201</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>9</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> and <font>201</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>8</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, the Company recognized contract liabilities related to customer</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> advances in the amount of $</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font style="border-left: none; border-right: none;"><font>48.7</font></font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, $<font style="border-left: none; border-right: none;"><font>82.7</font></font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;and $</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font style="border-left: none; border-right: none;"><font>62.7</font></font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;million, respectively. These amounts related to years </font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>2019</font> and </font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>2018</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">were reclassified to revenues during the subsequent year. In these periods, no significant adjustment in revenues were performed related to performance obligations previously satisfied.</font></p>
</div><span></span>
</td>
</tr>
</table>
<div style="display: none;">
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for operating segments.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2019-01-01<br> -Section Disclosure<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2019-en-r&amp;doctype=Standard&amp;dita_xref=IFRS08_g20-24_TI<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<td style="white-space:nowrap;">ifrs-full_DisclosureOfEntitysReportableSegmentsExplanatory</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfOperatingSegmentsAbstract</td>
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140345109515528">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 2 - Cost of Sales<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2020</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_DisclosureOfCostOfSalesAbstract', window );"><strong>Disclosure of Cost of Sales [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfCostOfSalesExplanatory', window );">Note 2 - Cost of Sales</a></td>
<td class="text"><div>
<p style="margin-top: 0pt; margin-left: 22.4pt; margin-bottom: 0pt; text-indent: -22.4pt; line-height: 12pt; padding-top: 5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><font style="border-left: none; border-right: none;">2</font></font><font style="font: 7pt 'Times New Roman'; -aw-import: spaces;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Cost of sales</font></p>
<p style="margin-top: 0pt; margin-left: 22.4pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; -aw-import: ignore;">&nbsp;</font></p>
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<table style="height: 340px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px;" width="100%" cellspacing="0" cellpadding="0">

<tr style="height: 17px;">
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<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;" colspan="10">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Year ended December 31, </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br/></td>
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<tr style="height: 17px;">
<td style="padding: 0px; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (all amounts in thousands of U.S. dollars) </font></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>2020</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>2019</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>2018</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 17px;"><br/></td>
<td style="border-top: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br/></td>
<td style="border-top: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> &nbsp; </font></p>
</td>
<td style="border-top: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br/></td>
<td style="border-top: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br/></td>
<td style="border-top: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br/></td>
<td style="border-top: 1pt solid #000000; vertical-align: top; height: 17px;"></td>
<td style="border-top: 1pt solid #000000; vertical-align: top; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 55%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Inventories at the beginning of the year </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1%; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 12%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>2,265,880</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 1%; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 1%; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 1%; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 12%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>2,524,341</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 12%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>2,368,304</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Increase in inventory due to business combinations </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>199,589</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>52,966</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Plus: Charges of the year </font></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Raw materials, energy, consumables and other </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>1,545,688</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>2,709,629</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>3,400,396</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Services and fees </font></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>154,976</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>222,415</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>275,130</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Labor cost (*) </font></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>757,359</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>870,261</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>855,040</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Depreciation of property, plant and equipment </font></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>503,725</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>428,791</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>432,497</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Amortization of intangible assets </font></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>8,121</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>5,948</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>8,220</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Depreciation of right-of-use assets </font></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>40,127</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>28,727</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Maintenance expenses </font></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>107,764</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>284,758</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>185,782</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Allowance for obsolescence </font></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>35,809</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>29,138</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>25,457</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Taxes </font></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>45,162</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>100,738</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>133,308</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Other </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>59,790</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>115,663</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>119,507</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>3,458,110</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>4,849,034</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>5,435,337</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Less: Inventories at the end of the year </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> (<font>1,636,673</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><font style="font-size: 10pt; font-weight: bold;">)</font></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> (<font>2,265,880</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><font style="font-size: 10pt; font-weight: bold;">)</font></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> (<font>2,524,341</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><font style="font-size: 10pt; font-weight: bold;">)</font></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>4,087,317</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>5,107,495</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>5,279,300</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
</tr>

</table>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; -aw-import: spaces;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(*) </font><font>For the year ended December 2020, 2019 and 2018, labor cost includes approxima<font>tely $<font>81.3</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>&nbsp;million,<font> $</font><font>17.2</font><font> m</font>illion and $<font>15.0</font> m</font>illion respectively of severance indemnities related to the adjustment of the workforce to market conditions.</font></font></p>
</div><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfCostOfSalesExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of the cost of sales. [Refer: Cost of sales]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 10<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_10_e&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfCostOfSalesExplanatory</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_DisclosureOfCostOfSalesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_DisclosureOfCostOfSalesAbstract</td>
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140345109493560">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 3 - Selling, General and Administrative Expenses<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2020</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SellingGeneralAndAdministrativeExpenseAbstract', window );"><strong>Selling, general and administrative expense [abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfGeneralAndAdministrativeExpenseExplanatory', window );">Note 3 - Selling, General and Administrative Expenses</a></td>
<td class="text"><div>
<p style="margin-top: 5pt;margin-left: 22.5pt;margin-bottom: 0pt;text-indent: -22.5pt;font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"><font>3</font></font><font style="font: 7pt 'Times New Roman'; -aw-import: spaces;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; font-weight: bold;">Selling, general and administrative expense</font><font style="font-family: 'Times New Roman'; font-weight: bold;">s</font></p>
<p style="margin: 0px; font-size: 10pt; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;">&nbsp;</font></p>
<div>
<table style="height: 235px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px;" width="100%" cellspacing="0" cellpadding="0">

<tr style="height: 17px;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br/></td>
<td colspan="9" style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Year ended December 31, </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br/></td>
</tr>
<tr style="height: 14px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 14px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (all amounts in thousands of U.S. dollars) </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 14px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 14px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>2020</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 14px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 14px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 14px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>2019</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 14px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 14px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 14px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>2018</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 14px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 55%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Services and fees </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 12%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>115,883</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 12%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>153,773</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 12%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>128,090</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Labor cost (*) </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>444,436</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>481,854</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>470,928</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Depreciation of property, plant and equipment </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>26,814</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>18,524</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>16,968</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Amortization of intangible assets </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>82,355</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>41,967</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>206,672</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Depreciation of right-of-use assets </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>17,664</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>15,564</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Commissions, freight and other selling expenses </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>310,815</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>441,442</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>491,555</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Provisions for contingencies </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>11,957</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>28,565</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>23,498</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Allowances for doubtful accounts </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>4,644</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>16,256</font>) </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,751</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Taxes </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>63,234</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>110,876</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>71,110</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Other </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>41,425</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>89,665</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>99,404</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>1,119,227</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>1,365,974</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>1,509,976</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
</tr>

</table>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 12pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">(*) </font></font><font>For the year ended December 2020, 2019 and 2018, labor cost includes app<font>roximately $<font style="font-family: 'Times New Roman';"><font style="border-left: none; border-right: none;"><font>61.2</font></font></font></font><font style="font-family: 'Times New Roman';"><font> million,<font> $</font></font><font><font style="border-left: none; border-right: none;"><font>7.4</font></font></font><font> million and $</font><font style="border-left: none; border-right: none;"><font>10.2</font></font> million respectively of severance indemnities related to the adjustment of the workforce to market conditions.</font></font></p>
</div><span></span>
</td>
</tr>
</table>
<div style="display: none;">
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of general and administrative expenses. [Refer: Administrative expenses]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 10<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_10_e&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140345109515528">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 4 - Labor Costs - Labor Costs (Included in Cost of Sales and in Selling, General and Administrative Expenses)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2020</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_DisclosureOfLaborCostsAbstract', window );"><strong>4. Labor costs (included in Cost of sales and in Selling, general and administrative expenses)</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfEmployeeBenefitsExplanatory', window );">4. Labor costs (included in Cost of sales and in Selling, general and administrative expenses)</a></td>
<td class="text"><div>
<p style="margin-top: 0pt; margin-left: 22.5pt; margin-bottom: 0pt; text-indent: -22.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"><font style="border-left: none; border-right: none;">4</font></font><font style="font: 7pt 'Times New Roman'; -aw-import: spaces;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; font-weight: bold;">Labor costs (included in Cost of sales and in Selling, general and administrative expenses)</font></p>
<p style="margin: 0px; text-align: justify; font-size: 10pt; text-indent: 0px;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
<div>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px; height: 151px;" width="100%">

<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br/></td>
<td colspan="10" style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Year ended December 31, </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br/></td>
</tr>
<tr style="height: 15px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (all amounts in thousands of U.S. dollars) </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 15px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 15px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>2020</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 15px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 15px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 15px;" colspan="3">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>2019</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 15px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 15px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 15px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>2018</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 15px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 7pt;">&nbsp; &nbsp;</font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br/></td>
<td colspan="10" style="border-top: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 55%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Wages, salaries and social security costs </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 12%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,036,211</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"><br/></td>
<td colspan="2" style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 12%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,274,474</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 12%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,250,783</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Severance indemnities </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>142,458</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td colspan="2" style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>24,637</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>25,225</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Defined contribution plans </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>12,442</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td colspan="2" style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>12,663</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>13,217</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Pension benefits - defined benefit plans </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>11,097</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td colspan="2" style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>18,207</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>15,390</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Employee retention and long term incentive program </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>413</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><font style="font-size: 10pt;">)</font></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td colspan="2" style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>22,134</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>21,353</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: top; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>1,201,795</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: top; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: top; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: top; height: 17px;"><br/></td>
<td colspan="2" style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>1,352,115</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: top; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: top; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: top; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>1,325,968</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br/></td>
</tr>

</table>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The following table shows the geographical distribution of the employees</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">:</font></p>
<div>
<div>

</div>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 7pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<div>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 99.8994%; height: 222px;" width="100%">

<tr style="height: 17px;">
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: middle; background-color: #ffffff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Country </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #ffffff; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>2020</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>2019</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #ffffff; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #ffffff; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #ffffff; height: 17px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>2018</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #ffffff; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 55%; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Mexico </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 12%; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>4,501</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 12%; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>5,370</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 12%; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>5,595</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Argentina </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>4,376</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>5,405</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>5,427</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Italy </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2,039</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2,144</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2,155</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> USA </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,596</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2,255</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2,382</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Romania </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,552</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,815</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,852</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Brazil </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,360</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,360</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,287</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Colombia </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>746</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,040</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,082</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Canada </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>561</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>772</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,030</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Indonesia </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>521</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>616</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>554</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Japan </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>399</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>400</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>399</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Other </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,377</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2,023</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,204</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
</tr>
<tr style="height: 18px;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>19,028</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>23,200</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>22,967</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"><br/></td>
</tr>

</table>
</div>
<p style="margin-top: 0pt; margin-left: 21.25pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; -aw-import: ignore;">&nbsp;</font></p>
</div><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfEmployeeBenefitsExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for employee benefits.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2019-01-01<br> -Section Scope<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=19&amp;code=ifrs-tx-2019-en-r&amp;doctype=Standard&amp;dita_xref=IAS19_g2-7_TI<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfEmployeeBenefitsExplanatory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_DisclosureOfLaborCostsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_DisclosureOfLaborCostsAbstract</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<td>duration</td>
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</TEXT>
</DOCUMENT>
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140345109866152">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 5 - Impairment charge<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2020</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfImpairmentLossAndReversalOfImpairmentLossAbstract', window );"><strong>Disclosure of impairment loss and reversal of impairment loss [abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
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<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfImpairmentOfAssetsExplanatory', window );">Note 5 - Impairment charge</a></td>
<td class="text"><div>
<p style="margin-top: 0pt; margin-left: 21.3pt; margin-bottom: 0pt; text-indent: -21.3pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><font>5</font></font><font style="font: 7pt 'Times New Roman'; -aw-import: spaces;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Impairment charge</font></p>
<p style="margin-top: 0pt; margin-left: 21.3pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Tenaris&#8217;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.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">A decline during </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">the first months of <font>2020</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> in oil prices and futures resulted in reductions in Tenaris customers` investments. Drilling activity and demand of products and services, particularly in North America, </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">also declined</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">. Selling prices of products in North America were also affected by low levels of consumption caused by the spread of COVID-<font>19</font> pandemic. For more information on</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> these effects, refer to n</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ote </font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>3</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>9</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The Company conducts regular 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 <font>five</font> year period (or higher if the period can be justified) based on forecasts approved by management.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">For the subsequent years beyond the <font>five</font>-year period, a terminal value is calculated based on perpetuity considering a nominal growth rate of <font>2</font>% </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">taking into account</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">among others, mainly </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">the historical inflation rate.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The main key assumptions used in estimating the value in use are discount rate, growth rate and competitive and economic factors applied to determine cash flow projections, such as oil and gas prices, average number of active oil and gas drilling rigs (rig count) and raw material costs.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">For purposes of assessing key assumptions, </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">to estimate discounted future cash flows, </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">the Company uses external sources of information and management judgment based on past experience.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Management has determined the value of each of the key assumptions as follows:</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">- Discount rate: based on the applicable weighted average cost of capital (</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8220;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">WACC</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8221;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">), 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 <font>2020</font>, the main discount rates used were in a range between </font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>8.0</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">% and </font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>13.6</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">%.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">- Growth rate: considers </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">mainly </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">the inflation impact on prices and costs,</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> the long-term average growth rate for the oil and gas industry,</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> the higher demand to offset depletion of existing fields and the Company&#8217;s expected market penetration. In <font>2020</font>, a nominal growth rate of </font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>2</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">% was considered.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">- Oil and gas prices: based on industry analysts&#8217; reports and</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">management&#8217;s expectations of market development respectively.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">- Rig count: based on information published by Baker Hughes and management&#8217;s expectations.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">- Raw material costs: based on industry analysts&#8217; reports and management&#8217;s expectations.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<div>
<div>

</div>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">In March, 2020, as a result of the deterioration of business conditions and in light of the presence of impairment indicators for its assets in the United States, the Company decided to write down the goodwill and other</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> long lived</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> assets recording an impairment charge of approximately $<font>622</font> million, impacting the carrying value of goodwill of the </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">CGUs OCTG-</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">USA, IPSCO and Coiled Tubing for $<font>225</font> million, $<font>357</font> million and $<font>4</font> million</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">respectively, and the carrying value of fixed assets of the CGU Rods</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">-</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">USA for $<font>36</font> million. Out of the total amount, $<font>582</font> million were allocated to the Tubes segment.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> No impairment charges were recorded for the years <font>2019</font> and <font>2018</font>.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
<div>
<table style="margin-left: 0.1px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 90px;" width="100%" cellspacing="0" cellpadding="0">

<tr style="height: 30px;">
<td style="border-bottom: 1pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 30px; width: 54.9677%;" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (all amounts i<font>n millions of U.S. dollars) </font></font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 30px; width: 14.9677%;" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp;</font><font style="font-family: 'Times New Roman';">Assets before <br/>impairment </font></font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 30px; width: 14.9677%;" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;Impairment </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 30px; width: 14.9677%;" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp;</font><font style="font-family: 'Times New Roman';">Assets after <br/>impairment </font></font></p>
</td>
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<td style="padding: 0px 7px 0px 0px; vertical-align: middle; width: 54.9677%; background-color: #cceeff; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> OCTG - USA </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 14.9677%; background-color: #cceeff; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>544</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 14.9677%; background-color: #cceeff; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>225</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 14.9677%; background-color: #cceeff; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>319</font> </font></p>
</td>
</tr>
<tr style="height: 15px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: middle; height: 15px; width: 54.9677%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> IPSCO </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; width: 14.9677%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,169</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; width: 14.9677%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>357</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; width: 14.9677%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>812</font> </font></p>
</td>
</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: middle; background-color: #cceeff; height: 15px; width: 54.9677%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Coiled Tubing </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 14.9677%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>108</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 14.9677%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>4</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 14.9677%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>104</font> </font></p>
</td>
</tr>
<tr style="height: 15px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: middle; height: 15px; width: 54.9677%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Rods - USA </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; width: 14.9677%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>73</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; width: 14.9677%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>36</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; width: 14.9677%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>37</font> </font></p>
</td>
</tr>

</table>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-left: 21.3pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">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&#8217;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.</font></p>
<p style="margin-top: 0pt; margin-left: 21.3pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">A</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">n increase of <font style="border-left: none; border-right: none;"><font>1</font>00</font> Bps in the discount rate, a decline of <font style="border-left: none; border-right: none;"><font style="border-left: none; border-right: none;">1</font>00</font> Bps in the growth rate or a decline of <font style="border-left: none; border-right: none;">5</font>% in the cash flow projections, would have generated an additional impairment as showed in the below table.</font></p>
<p style="margin-top: 0pt; margin-left: 21.3pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<div>
<table style="margin-left: 0.1px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 90px;" width="100%" cellspacing="0" cellpadding="0">

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<td style="border-bottom: 1pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; width: 54.9677%; height: 30px;" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (all amounts<font> in millions</font> of U.S. dollars) </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 14.9677%; height: 30px;" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> +<font>100</font>Bps Discount rate </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 14.9677%; height: 30px;" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">-<font style="border-left: none; border-right: none;"><font>1</font>00</font>Bps Growth <br/>rate</font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 14.9677%; height: 30px;" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> -<font>5</font>% Cash flows </font></p>
</td>
</tr>
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<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 54.9677%; background-color: #cceeff; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> OCTG - USA </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 14.9677%; background-color: #cceeff; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>60</font>) </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 14.9677%; background-color: #cceeff; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>43</font>) </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 14.9677%; background-color: #cceeff; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>16</font>) </font></p>
</td>
</tr>
<tr style="height: 15px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 54.9677%; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> IPSCO </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 14.9677%; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>117</font>) </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 14.9677%; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>77</font>) </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 14.9677%; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>41</font>) </font></p>
</td>
</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 54.9677%; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Coiled Tubing </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 14.9677%; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>12</font>) </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 14.9677%; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>6</font>) </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 14.9677%; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>5</font>) </font></p>
</td>
</tr>
<tr style="height: 15px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 54.9677%; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Rods - USA </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 14.9677%; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>5</font>) </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 14.9677%; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>3</font>) </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 14.9677%; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>2</font>) </font></p>
</td>
</tr>

</table>
</div>
<p style="margin-top: 0pt; margin-left: 21.3pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10.5pt; font-weight: bold; -aw-import: ignore;">&nbsp;</font></p>
</div><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfImpairmentLossAndReversalOfImpairmentLossAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfImpairmentLossAndReversalOfImpairmentLossAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfImpairmentOfAssetsExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for the impairment of assets.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 36<br> -IssueDate 2019-01-01<br> -Section Disclosure<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=36&amp;code=ifrs-tx-2019-en-r&amp;doctype=Standard&amp;dita_xref=IAS36_g126-137_TI<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfImpairmentOfAssetsExplanatory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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</div></td></tr>
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140345109587224">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 6 - Other operating income and expenses<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2020</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_DisclosureOfOtherOperatingIncomeExpenseAbstract', window );"><strong>Note 5 - Other Operating Income and Expenses</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfOtherOperatingIncomeExpenseExplanatory', window );">Note 6 - Other Operating Income and Expenses</a></td>
<td class="text"><div>
<p style="margin-top: 0pt; margin-left: 21.3pt; margin-bottom: 0pt; text-indent: -21.3pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><font style="border-left: none; border-right: none;">6</font></font><font style="font: 7pt 'Times New Roman'; -aw-import: spaces;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Other operating income and expenses</font></p>
<p style="margin-top: 0pt; margin-left: 22.5pt; margin-bottom: 0pt; text-indent: -22.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
<div>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px; height: 255px;" width="100%">

<tr style="height: 17px;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br/></td>
<td colspan="10" style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Year ended December 31, </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (all amounts in thousands of U.S. dollars) </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>2020</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;" colspan="3">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>2019</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>2018</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br/></td>
<td colspan="5" style="border-top: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td colspan="5" style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"> Other operating income </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 55%; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Net income from other sales </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 1%; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 12%; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>9,891</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; height: 17px;"><br/></td>
<td colspan="2" style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 12%; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>8,651</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 12%; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>3,604</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Net rents </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>5,501</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td colspan="2" style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>5,089</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>4,909</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Other </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>18,001</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td colspan="2" style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>8,025</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>6,546</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Recovery on allowance for doubtful receivables </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td colspan="2" style="border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,239</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>33,393</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td colspan="2" style="border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>23,004</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>15,059</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: top; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #cceeff; height: 17px;"><br/></td>
<td colspan="2" style="padding: 0px 0px 0px 7px; vertical-align: top; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"> Other operating expenses </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br/></td>
<td colspan="2" style="padding: 0px 0px 0px 7px; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Contributions to welfare projects and non-profit organizations </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>12,989</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td colspan="2" style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>11,199</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>11,379</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Allowance for doubtful receivables </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,263</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td colspan="2" style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,179</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>14,252</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td colspan="2" style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>11,199</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>12,558</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="height: 17px;"></td>
<td style="height: 17px;"><br/></td>
<td style="height: 17px;"><br/></td>
<td style="height: 17px;"></td>
<td style="height: 17px;"><br/></td>
<td style="height: 17px;"><br/></td>
<td style="height: 17px;"><br/></td>
<td style="height: 17px;"></td>
<td style="height: 17px;"></td>
<td style="height: 17px;"><br/></td>
<td style="height: 17px;"><br/></td>
<td style="height: 17px;"><br/></td>
<td style="height: 17px;"></td>
<td style="height: 17px;"><br/></td>
</tr>

</table>
</div>
</div><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfOtherOperatingIncomeExpenseExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of other operating income or expense. [Refer: Other operating income (expense)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 10<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_10_e&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfOtherOperatingIncomeExpenseExplanatory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_DisclosureOfOtherOperatingIncomeExpenseAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_DisclosureOfOtherOperatingIncomeExpenseAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
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<SEQUENCE>59
<FILENAME>R17.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140345110691096">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 7 - Financial Results<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2020</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_DisclosureOfFinancialResultsAbstract', window );"><strong>Disclosure of Financial Results [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinanceIncomeExpenseExplanatory', window );">Note 7 - Financial Results</a></td>
<td class="text"><div>
<p style="margin-top: 0pt;margin-left: 22.5pt;margin-bottom: 0pt;text-indent: -22.5pt;line-height: 12pt;padding-top: 5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><font>7</font></font><font style="font: 7pt 'Times New Roman'; -aw-import: spaces;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Financial </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">results</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
<div>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px;" width="100%">

<tr style="height: 1pt;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 53.3871%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (all amounts in thousands of U.S. dollars) </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 0.967742%;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; width: 44.2742%;" colspan="10">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Year ended December 31, </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; width: 1.29032%;"><br/></td>
</tr>
<tr style="height: 1pt;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 53.3871%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 0.967742%;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; width: 12.9839%;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>2020</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; width: 1.29032%;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; width: 1.29032%;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; width: 13.0645%;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>2019</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; width: 1.29032%;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; width: 1.29032%;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; width: 13.0645%;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>2018</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; width: 1.29032%;"><br/></td>
</tr>
<tr style="height: 1pt;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 53.3871%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 0.967742%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; width: 1.37097%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; width: 11.6129%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; width: 1.29032%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; width: 1.29032%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; width: 1.29032%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; width: 11.7742%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; width: 1.29032%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; width: 1.29032%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; width: 1.29032%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; width: 11.7742%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; width: 1.29032%;"><br/></td>
</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 53.3871%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;&nbsp;&nbsp;&nbsp; Interest Income </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 0.967742%; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.37097%; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 11.6129%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>21,625</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.29032%; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.29032%; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.29032%; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 11.7742%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>48,061</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1.29032%; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.29032%; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.29032%; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 11.7742%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>42,244</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1.29032%; background-color: #cceeff;"><br/></td>
</tr>
<tr style="height: 1pt;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 53.3871%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;&nbsp;&nbsp;&nbsp; Net result on changes in FV of financial assets at FVPL </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 0.967742%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.37097%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 11.6129%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1.29032%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.29032%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.29032%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 11.7742%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>64</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1.29032%;"><font style="font-size: 10pt;">)</font></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.29032%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.29032%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 11.7742%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>2,388</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1.29032%;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 53.3871%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;"> &nbsp;&nbsp;&nbsp;&nbsp; Impairment result on financial assets at FVTOCI </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 0.967742%; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.37097%; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; width: 11.6129%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>3,238</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; width: 1.29032%; background-color: #cceeff;"><font style="font-size: 10pt;">)</font></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.29032%; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.29032%; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; width: 11.7742%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; width: 1.29032%; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.29032%; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.29032%; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; width: 11.7742%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; width: 1.29032%; background-color: #cceeff;"><br/></td>
</tr>
<tr style="height: 1pt;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 53.3871%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Finance income (*) </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 0.967742%;"><br/></td>
<td style="border-top: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.37097%;"><br/></td>
<td style="border-top: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; width: 11.6129%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>18,387</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; width: 1.29032%;"><br/></td>
<td style="border-top: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.29032%;"><br/></td>
<td style="border-top: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.29032%;"><br/></td>
<td style="border-top: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; width: 11.7742%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>47,997</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; width: 1.29032%;"><br/></td>
<td style="border-top: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.29032%;"><br/></td>
<td style="border-top: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.29032%;"><br/></td>
<td style="border-top: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; width: 11.7742%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>39,856</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; width: 1.29032%;"><br/></td>
</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 53.3871%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Finance cost </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 0.967742%; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.37097%; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 11.6129%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> (<font>27,014</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1.29032%; background-color: #cceeff;"><font style="font-size: 10pt;">)</font></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.29032%; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.29032%; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 11.7742%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> (<font>43,381</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1.29032%; background-color: #cceeff;"><font style="font-size: 10pt;">)</font></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.29032%; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.29032%; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 11.7742%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> (<font>36,942</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1.29032%; background-color: #cceeff;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 1pt;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 53.3871%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;&nbsp;&nbsp;&nbsp; Net foreign exchange transactions results (**) </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 0.967742%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.37097%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 11.6129%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>74,422</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1.29032%;"><font style="font-size: 10pt;">)</font></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.29032%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.29032%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 11.7742%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>27,868</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1.29032%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.29032%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.29032%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 11.7742%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>28,845</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1.29032%;"><br/></td>
</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 53.3871%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;&nbsp;&nbsp;&nbsp; Foreign exchange derivatives contracts results (***) </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 0.967742%; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.37097%; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 11.6129%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>19,644</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1.29032%; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.29032%; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.29032%; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 11.7742%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>11,616</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1.29032%; background-color: #cceeff;"><font style="font-size: 10pt;">)</font></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.29032%; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.29032%; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 11.7742%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>6,576</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1.29032%; background-color: #cceeff;"><br/></td>
</tr>
<tr style="height: 1pt;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 53.3871%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;&nbsp;&nbsp;&nbsp; Other </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 0.967742%;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.37097%;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; width: 11.6129%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>1,590</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; width: 1.29032%;"><font style="font-size: 10pt;">)</font></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.29032%;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.29032%;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; width: 11.7742%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>1,585</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; width: 1.29032%;"><font style="font-size: 10pt;">)</font></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.29032%;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.29032%;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; width: 11.7742%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>1,035</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; width: 1.29032%;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 53.3871%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Other financial results </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 0.967742%; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.37097%; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; width: 11.6129%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> (<font>56,368</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; width: 1.29032%; background-color: #cceeff;"><font style="font-size: 10pt; font-weight: bold;">)</font></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.29032%; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.29032%; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; width: 11.7742%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>14,667</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; width: 1.29032%; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.29032%; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.29032%; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; width: 11.7742%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>34,386</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; width: 1.29032%; background-color: #cceeff;"><br/></td>
</tr>
<tr style="height: 1pt;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 53.3871%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Net financial results </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 0.967742%;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: top; width: 1.37097%;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: top; width: 11.6129%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> (<font>64,995</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px; vertical-align: top; width: 1.29032%;"><font style="font-size: 10pt; font-weight: bold;">)</font></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: top; width: 1.29032%;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: top; width: 1.29032%;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: top; width: 11.7742%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>19,283</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px; vertical-align: top; width: 1.29032%;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: top; width: 1.29032%;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: top; width: 1.29032%;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: top; width: 11.7742%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>37,300</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: top; width: 1.29032%;"><br/></td>
</tr>

</table>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 12pt; font-weight: bold; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-size: 10pt;"><font style="font-family: &quot;Times New Roman&quot;; font-style: italic;">(*) </font><font style="font-family: &quot;Times New Roman&quot;; font-style: italic;">Finance Income</font><font style="font-family: &quot;Times New Roman&quot;; font-style: italic;">:</font><font style="font-family: &quot;Times New Roman&quot;; font-style: italic;"> </font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-size: 10pt;"><font style="font-family: &quot;Times New Roman&quot;; font-style: italic;"><br/></font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-size: 10pt;"><font style="font-family: &quot;Times New Roman&quot;;">In </font><font style="font-family: &quot;Times New Roman&quot;;"><font>2020</font>, </font><font style="font-family: &quot;Times New Roman&quot;;"><font>2019</font> and <font>2018</font> includes</font><font style="font-family: &quot;Times New Roman&quot;;"> $</font><font style="border-right: none; border-left: none;"><font style="border-left: none; border-right: none;"><font style="font-family: &quot;Times New Roman&quot;;"><font style="border-left: none; border-right: none;"><font>6.5</font></font></font></font></font><font style="font-family: &quot;Times New Roman&quot;;">, </font><font style="font-family: &quot;Times New Roman&quot;;">$<font>7.6</font> and $<font>3.6</font> million of interest relat</font><font style="font-family: &quot;Times New Roman&quot;;">ed to instruments carried at FV</font><font style="font-family: &quot;Times New Roman&quot;;">PL, respectively.</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 10pt;"><font style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-size: 10pt;"><font style="font-family: &quot;Times New Roman&quot;;">(**)</font><font style="font-family: &quot;Times New Roman&quot;;"> </font><font style="font-family: &quot;Times New Roman&quot;; font-style: italic;">Net foreign exchange transactions results:</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-size: 10pt;"><font style="font-family: &quot;Times New Roman&quot;; font-style: italic;"><br/></font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-size: 10pt;"><font style="font-family: &quot;Times New Roman&quot;;">In <font>2020</font> mainly</font><font style="font-family: &quot;Times New Roman&quot;;"> includes</font><font style="font-family: &quot;Times New Roman&quot;;"> the negative impact from Euro appreciation against the U.S. dollar on Euro denominated intercompany liabilities in subsidiaries with functional currency U.S. </font><font style="font-family: &quot;Times New Roman&quot;;">d</font><font style="font-family: &quot;Times New Roman&quot;;">ollar, largely offset by </font><font style="font-family: &quot;Times New Roman&quot;;">the</font><font style="font-family: &quot;Times New Roman&quot;;"> currency translation adjustment reserve from our Italian subsidiary, together with the negative impact from Brazilian Real depreciation against the U.S. dollar on U.S. dollar denominated intercompany liabilities in subsidiaries with functional currency Brazilian Real, largely offset by </font><font style="font-family: &quot;Times New Roman&quot;;">the</font><font style="font-family: &quot;Times New Roman&quot;;"> currency translation adjustment reser</font><font style="font-family: &quot;Times New Roman&quot;;">ve from our Brazilian subsidiaries</font><font style="font-family: &quot;Times New Roman&quot;;">. Also includes the</font><font style="font-family: &quot;Times New Roman&quot;;">&nbsp; </font><font style="font-family: &quot;Times New Roman&quot;;">negative result from the Mexican peso depreciation against the U.S. dol</font><font style="font-family: &quot;Times New Roman&quot;;">l</font><font style="font-family: &quot;Times New Roman&quot;;">ar on p</font><font style="font-family: &quot;Times New Roman&quot;;">eso denominated trade, social, fiscal and financial </font><font style="font-family: &quot;Times New Roman&quot;;">positions</font><font style="font-family: &quot;Times New Roman&quot;;"> at Mexican subsidiaries with functional currency U.S. dollar.</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-size: 10pt;"><font style="font-family: &quot;Times New Roman&quot;;">In <font>2019</font></font><font style="font-family: &quot;Times New Roman&quot;;"> mainly</font><font style="font-family: &quot;Times New Roman&quot;;"> includes the result from the Argentine peso depreciation against the U.S. dollar on </font><font style="font-family: &quot;Times New Roman&quot;;">p</font><font style="font-family: &quot;Times New Roman&quot;;">eso denominated financial, trade, social and fiscal payables and receivables at Argentine subsidiaries with functional currency U.S. dollar.</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt; background-color: #ffffff;"><font style="font-size: 10pt;"><font style="font-family: &quot;Times New Roman&quot;;">In <font>2018</font></font><font style="font-family: &quot;Times New Roman&quot;;"> mainly</font><font style="font-family: &quot;Times New Roman&quot;;"> includes the result from the Argentine peso depreciation against the U.S. dollar on </font><font style="font-family: &quot;Times New Roman&quot;;">p</font><font style="font-family: &quot;Times New Roman&quot;;">eso 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</font><font style="font-family: &quot;Times New Roman&quot;;"> with functional currency U.S. d</font><font style="font-family: &quot;Times New Roman&quot;;">ollar, largely offset by </font><font style="font-family: &quot;Times New Roman&quot;;">the</font><font style="font-family: &quot;Times New Roman&quot;;"> currency translation adjustment reserve from our Italian subsidiary.</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt; background-color: #ffffff;"><font style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-size: 10pt;"><font style="font-family: &quot;Times New Roman&quot;;">&nbsp;</font><font style="font-family: &quot;Times New Roman&quot;;">(***) </font><font style="font-family: &quot;Times New Roman&quot;; font-style: italic;">Foreign exchange derivatives contracts results</font><font style="font-family: &quot;Times New Roman&quot;; font-style: italic;">:</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-size: 10pt;"><font style="font-family: &quot;Times New Roman&quot;; font-style: italic;"><br/></font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-size: 10pt;"><font style="font-family: &quot;Times New Roman&quot;;">In <font>2020</font> includes mainly gain on derivatives covering net receivab</font><font style="font-family: &quot;Times New Roman&quot;;">les in Mexican peso, Brazilian re</font><font style="font-family: &quot;Times New Roman&quot;;">al and</font><font style="font-family: &quot;Times New Roman&quot;;"> Canadian dollar and net payables in Euro.</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;">In <font>2019</font> includes mainly losses on derivatives covering net payables in Argentine peso and Euro and net receivables in Canadian dollar.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;">In <font>2018</font> includes mainly gain on derivatives covering net receivables in Canadian dollar.</font></p>
</div><span></span>
</td>
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</table>
<div style="display: none;">
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of finance income (cost). [Refer: Finance income (cost)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 10<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_10_e&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
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<tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140345109563480">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 8 - Income Tax<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2020</div></th></tr>
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<td class="text">&#160;<span></span>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfIncomeTaxExplanatory', window );">Note 8 - Income Tax</a></td>
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<p style="margin-top: 0pt; margin-left: 22.3pt; margin-bottom: 0pt; text-indent: -22.3pt; line-height: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><font>8</font></font><font style="font: 7pt 'Times New Roman'; -aw-import: spaces;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Income t</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">ax</font></p>
<p style="margin-top: 0pt; margin-left: 22.3pt; margin-bottom: 0pt; line-height: 10pt;"><font style="font-family: Arial; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
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<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;" colspan="10">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Year ended December 31, </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (all amounts in thousands of U.S. dollars) </font></p>
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<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>2020</font> </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>2019</font> </font></p>
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<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>2018</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 55%; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Current tax </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 12%; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>121,048</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 12%; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>299,692</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 12%; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>343,104</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Deferred tax </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>97,898</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>97,240</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>113,897</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Tax charge </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;" valign="bottom"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;" valign="bottom"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> (<font>23,150</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;" valign="bottom"><font style="font-size: 10pt; font-weight: bold;">)</font></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;" valign="bottom"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;" valign="bottom"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> (<font>202,452</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;" valign="bottom"><font style="font-size: 10pt; font-weight: bold;">)</font></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;" valign="bottom"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;" valign="bottom"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> (<font>229,207</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;" valign="bottom"><font style="font-size: 10pt; font-weight: bold;">)</font></td>
</tr>

</table>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 12pt; font-weight: bold; -aw-import: ignore;">&nbsp;</font></p>
<div>

</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The tax on </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Tenaris&#8217;s</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> income before tax differs from the theoretical amount that would arise using the tax rate in each country as follows</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">:</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<div>
<table cellspacing="0" cellpadding="0" style="height: 238px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px;" width="100%">

<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;" colspan="10">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Year ended December 31, </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: top; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (all amounts in thousands of U.S. dollars) </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-bottom: 1pt solid #000000; height: 17px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>2020</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-bottom: 1pt solid #000000; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-bottom: 1pt solid #000000; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-bottom: 1pt solid #000000; height: 17px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>2019</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-bottom: 1pt solid #000000; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-bottom: 1pt solid #000000; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-bottom: 1pt solid #000000; height: 17px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>2018</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; border-bottom: 1pt solid #000000; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 55%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (Loss) Income before income tax </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 12%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>619,267</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 12%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>933,710</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 12%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,103,107</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Less Impairment charges (non deductible) </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>622,402</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Income before income tax without impairment charges </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>3,135</font> </font></p>
</td>
<td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>933,710</font> </font></p>
</td>
<td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>1,103,107</font> </font></p>
</td>
<td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Tax calculated at the tax rate in each country </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>21,052</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>186,752</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>207,422</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Effect of currency translation on tax base </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>72,936</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>53,296</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>77,552</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Changes in the tax rates </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>958</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>13</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>1,824</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Utilization of previously unrecognized tax losses </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>98</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>547</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Tax revaluation, withholding tax and others </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>29,594</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>37,036</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>57,591</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Tax charges </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> (<font>23,150</font> </font></p>
</td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 7px 0px 0px; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom"><font style="font-size: 10pt; font-weight: bold;">)</font></td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> (<font>202,452</font> </font></p>
</td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 7px 0px 0px; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom"><font style="font-size: 10pt; font-weight: bold;">)</font></td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> (<font>229,207</font> </font></p>
</td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 7px 0px 0px; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom"><font style="font-size: 10pt; font-weight: bold;">)</font></td>
</tr>

</table>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; -aw-import: spaces;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Effect of currency translation on tax base,</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Tenaris applies the liability method to recognize deferred income tax on temporary </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">differences between the tax base</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">s of assets</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">/</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">liabilities</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> 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 cha</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">nge in the value on the tax base</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">s in subsidiaries (mainly Argentina</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> and Mexico</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">), which have a functional currency different than their local currency. These gains and losses are required by IFRS even though </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">the revalued</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">/ devalued tax base</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">s of the relevant assets will not result in any deduction</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">/ obligation for tax purposes in future periods</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 14pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Tax revaluation, withholding tax </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">and </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">others,</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> includes </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">a net </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">tax income</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> of </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">$</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>61</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> million</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">,</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">$<font>66</font> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">million and $<font>65</font> million for <font>2020</font>, <font>2019</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> and <font>2018</font> respectively related to the tax revaluation </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">regime</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">s</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> in Argentina and Mexico. </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">I</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">t also includes a charge of </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">$<font>10</font> million, </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">$<font>34</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> million </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">and $<font>26</font> million for </font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>2020</font>, </font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>2019</font> and <font>2018</font> respectively related to withholding taxes for intra</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">-</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">group international operations.</font></p>
</div><span></span>
</td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for income taxes.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2019-01-01<br> -Section Disclosure<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=12&amp;code=ifrs-tx-2019-en-r&amp;doctype=Standard&amp;dita_xref=IAS12_g79-88_TI<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140345109435880">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 9 - Dividends Distribution<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2020</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_DisclosureOfDividendsDistributionAbstract', window );"><strong>Disclosure of Dividends Distribution [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDividendsExplanatory', window );">Note 9 - Dividends Distribution</a></td>
<td class="text"><div>
<p style="margin-top: 0pt; margin-left: 22.5pt; margin-bottom: 0pt; text-indent: -22.5pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><font>9</font></font><font style="font: 7pt 'Times New Roman'; -aw-import: spaces;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">D</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">ividends</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> distribution</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 14pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">On November 4, 2020, the Company&#8217;s Board of Directors approved the payment of an interim dividend of $<font>0.07</font> per share ($<font>0.14</font> per ADS), or approximate<font>ly $</font><font>82.6</font> million, payable on November 25, 2020, with an ex-dividend date of November 23, 2020.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 14pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">On June 2, 2020, the Company&#8217;s Shareholders approved that, as a consequence of liquidity preservation initiatives, no further dividends be distributed in respect of fiscal year <font>2019</font> beyond the interim dividend of approximately $<font>153</font> million already paid in November 2019.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 14pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">On May 6, 2019, </font><font style="width: 1.45pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">the Company&#8217;s Shareholders approved an annual dividend in the amount of $<font>0.41</font> per share ($<font>0.82</font> per ADS). The amount approved included the int</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">erim dividend previously paid on</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> November 21, 2018 in the amount of $<font>0.13</font> per share ($<font>0.26</font> per ADS). The balance, amounting to $<font>0.28</font> per share ($<font>0.56</font> per ADS), was paid on May 22, 2019. In the aggregate, the interim dividend paid in November 2018 and the balance paid in May 2019 amounted to approximately $<font>484</font> million.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 14pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">On May 2, 2018, the Company&#8217;s Shareholders approved an annual dividend in the amount of $<font>0.41</font> per share ($<font>0.82</font> per ADS). The amount approved included the int</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">erim dividend previously paid on</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> November 22, 2017 in the amount of $<font>0.13</font> per share ($<font>0.26</font> per ADS). The balance, amounting to $<font>0.28</font> per share ($<font>0.56</font> per ADS), was paid on May 23, 2018. In the aggregate, the interim dividend paid in November 2017 and the balance paid in May 2018 </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">amounted to approximately $<font>484</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> million.</font></p>
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</td>
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<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfDividendsExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of dividends. Dividends are distributions of profits to holders of equity investments in proportion to their holdings of a particular class of capital.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 10<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_10_e&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140345114563976">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 10 - Property, Plant and Equipment, Net<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2020</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentAbstract', window );"><strong>Disclosure of detailed information about property, plant and equipment [abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentExplanatory', window );">Note 10 - Property, Plant and Equipment, Net</a></td>
<td class="text"><div>
<p style="margin-top: 0pt; margin-left: 22.5pt; margin-bottom: 0pt; text-indent: -22.5pt; text-align: justify; font-size: 10pt; padding-top: 5pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"><font style="border-left: none; border-right: none;">10</font></font><font style="font: 7pt 'Times New Roman'; -aw-import: spaces;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; font-weight: bold;">Property, plant and equipment, net</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(all amounts in thousands of U.S. dollars)</font></p>
<div>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 300px;" width="100%">

<tr style="height: 75px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 75px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Year ended December 31, 2020 </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 75px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 75px;" colspan="2" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Land and <br/>civil <br/>buildings</font></p>
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<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 75px;" valign="bottom"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 75px;" valign="bottom"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 75px;" colspan="2" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Industrial <br/>buildings,<br/>plant and <br/>production <br/>equipment</font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 75px;" valign="bottom"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 75px;" valign="bottom"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 75px;" colspan="2" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Vehicles, <br/>furniture <br/>and <br/>fixtures</font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 75px;" valign="bottom"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 75px;" valign="bottom"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 75px;" colspan="2" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Work in <br/>progress</font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 75px;" valign="bottom"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 75px;" valign="bottom"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 75px;" colspan="2" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Spare <br/>parts&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">and <br/>equipment</font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 75px;" valign="bottom"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 75px;" valign="bottom"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 75px;" colspan="2" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Total </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 75px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Cost </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px; width: 22%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Values at the beginning of the year </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px; width: 1%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>799,139</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>12,468,813</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>399,724</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>108,308</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>60,602</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>13,836,586</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px; width: 1%;"><br/></td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Currency translation adjustment </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>545</font>) </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>72,650</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>443</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>2,095</font>) </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>162</font>) </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>70,291</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Increase due to business combinations (*) </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>39,622</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>440,366</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>7,195</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>16,255</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>503,438</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Additions </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>1,451</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>1,524</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>620</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>157,315</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>6,845</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>167,755</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Transfers / Reclassifications </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>5,881</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>157,473</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>15,586</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>176,589</font>) </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>2,351</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Disposals / Consumptions </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>5,964</font>) </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>61,281</font>) </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>8,811</font>) </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>968</font>) </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>5,392</font>) </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>82,416</font>) </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Values at the end of the year </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>839,584</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>13,079,545</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>414,757</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>102,226</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>61,893</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>14,498,005</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Depreciation and impairment </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Accumulated at the beginning of the year </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>121,468</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>7,302,135</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>322,966</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>7,746,569</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Currency translation adjustment </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>288</font>) </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>56,560</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>405</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>56,677</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Depreciation charge </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>11,368</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>492,973</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>26,198</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>530,539</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Impairment charge (See note <font>5</font>) </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>36,000</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>36,000</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Transfers / Reclassifications </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>1</font>) </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>349</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>475</font>) </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>127</font>) </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Disposals / Consumptions </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>89</font>) </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>57,897</font>) </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>6,848</font>) </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>64,834</font>) </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Accumulated at the end of the year </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>132,458</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>7,830,120</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>342,246</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>8,304,824</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> At December 31, 2020 </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br/></td>
<td style="border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br/></td>
<td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>707,126</font> </font></p>
</td>
<td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>5,249,425</font> </font></p>
</td>
<td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>72,511</font> </font></p>
</td>
<td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>102,226</font> </font></p>
</td>
<td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>61,893</font> </font></p>
</td>
<td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>6,193,181</font> </font></p>
</td>
<td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
</tr>

</table>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 12pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
<div>

</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(all amounts in thousands of U.S. dollars)</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
<div>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100.04%; height: 366px;" width="100%">

<tr style="height: 60px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 60px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Year ended December 31, 2019 </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 60px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 60px;" colspan="2" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Land and <br/>civil <br/>buildings</font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 60px;" valign="bottom"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 60px;" valign="bottom"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 60px;" colspan="2" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Industrial <br/>buildings, <br/>plant and <br/>production <br/>equipment</font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 60px;" valign="bottom"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 60px;" valign="bottom"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 60px;" colspan="2" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Vehicles, <br/>furniture <br/>and <br/>fixtures</font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 60px;" valign="bottom"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 60px;" valign="bottom"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 60px;" colspan="2" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Work in <br/>progress</font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 60px;" valign="bottom"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 60px;" valign="bottom"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 60px;" colspan="2" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; font-weight: bold;">Spare<br/>parts&nbsp;</font><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; font-weight: bold;">and<br/>equipment</font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 60px;" valign="bottom"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 60px;" valign="bottom"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 60px;" colspan="2" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Total </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 60px;" valign="bottom"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Cost </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 22%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Values at the beginning of the year </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>732,578</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>12,121,569</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>377,260</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>127,378</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>63,197</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>13,421,982</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Currency translation adjustment </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>1,611</font>) </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>38,961</font>) </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>1,615</font>) </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>864</font>) </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>256</font>) </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>43,307</font>) </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Increase due to business combinations (**)&nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>59,468</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>115,908</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>1,733</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>1,630</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>178,739</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Additions </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>16</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>1,178</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>1,107</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>299,412</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>12,202</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>313,915</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Transfers / Reclassifications </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>8,723</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>296,272</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>28,349</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>317,128</font>) </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>11,984</font>) </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>4,232</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Disposals / Consumptions </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>35</font>) </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>27,153</font>) </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>7,110</font>) </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>2,120</font>) </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>2,557</font>) </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>38,975</font>) </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Values at the end of the year </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>799,139</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>12,468,813</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>399,724</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>108,308</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>60,602</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>13,836,586</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Depreciation and impairment </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Accumulated at the beginning of the year </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>110,914</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>6,936,900</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>310,260</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>7,358,074</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Currency translation adjustment </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>420</font>) </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>24,973</font>) </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>1,485</font>) </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>26,878</font>) </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Depreciation charge </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>11,409</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>415,826</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>20,080</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>447,315</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Transfers / Reclassifications </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>362</font>) </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>38</font>) </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>400</font>) </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Disposals / Consumptions </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>73</font>) </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>25,580</font>) </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>5,889</font>) </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>31,542</font>) </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Accumulated at the end of the year </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>121,468</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>7,302,135</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>322,966</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>7,746,569</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> At December 31, 2019 </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>677,671</font> </font></p>
</td>
<td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>5,166,678</font> </font></p>
</td>
<td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>76,758</font> </font></p>
</td>
<td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>108,308</font> </font></p>
</td>
<td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>60,602</font> </font></p>
</td>
<td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>6,090,017</font> </font></p>
</td>
<td style="border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
</tr>

</table>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(*) <font>Related to IPSCO acquisition. See note <font>32</font>.</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(**) <font>Related to SSPC acquisition. See note <font>32</font>.</font></font></p>
<p style="margin-top: 0pt; margin-left: 35pt; margin-bottom: 0pt; text-indent: -35pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Property, plant and equipment </font><font style="font-family: 'Times New Roman';">include</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">capitalized </font><font style="font-family: 'Times New Roman';">interest</font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">for</font><font style="font-family: 'Times New Roman';"> net amount</font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';"> at December 31, </font><font style="font-family: 'Times New Roman';"><font>20</font></font><font style="font-family: 'Times New Roman';"><font>20</font></font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">and </font><font style="font-family: 'Times New Roman';"><font>201</font></font><font style="font-family: 'Times New Roman';"><font>9</font></font><font style="font-family: 'Times New Roman';"> </font><font><font style="font-family: 'Times New Roman';">of</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">$<font>33.6</font></font><font style="font-family: 'Times New Roman';">&nbsp;million</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">and</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">$<font>35.4</font></font></font><font style="font-family: 'Times New Roman';">&nbsp;million</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">respectively</font><font style="font-family: 'Times New Roman';">.</font><font style="font-family: 'Times New Roman';"> The</font><font style="font-family: 'Times New Roman';">re</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">were no</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">interest </font><font style="font-family: 'Times New Roman';">capitalized during <font>20</font></font><font style="font-family: 'Times New Roman';"><font>20</font></font><font style="font-family: 'Times New Roman';"> and <font>201</font></font><font style="font-family: 'Times New Roman';"><font>9</font></font><font style="font-family: 'Times New Roman';">.</font><font style="font-family: 'Times New Roman';"> </font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The carrying amounts of assets pledged as security for current and non-current borrowings are immaterial for the years <font>2020</font> and <font>2019</font>.</font></p>
</div><span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for property, plant and equipment.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 16<br> -IssueDate 2019-01-01<br> -Section Disclosure<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=16&amp;code=ifrs-tx-2019-en-r&amp;doctype=Standard&amp;dita_xref=IAS16_g73-79_TI<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140345109850024">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 11 - Intangible Assets, Net<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2020</div></th></tr>
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<td class="text">&#160;<span></span>
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<td class="text"><div>
<p style="margin-top: 0pt; margin-left: 22.5pt; margin-bottom: 0pt; text-indent: -22.5pt; line-height: 12pt; padding-top: 5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><font style="border-left: none; border-right: none;">11</font></font><font style="font: 7pt 'Times New Roman'; -aw-import: spaces;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Intangible assets, net</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 12pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(all amounts in thousands of U.S. dollars)</font></p>
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<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 99.8983%; height: 354px;" width="100%">

<tr style="height: 45px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 45px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Year ended December 31, 2020 </font></p>
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<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; height: 45px; vertical-align: bottom;" colspan="2" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Information <br/>system projects</font></p>
</td>
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<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; height: 45px; vertical-align: bottom;" colspan="2" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Licenses,</font><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;">&nbsp;<br/></font><font style="font-family: 'Times New Roman'; font-weight: bold;">patents&nbsp;and<br/>trademarks&nbsp;(*)</font></p>
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<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 45px;" colspan="2" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Goodwill </font></p>
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<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 45px;" colspan="2" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Customer<br/>relationships </font></p>
</td>
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<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 45px;" valign="bottom"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 45px;" colspan="2" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Total </font></p>
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<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 45px;" valign="bottom"><br/></td>
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<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"> &nbsp; </font></p>
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<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
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<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
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<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
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<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Cost </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 35%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Values at the beginning of the year </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>604,870</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>463,742</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>2,117,837</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 1%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>2,140,051</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>5,326,500</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 1%;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Currency translation adjustment </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>1,108</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>220</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>5,058</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>3,730</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Increase due to business combinations (**)&nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>11,563</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>87,000</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>357,183</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>71,100</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>526,846</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Additions </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>24,965</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>602</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>25,567</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Transfers / Reclassifications </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>1,393</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>1,393</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Disposals </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>3,761</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>1,064</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>4,825</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Values at the end of the year </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>637,352</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>550,500</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>2,469,962</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>2,211,151</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>5,868,965</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Amortization and impairment </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Accumulated at the beginning of the year </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>536,337</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>373,772</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>797,592</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>2,057,240</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>3,764,941</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Currency translation adjustment </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>890</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>1</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>889</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Amortization charge </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>42,931</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>8,760</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>38,785</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>90,476</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Impairment charge (See note <font>5</font>) </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>586,402</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>586,402</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Transfers / Reclassifications </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>931</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>931</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Disposals </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>3,730</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>3,730</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Accumulated at the end of the year </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>577,359</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>382,531</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>1,383,994</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>2,096,025</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>4,439,909</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> At December 31, 2020 </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>59,993</font> </font></p>
</td>
<td style="border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>167,969</font> </font></p>
</td>
<td style="border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>1,085,968</font> </font></p>
</td>
<td style="border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>115,126</font> </font></p>
</td>
<td style="border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>1,429,056</font> </font></p>
</td>
<td style="border-bottom: 2px solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
</tr>

</table>
</div>

<div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><br/></font></p>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(all amounts in thousands of U.S. dollars)</font></p>
<div>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 262px;" width="100%">

<tr style="height: 10px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Year ended December 31, 2019 </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;" colspan="2" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Information <br/>system projects</font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;" valign="bottom"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;" valign="bottom"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;" colspan="2" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Licenses,</font><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;">&nbsp;<br/></font><font style="font-family: 'Times New Roman'; font-weight: bold;">patents and trademarks (*)</font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;" valign="bottom"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;" valign="bottom"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;" colspan="2" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Goodwill </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;" valign="bottom"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;" valign="bottom"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;" colspan="2" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Customer relationships </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;" valign="bottom"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;" valign="bottom"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;" colspan="2" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Total </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;" valign="bottom"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Cost </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 35%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Values at the beginning of the year </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 1%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>580,622</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 1%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>464,571</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 1%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>2,085,936</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>2,058,859</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>5,189,988</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 1%;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Currency translation adjustment </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>1,917</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>70</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>968</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>2,955</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Increase due to business combinations (***)&nbsp;&nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>405</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>32,869</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>81,192</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>114,466</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Additions </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>35,487</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>772</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>36,259</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Transfers / Reclassifications </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>4,665</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>4,665</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Disposals </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>5,062</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>1,531</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>6,593</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Values at the end of the year </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>604,870</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>463,742</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>2,117,837</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>2,140,051</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>5,326,500</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: left;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;">Amortization and impairment </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Accumulated at the beginning of the year </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>513,984</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>373,466</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>797,592</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>2,038,981</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>3,724,023</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Currency translation adjustment </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>1,734</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>1,734</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Amortization charge </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>28,937</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>719</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>18,259</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>47,915</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Disposals </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>4,850</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>413</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>5,263</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Accumulated at the end of the year </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>536,337</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>373,772</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>797,592</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>2,057,240</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>3,764,941</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
</tr>
<tr style="height: 18px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> At December 31, 2019 </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>68,533</font> </font></p>
</td>
<td style="border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>89,970</font> </font></p>
</td>
<td style="border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>1,320,245</font> </font></p>
</td>
<td style="border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>82,811</font> </font></p>
</td>
<td style="border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>1,561,559</font> </font></p>
</td>
<td style="border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"><br/></td>
</tr>

</table>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">(*) <font><font style="border-right: none; border-left: none;">Includes Proprietary Technology.</font></font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">(**) <font>Related to IPSCO acquisition. See note 32.</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">(***) <font>Related to SSPC acquisition. See note 32.</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The geographical </font><font style="font-family: 'Times New Roman';">allocation of goodwill </font><font style="font-family: 'Times New Roman';">for the year</font><font style="font-family: 'Times New Roman';"> ended December 31, 20</font><font style="font-family: 'Times New Roman';"><font>20</font></font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">was $</font><font style="border-right: none; border-left: none;"><font style="font-family: 'Times New Roman';"><font style="border-left: none; border-right: none;"><font>939.2</font></font></font></font><font style="font-family: 'Times New Roman';">&nbsp;million for North America</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">$<font>111.1</font></font><font style="font-family: 'Times New Roman';">&nbsp;million for South America</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">$<font>33.7</font></font><font style="font-family: 'Times New Roman';">&nbsp;million for</font><font style="font-family: 'Times New Roman';"> Middle East &amp; Africa</font><font style="font-family: 'Times New Roman';"> and $<font>2.0</font> million for Europe</font><font style="font-family: 'Times New Roman';">.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The carrying amount of goodwill allocated</font><font style="font-family: 'Times New Roman';"> by CGU, as of December 31, 20</font><font style="font-family: 'Times New Roman';"><font>20</font></font><font style="font-family: 'Times New Roman';">, was as follows:</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
<div>
<table cellspacing="0" cellpadding="0" style="margin-left: 0.1px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 99.836%; height: 136px;" width="100%">

<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (all amounts in millions of U.S. dollars) </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;" colspan="6">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Tubes Segment</font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"><br/></td>
</tr>
<tr style="height: 30px;">
<td style="padding-right: 4.9pt; padding-left: 4.9pt; border-bottom: 1pt solid #000000; vertical-align: bottom; border-left: 1pt solid #000000; height: 30px;" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> CGU </font></p>
</td>
<td style="padding-right: 4.9pt; padding-left: 4.9pt; border-bottom: 1pt solid #000000; vertical-align: bottom; height: 30px;" valign="bottom"><br/></td>
<td style="padding-right: 4.9pt; padding-left: 4.9pt; border-bottom: 1pt solid #000000; vertical-align: bottom; border-left: 1pt solid #000000; height: 30px;" colspan="2" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Hydril <br/>Acquisition</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; border-bottom: 1pt solid #000000; vertical-align: bottom; height: 30px;" valign="bottom"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; border-bottom: 1pt solid #000000; vertical-align: bottom; height: 30px;" valign="bottom"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; border-bottom: 1pt solid #000000; vertical-align: bottom; height: 30px;" colspan="2" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Other</font></p>
</td>
<td style="padding-right: 4.9pt; padding-left: 5.4pt; border-bottom: 1pt solid #000000; vertical-align: bottom; height: 30px;" valign="bottom"><br/></td>
<td style="padding-right: 4.9pt; padding-left: 5.4pt; border-bottom: 1pt solid #000000; vertical-align: bottom; height: 30px;" valign="bottom"><br/></td>
<td style="padding-right: 4.9pt; padding-left: 5.4pt; border-bottom: 1pt solid #000000; border-left: 1pt solid #000000; vertical-align: bottom; height: 30px;" colspan="2" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Total</font></p>
</td>
<td style="padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; border-bottom: 1pt solid #000000; border-right: 1pt solid #000000; height: 30px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 61%; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Tamsa (Hydril and other) </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 10%; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>346</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 10%; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>19</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 10%; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>365</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Siderca (Hydril and other) </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>265</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>93</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>358</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Hydril </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>309</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>309</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Other </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>54</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>54</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br/></td>
</tr>
<tr style="height: 18px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Total </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 18px;"><br/></td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; border-top: 1pt solid #000000; border-bottom: 2px solid #000000; background-color: #cceeff; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>920</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>166</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>1,086</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 18px;"><br/></td>
</tr>

</table>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</div><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfIntangibleAssetsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfIntangibleAssetsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfIntangibleAssetsExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for intangible assets.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 38<br> -IssueDate 2019-01-01<br> -Section Disclosure<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=38&amp;code=ifrs-tx-2019-en-r&amp;doctype=Standard&amp;dita_xref=IAS38_g118-128_TI<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfIntangibleAssetsExplanatory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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</div>
</body>
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</DOCUMENT>
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<html>
<head>
<title></title>
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140345109542104">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 12 - Right-of-use Assets, Net and Lease Liabilities<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2020</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PresentationOfLeasesForLesseeAbstract', window );"><strong>Presentation of leases for lessee [abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfLeasesExplanatory', window );">Note 12 - Right-of-use Assets, Net and Lease Liabilities</a></td>
<td class="text"><div>
<div style="-aw-different-first-page: true; -aw-headerfooter-type: header-primary; clear: both;">
<div style="border-bottom: 0.75pt solid #000000; clear: both;">

</div>
</div>
<p style="margin-top: 0pt; margin-left: 22.5pt; margin-bottom: 0pt; text-indent: -22.5pt; line-height: 12pt; padding-top: 5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><font style="border-left: none; border-right: none;"><font>12</font></font></font><font style="font: 7pt 'Times New Roman'; -aw-import: spaces;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Right-of-use assets, net and lease liabilities</font></p>
<p style="margin-top: 0pt; margin-left: 36pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: Arial; font-size: 8pt; font-style: italic; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Right of use assets evolution</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(all amounts in thousands of U.S. dollars)</font></p>
<div>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 347px;" width="100%">

<tr style="height: 60px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #ffffff; height: 60px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Year ended December 31, 2020 </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 60px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 60px;" colspan="2" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Land and Civil <br/>Buildings</font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 60px;" valign="bottom"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 60px;" valign="bottom"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 60px;" colspan="2" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Industrial <br/>Buildings, Plant <br/>and Production Equipment</font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 60px;" valign="bottom"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 60px;" valign="bottom"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 60px;" colspan="2" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Vehicles, furniture <br/>and fixtures</font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 60px;" valign="bottom"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 60px;" valign="bottom"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 60px;" colspan="2" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Total </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 60px;" valign="bottom"><br/></td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Cost </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 48%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Opening net book amount </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>36,137</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 1%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>225,389</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>14,194</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>275,720</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Currency translation adjustment </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>839</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>746</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>530</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>437</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
</tr>
<tr style="height: 12px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 12px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Increase due to business combinations (*) </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 12px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 12px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 12px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>3,461</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 12px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 12px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 12px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 12px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>13,730</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 12px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 12px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 12px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 12px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>7,556</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 12px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 12px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 12px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 12px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>24,747</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 12px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Additions </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>11,534</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>42,573</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>5,034</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>59,141</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Transfers / Reclassifications </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>439</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>458</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>136</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>117</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Disposals </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>8,800</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>8,622</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>8,835</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>26,257</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> At December 31, 2020 </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>41,932</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>273,358</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>18,615</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>333,905</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Depreciation </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Accumulated at the beginning of the year </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>8,330</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>30,581</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>3,683</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>42,594</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Currency translation adjustment </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>92</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>145</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>190</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>243</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Depreciation charge </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>13,200</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>37,671</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>6,920</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>57,791</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Transfers / Reclassifications </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>2,876</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>1,702</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>1,291</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>117</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Disposals </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>3,420</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>2,106</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>3,267</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>8,793</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Accumulated at the end of the year </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>15,142</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>67,993</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>8,817</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>91,952</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> At December 31, 2020 </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>26,790</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>205,365</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>9,798</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>241,953</font> </font></p>
</td>
<td style="border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
</tr>

</table>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; -aw-import: ignore;">&nbsp;</font></p>
<div>

</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(all amounts in thousands of U.S. dollars)</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<div>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; height: 300px; width: 100.062%;" width="100%">

<tr style="height: 30px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #ffffff; height: 30px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Year ended December 31, 2019 </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 30px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; height: 30px; vertical-align: bottom;" colspan="2" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Land and Civil <br/>Buildings</font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; height: 30px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; height: 30px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; height: 30px; vertical-align: bottom;" colspan="2" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 12px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Industrial</font><br/><font style="color: #000000; font-family: 'Times New Roman'; font-size: 12px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Buildings, Plant</font><br/><font style="color: #000000; font-family: 'Times New Roman'; font-size: 12px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">and Production Equipment</font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; height: 30px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; height: 30px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; height: 30px; vertical-align: bottom;" colspan="2" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Vehicles, furniture <br/>and fixtures</font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 30px;" valign="bottom"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 30px;" valign="bottom"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 30px;" colspan="2" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Total </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 30px;" valign="bottom"><br/></td>
</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Cost </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 15px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: middle; height: 15px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 15px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 15px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: middle; height: 15px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 15px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 15px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 15px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 15px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 15px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br/></td>
</tr>
<tr style="height: 15px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; width: 48%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Opening net book amount </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; width: 1%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>27,713</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; width: 1%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; width: 1%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>202,352</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; width: 1%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; width: 1%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>8,335</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; width: 1%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; width: 1%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>238,400</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; width: 1%;"><br/></td>
</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Currency translation adjustment </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>88</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>6</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>8</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>74</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 15px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Increase due to business combinations (**) </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>229</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>2,038</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>2,267</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;"><br/></td>
</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Additions </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>9,292</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>24,985</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>7,165</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>41,442</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br/></td>
</tr>
<tr style="height: 15px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Transfers / Reclassifications </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>496</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>496</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;"><br/></td>
</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Disposals </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>1,009</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>4,488</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>818</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>6,315</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 15px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> At December 31, 2019 </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>36,137</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>225,389</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>14,194</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>275,720</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;"><br/></td>
</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br/></td>
</tr>
<tr style="height: 15px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;"><br/></td>
</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Depreciation </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br/></td>
</tr>
<tr style="height: 15px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Accumulated at the beginning of the year </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"><font> - </font></font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"><font> - </font></font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"><font> - </font></font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"><font> - </font></font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;"><br/></td>
</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Currency translation adjustment </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>3</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>3</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>8</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>8</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br/></td>
</tr>
<tr style="height: 15px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Depreciation charge </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>8,514</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>31,869</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>3,908</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>44,291</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;"><br/></td>
</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Transfers / Reclassifications </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>62</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>62</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br/></td>
</tr>
<tr style="height: 15px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Disposals </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>181</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>1,229</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>295</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>1,705</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Accumulated at the end of the year </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>8,330</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>30,581</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>3,683</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>42,594</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br/></td>
</tr>
<tr style="height: 15px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> At December 31, 2019 </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>27,807</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>194,808</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>10,511</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br/></td>
<td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>233,126</font> </font></p>
</td>
<td style="border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br/></td>
</tr>

</table>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(*) <font><font style="border-right: none; border-left: none;"><font style="border-right: none; border-left: none;">Related to IPSCO acquisition. See note 32.</font></font></font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(**) <font><font style="border-right: none; border-left: none;">Related to SSPC acquisition.</font></font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Depreciation of right-of-use assets </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">is</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> mainly included in Tubes segment.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The initial cost of right-of-use assets consists of the initial lease liability plus lease payments made in <font>2018</font> of approximatel<font>y $</font><font>4</font><font> mi</font>llion.</font></p>

<div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><br/></font></p>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Lease liability evolution</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
<div>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px; height: 188px;" width="100%">

<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;" colspan="6">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Year ended December 31, </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (all amounts in thousands of U.S. dollars) </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>2020</font></font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>2019</font></font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 74%; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Opening net book amount </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 10%; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>230,167</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 10%; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>234,149</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Increase due to business combinations </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>26,046</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>2,267</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Translation differences </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>7,656</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>2,690</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Additions </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>58,536</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>36,957</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Cancellations </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>17,529</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>4,688</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Repayments (*) </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>51,666</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">)</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>43,974</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Interest accrued </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>4,133</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>2,766</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
</tr>
<tr style="height: 18px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> At December 31, </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>257,343</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>230,167</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"><br/></td>
</tr>

</table>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 12pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(*) <font>Repayments include capital and interest.</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The amount of remaining payments with maturity less than <font>1</font> year, between <font>2</font> and <font>5</font> years and more than </font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>5</font> years is approximately </font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>16.9</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">%, </font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>40.5</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">% an</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">d </font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>42.6</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">% of the total remaining payments, respectively. </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Expense</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">s</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> relat</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ed</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> to short-term leases and low value leases (included in </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">cost of sales and selling, general and administrative expense</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">s</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">)</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">for the year <font>2020</font> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">amounted to $<font>1.7</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> million and $<font>3.2</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> million respectively</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> and for the year <font>2019</font> amounted to $<font>15.1</font> million and $<font>1.3</font> million respectively</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Expenses relat</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ed</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> to variable leases (included in </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">cost of sales and selling, general and administrative expenses</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">) were not material for the years <font>2020</font> and <font>2019</font>.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><br/></p>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for leases.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 16<br> -IssueDate 2019-01-01<br> -Section Presentation<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=16&amp;code=ifrs-tx-2019-en-r&amp;doctype=Standard&amp;dita_xref=IFRS16_g47-50_TI<br> -URIDate 2019-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 16<br> -IssueDate 2019-01-01<br> -Section Disclosure<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=16&amp;code=ifrs-tx-2019-en-r&amp;doctype=Standard&amp;dita_xref=IFRS16_g51-60_TI<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140345114580680">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 13 - Investments in Non-consolidated Companies<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2020</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfUnconsolidatedStructuredEntitiesAbstract', window );"><strong>Disclosure of unconsolidated structured entities [abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfInterestsInOtherEntitiesExplanatory', window );">Note 13 - Investments in Non-consolidated Companies</a></td>
<td class="text"><div>
<p style="margin-top: 0pt; margin-left: 22.5pt; margin-bottom: 0pt; text-indent: -22.5pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><font style="border-left: none; border-right: none;">13</font></font><font style="font: 7pt 'Times New Roman'; -aw-import: spaces;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Investments in </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">non-consolidated</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> companies</font></p>
<p style="margin-top: 0pt; margin-left: 22.5pt; margin-bottom: 0pt; text-indent: -22.5pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><br/></font></p>
<div>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px; height: 172px;" width="100%">

<tr style="height: 17px;">
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #ffffff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #ffffff; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; height: 17px;" colspan="6">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Year ended December 31, </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: top; background-color: #ffffff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (all amounts in thousands of U.S. dollars) </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; background-color: #ffffff; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; height: 17px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>2020</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; height: 17px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>2019</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; width: 74%; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> At the beginning of the year </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; width: 1%; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 7px; vertical-align: bottom; width: 1%; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 10%; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>879,965</font> </font></p>
</td>
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; width: 1%; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; width: 1%; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; width: 1%; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; width: 10%; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>805,568</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 1%; height: 17px; background-color: #cceeff;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Translation differences </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>31,977</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>10,781</font> </font></p>
</td>
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Equity in earnings of non-consolidated companies </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>108,799</font> </font></p>
</td>
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>82,036</font> </font></p>
</td>
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Increase due to business combinations </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"><font>-</font></font></p>
</td>
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>20,635</font> </font></p>
</td>
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Dividends and distributions declared (*) </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>861</font> </font></p>
</td>
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>28,037</font> </font></p>
</td>
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Additions </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font></font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>19,610</font> </font></p>
</td>
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 18px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Increase / (decrease) in equity reserves and others </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 18px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 18px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 4px; vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>1,426</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 18px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 18px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 18px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 4px; vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>9,066</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px; background-color: #cceeff;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 18px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> At the end of the year </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 4px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>957,352</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 4px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>879,965</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px;"><br/></td>
</tr>

</table>
</div>
<p style="margin-top: 0pt; margin-left: 22.5pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: Arial; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">(*</font><font style="font-family: 'Times New Roman';">)</font><font style="font-family: 'Times New Roman';"> </font><font><font style="font-family: 'Times New Roman';">Related to Ternium</font><font style="font-family: 'Times New Roman';"> and Usiminas</font><font style="font-family: 'Times New Roman';">. During </font><font style="font-family: 'Times New Roman';"><font>2020</font> and <font>2019</font> $<font>0.3</font> million and</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">$</font><font style="font-family: 'Times New Roman';"><font>29.0</font></font><font style="font-family: 'Times New Roman';"> million</font><font style="font-family: 'Times New Roman';"> respectively</font><font style="font-family: 'Times New Roman';"> were collected</font><font style="font-family: 'Times New Roman';">.</font></font></font></p>
<p style="margin-top: 0pt; margin-left: 4.3pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 12pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The principal </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">non-consolidated</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> companies are:</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<div>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 99.9179%; margin-left: 0.1px; height: 129px;" width="100%">

<tr style="height: 10px;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br/></td>
<td colspan="3" style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> % ownership at December 31, </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 10px;"><br/></td>
<td colspan="5" style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Value at December 31, </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 10px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Company </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Country of incorporation </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>2020</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>2019</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>2020</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>2019</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="border-top: 1pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; width: 25%; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> a) Ternium (*) </font></p>
</td>
<td style="border-top: 1pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-top: 1pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; width: 25%; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Luxembourg </font></p>
</td>
<td style="border-top: 1pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-top: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 11%; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>11.46</font>% </font></p>
</td>
<td style="border-top: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 11%; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>11.46</font>% </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 10%; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>830,028</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 10%; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>751,105</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> b) Usiminas (**) </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Brazil </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>3.07</font>% </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>3.07</font>% </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>65,144</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>74,593</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> c) Techgen </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Mexico </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font style="border-left: none; border-right: none;"><font>22.00</font></font>% </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font style="border-left: none; border-right: none;"><font>22.00</font></font>% </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>19,536</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>9,888</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> d) Global Pipe Company </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Saudi Arabia </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font style="border-left: none; border-right: none;"><font>35.00</font></font>% </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font style="border-left: none; border-right: none;"><font>35.00</font></font>% </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font style="border-left: none; border-right: none;"><font>23,421</font></font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font style="border-left: none; border-right: none;"><font>22,550</font></font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;&nbsp;&nbsp;&nbsp; Others </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"><font> - </font></font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';"><font> - </font></font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';"><font> - </font></font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>19,223</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>21,829</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>957,352</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>879,965</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
</tr>

</table>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">(*) <font>Including treasury shares.</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">(**)</font><font style="font-family: 'Times New Roman';"> </font><font><font style="font-family: 'Times New Roman';">At December 31,</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';"><font>20</font></font><font style="font-family: 'Times New Roman';"><font>20</font></font><font style="font-family: 'Times New Roman';"> and <font>201</font></font><font style="font-family: 'Times New Roman';"><font>9</font></font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">the voting rights were <font>5.19</font></font><font style="font-family: 'Times New Roman';">%</font><font style="font-family: 'Times New Roman';">.</font></font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<div>
<div>

</div>
</div>
<p style="margin: 7pt 0pt; text-align: justify; line-height: 12pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; font-style: italic;">a) Ternium</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Ternium</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, is a steel producer with production facilities in Mexico, Argentina, </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Brazil, </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Colombia, Un</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ited States and Guatemala and</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> is <font>one</font> of </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Tenaris&#8217;s</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> main suppliers of round steel bars and flat steel products for its pipes business.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">At December 31, 20</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>20</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, the closing price of Ternium&#8217;s ADSs as quoted on the New York Stock Exchange w<font>as</font></font><font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> $</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>29.08</font></font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> per ADS, giving </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Tenaris&#8217;s</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> ownership stake a ma</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">rket value of approximately $</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>668</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> million</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">. A</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">t December 31, 20</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>20</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, the carrying value of </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Tenaris&#8217;s</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> ownership stake in Ternium, based on Ternium&#8217;s IFRS </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Financial S</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ta</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">tements, was approximately $</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>830</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> million.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">As of December 31, </font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>2020</font>,</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">the Company concluded that</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">the carrying amount does not exceed the recoverable value of the investment.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin: 0pt 0pt 7pt; text-align: justify; line-height: 12pt; text-indent: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Summarized selected financial information of Ternium, including the aggregated amounts of assets, liabilities, revenues and profit or loss is as follows:</font><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<div>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px; height: 248px;" width="100%">

<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (all amounts in thousands of U.S. dollars) </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br/></td>
<td colspan="5" style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> Ternium </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br/></td>
</tr>
<tr style="height: 10px;">
<td style="border-bottom: 1pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 10px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> <font>2020</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 10px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 10px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 10px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> <font>2019</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 74%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Non-current assets </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>8,289,460</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>8,757,320</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Current assets </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>4,566,775</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>4,178,213</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> Total assets </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> <font>12,856,235</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> <font>12,935,533</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Non-current liabilities </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2,559,485</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>3,452,535</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Current liabilities </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,853,597</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,768,125</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> Total liabilities </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> <font>4,413,082</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> <font>5,220,660</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> Equity </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> <font>8,443,153</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> <font>7,714,873</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Revenues </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>8,735,435</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>10,192,818</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Gross profit </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,635,512</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,740,378</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Net income for the year attributable to owners of the parent </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>778,468</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>564,269</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Total comprehensive income for the year, net of tax, attributable to owners of the parent </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>666,667</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>445,473</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
</tr>

</table>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 12pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 36pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; font-style: italic;">b) Usiminas</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin: 0pt 0pt 7pt; text-align: justify; line-height: 12pt; text-indent: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Usiminas is a Brazilian producer of high quality flat steel products used in the energy, automotive and other industries.</font><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin: 0pt 0pt 7pt; text-align: justify; line-height: 12pt; text-indent: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">As of December 31, 20</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>20</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, the closing price of the Usiminas&#8217; ordinary and preferred shares, as quoted on the B<font>3</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> - Brasil Bolsa Balc&#227;o S.A</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, was BRL</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>15.69</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;($</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>3.02</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">) and BRL</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>14.61</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;($</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>2.81</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">), respectively, giving Tenaris&#8217;s ownership stake a market value of approximately $</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>113.8</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> million. As</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> of</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> that date, the carrying value of Tenaris&#8217;s ownership stake in Usiminas was approximately $<font>65.1</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;million.</font><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin: 0pt 0pt 5pt; line-height: 12pt; text-indent: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Summarized selected financial information of Usiminas, including the aggregated amounts of assets, liabilities, revenues and profit or loss is as follows:</font><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<div>
<div>

</div>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 12pt; -aw-import: spaces;">&nbsp;</font></p>
<div>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px; height: 238px;" width="100%">

<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (all amounts in thousands of U.S. dollars) </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"><br/></td>
<td colspan="5" style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;"> &nbsp;Usiminas </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="border-bottom: 1pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>2020</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>2019</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 74%; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Non-current assets </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 10%; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>3,487,317</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 10%; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>4,335,662</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Current assets </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>2,276,368</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>2,198,449</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Total assets </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>5,763,685</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>6,534,111</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Non-current liabilities </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>1,661,605</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>1,955,395</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Current liabilities </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>861,912</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>716,930</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Total liabilities </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>2,523,517</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>2,672,325</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Equity </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>3,240,168</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>3,861,786</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Revenues </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>3,132,949</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>3,790,206</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Gross profit </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>624,199</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>478,141</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Net income for the year attributable to owners of the parent </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>106,361</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>52,779</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
</tr>

</table>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 36pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; font-style: italic;">c) Techgen</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 36pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; font-style: italic; letter-spacing: -0.1pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Techgen is a Mexican company that operates a natural gas-fired combined cycle electric power plant in the Pesquer&#237;a area of the State of Nuevo Le&#243;n, Mexico, and started producing energy on December 1, 2016, with a power capacity of <font>900</font> megawatts. As of December 31, 2020, Tenaris held <font>22</font>% of Techgen&#8217;s share capital, and its affiliates, Ternium and Tecpetrol (both controlled by San Faustin), held <font>48</font>% and <font>30</font>% respectively.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">As of December 31, 2020, the carrying value of Tenaris&#8217;s ownership stake in </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Techgen</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> was approximately $</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>19.5</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;million.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Techgen </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">entered into certain </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">tra</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">nsportation capacity agreements,</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> a contract for the purchase of power generation equipment and other services related to the equipment</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, and an agreement for the purchase of clean energy certificates</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">. As of December 31, 20</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>20</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, Tenaris&#8217;s exposure under these agreements amounted to $</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>48.8</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> million</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">$</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>0.9</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> million </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">and</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> $</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>17.6</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;million</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> respectively</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">During <font>2019</font>, Techgen repaid certain subordinated loans to Techgen&#8217;s sponsors; the p</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ortion</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> corresponding to Tenaris amounted to $</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>40.5</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> million. As of December 31, 20</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>20</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, the aggregate outstanding principal amount under these subordinated loans was $</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>58.1</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> million.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Techgen </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">is a party to a </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">$<font>640</font> million syndicated loan agreement, which is &#8220;non-recourse&#8221; on the sponsors</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">. Techgen&#8217;s obligations thereunder</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> are guaranteed by a Mexican security trust </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">(</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">covering shares, assets</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">,</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> accounts </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">and contract rights), account pledges and certain direct agreements </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8211;customary for these type of transactions&#8211;. The commercial terms and conditions governing the purc</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">hase </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">of <font>22</font>% of the energy generated by </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Techgen</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">,</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">by the Company&#8217;s Mexican subsidiary, Tamsa, </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">remain </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">substantially </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">unchanged.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Under the loan agreement, Techgen is committed to maintain a debt service reserve account covering debt service becoming due during <font>two</font> consecutive quarters; such account is funded by stand-by letters of credit issued for the account of Techgen&#8217;s sponsors in proportion to their respective participations in Techgen. </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Accordingly, the Company and its Swiss subsidiary, Tenaris Investments Switzerland AG, applied for stand-by letters of credit covering <font>22</font>% of the debt service coverage ratio, which as of the date hereof amounts to $<font>9.8</font> million.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-left: 49.65pt; margin-bottom: 0pt; text-indent: -18pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; font-style: italic; letter-spacing: -0.1pt;">d)</font><font style="font: 7pt 'Times New Roman'; -aw-import: spaces;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; font-style: italic; letter-spacing: -0.1pt;">GPC</font></p>
<p style="margin-top: 0pt; margin-left: 31.45pt; margin-bottom: 0pt; line-height: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; font-style: italic; letter-spacing: -0.1pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">GPC is a Saudi-German joint venture, established in <font>2010</font> and located in Jubail</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, Saudi Arabia</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, which manufactures LSAW pipes. Tenaris, through its subsidiary SSPC, currently owns <font>35</font>% of the share capital of GPC. As of December 31, 2020, the carrying value of Tenaris&#8217;s ownership stake in GPC was approximately $<font>23.4</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;million.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">SSPC and the other <font>three</font> owners of GPC have issued corporate guarantees to secure repayment of loan agreements entered into by GPC, with the Saudi Investment Development Fund, the Saudi British Bank, the National Commercial Bank and Banque Saudi Fransi to finance GPC&#8217;s capital expenditures and working capital. As of December 31, 2020, SSPC&#8217;s exposure under the guarantees amounted to $</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>131.5</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> million.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><br/></p>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for interests in other entities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2019-01-01<br> -Paragraph 1<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_1&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140345109519512">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 14 - Receivables - Non Current<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2020</div></th></tr>
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<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_DisclosureOfNoncurrentReceivablesTextBlock', window );">Note 14 - Receivables - Non Current</a></td>
<td class="text"><div>
<p style="margin-top: 0pt; margin-left: 21.3pt; margin-bottom: 0pt; text-indent: -21.3pt; line-height: 12pt; padding-top: 5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><font style="border-left: none; border-right: none;">14</font></font><font style="font: 7pt 'Times New Roman'; -aw-import: spaces;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Receivables &#8211; non current</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 2pt; font-weight: bold; -aw-import: ignore;">&nbsp;</font></p>
<div>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; margin-left: 0.1px; width: 100%; height: 171px;" width="100%">

<tr style="height: 17px;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br/></td>
<td colspan="5" style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Year ended December 31, </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (all amounts in thousands of U.S. dollars) </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font style="border-left: none; border-right: none;">2020</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font style="border-left: none; border-right: none;">2019</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 74%; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Employee advances and loans </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 10%; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>4,563</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 10%; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>6,008</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Tax credits </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>18,046</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>20,065</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Receivables from related parties </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>62,790</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>59,999</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Legal deposits </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>8,600</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>12,378</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Advances to suppliers and other advances </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>4,803</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>3,772</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Receivable Venezuelan subsidiaries </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>48,659</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>48,659</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Others </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>6,842</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>6,222</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
</tr>
<tr style="height: 18px;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>154,303</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>157,103</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"><br/></td>
</tr>

</table>
</div>
</div><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncurrentReceivablesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncurrentReceivablesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_DisclosureOfNoncurrentReceivablesTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure for non-current receivables.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_DisclosureOfNoncurrentReceivablesTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>67
<FILENAME>R25.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
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<body>
<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140345109565672">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 15 - Inventories, Net<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2020</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfInventoriesAbstract', window );"><strong>Classes of current inventories [abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfInventoriesExplanatory', window );">Note 15 - Inventories, Net</a></td>
<td class="text"><div>
<p style="margin-top: 0pt; margin-left: 21.3pt; margin-bottom: 7pt; text-indent: -21.3pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><font style="border-left: none; border-right: none;">15</font></font><font style="font: 7pt 'Times New Roman'; -aw-import: spaces;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Inventories</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">, net</font></p>
<div>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px; height: 171px;" width="100%">

<tr style="height: 17px;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br/></td>
<td colspan="5" style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Year ended December 31, </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; background-color: #ffffff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (all amounts in thousands of U.S. dollars) </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #ffffff; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font style="border-left: none; border-right: none;">2020</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font style="border-left: none; border-right: none;">2019</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 74%; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Finished goods </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 10%; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>691,922</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 10%; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>968,329</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Goods in process </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>417,097</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>612,888</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Raw materials </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>143,558</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>221,954</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Supplies </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>488,802</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>486,411</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Goods in transit </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>158,929</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>194,015</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>1,900,308</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>2,483,597</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Allowance for obsolescence, see note <font>24</font> (i) </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>263,635</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><font style="font-size: 10pt;">)</font></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>217,717</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 18px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: top; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>1,636,673</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: top; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>2,265,880</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 18px;"><br/></td>
</tr>

</table>
</div>
</div><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfInventoriesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfInventoriesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfInventoriesExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for inventories.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 2<br> -IssueDate 2019-01-01<br> -Section Disclosure<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=2&amp;code=ifrs-tx-2019-en-r&amp;doctype=Standard&amp;dita_xref=IAS02_g36-39_TI<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfInventoriesExplanatory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
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<DESCRIPTION>IDEA: XBRL DOCUMENT
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<html>
<head>
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140345114582120">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 16 - Receivables and Prepayments, Net<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2020</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentPrepaymentsAndCurrentAccruedIncomeAbstract', window );"><strong>Current prepayments and current accrued income [abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfPrepaymentsAndOtherAssetsExplanatory', window );">Note 16 - Receivables and Prepayments, Net</a></td>
<td class="text"><div>
<p style="margin-top: 0pt;margin-left: 21.25pt;margin-bottom: 7pt;text-indent: -21.25pt;line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><font style="border-left: none; border-right: none;">16</font></font><font style="font: 7pt 'Times New Roman'; -aw-import: spaces;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Receivables and prepayments</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">, net</font></p>
<div>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: &quot;times new roman&quot;; font-size: 10pt; width: 100%; margin-left: 0.1px; height: 190px;" width="100%">

<tr style="height: 17px;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br/></td>
<td colspan="5" style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Year ended December 31, </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; background-color: #ffffff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (all amounts in thousands of U.S. dollars) </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; background-color: #ffffff; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font style="border-left: none; border-right: none;">2020</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font style="border-left: none; border-right: none;">2019</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 74%; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Prepaid expenses and other receivables </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 10%; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>26,457</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 10%; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>30,579</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Government entities </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>3,075</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>1,867</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Employee advances and loans </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>4,672</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>8,189</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Advances to suppliers and other advances </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>14,661</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>17,180</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Government tax refunds on exports </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>2,723</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>670</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Receivables from related parties </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>16,217</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>19,837</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 10px; background-color: rgb(204, 238, 255);">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Miscellaneous </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 10px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>13,961</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 10px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 10px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>31,145</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 10px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>81,766</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>109,467</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Allowance for other doubtful accounts, see note <font>24</font> (i) </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>3,917</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><font style="font-size: 10pt;">)</font></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>4,892</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="border-top: 0.75pt solid rgb(0, 0, 0); border-bottom: 1.5pt solid rgb(0, 0, 0); padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br/></td>
<td style="border-top: 0.75pt solid rgb(0, 0, 0); border-bottom: 1.5pt solid rgb(0, 0, 0); padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>77,849</font> </font></p>
</td>
<td style="border-top: 0.75pt solid rgb(0, 0, 0); border-bottom: 1.5pt solid rgb(0, 0, 0); padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br/></td>
<td style="border-top: 0.75pt solid rgb(0, 0, 0); border-bottom: 1.5pt solid rgb(0, 0, 0); padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br/></td>
<td style="border-top: 0.75pt solid rgb(0, 0, 0); border-bottom: 1.5pt solid rgb(0, 0, 0); padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br/></td>
<td style="border-top: 0.75pt solid rgb(0, 0, 0); border-bottom: 1.5pt solid rgb(0, 0, 0); padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>104,575</font> </font></p>
</td>
<td style="border-top: 0.75pt solid rgb(0, 0, 0); border-bottom: 1.5pt solid rgb(0, 0, 0); padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br/></td>
</tr>

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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
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<tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of prepayments and other assets. [Refer: Other assets; Prepayments]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 10<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_10_e&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140345109827768">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 17 - Current Tax Assets and Liabilities<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2020</div></th></tr>
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<td class="text">&#160;<span></span>
</td>
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<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTaxReceivablesAndPayablesExplanatory', window );">Note 17 - Current Tax Assets and Liabilities</a></td>
<td class="text"><div>
<p style="margin-top: 0pt; margin-left: 21.3pt; margin-bottom: 0pt; text-indent: -21.3pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><font style="border-left: none; border-right: none;">17</font></font><font style="font: 7pt 'Times New Roman'; -aw-import: spaces;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Current tax assets</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> and liabilities</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 2pt; font-weight: bold; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(all amounts in thousands of U.S. dollars)</font></p>
<div>
<table cellspacing="0" cellpadding="0" style="height: 76px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px;" width="100%">

<tr style="height: 15px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; background-color: #ffffff; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; background-color: #ffffff;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top;"><br/></td>
<td colspan="5" style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Year ended December 31, </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top;"><br/></td>
</tr>
<tr style="height: 15px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Current tax assets </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font style="border-left: none; border-right: none;">2020</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font style="border-left: none; border-right: none;">2019</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top;"><br/></td>
</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; background-color: #cceeff; width: 74%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> V.A.T. credits </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>106,293</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>112,161</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br/></td>
</tr>
<tr style="height: 15px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Prepaid taxes </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>30,091</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>55,227</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>136,384</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>167,388</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br/></td>
</tr>

</table>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 2pt; font-weight: bold; -aw-import: ignore;">&nbsp;</font></p>
<div>
<table cellspacing="0" cellpadding="0" style="height: 90px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px;" width="100%">

<tr style="height: 15px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; background-color: #ffffff; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; background-color: #ffffff;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td colspan="5" style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Year ended December 31, </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
</tr>
<tr style="height: 15px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Current tax liabilities </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font style="border-left: none; border-right: none;">2020</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font style="border-left: none; border-right: none;">2019</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; background-color: #cceeff; width: 74%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Income tax liabilities </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>27,616</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>64,994</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br/></td>
</tr>
<tr style="height: 15px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> V.A.T. liabilities </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>9,933</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>9,953</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Other taxes </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>53,044</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>52,678</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br/></td>
</tr>
<tr style="height: 15px;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>90,593</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>127,625</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
</tr>

</table>
</div>
</div><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfTaxReceivablesAndPayablesExplanatory">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of tax receivables and payables.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 10<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_10_e&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
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<td style="white-space:nowrap;">ifrs-full_DisclosureOfTaxReceivablesAndPayablesExplanatory</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140345114582120">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 18 - Trade Receivables, Net<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2020</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TradeAndOtherReceivablesAbstract', window );"><strong>Trade and other receivables [abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTradeAndOtherReceivablesExplanatory', window );">Note 18 - Trade Receivables, Net</a></td>
<td class="text"><div>
<p style="margin-top: 0pt; margin-left: 21.3pt; margin-bottom: 0pt; text-indent: -21.3pt; line-height: 12pt; padding-top: 5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><font style="border-left: none; border-right: none;">18</font></font><font style="font: 7pt 'Times New Roman'; -aw-import: spaces;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Trade receivables, net</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 2pt; font-weight: bold; -aw-import: ignore;">&nbsp;</font></p>
<div>
<table cellspacing="0" cellpadding="0" style="height: 106px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px;" width="100%">

<tr style="height: 15px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #ffffff; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #ffffff;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top;"><br/></td>
<td colspan="5" style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Year ended December 31, </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top;"><br/></td>
</tr>
<tr style="height: 15px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; background-color: #ffffff; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (all amounts in thousands of U.S. dollars) </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; background-color: #ffffff;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font style="border-left: none; border-right: none;">2020</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font style="border-left: none; border-right: none;">2019</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top;"><br/></td>
</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; background-color: #cceeff; width: 74%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Current accounts </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,017,663</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,387,494</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br/></td>
</tr>
<tr style="height: 15px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Receivables from related parties </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>4,161</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>9,448</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom;"><br/></td>
</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,021,824</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,396,942</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br/></td>
</tr>
<tr style="height: 15px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Allowance for doubtful accounts, see note <font style="border-left: none; border-right: none;">24</font> (i) </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>53,676</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom;"><font style="font-size: 10pt;">)</font></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>48,782</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>968,148</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>1,348,160</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff;"><br/></td>
</tr>

</table>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The following table sets forth details </font><font style="font-family: 'Times New Roman';">of the aging</font><font style="font-family: 'Times New Roman';"> of trade receivables:</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
<div style="border-left: none; border-right: none;">
<div>
<div style="border-left: none; border-right: none;">
<table cellspacing="0" cellpadding="0" style="height: 146px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px;" width="100%">

<tr style="height: 15px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; background-color: #ffffff; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">(all amounts in thousands of U.S. dollars) </font></p>
</td>
<td style="border-top: 1pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.03pt; padding-left: 5.4pt; vertical-align: bottom; height: 25px;" rowspan="2" colspan="4">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Trade Receivables </font></p>
</td>
<td style="border-top: 1pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.03pt; padding-left: 5.4pt; vertical-align: bottom; height: 25px;" rowspan="2" colspan="4">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Not Due </font></p>
</td>
<td style="padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000;" colspan="7">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Past due </font></p>
</td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: bottom; border-bottom: 1pt solid #000000; height: 10px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font style="border-left: none; border-right: none;">1</font> - <font style="border-left: none; border-right: none;">180</font> days </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-bottom: 1pt solid #000000; height: 10px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> &gt; <font style="border-left: none; border-right: none;">180</font> days </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br/></td>
</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> At December 31, 2020 </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #cceeff; height: 15px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #cceeff; height: 15px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #cceeff; height: 15px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #cceeff; height: 15px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #cceeff; height: 15px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #cceeff; height: 15px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #cceeff; height: 15px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #cceeff; height: 15px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #cceeff; height: 15px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #cceeff; height: 15px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #cceeff; height: 15px;"><br/></td>
</tr>
<tr style="height: 15px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; width: 45%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Guaranteed </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; width: 11%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>191,514</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; width: 11%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>170,796</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; width: 11%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>18,778</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; width: 11%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>1,940</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; height: 15px;"><br/></td>
</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Not guaranteed </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>830,310</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>655,132</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>116,802</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>58,376</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br/></td>
</tr>
<tr style="height: 15px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Guaranteed and not guaranteed </font></p>
</td>
<td style="border-top: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"><br/></td>
<td style="border-top: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>1,021,824</font> </font></p>
</td>
<td style="border-top: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"><br/></td>
<td style="border-top: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"><br/></td>
<td style="border-top: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"><br/></td>
<td style="border-top: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>825,928</font> </font></p>
</td>
<td style="border-top: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"><br/></td>
<td style="border-top: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"><br/></td>
<td style="border-top: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"><br/></td>
<td style="border-top: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>135,580</font> </font></p>
</td>
<td style="border-top: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"><br/></td>
<td style="border-top: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"><br/></td>
<td style="border-top: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"><br/></td>
<td style="border-top: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>60,316</font> </font></p>
</td>
<td style="border-top: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"><br/></td>
</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Expected loss rate </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: middle; background-color: #cceeff; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: middle; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>0.07</font></font></p>
</td>
<td style="padding: 0px; vertical-align: middle; background-color: #cceeff; height: 15px; text-align: left;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">%</font></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: middle; background-color: #cceeff; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: middle; background-color: #cceeff; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: middle; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>0.04</font></font></p>
</td>
<td style="padding: 0px; vertical-align: middle; background-color: #cceeff; height: 15px; text-align: left;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">%</font></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: middle; background-color: #cceeff; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: middle; background-color: #cceeff; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: middle; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>0.23</font></font></p>
</td>
<td style="padding: 0px; vertical-align: middle; background-color: #cceeff; height: 15px; text-align: left;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">%</font></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: middle; background-color: #cceeff; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: middle; background-color: #cceeff; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: middle; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>0.72</font></font></p>
</td>
<td style="padding: 0px; vertical-align: middle; background-color: #cceeff; height: 15px; text-align: left;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">%</font></td>
</tr>
<tr style="height: 15px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Allowances for doubtful accounts </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>721</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>321</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>331</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>69</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Nominative allowances for doubtful accounts </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>52,955</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><font style="font-size: 10pt;">)</font></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>718</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><font style="font-size: 10pt;">)</font></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>1,011</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><font style="font-size: 10pt;">)</font></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>51,226</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 16px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Net Value </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>968,148</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>824,889</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>134,238</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>9,021</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"><br/></td>
</tr>

</table>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<div style="border-left: none; border-right: none;">
<table cellspacing="0" cellpadding="0" style="height: 162px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px;" width="100%">

<tr style="height: 15px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; background-color: #ffffff; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (all amounts in thousands of U.S. dollars) </font></p>
</td>
<td style="border-top: 1pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.03pt; padding-left: 5.4pt; vertical-align: bottom; height: 25px;" rowspan="2" colspan="4">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Trade Receivables </font></p>
</td>
<td style="border-top: 1pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.03pt; padding-left: 5.4pt; vertical-align: bottom; height: 25px;" rowspan="2" colspan="4">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Not Due </font></p>
</td>
<td style="padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000;" colspan="7">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Past due </font></p>
</td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: bottom; border-bottom: 1pt solid #000000; height: 10px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font style="border-left: none; border-right: none;">1</font> - <font style="border-left: none; border-right: none;">180</font> days </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-bottom: 1pt solid #000000; height: 10px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> &gt; <font style="border-left: none; border-right: none;">180</font> days </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> At December 31, 2019 </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #cceeff; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 45%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Guaranteed </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 11%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>234,427</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 11%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>205,764</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 11%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>26,899</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 11%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>1,764</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Not guaranteed </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>1,162,515</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>948,449</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>157,960</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>56,106</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Guaranteed and not guaranteed </font></p>
</td>
<td style="border-top: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>1,396,942</font> </font></p>
</td>
<td style="border-top: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>1,154,213</font> </font></p>
</td>
<td style="border-top: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>184,859</font> </font></p>
</td>
<td style="border-top: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>57,870</font> </font></p>
</td>
<td style="border-top: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Expected loss rate </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: middle; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>0.09</font></font></p>
</td>
<td style="padding: 0px; vertical-align: middle; background-color: #cceeff; height: 17px; text-align: left;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">%</font></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: middle; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: middle; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>0.04</font></font></p>
</td>
<td style="padding: 0px; vertical-align: middle; background-color: #cceeff; height: 17px; text-align: left;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">%</font></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: middle; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: middle; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>0.24</font></font></p>
</td>
<td style="padding: 0px; vertical-align: middle; background-color: #cceeff; height: 17px; text-align: left;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">%</font></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: middle; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: middle; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>0.57</font></font></p>
</td>
<td style="padding: 0px; vertical-align: middle; background-color: #cceeff; height: 17px; text-align: left;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">%</font></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Allowances for doubtful accounts </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>1,294</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>529</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">)</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>455</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>310</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Nominative allowances for doubtful accounts </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>47,488</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><font style="font-size: 10pt;">)</font></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>1,922</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><font style="font-size: 10pt;">)</font></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>45,566</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 18px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Net Value </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>1,348,160</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>1,153,684</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>182,482</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>11,994</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"><br/></td>
</tr>

</table>
</div>
</div>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Trade receivables are mainly denominated in </font><font style="font-family: 'Times New Roman';">U.S. dollars.</font></p>
</div><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfTradeAndOtherReceivablesExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of trade and other receivables. [Refer: Trade and other receivables]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 10<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_10_e&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfTradeAndOtherReceivablesExplanatory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TradeAndOtherReceivablesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TradeAndOtherReceivablesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
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<SEQUENCE>71
<FILENAME>R29.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140345109491560">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 19 - Cash and Cash Equivalents and Other Investments<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2020</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_DisclosureOfCashAndCashEquivalentsAndOtherInvestmentsAbstract', window );"><strong>Disclosure of Cash and Cash Equivalents and Other Investments [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_DisclosureOfCashAndCashEquivalentsAndOtherInvestmentsTextBlock', window );">Note 19 - Cash and Cash Equivalents and Other Investments</a></td>
<td class="text"><div>
<p style="margin-top: 0pt; margin-left: 21.3pt; margin-bottom: 0pt; text-indent: -21.3pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><font style="border-left: none; border-right: none;">19</font></font><font style="font: 7pt 'Times New Roman'; -aw-import: spaces;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Cash and cash equivalents</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> and </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">o</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">ther investments</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
<div>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px; height: 258px;" width="100%">

<tr style="height: 17px;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br/></td>
<td colspan="5" style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Year ended December 31, </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; background-color: #ffffff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (all amounts in thousands of U.S. dollars) </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; background-color: #ffffff; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>2020</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>2019</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 74%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Cash and cash equivalents </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: Times;"> Cash at banks </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>117,807</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>118,314</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: Times;"> Liquidity funds </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>98,183</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>1,166,697</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: Times;"> Short &#8211; term investments </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>368,691</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>269,288</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 18px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 18px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>584,681</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>1,554,299</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px; background-color: #cceeff;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Other investments - current </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="border-top: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="border-top: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Fixed income (time-deposit, <font>zero</font> coupon bonds, commercial papers) </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>763,697</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>65,874</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Bonds and other fixed income </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>108,791</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>144,502</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 18px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 18px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>872,488</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>210,376</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px; background-color: #cceeff;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Other investments - Non-current </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="border-top: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="border-top: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Bonds and other fixed income </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>239,422</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>18,012</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Others </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>7,660</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>6,922</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 18px; background-color: #cceeff;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>247,082</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>24,934</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px; background-color: #cceeff;"><br/></td>
</tr>

</table>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 12pt;"><br/></p>
</div><span></span>
</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_DisclosureOfCashAndCashEquivalentsAndOtherInvestmentsAbstract</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of cash and cash equivalents and other investments.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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</head>
<body>
<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140345109857864">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 20 - Borrowings<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2020</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsAbstract', window );"><strong>Borrowings [abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfBorrowingsExplanatory', window );">Note 20 - Borrowings</a></td>
<td class="text"><div>
<p style="margin-top: 0pt; margin-left: 21.3pt; margin-bottom: 0pt; text-indent: -21.3pt; line-height: 12pt; padding-top: 5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><font style="border-left: none; border-right: none;">20</font></font><font style="font: 7pt 'Times New Roman'; -aw-import: spaces;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Borrowings</font></p>
<p style="margin-top: 0pt; margin-left: 21.3pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: Arial; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<div>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px; height: 205px;" width="100%">

<tr style="height: 17px;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td colspan="5" style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Year ended December 31, </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; background-color: #ffffff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (all amounts in thousands of U.S. dollars) </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #ffffff; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>2020</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>2019</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #ffffff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Non-current </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 74%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Bank borrowings </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>315,884</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>40,896</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Costs of issue of debt </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>145</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"><font style="font-size: 10pt;">)</font></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>16</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>315,739</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>40,880</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Current </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Bank borrowings </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>303,170</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>781,258</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Bank overdrafts </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>98</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>24</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Costs of issue of debt </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: spaces;"><font> - </font></font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>10</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>303,268</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>781,272</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 18px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Total Borrowings </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>619,007</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>822,152</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 18px;"><br/></td>
</tr>

</table>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 12pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The maturity of borrowings is as follows:</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(all amounts in thousands of U.S. dollars)</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
<div>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 113px;" width="100%">

<tr style="height: 10px;">
<td style="padding: 0px; vertical-align: middle; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 10px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"><font>1</font> year or <br/>less</font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"><font>1</font> - <font>2</font> <br/>years</font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"><font>2</font> &#8211; <font>3</font> <br/>years</font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"><font>3</font> - <font>4</font> <br/>years</font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"><font>4</font> - <font>5</font> <br/>years</font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Over <font>5</font> <br/></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">years</font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Total </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> At December 31, 2020 </font></p>
</td>
<td style="padding: 0px 7px; vertical-align: top; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 30%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Borrowings </font></p>
</td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 7%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>303,268</font> </font></p>
</td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 7%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>104,147</font> </font></p>
</td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 7%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>207,595</font> </font></p>
</td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 7%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>3,997</font> </font></p>
</td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 7%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"><font> - </font></font></p>
</td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 7%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> <font>-</font></font></p>
</td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 7%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>619,007</font> </font></p>
</td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Total borrowings </font></p>
</td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>303,268</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>104,147</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>207,595</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>3,997</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;"><font> - </font></font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;"><font> - </font></font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>619,007</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Interest to be accrued (*) </font></p>
</td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>9,829</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>5,068</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>1,014</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>22</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"><font> - </font></font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"><font> - </font></font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>15,933</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
</tr>
<tr style="height: 18px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Total </font></p>
</td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>313,097</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>109,215</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>208,609</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>4,019</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;"><font> - </font></font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;"><font> - </font></font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>634,940</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 18px;"><br/></td>
</tr>

</table>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
<div>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 99.7548%; height: 106px;" width="100%">

<tr style="height: 10px;">
<td style="padding: 0px; vertical-align: middle; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 10px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"><font>1</font> year or <br/>less</font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"><font>1</font> - <font>2</font> <br/>years</font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"><font>2</font> &#8211; <font>3</font> <br/>years</font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"><font>3</font> - <font>4</font> <br/>years</font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"><font>4</font> - <font>5</font> <br/>years</font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Over <font>5</font> <br/>years</font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Total </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> At December 31, 2019 </font></p>
</td>
<td style="padding: 0px 7px; vertical-align: top; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px; width: 30%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Borrowings </font></p>
</td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 10px; width: 1%;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 10px; width: 1%;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px; width: 7%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>781,272</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 10px; width: 1%;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 10px; width: 1%;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 10px; width: 1%;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px; width: 7%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>17,307</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 10px; width: 1%;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 10px; width: 1%;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 10px; width: 1%;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px; width: 7%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>23,573</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 10px; width: 1%;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 10px; width: 1%;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 10px; width: 1%;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px; width: 7%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"><font> - </font></font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 10px; width: 1%;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 10px; width: 1%;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 10px; width: 1%;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px; width: 7%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"><font> - </font></font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 10px; width: 1%;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 10px; width: 1%;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 10px; width: 1%;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px; width: 7%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"><font> - </font></font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 10px; width: 1%;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 10px; width: 1%;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 10px; width: 1%;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px; width: 7%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>822,152</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 10px; width: 1%;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Total borrowings </font></p>
</td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>781,272</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>17,307</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>23,573</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;"><font> - </font></font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;"><font> - </font></font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;"><font> - </font></font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>822,152</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Interest to be accrued (*) </font></p>
</td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>11,370</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>1,045</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>117</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"><font> - </font></font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"><font> - </font></font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"><font> - </font></font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>12,532</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
</tr>
<tr style="height: 18px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Total </font></p>
</td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>792,642</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>18,352</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>23,690</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;"><font> - </font></font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;"><font> - </font></font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;"><font> - </font></font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>834,684</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 18px;"><br/></td>
</tr>

</table>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt; background-color: #ffffff;"><font style="font-family: 'Times New Roman'; font-size: 9pt; -aw-import: spaces;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">(*) <font><font style="border-right: none; border-left: none;">Includes the effect of hedge accounting.</font></font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Significant borrowings include:</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<div>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt;" width="100%">

<tr style="height: 1pt;">
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td colspan="2" style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> In million of U.S. dollars </font></p>
</td>
</tr>
<tr style="height: 1pt;">
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Disbursement date </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Borrower </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Type </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Original &amp; Outstanding </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Final maturity </font></p>
</td>
</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 26%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>2020</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 13%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Maverick </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 15%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Bilateral </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 23%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>50</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 23%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>2021</font> </font></p>
</td>
</tr>
<tr style="height: 1pt;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>2020</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Maverick </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Bilateral </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>75</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>2022</font> </font></p>
</td>
</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>2020</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Tamsa </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Bilateral </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>60</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>2023</font> </font></p>
</td>
</tr>
<tr style="height: 1pt;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>2020</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Tamsa </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Bilateral </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>80</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>2023</font> </font></p>
</td>
</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>2020</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Tamsa </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Bilateral </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>60</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>2023</font> </font></p>
</td>
</tr>
<tr style="height: 1pt;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>2020</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> SSPC </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Multiple Banks </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>81</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>2021</font> - <font>2024</font> </font></p>
</td>
</tr>

</table>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">As of December 31, </font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>20</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>20</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, Tenaris wa</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">s in compliance with all of its </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">covenants. </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<div>
<div>

</div>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The weighted average interest rates before tax shown below were calculated using the rates set for each instrument in its corresponding currency as of December 31, </font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>20</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>20</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> and <font>201</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>9</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">considering hedge accounting</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> where applicable</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<div>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%">

<tr style="height: 13pt;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> <font>2020</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> <font>2019</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff;"><br/></td>
</tr>
<tr style="height: 13pt; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 74%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Total borrowings </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 10%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2.51</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 1%; background-color: #cceeff;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">%</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 10%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>3.18</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 1%; background-color: #cceeff;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">%</font></td>
</tr>

</table>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Breakdown of long-term borrowings by currency and rate is as follows:</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Non-current borrowings</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<div>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px; height: 137px;" width="100%">

<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: middle; background-color: #ffffff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (all amounts in thousands of U.S. dollars) </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 17px;"><br/></td>
<td colspan="5" style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Year ended December 31, </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="border-bottom: 1pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #ffffff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Currency </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Interest rates </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 17px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>2020</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 17px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>2019</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> USD </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Variable </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>274,600</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"><font> - </font></font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 37%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> USD </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 36%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Fixed </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>17,936</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>18,370</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> SAR </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Fixed </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>20,902</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>16,106</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> EUR </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Fixed </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>1,828</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>5,108</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> EUR </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Variable </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>473</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>1,296</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
</tr>
<tr style="height: 18px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Total non-current borrowings </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"><br/></td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>315,739</font> </font></p>
</td>
<td style="border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>40,880</font> </font></p>
</td>
<td style="border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"><br/></td>
</tr>

</table>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Breakdown of short-term borrowings by currency and rate is as follows:</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Current</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> borrowings</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<div>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px;" width="100%">

<tr style="height: 1pt;">
<td style="padding: 0px 7px 0px 0px; vertical-align: middle; background-color: #ffffff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (all amounts in thousands of U.S. dollars) </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: middle; background-color: #ffffff;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #ffffff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #ffffff;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #ffffff;"><br/></td>
<td colspan="5" style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #ffffff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> Year ended December 31, </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #ffffff;"><br/></td>
</tr>
<tr style="height: 1pt;">
<td style="border-bottom: 1pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #ffffff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> Currency </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #ffffff;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #ffffff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> Interest rates </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #ffffff;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #ffffff;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> <font>2020</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #ffffff;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #ffffff;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #ffffff;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> <font>2019</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #ffffff;"><br/></td>
</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 37%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> USD </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 36%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Variable </font></p>
</td>
<td style="padding: 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding: 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>67,823</font> </font></p>
</td>
<td style="padding: 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding: 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding: 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>17,092</font> </font></p>
</td>
<td style="padding: 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br/></td>
</tr>
<tr style="height: 1pt;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> USD </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom;"><br/></td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Fixed </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2,322</font> </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>274,799</font> </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom;"><br/></td>
</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> EUR </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Variable </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,015</font> </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>80</font> </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff;"><br/></td>
</tr>
<tr style="height: 1pt;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> EUR </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom;"><br/></td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Fixed </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>3,886</font> </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>3,772</font> </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom;"><br/></td>
</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> MXN </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Fixed </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>147,997</font> </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>424,964</font> </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff;"><br/></td>
</tr>
<tr style="height: 1pt;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> ARS </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom;"><br/></td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Fixed </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>3,699</font> </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>86</font> </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom;"><br/></td>
</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> SAR </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Variable </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>37,776</font> </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>35,666</font> </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff;"><br/></td>
</tr>
<tr style="height: 1pt;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> SAR </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom;"><br/></td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Fixed </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>38,750</font> </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>24,797</font> </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom;"><br/></td>
</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Others </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Variable </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: spaces;"> &nbsp;<font>-</font></font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>16</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff;"><br/></td>
</tr>
<tr style="height: 1pt;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> Total current borrowings </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> <font>303,268</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> <font>781,272</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom;"><br/></td>
</tr>

</table>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><br/></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Borrowing</font><font style="font-family: 'Times New Roman'; font-weight: bold;">s</font><font style="font-family: 'Times New Roman'; font-weight: bold;"> evolution</font></p>
<div>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px; height: 171px;" width="100%">

<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #ffffff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #ffffff; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br/></td>
<td colspan="5" style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Year ended December 31, 2020 </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; background-color: #ffffff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (all amounts in thousands of U.S. dollars) </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; background-color: #ffffff; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: middle; height: 17px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Non current </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: middle; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: middle; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: middle; height: 17px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Current </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: middle; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 74%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> At the beginning of the year </font></p>
</td>
<td style="padding: 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>40,880</font> </font></p>
</td>
<td style="padding: 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>781,272</font> </font></p>
</td>
<td style="padding: 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Translation differences </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>266</font> </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;(<font>487</font> </font></p>
</td>
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Proceeds and repayments, net </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>234,455</font> </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;(<font>478,913</font> </font></p>
</td>
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Interests accrued less payments </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>426</font> </font></p>
</td>
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;(<font>12,016</font> </font></p>
</td>
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Reclassifications </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;(<font>12,940</font> </font></p>
</td>
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>12,940</font> </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Increase due to business combinations </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>52,652</font> </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>398</font> </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Overdrafts variation </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font></font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>74</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
</tr>
<tr style="height: 18px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> At the end of the year </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>315,739</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>303,268</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 18px;"><br/></td>
</tr>

</table>
</div>
</div><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfBorrowingsExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of borrowings. [Refer: Borrowings]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 10<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_10_e&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfBorrowingsExplanatory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140345109504616">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 21 - Deferred Income Tax<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2020</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAbstract', window );"><strong>Disclosure of temporary difference, unused tax losses and unused tax credits [abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDeferredTaxesExplanatory', window );">Note 21 - Deferred Income Tax</a></td>
<td class="text"><div>
<p style="margin-top: 0pt; margin-left: 35.45pt; margin-bottom: 0pt; text-indent: -35.45pt; line-height: 12pt; padding-top: 5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><font style="border-left: none; border-right: none;">21</font></font><font style="font: 7pt 'Times New Roman'; -aw-import: spaces;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Deferred income tax</font></p>
<p style="margin-top: 0pt; margin-left: 22.3pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin: 0pt 0pt 8pt; line-height: 12pt; text-indent: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Deferred income taxes are calculated in full on temporary differences under the liability method using the tax rate of each country.</font></p>
<p style="margin: 0pt 0pt 8pt; line-height: 12pt; text-indent: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">evolution of</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> deferred tax assets and liabilities</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">during the year </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">are</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> as follows:</font></p>
<p style="margin: 0pt 0pt 8pt; text-align: justify; line-height: 12pt; text-indent: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Deferred tax liabilities</font><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
<div>
<table cellspacing="0" cellpadding="0" style="height: 101px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px;" width="100%">

<tr style="height: 10px;">
<td style="padding: 0px 7px 0px 0px; background-color: #ffffff; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (all amounts in thousands of U.S. dollars) </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;" colspan="2" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Fixed assets</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;" valign="bottom"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;" valign="bottom"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;" colspan="2" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Inventories</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;" valign="bottom"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;" valign="bottom"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;" colspan="2" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Intangible&nbsp;and&nbsp;Other</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;" valign="bottom"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;" valign="bottom"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;" colspan="2" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Total</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #ffffff; height: 10px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;"><br/></td>
</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 48%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> At the beginning of the year </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 15px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>651,339</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 15px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 15px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>19,396</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 15px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 15px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>118,062</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 15px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 15px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>788,797</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 15px;"><br/></td>
</tr>
<tr style="height: 15px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Translation differences </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>1,644</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"><font> - </font></font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>253</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>1,897</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br/></td>
</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Increase due to business combinations </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>89,306</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"><font> - </font></font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>43,397</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>132,703</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br/></td>
</tr>
<tr style="height: 15px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Charged to other comprehensive income </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"><font> - </font></font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"><font> - </font></font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>1,194</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;">)</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>1,194</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;">)</td>
</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Income statement (credit) </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px; border-bottom: 1pt solid #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>39,874</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 15px; border-bottom: 1pt solid #000000;">)</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px; border-bottom: 1pt solid #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>4,141</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 15px; border-bottom: 1pt solid #000000;">)</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px; border-bottom: 1pt solid #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>34,725</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 15px; border-bottom: 1pt solid #000000;">)</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px; border-bottom: 1pt solid #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>78,740</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 15px; border-bottom: 1pt solid #000000;">)</td>
</tr>
<tr style="height: 16px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> At December 31, 2020 </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; border-bottom: 2px solid #000000;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; border-bottom: 2px solid #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>702,415</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; border-bottom: 2px solid #000000;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; border-bottom: 2px solid #000000;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; border-bottom: 2px solid #000000;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; border-bottom: 2px solid #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>15,255</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; border-bottom: 2px solid #000000;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; border-bottom: 2px solid #000000;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; border-bottom: 2px solid #000000;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; border-bottom: 2px solid #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>125,793</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; border-bottom: 2px solid #000000;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; border-bottom: 2px solid #000000;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; border-bottom: 2px solid #000000;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; border-bottom: 2px solid #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>843,463</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; border-bottom: 2px solid #000000;"><br/></td>
</tr>

</table>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;">&nbsp;</font></p>
<div>
<table cellspacing="0" cellpadding="0" style="height: 121px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px;" width="100%">

<tr style="height: 10px;">
<td style="padding: 0px 7px 0px 0px; background-color: #ffffff; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (all amounts in thousands of U.S. dollars) </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;" colspan="2" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Fixed assets</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;" valign="bottom"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;" valign="bottom"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;" colspan="2" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Inventories</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;" valign="bottom"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;" valign="bottom"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;" colspan="2" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Intangible&nbsp;and&nbsp;Other</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;" valign="bottom"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;" valign="bottom"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;" colspan="2" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Total</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #ffffff; height: 10px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;"><br/></td>
</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 48%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> At the beginning of the year </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>710,995</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>25,048</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>46,532</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>782,575</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br/></td>
</tr>
<tr style="height: 15px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Translation differences </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>347</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom;">)</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"><font> - </font></font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>4</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom;">)</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>351</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom;">)</td>
</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Increase due to business combinations </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>5,621</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"><font> - </font></font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>11,209</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>16,830</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff;"><br/></td>
</tr>
<tr style="height: 15px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Charged to other comprehensive income </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"><font> - </font></font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"><font> - </font></font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>423</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>423</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom;"><br/></td>
</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Income statement charge / (credit) </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>64,930</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff;">)</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>5,652</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff;">)</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>59,902</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>10,680</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff;">)</td>
</tr>
<tr style="height: 16px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> At December 31, 2019 </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>651,339</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>19,396</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>118,062</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>788,797</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom;"><br/></td>
</tr>

</table>
</div>
<p style="margin: 7pt 0pt; line-height: 12pt; text-indent: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Deferred tax assets</font><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<div>
<table cellspacing="0" cellpadding="0" style="height: 107px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px;" width="100%">

<tr style="height: 10px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; background-color: #ffffff; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (all amounts in thousands of U.S. dollars) </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #ffffff; height: 10px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom;" colspan="2" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 1.1;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Provisions and allowances</font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom;" colspan="2" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> Inventories</font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom;" colspan="2" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> Tax losses</font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom;" colspan="2" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> Other</font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom;" colspan="2" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> Total</font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #ffffff; height: 10px;"><br/></td>
</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 35%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> At the beginning of the year </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 16px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>19,653</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 16px;">)</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 16px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>93,404</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 16px;">)</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 16px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>382,832</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 16px;">)</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 16px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>181,606</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 16px;">)</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 16px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>677,495</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 16px;">)</td>
</tr>
<tr style="height: 16px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Translation differences </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,804</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>513</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,996</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>644</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>4,957</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px;"><br/></td>
</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Increase due to business combinations </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 16px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>7,452</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 16px;">)</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 16px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>24,580</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 16px;">)</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 16px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>33,598</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 16px;">)</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 16px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>34,974</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 16px;">)</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 16px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>100,604</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 16px;">)</td>
</tr>
<tr style="height: 16px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Charged to other comprehensive income </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: spaces;"><font> - </font></font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: spaces;"><font> - </font></font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: spaces;"><font> - </font></font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>1,952</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px;">)</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>1,952</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px;">)</td>
</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Income statement charge / (credit) </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 16px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 16px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>4,093</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 16px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 16px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 16px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>31,534</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 16px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 16px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 16px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>65,715</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 16px;">)</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 16px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 16px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>10,930</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 16px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 16px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 16px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>19,158</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 16px;">)</td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> At December 31, 2020 </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> (<font>21,208</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">)</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> (<font>85,937</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">)</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> (<font>480,149</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">)</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> (<font>206,958</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">)</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> (<font>794,252</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">)</td>
</tr>

</table>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;">&nbsp;</font></p>
<div>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; height: 121px; width: 99.9171%;" width="100%">

<tr style="height: 10px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; background-color: #ffffff; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (all amounts in thousands of U.S. dollars) </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #ffffff; height: 10px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom;" colspan="2" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 1.1;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Provisions and allowances</font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom;" colspan="2" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> Inventories</font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom;" colspan="2" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> Tax losses</font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom;" colspan="2" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> Other</font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom;" colspan="2" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> Total</font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #ffffff; height: 10px;"><br/></td>
</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 35%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> At the beginning of the year </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>16,116</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 1%;">)</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>86,585</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 1%;">)</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>396,257</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 1%;">)</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>86,184</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 1%;">)</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>585,142</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 1%;">)</td>
</tr>
<tr style="height: 15px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Translation differences </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>362</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>306</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>497</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>286</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>1,451</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom;"><br/></td>
</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Increase due to business combinations </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>1,160</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff;">)</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>1,413</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff;">)</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>1,172</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff;">)</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>2,238</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff;">)</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>5,983</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff;">)</td>
</tr>
<tr style="height: 15px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Charged to other comprehensive income </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"><font> - </font></font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"><font> - </font></font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"><font> - </font></font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>1,261</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom;">)</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>1,261</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom;">)</td>
</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Income statement charge / (credit) </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>2,739</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff;">)</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>5,712</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff;">)</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>14,100</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>92,209</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff;">)</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>86,560</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff;">)</td>
</tr>
<tr style="height: 16px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> At December 31, 2019 </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> (<font>19,653</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom;">)</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> (<font>93,404</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom;">)</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> (<font>382,832</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom;">)</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> (<font>181,606</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom;">)</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> (<font>677,495</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom;">)</td>
</tr>

</table>
</div>
<p style="margin: 0pt 0pt 8pt; text-align: justify; font-size: 10pt; text-indent: 0pt;"><font style="font-family: 'Times New Roman';">In <font>2019</font> the effect of the adoption of IFRS <font>16</font> has been recognized as &#8220;Other&#8221; both for deferred tax assets and liabilities.</font><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin: 0pt 0pt 8pt; text-align: justify; font-size: 10pt; text-indent: 0pt;"><font style="font-family: 'Times New Roman';">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 $</font><font style="border-right: none; border-left: none;"><font style="font-family: 'Times New Roman';"><font style="border-left: none; border-right: none;"><font>438.8</font></font></font></font><font style="font-family: 'Times New Roman';">&nbsp;million related to U</font><font style="font-family: 'Times New Roman';">.</font><font style="font-family: 'Times New Roman';">S</font><font style="font-family: 'Times New Roman';">.</font><font style="font-family: 'Times New Roman';"> subsidiaries mainly due to the recognition of accelera</font><font style="font-family: 'Times New Roman';">ted fiscal depreciations, as well as the amounts </font><font style="font-family: 'Times New Roman';">related to the acquisition of IPSCO.</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">The U</font><font style="font-family: 'Times New Roman';">.</font><font style="font-family: 'Times New Roman';">S</font><font style="font-family: 'Times New Roman';">.</font><font style="font-family: 'Times New Roman';"> subsidiaries have incurred in fiscal losses in the </font><font style="font-family: 'Times New Roman';">past years</font><font style="font-family: 'Times New Roman';">. </font><font style="font-family: 'Times New Roman';">The remaining balance mainly corresponds to Tenaris&#8217;s </font><font style="font-family: 'Times New Roman';">Colombian, Japanese, Canadian and </font><font style="font-family: 'Times New Roman';">Saudi Arabian</font><font style="font-family: 'Times New Roman';"> subsidiar</font><font style="font-family: 'Times New Roman';">ies. These subsidiaries have </font><font style="font-family: 'Times New Roman';">incurred in fiscal losses in the past</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';"><font>one</font> or </font><font style="font-family: 'Times New Roman';"><font>two</font> years</font><font style="font-family: 'Times New Roman';">. </font><font style="font-family: 'Times New Roman';">Tenaris has concluded that these deferred tax assets will be recoverable based on t</font><font style="font-family: 'Times New Roman';">he business plans and budgets.</font><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>

<p style="margin: 5pt 0pt 0pt; text-align: justify; font-size: 10pt; text-indent: 0pt;"><font style="font-family: 'Times New Roman';">The expiration dates of the recognized tax losses</font><font style="font-family: 'Times New Roman';"> in</font><font style="font-family: 'Times New Roman';"> less than <font>1</font> year, between <font>2</font> and <font>5</font> years and</font><font style="font-family: 'Times New Roman';"> in</font><font style="font-family: 'Times New Roman';"> more than <font>5</font> years is </font><font style="font-family: 'Times New Roman';">approximately </font><font style="font-family: 'Times New Roman';"><font>0</font></font><font style="font-family: 'Times New Roman';">%, </font><font style="font-family: 'Times New Roman';"><font>1.7</font></font><font style="font-family: 'Times New Roman';">% and </font><font style="font-family: 'Times New Roman';"><font>98.3</font></font><font style="font-family: 'Times New Roman';">% respectively.</font><br/></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><br/></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">As of December 31, 20</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>20</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, the net unrecognized deferred tax assets amount</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ed</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> t<font>o $</font><font>173.7</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>&nbsp;m</font>illion. The expiration dates of the unrecognized tax losses less than <font>1</font> year, between <font>2</font> and <font>5</font> years and more than <font>5</font> years is approximately </font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>4.6</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">%, <font>17.1</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">% and <font>78.3</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">% respectively.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">estimated </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">recovery analysis of deferred tax assets and deferred tax liabilities is as follows:</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<div>
<table cellspacing="0" cellpadding="0" style="height: 58px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px;" width="100%">

<tr style="height: 16px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: middle; background-color: #ffffff; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (all amounts in thousands of U.S. dollars) </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #ffffff; height: 16px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 16px;"><br/></td>
<td colspan="5" style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> Year ended December 31, </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 16px;"><br/></td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: middle; background-color: #ffffff; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #ffffff; height: 10px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 10px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> <font>2020</font></font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 10px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 10px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 10px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> <font>2019</font></font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 10px;"><br/></td>
</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 74%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Deferred tax assets to be recovered after <font>12</font> months </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 16px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>640,603</font></font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 16px;">)</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 16px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>538,274</font></font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 16px;">)</td>
</tr>
<tr style="height: 16px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Deferred tax liabilities to be settled after <font>12</font> months </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>840,892</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>766,852</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px;"><br/></td>
</tr>

</table>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Deferred income tax assets and liabilities are offset when (<font>1</font>) there is a legally enforceable right to set</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">-</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">off current tax assets against current tax liabilities and (<font>2</font>)</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> when</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> the deferred income taxes relate to the same fiscal authority</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> on either the same taxable entity or different taxable entities where there is an intention to settle the balances on a net basis</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">. The following amounts, determined after appropriate set</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">-</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">off, are shown in the </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">C</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">onsolidated </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">S</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">tatement of </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">F</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">inancial </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">P</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">osition</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">:</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<div>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px;" width="100%">

<tr style="height: 1pt;">
<td style="padding: 0px 7px 0px 0px; vertical-align: middle; background-color: #ffffff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (all amounts in thousands of U.S. dollars) </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: middle; background-color: #ffffff;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top;"><br/></td>
<td colspan="5" style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Year ended December 31, </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top;"><br/></td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: middle; background-color: #ffffff; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #ffffff; height: 10px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 10px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> <font>2020</font></font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 10px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 10px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 10px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> <font>2019</font></font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 10px;"><br/></td>
</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 74%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Deferred tax assets </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>205,590</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 1%;">)</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>225,680</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 1%;">)</td>
</tr>
<tr style="height: 1pt;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Deferred tax liabilities </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>254,801</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>336,982</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>49,211</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>111,302</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br/></td>
</tr>

</table>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The movement i</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">n the net deferred income tax liability account is as follows:</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<div>
<table cellspacing="0" cellpadding="0" style="height: 129px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px;" width="100%">

<tr style="height: 16px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #ffffff; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #ffffff;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td colspan="5" style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> Year ended December 31, </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: middle; background-color: #ffffff; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #ffffff; height: 10px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 10px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> <font>2020</font></font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 10px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 10px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 10px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> <font>2019</font></font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 10px;"><br/></td>
</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 74%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> At the beginning of the year </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>111,302</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>197,433</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br/></td>
</tr>
<tr style="height: 16px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Translation differences </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>6,854</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,100</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Increase due to business combinations </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>32,099</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>10,847</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br/></td>
</tr>
<tr style="height: 16px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Charged to other comprehensive income </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: spaces;"> &nbsp;(<font>3,146</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom;">)</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: spaces;"> &nbsp;(<font>838</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom;">)</td>
</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Income statement (credit) </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: spaces;"> &nbsp;(<font>97,898</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff;">)</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: spaces;"> &nbsp;(<font>97,240</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff;">)</td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> At the end of the year </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> <font>49,211</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> <font>111,302</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
</tr>

</table>
</div>
<p style="margin-top: 0pt; margin-left: 124.35pt; margin-bottom: 0pt; line-height: 12pt;"><br/></p>
</div><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfDeferredTaxesExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of deferred taxes. [Refer: Deferred tax liabilities; Deferred tax assets]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 10<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_10_e&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfDeferredTaxesExplanatory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
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<td><strong> Data Type:</strong></td>
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<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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</table></div>
</div></td></tr>
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</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140345109540712">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 22 - Other Liabilities<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2020</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_DisclosureOfOtherLiabilitiesAbstract', window );"><strong>Disclosure of Other Liabilities [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
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<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfOtherLiabilitiesExplanatory', window );">Note 22 - Other Liabilities</a></td>
<td class="text"><div>
<p style="margin-top: 0pt; margin-left: 35.45pt; margin-bottom: 0pt; text-indent: -35.45pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><font style="border-left: none; border-right: none;">22</font></font><font style="font: 7pt 'Times New Roman'; -aw-import: spaces;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Other liabilities</font></p>
<p style="margin-top: 0pt; margin-left: 36pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-left: 54pt; margin-bottom: 0pt; text-indent: -36pt; line-height: 12pt;"><font style="font-weight: bold;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(i)</font><font style="font-style: normal; font-variant: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Other liabilities &#8211; Non current</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
<div>
<table cellspacing="0" cellpadding="0" style="height: 102px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px;" width="100%">

<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #ffffff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #ffffff; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td colspan="5" style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Year ended December 31, </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; background-color: #ffffff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (all amounts in thousands of U.S. dollars) </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; background-color: #ffffff; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font style="border-left: none; border-right: none;">2020</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font style="border-left: none; border-right: none;">2019</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 74%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Post-employment benefits </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 1%; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 1%; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 10%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>136,811</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 10%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>144,993</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Other-long term benefits </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>64,928</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>85,473</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Miscellaneous </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>43,896</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>20,917</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>245,635</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>251,383</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
</tr>

</table>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 12pt; font-weight: bold; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 36pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Post-employment benefits</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
<div>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px;" width="100%">

<tr style="height: 1pt;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td colspan="5" style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Year ended December 31, </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
</tr>
<tr style="height: 1pt;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (all amounts in thousands of U.S. dollars) </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font style="border-left: none; border-right: none;">2020</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font style="border-left: none; border-right: none;">2019</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top;"><br/></td>
</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 74%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Unfunded </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 1%; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 10%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>115,774</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 10%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>125,573</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; background-color: #cceeff;"><br/></td>
</tr>
<tr style="height: 1pt;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Funded </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>21,037</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>19,420</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom;"><br/></td>
</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>136,811</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>144,993</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff;"><br/></td>
</tr>

</table>
</div>

<ul type="square" style="margin: 0pt; padding-left: 0pt;">
<li style="margin-left: 14.08pt; line-height: 12pt; padding-left: 8.42pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Wingdings'; -aw-font-weight: normal; -aw-number-format: '&#61607;';"><font style="font-family: 'Times New Roman'; font-weight: bold;">Unfunded</font></li>
</ul>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
<div>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px; height: 205px;" width="100%">

<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #ffffff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #ffffff; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td colspan="5" style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Year ended December 31, </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (all amounts in thousands of U.S. dollars) </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font style="border-left: none; border-right: none;">2020</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font style="border-left: none; border-right: none;">2019</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 74%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Values at the beginning of the year </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>125,573</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>97,318</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Current service cost </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>4,796</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>7,978</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Interest cost </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>6,496</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>5,526</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Curtailments and settlements </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;(<font>1,237</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Remeasurements (*) </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;(<font>2,230</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>7,010</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Translation differences </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;(<font>415</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;(<font>1,567</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Increase due to business combinations </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>1,566</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>15,660</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Benefits paid from the plan </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;(<font>22,955</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;(<font>9,328</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Other </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>4,180</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>2,976</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
</tr>
<tr style="height: 18px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> At the end of the year </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>115,774</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>125,573</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"><br/></td>
</tr>

</table>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(*) </font><font><font style="border-right: none; border-left: none;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">For 2020 </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">a </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">loss</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">of $</font><font style="border-left: none; border-right: none;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font style="border-left: none; border-right: none;"><font>1.6</font></font></font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> million is attributable to demographic assumption</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">s</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> and a </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">gain</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> of $<font>3.8</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> million to financ</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ial assumptions. </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">For <font style="border-left: none; border-right: none;">2019</font> a loss of $<font>1.3</font> million is attributable to demographic assumptions and a loss of $<font>5.7</font> million to financial assumptions.</font></font></font></p>
<p style="margin-top: 0pt; margin-left: 4.5pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 12pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The actuarial assumptions</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> for the most relevant plans</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> were as follows:</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
<div>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px;" width="100%">

<tr style="height: 1pt;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff;"><br/></td>
<td colspan="4" style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Year ended December 31, </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff;"><br/></td>
</tr>
<tr style="height: 1pt;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font style="border-left: none; border-right: none;">2020</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font style="border-left: none; border-right: none;">2019</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 73%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Discount rate </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 1%; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 11%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>1</font>% - <font>7</font>% </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 11%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>1</font>% - <font>7</font>% </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; background-color: #cceeff;"><br/></td>
</tr>
<tr style="height: 1pt;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Rate of compensation increase </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>0</font>% - <font>3</font>% </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>0</font>% - <font>3</font>% </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom;"><br/></td>
</tr>

</table>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: spaces;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">As o</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">f December 31, 20</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font style="border-left: none; border-right: none;">20</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, an increase / (decrease) of <font>1</font>% in the discount rate assumption </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">of the main plans </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">would have generated a (decrease) / increase on the </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">defined benefit obligation of $<font>6.0</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;million and </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">$<font>7.2</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;million respectively, and an increase / (decrease) of <font>1</font>% in the rate of compensation assumption </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">of the main plans </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">would have generated an increase / (decrease) impact on the </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">defined benefit obligation of </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">$<font>3.1</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;million and </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">$</font><font style="border-left: none; border-right: none;"><font style="border-left: none; border-right: none;"><font>2.8</font></font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> million respectivel</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">y. The above sensitivity analyse</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">s </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">are</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> 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 may be correlated</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 12pt; -aw-import: ignore;">&nbsp;</font></p>
<ul type="square" style="margin: 0pt; padding-left: 0pt;">
<li style="margin-left: 14.08pt; line-height: 12pt; padding-left: 8.42pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Wingdings'; -aw-font-weight: normal; -aw-number-format: '&#61607;';"><font style="font-family: 'Times New Roman'; font-weight: bold;">Funded</font></li>
</ul>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 12pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The amounts recognized in the statement of financial position</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> for the current annual period and</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> the</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> previous </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">annual period</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">are as follows:</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<div>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px; height: 86px;" width="100%">

<tr style="height: 17px;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td colspan="5" style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> Year ended December 31, </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (all amounts in thousands of U.S. dollars) </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> <font style="border-left: none; border-right: none;">2020</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> <font style="border-left: none; border-right: none;">2019</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 74%; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Present value of funded obligations </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 10%; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>176,309</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 10%; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>160,412</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Fair value of plan assets </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>157,335</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"><font style="font-size: 10pt;">)</font></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>145,160</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 18px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> Liability (*) </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> <font>18,974</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> <font>15,252</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px;"><br/></td>
</tr>

</table>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; line-height: 80%; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: spaces;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">(*) </font><font><font style="border-right: none; border-left: none;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font style="border-left: none; border-right: none;">In 2020 and 2019</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, $<font>2.1</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> million </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">and $<font>4.2</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> million </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">corresponding to a</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">plan </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">with a surplus balance w</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ere</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">reclassified</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> within other </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">non-</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">current assets</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, respectively</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">. </font></font></font></p>

<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The movement in the present value of funded obligations is as follows:</font></p>
<div>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px; height: 170px;" width="100%">

<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td colspan="5" style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Year ended December 31, </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (all amounts in thousands of U.S. dollars) </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font style="border-left: none; border-right: none;">2020</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font style="border-left: none; border-right: none;">2019</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 74%; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> At the beginning of the year </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 10%; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>160,412</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 10%; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>146,885</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Translation differences </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>2,148</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>4,542</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Current service cost </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>850</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>721</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Interest cost </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>5,009</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>5,754</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Remeasurements (*) </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>18,025</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>12,769</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Benefits paid </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font style="border-left: none; border-right: none;"><font>9,266</font></font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;(<font style="border-left: none; border-right: none;"><font>10,259</font></font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Other </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>869</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> At the end of the year </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>176,309</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>160,412</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
</tr>

</table>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(*) </font><font><font style="font-family: 'Times New Roman'; font-size: 10pt;">For <font style="border-left: none; border-right: none;">2020</font> a loss of $<font>3.7</font> million is attributable to demographic assumptions and a loss of $<font>14.3</font> million to financial assumptions.</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font><font style="font-family: 'Times New Roman'; font-size: 10pt;">For <font style="border-left: none; border-right: none;">2019</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> a loss</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> of $<font>0.4</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> million is attributable to demograp</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">hic assumptions and a </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">loss</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> of $<font>12.4</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> million to finan</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">cial assumptions. </font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The movement in the fair value of plan assets is as follows:</font></p>
<div>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px; height: 171px;" width="100%">

<tr style="height: 17px;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td colspan="5" style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> Year ended December 31, </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (all amounts in thousands of U.S. dollars) </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font style="border-left: none; border-right: none;">2020</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font style="border-left: none; border-right: none;">2019</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 74%; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> At the beginning of the year </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 10%; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: spaces;"> &nbsp;(<font>145,160</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 10%; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: spaces;"> &nbsp;(<font>132,438</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Translation differences </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>1,729</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: spaces;"> &nbsp;(<font>4,137</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Return on plan assets </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>4,411</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: spaces;"> &nbsp;(<font>5,018</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Remeasurements </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>10,396</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: spaces;"> &nbsp;(<font>10,507</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Contributions paid to the plan </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>5,017</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: spaces;"> &nbsp;(<font>3,589</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Benefits paid from the plan </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>9,266</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>10,259</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Other </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>112</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>270</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
</tr>
<tr style="height: 18px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> At the end of the year </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; -aw-import: spaces;"> &nbsp;(<font>157,335</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px; vertical-align: bottom; height: 18px;"><font style="font-size: 10pt; font-weight: bold;">)</font></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; -aw-import: spaces;"> &nbsp;(<font>145,160</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px; vertical-align: bottom; height: 18px;"><font style="font-size: 10pt; font-weight: bold;">)</font></td>
</tr>

</table>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The major categories of plan assets as a percentage of total plan assets are as follows: </font></p>
<div>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px; height: 85px;" width="100%">

<tr style="height: 17px;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td colspan="5" style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> Year ended December 31, </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> <font style="border-left: none; border-right: none;">2020</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> <font style="border-left: none; border-right: none;">2019</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 74%; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Equity instruments </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 10%; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>49.3</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; text-align: left; height: 17px;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">%</font></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 10%; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>49.0</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; text-align: left; height: 17px;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">%</font></td>
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<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Debt instruments </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>46.8</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; text-align: left; height: 17px;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">%</font></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>47.0</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; text-align: left; height: 17px;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">%</font></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Others </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>3.9</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; text-align: left; height: 17px;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">%</font></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>4.0</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; text-align: left; height: 17px;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">%</font></td>
</tr>

</table>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The actuarial assumptions for the most relevant plans were as follows:</font></p>
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<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px; height: 61px;" width="100%">

<tr style="height: 17px;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td colspan="4" style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Year ended December 31, </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font style="border-left: none; border-right: none;">2020</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font style="border-left: none; border-right: none;">2019</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 74%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Discount rate </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: right;"><font style="font-family: 'Times New Roman';"> <font>1</font> % - <font>3</font> % </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 2%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: right;"><font style="font-family: 'Times New Roman';"> <font>3</font> % - <font>4</font> % </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1%;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Rate of compensation increase </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: right;"><font style="font-family: 'Times New Roman';"> <font>0</font> % - <font>3</font> % </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: right;"><font style="font-family: 'Times New Roman';"> <font>0</font> % - <font>3</font> % </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
</tr>

</table>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 12pt; font-style: italic; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The expected return on plan assets is determined by considering the expected returns available on the assets underlying the current investment policy. Expected </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">return</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> on </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">plan assets is determined</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> based on </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">long-term, prospective rates of return as of </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">the end of the reporting period. </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">As of December 31, 20</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font style="border-left: none; border-right: none;">20</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, an increase / (decrease) of <font>1</font>% in the discount rate assumption </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">of the main plans </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">would have generated a </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">(decrease) / increase</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> on the defined benefit obligation of $<font>19.7</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;million and $<font>24.2</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">million </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">respectively,</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> and an increase / (decrease) of <font>1</font>% in the compensation rate assumption </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">of the main plans </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">would have generated an </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">increase / (decrease) </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">on the defined benefit obligation of $</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>1.9</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> million and $<font>1.7</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> million </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">respectively</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">. </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Th</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">e above sensitivity analyse</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">s </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">are</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> based on a change in </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">discount rate and rate of compensation </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">while holding all other assumptions constant. In practice, this is unlikely to occur, and changes in some of the assumptions may be correlated</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">.</font></p>

<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The employer contributions expected to be paid</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> for the year <font style="border-left: none; border-right: none;">202</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font style="border-left: none; border-right: none;">1</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> amount</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">s</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> approximately</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> to</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">$</font><font style="border-left: none; border-right: none;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font style="border-left: none; border-right: none;"><font>2.8</font></font></font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> million.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><br/></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The methods and types of assumptions used in p</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">reparing the sensitivity analyse</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">s did not change compared to the previous period.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-left: 54pt; margin-bottom: 0pt; text-indent: -36pt; line-height: 12pt;"><font style="font-weight: bold;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(ii)</font><font style="font-style: normal; font-variant: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Other liabilities </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8211;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">current</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
<div>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px; height: 86px;" width="100%">

<tr style="height: 17px;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td colspan="5" style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Year ended December 31, </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; background-color: #ffffff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (all amounts in thousands of U.S. dollars) </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; background-color: #ffffff; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font style="border-left: none; border-right: none;">2020</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font style="border-left: none; border-right: none;">2019</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 74%; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Payroll and social security payable </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 10%; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>175,175</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 10%; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>153,009</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Miscellaneous </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>27,651</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>23,255</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 18px; background-color: #cceeff;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>202,826</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>176,264</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px;"><br/></td>
</tr>

</table>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><br/></p>
</div><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfOtherLiabilitiesExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of other liabilities. [Refer: Other liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 10<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_10_e&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfOtherLiabilitiesExplanatory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_DisclosureOfOtherLiabilitiesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_DisclosureOfOtherLiabilitiesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>75
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<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
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<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140345109478200">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 23 - Non-current allowances and provisions<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2020</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_DisclosureOfNonCurrentAllowancesAndProvisionsAbstract', window );"><strong>Disclosure of Non-current allowances and provisions [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_DisclosureOfNoncurrentAllowancesAndProvisionsTextBlock', window );">Note 23 - Non-current allowances and provisions</a></td>
<td class="text"><div>
<p style="margin-top: 0pt; margin-left: 36pt; margin-bottom: 0pt; text-indent: -36pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><font style="border-left: none; border-right: none;">23</font></font><font style="font: 7pt 'Times New Roman'; -aw-import: spaces;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Non-current allowances and provisions</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<div>
<p style="margin-top: 0pt; margin-left: 38.75pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Liabilities</font></p>
<div style="border-left: none; border-right: none;">
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px; height: 160px;" width="100%">

<tr style="height: 16px;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 16px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 16px;"><br/></td>
<td colspan="5" style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Year ended December 31, </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 16px;"><br/></td>
</tr>
<tr style="height: 16px;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 16px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 16px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>2020</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 16px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 16px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 16px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>2019</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 16px;"><br/></td>
</tr>
<tr style="height: 16px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (all amounts in thousands of U.S. dollars) </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 16px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 16px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 16px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 16px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 16px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 16px;"><br/></td>
</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 74%; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Values at the beginning of the year </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 10%; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>54,599</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 10%; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>36,089</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 16px;"><br/></td>
</tr>
<tr style="height: 16px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Translation differences </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>5,739</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 16px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>1,571</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 16px;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Increase due to business combinations </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>26,542</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 16px;"><br/></td>
</tr>
<tr style="height: 16px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Additional provisions </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>478</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>19,904</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 16px;"><br/></td>
</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Reclassifications </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>557</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>5,641</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 16px;"><br/></td>
</tr>
<tr style="height: 16px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Used </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>3,219</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 16px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>5,464</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 16px;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Values at the end of the year </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 16px;"><br/></td>
<td style="border-top: 0.75pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 16px;"><br/></td>
<td style="border-top: 0.75pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>73,218</font> </font></p>
</td>
<td style="border-top: 0.75pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 16px;"><br/></td>
<td style="border-top: 0.75pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 16px;"><br/></td>
<td style="border-top: 0.75pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 16px;"><br/></td>
<td style="border-top: 0.75pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>54,599</font> </font></p>
</td>
<td style="border-top: 0.75pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 16px;"></td>
</tr>

</table>
</div>
</div>
</div><span></span>
</td>
</tr>
</table>
<div style="display: none;">
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_DisclosureOfNonCurrentAllowancesAndProvisionsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Period Type:</strong></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of non-current allowances and provisions.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_DisclosureOfNoncurrentAllowancesAndProvisionsTextBlock</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td>nonnum:textBlockItemType</td>
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</DOCUMENT>
<DOCUMENT>
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140345109848712">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 24 - Current allowances and provisions<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2020</div></th></tr>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_DisclosureOfCurrentAllowancesAndProvisionsTextBlock', window );">Note 24 - Current allowances and provisions</a></td>
<td class="text"><div>
<p style="margin-top: 0pt; margin-left: 38.75pt; margin-bottom: 0pt; text-indent: -38.75pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><font style="border-left: none; border-right: none;">24</font></font><font style="font: 7pt 'Times New Roman'; -aw-import: spaces;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Current </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">allowances and </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">provisions</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<div>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">(i)</font><font style="width: 26.56pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Deducted from assets</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; -aw-import: ignore;">&nbsp;</font></p>
<div>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 99.9182%; height: 143px;" width="100%">

<tr style="height: 31px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: middle; background-color: #ffffff; width: 47.0486%; height: 31px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> Year ended December 31, 2020 </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: middle; background-color: #ffffff; width: 0.954861%; height: 31px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; width: 15.1042%; height: 31px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Allowance for doubtful <br/>accounts - Trade receivables</font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; width: 1.38889%; height: 31px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; width: 1.38889%; height: 31px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; width: 15.1042%; height: 31px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> Allowance for other doubtful accounts - Other receivables </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; width: 1.38889%; height: 31px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; width: 1.38889%; height: 31px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; width: 15.1042%; height: 31px;" colspan="2">
<p style="margin-top: 0pt; margin-left: 0.65pt; margin-bottom: 0pt; text-indent: -0.65pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Allowance for <br/>inventory obsolescence</font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; width: 1.38889%; height: 31px;"><br/></td>
</tr>
<tr style="height: 16px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; background-color: #ffffff; width: 47.0486%; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (all amounts in thousands of U.S. dollars) </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; background-color: #ffffff; width: 0.954861%; height: 16px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1.38889%; height: 16px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 13.7153%; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1.38889%; height: 16px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1.38889%; height: 16px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1.38889%; height: 16px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 13.7153%; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1.38889%; height: 16px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1.38889%; height: 16px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1.38889%; height: 16px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 13.7153%; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1.38889%; height: 16px;"><br/></td>
</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 47.0486%; background-color: #cceeff; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Values at the beginning of the year </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 0.954861%; background-color: #cceeff; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.38889%; background-color: #cceeff; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 13.7153%; background-color: #cceeff; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>48,782</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1.38889%; background-color: #cceeff; height: 16px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.38889%; background-color: #cceeff; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.38889%; background-color: #cceeff; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 13.7153%; background-color: #cceeff; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>4,892</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1.38889%; background-color: #cceeff; height: 16px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.38889%; background-color: #cceeff; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.38889%; background-color: #cceeff; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 13.7153%; background-color: #cceeff; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>217,717</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1.38889%; background-color: #cceeff; height: 16px;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 16px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 47.0486%; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Translation differences </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 0.954861%; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.38889%; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 13.7153%; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>37</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1.38889%; height: 16px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.38889%; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.38889%; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 13.7153%; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>801</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1.38889%; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.38889%; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.38889%; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 13.7153%; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,560</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1.38889%; height: 16px;"><br/></td>
</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 47.0486%; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Increase due to business combinations </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 0.954861%; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1.38889%; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 13.7153%; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>1,930</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.38889%; height: 16px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1.38889%; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1.38889%; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 13.7153%; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.38889%; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1.38889%; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1.38889%; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 13.7153%; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>76,776</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.38889%; height: 16px;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 16px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 47.0486%; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (Additional) allowances </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 0.954861%; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.38889%; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 13.7153%; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>4,644</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1.38889%; height: 16px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.38889%; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.38889%; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 13.7153%; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>1,263</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1.38889%; height: 16px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.38889%; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.38889%; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 13.7153%; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>35,809</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1.38889%; height: 16px;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 47.0486%; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Used </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 0.954861%; height: 16px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1.38889%; height: 16px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 13.7153%; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,717</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.38889%; height: 16px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1.38889%; height: 16px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1.38889%; height: 16px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 13.7153%; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,437</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.38889%; height: 16px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1.38889%; height: 16px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1.38889%; height: 16px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 13.7153%; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>65,107</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.38889%; height: 16px;"><br/></td>
</tr>
<tr style="height: 16px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 47.0486%; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> At December 31, 2020 </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 0.954861%; height: 16px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.38889%; height: 16px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; width: 13.7153%; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> (<font>53,676</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px; vertical-align: bottom; width: 1.38889%; height: 16px;"><font style="font-size: 10pt; font-weight: bold;">)</font></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.38889%; height: 16px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.38889%; height: 16px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; width: 13.7153%; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> (<font>3,917</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px; vertical-align: bottom; width: 1.38889%; height: 16px;"><font style="font-size: 10pt; font-weight: bold;">)</font></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.38889%; height: 16px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.38889%; height: 16px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; width: 13.7153%; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> (<font>263,635</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px; vertical-align: bottom; width: 1.38889%; height: 16px;"><font style="font-size: 10pt; font-weight: bold;">)</font></td>
</tr>

</table>
</div>
<div>
<div>

</div>
</div>
<p style="margin: 0px; font-size: 10pt; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;">&nbsp;</font></p>
<div>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 99.8367%; height: 123px;" width="100%">

<tr style="height: 11px;">
<td style="padding: 0px 7px 0px 0px; background-color: #ffffff; height: 11px; width: 47.1764%; vertical-align: middle;" valign="middle">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Year ended December 31, 2019 </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: middle; background-color: #ffffff; height: 11px; width: 0.955691%;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 11px; width: 15.0304%;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Allowance for doubtful <br/>accounts - Trade receivables</font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 11px; width: 1.3901%;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 11px; width: 1.3901%;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 11px; width: 15.0304%;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Allowance for other doubtful accounts - Other receivables </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 11px; width: 1.3901%;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 11px; width: 1.3901%;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 11px; width: 15.1173%;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Allowance for <br/>inventory obsolescence</font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 11px; width: 1.3901%;"><br/></td>
</tr>
<tr style="height: 16px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; background-color: #ffffff; height: 16px; width: 47.1764%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (all amounts in thousands of U.S. dollars) </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; background-color: #ffffff; height: 16px; width: 0.955691%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 1.3901%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 13.6403%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 1.3901%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 1.3901%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 1.3901%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 13.6403%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 1.3901%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 1.3901%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 1.3901%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 13.7272%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 1.3901%;"><br/></td>
</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 47.1764%; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Values at the beginning of the year </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 0.955691%; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1.3901%; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 13.6403%; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>66,535</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.3901%; height: 16px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1.3901%; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1.3901%; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 13.6403%; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>6,784</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.3901%; height: 16px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1.3901%; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1.3901%; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 13.7272%; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>209,796</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.3901%; height: 16px;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 16px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px; width: 47.1764%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Translation differences </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px; width: 0.955691%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; width: 1.3901%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; width: 13.6403%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>9</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 16px; width: 1.3901%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; width: 1.3901%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; width: 1.3901%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; width: 13.6403%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>88</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 16px; width: 1.3901%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; width: 1.3901%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; width: 1.3901%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; width: 13.7272%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>794</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 16px; width: 1.3901%;"><br/></td>
</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 47.1764%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Increase due to business combinations </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 0.955691%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 1.3901%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 13.6403%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>1,788</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 1.3901%;"><font style="font-size: 10pt;">)</font></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 1.3901%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 1.3901%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 13.6403%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 1.3901%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 1.3901%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 1.3901%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 13.7272%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>10,761</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 1.3901%;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 16px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px; width: 47.1764%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (Additional) / reversals allowances </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px; width: 0.955691%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; width: 1.3901%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; width: 13.6403%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>16,256</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 16px; width: 1.3901%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; width: 1.3901%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; width: 1.3901%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; width: 13.6403%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>1,239</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 16px; width: 1.3901%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; width: 1.3901%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; width: 1.3901%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; width: 13.7272%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>29,138</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 16px; width: 1.3901%;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 47.1764%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Used </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 0.955691%;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 1.3901%;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 13.6403%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>3,276</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 1.3901%;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 1.3901%;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 1.3901%;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 13.6403%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>565</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 1.3901%;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 1.3901%;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 1.3901%;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 13.7272%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>31,184</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 1.3901%;"><br/></td>
</tr>
<tr style="height: 16px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px; width: 47.1764%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> At December 31, 2019 </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px; width: 0.955691%;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; width: 1.3901%;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; width: 13.6403%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> (<font>48,782</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px; vertical-align: bottom; height: 16px; width: 1.3901%;"><font style="font-size: 10pt; font-weight: bold;">)</font></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; width: 1.3901%;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; width: 1.3901%;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; width: 13.6403%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> (<font>4,892</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px; vertical-align: bottom; height: 16px; width: 1.3901%;"><font style="font-size: 10pt; font-weight: bold;">)</font></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; width: 1.3901%;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; width: 1.3901%;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; width: 13.7272%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> (<font>217,717</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px; vertical-align: bottom; height: 16px; width: 1.3901%;"><font style="font-size: 10pt; font-weight: bold;">)</font></td>
</tr>

</table>
</div>
</div>
<p style="margin: 0px; text-align: justify; font-size: 10pt; text-indent: 0px;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; -aw-import: ignore;">&nbsp;</font></p>
<div>
<p style="margin-top: 0pt; margin-left: 36pt; margin-bottom: 0pt; text-indent: -36pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">(ii)</font><font style="font: 7pt 'Times New Roman'; -aw-import: spaces;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Liabilities</font></p>
<p style="margin-top: 0pt; margin-left: 36pt; margin-bottom: 0pt; line-height: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<div>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 159px;" width="100%">

<tr style="height: 31px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #ffffff; height: 31px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Year ended December 31, 2020 </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #ffffff; height: 31px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 31px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Sales risks </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 31px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 31px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 31px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Other claims and contingencies (*) </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 31px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 31px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 31px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Total </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 31px;"><br/></td>
</tr>
<tr style="height: 16px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (all amounts in thousands of U.S. dollars) </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 16px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px;"><br/></td>
</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 61%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Values at the beginning of the year </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>5,867</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>11,150</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>17,017</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 1%;"><br/></td>
</tr>
<tr style="height: 16px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Translation differences </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>5</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 16px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>975</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 16px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>980</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 16px;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Increase due to business combinations </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>116</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>398</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>514</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 16px;"><br/></td>
</tr>
<tr style="height: 16px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Additional provisions </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>9,728</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>1,751</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>11,479</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 16px;"><br/></td>
</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Reclassifications </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>557</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 16px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>557</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 16px;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 16px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Used </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>13,911</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 16px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>1,283</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 16px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>15,194</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 16px;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> At December 31, 2020 </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 16px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>1,795</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>10,484</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 16px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>12,279</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 16px;"><br/></td>
</tr>

</table>
</div>
<p style="margin-top: 0pt; margin-left: 36pt; margin-bottom: 0pt; line-height: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<div>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; height: 135px; width: 100%;" width="100%">

<tr style="height: 15px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #ffffff; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Year ended December 31, 2019 </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #ffffff; height: 15px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 15px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Sales risks </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 15px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 15px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 15px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Other claims and contingencies (*) </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 15px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 15px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 15px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Total </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 15px;"><br/></td>
</tr>
<tr style="height: 15px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (all amounts in thousands of U.S. dollars) </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 15px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br/></td>
</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; background-color: #cceeff; width: 61%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Values at the beginning of the year </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>6,814</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>17,469</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>24,283</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 1%;"><br/></td>
</tr>
<tr style="height: 15px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Translation differences </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>28</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>570</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>598</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Increase due to business combinations </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>505</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>8,000</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>8,505</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br/></td>
</tr>
<tr style="height: 15px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Additional / (reversals) provisions </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>11,880</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>3,219</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>8,661</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px;"><br/></td>
</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Reclassifications </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>5,641</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>5,641</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 15px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Used </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>13,304</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>4,889</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>18,193</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> At December 31, 2019 </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>5,867</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>11,150</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>17,017</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"></td>
</tr>

</table>
</div>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 12pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">(*) </font><font><font style="font-family: 'Times New Roman';">Other claims and contingencies mainly include lawsuits and other legal proceedings, including employee, tax and environmental-related claims.</font></font></p>

</div><span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140345109495848">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 25 - Derivative Financial Instruments<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2020</div></th></tr>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDerivativeFinancialInstrumentsExplanatory', window );">Note 25 - Derivative Financial Instruments</a></td>
<td class="text"><div>
<p style="margin-top: 0pt; margin-left: 38.75pt; margin-bottom: 0pt; text-indent: -36pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><font style="border-left: none; border-right: none;">25</font></font><font style="font: 7pt 'Times New Roman'; -aw-import: spaces;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Derivative financial instruments</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 12pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Net fair values of derivative financial instruments</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; line-height: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-variant: small-caps; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The net fair values of derivative financial instruments</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, in accordance with </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">IFRS </font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>13</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">,</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">a</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">re:</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<div>
<table cellspacing="0" cellpadding="0" style="height: 164px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px;" width="100%">

<tr style="height: 10px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (all amounts in thousands of U.S. dollars) </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br/></td>
<td colspan="5" style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Year ended December 31, </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>2020</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>2019</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 74%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Derivatives hedging borrowings and investments </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>10,119</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>19,000</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Other Derivatives </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>1,330</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>929</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Contracts with positive fair values </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>11,449</font> </font></font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>19,929</font> </font></font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Derivatives hedging borrowings and investments </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;(<font>2,250</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Other Derivatives </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;(<font>967</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><font style="font-size: 10pt;">)</font></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;(<font>1,814</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Contracts with negative fair values </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;"> &nbsp;(<font>3,217</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><font style="font-size: 10pt; font-weight: bold;">)</font></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;"> &nbsp;(<font>1,814</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><font style="font-size: 10pt; font-weight: bold;">)</font></td>
</tr>
<tr style="height: 18px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Total </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>8,232</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>18,115</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 18px;"><br/></td>
</tr>

</table>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Foreign e</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">xchange derivative</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"> contracts</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"> and hedge accounting</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt; widows: 0; orphans: 0;"><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">Te</font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">naris applies hedge accounting </font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">to certain cash flow hedges of highly probable forecast transactions. </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">The net fair values of exchange rate derivatives</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> and those derivat</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">iv</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">es that were designated for hedge accounting as of December</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> 31,</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>20</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>20</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> and <font>201</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>9</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> were as follows:</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 10pt; widows: 0; orphans: 0;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<div>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px; height: 248px;" width="100%">

<tr style="height: 10px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px; width: 27.2021%;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (all amounts in thousands of U.S. dollars) </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px; width: 13.6442%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px; width: 1.38169%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px; width: 1.38169%;"><br/></td>
<td colspan="5" style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px; width: 25.7634%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Fair Value </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px; width: 1.38169%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px; width: 1.38169%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px; width: 1.38169%;"><br/></td>
<td colspan="5" style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 10px; width: 25.7634%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Hedge Accounting Reserve </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 10px; width: 1.38169%;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="border-bottom: 1pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 13.5579%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Purchase currency </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 13.6442%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Sell currency </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 13.6442%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Term </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.38169%;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 12.3817%;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>2020</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 17px; width: 1.38169%;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 17px; width: 1.38169%;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 17px; width: 12%;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>2019</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.38169%;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.38169%;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 12.3817%;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>2020</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 17px; width: 1.38169%;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 17px; width: 1.38169%;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 17px; width: 12%;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>2019</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.38169%;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: middle; background-color: #cceeff; width: 13.5579%; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> MXN </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: middle; background-color: #cceeff; width: 13.6442%; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> USD </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: middle; background-color: #cceeff; width: 13.6442%; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>2021</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #cceeff; width: 1.38169%; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #cceeff; width: 1.38169%; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 11%; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>9,838</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1.38169%; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1.38169%; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 11%; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>18,999</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1.38169%; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1.38169%; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1.38169%; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 11%; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>156</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1.38169%; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1.38169%; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 11%; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>404</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1.38169%; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: middle; height: 17px; width: 13.5579%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> USD </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: middle; height: 17px; width: 13.6442%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> MXN </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: middle; height: 17px; width: 13.6442%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>2021</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; width: 1.38169%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; width: 1.38169%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 11%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;(<font>5</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 1.38169%;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.38169%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 11%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;(<font>576</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 1.38169%;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.38169%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.38169%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 11%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.38169%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.38169%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 11%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.38169%;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: middle; background-color: #cceeff; height: 17px; width: 13.5579%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> USD </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: middle; background-color: #cceeff; height: 17px; width: 13.6442%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> EUR </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: middle; background-color: #cceeff; height: 17px; width: 13.6442%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>2021</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px; width: 1.38169%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px; width: 1.38169%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 11%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;(<font>1,969</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 11%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 11%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>5</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 11%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: middle; height: 17px; width: 13.5579%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> EUR </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: middle; height: 17px; width: 13.6442%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> USD </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: middle; height: 17px; width: 13.6442%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>2021</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; width: 1.38169%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; width: 1.38169%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 11%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>543</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 1.38169%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.38169%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 11%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>588</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 1.38169%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.38169%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.38169%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 11%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.38169%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.38169%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 11%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.38169%;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: middle; background-color: #cceeff; height: 17px; width: 13.5579%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> JPY </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: middle; background-color: #cceeff; height: 17px; width: 13.6442%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> USD </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: middle; background-color: #cceeff; height: 17px; width: 13.6442%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>2021</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px; width: 1.38169%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px; width: 1.38169%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 11%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 11%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;(<font>190</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 11%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 11%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: middle; height: 17px; width: 13.5579%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> USD </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: middle; height: 17px; width: 13.6442%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> BRL </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: middle; height: 17px; width: 13.6442%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>2021</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; width: 1.38169%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; width: 1.38169%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 11%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>412</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 1.38169%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.38169%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 11%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;(<font>234</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 1.38169%;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.38169%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.38169%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 11%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>85</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.38169%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.38169%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 11%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.38169%;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: middle; background-color: #cceeff; height: 17px; width: 13.5579%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> JPY </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: middle; background-color: #cceeff; height: 17px; width: 13.6442%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> USD </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: middle; background-color: #cceeff; height: 17px; width: 13.6442%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>2030</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px; width: 1.38169%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px; width: 1.38169%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 11%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>94</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 11%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 11%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;(<font>4,958</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 11%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>2,149</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: middle; height: 17px; width: 13.5579%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> USD </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: middle; height: 17px; width: 13.6442%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> KWD </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: middle; height: 17px; width: 13.6442%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>2021</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; width: 1.38169%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; width: 1.38169%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 11%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;(<font>246</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 1.38169%;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.38169%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 11%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>103</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 1.38169%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.38169%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.38169%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 11%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;(<font>59</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 1.38169%;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.38169%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 11%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>38</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.38169%;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: middle; background-color: #cceeff; height: 17px; width: 13.5579%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> USD </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: middle; background-color: #cceeff; height: 17px; width: 13.6442%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> CAD </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: middle; background-color: #cceeff; height: 17px; width: 13.6442%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>2021</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px; width: 1.38169%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px; width: 1.38169%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 11%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 11%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;(<font>200</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 11%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 11%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: middle; height: 17px; width: 13.5579%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> USD </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: middle; height: 17px; width: 13.6442%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> COP </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: middle; height: 17px; width: 13.6442%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>2021</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; width: 1.38169%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; width: 1.38169%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 11%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 1.38169%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.38169%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 11%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;(<font>345</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 1.38169%;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.38169%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.38169%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 11%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 1.38169%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.38169%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 11%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.38169%;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: middle; background-color: #cceeff; height: 17px; width: 13.5579%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> USD </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: middle; background-color: #cceeff; height: 17px; width: 13.6442%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> CNY </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: middle; background-color: #cceeff; height: 17px; width: 13.6442%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>2021</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px; width: 1.38169%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px; width: 1.38169%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 11%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;(<font>482</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 11%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;(<font>167</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 11%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 11%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="border-bottom: 1pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: middle; height: 17px; width: 13.5579%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Others </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: middle; height: 17px; width: 13.6442%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: middle; height: 17px; width: 13.6442%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>2021</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; width: 1.38169%;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; width: 1.38169%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 11%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>47</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 1.38169%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.38169%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 11%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>137</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 1.38169%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.38169%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.38169%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 11%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 1.38169%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.38169%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 11%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.38169%;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 13.5579%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Total </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 13.6442%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="border-bottom: 2px solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 13.6442%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"><br/></td>
<td style="border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"><br/></td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 11%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>8,232</font> </font></font></p>
</td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"><br/></td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"><br/></td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"><br/></td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 11%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>18,115</font> </font></font></p>
</td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"><br/></td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"><br/></td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"><br/></td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 11%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;"> &nbsp;(<font>4,771</font> </font></p>
</td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"><font style="font-size: 10pt; font-weight: bold;">)</font></td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"><br/></td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"><br/></td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 11%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>2,591</font> </font></p>
</td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"><br/></td>
</tr>

</table>
</div>

<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">F</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ollowing is a summary</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> of the hedge reserve evolution:</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(all amounts in thousands of U.S. dollars)</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<div>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100.062%; height: 63px;" width="100%">

<tr style="height: 31px;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 31px; width: 32.9016%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"> &nbsp; </font></font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 31px; width: 11%;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Equity Reserve <br/>Dec-18</font></font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 31px; width: 1.38169%;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 31px; width: 1.38169%;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 31px; width: 11%;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Movements <br/><font>2019</font></font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 31px; width: 1.38169%;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 31px; width: 1.38169%;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 31px; width: 11%;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Equity Reserve <br/>Dec-19</font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 31px; width: 1.38169%;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 31px; width: 1.38169%;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 31px; width: 11%;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Movements <br/><font>2020</font></font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 31px; width: 1.38169%;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 31px; width: 1.38169%;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 31px; width: 11%;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Equity Reserve <br/>Dec-20</font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 31px; width: 1.72712%;"><br/></td>
</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 32.9016%; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Foreign Exchange </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 16px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 10%; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: spaces;"> &nbsp;(<font>916</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 1.38169%; height: 16px;"><font style="font-size: 10pt;">)</font></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1.38169%; height: 16px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 16px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 10%; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>3,507</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1.38169%; height: 16px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1.38169%; height: 16px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 16px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 10%; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2,591</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1.38169%; height: 16px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1.38169%; height: 16px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 16px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 10%; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: spaces;"> &nbsp;(<font>7,362</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 1.38169%; height: 16px;"><font style="font-size: 10pt;">)</font></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1.38169%; height: 16px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 16px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 10%; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: spaces;"> &nbsp;(<font>4,771</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1.72712%; height: 16px;">)</td>
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<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px; width: 32.9016%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Total Cash flow Hedge </font></p>
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<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 1%;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; -aw-import: spaces;"> &nbsp;(<font>916</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px; width: 1.38169%;"><font style="font-size: 10pt; font-weight: bold;">)</font></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 1.38169%;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 1%;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> <font>3,507</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 1.38169%;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 1.38169%;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 1%;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> <font>2,591</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 1.38169%;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 1.38169%;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 1%;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; -aw-import: spaces;"> &nbsp;(<font>7,362</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px; width: 1.38169%;"><font style="font-size: 10pt; font-weight: bold;">)</font></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 1.38169%;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 1%;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; -aw-import: spaces;"> &nbsp;(<font>4,771</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 1.72712%;">)</td>
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<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">Tenaris estimates that t</font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">he cash flow he</font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">dge reserve </font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">corresponding to derivatives instruments </font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">at </font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">December 31, 20</font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"><font>20</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"> will be recycled to the Consolida</font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">ted Income </font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">Statement </font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">during <font>202</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"><font>1</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">.</font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"> For informa</font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">tion on </font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">hedge accounting reserve,</font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">see</font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"> Section III.D</font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">.</font></p>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of derivative financial instruments. [Refer: Derivatives [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 10<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_10_e&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140345109505176">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 26 - Contingencies, Commitments and Restrictions On the Distribution of Profits<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2020</div></th></tr>
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<td class="text"><div>
<p style="margin-top: 0pt; margin-left: 38.75pt; margin-bottom: 0pt; text-indent: -38.75pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">26</font><font style="font: 7pt 'Times New Roman'; -aw-import: spaces;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Contingencies,</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> commitments and restrictions </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">o</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">n</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> the distribution of profits</font><font style="font-family: Arial; font-size: 10pt; font-weight: bold; letter-spacing: -0.1pt;"> </font></p>
<p style="margin-top: 0pt; margin-left: 28.35pt; margin-bottom: 0pt; text-indent: -28.35pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; font-style: italic;">(i)</font><font style="width: 26.56pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; font-style: italic;">Contingencies</font></p>
<p style="margin-top: 0pt; margin-left: 17.85pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman';">T</font><font style="font-family: 'Times New Roman';">enaris </font><font style="font-family: 'Times New Roman';">is from time to time subject to various claims, lawsuits and other legal proceedings, including customer, employee, tax and environmental-related claims, in which third 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. </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman';">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, the Company is unable to make a reliable estimate of the expected financial effect that will result from ultimate resolution of the proceeding. In those cases, the Company has not accrued a provision for the potential outcome of these cases.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman';">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, the Company 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 the </font><font style="font-family: 'Times New Roman';">Tenaris</font><font style="font-family: 'Times New Roman';">&#8217;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 not disclosed its estimate of the range of potential loss. </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The Company believes that the aggregate provisions recorded for potential losses in these Consolidated Financial Statements</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">are adequate based upon currently available information. However, if management&#8217;s estimates prove incorrect, current reserves could be inadequate and the Company could incur a charge to earnings which could have a material adverse effect on its results of operations, financial condition, net worth and cash flows. </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 12pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Below is a summary description of </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Tenaris</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8217;s material legal proceedings which are outstanding as of the date of these Consolidated Financial Statements. In addition, the Company is subject to other legal proceedings, none of which is believed to be material.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 12pt; font-weight: bold; -aw-import: ignore;">&nbsp;</font></p>
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<li style="margin-left: 23.08pt; text-align: justify; line-height: 12pt; padding-left: 8.42pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Wingdings'; -aw-font-weight: normal; -aw-number-format: '&#61607;';"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">CSN claims relating to the January 2012 acquisition of Usiminas shares</font></li>
</ul>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 12pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt; widows: 0; orphans: 0; margin-left: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Confab, a Brazilian subsidiary of the Company, is <font>one</font> of the defendants in a lawsuit filed in Brazil by Companhia Sider&#250;rgica Nacional (&#8220;CSN&#8221;) and various entities affiliated with CSN against Confab and several Ternium subsidiaries that acquired a participation in Usiminas&#8217; control group in January 2012.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 12pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt; widows: 0; orphans: 0; margin-left: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">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&#8217; ordinary shares for a price per share equal to <font>80</font>% of the price per share paid in such acquisition, or BRL<font>28.8</font>, 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 <font>182,609,851</font> ordinary shares of Usiminas not belonging to Usiminas&#8217; control group, and Confab would have a <font>17.9</font>% share in that offer.</font></p>

<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 12pt; font-weight: bold; -aw-import: ignore;">&nbsp;</font></p>
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<li style="margin-left: 23.08pt; text-align: justify; line-height: 12pt; padding-left: 8.42pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Wingdings'; -aw-font-weight: normal; -aw-number-format: '&#61607;';"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">CSN claims relating to the January 2012 acquisition of Usiminas shares (Cont.)</font></li>
</ul>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt; margin-left: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">On September 23, 2013, the first instance court dismissed the CSN lawsuit, and on February 8, 2017, the court of appeals maintained the understanding of the first instance court. On March 6, 2017, CSN filed a motion for clarification against the decision of the Court of Appeals of S&#227;o Paulo, which was rejected on July 19, 2017. On August 18, 2017, 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 March 5, 2018, the court of appeals ruled that CSN&#8217;s appeal did not meet the requirements for submission to the Superior Court of Justice and rejected the appeal. On May 8, 2018, CSN appealed against such ruling and on January 22, 2019, the court of appeals rejected it and ordered that the case be submitted to the Superior Court of Justice. On September 10, 2019, the Superior Court of Justice declared CSN&#8217;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.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="width: 78.5pt; display: inline-block; -aw-tabstop-align: left; -aw-tabstop-pos: 78.5pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt; margin-left: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The Company continues to believe that all of CSN&#8217;s claims and allegations are groundless and without merit, as confirmed by several opinions of Brazilian legal counsel, <font>two</font> decisions issued by the Brazilian securities regulator (</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8220;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">CVM</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8221;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">) in February 2012 and December 2016, and the first and second instance court decisions referred to above.</font></p>
<p style="margin-top: 0pt; margin-left: 21.55pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
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<li style="margin-left: 23.08pt; text-align: justify; line-height: 12pt; padding-left: 8.42pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Wingdings'; -aw-font-weight: normal; -aw-number-format: '&#61607;';"><font style="font-style: italic; font-weight: bold;">Veracel celulose accident litigation</font></li>
</ul>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt; margin-left: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">On September 21, 2007, an accident occurred in the premises of Veracel Celulose S.A. (&#8220;Veracel&#8221;) in connection with a rupture in <font>one</font> of the tanks used in an evaporation system manufactured by Confab. The Veracel accident allegedly resulted in material damages to Veracel.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Ita&#250; Seguros S.A. (&#8220;Ita&#250;&#8221;), Veracel&#8217;s insurer at the time of the Veracel accident and then replaced by Chubb Seguros Brasil S/A (&#8220;Chubb&#8221;), initiated a lawsuit against Confab seeking reimbursement of damages paid to Veracel in connection with the Veracel accident. Veracel initiated a second lawsuit against Confab seeking reimbursement of the amount paid as insurance deductible with respect to the Veracel accident and other amounts not covered by insurance. Ita&#250; 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&#8217;s personnel of the equipment supplied by Confab in violation of Confab&#8217;s instructions. The <font>two</font> lawsuits were consolidated and are considered by the <font>6</font>th Civil Court of S&#227;o Caetano do Sul</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">. H</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">owever, each lawsuit will be adjudicated separately. </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt; margin-left: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">On September 28, 2018 Confab and Chubb entered into a settlement agreement pursuant to which on October 9, 2018, Confab paid an amount of approximately $<font style="border-right: none; border-left: none;"><font>3.5</font></font> million to Chubb, without assuming any liability for the accident or the claim. </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt; margin-left: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">On October 10, 2018, Confab was notified that the court had issued rulings for both lawsuits. Both decisions were unfavorable to Confab:</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<ul type="disc" style="margin: 0pt; padding-left: 0pt;">
<li style="margin-left: 30pt;text-align: justify;line-height: 12pt;font-family: serif;font-size: 9pt;-aw-font-family: 'Symbol';-aw-font-weight: normal;-aw-number-format: '&#61623;';"><font style="font-family: &quot;Times New Roman&quot;;font-size: 10pt;line-height: 12pt;">With respect to Chubb&#8217;s claim, on October 9, 2018, Confab paid an amount of approximately BRL<font>13.1</font> million (approximatel<font style="line-height: inherit;">y $</font><font style="border-right: none; border-left: none; line-height: inherit;"><font>3.5</font></font><font style="line-height: inherit;"> mi</font>llion at historical exchange rate), including interest, fees and expenses, settling the Chubb claim in full.</font></li>
</ul>
<p style="margin-top: 0pt; margin-left: 14.2pt; margin-bottom: 0pt; text-align: justify; line-height: 108%; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
<ul type="disc" style="margin: 0pt; padding-left: 0pt;">
<li style="margin-left: 30pt; text-align: justify; line-height: 12pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman';">With respect to Veracel&#8217;s claim, Confab was ordered to pay the insurance deductible and other concepts not covered by insurance, currently estimated to amount to BRL<font>69.9</font></font><font style="font-family: 'Times New Roman';"> million (approximately $</font><font style="font-family: 'Times New Roman';"><font>13.5</font></font><font style="font-family: 'Times New Roman';"> million) including interest, fees and expenses. Both parties filed motions for clarification against the court&#8217;s decision, which were partially granted. Although the contract between Confab and Veracel expressly provided that Confab would not be liable for damages arising from lost profits, the court award would appear to include BRL</font><font style="font-family: 'Times New Roman';"><font>59.9</font></font><font style="font-family: 'Times New Roman';"> million (approximately $</font><font style="font-family: 'Times New Roman';"><font>11.5</font></font><font style="font-family: 'Times New Roman';"> million) of damages arising therefrom. Confab has additional defense arguments in respect of a claim for lost profits. On December 18, 2018, Confab filed an appeal against the first instance court decision, and on April 30, 2019, 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.</font></li>
</ul>

<p style="margin-top: 0pt; margin-left: 13.7pt; margin-bottom: 0pt; text-indent: -13.7pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
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<li style="margin-left: 23.08pt; text-align: justify; line-height: 12pt; padding-left: 8.42pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Wingdings'; -aw-font-weight: normal; -aw-number-format: '&#61607;';"><b><i>Ongoing investigation</i></b></li>
</ul>
<p style="margin: 12pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The<font> Company is aware that Brazilian, Italian and Swiss authorit</font>ies have been investigating whether certain payments were made prior to <font>2014</font> from accounts of entities presumably associated with affiliates of the Company to accounts allegedly linked to individuals related to Petr&#243;leo Brasileiro S.A. (&#8220;Petrobras&#8221;) and whether any such payments were intended to benefit the Company&#8217;s Brazilian subsidiary Confab. Any such payments could violate certain applicable laws, including the U.S. Foreign Corrupt Practices Act.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt; margin-left: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The Company had previously reviewed certain of these matters in connection with an investigation by the Brazilian authorities related to &#8220;Operation Lava Jato,&#8221; and did not 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 not found evidence that Petrobras had benefitted Confab or had misused applicable local content rules.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: spaces;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt; margin-left: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The Audit Committee of the Company's Board of Directors engaged external counsel in connection with the </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Company</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8217;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">s</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> review of these matters. In addition, the Company voluntarily notified the U.S. Securities and Exchange Commission </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">(&#8220;SEC&#8221;) </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">and the U.S. Department of Justice</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (&#8220;DOJ&#8221;)</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> in October 2016.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: spaces;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt; margin-left: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">In July 2019, the Company learned that the public prosecutors&#8217; office of Milan, Italy, had completed a preliminary investigation into the alleged payments and had included in the investigation, among other persons, the Company&#8217;s Chairman and Chief Executive Officer, <font>two</font> other board members, Gianfelice Rocca and Roberto Bonatti, and </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">the Company</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8217;s controlling shareholder, San Faustin. The Company is not a party to the proceedings. In February 2020, the Company learned that the magistrate overseeing the investigation decided to move the case to trial. </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">The Company</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8217;s outside counsel had previously reviewed the Italian prosecutors&#8217; investigative file and has informed the Board that neither that file nor this magistrate&#8217;s decision sets forth evidence of involvement by any of the <font>three</font> directors in the alleged wrongdoing. Accordingly, the Board concluded that no particular action was warranted at that time, other than inviting the referred board members to continue discharging their respective responsibilities with the full support of the Board. The trial has not yet started.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: spaces;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt; margin-left: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">In June 2020, the Company learned that the Brazilian public prosecutors&#8217; office requested the indictment of several individuals, including <font>three</font> executives or former executives of Confab and a former agent of Confab, charging them with the alleged crimes of corruption in relation to contracts executed between <font>2007</font> and <font>2010</font>, and money laundering in relation to payments between <font>2009</font> and <font>2013</font>. Neither the Company nor Confab is a party to the proceedings.</font><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: spaces;">&nbsp; </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: spaces;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt; margin-left: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The Company continues to respond to requests from and otherwise cooperate with the appropriate authorities. The Company has engaged in discussions with the SEC and the DOJ towards a potential resolution of the investigation. There are no assurances that the discussions with the SEC or the DOJ will result in a final resolution of the investigation or, if a resolution is achieved, the timing, scope and terms of any such resolution. 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 may result from the resolution of these matters.</font></p>

<p style="margin-top: 0pt; margin-left: 42.55pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt; font-weight: bold; font-style: italic; -aw-import: ignore;">&nbsp;</font></p>
<ul type="square" style="margin: 0pt; padding-left: 0pt;">
<li style="margin-left: 23.08pt; text-align: justify; line-height: 12pt; padding-left: 8.42pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Wingdings'; -aw-font-weight: normal; -aw-number-format: '&#61607;';"><b><i>Putative class actions</i></b></li>
</ul>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt; margin-left: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Following the Company&#8217;s November 27, 2018 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), <font>two</font> putative class action complaints were filed in the U.S. District Court for the Eastern District of New York. On April 29, 2019, the court consolidated the complaints into a single case, captioned &#8220;In re Tenaris S.A. Securities Litigation&#8221;, and appointed lead plaintiffs and lead counsel. On July 19, 2019, the lead plaintiffs filed an amended complaint purportedly on behalf of purchasers of Tenaris securities during the putative class period of May 1, 2014 through December 5, 2018. The individual defendants named in the complaint are Tenaris&#8217;s Chairman and CEO and Tenaris&#8217;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 the nationalization proceeds received by Ternium (in which the Company hel<font>d an </font><font>11.46</font><font>% sta</font>ke) when Sidor was expropriated by Venezuela were received or expedited as a result of allegedly improper payments made to Argentine officials. The complaint does not specify the damages that plaintiff is seeking. On October 9, 2020, the court granted in part and denied in part the defendants&#8217; motions to dismiss. The court partially granted and partially denied the motion to dismiss the claims against the Company and its Chairman and CEO. In addition, the court granted the motions to dismiss as to all claims against San Faustin, Techint, and Tenaris&#8217;s former CFO. The case will now proceed based on the claims that survived the motion to dismiss. Management believes the Company has meritorious defenses to these claims; however, at this stage Tenaris cannot predict the outcome of the claim or the amount or range of loss in case of an unfavorable outcome.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
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<li style="margin-left: 23.08pt; text-align: justify; line-height: 12pt; padding-left: 8.42pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Wingdings'; -aw-font-weight: normal; -aw-number-format: '&#61607;';"><b><i>Investigation concerning alleged price overcharges in Brazil</i></b></li>
</ul>
<p style="margin-top: 0pt; margin-left: 36pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt; margin-left: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">In <font>2018</font>, <font>two</font> Brazilian subsidiaries of the Company were notified of formal charges arising from a review by the Tribunal de Contas da Uniao (&#8220;TCU&#8221;) for alleged price overcharges on goods supplied to Petr&#243;leo Brasileiro S.A. - Petrobras under a supply contract. Both companies have already filed their defenses. On September 28, 2020, TCU&#8217;s technical unit, advised TCU that the alleged overprice should be reduced from BRL</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>9</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> million (approximately $</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font style="border-left: none; border-right: none;"><font>1.7</font></font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;million) to BRL</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>401</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> thousand (approximately $</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>77</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> thousand), </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">and further </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">stated that because of its immateriality, the alleged overcharge should not give rise to any penalties or indemnification obligations and acknowledged that any potential penalties would be barred as a result of the applicable statute of limitations.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> On November 19, 2020 the Public Prosecutor&#8217;s Of</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">fice filed an</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> opinion supporting the TCU&#8217;s technical unit&#8217;s views. </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">TCU&#8217;s final judgment is pending. The estimated amount of this claim is BRL</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font style="border-left: none; border-right: none;"><font>30.6</font></font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;million (approximately $</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font style="border-left: none; border-right: none;"><font>5.9</font></font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;million). The Company believes, based on the advice of counsel and external consultants, that the prices charged under the Petrobras contract do not result in overprices and that it is unlikely that the ultimate resolution of this matter will result in a material obligation.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
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<li style="margin-left: 23.08pt; text-align: justify; line-height: 12pt; padding-left: 8.42pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Wingdings'; -aw-font-weight: normal; -aw-number-format: '&#61607;';"><b><i>Administrative proceeding concerning Brazilian tax credits</i></b></li>
</ul>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt; margin-left: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">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</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">/</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">or transfer. The proceeding resulted in the imposition of a fine against Confab representing approximately <font>75</font>% of the allegedly undue credits, which was appealed by Confab. On January 21, 2019, Confab was notified of an administrative decision denying Confab&#8217;s appeal, thereby upholding the tax determination and the fine against Confab. On January 28, 2019, Confab challenged such administrative decision and is currently awaiting a resolution. In case of an unfavorable resolution, Confab may still appeal before the courts. The estimated amount of this claim is BRL</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>57.2</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> million (approximately $</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>11</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">million). At this stage, the Company cannot predict the outcome of this claim.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; font-style: italic; letter-spacing: -0.1pt; -aw-import: ignore;">&nbsp;</font></p>
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<li style="margin-left: 23.08pt; text-align: justify; line-height: 12pt; padding-left: 8.42pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Wingdings'; -aw-font-weight: normal; -aw-number-format: '&#61607;';"><b><i>U.S. patent infringement litigation</i></b></li>
</ul>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt; margin-left: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Tenaris Coiled Tubes, LLC (&#8220;TCT&#8221;), a U.S. subsidiary of the Company, was sued on <font>2017</font> by its competitor Global Tubing, alleging violations to certain intellectual property regulations and seeking a declaration that certain Global Tubing products do not infringe patents held by TCT. TCT filed a counterclaim seeking declaration that certain Global Tubing products infringe patents held by TCT, and Global Tubing responded alleging that such patents should be invalidated. On December 13, 2019, 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. The trial is set for August 2021. At this time, it is not possible to predict the outcome of this matter or estimate the range of potential losses that may result fro</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">m the resolution of this claim.</font></p>

<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
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<li style="margin-left: 23.08pt; text-align: justify; line-height: 12pt; padding-left: 8.42pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Wingdings'; -aw-font-weight: normal; -aw-number-format: '&#61607;';"><b><i>Tax assessment from Italian tax authorities</i></b></li>
</ul>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt; margin-left: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The Company&#8217;s Italian subsidiary, Dalmine, received on December 27, 2019, a tax assessment from the Italian tax authorities related to fiscal year <font>2014</font>. As of December 31, 2020, the claim amounted to approximately EUR<font>25.7</font> million (approximately $<font>31.6</font> million), comprising EUR<font>20.7</font> million (approximately $<font>25.5</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> million) in principal and EUR<font>5.0</font> million (approximately $<font>6.1</font> million) in interest and penalties. In the report for a tax audit conducted in <font>2019</font>, the Italian tax inspectors indicated that they also intend to bring claims for fiscal year <font>2015</font> with respect to the same matters; as of December 31, 2020, these additional claims would amount to approximately EUR<font>10.5</font> million (approximately $<font>12.9</font> million), comprising </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">EUR<font>8.1</font> million (approximately $<font>10.0</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> million) in principal and EUR<font>2.4</font> million (approximately $<font>2.9</font> 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. On July 27, 2020, Dalmine filed a first-instance appeal before the Milan tax court against the <font>2014</font> tax assessment. Based on the advice of counsel, the Company believes that it is unlikely that the ultimate resolution of these matters will result in a material obligation.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
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<li style="margin-left: 23.08pt; text-align: justify; line-height: 12pt; padding-left: 8.42pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Wingdings'; -aw-font-weight: normal; -aw-number-format: '&#61607;';"><b><i>Product liability litigation</i></b></li>
</ul>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; font-style: italic; letter-spacing: -0.1pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt; margin-left: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The Company&#8217;s recently acquired U.S. subsidiary, IPSCO, or its subsidiaries, are parties to several product liability claims, which may result in damages for an aggregate amount estimated at approximately $</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font style="border-left: none; border-right: none;"><font>17.6</font></font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;million. This includes a lawsuit alleging product liability and negligent misrepresentation in which the plaintiff alleges that defects in certain casing provided by IPSCO resulted in <font>three</font> well failures causing damages for an amount of approximately $</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>15</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> million. Although at this time the Company cannot predict the outcome of any of these matters, the Company believes that provisions have been recorded in an amount sufficient to cover potential exposure under these claims.</font></p>
<p style="margin-top: 0pt; margin-left: 18pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-left: 45pt; margin-bottom: 0pt; text-indent: -40.5pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; font-style: italic; letter-spacing: -0.1pt;">(ii)</font><font style="font: 7pt 'Times New Roman'; -aw-import: spaces;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; font-style: italic; letter-spacing: -0.1pt;">Commitments and guarantees</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; font-style: italic; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Set forth is a description of the </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Tenaris</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8217;s main outstanding commitments:</font></p>
<p style="margin-top: 0pt; margin-left: 21.55pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<ul type="square" style="margin: 0pt; padding-left: 0pt;">
<li style="margin-left: 16pt; text-align: justify; line-height: 12pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Wingdings'; -aw-font-weight: normal; -aw-number-format: '&#61607;';"><font style="font-family: 'Times New Roman';">An Argentine subsidiary of the Company entered into a contract with Transportadora de Gas del Norte S.A. for the service of natural gas transportation to its facilities. As of December 31, 2020, the aggregate commitment to take or pay the committed volumes for a</font><font style="font-family: 'Times New Roman';">n original</font><font style="font-family: 'Times New Roman';"> <font style="border-left: none; border-right: none;"><font>9</font></font> -year term total</font><font style="font-family: 'Times New Roman';">l</font><font style="font-family: 'Times New Roman';">ed approximately $<font>16.8</font></font><font style="font-family: 'Times New Roman'; color: #ff0000;"> </font><font style="font-family: 'Times New Roman';">million.</font></li>
</ul>
<p style="margin-top: 0pt; margin-left: 17.85pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<ul type="square" style="margin: 0pt; padding-left: 0pt;">
<li style="margin-left: 16pt; text-align: justify; line-height: 12pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Wingdings'; -aw-font-weight: normal; -aw-number-format: '&#61607;';"><font style="font-family: 'Times New Roman';">Several of the Company&#8217;s subsidiaries entered into a contract with Praxair S.A. for the service of oxygen and nitrogen supply. As of December 31, 2020, the aggregate commitment to take or pay the committed volumes for a</font><font style="font-family: 'Times New Roman';">n original</font><font style="font-family: 'Times New Roman';"> <font>14</font>-year term total</font><font style="font-family: 'Times New Roman';">l</font><font style="font-family: 'Times New Roman';">ed approximately $<font>31</font></font><font style="font-family: 'Times New Roman'; color: #ff0000;"> </font><font style="font-family: 'Times New Roman';">million.</font></li>
</ul>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 12pt; -aw-import: ignore;">&nbsp;</font></p>
<ul type="square" style="margin: 0pt; padding-left: 0pt;">
<li style="margin-left: 16pt; text-align: justify; line-height: 105%; font-family: serif; font-size: 10pt; -aw-font-family: 'Wingdings'; -aw-font-weight: normal; -aw-number-format: '&#61607;';"><font style="font-family: 'Times New Roman';">Several of the Company&#8217;s subsidiaries entered into a contract with Graftech for the supply of graphite electrodes. As of December 31, 2020, the aggregate commitment to take or pay the committed volumes total</font><font style="font-family: 'Times New Roman';">l</font><font style="font-family: 'Times New Roman';">ed approximately $<font>10.9</font> million.</font></li>
</ul>
<p style="margin-top: 0pt; margin-left: 36pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
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<li style="margin-left: 16pt; text-align: justify; line-height: 12pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Wingdings'; -aw-font-weight: normal; -aw-number-format: '&#61607;';"><font style="font-family: 'Times New Roman';">A subsidiary </font><font style="font-family: 'Times New Roman';">of the Company </font><font style="font-family: 'Times New Roman';">entered into a <font>25</font>-year contract (effective as of December 1, 2016, through December 1, 2041) with Techgen for the supply of <font>197</font> MW (which represents <font>22</font>% of Techgen&#8217;s capacity). Monthly payments are determined on the basis of capacity charges, operation costs, back-up power charges, and transmission charges. As of the seventh contract year (as long as Techgen&#8217;s existing or replacing bank facility has been repaid in full), the Company&#8217;s subsidiary 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&#243;n Federal de Electricidad (&#8220;CFE&#8221;) or its successors. The Company&#8217;s subsidiary may instruct Techgen to sell to any affiliate, to CFE, or to any other third party all or any part of unused contracted energy under the agreement and the Company&#8217;s subsidiary will benefit from the proceeds of such sale.</font></li>
</ul>
<p style="margin-top: 0pt; margin-left: 36pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<ul type="square" style="margin: 0pt; padding-left: 0pt;">
<li style="margin-left: 16pt; text-align: justify; line-height: 12pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Wingdings'; -aw-font-weight: normal; -aw-number-format: '&#61607;';"><font style="font-family: 'Times New Roman';">A subsidiary</font><font style="font-family: 'Times New Roman';"> of the Company</font><font style="font-family: 'Times New Roman';"> entered into a contract with Air Liquide Mexico, S. de R.L de C.V. for the supply of argon gas. As of December 31, 2020, the aggregate commitment total</font><font style="font-family: 'Times New Roman';">l</font><font style="font-family: 'Times New Roman';">ed approximately $<font>19</font> million.</font></li>
</ul>

<p style="margin-top: 0pt; margin-left: 9.35pt; margin-bottom: 0pt; text-align: justify; line-height: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<ul type="square" style="margin: 0pt; padding-left: 0pt;">
<li style="margin-left: 16pt; text-align: justify; line-height: 12pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Wingdings'; -aw-font-weight: normal; -aw-number-format: '&#61607;';"><font style="font-family: 'Times New Roman';">Tenaris Bay City, a U.S. subsidiary of the Company, is a party to a contract with Nucor Steel Memphis Inc. under which it is committed to purchase on a monthly basis a specified minimum volume of steel bars, at prices subject to quarterly adjustments. The contract will become effective upon delivery of the first purchase order, which has not yet occurred, and will remain in force for a <font>3</font> year term. As of December 31, 2020, the estimated aggregate contract amount calculated at current prices, is approximately $<font>113.4</font> million. The contract gives Tenaris Bay City the right to temporarily reduce the quantities to be purchased thereunder to <font>75</font>% of the agreed-upon minimum volume in cases of material adverse changes in prevailing economic or market conditions.</font></li>
</ul>
<p style="margin-top: 0pt; margin-left: 7.1pt; margin-bottom: 0pt; text-align: justify; line-height: 10pt;"><font style="font-family: Arial; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<ul type="square" style="margin: 0pt; padding-left: 0pt;">
<li style="margin-left: 16pt; text-align: justify; line-height: 12pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Wingdings'; -aw-font-weight: normal; -aw-number-format: '&#61607;';"><font style="font-family: 'Times New Roman';">In connection with the closing of the acquisition of IPSCO, a </font><font style="font-family: 'Times New Roman';">U</font><font style="font-family: 'Times New Roman';">.</font><font style="font-family: 'Times New Roman';">S</font><font style="font-family: 'Times New Roman';">.</font><font style="font-family: 'Times New Roman';"> subsidiary</font><font style="font-family: 'Times New Roman';"> of the Company,</font><font style="font-family: 'Times New Roman';"> entered into a <font>6</font>-year master distribution agreement (the &#8220;MDA&#8221;) with PAO TMK (&#8220;TMK&#8221;) whereby, since January 2, 2020, Tenaris is the exclusive distributor of TMK&#8217;s OCTG and line pipe products in United States and Canada. At the end of the MDA&#8217;s <font>6</font>-years term, TMK will have the option to extend the duration of its term for an additional <font>12</font> month period. Under the MDA, the Company is required to purchase specified minimum volumes of TMK-manufactured OCTG and line pipe products, based on the aggregate market demand for the relevant product category in the United States in the relevant year. In light of the adverse scenario of declining oil and gas prices and unprecedented oversupply in the oil market, Tenaris and TMK have agreed to certain accommodations relating to the MDA&#8217;s minimum annual purchase requirement for <font>2020</font> to minimize the negative impact of the crisis on both parties. Because of th<font>is, <font>no</font> pen</font>alties will be applied for year <font>2020</font>. As of December 31, 2020, the Company&#8217;s commitment under the MDA for the remainder of its <font>6</font>-year term total</font><font style="font-family: 'Times New Roman';">l</font><font style="font-family: 'Times New Roman';">ed approximately $</font><font style="font-family: 'Times New Roman';"><font style="border-left: none; border-right: none;"><font>498.3</font></font></font><font style="font-family: 'Times New Roman';">&nbsp;million.</font></li>
</ul>
<p style="margin-top: 0pt; margin-left: 7.1pt; margin-bottom: 0pt; text-align: justify; line-height: 10pt;"><font style="font-family: Arial; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">In addition, Tenaris (i) applied for stand-by letters of credit</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> as well as corporate guarantees</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> covering certain obligations of Techgen as described in note <font>1</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>3</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (c), (ii) issued corporate guarantees securing certain obligations of GPC, as described in note <font>1</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>3</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (d); and (iii) issued performance guarantees mainly related to long term commercial contracts with several customers and parent companies for approximately $<font>2.5</font> billion as of December 31, 2020.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 12pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; font-style: italic;">(iii)</font><font style="width: 21pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; font-style: italic; letter-spacing: -0.1pt;">Restrictions to the distribution of profits and payment of dividends</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; font-style: italic; letter-spacing: -0.1pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">In accordance with Luxembourg Law, the Company is required to transfer a minimum o<font>f </font><font>5</font><font>%</font> of its net profit for each financial year to a legal reserve until such reserve eq<font>uals </font><font>10</font><font>% o</font>f the issued share capital.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">As of December 31, 2020, this reserve is fully allocated and additional allocations to the reserve are not required under Luxembourg law. Dividends may not be paid out of the legal reserve.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The Company may pay dividends to the extent, among other conditions, that it has distributable retained earnings calculated in accordance with Luxembourg law and regulations.</font></p>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of commitments and contingent liabilities. [Refer: Contingent liabilities [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 10<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_10_e&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140345109504616">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 27 -  Foreign exchange control measures in Argentina<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2020</div></th></tr>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ForeignExchangeRatesAbstract', window );"><strong>Foreign exchange rates [abstract]</strong></a></td>
<td class="text">&#160;<span></span>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_DisclosureOfForeignExchangeControlMeasuresInForiegnCountriesTextBlock', window );">Note 27 - Foreign exchange control measures in Argentina</a></td>
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<p style="margin: 0px; text-indent: 0px; text-align: justify; line-height: 12pt;"><font style="font-weight: bold;">27<font style="color: #000000; font-family: 'Times New Roman'; font-size: 9.33333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -51.6667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>Foreign exchange control measures in Argentina</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Beginning in September 2019, the Argentine government has imposed </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">and continues to impose </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">significant restrictions on foreign exchange transactions. The main currently applicable </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">measures</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> are described below:</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<ul type="square" style="margin: 0pt; padding-left: 0pt; margin-left: 2.8pt;">
<li style="margin-left: 9.58pt; text-align: justify; line-height: 12pt; padding-left: 11.72pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Wingdings'; -aw-font-weight: normal; -aw-number-format: '&#61607;';"><font style="font-family: 'Times New Roman';">Foreign currency proceeds derived from exports of goods must be sold into the Argentine foreign exchange market and converted into Argentine pesos within <font>60</font> days from shipment date (if made to related parties) or <font>180</font> days from shipment date (if made to unrelated parties)</font><font style="font-family: 'Times New Roman';">, </font><font style="font-family: 'Times New Roman';">or within </font><font style="font-family: 'Times New Roman';"><font>5</font></font><font style="font-family: 'Times New Roman';"> days of collection, if</font><font style="font-family: 'Times New Roman';"> collected earlier</font><font style="font-family: 'Times New Roman';">.</font></li>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<ul type="square" style="margin: 0pt; padding-left: 0pt; margin-left: 2.8pt;">
<li style="margin-left: 9.58pt; text-align: justify; line-height: 12pt; padding-left: 11.72pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Wingdings'; -aw-font-weight: normal; -aw-number-format: '&#61607;';"><font style="font-family: 'Times New Roman';">Foreign currency proceeds from exports of services must be sold into the Argentine foreign exchange market and converted into Argentine pesos within </font><font style="font-family: 'Times New Roman';"><font>5</font></font><font style="font-family: 'Times New Roman';"> business days of collection.</font></li>
</ul>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<ul type="square" style="margin: 0pt; padding-left: 0pt; margin-left: 2.8pt;">
<li style="margin-left: 9.58pt; text-align: justify; line-height: 12pt; padding-left: 11.72pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Wingdings'; -aw-font-weight: normal; -aw-number-format: '&#61607;';"><font style="font-family: 'Times New Roman';">Access to the Argentine foreign exchange market to pay for imports of services rendered by related parties (including royalties) is subject to A</font><font style="font-family: 'Times New Roman';">rgentine Central Bank approval.</font></li>
</ul>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<ul type="square" style="margin: 0pt; padding-left: 0pt; margin-left: 2.8pt;">
<li style="margin-left: 9.58pt; text-align: justify; line-height: 12pt; padding-left: 11.72pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Wingdings'; -aw-font-weight: normal; -aw-number-format: '&#61607;';"><font style="font-family: 'Times New Roman';">Access to the Argentine foreign exchange market to pay for imports of goods and services provided by third parties requires the importer not to have more than $<font>100,000</font> deposited in any foreign account. In addition, it will have to declare it has not accessed the market to purchase bonds and sell them for foreign currency for a period of <font>90</font> days prior to the required payment of imports, and will not do so for a period of <font>90</font> days after the Argentine Central Bank provides the foreign currency.</font></li>
</ul>

<p style="margin-top: 0pt; margin-left: 38.85pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt; widows: 0; orphans: 0;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; letter-spacing: -0.1pt; -aw-import: ignore;">&nbsp;</font></p>
<ul type="square" style="margin: 0pt; padding-left: 0pt; margin-left: 2.8pt;">
<li style="margin-left: 9.58pt; text-align: justify; line-height: 12pt; padding-left: 11.72pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Wingdings'; -aw-font-weight: normal; -aw-number-format: '&#61607;';"><font style="font-family: 'Times New Roman';">Access to the Argentine foreign exchange market to pay debt service (principal and interests) for financial debts with related parties requires prior Argentine Central Bank approval, unless such debts are obtained and sold into the Argentine foreign exchange market and converted into Argentine pesos after October 2, 2020 and carry an averag</font><font style="font-family: 'Times New Roman';">e life of no less than <font>2</font> years.</font></li>
</ul>
<p style="margin-top: 0pt; margin-left: 21.3pt; margin-bottom: 0pt; text-indent: -21.3pt; text-align: justify; line-height: 12pt;"><font style="font-family: Calibri; font-size: 11pt; -aw-import: ignore;">&nbsp;</font></p>
<ul type="square" style="margin: 0pt; padding-left: 0pt; margin-left: 2.8pt;">
<li style="margin-left: 9.58pt; text-align: justify; line-height: 12pt; padding-left: 11.72pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Wingdings'; -aw-font-weight: normal; -aw-number-format: '&#61607;';"><font style="font-family: 'Times New Roman';">Debts with foreign creditors larger than $<font>1</font> million maturing between October 15, 2020 and March 31, 2021 will need to be refinanced in at least <font>60</font>% of outstanding principal and for a minimum period of <font>2</font> years.</font></li>
</ul>
<p style="margin-top: 0pt; margin-left: 21.3pt; margin-bottom: 0pt; text-indent: -21.3pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<ul type="square" style="margin: 0pt; padding-left: 0pt; margin-left: 2.8pt;">
<li style="margin-left: 9.58pt; text-align: justify; line-height: 12pt; padding-left: 11.72pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Wingdings'; -aw-font-weight: normal; -aw-number-format: '&#61607;';"><font style="font-family: 'Times New Roman';">Access to the Argentine foreign exchange market to make dividend payments generally requires prior A</font><font style="font-family: 'Times New Roman';">rgentine Central Bank approval.</font></li>
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<p style="margin-top: 0pt; margin-left: 36pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">When required, Argentine Central Bank approvals are granted on a very restricted basis.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Tenaris&#8217;s Argentine subsidiaries continue to have access to the official foreign currency markets for their foreign exchange transactions. Therefore, assets and liabilities denominated in foreign currency as of December 31, 2020, have been valued at the prev</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ailing official exchange rates.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Tenaris&#8217;s f</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">inancial position in Argentine p</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">eso</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> as of December 31, 2020, </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">amounted to </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">a </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">net short exposure</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> of approximately $</font><font style="border-left: none; border-right: none;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>39.6</font></font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> million.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">As of December 31, 2020, t</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">he total net equity of Argentine subsidiaries </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">represented approximately <font>8</font>% of the total equity of Tenaris</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> and the sales performed by Argentine subsidiaries during the year ended on December 31, 2020 amounted approximately to <font>12</font>% of Tenaris&#8217;s total sales.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Management continues to monitor closely the evolution of the main variables affecting its business, </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">identifying the potential impact thereof on its </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">financial and economic situation</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> and determining the appropriate course of action in each case</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">. The Company&#8217;s </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Consolidated F</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">inancial </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">St</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">atements should be read taking into account these circumstances. </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">As the context of volatility and uncertainty remains in place as of the issue date of these Consolidated Financial Statements, additional Argentine Central Bank regulations that could be imposed in the future could further restrict our Argentine subsidiary&#8217;s ability to access the official foreign exchange market.</font></p>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure describing the foreign exchange control measures in foreign countries.</p></div>
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140345109466168">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 28 - Cash Flow Disclosures<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<p style="margin-top: 0pt; margin-left: 2.85pt; margin-bottom: 0pt; text-indent: 0pt; text-align: justify; line-height: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><font style="border-left: none; border-right: none;">28</font></font><font style="font: 7pt 'Times New Roman'; -aw-import: spaces;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Cash flow disclosures</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(all amounts in thousands of U.S. dollars)</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Year ended December 31, </font></p>
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</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (i) </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Changes in working capital </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>2020</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>2019</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>2018</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 5%; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 56%; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Inventories </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 10%; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>828,796</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 10%; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>311,459</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 10%; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>176,443</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Receivables and prepayments and current tax assets </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>74,877</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>34,368</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>30,144</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Trade receivables </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>409,163</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>428,326</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>517,579</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Other liabilities </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>34,871</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>18,295</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>22,984</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Customer advances </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>34,388</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>16,844</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>5,976</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Trade payables </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>184,442</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"><font style="font-size: 10pt;">)</font></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>180,857</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"><font style="font-size: 10pt;">)</font></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>57,066</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 18px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>1,059,135</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>523,109</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> (<font>737,952</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 18px;"><font style="font-size: 10pt; font-weight: bold;">)</font></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (ii) </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Income tax accruals less payments </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="border-top: 1.5pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="border-top: 1.5pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="border-top: 1.5pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Tax accrued </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>23,150</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>202,452</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>229,207</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Taxes paid </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>140,364</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"><font style="font-size: 10pt;">)</font></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>395,869</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"><font style="font-size: 10pt;">)</font></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>170,713</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 18px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> (<font>117,214</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 18px;"><font style="font-size: 10pt; font-weight: bold;">)</font></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> (<font>193,417</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 18px;"><font style="font-size: 10pt; font-weight: bold;">)</font></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>58,494</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 18px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (iii) </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Interest accruals less payments, net </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="border-top: 1.5pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="border-top: 1.5pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="border-top: 1.5pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Interest accrued </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>8,627</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>4,616</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>2,914</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Interest received </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>19,613</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>30,890</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>40,613</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Interest paid </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>28,778</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><font style="font-size: 10pt;">)</font></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>30,655</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><font style="font-size: 10pt;">)</font></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>31,548</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 18px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> (<font>538</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px; vertical-align: bottom; height: 18px;"><font style="font-size: 10pt; font-weight: bold;">)</font></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> (<font>4,381</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px; vertical-align: bottom; height: 18px;"><font style="font-size: 10pt; font-weight: bold;">)</font></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>6,151</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px; vertical-align: bottom; height: 18px;"></td>
</tr>

</table>
</div>
</div><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfCashFlowStatementExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for a statement of cash flows.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2019-01-01<br> -Section Presentation of a statement of cash flows<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2019-en-r&amp;doctype=Standard&amp;dita_xref=IAS07_g10-17_TI<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfCashFlowStatementExplanatory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140345109495288">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 29 - Related Party Transactions<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2020</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesAbstract', window );"><strong>Disclosure of transactions between related parties [abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
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<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfRelatedPartyExplanatory', window );">Note 29 - Related Party Transactions</a></td>
<td class="text"><div>
<p style="margin-top: 0pt; margin-left: 38.75pt; margin-bottom: 0pt; text-indent: -38.75pt; text-align: justify; line-height: 12pt; padding-top: 5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><font style="border-left: none; border-right: none;">29</font></font><font style="font: 7pt 'Times New Roman'; -aw-import: spaces;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Related party transactions</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">As of December 31, 2020:</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<ul type="square" style="margin: 0pt; padding-left: 0pt; margin-left: 2.8pt;">
<li style="margin-left: 9.58pt; text-align: justify; line-height: 12pt; padding-left: 8.42pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Wingdings'; -aw-font-weight: normal; -aw-number-format: '&#61607;';"><font style="font-family: 'Times New Roman';">San Faustin owned </font><font style="font-family: 'Times New Roman';"><font>713,605,187</font> </font><font style="font-family: 'Times New Roman';">shares in the Company, represen<font>ting </font><font>60.45</font><font>% of</font> the Company&#8217;s capital and voting rights.</font></li>
</ul>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<ul type="square" style="margin: 0pt; padding-left: 0pt; margin-left: 2.8pt;">
<li style="margin-left: 9.58pt; text-align: justify; line-height: 12pt; padding-left: 8.42pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Wingdings'; -aw-font-weight: normal; -aw-number-format: '&#61607;';"><font style="font-family: 'Times New Roman';">San Faustin owned all of its shares in the Company through its wholly-owned subsidiary Techint Holdings S.&#224;.r.l., a Luxembourg soci&#233;t&#233; &#224; responsabilit&#233; limit&#233;e (&#8220;Techint&#8221;), who is the holder of record of the above-mentioned Tenaris shares.</font></li>
</ul>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 12pt; -aw-import: ignore;">&nbsp;</font></p>
<ul type="square" style="margin: 0pt; padding-left: 0pt; margin-left: 2.8pt;">
<li style="margin-left: 20.75pt; text-indent: -20.75pt; text-align: justify; line-height: 12pt; font-family: serif; font-size: 10pt; list-style-position: inside; -aw-font-family: 'Wingdings'; -aw-font-weight: normal; -aw-list-padding-sml: 8.42pt; -aw-number-format: '&#61607;';"><font style="font: 7pt 'Times New Roman'; -aw-import: ignore;">&nbsp;&nbsp;&nbsp;</font><font style="font-family: 'Times New Roman';">Rocca &amp; Partners Stichting Administratiekantoor Aandelen San Faustin, a private foundation located in the Netherlands (Stichting) (&#8220;RP STAK&#8221;) held voting shares in San Faustin sufficient in number to control San Faustin.</font></li>
</ul>
<p style="margin-top: 0pt; margin-left: 36pt; margin-bottom: 0pt; line-height: 8pt;"><font style="font-family: Arial; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<ul type="square" style="margin: 0pt; padding-left: 0pt; margin-left: 2.8pt;">
<li style="margin-left: 20.75pt; text-indent: -20.75pt; text-align: justify; line-height: 12pt; font-family: serif; font-size: 10pt; list-style-position: inside; -aw-font-family: 'Wingdings'; -aw-font-weight: normal; -aw-list-padding-sml: 8.42pt; -aw-number-format: '&#61607;';"><font style="font: 7pt 'Times New Roman'; -aw-import: ignore;">&nbsp;&nbsp;&nbsp;</font><font style="font-family: 'Times New Roman';">No person or group of persons controls RP STAK</font><font style="font-family: 'Times New Roman';">.</font></li>
</ul>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Based on the information most recently available to the Company, Tenaris&#8217;s directors and senior management as a group o<font>wned </font><font>0.08</font><font>%</font> of the Company&#8217;s outstanding shares.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Transactions and balances disclosed as with &#8220;non-consolidated parties&#8221; 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 &#8220;Other&#8221;. The following transactions were carried out with related parties:</font></p>
<div>
<div style="border-left: none; border-right: none;">
<table cellspacing="0" cellpadding="0" style="height: 248px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px;" width="100%">

<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: top; background-color: #ffffff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: #ffffff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;(all amounts in thousands of U.S. dollars)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #ffffff; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; background-color: #ffffff; height: 17px;"><br/></td>
<td colspan="9" style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; background-color: #ffffff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Year ended December 31, </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; background-color: #ffffff; height: 17px;"><br/></td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: top; background-color: #ffffff; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding: 0px 4px 0px 0px; vertical-align: top; background-color: #ffffff; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; background-color: #ffffff; height: 10px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; background-color: #ffffff; height: 10px; vertical-align: bottom;" colspan="2" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>2020</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; background-color: #ffffff; height: 10px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; background-color: #ffffff; height: 10px;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 10px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>2019</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; background-color: #ffffff; height: 10px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; background-color: #ffffff; height: 10px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; background-color: #ffffff; height: 10px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>2018</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; background-color: #ffffff; height: 10px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: top; background-color: #ffffff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> (i) </font></p>
</td>
<td style="padding: 0px 4px 0px 0px; vertical-align: top; background-color: #ffffff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Transactions </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; background-color: #ffffff; height: 17px;"><br/></td>
<td style="border-top: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; height: 17px;"><br/></td>
<td style="border-top: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> &nbsp; </font></p>
</td>
<td style="border-top: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; height: 17px;"><br/></td>
<td style="border-top: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; height: 17px;"><br/></td>
<td style="border-top: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; height: 17px;"><br/></td>
<td style="border-top: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; height: 17px;"><br/></td>
<td style="border-top: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; height: 17px;"><br/></td>
<td style="border-top: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; height: 17px;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; background-color: #ffffff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; background-color: #ffffff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; background-color: #ffffff; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: top; background-color: #ffffff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: #ffffff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> (a) Sales of goods and services </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #ffffff; height: 17px;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; background-color: #ffffff; height: 17px;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; background-color: #ffffff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; background-color: #ffffff; height: 17px;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; background-color: #ffffff; height: 17px;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; background-color: #ffffff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; background-color: #ffffff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; background-color: #ffffff; height: 17px;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; background-color: #ffffff; height: 17px;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; background-color: #ffffff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; background-color: #ffffff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; background-color: #ffffff; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: top; height: 17px; background-color: #cceeff; width: 5%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 59%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Sales of goods to non-consolidated parties </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 9%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>20,183</font> </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 9%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>20,577</font> </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 9%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>23,709</font> </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Sales of goods to other related parties </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>18,243</font> </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>69,972</font> </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>131,548</font> </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Sales of services to non-consolidated parties </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>5,829</font> </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>5,620</font> </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>7,641</font> </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Sales of services to other related parties </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>5,049</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>4,386</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>5,647</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>49,304</font> </font></p>
</td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> &nbsp; </font></p>
</td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>100,555</font> </font></p>
</td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> &nbsp; </font></p>
</td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>168,545</font> </font></p>
</td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> (b) Purchases of goods and services </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 1pt solid #000000; padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="border-top: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="border-top: 1pt solid #000000; padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="border-top: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="border-top: 1pt solid #000000; padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="border-top: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Purchases of goods to non-consolidated parties </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>84,485</font> </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>174,588</font> </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>245,186</font> </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Purchases of goods to other related parties </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>12,892</font> </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>51,765</font> </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>106,624</font> </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Purchases of services to non-consolidated parties </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>6,979</font> </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>9,404</font> </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>9,556</font> </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Purchases of services to other related parties </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>18,133</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>54,514</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>46,179</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>122,489</font> </font></p>
</td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> &nbsp; </font></p>
</td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>290,271</font> </font></p>
</td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> &nbsp; </font></p>
</td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>407,545</font> </font></p>
</td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
</tr>

</table>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<div style="border-left: none; border-right: none;">
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px; height: 221px;" width="100%">

<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #ffffff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #ffffff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">(all amounts in thousands of U.S. dollars)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #ffffff; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #ffffff; height: 17px;"><br/></td>
<td colspan="5" style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #ffffff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> At December 31, </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #ffffff; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #ffffff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: Arial;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #ffffff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: Arial;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #ffffff; height: 17px;"><br/></td>
<td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #ffffff; height: 17px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>2020</font> </font></p>
</td>
<td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #ffffff; height: 17px;"><br/></td>
<td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #ffffff; height: 17px;"><br/></td>
<td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #ffffff; height: 17px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>2019</font> </font></p>
</td>
<td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #ffffff; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; background-color: #ffffff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> (ii) </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #ffffff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Period-end balances </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #ffffff; height: 17px;"><br/></td>
<td style="border-top: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #ffffff; height: 17px;"><br/></td>
<td style="border-top: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #ffffff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> &nbsp; </font></p>
</td>
<td style="border-top: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #ffffff; height: 17px;"><br/></td>
<td style="border-top: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #ffffff; height: 17px;"><br/></td>
<td style="border-top: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #ffffff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> &nbsp; </font></p>
</td>
<td style="border-top: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #ffffff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> &nbsp; </font></p>
</td>
<td style="border-top: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #ffffff; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; background-color: #ffffff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #ffffff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> (a) Arising from sales / purchases of goods / services </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #ffffff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #ffffff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #ffffff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #ffffff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #ffffff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #ffffff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #ffffff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #ffffff; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 17px; background-color: #cceeff; width: 5%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 69%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Receivables from non-consolidated parties </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>78,721</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>78,884</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Receivables from other related parties </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>4,447</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>10,400</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Payables to non-consolidated parties </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;(<font>24,914</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><font style="font-size: 10pt;">)</font></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;(<font>19,100</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Payables to other related parties </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;(<font>2,310</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"><font style="font-size: 10pt;">)</font></td>
<td style="border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;(<font>7,048</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>55,944</font> </font></p>
</td>
<td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>63,136</font> </font></p>
</td>
<td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> (b) Financial debt </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="border-top: 1pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="border-top: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="border-top: 1pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Finance lease liabilities from non-consolidated parties </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;(<font>2,042</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><font style="font-size: 10pt;">)</font></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;(<font>2,064</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Finance lease liabilities from other related parties </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;(<font>810</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"><font style="font-size: 10pt;">)</font></td>
<td style="border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: Arial;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: Arial;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;"> &nbsp;(<font>2,852</font> </font></p>
</td>
<td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><font style="font-size: 10pt; font-weight: bold;">)</font></td>
<td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: Arial; font-weight: bold;"> &nbsp; </font></p>
</td>
<td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;"> &nbsp;(<font>2,064</font> </font></p>
</td>
<td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><font style="font-size: 10pt; font-weight: bold;">)</font></td>
</tr>

</table>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; -aw-import: ignore;">&nbsp;</font></p>
</div>
<div>

</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><br/></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">In addition to the tables above, the Company issued various guarantees in favor of Techgen and GPC; for further details, please see note <font>13</font> (c and d)</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> and note <font>26</font> (ii)</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">. No other material guarantees were issued in favor of other related parties.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><br/></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Directors&#8217; and senior management compensation</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">During the years ended December 31, 2020, <font>2019</font> and <font>2018</font>, the cash compensation of Directors and Senior managers amounted to $</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>27.4</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> million, $<font>33.7</font> million and $<font>33.7</font> million respectively. These amounts include cash benefits paid to certain senior managers in connection with the pre-existing retirement plans. In addition, Directors </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">and Senior managers received <font>522</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, <font>468</font> and <font>558</font> thousand units for a total amount of $</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>5.0</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> million, $<font>4.8</font> million and $<font>5.6</font> million respectively in connection with the Employee retention and long term incentive prog</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ram mentioned in n</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ote </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">II.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">P</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>3</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Employee benefits &#8211; Other long term benefits.</font></p>
</div><span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for related parties.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 24<br> -IssueDate 2019-01-01<br> -Section Disclosures<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=24&amp;code=ifrs-tx-2019-en-r&amp;doctype=Standard&amp;dita_xref=IAS24_g13-24_TI<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesAbstract</td>
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140345117769816">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 30 - Fees Paid to the Company's Principal Accountant<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2020</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdditionalInformationAbstract', window );"><strong>Additional information [abstract]</strong></a></td>
<td class="text">&#160;<span></span>
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<td class="text"><div>
<p style="margin-top: 0pt; margin-left: 38.75pt; margin-bottom: 0pt; text-indent: -38.75pt; line-height: 12pt; padding-top: 5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><font style="border-left: none; border-right: none;">30</font></font><font style="font: 7pt 'Times New Roman'; -aw-import: spaces;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Fees paid to the Company's principal accountant</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Total fees accrued for professional services rendered by PwC Network firms to Tenaris S.A. and its subsidiaries are detailed as follows:</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (all amounts in thousands of U.S. dollars) </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #ffffff;"><br/></td>
<td colspan="9" style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #ffffff; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Year ended December 31, </font></p>
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<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #ffffff;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>2020</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #ffffff;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #ffffff;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #ffffff;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>2019</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #ffffff;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #ffffff;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #ffffff;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>2018</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #ffffff;"><br/></td>
</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 15px; background-color: #cceeff; width: 61%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Audit fees </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>3,781</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>3,846</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>3,841</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br/></td>
</tr>
<tr style="height: 15px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Audit-related fees </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>134</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>50</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>43</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Tax fees </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>102</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>7</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br/></td>
</tr>
<tr style="height: 15px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> All other fees </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>1</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>7</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Total </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>4,017</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>3,904</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>3,891</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br/></td>
</tr>

</table>
</div>
<p style="margin-top: 0pt; margin-left: 38.85pt; margin-bottom: 0pt; line-height: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; -aw-import: ignore;">&nbsp;</font></p>
</div><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdditionalInformationAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdditionalInformationAbstract</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of additional information that is not presented elsewhere in the financial statements, but that is relevant to an understanding of them.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfAdditionalInformationExplanatory</td>
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140345109443112">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 31 - Principal Subsidiaries<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2020</div></th></tr>
<tr class="re">
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<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfInterestsInSubsidiariesExplanatory', window );">Note 31 - Principal Subsidiaries</a></td>
<td class="text"><div>
<p style="margin-top: 0pt; margin-left: 38.75pt; margin-bottom: 0pt; text-indent: -38.75pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><font style="border-left: none; border-right: none;">31</font></font><font style="font: 7pt 'Times New Roman'; -aw-import: spaces;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Principal subsidiaries</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The following is a list of Tenaris&#8217;s principal subsidiaries and its direct and indirect percentage of ownership of each controlled company at December 31, 2020.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<div>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; height: 476px; width: 100%;" width="100%">

<tr style="height: 17px;">
<td rowspan="2" style="width: 37.5%; border-width: 1pt 1pt 0.75pt; border-style: solid; border-color: #000000; padding-right: 4.9pt; padding-left: 4.9pt; vertical-align: middle; height: 34px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> Company </font></p>
</td>
<td rowspan="2" style="width: 10.48%; border-top: 1pt solid #000000; border-right: 1pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 4.9pt; padding-left: 5.4pt; height: 34px; vertical-align: top;" valign="top">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Country of <br/>Incorporation</font></p>
</td>
<td rowspan="2" style="width: 33.5%; border-top: 1pt solid #000000; border-right: 1pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 34px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> Main activity </font></p>
</td>
<td colspan="3" style="border-top: 1pt solid #000000; border-right: 1pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Percentage of ownership at <br/>December 31, (*)</font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="width: 6.16%; border-width: 0.75pt 1pt 1pt; border-style: solid; border-color: #000000; padding-right: 4.9pt; padding-left: 4.9pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> <font style="border-left: none; border-right: none;">2020</font> </font></p>
</td>
<td style="width: 6.16%; border-top: 0.75pt solid #000000; border-right: 1pt solid #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> <font style="border-left: none; border-right: none;">2019</font> </font></p>
</td>
<td style="width: 6.16%; border-top: 0.75pt solid #000000; border-right: 1pt solid #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> <font style="border-left: none; border-right: none;">2018</font> </font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="width: 37.5%; border-width: 0.75pt 1pt; border-style: solid solid dotted; border-color: #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> ALGOMA TUBES INC. </font></p>
</td>
<td style="width: 10.48%; border-top: 0.75pt solid #000000; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Canada </font></p>
</td>
<td style="width: 33.5%; border-top: 0.75pt solid #000000; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Manufacturing of seamless steel pipes </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font>% </font></p>
</td>
<td style="width: 6.16%; border-top: 1pt solid #000000; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font>% </font></p>
</td>
<td style="width: 6.16%; border-top: 1pt solid #000000; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font>% </font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="width: 37.5%; border-width: 0.75pt 1pt; border-style: dotted solid; border-color: #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> CONFAB INDUSTRIAL S.A. and subsidiaries </font></p>
</td>
<td style="width: 10.48%; border-top: 0.75pt dotted #000000; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Brazil </font></p>
</td>
<td style="width: 33.5%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Manufacturing of welded steel pipes and capital goods </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font>% </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font>% </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font>% </font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="width: 37.5%; border-width: 0.75pt 1pt; border-style: dotted solid; border-color: #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> DALMINE S.p.A. </font></p>
</td>
<td style="width: 10.48%; border-top: 0.75pt dotted #000000; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Italy </font></p>
</td>
<td style="width: 33.5%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Manufacturing of seamless steel pipes </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font>% </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font>% </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font>% </font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="width: 37.5%; border-width: 0.75pt 1pt; border-style: dotted solid; border-color: #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> HYDRIL COMPANY and subsidiaries (except detailed) (a) </font></p>
</td>
<td style="width: 10.48%; border-top: 0.75pt dotted #000000; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> USA </font></p>
</td>
<td style="width: 33.5%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Manufacture and marketing of premium connections </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font>% </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font>% </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font>% </font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="width: 37.5%; border-width: 0.75pt 1pt; border-style: dotted solid; border-color: #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> IPSCO TUBULARS INC. and subsidiaries </font></p>
</td>
<td style="width: 10.48%; border-top: 0.75pt dotted #000000; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> USA </font></p>
</td>
<td style="width: 33.5%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Manufacturing of welded and seamless steel pipes </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font>% </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> NA </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> NA </font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="width: 37.5%; border-width: 0.75pt 1pt; border-style: dotted solid; border-color: #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> KAZAKHSTAN PIPE THREADERS LIMITED LIABILITY PARTNERSHIP </font></p>
</td>
<td style="width: 10.48%; border-top: 0.75pt dotted #000000; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Kazakhstan </font></p>
</td>
<td style="width: 33.5%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Threading of premium products </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font>% </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font>% </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font>% </font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="width: 37.5%; border-width: 0.75pt 1pt; border-style: dotted solid; border-color: #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> MAVERICK TUBE CORPORATION and subsidiaries </font></p>
</td>
<td style="width: 10.48%; border-top: 0.75pt dotted #000000; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> USA </font></p>
</td>
<td style="width: 33.5%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Manufacturing of welded steel pipes </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font>% </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font>% </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font>% </font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="width: 37.5%; border-width: 0.75pt 1pt; border-style: dotted solid; border-color: #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> NKKTUBES </font></p>
</td>
<td style="width: 10.48%; border-top: 0.75pt dotted #000000; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Japan </font></p>
</td>
<td style="width: 33.5%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Manufacturing of seamless steel pipes </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>51</font>% </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>51</font>% </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>51</font>% </font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="width: 37.5%; border-width: 0.75pt 1pt; border-style: dotted solid; border-color: #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> P.T. SEAMLESS PIPE INDONESIA JAYA </font></p>
</td>
<td style="width: 10.48%; border-top: 0.75pt dotted #000000; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Indonesia </font></p>
</td>
<td style="width: 33.5%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Manufacturing of seamless steel products </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>89</font>% </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>89</font>% </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>89</font>% </font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="width: 37.5%; border-width: 0.75pt 1pt; border-style: dotted solid; border-color: #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> PRUDENTIAL STEEL LTD. (b) </font></p>
</td>
<td style="width: 10.48%; border-top: 0.75pt dotted #000000; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Canada </font></p>
</td>
<td style="width: 33.5%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Manufacturing of welded steel pipes </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font>% </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font>% </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font>% </font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="width: 37.5%; border-width: 0.75pt 1pt; border-style: dotted solid; border-color: #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> S.C. SILCOTUB S.A. </font></p>
</td>
<td style="width: 10.48%; border-top: 0.75pt dotted #000000; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Romania </font></p>
</td>
<td style="width: 33.5%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Manufacturing of seamless steel pipes </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font>% </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font>% </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font>% </font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="width: 37.5%; border-width: 0.75pt 1pt; border-style: dotted solid; border-color: #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> SAUDI STEEL PIPE CO. </font></p>
</td>
<td style="width: 10.48%; border-top: 0.75pt dotted #000000; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Saudi Arabia </font></p>
</td>
<td style="width: 33.5%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Manufacturing of welded<font> steel pipes </font></font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>48</font>% </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>48</font>% </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> NA </font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="width: 37.5%; border-width: 0.75pt 1pt; border-style: dotted solid; border-color: #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> SIAT SOCIEDAD ANONIMA</font></p>
</td>
<td style="width: 10.48%; border-top: 0.75pt dotted #000000; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Argentina </font></p>
</td>
<td style="width: 33.5%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Manufacturing of welded and seamless steel pipes </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font>% </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font>% </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font>% </font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="width: 37.5%; border-width: 0.75pt 1pt; border-style: dotted solid; border-color: #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> SIDERCA SOCIEDAD ANONIMA INDUSTRIAL Y COMERCIAL and subsidiaries </font></p>
</td>
<td style="width: 10.48%; border-top: 0.75pt dotted #000000; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Argentina </font></p>
</td>
<td style="width: 33.5%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Manufacturing of seamless steel pipes </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font>% </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font>% </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font>% </font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="width: 37.5%; border-width: 0.75pt 1pt; border-style: dotted solid; border-color: #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> TALTA - TRADING E MARKETING SOCIEDADE UNIPESSOAL LDA. </font></p>
</td>
<td style="width: 10.48%; border-top: 0.75pt dotted #000000; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Portugal </font></p>
</td>
<td style="width: 33.5%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Holding Company </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font>% </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font>% </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font>% </font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="width: 37.5%; border-width: 0.75pt 1pt; border-style: dotted solid; border-color: #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> TENARIS BAY CITY, INC. </font></p>
</td>
<td style="width: 10.48%; border-top: 0.75pt dotted #000000; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> USA </font></p>
</td>
<td style="width: 33.5%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Manufacturing of seamless steel pipes </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font>% </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font>% </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font>% </font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="width: 37.5%; border-width: 0.75pt 1pt; border-style: dotted solid; border-color: #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> TENARIS CONNECTIONS BV </font></p>
</td>
<td style="width: 10.48%; border-top: 0.75pt dotted #000000; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Netherlands </font></p>
</td>
<td style="width: 33.5%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Development, management and licensing of intellectual property </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font>% </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font>% </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font>% </font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="width: 37.5%; border-width: 0.75pt 1pt; border-style: dotted solid; border-color: #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> TENARIS FINANCIAL SERVICES S.A. </font></p>
</td>
<td style="width: 10.48%; border-top: 0.75pt dotted #000000; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Uruguay </font></p>
</td>
<td style="width: 33.5%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Financial company </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font>% </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font>% </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font>% </font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="width: 37.5%; border-width: 0.75pt 1pt; border-style: dotted solid; border-color: #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> TENARIS GLOBAL SERVICES (CANADA) INC. </font></p>
</td>
<td style="width: 10.48%; border-top: 0.75pt dotted #000000; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Canada </font></p>
</td>
<td style="width: 33.5%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Marketing of steel products </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font>% </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font>% </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font>% </font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="width: 37.5%; border-width: 0.75pt 1pt; border-style: dotted solid; border-color: #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> TENARIS GLOBAL SERVICES (U.S.A.) CORPORATION </font></p>
</td>
<td style="width: 10.48%; border-top: 0.75pt dotted #000000; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> USA </font></p>
</td>
<td style="width: 33.5%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Marketing of steel products </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font>% </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font>% </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font>% </font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="width: 37.5%; border-width: 0.75pt 1pt; border-style: dotted solid; border-color: #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> TENARIS GLOBAL SERVICES (UK) LTD </font></p>
</td>
<td style="width: 10.48%; border-top: 0.75pt dotted #000000; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> United Kingdom </font></p>
</td>
<td style="width: 33.5%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Holding company and marketing of steel products </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font>% </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font>% </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font>% </font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="width: 37.5%; border-width: 0.75pt 1pt; border-style: dotted solid; border-color: #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> TENARIS GLOBAL SERVICES S.A. and subsidiaries (except detailed) (c) </font></p>
</td>
<td style="width: 10.48%; border-top: 0.75pt dotted #000000; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Uruguay </font></p>
</td>
<td style="width: 33.5%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Holding company and marketing of steel products </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font>% </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font>% </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font>% </font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="width: 37.5%; border-width: 0.75pt 1pt; border-style: dotted solid; border-color: #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> TENARIS INVESTMENTS (NL) B.V. and subsidiaries </font></p>
</td>
<td style="width: 10.48%; border-top: 0.75pt dotted #000000; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Netherlands </font></p>
</td>
<td style="width: 33.5%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Holding company </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font>% </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font>% </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> NA </font></p>
</td>
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<tr style="height: 17px;">
<td style="width: 37.5%; border-width: 0.75pt 1pt; border-style: dotted solid; border-color: #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> TENARIS INVESTMENTS S.&#224;r.l.</font></p>
</td>
<td style="width: 10.48%; border-top: 0.75pt dotted #000000; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Luxembourg </font></p>
</td>
<td style="width: 33.5%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Holding company </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font>% </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font>% </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font>% </font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="width: 37.5%; border-width: 0.75pt 1pt; border-style: dotted solid; border-color: #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> TENARIS TUBOCARIBE LTDA.</font></p>
</td>
<td style="width: 10.48%; border-top: 0.75pt dotted #000000; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Colombia </font></p>
</td>
<td style="width: 33.5%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Manufacturing of welded and seamless steel pipes </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font>% </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font>% </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font>% </font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="width: 37.5%; border-width: 0.75pt 1pt; border-style: dotted solid solid; border-color: #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> TUBOS DE ACERO DE MEXICO, S.A. </font></p>
</td>
<td style="width: 10.48%; border-top: 0.75pt dotted #000000; border-right: 1pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Mexico </font></p>
</td>
<td style="width: 33.5%; border-top: 0.75pt dotted #000000; border-right: 1pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Manufacturing of seamless steel pipes </font></p>
</td>
<td style="width: 6.16%; border-top: 0.75pt dotted #000000; border-right: 1pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font>% </font></p>
</td>
<td style="width: 6.16%; border-top: 0.75pt dotted #000000; border-right: 1pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font>% </font></p>
</td>
<td style="width: 6.16%; border-top: 0.75pt dotted #000000; border-right: 1pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font>% </font></p>
</td>
</tr>

</table>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: spaces;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(*) <font>All percentages rounded.</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(a) <font>Tenaris Investments S.a.r.l. holds <font>100</font> % of Hydril's subsidiaries shares except for Technical Drilling &amp; Production Services Nigeria. Ltd where it held <font>80</font>% for 2019 and 2018.</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(b) <font>See note <font style="border-left: none; border-right: none;">36</font>.</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">c</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">) <font>Tenaris holds <font>97.5</font>% of Tenaris Supply Chain S.A. and <font>40</font>% of Tubular Technical Services Ltd. and Pipe Coaters Nigeria Ltd., <font>49</font>% of Amaja Tubular Services Limited, <font>49</font>% of Tubular Services Angola Lda and <font>60</font>% of Tenaris Baogang Baotou Steel Pipes Ltd.</font></font></p>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of interests in subsidiaries. [Refer: Subsidiaries [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2019-01-01<br> -Paragraph 2<br> -Subparagraph b<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_2_b_i&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 32 - Business Combinations<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2020</div></th></tr>
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<p style="margin-top: 0pt; margin-left: 38.75pt; margin-bottom: 0pt; text-indent: -38.75pt; text-align: justify; line-height: 12pt; padding-top: 5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; letter-spacing: -0.1pt;"><font>32</font></font><font style="font: 7pt 'Times New Roman'; -aw-import: spaces;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; letter-spacing: -0.1pt;">Business combinations</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; letter-spacing: -0.1pt; -aw-import: ignore;">&nbsp;</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 12pt; -aw-import: ignore;">&nbsp;</font></p>
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<p style="margin-top: 0pt; margin-left: 36pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">On January 2, 2020, Tenaris acquired <font>100</font>% of the shares of IPSCO, a U.S. manufacturer of steel pipes, from PAO TMK (&#8220;TMK&#8221;). 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 $<font>1,067</font> million. The final acquisition price was 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. On June 25, 2020 Tenaris and PAO TMK signed a Letter Agreement in which they settled the discussions regarding certain adjustments on the transaction price.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">The parties finally determined the closing price in an amount equal to $<font>1,029</font> million, which is less than the closing price paid by an amount equal to $<font>38.5</font> million.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">This amount was collected on July 2, 2020 and this agreement implies that all disputes relating to the closing statement were resolved.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">IPSCO&#8217;s facilities are located mainly in the midwestern and northeastern regions of the country. IPSCO&#8217;s steel shop in Koppel, Pennsylvania, is Tenaris&#8217;s first in the United States, providing vertical integration through domestic production of a relevant part of its steel bar needs. The Ambridge, Pennsylvania, mill adds a second seamless manufacturing facility and complements Tenaris&#8217;s seamless plant in Bay City, Texas. </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Given the abrupt and steep decline in market demand in <font>2020</font>, all of IPSCO&#8217;s facilities were temporarily closed but some of them are expected to resume operations during the <font>2021</font> as market continues to improve.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">In connection with the closing of the transaction, subsidiaries of Tenaris and TMK entered into a <font>6</font>-year master distribution agreement (the &#8220;MDA&#8221;) for more information see note </font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>26</font> (ii)</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The Company has begun consolidating IPSCO&#8217;s balances and results of operations as from January 2, 2020. The acquired business contributed revenues for $</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>186.7</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> million</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, mainly assigned to Tubes segment,</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> with a minor contribution to the Company&#8217;s margin for the period starting January 2, 2020 and ending </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">December</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> 3</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>1</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, <font>2020</font>.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
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<li style="margin-left: 27.58pt; text-align: justify; line-height: 12pt; padding-left: 8.42pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Wingdings'; -aw-font-weight: normal; -aw-number-format: '&#61607;';"><font style="font-family: 'Times New Roman';">Fair value of net assets acquired</font></li>
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<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The application of the purchase method requires certain estimates and assumptions, mainly 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</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, including the timing and amounts of cash flow projections, the revenue growth rates, the customer attrition rates and the discount rate</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">. The fair values determined at the acquisition date are based mainly on discounted cash flows and other valuation techniques.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The purchase price allocation was carried out with the assistance of a third-party expert. Following IFRS <font>3</font>, during the period ended </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Dec</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ember <font>3</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>1</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, <font>2020</font>, the Company continued reviewing the allocation and, based on new information related to events or circumstances existing at the acquisition date, made certain adjustments over the value of the identifiable assets acquired such as inventory, property, plant and equipment, other liabilities and def</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">erred tax assets.</font></p>
<p style="margin-top: 0pt; margin-left: 31.75pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The allocation of the fair values determined for the assets and liabilities arising from the acquisition is as follows:</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: Calibri; font-size: 11pt; -aw-import: ignore;">&nbsp;</font></p>
<div>
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<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> Fair value of acquired assets and liabilities: </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> $ million </font></p>
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<p style="margin: 0px; line-height: 12pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Property, Plant and Equipment </font></p>
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<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 15%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; line-height: 12pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>503</font> </font></p>
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<p style="margin: 0px; line-height: 12pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Intangible assets </font></p>
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<p style="margin: 0px; text-align: right; line-height: 12pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>170</font> </font></p>
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<p style="margin: 0px; line-height: 12pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Working capital </font></p>
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<p style="margin: 0px; text-align: right; line-height: 12pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>138</font> </font></p>
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<p style="margin: 0px; line-height: 12pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Cash and Cash Equivalents </font></p>
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<p style="margin: 0px; text-align: right; line-height: 12pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>4</font> </font></p>
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<p style="margin: 0px; line-height: 12pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Borrowings </font></p>
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<p style="margin: 0px; text-align: right; line-height: 12pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">(<font>53</font> </font></font></p>
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<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;"><font style="font-size: 10pt;">)</font></td>
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<p style="margin: 0px; line-height: 12pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Provisions </font></p>
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<td style="padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; line-height: 12pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">(<font>27</font> </font></font></p>
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<td style="padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"><font style="font-size: 10pt;">)</font></td>
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<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; line-height: 12pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Other assets and liabilities, net </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; line-height: 12pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">(<font>63</font> </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;"><font style="font-size: 10pt;">)</font></td>
</tr>
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<td style="padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; line-height: 12pt; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> Net assets acquired </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; line-height: 12pt; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><font>672</font> </font></p>
</td>
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</table>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><br/></font></p>
<div>

</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Tenaris acquired total assets and liabilities shown above, for approximately $<font>1,029</font> million. As a result of the acquisition, Tenaris recognized goodwill for approximately $<font>357</font> million. The goodwill is not deductible for tax purposes.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><br/></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">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&#8217;s position as well as its local manufacturing presence in the U.S. market, and also expand its product range and services capabilities.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">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, </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">goodwill mentioned above</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> was impaired</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, for more information see note <font>5</font>.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Acquisition-related costs of<font> $</font><font>9.7</font><font> mill</font>ion were included in general and administrative expenses ($<font>9.4</font> and $<font>0.3</font> in <font>2019</font> and <font>2020</font> respectively). For contingent liabilities related to the acquisition see note </font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>26</font> (i)</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">. </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; letter-spacing: -0.1pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; letter-spacing: -0.1pt;">Acquisition of Saudi Steel Pipe Company</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 12pt; -aw-import: ignore;">&nbsp;</font></p>
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<li style="margin-left: 30.88pt; text-align: justify; line-height: 12pt; padding-left: 5.12pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Wingdings'; -aw-font-weight: normal; -aw-number-format: '&#61607;';"><font style="font-family: 'Times New Roman';">Acquisition</font><font style="font-family: 'Times New Roman';"> and price determination</font></li>
</ul>
<p style="margin-top: 0pt; margin-left: 36pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">On January 21, 2019, Tenaris acquired <font>47.79</font>% of the shares of </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">SSP</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">C</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, a welded steel pipes producer listed on the Saudi stock market, for a total amount of SAR<font>530</font> million (approximately $<font>141</font> million). The amount was paid with Tenaris cash in hand. SSP</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">C</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8217;s facilities are located in the Eastern Province of the Kingdom of Saudi Arabia and have a manufacturing capacity of <font>360,000</font> tons per year. SSP started its operations in <font>1980</font> and serves energy industrial and commercial segments, is qualified to supply products with major national oil companies in the region. </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Upon closing of the acquisition, <font>four</font> Tenaris&#8217;s nominees were appointed as new members of the SSP</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">C</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8217;s board of directors and a Tenaris senior executive was appointed as managing director and chief executive officer of SSP</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">C</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">. Such appointment was ratified at the shareholders meeting of SSP</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">C</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> held on May 7, 2019, where the shareholders also approved the reappointment of the Tenaris&#8217;s nominees until June 6, 2022.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The Company has begun consolidating SSP</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">C</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8217;s balances and results of operations as from January 21, 2019.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; letter-spacing: -0.1pt; -aw-import: ignore;">&nbsp;</font></p>
<ul type="square" style="margin: 0pt; padding-left: 0pt;">
<li style="margin-left: 27.58pt; line-height: 12pt; padding-left: 8.42pt; font-family: serif; font-size: 10pt; font-weight: bold; -aw-font-family: 'Wingdings'; -aw-font-weight: bold; -aw-number-format: '&#61607;';"><font style="font-family: 'Times New Roman'; font-weight: normal;">Fair value of net assets acquired</font></li>
</ul>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 12pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">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.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: spaces;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The allocation of the fair values determined for the assets and liabilities arising from the acquisition is as follows:</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<div>
<table cellspacing="0" cellpadding="0" style="height: 152px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 70%; margin-left: 0.1px;" width="70%">

<tr style="height: 10px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: middle; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 9pt; font-weight: bold;"> Fair value of acquired assets and liabilities: </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 10px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 10px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 9pt; font-weight: bold;"> SAR million </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 10px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 10px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 10px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 9pt; font-weight: bold;"> $ million </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 10px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 64%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Property, Plant and Equipment </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 15%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 9pt;"> <font>671</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 15%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 9pt;"> <font>179</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Customer relationship </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 9pt;"> <font>305</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 9pt;"> <font>81</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Investment in associated </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 9pt;"> <font>77</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 9pt;"> <font>21</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Working capital </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 9pt;"> <font>167</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 9pt;"> <font>45</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Cash and Cash Equivalents </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 9pt;"> <font>32</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 9pt;"> <font>9</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Other Receivables </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 9pt;"> <font>11</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 9pt;"> <font>3</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Borrowings </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 9pt; -aw-import: spaces;"> &nbsp;(<font>304</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><font style="font-size: 9pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 9pt; -aw-import: spaces;"> &nbsp;(<font>81</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><font style="font-size: 9pt;">)</font></td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Employees end of service benefits </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 9pt; -aw-import: spaces;"> &nbsp;(<font>59</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px;"><font style="font-size: 9pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 9pt; -aw-import: spaces;"> &nbsp;(<font>16</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px;"><font style="font-size: 9pt;">)</font></td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Deferred Tax Liabilities </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 9pt; -aw-import: spaces;"> &nbsp;(<font>47</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><font style="font-size: 9pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 9pt; -aw-import: spaces;"> &nbsp;(<font>13</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><font style="font-size: 9pt;">)</font></td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> Net assets acquired </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 9pt; font-weight: bold;"> <font>853</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 9pt; font-weight: bold;"> <font>228</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br/></td>
</tr>

</table>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin: 0pt 0pt 5pt; text-align: justify; line-height: 12pt; text-indent: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Tenaris acquired <font style="border-left: none; border-right: none;">47.79</font>% of total assets and liabilities shown above, approximately $<font>109</font> million. As of the result of the acquisition, the Company recognized a</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Goodwill of approximately $<font>32.9</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> million. Tenaris has chosen to recognize the non-controlling interest at the proportionate share of the acquiree&#8217;s net identifiable assets.</font></p>
<div>
<div>

</div>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The acquired busine</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ss contributed revenues for $<font>170.6</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> million with a minor contribution to Tenaris&#8217;s margin for the period starting January 21, 2019 and ending </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">December 31</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, <font>2019</font>. </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">If the acquisition had occurred on January</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> 1,</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2019</font>, consolidated revenue and profit after tax would have not changed significantly.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="width: 14.2pt; display: inline-block; -aw-tabstop-align: center; -aw-tabstop-pos: 14.2pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt; widows: 0; orphans: 0;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The purchase price allocation has been done with the ass</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">istance of a third party expert.</font></p>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for business combinations.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2019-01-01<br> -Section Disclosures<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2019-en-r&amp;doctype=Standard&amp;dita_xref=IFRS03_g59-63_TI<br> -URIDate 2019-03-27<br></p></div>
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140345109581736">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 33 - Agreement to Build a Welded Pipe Plant in West Siberia<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2020</div></th></tr>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<p style="margin-top: 0pt; margin-left: 38.9pt; margin-bottom: 0pt; text-indent: -38.9pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><font>33</font></font><font style="font: 7pt 'Times New Roman'; -aw-import: spaces;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Agreement to build a welded pipe plant in West Siberia</font></p>
<p style="margin-top: 0pt; margin-left: 35pt; margin-bottom: 0pt; text-indent: -35pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; letter-spacing: -0.1pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font><font style="font-family: 'Times New Roman'; font-size: 10pt;">In </font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>2019</font>,</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Tenaris entered into an agreement with Severstal to build a welded pipe plant to produce OCTG products in the Surgut area, West Siberia, Russian Federation. Tenaris holds a <font>49</font>% interest in the company, while Severstal owns the remaining <font>51</font>%. The plant,<font>&nbsp;</font>which is estimated to require a total<font>&nbsp;</font>investment of $<font>280</font><font>&nbsp;</font>million is planned to have an annual production capacity<font>&nbsp;</font>of<font>&nbsp;</font><font>300,000</font><font>&nbsp;</font>tons.</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font><font style="font-family: 'Times New Roman'; font-size: 10pt;">During </font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>2019</font>,</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> we invested $<font>19.6</font> million in the project. In 2020, the parties completed all the engineering to get the construction permit but on-site activities faced some delays due to the COVID-19 pandemic. Therefore, no additional contributions were made during 2020.</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><br/></font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font><font style="font-family: 'Times New Roman'; font-size: 10pt;">In March 2021, the joint venture parties put on hold the construction activities, while they assess the impact of the changes in the relevant markets and competitive environment and determine whether any adjustments or changes to the project could be necessary.</font></font><font></font></p>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of joint ventures. [Refer: Joint ventures [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 27<br> -IssueDate 2019-01-01<br> -Paragraph 17<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=27&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_17_b&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 27<br> -IssueDate 2019-01-01<br> -Paragraph 16<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=27&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_16_b&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2019-01-01<br> -Paragraph B4<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_B4_b&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2019-03-27<br></p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140345116700072">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 34 - Agreement to build a steel pipe premium connection threading plant in Baotou<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2020</div></th></tr>
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<td class="text">&#160;<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfJointVenturesLineItems', window );"><strong>Disclosure of joint ventures [line items]</strong></a></td>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfJointVenturesExplanatory', window );">Note 34 - Agreement to build a steel pipe premium connection threading plant in Baotou</a></td>
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<p style="margin-top: 0pt; margin-left: 38.75pt; margin-bottom: 0pt; text-indent: -38.75pt; text-align: justify; line-height: 12pt;"><font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><font style="border-left: none; border-right: none;">34</font></font><font style="font: 7pt 'Times New Roman'; -aw-import: spaces;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Agreement to build a steel pipe premium connection threading plant in Baotou</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font style="color: #222222; font-family: 'Times New Roman', serif; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 10pt;">In 2020,&nbsp;<font>Tenaris</font><font>&nbsp;</font></font><font style="color: #222222; font-family: 'Times New Roman', serif; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 10pt;">entered into an agreement with</font><font style="color: #222222; font-family: 'Times New Roman', serif; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 10pt;"><font>&nbsp;</font>Inner Mongolia Baotou Steel Union Co. Ltd. to build a steel pipe premium connection threading plant to produce OCTG products in Baotou, China. Under the agreement,<font>&nbsp;</font><font>Tenaris</font><font>&nbsp;</font>owns</font> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>60</font>% <font style="color: #222222; font-family: 'Times New Roman', serif; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><font>&nbsp;</font>of shares in the new company, while Inner Mongolia Baotou Steel Union Co. Ltd. holds the remaining</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;<font>40</font>%.&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font style="color: #000000; font-family: 'Times New Roman', serif; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><font><font style="color: #222222; font-family: 'Times New Roman', serif; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">The Company began consolidating balances and results of operations in December 2020. The plant, which is estimated to require a total investment of</font> </font></font>$</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>32.6</font> million<font style="color: #000000; font-family: 'Times New Roman', serif; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">,<font style="color: #222222; font-family: 'Times New Roman', serif; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">and a <font>1</font>-year construction period, is planned to have an annual production capacity of</font></font><font>&nbsp;</font><font>70</font><font> <font style="color: #222222; font-family: 'Times New Roman', serif; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">thousand tons. During 2020, the Company contributed</font></font>&nbsp;$<font>2.3</font> <font style="color: #222222; font-family: 'Times New Roman', serif; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">million to the project.</font></font></p>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of joint ventures. [Refer: Joint ventures [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 27<br> -IssueDate 2019-01-01<br> -Paragraph 17<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=27&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_17_b&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 27<br> -IssueDate 2019-01-01<br> -Paragraph 16<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=27&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_16_b&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2019-01-01<br> -Paragraph B4<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_B4_b&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2019-03-27<br></p></div>
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140345109859848">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 35 - Closure of facilities at JFE's Keihin steel complex<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2020</div></th></tr>
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<td class="text">&#160;<span></span>
</td>
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<td class="text"><div>
<p style="margin-top: 0pt; margin-left: 38.75pt; margin-bottom: 0pt; text-indent: -38.75pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">35</font><font style="font: 7pt 'Times New Roman'; -aw-import: spaces;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> Closure of facilities at JFE&#8217;s Keihin steel complex</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Tenaris&#8217;s</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> seamless pipe manufacturing facility in Asia, operated by NKKTubes, is located in Kawasaki, Japan, in the Keihin steel complex owned by JFE Holdings Inc. (&#8220;JFE&#8221;). Steel bars and other essential inputs and services for NKKTubes are supplied under a long-term agreement by JFE, which retains a <font>49</font>% interest in NKKTubes. On March 27, 2020, JFE informed Tenaris of its decision to permanently cease as from JFE&#8217;s fiscal year ending March 2024 the operations of certain of its steel manufacturing facilities and other facilities located at the Keihin complex. The closure of JFE&#8217;s Keihin facilities may result in the unavailability of steel bars and other essential inputs or services used in NKKTubes&#8217; manufacturing process, thereby affecting its operations. Tenaris and JFE have agreed to engage in discussions to seek mutually acceptable solutions.</font></p>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of information about unconsolidated structured entities controlled by an investment entity. [Refer: Disclosure of investment entities [text block]; Unconsolidated structured entities [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2019-01-01<br> -Paragraph 19F<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_19F&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140345109509704">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 36 - Closure of Prudential Steel LTD<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2020</div></th></tr>
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<td class="text">&#160;<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfInformationAboutUnconsolidatedStructuredEntitiesControlledByInvestmentEntityLineItems', window );"><strong>Disclosure of information about unconsolidated structured entities controlled by investment entity [line items]</strong></a></td>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfInformationAboutUnconsolidatedStructuredEntitiesControlledByInvestmentEntityExplanatory', window );">Note 36 - Closure of Prudential Steel LTD</a></td>
<td class="text"><div>
<p style="margin-top: 0pt; margin-left: 38.75pt; margin-bottom: 0pt; text-indent: -38.75pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">36</font><font style="font: 7pt 'Times New Roman'; -aw-import: spaces;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Closure of Prudential</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> Steel L</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">TD</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 12pt; font-weight: bold; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Tenaris&#8217;s</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">facility of Prudential Steel L</font><font style="font-family: 'Times New Roman';">TD, located in Calgary, Alberta,</font><font style="font-family: 'Times New Roman';"> has been closed down and </font><font style="font-family: 'Times New Roman';">the</font><font style="font-family: 'Times New Roman';"> pipe manufacturing operations</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">of seamless, welded and premium products in Canada</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">will be consolidated at Algoma Tubes Inc.</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">in Sault Ste. Marie, Ontario</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">with an additional investment of $<font>72</font> million. This repositioning of </font><font style="font-family: 'Times New Roman';">the</font><font style="font-family: 'Times New Roman';"> industrial activities, which will be completed by November 2021, will strengthen </font><font style="font-family: 'Times New Roman';">the</font><font style="font-family: 'Times New Roman';"> competitiveness and increase </font><font style="font-family: 'Times New Roman';">the</font><font style="font-family: 'Times New Roman';"> domestic production capabilities for the Canadian market.</font></p>
</div><span></span>
</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of information about unconsolidated structured entities controlled by an investment entity. [Refer: Disclosure of investment entities [text block]; Unconsolidated structured entities [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2019-01-01<br> -Paragraph 19F<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_19F&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140345109430120">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 37 - Cancellation of title deed in Saudi Steel Pipe Company<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2020</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_DisclosureOfCancellationOfTitleDeedInAffiliatesAbstract', window );"><strong>Disclosure of Cancellation of title Deed in Affiliates [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
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<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_IsclosureOfCancellationOfTitleDeedInAffiliatesTextBlock', window );">Note 37 - Cancellation of title deed in Saudi Steel Pipe Company</a></td>
<td class="text"><div>
<p style="margin-top: 0pt; margin-left: 38.75pt; margin-bottom: 0pt; text-indent: -38.75pt; line-height: 12pt; padding-top: 5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">37</font><font style="font: 7pt 'Times New Roman'; -aw-import: spaces;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">C</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">ancellation of title deed in Saudi </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Steel Pipe Company</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">T</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">he Company has recently learned through the Ministry of Justice&#8217;s online portal that the electronic title deeds to certain land plots of its Saudi Arabian subsidiary SSPC had become inactive due to cancellation by court order.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The affected land plots, with a total surface of <font>811,284</font> square meters, are located in Dammam and were purchased from a private entity on February 13, 2010, pursuant to a written purchase agreement duly executed by SSPC in full compliance with the laws of the Kingdom of Saudi Arabia. The purchase </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">of the land </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">occurred before Tenaris&#8217;s acquisition of <font>a </font><font>47.79</font><font>%</font> interest in SSPC</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> in 2019</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">. The affected plots are not part of the production facility of SSPC, have been partially used as a warehouse, and have a carrying value on Tenaris&#8217;s financial statements of $<font>56.2</font> million.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">As of the date hereof, neither the cancellation nor the court order have been notified to SSPC or otherwise been made public, and the legal basis for the court order is unknown. SSPC is currently assessing the effects of the court order and the available alternatives to protect the land and reinstate the title deeds. At this time, it is not possible to predict the outcome of this matter.</font></p>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure describing the cancellation of title deed in Affiliated entities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140345109603288">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 38 - Nationalization of Venezuelan Subsidiaries<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2020</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_DisclosureOfNationalizationOfSubsidiariesAbstract', window );"><strong>Disclosure of Nationalization of Subsidiaries [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_DisclosureOfNationalizationOfSubsidiariesTextBlock', window );">Note 38 - Nationalization of Venezuelan Subsidiaries</a></td>
<td class="text"><div>
<p style="margin-top: 0pt; margin-left: 38.75pt; margin-bottom: 0pt; text-indent: -38.75pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><font>38</font></font><font style="font: 7pt 'Times New Roman'; -aw-import: spaces;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Nationalization of Venezuelan Subsidiaries</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">In May 2009, within the framework of Decree Law <font>6058</font>, Venezuela&#8217;s President announced the nationalization of, among other companies, the Company's majority-owned subsidiaries TAVSA - Tubos de Acero de Venezuela S.A. (&#8220;Tavsa&#8221;) and, Matesi Materiales Sider&#250;rgicos S.A (&#8220;Matesi&#8221;), and Complejo Sider&#250;rgico de Guayana, C.A (&#8220;Comsigua&#8221;), in which the Company has a non-controlling interest (collectively, the &#8220;Venezuelan Companies&#8221;). Tenaris and its wholly-owned subsidiary, Talta - Trading e Marketing Sociedad Unipessoal Lda (&#8220;Talta&#8221;), initiated arbitration proceedings against Venezuela before the ICSID in Washington D.C. in connection with these nationalizations.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; font-style: italic; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; font-style: italic;">Matesi</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">On January 29, 2016, the tribunal released its award on the arbitration proceeding concerning the nationalization of Matesi. The award upheld Tenaris&#8217;s and Talta&#8217;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 $<font>87.3</font> million for the breaches and ordered Venezuela to pay an additional amount of $<font>85.5</font> million in pre-award interest, aggregating to a total award of $<font>172.8</font> million, payable in full and net of any applicable Venezuelan tax, duty or charge. The tribunal granted Venezuela a grace period of <font>six</font> 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 no, or no full, payment is made by then, post-award interest will apply at the rate of <font>9</font>% per annum compounded at <font>six</font>-monthly rests from the date of the award until payment in full. As of Dec</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ember <font>31</font>, <font>2020</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, post-award intere</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">st amounted to approximately $<font>83.4</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> million. </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">On March 14, 2016, Venezuela requested the rectification of the award pursuant to article <font>49</font>(<font>2</font>) of the ICSID Convention and ICSID Arbitration Rule <font>49</font>. The tribunal denied Venezuela&#8217;s request on June 24, 2016, ordering Venezuela to reimburse Tenaris and Talta for their costs incurred in connection with the rectification proceedings. On September 21, 2016, 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 March 24, 2017, an ad hoc committee constituted to decide on Venezuela&#180;s requests rendered its decision to lift the stay of enforcement of the award. On August 8, 2018, the ad hoc committee rejected Venezuela&#8217;s application to annul the award.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">On June 8, 2018, Tenaris and Talta filed </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">an </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">action in federal court in the District of Columbia to recognize and enforce the award. Tenaris and Talta effected service on Venezuela in accordance with US law, and Venezuela failed to file an answer in the proceeding.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Tenaris and Talta then moved for default judgment. Venezuela subsequently appeared </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">in the proceedings </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">but did not oppose the entry of default judgment on the award. On July 17, 2020, the Court entered judgment recognizing the Matesi award. The judgment orders Venezuela to pay to Tenaris and Talta an amount of $<font>256.2</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;million, including principal and post-award interest through the judgment date, and provides for post-judgment interest to accrue on this sum at the U.S. federal s</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">tatutory rate.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The judgment, however, may not be enforced in the U.S. to the extent prohibited by the Venezuelan sanctions regulations issued by the U.S. Treasury Department&#8217;s Office of Foreign Assets Control.</font></p>

<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; font-style: italic;">Tavsa and Comsigua</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">On December 12, 2016, the tribunal issued its award upholding Tenaris&#8217;s and Talta&#8217;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 $<font>137.0</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> million and ordered Venezuela to reimburse Tenaris and Talta $<font>3.3</font> million in legal fees and ICSID administrative costs. In addition, Venezuela was ordered to pay interest from April 30, 2008 until the day of effective payment at a rate equivalent to <font>LIBOR</font> + <font>4</font>% per annum, which as of December 31, 20</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>20</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> amounted to approximately $<font>132.4</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> million. </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">On April 11, 2017, 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 February 23, 2018, an ad hoc committee constituted to decide on Venezuela&#8217;s requests rendered its decision to lift the stay of enforcement of the award. On December 28, 2018, the ad hoc committee rejected Venezuela&#8217;s application to annul the award.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">On June 8, 2018, Tenaris and Talta filed </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">an</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> action in federal court in the District of Columbia to recognize and enforce the award. Tenaris and Talta effected service on Venezuela in accordance with US law, and Venezuela failed to file an answer in the proceeding.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Tenaris and Talta then moved for default judgment. Venezuela subsequently appeared </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">in the proceedings </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">but did not oppose the entry of default judgment on the award. It is expected that the Tavsa award will also be converted into a judgment.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The judgment, however, may not be enforced in the U.S. to the extent prohibited by the Venezuelan sanctions regulations issued by the U.S. Treasury Department&#8217;s Office of Foreign Assets Control.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">As of December 31, 20</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>20</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, Tenaris or its subsidiaries have net receivables related to its interest in the Venezuelan Companies for a total amount of approximately $<font>48.7</font>&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">million</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">. See </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">n</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ote III.B</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">.</font></p>
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140345109555608">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 39 - The COVID-19 pandemic and the oil &amp; gas crisis and their impact on Tenaris's operations and financial condition<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2020</div></th></tr>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_ExtraordinaryAndUnusualItems1Abstract', window );"><strong>Extraordinary and Unusual Items 1 [Abstract]</strong></a></td>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_UnusualOrInfrequentItems1DisclosureTextBlock', window );">Note 39 - The COVID-19 pandemic and the oil &amp; gas crisis and their impact on Tenaris&#8217;s operations and financial condition</a></td>
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<p style="margin-top: 0pt; margin-left: 38.75pt; margin-bottom: 0pt; text-indent: -38.75pt; text-align: justify; line-height: 12pt; widows: 0; orphans: 0;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; letter-spacing: -0.1pt;">39</font><font style="font: 7pt 'Times New Roman'; -aw-import: spaces;">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; letter-spacing: -0.1pt;">The COVID-<font>19</font> pandemic and the oil &amp; gas crisis and their impact on Tenaris&#8217;s operations and financial condition</font></p>
<p style="margin-top: 0pt; margin-left: 36pt; margin-bottom: 0pt; text-align: justify; line-height: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; letter-spacing: -0.1pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">A novel strain of coronavirus (&#8220;SARS-CoV-<font>2</font>&#8221;) surfaced in China in December 2019 and subsequently spread to the rest of the world in early <font>2020</font>. In March 2020, the World Health Organization declared COVID-<font>19</font>, the disease caused by the SARS-CoV-<font>2</font> virus, a global pandemic. In response to the COVID-<font>19</font> 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, Saudi Arabia and the United States). The rapid expansion of the virus</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, the surfacing of new strains of the virus in several countries, </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">and the measures taken to contain it have triggered a severe fall in global economic activity and </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">precipitated </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">a serious crisis in the energy sector.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">While the extent of the effects of COVID-<font>19</font> on the global economy and oil demand were still unclear, in March 2020, the members of OPEC+ (OPEC plus other major oil producers including Russia) did not agree to extend their agreement to cut oil production and Saudi Arabia </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">launched</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> a wave of additional supply on the market triggering a collapse in oil prices below $<font>30</font> 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 agreement to cut production by as much as <font>9.7</font> million barrels per day, the situation of acute oversupply continued, causing oil prices to hit record lows. By the end of trading on April 20, 2020, the West Texas Intermediate (&#8220;WTI&#8221;) forward price for delivery in May, which had to be closed out the following day, fell to a negative value for the first time in history, as oil storage facilities were completely committed, and producers were forced to pay buyers to take their barrels. </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Since then, the price of oil has been recovering and currently stands above the level of $<font>5</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>5</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> per barrel, bolstered by the actions to cut production taken by OPEC+ and the recovery of oil demand, as the global economy, especially industrial production, recovers and COVID-<font>19</font> vaccination programs begin. With consumption exceeding production excess oil inventories built up in the first half of <font>2020</font> are being gradually reduced. The worldwide demand of oil, which stood at <font>100</font> million barrels per day in December 2019, fell to around <font>75</font>-<font>80</font> million barrels per day in April 2020 bef</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ore recovering to around </font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>94</font> million barrels per day in December 2020. Drilling activity in the United States and Canada, where it was most affected, has begun to recover but remains well below the level it was prior to the pandemic, while, in the rest of the world, any recovery will take longer following the reductions in investment plans made by oil and gas companies in response to the pandemic. There remains considerable uncertainty about the future duration and extent of the pandemic with new and more contagious variants of the COVID-<font>19</font> virus appearing and the effectiveness of vaccination programs still to be seen.</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Status of our operations</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Although restrictions imposed in connection with the COVID-<font>19</font> pandemic have been lifted in some countries where Tenaris operates, it is currently not possible to predict whether such measures will be relaxed further, reinstated or made more stringent. In addition, Tenaris has adjusted production levels at its facilities, which are operating with reduced volumes in line with market demand, and may perform additional adjustments.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">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 professional 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 not materially adversely affected Tenaris&#8217;s ability to conduct operations. In addition, these alternative working arrangements have not adversely affected our financial reporting systems, internal control over financial reporting or disclosure controls and procedures.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Risks associated with the COVID-<font>19</font> pandemic and the oil &amp; gas crisis</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The COVID-<font>19</font> pandemic and the ongoing oil &amp; gas crisis poses the following main risks and challenges to Tenaris:</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: spaces;">&nbsp;</font></p>
<ul type="disc" style="margin: 0pt; padding-left: 0pt;">
<li style="margin-left: 9.6pt; text-align: justify; line-height: 12pt; padding-left: 4.1pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman';">Global oil demand may fail to recover its former level 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.</font></li>
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<p style="margin-top: 0pt; margin-left: 13.6pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: Arial; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
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<li style="margin-left: 9.6pt; text-align: justify; line-height: 12pt; padding-left: 3.9pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman';">Tenaris or its employees, contractors, suppliers, customers and other business partners may 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, may refuse to work due to health concerns while the COVID-<font>19</font> outbreak is ongoing, If that happens, the continuity of our future operations may be severely affected.</font></li>
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<p style="margin-top: 0pt; margin-left: 13.7pt; margin-bottom: 0pt; text-indent: -13.7pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
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<li style="margin-left: 9.6pt; text-align: justify; line-height: 12pt; padding-left: 3.9pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman';">A continuing spread of COVID-<font>19</font> </font><font style="font-family: 'Times New Roman';">and new strains of the virus </font><font style="font-family: 'Times New Roman';">may 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&#8217;s profitability.</font></li>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Mitigating actions</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">In order to mitigate the impact of expected lower sales, </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">starting from the first quarter <font>2020</font>, </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Tenaris </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">implemented</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> 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</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">se </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">actions include</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">d</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">:</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<ul type="disc" style="margin: 0pt; padding-left: 0pt;">
<li style="margin-left: 27.6pt; text-align: justify; line-height: 12pt; padding-left: 8.4pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman';">adjusting the level of our operations and workforce around the world, including through the temporary closure of certain</font><font style="font-family: 'Times New Roman';"> facilities or production lines</font><font style="font-family: 'Times New Roman';">;</font></li>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<ul type="disc" style="margin: 0pt; padding-left: 0pt;">
<li style="margin-left: 27.6pt; text-align: justify; line-height: 12pt; padding-left: 8.4pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman';">introducing efficiency and productivity improvements throughout Tenaris&#8217;s industrial system;</font></li>
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<p style="margin-top: 0pt; margin-left: 18pt; margin-bottom: 0pt; text-indent: -18pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<ul type="disc" style="margin: 0pt; padding-left: 0pt;">
<li style="margin-left: 27.6pt; text-align: justify; line-height: 12pt; padding-left: 8.4pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman';">downsizing our fixed cost structure, including through pay reductions for senio</font><font style="font-family: 'Times New Roman';">r management and board members, as well as R&amp;D expenses, for a </font><font style="font-family: 'Times New Roman';">total annual savings of approxim</font><font style="font-family: 'Times New Roman';">ately $<font>230</font></font><font style="font-family: 'Times New Roman';"> million </font><font style="font-family: 'Times New Roman';">on a yearly basis</font><font style="font-family: 'Times New Roman';">;</font></li>
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<p style="margin-top: 0pt; margin-left: 18pt; margin-bottom: 0pt; text-indent: -18pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<ul type="disc" style="margin: 0pt; padding-left: 0pt;">
<li style="margin-left: 27.6pt; text-align: justify; line-height: 12pt; padding-left: 8.4pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman';">reducing capital expenditures b<font>y $</font><font>157</font></font><font style="font-family: 'Times New Roman';"><font> millio</font>n in comparison to <font>2019</font> levels</font><font style="font-family: 'Times New Roman';">;</font></li>
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<p style="margin-top: 0pt; margin-left: 18pt; margin-bottom: 0pt; text-indent: -18pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
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<li style="margin-left: 27.6pt; text-align: justify; line-height: 12pt; padding-left: 8.4pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman';">reducing working capital, especially inventories, in accordance with the expected levels of activity; and</font></li>
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<p style="margin-top: 0pt; margin-left: 18pt; margin-bottom: 0pt; text-indent: -18pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
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<li style="margin-left: 27.6pt; text-align: justify; line-height: 12pt; padding-left: 8.4pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman';">increasing our focus on managing customer credit con</font><font style="font-family: 'Times New Roman';">ditions.</font></li>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">As of the date of these Consolidated Financial Statements, </font><font style="font-family: 'Times New Roman';">the</font><font style="font-family: 'Times New Roman';">se rightsizing initiatives </font><font style="font-family: 'Times New Roman';">are </font><font style="font-family: 'Times New Roman';">largely complete and the principal objectives have been achieved</font><font style="font-family: 'Times New Roman';">; </font><font style="font-family: 'Times New Roman';">some residual actions</font><font style="font-family: 'Times New Roman';"> are</font><font style="font-family: 'Times New Roman';"> still ongoing.</font><font style="font-family: 'Times New Roman';"> </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Segoe UI'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">As part of these liquidity preservation initiatives, on June 2, 2020, the Annual Shareholders Meeting approved that no further dividends be distributed in respect of fiscal year <font>2019</font> on top of the interim dividend of approximately $<font>153</font> million already paid in November 2019. </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">On</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> November 4, 2020, the Company&#8217;s Board of Directors approved the payment of an interim dividend of $<font>0.07</font> per share ($<font>0.14</font> per ADS), or approximately $<font>82.6</font> million, paid on November 25, 2020.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">As of the date of these Consolidated Financial Statements, our capital and financial resources, and overall liquidity position, have not 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 $</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>1,085</font></font><font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><sup><font style="font-family: 'Times New Roman'; font-size: 6.67pt; vertical-align: super; color: #000000;">[<font>1</font>]</font></sup></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> million</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> a</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">s of the end of </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Dec</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ember <font>2020</font> and a manageable debt amortization schedule. </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">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.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Considering the global situation, the Company</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> has renegotiated and continues to renegotiate </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">existing contractual obligations with its counterparties to adapt the commitment</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">s to the decrease in activity.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Management does not expect to disclose or incur in any material COVID-<font>19</font>-related contingency, and it considers its allowance for doubtful accounts sufficient to cover risks that could arise from credits with custo</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">mers in accordance with IFRS <font>9</font>.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><br/></font></p>
<p style="margin: 0pt 0px; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration: underline; float: none; display: inline !important;">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</font></font></p>
<p style="margin: 0pt 0px; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: #ffffff; font-size: 8pt;"><font><sup><font style="font-family: 'Times New Roman'; font-size: 5.33pt; vertical-align: super; color: #000000;"><font style="cursor: default;">1</font></font></sup><font style="font-family: 'Times New Roman';">&nbsp;Net cash</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">/ debt</font><font style="font-family: 'Times New Roman';">&nbsp;&nbsp;</font><font style="font-family: 'Times New Roman';">is calculated in the following manner:</font></font></p>
<p style="margin: 0pt 0px; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: #ffffff; font-size: 8pt;"><font><font style="font-family: 'Times New Roman';">Net cash= Cash and cash equivalents + Other investments (Current and Non-Current)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">+/- Derivatives hedging borrowings and investments&#8211; Borrowings (Current and Non-Current).</font></font></p>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for an event or transaction that is unusual in nature or infrequent in occurrence, or both.</p></div>
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140345109530728">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 40 - Subsequent Events<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2020</div></th></tr>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfEventsAfterReportingPeriodExplanatory', window );">Note 40 - Subsequent Events</a></td>
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<p style="margin-top: 0pt; margin-left: 38.75pt; margin-bottom: 0pt; text-indent: -38.75pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">40</font><font style="font: 7pt 'Times New Roman'; -aw-import: spaces;">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Subsequent event</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; letter-spacing: -0.1pt;">Annual Dividend Proposal</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 12pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Upon approval of the Company&#180;s annual accounts in March 202</font><font style="font-family: 'Times New Roman';"><font>1</font></font><font style="font-family: 'Times New Roman';">, the Board of D</font><font style="font-family: 'Times New Roman';">irectors intends to propose,</font><font style="font-family: 'Times New Roman';"> for the approval of the Annual General Shareholders' meeting to be held on </font><font style="font-family: 'Times New Roman';">May</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';"><font>3</font>, <font>2021</font></font><font style="font-family: 'Times New Roman';">, the payment of an annual dividend of </font><font style="font-family: 'Times New Roman';">$</font><font style="font-family: 'Times New Roman';"><font style="border-left: none; border-right: none;"><font>0.21</font></font></font><font style="font-family: 'Times New Roman';"> per share ($</font><font style="font-family: 'Times New Roman';"><font>0.42</font></font><font style="font-family: 'Times New Roman';"> per ADS), or approximatel<font>y $</font></font><font><font style="font-family: 'Times New Roman';"><font>248</font></font></font><font style="font-family: 'Times New Roman';"><font> mill</font>ion, which includes the interim dividend of $</font><font style="font-family: 'Times New Roman';"><font>0.07</font></font><font style="font-family: 'Times New Roman';"> per share ($</font><font style="font-family: 'Times New Roman';"><font>0.14</font></font><font style="font-family: 'Times New Roman';"> per ADS) or approximate</font><font style="font-family: 'Times New Roman';">ly $<font>83</font> million, paid on November 25</font><font style="font-family: 'Times New Roman';">, </font><font style="font-family: 'Times New Roman';"><font>2020</font></font><font style="font-family: 'Times New Roman';">. If the annual dividend is approved by the shareholders, a dividend of </font><font style="font-family: 'Times New Roman';">$</font><font style="border-left: none; border-right: none;"><font style="font-family: 'Times New Roman';"><font style="border-left: none; border-right: none;"><font>0.14</font></font></font></font><font style="font-family: 'Times New Roman';">&nbsp;per share ($</font><font style="border-left: none; border-right: none;"><font style="font-family: 'Times New Roman';"><font style="border-left: none; border-right: none;"><font>0.28</font></font></font></font><font style="font-family: 'Times New Roman';">&nbsp;per ADS), or approximatel<font>y $</font></font><font><font style="font-family: 'Times New Roman';"><font>165</font></font></font><font style="font-family: 'Times New Roman';"><font> mi</font>llion will be paid on May </font><font style="font-family: 'Times New Roman';">26, 2021</font><font style="font-family: 'Times New Roman';">, with an ex-dividend date of May </font><font style="font-family: 'Times New Roman';">24, 2021</font><font style="font-family: 'Times New Roman';">. These Consolidated Financial Statements do not reflect this dividend payable.</font></p>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for events after the reporting period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 10<br> -IssueDate 2019-01-01<br> -Section Disclosure<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=10&amp;code=ifrs-tx-2019-en-r&amp;doctype=Standard&amp;dita_xref=IAS10_g17-22_TI<br> -URIDate 2019-03-27<br></p></div>
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140345110966712">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>II. Accounting Policies (Policies)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2020</div></th></tr>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_DisclosureOfSignificantAccountingPoliciesAbstract', window );"><strong>Disclosure of Significant Accounting Policies [Abstract]</strong></a></td>
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<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">A</font><font style="width: 28.78pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Basis of presentation</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The Consolidated Financial Statements of Tenaris have been prepared in accordance with International Financial Reporting Standards (&#8220;IFRS&#8221;), as issued by the International Accounting Standards Board (&#8220;IASB&#8221;) and</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> in accordance with IFRS</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> as adopted by the European Union,</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">under the historical cost convention, as modified by the revaluation of </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">certain </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">financial assets</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">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 (&#8220;$&#8221;).</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Whenever necessary, c</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ertain comparative amounts</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">have been reclassified to conform to changes in presentation in the current year.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">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 may differ from these estimates.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> The</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> main</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> areas involving significant estimates or judgements are: </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">i</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">mpairment of goodwill and long-lived assets (not</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">e II.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">H</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">); i</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ncome </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">t</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">axes (note II.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">O</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">); </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">obsolescence of inventory (note </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">II.J</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">); loss contingencies (note II.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Q</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">); </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">allowance for trade receivables (note II.K)</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">d</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">efined be</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">nefit obligations (note II.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">P</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">);</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">business combinations </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">(notes II.B, I</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">V</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>3</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>2</font>); u</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">seful lives of property, plant and equipment</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> and</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> other long-lived assets (notes II.E, II.F</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, II.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">H</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">)</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">; property title ownership </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">restriction</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (note <font>37</font>). </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">During the period there were no material changes in the significant accounting estimates.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Management has reviewed the Company&#8217;s exposure to the effects of the oil and gas crisis and the COVID-<font>19</font> pandemic and their impact over its business, financial position and performance, monitoring the recognition of deferred tax assets, and their recoverability, impairment testing, financial risk management -in particular credit and liquidity risks- and the adequacy of its provisions for contingent liabilities. In the <font>twelve</font>-month period ended December 31, 2020, management conducted impairment tests and recorded impairment charges over certa</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">in long-lived assets. Refer to n</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">otes <font>5</font> and <font>3</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>9</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> for further information on impairment of assets and the impact of the oil and gas crisis and the COVID-<font>19</font> pandemic.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-left: 36pt; margin-bottom: 0pt; text-indent: -36pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">(<font>1</font>)</font><font style="font: 7pt 'Times New Roman'; -aw-import: spaces;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Accounting pronouncements applicable as from J</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">anuary <font>1</font>, <font>20</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"><font>20</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"> and relevant for Tenaris</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">IFRS <font>16</font> &#8220;Leases&#8221;, &#8220;COVID-<font>19</font> - Related Rent Concessions&#8221;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The Company chose not to adopt the optional amendment to IFRS <font>16</font> &#8220;Leases&#8221;, &#8220;COVID-<font>19</font> - Related Rent Concessions&#8221;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">. An assessment was conducted and the Company concluded that </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">the impact </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">was </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">not material.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Other accounting pronouncements t</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">hat became effective during <font>20</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>20</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> have no material effect on the Company&#8217;s financial condition or results of operations.</font></p>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory', window );">Description of accounting policy for investment in associates and joint ventures [text block]</a></td>
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<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt; padding-top: 5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">B</font><font style="width: 29.33pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Group accounting</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 12pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">(<font>1</font>)</font><font style="width: 24.34pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Subsidiaries and transactions with non-controlling interests</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">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 no longer consolidated from the date control ceases. </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">acquisition</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> method of accounting is used to account for the acquisition of subsidiaries by </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Tenaris</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">. The cost of an acquisition is measured as the fair value of the assets </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">transferred</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, equity instruments issued and liabilities incurred or assumed at the date of </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">exchange</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">. Acquisition-related costs are expensed as incurred.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Identifiable assets acquired</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">,</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">. Any non-controlling interest in the acquiree is measured either at fair value or at the non-controlling interest&#8217;s proportionate share of the acquiree&#8217;s net assets. </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">The excess of the</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> aggregate of the</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">consideration transferred</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> and</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> the amount of any non-controlling interest in the acquiree</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">over the fair value of the identifiable net assets acquired is recorded as goodwill. If </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">this</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> is less than the fair value of the net assets of the subsidiary acquired, the difference is recognized directly in the</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Consolidated</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">I</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ncome </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">S</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">tatement.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Contingent consideration is classified either as equity or a</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">s</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">a </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">financial liability. Amounts classified as a financial liability are subsequently remeasured to fair value with changes in fair value recognized in profit or loss.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">If the business combination is achieved in stages, the acquisition date carrying value of the acquirer&#8217;s previously held equity interest in the acquire</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">e</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> is remeasured to fair value at the acquisition date. Any gains or losses arising from such remeasurement are recognized in profit or loss.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">T</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ransactions with non-controlling interests </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">that do not result in a loss of control</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> are accounted</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">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.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">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 may mean that amounts previously recognized in other comprehensive income are reclassified to profit or loss. </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Material intercompany transactions</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">balances </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">and unrealized gains (losses) on transactions </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">between Tenaris subsidiaries have been eliminated in consolidation. However, </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">since</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> the functional currency of some subsidiaries </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">is </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">i</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">t</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">s respective local currency, some financial gains (losses) arising from intercompany transactions</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> are generated. These</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> are included in the </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">C</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">onsolidated </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">I</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ncome </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">S</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">tatement under </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Other f</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">inancial results</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; -aw-import: spaces;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">(<font>2</font>)</font><font style="width: 21.84pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Non-consolidated companies</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 12pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Non-consolidated companies</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> are</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> all</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">entities</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> in which Tenaris </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">has significant influence but not control</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">,</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> generally accompanying a shareholding of </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">between <font style="border-left: none; border-right: none;"><font>20</font></font>% and <font style="border-left: none; border-right: none;"><font>50</font></font>% of the voting rights.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Investments in </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">non-</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">consolidated companies</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">(associated </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">and joint ventures</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">)</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">are accounted for by the equity method of accounting and</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> are</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> initially recognized at cost.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">The Company&#8217;s investment in </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">non-</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">consolidated companies</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> includes goodwill identified in acquisition, net of any accumulated impairment loss.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Under the equity method of accounting, the investments are initially recognized at cost and adjusted thereafter to recognize Tenaris&#8217;s share of the post-acquisition profits or losses of the investee in profit or loss, and Tenaris&#8217;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.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">If material, u</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">nrealized results on transactions between Tenaris and its </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">non-consolidated companies</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> are eliminated to the extent of </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Tenaris&#8217;s</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> interest in the </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">non-consolidated companies</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">. </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Unreali</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">z</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ed losses are also eliminated </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">unless the transaction provides evidence of </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">an impairment </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">indicator </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">of the asset transferred. </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Financial </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">s</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">tatements of </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">non-consolidated companies </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">have been</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> adjusted</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> where necessary to ensure consistency with</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> IFRS</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><br/></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">(<font>2</font>)</font><font style="width: 24.34pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Non-consolidated companies (Cont.)</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The Company&#8217;s pro-rata share of earnings in non-consolidated companies is recorded in the Consolidated Income Statement under </font><font style="font-family: 'Times New (W1)'; font-size: 10pt; font-style: italic;">Equity in earnings</font><font style="font-family: 'Times New (W1)'; font-size: 10pt;"> </font><font style="font-family: 'Times New (W1)'; font-size: 10pt; font-style: italic;">of non-consolidated companies</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">. The Company&#8217;s pro-rata share of changes in other comprehensive income is recognized in the Consolidated Statement of Comprehensive Income.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Ternium</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">At December 31, </font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>20</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font style="border-left: none; border-right: none;"><font>20</font></font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, Tenaris h</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">e</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ld </font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>11.46</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">%</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> of </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Ternium S.A (&#8220;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Ternium</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8221;)</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8217;s common stock</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">. The following factors and circumstances evidence that Tenaris has significant influence (as defined by IAS <font style="border-left: none; border-right: none;"><font>28</font></font>, &#8220;Investments in </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">associates</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> companies</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">and Joint Ventures</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8221;) </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">over Ternium</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, and as a result the Company&#8217;s investment in Ternium has been accounted for under the equity method:</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: spaces;">&nbsp;</font></p>
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<li style="margin-left: 9.58pt; text-align: justify; line-height: 12pt; padding-left: 8.27pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Wingdings'; -aw-font-weight: normal; -aw-number-format: '&#61607;';"><font style="font-family: 'Times New Roman';">Both the Company and Ternium are under</font><font style="font-family: 'Times New Roman';"> the</font><font style="font-family: 'Times New Roman';"> indirect com</font><font style="font-family: 'Times New Roman';">mon control of San Faustin S.A.</font><font style="font-family: 'Times New Roman';"> (&#8220;San Faustin&#8221;)</font><font style="font-family: 'Times New Roman';">;</font></li>
<li style="margin-left: 9.58pt; text-align: justify; line-height: 12pt; padding-left: 8.27pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Wingdings'; -aw-font-weight: normal; -aw-number-format: '&#61607;';"><font style="font-family: 'Times New Roman';"><font style="border-left: none; border-right: none;"><font>Four</font></font> out of</font><font style="font-family: 'Times New Roman';"> <font style="border-left: none; border-right: none;"><font>eight</font></font></font><font style="font-family: 'Times New Roman';"> members of Ternium&#8217;s Board of D</font><font style="font-family: 'Times New Roman';">irectors (including Ternium&#8217;s </font><font style="font-family: 'Times New Roman';">C</font><font style="font-family: 'Times New Roman';">hairman) are also members of t</font><font style="font-family: 'Times New Roman';">he Company&#8217;s </font><font style="font-family: 'Times New Roman';">Board of D</font><font style="font-family: 'Times New Roman';">irectors</font><font style="font-family: 'Times New Roman';">;</font></li>
<li style="margin-left: 9.58pt; text-align: justify; line-height: 12pt; padding-left: 8.27pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Wingdings'; -aw-font-weight: normal; -aw-number-format: '&#61607;';"><font style="font-family: 'Times New Roman';">Under the shareholders</font><font style="font-family: 'Times New Roman';">&#8217;</font><font style="font-family: 'Times New Roman';"> agreement by and between </font><font style="font-family: 'Times New Roman';">the Company and Techint Holdings S.&#224;</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">r.l, a wholly owned subsidiary of San Faustin </font><font style="font-family: 'Times New Roman';">and Ternium&#8217;s main shareholder, dated January 9, 2006, </font><font style="font-family: 'Times New Roman';">Techint Holdings</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">S.&#224;</font><font style="font-family: 'Times New Roman';">.</font><font style="font-family: 'Times New Roman';">r.l, </font><font style="font-family: 'Times New Roman';">is required to take actions within its power to cause</font><font style="font-family: 'Times New Roman';"> (a) <font style="border-left: none; border-right: none;"><font>one</font></font> of the members of Ternium&#8217;s </font><font style="font-family: 'Times New Roman';">Board of D</font><font style="font-family: 'Times New Roman';">irectors to be nominated by </font><font style="font-family: 'Times New Roman';">the Company</font><font style="font-family: 'Times New Roman';"> and (b) any director nominated by </font><font style="font-family: 'Times New Roman';">the Company</font><font style="font-family: 'Times New Roman';"> to be only removed </font><font style="font-family: 'Times New Roman';">from Ternium&#8217;s Board of D</font><font style="font-family: 'Times New Roman';">irectors pursuant to previous written instructions of </font><font style="font-family: 'Times New Roman';">the Company</font><font style="font-family: 'Times New Roman';">.</font></li>
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<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 12pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Usiminas</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">At December 31, 2020, Tenaris he</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ld, through its Brazilian subsidiary Confab Industrial S.A. (&#8220;Confab&#8221;), <font>36.5</font> million ordinary shares and <font>1.3</font> million preferred shares of Usinas Sider&#250;rgicas de Minas Gerais S.A. - Usiminas (&#8220;Usiminas&#8221;), representing </font><font style="border-right: none; border-left: none;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font style="border-left: none; border-right: none;"><font>5.19</font></font></font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">% of its shares with voting rights and <font>3.07</font>% of its total share capital. </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Confab&#8217;s acquisition of the Usiminas shares was part of a larger transaction performed on January 16, 2012, pursuant to which Tenaris&#8217;s affiliate Ternium (through certain of its subsidiaries) and Confab acquired a large block of Usiminas ordinary shares and joined Usiminas&#8217; existing control group. Subsequently, in <font style="border-left: none; border-right: none;"><font>2016</font></font>, Ternium and Confab subscribed to additional ordinary shares and to preferred shares.</font><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: spaces;">&nbsp;&nbsp; </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">At December 31, 202</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font style="border-left: none; border-right: none;"><font>0</font></font>, the Usiminas control group he</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ld, in the aggregate, <font>483.6</font> million ordinary shares bound to the Usiminas shareholders&#8217; agreement, representing approximately <font>68.6</font>% of Usiminas&#8217; voting capital. The Usiminas control group, which is bound by a long-term shareholders&#8217; agreement that governs the rights and obligations of Usiminas&#8217; control group members, is currently composed of <font style="border-left: none; border-right: none;"><font>three</font></font> sub-groups: the T/T Group, comprising Confab and certain Ternium entities; the NSC Group, comprising Nippon Steel Corporation (&#8220;NSC&#8221;), Metal <font style="border-left: none; border-right: none;"><font>One</font></font> Corporation and Mitsubishi Corporation; and Usiminas&#8217; pension fund Previd&#234;ncia Usiminas. The T/T Group holds approximately <font>47.1</font>% of the total shares held by the control group (<font>39.5</font>% corresponding to the Ternium entities and the other <font>7.6</font>% corresponding to Confab); the NSC Group holds approximately <font>45.9</font>% of the total shares held by the control group; and Previd&#234;ncia Usiminas holds the remaining <font>7</font>%.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The corporate governance rules reflected in the Usiminas shareholders agreement include, among others, an alternation mechanism for the nomination of each of the </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">C</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">hief </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">E</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">xecutive </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">O</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">fficer</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (&#8220;CEO&#8221;)</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> and the C</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">hairman of the board of directors of Usiminas, as well as a mechanism for the nomination of other members of Usiminas&#8217; executive board. The Usiminas shareholders agreement also provides for an exit mechanism consisting of a buy-and-sell procedure&#8212;exercisable at any time after November 16, 2022 and applicable with respect to shares held by NSC and the T/T Group&#8212;, which would allow either Ternium or NSC to purchase all or a majority of the Usiminas shares held by the other shareholder. </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Confab and the Ternium entities party to the Usiminas shareholders agreement have a separate shareholders agreement governing their respective rights and obligations as members of the T/T Group. Such separate agreement includes, among others, provisions granting Confab certain rights relating to the T/T Group&#8217;s nomination of Usiminas&#8217; officers and directors under the Usiminas shareholders agreement. Those circumstances evidence that Tenaris has significant influence over Usiminas, and consequently, Tenaris accounts for its investment in Usiminas under the equity method (as defined by IAS <font style="border-left: none; border-right: none;"><font>28</font></font>).</font></p>

<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Techgen</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Techgen S.A. de C.V. (&#8220;Techgen&#8221;)</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, which operates an electric power plant in Mexico,</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> is a joint venture company owned <font>48</font>% by Ternium, <font>30</font>% by Tecpetrol International S.A.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (&#8220;Tecpetrol&#8221;)</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> and <font>22</font>% by Tenaris. Tenaris, Ternium and Tecpetrol are parties to a shareholders&#8217; agreement relating to the governa</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">nce of Techgen. </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">T</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">he Company, Ternium and Tecpetrol are under the indirect com</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">mon control of San Faustin</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> consequently</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">,</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Tenaris</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> account</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">s</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> it</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">s interest </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">in Techgen </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">under the equity method (as defined by IAS <font style="border-left: none; border-right: none;"><font>28</font></font>).</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Global Pipe Company</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Global Pipe Company (&#8220;GPC&#8221;) </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">is a Saudi-German joint venture, established in <font style="border-left: none; border-right: none;"><font>2010</font></font> and located in Jubail</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">,</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Saudi Arabia</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, which manufactures LSAW pipes. Tenaris, through its subsidiary Saudi Steel Pipe Company (&#8220;SSPC&#8221;), currently owns <font>35</font>% of the share capital of GPC. Through the shareholders agreement, </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">SSPC</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> is entitled to choose <font>one</font> of the <font>five</font> members of the Board of Directors of GPC</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">In addition, SSPC has the ability to block any shareholder resolution</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">. Based on the facts stated above, the Company has determined that it has signifi</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">cant influence over this entity and accounts for its investment in GPC under the equity method (as defined by IAS <font style="border-left: none; border-right: none;"><font>28</font></font>).</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Tenaris carries its investment</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">s in non consolidated companies</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">under </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">the equity method, with <font>no</font> 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&#8217;s carrying amount may not be recoverable. At December 31, </font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font style="border-left: none; border-right: none;"><font>2020</font></font>, </font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font style="border-left: none; border-right: none;"><font>2019</font></font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> and</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font style="border-left: none; border-right: none;"><font>2018</font></font>, <font>no</font> impairment provisions were recorded in any of the aforementioned investments. </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">See n</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ote <font>1</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>3</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">.</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">C</font><font style="width: 28.78pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Segment information</font><font style="font-family: 'Times New Roman'; font-size: 12pt;"> </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 12pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The Company is organized in <font>one</font> major business segment, Tubes, which is also the reportable operating segment.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">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 (</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8220;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">OCTG</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8221;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">) 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 </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">are </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">made through local subsidiaries.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Corporate general and administrative expenses have been allocated to the Tubes segment.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Others include</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">s</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> all other business activities and operating segments that are not required to be separately reported, including the production and selling of sucker rods, industrial equipment, coiled tubing</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">,</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">utility conduits</font><font style="font-family: 'Times New Roman'; font-size: 10.5pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">for buildings</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">,</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> heat exchangers,</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">energy</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> and </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">raw materials that exceed internal requirements. </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Tenaris&#8217;s</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Chief Operating Decision Maker (</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8220;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">C</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">O</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">DM</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8221;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">) 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:</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<ul style="margin: 0pt; padding-left: 0pt; margin-left: 2.58pt;" type="square">
<li style="margin-left: 9.58pt; text-align: justify; line-height: 12pt; padding-left: 8.27pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Wingdings'; -aw-font-weight: normal; -aw-number-format: '&#61607;';"><font style="font-family: 'Times New Roman';">The use of direct cost methodology to calculate the inventories, while under IFRS </font><font style="font-family: 'Times New Roman';">it </font><font style="font-family: 'Times New Roman';">is at full cost, including absorption of production overheads and depreciation</font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';">;</font></li>
<li style="margin-left: 9.58pt; text-align: justify; line-height: 12pt; padding-left: 8.27pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Wingdings'; -aw-font-weight: normal; -aw-number-format: '&#61607;';"><font style="font-family: 'Times New Roman';">The use of costs based on previously internally defined cost estimates, while, under IFRS, costs are calculated at historical cost</font><font style="font-family: 'Times New Roman';">;</font></li>
<li style="margin-left: 9.58pt; text-align: justify; line-height: 12pt; padding-left: 8.27pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Wingdings'; -aw-font-weight: normal; -aw-number-format: '&#61607;';"><font style="font-family: 'Times New Roman';">Other timing differences, if any.</font></li>
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<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">T</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">enaris</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> presents</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> its geographical information in <font style="border-left: none; border-right: none;"><font>five</font></font> areas:</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> North America,</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> South America, Europe, Middle East and Afri</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ca</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> and </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Asia Pacific</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">. For purposes of reporting geographical information, net sales are </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">allocated</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> to geographical areas based on the customer&#8217;s location; allocation of assets</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">,</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> capital expenditures and associated depreciation</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">s</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> and amortization</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">s</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> are based on the </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">geographical</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> location of the assets</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">.</font></p>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory', window );">Description of accounting policy for foreign currency translation [text block]</a></td>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt; padding-top: 5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">D</font><font style="width: 28.78pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Foreign </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">c</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">urrency </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">t</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">ranslation</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-left: 35.45pt; margin-bottom: 0pt; text-indent: -35.45pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">(<font>1</font>)</font><font style="font: 7pt 'Times New Roman'; -aw-import: spaces;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Functional</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"> and presentation</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"> currency</font></p>
<p style="margin-top: 0pt; margin-left: 54pt; margin-bottom: 0pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">IAS </font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>21</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">(</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">revised</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">)</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">,</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8220;The effects of changes in foreign exchange rates&#8221; </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">defines the functional currency as the currency of the primary economic environment in which </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">an </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">entity operates.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The functional </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">and presentation </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">curren</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">c</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">y of </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">the Company </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">is the U.S. </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">dollar</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">. The U.S. </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">d</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ollar</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> is the currency that best reflects the economic substance of the underlying events and circumstances relevant to </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Tenaris&#8217;s</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> global operations. </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Except f</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">or</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> the Brazilian and Italian subsidiaries whose functional currenci</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">es are their local currencies, </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Tenaris determined that the functional currency of its</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> other subsidiaries </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">is the U.S. dollar, based on the following principal considerations</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">:</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
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<li style="margin-left: 9.58pt; text-align: justify; line-height: 12pt; padding-left: 8.27pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Wingdings'; -aw-font-weight: normal; -aw-number-format: '&#61607;';"><font style="font-family: 'Times New Roman';">S</font><font style="font-family: 'Times New Roman';">ales are mainly negotiated, denominated and settled in U.S. </font><font style="font-family: 'Times New Roman';">dollar</font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';">. If priced in a currency other than the U.S. dollar, the </font><font style="font-family: 'Times New Roman';">sales </font><font style="font-family: 'Times New Roman';">price </font><font style="font-family: 'Times New Roman';">may consider</font><font style="font-family: 'Times New Roman';"> exposure to fluctuation in the exchange rate versus the U.S. dollar;</font></li>
<li style="margin-left: 9.58pt; text-align: justify; line-height: 12pt; padding-left: 8.27pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Wingdings'; -aw-font-weight: normal; -aw-number-format: '&#61607;';"><font style="font-family: 'Times New Roman';">P</font><font style="font-family: 'Times New Roman';">rices of </font><font style="font-family: 'Times New Roman';">their </font><font style="font-family: 'Times New Roman';">critical raw materials and inputs are priced and</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">/</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">or</font><font style="font-family: 'Times New Roman';"> settled in U.S. dollars; </font></li>
<li style="margin-left: 9.58pt; text-align: justify; line-height: 12pt; padding-left: 8.27pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Wingdings'; -aw-font-weight: normal; -aw-number-format: '&#61607;';"><font style="font-family: 'Times New Roman';">Transaction</font><font style="font-family: 'Times New Roman';"> and operational</font><font style="font-family: 'Times New Roman';"> environment and the cash flow </font><font style="font-family: 'Times New Roman';">of these </font><font style="font-family: 'Times New Roman';">operations ha</font><font style="font-family: 'Times New Roman';">ve</font><font style="font-family: 'Times New Roman';"> the U.S</font><font style="font-family: 'Times New Roman';">. dollar</font><font style="font-family: 'Times New Roman';"> as reference currency;</font><font style="font-family: 'Times New Roman';"> </font></li>
<li style="margin-left: 9.58pt; text-align: justify; line-height: 12pt; padding-left: 8.27pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Wingdings'; -aw-font-weight: normal; -aw-number-format: '&#61607;';"><font style="font-family: 'Times New Roman';">S</font><font style="font-family: 'Times New Roman';">ignificant level of integration of the l</font><font style="font-family: 'Times New Roman';">ocal operations within </font><font style="font-family: 'Times New Roman';">Tenaris&#8217;s</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">international </font><font style="font-family: 'Times New Roman';">global distribution network</font><font style="font-family: 'Times New Roman';">;</font></li>
<li style="margin-left: 9.58pt; text-align: justify; line-height: 12pt; padding-left: 8.27pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Wingdings'; -aw-font-weight: normal; -aw-number-format: '&#61607;';"><font style="font-family: 'Times New Roman';">N</font><font style="font-family: 'Times New Roman';">et financial assets and liabilities are mainly received and maintained in U.S. dollars;</font></li>
<li style="margin-left: 9.58pt; text-align: justify; line-height: 12pt; padding-left: 8.27pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Wingdings'; -aw-font-weight: normal; -aw-number-format: '&#61607;';"><font style="font-family: 'Times New Roman';">The exchange rate of </font><font style="font-family: 'Times New Roman';">certain legal currencies</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">has long-been affected by recurring and seve</font><font style="font-family: 'Times New Roman';">re economic crise</font><font style="font-family: 'Times New Roman';">s.</font></li>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">(<font>2</font>)</font><font style="width: 24.34pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Transactions in currencies other than the functional currency</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">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 valuati</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">on where items are re-measured.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">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</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> the fair value was determined.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">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 </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Other financial results</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> in the Consolidated Income Statement, except when deferred in equity as qualifying cash flow hedges and qu</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">alifying net investment hedges.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">(</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"><font>3</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">)</font><font style="width: 24.34pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Translation of financial </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">information </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">in currencies other than the functional currency</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Results of operations for</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> subsidiar</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">i</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">es </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">whose functional </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">currencies are</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> not </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">the U.S. </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">d</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ollar</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> are translated into U.S. </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">dollars</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> at the average exchange rates for </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">each quarter of the </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">year</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">. </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Financial s</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">tatement </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">position</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">s are translated at the </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">year</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">-end</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">exchange rates. Translation differences are recognized in </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">a separate component of </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">equity</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> as </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">currency </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">translation adjustments</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">. In the case of a sale or other dispos</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">al</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> of any of such subsidiaries</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, any accumulated translation difference</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> would be</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> recognized in income as </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">a</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> gain or loss </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">f</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">rom</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> the </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">sale.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Goodwill and fair value adjustments arising </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">from</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> the acquisition of a foreign operation are treated as assets and liabilities of the foreign operation and translated at the closing rate.</font></p>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory', window );">Description of accounting policy for property, plant and equipment [text block]</a></td>
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<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt; padding-top: 5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">E</font><font style="width: 29.33pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Property, plant and equipment</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 12pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Property, plant and equipment are recognized at historical acquisition or construction cost</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> less accumulated depreciation</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> and impairment losses</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">. H</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">istorical cost includes expenditure that is directly attributable to the acquisition of the items</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">. </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Property</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">p</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">lant</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> and </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">e</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">quipment acquired through</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">acquisitions accounted for as </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">business </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">combination</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">s </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">have been valued </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">initially </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">at the </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">fair </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">market </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">value of the assets </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">acquired.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Major overhaul and rebuilding expenditures</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> are capitalized as property, plant and equipment only when </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">it is probable that future economic benefits associated with</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> the item will flow to the Company</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> and </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">the investment enhances the condition of assets beyond its original condition.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> The carrying amount of the replaced part is derecognized</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">M</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">aintenance expenses on manufacturing properties are recorded as cost of products sold in the year in which they are incurred.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Cost may also include transfers fro</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">m equity of any gains or losses</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> on qualifying cash flow hedges of foreign currency purchases of property, plant and equipment. </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">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</font><font style="font-family: 'Times New (W1)'; font-size: 10pt;"> IAS <font>23</font></font><font style="font-family: 'Times New (W1)'; font-size: 10pt;">(R)</font><font style="font-family: 'Times New (W1)'; font-size: 10pt;">,</font><font style="font-family: 'Times New (W1)'; font-size: 10pt;"> </font><font style="font-family: 'Times New (W1)'; font-size: 10pt;">&#8220;Borrowing Cost</font><font style="font-family: 'Times New (W1)'; font-size: 10pt;">s</font><font style="font-family: 'Times New (W1)'; font-size: 10pt;">&#8221;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">. </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">A</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ssets for which borrowing costs are capitalized are those that require a substantial period of time to prepare for their intended use.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The d</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">epreciation method is reviewed at each year end. </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Depreciation</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">is calculated using the straight-line method to </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">depreciate </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">the cost of each asset to its residual value over its estimated useful life</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, as follows:</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt; -aw-import: ignore;"> &nbsp; </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"> Land </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"> No Depreciation </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt; -aw-import: ignore;"> &nbsp; </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"> Buildings and improvements&nbsp; </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"> <font style="border-right: none; border-left: none;"><font>30</font></font>-<font>50</font> years </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt; -aw-import: ignore;"> &nbsp; </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"> Plant and production equipment&nbsp; </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"> <font>10</font>-<font>40</font> years </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt; -aw-import: ignore;"> &nbsp; </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"> Vehicles, furniture and fixtures, and other equipment </font></p>
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<td style="width: 40.86%; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px;"><font>4</font> -<font>10</font> years</td>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> assets</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8217;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">residual values and useful lives of significant plant and </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">production </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">equipment are reviewed</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> and adjusted</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">,</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> if appropriate, at each year-end</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">date. </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">An asset&#8217;s carrying amount is written down immediately to its recoverable amount if the asset&#8217;s carrying amount is greater than its estimated recoverable amount.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New (W1)'; font-size: 10pt;">Management&#8217;s re</font><font style="font-family: 'Times New (W1)'; font-size: 10pt;">-</font><font style="font-family: 'Times New (W1)'; font-size: 10pt;">estimation of asset</font><font style="font-family: 'Times New (W1)'; font-size: 10pt;">s</font><font style="font-family: 'Times New (W1)'; font-size: 10pt;"> useful </font><font style="font-family: 'Times New (W1)'; font-size: 10pt;">lives</font><font style="font-family: 'Times New (W1)'; font-size: 10pt;">, performed </font><font style="font-family: 'Times New (W1)'; font-size: 10pt;">in accordance with IAS <font>16</font></font><font style="font-family: 'Times New (W1)'; font-size: 10pt;">,</font><font style="font-family: 'Times New (W1)'; font-size: 10pt;"> &#8220;Property</font><font style="font-family: 'Times New (W1)'; font-size: 10pt;">, Plant and E</font><font style="font-family: 'Times New (W1)'; font-size: 10pt;">quipment&#8221;</font><font style="font-family: 'Times New (W1)'; font-size: 10pt;">, </font><font style="font-family: 'Times New (W1)'; font-size: 10pt;">resulted in additional depreciation expenses for <font>2020</font> of $</font><font style="font-family: 'Times New (W1)'; font-size: 10pt;"><font>45</font></font><font style="font-family: 'Times New (W1)'; font-size: 10pt;"> million</font><font style="font-family: 'Times New (W1)'; font-size: 10pt;"> and </font><font style="font-family: 'Times New (W1)'; font-size: 10pt;">did not materially affect depreciation expense</font><font style="font-family: 'Times New (W1)'; font-size: 10pt;">s</font><font style="font-family: 'Times New (W1)'; font-size: 10pt;"> for </font><font style="font-family: 'Times New (W1)'; font-size: 10pt;"><font>201</font></font><font style="font-family: 'Times New (W1)'; font-size: 10pt;"><font>9</font></font><font style="font-family: 'Times New (W1)'; font-size: 10pt;"> and <font>201</font></font><font style="font-family: 'Times New (W1)'; font-size: 10pt;"><font>8</font></font><font style="font-family: 'Times New (W1)'; font-size: 10pt;">.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">T</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">enaris</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> depreciates each significant part of an item of property, plant and equipment </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">for its different production facilities </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">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.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Gains and losses on disposals are determined by comparing the proceeds with the carrying amount of assets and are recognized under </font><font style="font-family: 'Times New (W1)'; font-size: 10pt; font-style: italic;">Other operating income </font><font style="font-family: 'Times New (W1)'; font-size: 10pt;">or </font><font style="font-family: 'Times New (W1)'; font-size: 10pt; font-style: italic;">Other operating </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">expenses</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> in the Consolidated Income Statement.</font></p>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory', window );">Description of accounting policy for intangible assets and goodwill [text block]</a></td>
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<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">F</font><font style="width: 29.89pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Intangible assets</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">(<font>1</font>)</font><font style="width: 24.34pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Goodwill </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Goodwill represents the excess of the acquisition cost </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">over the fair value of </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Tenaris&#8217;s</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> share of net identifiable assets acquired as part of business combinations determined mainly by independent valuations. Goodwill is tested </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">at least </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">annually for impairment and carried at cost less accumulated impairment losses. Impairment losses on goodwill are not reversed. Goodwill is included </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">in</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> the Consolidated Statement of Financial Position under </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Intangible assets, net.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">For the purpose of impairment testing, g</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">oodwill is allocated to a </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">cash generating unit (&#8220;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">CGU</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8221;)</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> or group of </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">CGUs</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> that are expected to benefit from the business combination which generated the goodwill being tested.</font></p>

<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">(<font>2</font>)</font><font style="width: 24.34pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Information systems projects</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">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 <font style="border-left: none; border-right: none;"><font>one</font></font> year and comply with the recognition criteria of IAS <font>38</font>, </font><font style="font-family: 'Times New (W1)'; font-size: 10pt;">&#8220;Intangible Assets&#8221;.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Information systems projects recognized as assets are amortized using the straight-line method over their useful lives, </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">generally </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">not exceeding a period of <font>3</font> years. Amortization charges are </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">mainly </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">classified as </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Selling, general and administrative expenses</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> in the</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Consolidated</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">I</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ncome </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">S</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">tatement.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New (W1)'; font-size: 10pt;">Management&#8217;s re-estimation of assets useful lives, performed in accordance with IAS <font>38</font>, </font><font style="font-family: 'Times New (W1)'; font-size: 10pt;">resulted in additional amortization expenses for <font>2020</font> of $</font><font style="font-family: 'Times New (W1)'; font-size: 10pt;"><font>11.1</font> million</font><font style="font-family: 'Times New (W1)'; font-size: 10pt;"> and did not materially affect amortization expenses for <font>2019</font> and <font>2018</font>.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 12pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">(<font>3</font>)</font><font style="width: 24.34pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Licenses, patents, trademarks and proprietary technology </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">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 not exceed a period of <font>10</font> years.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Amortization charges are mainly classified as </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Selling, general and administrative expenses</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> in the Consolidated Income Statement.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The balance of acquired t</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">rademarks</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> that have indefinite useful lives according to external appraisal</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> amo<font>unt</font></font><font><font style="font-family: 'Times New Roman'; font-size: 10pt;">s</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> to</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">$</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>86.7</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;" class="selected"> </font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>m</font>illion</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> at December 31, </font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>20</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>20</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, <font>201</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>9</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> and </font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>201</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>8</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">and are </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">included in Hydril CGU</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">. Main factors considered in the determination of the</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> indefinite useful lives</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> include the years that </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">they have</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> been in service and </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">their </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">recognition among customers in the industry.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; line-height: 10pt;"><font style="font-family: 'MS Shell Dlg'; font-size: 10pt; font-style: italic; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New (W1)'; font-size: 10pt;">Management&#8217;s re-estimation of assets useful lives, performed in accordance with IAS <font>38</font></font><font style="font-family: 'Times New (W1)'; font-size: 10pt;">,</font><font style="font-family: 'Times New (W1)'; font-size: 10pt;"> did no</font><font style="font-family: 'Times New (W1)'; font-size: 10pt;">t materially affect amortization</font><font style="font-family: 'Times New (W1)'; font-size: 10pt;"> expenses for <font>20</font></font><font style="font-family: 'Times New (W1)'; font-size: 10pt;"><font>20</font></font><font style="font-family: 'Times New (W1)'; font-size: 10pt;">, <font>201</font></font><font style="font-family: 'Times New (W1)'; font-size: 10pt;"><font>9</font></font><font style="font-family: 'Times New (W1)'; font-size: 10pt;"> and <font>201</font></font><font style="font-family: 'Times New (W1)'; font-size: 10pt;"><font>8</font></font><font style="font-family: 'Times New (W1)'; font-size: 10pt;">.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; line-height: 10pt;"><font style="font-family: 'MS Shell Dlg'; font-size: 10pt; font-style: italic; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">(<font>4</font>)</font><font style="width: 24.34pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Research and development</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 12pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">Research expenditures as well as </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">development costs that do not fulfill the criteria for capitalization are recorded as </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Cost of sales</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> in the Consolidated Income Statement as incurred. Research and development expenditures included in </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Cost of sales</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> for the years </font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>20</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>20</font>,</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>201</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>9</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> and </font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>201</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>8</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> totaled $<font>41.8</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;million, $<font>61.1</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> million and $<font>63.4</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;million, respectively.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Capitalized costs were not material for the years <font>20</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>20</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, <font>201</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>9</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> and <font>201</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>8</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">.</font></p>
<p style="margin-top: 0pt; margin-left: 36pt; margin-bottom: 0pt; text-indent: -36pt; text-align: justify; line-height: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; letter-spacing: -0.1pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-left: 36pt; margin-bottom: 0pt; text-indent: -36pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; letter-spacing: -0.1pt;">(<font>5</font>) </font><font style="width: 21.84pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; letter-spacing: -0.1pt;">Customer relationship</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; letter-spacing: -0.1pt;">s</font></p>
<p style="margin: 0pt 0.85pt 0pt 13.9pt; line-height: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; letter-spacing: -0.1pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-right: 0.9pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">In accordance with IFRS <font>3</font>, "Business Combinations" and IAS <font>38</font>, Tenaris has recognized the value of customer relationships separately from goodwill attributable to the acquisition of Maverick</font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"> Tube Corporation (&#8220;Maverick&#8221;)</font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"> and Hydril</font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"> Company (&#8220;Hydril&#8221;)</font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"> groups, as well as the more recent acquisi</font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">tion</font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">s</font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"> of S</font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">audi </font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">S</font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">teel </font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">P</font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">ipes (&#8220;SSPC</font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">&#8221;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">) and Ipsco Tubulars Inc. (&#8220;IPSCO&#8221;)</font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">.</font></p>
<p style="margin-top: 0pt; margin-right: 0.85pt; margin-bottom: 0pt; text-align: justify; line-height: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-right: 0.9pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">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 <font>14</font> years for Maverick, <font>10</font> y</font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">ears for Hydril</font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">,</font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"> <font>9</font> years for </font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">SSP</font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">C and </font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"><font>3</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"> year</font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">s</font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"> for IPSCO</font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">.</font></p>
<p style="margin-top: 0pt; margin-right: 0.85pt; margin-bottom: 0pt; text-align: justify; line-height: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt; widows: 0; orphans: 0;"><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">In <font>2018</font> the Company reviewed the useful life of Maverick&#8217;s Tubes customer relationships and decided to reduce the remaining useful life from <font>2</font> years to <font>zero</font>, consequently a higher amortization charge of approximately $<font>109</font> million was recorded in the Consolidated Income Statement under </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; letter-spacing: -0.1pt;">Selling, general and administrative expenses</font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"> for the year ended December 31, 2018.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 10pt; widows: 0; orphans: 0;"><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">As o</font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">f December 31, 20</font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"><font>20</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"> the net book</font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"> value of </font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">IPSCO&#8217;s customer relationship amounts <font>to $</font><font>51.3</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"><font>&nbsp;with</font> a residual life of <font>2</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"> years, </font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">SSP</font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">C</font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">&#8217;s customer relationship amounts to<font> $</font><font>63.8</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"><font>&nbsp;mill</font>ion, with a residual useful life of </font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"><font>7</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"> years</font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">, w</font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">hile </font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">Maverick&#8217;s </font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">and</font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"> Hydril&#8217;s customer relationships </font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">are</font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"> fully amortized.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New (W1)'; font-size: 10pt;">Management&#8217;s re-estimation of assets useful lives, performed in accordance with IAS <font>38</font>, did not materially affect</font><font style="font-family: 'Times New (W1)'; font-size: 10pt;"> amortization expenses for <font>2020</font> and</font><font style="font-family: 'Times New (W1)'; font-size: 10pt;"> <font>2019</font></font><font style="font-family: 'Times New (W1)'; font-size: 10pt;">.</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt; padding-top: 5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">G</font><font style="width: 28.22pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Right-of-use assets and lease liabilities</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">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</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> term on a straight-line basis.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">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.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be determined, the lessee&#8217;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 wit</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">h similar terms and conditions.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">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.</font></p>
<p style="margin-top: 0pt; margin-left: 28.05pt; margin-bottom: 0pt; text-indent: -28.05pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Payments associated with short-term leases and leases of low-value assets are recognize</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">d on a straight-line basis as</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> expenses in profit or loss. Short-term leases are leases with a lease term of <font>12</font> months o</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">r less.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">In determining the lease term, management considers all facts and circumstances that create an economic incentive to exercise an extension option, or not 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 not terminated).</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">H</font><font style="width: 28.22pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Impairment of non-financial assets</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Long-lived assets including identifiable intangible assets are reviewed for impairment at the lowest level for which there are separately identifiable cash flows (CGU). Most of the Company&#8217;s principal subsidiaries that constitute a CGU have a single main production facility and, accordingly, each of </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">such subsidiaries</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> represents the lowest level of asset aggregation that generates largely independent cash inflows.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Assets that are subject to amortization </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">or depreciation </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Intangible assets with indefinite useful lives, including goodwill, are subject to at least an annual impairment test.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Or more frequently if events or circumstances indicate that the carrying amount value may be impaired.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">In assessing whether there is any indication that a CGU may 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&#8217;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&#8217;s customers and the evolution of the rig count.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 12pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">An impairment loss is recognized for the amount by which the asset&#8217;s carrying amount exceeds its recoverable amount. The recoverable amount is the higher between the asset&#8217;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:</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-left: 28.35pt; margin-bottom: 0pt; text-indent: -14.15pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(a) first, to reduce the carrying amount of any goodwill allocated to the CGU; and</font></p>
<p style="margin-top: 0pt; margin-left: 28.35pt; margin-bottom: 0pt; text-indent: -14.15pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(b) 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 not to reduce the carrying amount of the asset below the highest of its fair value less cost of disposal, its value in use or <font>zero</font>.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">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.&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">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.</font><br/></p>

<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Non-financial assets other than goodwill that suffered an impairment are reviewed for possible reversal at each reporting date.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> For more information on impairment charges see note <font>5</font>.</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">I</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="width: 29.61pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Other </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">i</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">nvestments</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">O</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ther investments consist primarily of investments in financial instruments</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> and time deposits with a maturity of more than </font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>three</font> months</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> at the date of purchase</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Certain non-derivative financ</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ial assets that the Company held not for trading</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> have been categorized as </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">financial assets &#8220;at </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">fair value through other comprehensive income</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8221; (&#8220;FV</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">OCI</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8221;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">)</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">. They are carried at </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">fair value</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> and </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">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 </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">C</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">onsolidated </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">S</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">tatement of </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">C</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">omprehensive </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Income and transferred to the C</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">onsolidated </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">I</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ncome </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">S</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">tatement when the financial asset is sold. Exchange gains and losses and impairments related to the financial assets are immediately recognized in the </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">C</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">onsolidated </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">I</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ncome </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">S</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">tatement. F</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">V</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">OCI</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> instruments with maturities greater than <font>12</font> months after the balance sheet date a</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">re included in</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> non-current assets</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">O</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ther investments in financial instruments and time deposits are categorized as financial assets &#8220;at fair value through profit or loss&#8221; </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">(&#8220;FVPL&#8221;) </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">because such investments are held for trading and </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">their</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> performance is evaluated on a fair value basis</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">. The results of these investments are recognized in </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Financial Results</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> in the Consolidated Income Statement.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Purchases and sales of financial investments are recognized as of the</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ir</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">settlement</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> date</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">The fair values of quoted investments are </font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">generally </font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">based on current bid prices. If the market for a financial investment is not active or the securities are not listed, Tenaris estimates the fair value by using standard valuation techniques</font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">. S</font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">ee Sectio</font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">n III Financial Risk Management</font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">.</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">J</font><font style="width: 31pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Inventories</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">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</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, freights</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> and other direct costs and related production overhead costs, and it excludes borrowing costs. </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">The a</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">llocation of fixed production costs</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, including depreciation and amortization charges,</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> is based on</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> the</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> normal</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> level of production capacity. </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Inventories</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> cost is mainly based on </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">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. </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">G</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">oods in transit </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">as of</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> year-</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">end are valued based on </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">supplier&#8217;s invoice cost.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">T</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">enaris</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> establish</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">es</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> a</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">n allowance for </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">obsolete or </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">slow-moving inventories</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> related to finished goods</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">,</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">goods in proc</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ess, </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">supplies and spare parts</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">For slow moving or obsolete finished product</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">s</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, an allowance is established </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">based on management&#8217;s analysis of product aging</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">. </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">An allowance for</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> obsolete and</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> slow-moving inventory </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">of </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">sup</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">plies and spare parts </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">is </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">established</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> based on management's analysis of such </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">item</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">s to be used</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> as intended </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">and the </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">consideration of </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">potential obsolescence due to technological changes</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">,</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> aging and consumption patterns</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">.</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">K</font><font style="width: 28.22pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Trade </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">and other </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">receivables</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">Trade and other receivables are recognized initially at</font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"> fair value that corresponds to</font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"> the amount of consideration that is unconditional unless they contain significant financing c</font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">omponents. The Company holds</font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"> trade receivables with the objective to collect the contractual cash flows and therefore measu</font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">res them subsequently at amortiz</font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">ed cost using the effective interest method. </font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">Due to the short-term nature, their carrying amount is considered to be the same as their fair value</font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">Tenaris applies the</font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"> IFRS <font>9</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"> &#8220;Financial Instruments&#8221;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">simplified approach to measure</font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"> expected credit losses</font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">,</font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"> 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 </font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"><font>three</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">years</font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"> and the corresponding historical credit losses exp</font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">erienced within this period. The expected loss allowance also</font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"> reflect</font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">s</font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"> current and forward-looking information on macroeconomic factors affecting the ability</font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"> of</font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">each </font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">custo</font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">mer to settle the receivables.</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt; padding-top: 5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">L</font><font style="width: 29.33pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Cash and cash equivalents</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">Cash and cash equi</font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">valents are comprised of cash at</font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"> banks, liquidity funds and short-term investments with a maturity of less than <font>three</font> 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 </font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">approximates fair market value.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">In the Consolidated Statement of Financial Position, bank overdrafts are included in </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; letter-spacing: -0.1pt;">Borrowings</font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"> in current liabilities.</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">For the purposes of the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">Consolidated Statement of C</font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">ash </font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">F</font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">low</font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">s</font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">, </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; letter-spacing: -0.1pt;">C</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; letter-spacing: -0.1pt;">ash and cash equivalents</font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"> includes </font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">overdrafts</font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">.</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">M</font><font style="width: 26.56pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">E</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">quity</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">(<font>1</font>)</font><font style="width: 24.34pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Equity</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"> components</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">C</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">onsolidated </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">S</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">tatement of </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">C</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">hanges in </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">E</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">quity include</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">s</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">:</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
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<li style="margin-left: 9.58pt; text-align: justify; line-height: 12pt; padding-left: 8.42pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Wingdings'; -aw-font-weight: normal; -aw-number-format: '&#61607;';"><font style="font-family: 'Times New Roman';">The value of share capital, legal reserve</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">share premium</font><font style="font-family: 'Times New Roman';"> and other distributable reserve</font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">calculated </font><font style="font-family: 'Times New Roman';">in accordance with Luxembourg l</font><font style="font-family: 'Times New Roman';">aw;</font></li>
<li style="margin-left: 9.58pt; text-align: justify; line-height: 12pt; padding-left: 8.42pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Wingdings'; -aw-font-weight: normal; -aw-number-format: '&#61607;';"><font style="font-family: 'Times New Roman';">The currency translation adjustment</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">other reserves,</font><font style="font-family: 'Times New Roman';"> retained earnings</font><font style="font-family: 'Times New Roman';"> and</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">non-controlling</font><font style="font-family: 'Times New Roman';"> interest</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">calculated in accordance with</font><font style="font-family: 'Times New Roman';"> IFRS.</font></li>
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<p style="margin-top: 0pt; margin-left: 18pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 12pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-left: 36pt; margin-bottom: 0pt; text-indent: -36pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">(<font>2</font>)</font><font style="font: 7pt 'Times New Roman'; -aw-import: spaces;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Share cap</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">it</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">al</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The Company has an authorized share capital of a single class of <font>2.5</font> billion shares having a nominal value of </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">$</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>1.00</font> per share. </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Total ordinary shares issued and outstanding as of </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">December 31, 20</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>20</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, <font>201</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>9</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> and <font>201</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>8</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">are</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>1,180,536,830</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">with a par value of $<font>1.00</font> per share with <font>one</font> vote each.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> All issued shares are fully paid.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 12pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-left: 36pt; margin-bottom: 0pt; text-indent: -36pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">(<font>3</font>)</font><font style="font: 7pt 'Times New Roman'; -aw-import: spaces;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Dividends distribution by the Company to shareholders </font></p>
<p style="margin-top: 0pt; margin-left: 36pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: Arial; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Dividends distributions are recorded in the Company&#8217;s financial statements when Company&#8217;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.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Dividends may be paid by the Company to the extent that it has distributable retained earnings, calculated in accordance with Luxembourg law. S</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ee n</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ote <font>26</font> (iii).</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">N</font><font style="width: 28.78pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Borrowings</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">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.</font></p>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForIncomeTaxExplanatory', window );">Description of accounting policy for income tax [text block]</a></td>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">O</font><font style="width: 28.22pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Current and d</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">eferred income tax</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The income tax expense or credit for the period is the tax payable on the current period&#8217;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 </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">other comprehensive income or directly in equity.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">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&#8217;s subsidiaries operate and generate taxable income. </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">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.</font></p>

<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Deferred income tax is recognized applying the liability method on temporary differences arising between the tax bas</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">e</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">s of assets and liabilities and their carrying amounts in the financial statements. The temporary differences arise </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">mainly </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">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. </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation and considers whether it is probable that a taxation authority will accept an uncertain tax treatment. The Company measures its tax balances either based on the most likely amount or the expected value, depending on which method provides a better prediction of the resolution of the uncertainty.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Deferred tax assets are recognized to the extent</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> that</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> it is probable that future taxable income will be available</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> against which the te</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">mporary differences can be utiliz</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ed.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">At the end of each reporting period, </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Tenaris</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> reassesses </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">unrecognized</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> deferred tax assets. T</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">enaris</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">recognizes</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> a previously </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">unrecognized</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> deferred tax asset to the extent that it has become probable that future taxable </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">income</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> will allow the deferred tax asset to be recovered.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Deferred tax liabilities and assets are not recognized for temporary differences between the carrying amount and t</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ax basi</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">s 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 not reverse in the foreseeable future.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">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.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Deferred tax assets </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">and liabilities are re-measured</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> if tax rates change. These amounts </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">are charged or credited to the Consolidated Income Statement or to the item </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">O</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">ther co</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">mprehensive income for the year</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">in the C</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">onsolidated </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">S</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">tatement of </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Comprehensive I</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ncome, depending on the account to which the original </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">amount was charged or credited.</font></p>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory', window );">Description of accounting policy for employee benefits [text block]</a></td>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">P</font><font style="width: 29.89pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Employee benefits</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 12pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-left: 22.5pt; margin-bottom: 0pt; text-indent: -22.5pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">(<font>1</font>)</font><font style="font: 7pt 'Times New Roman'; -aw-import: spaces;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Short-term obligations</font></p>
<p style="margin-top: 0pt; margin-left: 36pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Liabilities for wages and salaries are recognized in respect of employees&#8217; 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.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-left: 22.5pt; margin-bottom: 0pt; text-indent: -22.5pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">(<font>2</font>)</font><font style="font: 7pt 'Times New Roman'; -aw-import: spaces;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Post employment benefits</font></p>
<p style="margin-top: 0pt; margin-left: 22.5pt; margin-bottom: 0pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">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 <font>one</font> or more factors such as age, years of service and compensation.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">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. </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Remeasurement gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to equity in </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Other comprehensive income</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> in the period in which they arise. Past-service costs are recognized immediately in the Income Statement.</font></p>

<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 12pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-left: 36pt; margin-bottom: 0pt; text-indent: -36pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">(<font>2</font>)</font><font style="font: 7pt 'Times New Roman'; -aw-import: spaces;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Post employment benefits (Cont.)</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">For defined benefit plans, net interest income</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">/</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">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 no 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. </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Tenaris sponsors funded and unfunded defined benefit pension plans in certain subsidiaries. The most significant are: </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<ul style="margin: 0pt; padding-left: 0pt; margin-left: 2.58pt;" type="square">
<li style="margin-left: 9.58pt; text-align: justify; line-height: 12pt; padding-left: 8.27pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Wingdings'; -aw-font-weight: normal; -aw-number-format: '&#61607;';"><font style="font-family: 'Times New Roman';">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</font><font style="font-family: 'Times New Roman';">. </font><font style="font-family: 'Times New Roman';">As of December 31, 20</font><font style="font-family: 'Times New Roman';"><font>20</font></font><font style="font-family: 'Times New Roman';"> the outstanding liabil</font><font style="font-family: 'Times New Roman';">ity for this plan amounts to $<font>36.9</font></font><font style="font-family: 'Times New Roman';"> million.</font></li>
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<p style="margin-top: 0pt; margin-left: 18pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
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<li style="margin-left: 9.58pt; text-align: justify; line-height: 12pt; padding-left: 8.27pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Wingdings'; -aw-font-weight: normal; -aw-number-format: '&#61607;';"><font style="font-family: 'Times New Roman';">Employees&#8217; service rescission indemnity</font><font style="font-family: 'Times New Roman';">:</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">the </font><font style="font-family: 'Times New Roman';">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 ac</font><font style="font-family: 'Times New Roman';">crued for employees at </font><font style="font-family: 'Times New Roman';">Tenaris&#8217;s</font><font style="font-family: 'Times New Roman';"> Italian subsidiary. As from January 1, 2007 as a consequence of a change in an Italian law, employees were entitled to make contributions to external funds, thus, </font><font style="font-family: 'Times New Roman';">Tenaris&#8217;s</font><font style="font-family: 'Times New Roman';"> Italian subsidiary pays every year the required contribution to the funds with no 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 <font>2007</font> onwards.</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">As of December 31, 20</font><font style="font-family: 'Times New Roman';"><font>20</font></font><font style="font-family: 'Times New Roman';"> the outstanding </font><font style="font-family: 'Times New Roman';">liabil</font><font style="font-family: 'Times New Roman';">ity for this plan amounts to $<font>17.3</font></font><font style="font-family: 'Times New Roman';">&nbsp;million.</font></li>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
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<li style="margin-left: 9.58pt; text-align: justify; line-height: 12pt; padding-left: 8.27pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Wingdings'; -aw-font-weight: normal; -aw-number-format: '&#61607;';"><font style="font-family: 'Times New Roman';">Funded retirement benefit plan held in the US for the benefit of some employees hir</font><font style="font-family: 'Times New Roman';">ed prior a certain date,</font><font style="font-family: 'Times New Roman';"> 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</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">funds. Additionally, an unfunded postretirement health and life plan</font><font style="font-family: 'Times New Roman';"> is present</font><font style="font-family: 'Times New Roman';"> that offers limited medical and life insurance benefits to the retirees, </font><font style="font-family: 'Times New Roman';">frozen to new participants</font><font style="font-family: 'Times New Roman';">.</font><font style="font-family: 'Times New Roman';"> A</font><font style="font-family: 'Times New Roman';">s of December 31, 20</font><font style="font-family: 'Times New Roman';"><font>20</font></font><font style="font-family: 'Times New Roman';"> the outstanding</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">liabil</font><font style="font-family: 'Times New Roman';">ity for these</font><font style="font-family: 'Times New Roman';"> plan</font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';"> amounts to<font> $</font><font>13.6</font></font><font style="font-family: 'Times New Roman';"><font>&nbsp;m</font>illion.</font></li>
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<p style="margin-top: 0pt; margin-left: 36pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: Arial; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<ul style="margin: 0pt; padding-left: 0pt; margin-left: 2.58pt;" type="square">
<li style="margin-left: 9.58pt; text-align: justify; line-height: 12pt; padding-left: 8.27pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Wingdings'; -aw-font-weight: normal; -aw-number-format: '&#61607;';"><font style="font-family: 'Times New Roman';">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 June 2016 the salary plan was frozen for the purposes of credited service as well as determination of final average pay. As of December 31, 2020 the outstanding liability for this plan amount<font>s to $</font><font>10.6</font><font> millio</font>n.</font></li>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-left: 22.5pt; margin-bottom: 0pt; text-indent: -22.5pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">(<font>3</font>)</font><font style="font: 7pt 'Times New Roman'; -aw-import: spaces;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Other long term benefits </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">During <font>2007</font>, Tenaris launched an</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;">employee retention and long term incentive program</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; letter-spacing: -0.1pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">(the &#8220;Program&#8221;) 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 </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Tenaris&#8217;s</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> shareholders&#8217; equity (excluding non-cont</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">rolling interest). </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Also</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">,</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> t</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">he 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. </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Until <font>2017</font> u</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">nits </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">were </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">vest</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ed</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> ratably over</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> a period of <font>four</font> years and were </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">mandatorily</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> redeemed by the Company <font>ten</font> years after grant date, with the option of an early redemption at <font>seven</font> years after</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> the</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> grant date.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Since</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>2018</font> units </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">are </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">vest</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ed</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> ratably over the same period and </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">are</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">mandatorily redeemed by the</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Company <font>seven</font> years after grant date.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> The payment of the benefit is tied to the book value of the shares, and not to their market value.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Tenaris valued this long-term incentive program as a long term benefit plan as classified in IAS <font>19</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">,</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &#8220;Employee Benefits&#8221;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">As of December 31, 20</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>20</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> and <font>201</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>9</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, the outstanding liability corresponding to the Program amounts to $<font>82.4</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;million and $<font>99.0</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> million, respectively. The total value of the units granted </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">(vested and unvested) </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">to date under the program, considering the number of units and the book value p</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">er share as of December 31, 20</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>20</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> and <font>201</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>9</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, is $<font>108.7</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">million and $<font>119.9</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;million, respectively.</font></p>

<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 12pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-left: 22.5pt; margin-bottom: 0pt; text-indent: -22.5pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">(<font>4</font>)</font><font style="font: 7pt 'Times New Roman'; -aw-import: spaces;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Termination benefits</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">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 </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">recognizes</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> termination benefits at the earlier of the following dates: (a) when it can no longer withdraw the offer of those benefits; and (b) when the costs for a restructuring that is within the scope of IAS <font>37</font> 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.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 12pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-left: 18pt; margin-bottom: 0pt; text-indent: -18pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">(<font>5</font>)</font><font style="font: 7pt 'Times New Roman'; -aw-import: spaces;">&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Other compensation obligations</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Employ</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ee entitlements to annual leave, </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">long-service leave</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, sick leave and other bonuses and compensations</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> obligations</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> are accrued as earned.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="width: 66.55pt; display: inline-block; -aw-tabstop-align: left; -aw-tabstop-pos: 66.55pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Compensation to employees in the event of dismissal is charged to income in the year in which it becomes payable.</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Q</font><font style="width: 28.22pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Provisions </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Tenaris is subject to various claims, lawsuits and other legal proceedings, including customer claims, in which a third party is seeking payment for alleged damages, reimbursement for losses or indemnity. </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Tenaris&#8217;s</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> 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</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, as a result of past events, </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">a potential loss from a claim or proceeding is considered probable and the amount can be </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">reliably</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> estimated, a </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">provision </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">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 </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Tenaris&#8217;s</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> litigation and settlement strategies. These estimates are primarily constructed with the assistance of legal counsel. </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">As the scope of liabilities become better defined, there may be changes in the estimates of future costs </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">which could have a material adverse effect on its results of operations, financial condition and </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">cash flows.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 12pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">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.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">This note should be read in conjunction with </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">n</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ote <font>2</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>6</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">.</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">R</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> </font><font style="width: 26.28pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Trade and other payables </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Trade and other payables are recognized initially at fair value, generally the nominal invoice amount and </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">subsequently measured at amortiz</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ed cost. They are presented as current liabilities unl</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ess payment is not due within <font>twelve</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> months after the reporting period.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Due to the short-term nature </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">t</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">heir carrying amount</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">s</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">are</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> considered to be the same as their fair value.</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">S</font><font style="width: 30.44pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Revenue recognition </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Revenue comprises the fair value of the consideration received or receivable for the sale of goods and</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> rendering of</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> services in the ordinary course of Tenaris&#8217;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.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Revenue is recognized at a point in time or </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">over</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> time from sales when control has been transferred and there is no unfulfilled performance obligation that could affect the acceptance of the product by the customer. </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">The control </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">is</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> transfer</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">red</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">upon</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> delivery.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">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. </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">These conditions are determined and ana</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">lyzed on a contract by contract</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> basis to ensure that all performance obligations are fulfilled</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">. I</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">n particular, Tenaris verifies customer acceptance of the goods, the satisfaction of delivery terms and any other applicable condition.</font><br/></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">For bill and hold transactions</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> 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 </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">does not</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> have the ability to use the product or to direct it to another customer; (d</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">) the usual payment terms apply.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The Company&#8217;s contracts</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> with customers</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> do not 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 right</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">s</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> of return</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">are based o</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">n expected value considering past experience</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> and contract conditions.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: spaces;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">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 not directly observable, they are estimated based on the expected cost plus margin.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">There are no 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. </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Tenaris provides services related to goods sold, which represent a non-material portion of sales revenue and </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">mainly </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">include:</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Pipe Management Services. </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">This comprises mainly preparation of the pipes ready to be run, delivery to the customer, storage services and rig return.</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Field Services. </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Comprises</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">field technical support and running assistance.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">These services</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">are</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">rendered in connection to the sales of goods and</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> are</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> 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 no 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.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Revenue from providing services is recognized over time in the accounting period in which the services are rendered</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">. T</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">he following in</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">puts and outputs methods are applied</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> to recognize revenue</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> considering the nature</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> of service</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">:</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Storage services</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, the C</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ompany provides storage services in owned or third-party warehouses, subject to a variable fee</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> to be invoiced. T</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">his fe</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">e is determined based on the time that the customer maintains the material in the warehouse and th</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">e 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).</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Freights</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">, </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">the Company</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">recognized the revenue on a pro rata bases considering the </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">units delivered and time</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> elapsed.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Field services</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, the revenue i</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">s recognized considering output</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> method</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">s</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, in particular surveys of service comple</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">tion provided by the customer.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The Company does not 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 <font>one</font> year. As a consequence,</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> considering that the contracts do not include any significant financing component,</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> the Company does not adjust any of the transaction pric</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">es for the time value of money. For this reason, the Company is also applying the practical expedient not to disclose details on transaction prices allocated to the remaining performance obligations as of the end of the reporting period.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Tenaris only provides standard quality warranties assuring that the goods sold will function as expected or are fit for their intended purpose, with no incremental service to the customer. Accordingly, warranties do not constitute a separate performance obligation.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Other revenues earned by Tenaris are recognized on the following basis:</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
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<li style="margin-left: 9.58pt; text-align: justify; line-height: 12pt; padding-left: 8.42pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Wingdings'; -aw-font-weight: normal; -aw-number-format: '&#61607;';"><font style="font-family: 'Times New Roman';">Interest income: on the effective yield basis. </font></li>
<li style="margin-left: 9.58pt; text-align: justify; line-height: 12pt; padding-left: 8.42pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Wingdings'; -aw-font-weight: normal; -aw-number-format: '&#61607;';"><font style="font-family: 'Times New Roman';">Dividend income from investments in other companies: when Tenaris&#8217;s right to receive payment is established.</font></li>
<li style="margin-left: 9.58pt; text-align: justify; line-height: 12pt; padding-left: 8.42pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Wingdings'; -aw-font-weight: normal; -aw-number-format: '&#61607;';"><font style="font-family: 'Times New Roman';">Construction contracts </font><font style="font-family: 'Times New Roman';">revenues is recognized in accordance with the stage of the project completion.</font></li>
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<h4 style="margin-top: 0pt; margin-bottom: 0pt; page-break-after: avoid; line-height: 12pt; padding-top: 5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">T</font><font style="width: 29.33pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Cost of sales and </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">other selling expenses</font></h4>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Cost of sales and </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">other selling</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">expenses are recognized in the</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Consolidated I</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ncome </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">S</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">tatement on the accrual basis of accounting.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Commissions, freight</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">s</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">and other selling expenses</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, including shipping and handling costs, </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">are </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">recorded</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">in</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">S</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">elling, general and administrative expense</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">s</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">in the </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Consolidated I</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ncome </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">S</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">tatement</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">.</font></p>
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<h4 style="margin-top: 0pt; margin-bottom: 0pt; page-break-after: avoid; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">U</font><font style="width: 28.78pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Earnings per share</font></h4>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Earnings per share are calculated by dividing the income attributable to </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">owners</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">of the </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">parent</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">by the daily weighted average number of </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">common</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> shares </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">outstanding</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> during the </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">year</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">There are no dilutive potential ordinary shares.</font></p>
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<h4 style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; page-break-after: avoid; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">V</font><font style="width: 28.78pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">F</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">inancial instruments</font><font style="font-family: 'Times New Roman Bold'; font-size: 10pt;"> </font></h4>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Non derivative financial instruments comprise investments in financial debt instruments and equity, time deposits, trade and other receivables, cash and cash equivalents, borrowing</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">s and trade and other payables.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The Company classifies its financial instruments according to the following measurement categories:&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<ul style="margin: 0pt; padding-left: 0pt; margin-left: 2.58pt;" type="disc">
<li style="margin-left: 9.6pt; text-align: justify; line-height: 12pt; padding-left: 4.6pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman';">those to be measured subsequently at fair value (either through OCI or through profit or loss), and</font></li>
<li style="margin-left: 9.6pt; text-align: justify; line-height: 12pt; padding-left: 4.6pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman';">those to be measured at amortised cost</font><font style="font-family: 'Times New Roman';">.</font></li>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The classification depends on the Company&#8217;s business model for managing the financial assets and contractual terms of the cash flows.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">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.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">At initial recognition, the Company measures a financial asset at its fair value plus, in the case of a financial asset not 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.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Subsequent measurement of debt instruments depends on the Company&#8217;s business model for managing the asset and the cash flow characteristics of the asset. There are <font>three</font> measurement categories into which the Company classifies its debt instruments:</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">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.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Exchange gains and losses and impairments related to the financial assets are immediately recognized in the Consolidated Income S</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">tatement.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Fair value through oth</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">er comprehensive income</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">: Assets that are held for collection of contractual cash flows and for selling the financial assets, where the assets&#8217; 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.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Fai</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">r value through profit and loss</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">: Assets that do not 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.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">For equity instruments, these are subsequently measured at fair value.&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Accounting for derivative financial instruments and hedging activities is included within the Section III, Financial Risk Management.</font></p>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for borrowings. [Refer: Borrowings]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 117<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_117_b&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
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<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfAccountingPolicyForEarningsPerShareExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for earnings per share.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 117<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_117_b&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfAccountingPolicyForEarningsPerShareExplanatory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for employee benefits. Employee benefits are all forms of consideration given by an entity in exchange for services rendered by employees or for the termination of employment.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 117<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_117_b&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfAccountingPolicyForExpensesExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for expenses.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 117<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_117_b&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfAccountingPolicyForExpensesExplanatory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for financial instruments. [Refer: Financial instruments, class [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 117<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_117_b&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for foreign currency translation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 117<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_117_b&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for the impairment of non-financial assets. [Refer: Financial assets]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 117<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_117_b&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfAccountingPolicyForIncomeTaxExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for income tax.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 117<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_117_b&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfAccountingPolicyForIncomeTaxExplanatory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for intangible assets and goodwill. [Refer: Intangible assets and goodwill]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 117<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_117_b&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for investment in associates and joint ventures. [Refer: Associates [member]; Joint ventures [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 117<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_117_b&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for investments other than investments accounted for using the equity method. [Refer: Investments accounted for using equity method; Investments other than investments accounted for using equity method]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 117<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_117_b&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfAccountingPolicyForIssuedCapitalExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for issued capital. [Refer: Issued capital]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 117<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_117_b&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfAccountingPolicyForIssuedCapitalExplanatory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfAccountingPolicyForLeasesExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for leases. A lease is an agreement whereby the lessor conveys to the lessee in return for a payment or series of payments the right to use an asset for an agreed period of time.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 117<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_117_b&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfAccountingPolicyForLeasesExplanatory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfAccountingPolicyForMeasuringInventories">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for measuring inventories. [Refer: Inventories]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 2<br> -IssueDate 2019-01-01<br> -Paragraph 36<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=2&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_36_a&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfAccountingPolicyForMeasuringInventories</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for property, plant and equipment. [Refer: Property, plant and equipment]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 117<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_117_b&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfAccountingPolicyForProvisionsExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for provisions. [Refer: Provisions]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 117<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_117_b&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for recognising revenue. [Refer: Revenue]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 117<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_117_b&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfAccountingPolicyForRecognitionOfRevenue</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for segment reporting.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 117<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_117_b&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for trade and other payables. [Refer: Trade and other payables]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 117<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_117_b&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for trade and other receivables. [Refer: Trade and other receivables]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 117<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_117_b&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory</td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy used to determine the components of cash and cash equivalents. [Refer: Cash and cash equivalents]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2019-01-01<br> -Paragraph 46<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_46&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for basis of presentation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140345109581736">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>II. Accounting Policies (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2020</div></th></tr>
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<td class="text">&#160;<span></span>
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<tr style="height: 16px;">
<td style="width: 4.92%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt; -aw-import: ignore;"> &nbsp; </font></p>
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<td style="width: 54.22%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"> Land </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"> No Depreciation </font></p>
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<td style="width: 4.92%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt; -aw-import: ignore;"> &nbsp; </font></p>
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<td style="width: 54.22%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"> Buildings and improvements&nbsp; </font></p>
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<td style="width: 40.86%; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"> <font style="border-right: none; border-left: none;"><font>30</font></font>-<font>50</font> years </font></p>
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<td style="width: 4.92%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt; -aw-import: ignore;"> &nbsp; </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"> Plant and production equipment&nbsp; </font></p>
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<td style="width: 40.86%; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"> <font>10</font>-<font>40</font> years </font></p>
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<tr style="height: 10px;">
<td style="width: 4.92%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt; -aw-import: ignore;"> &nbsp; </font></p>
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<td style="width: 54.22%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; letter-spacing: -0.1pt;"> Vehicles, furniture and fixtures, and other equipment </font></p>
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<td style="width: 40.86%; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px;"><font>4</font> -<font>10</font> years</td>
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</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of detailed information about the estimated useful lives of property, plant and equipment.</p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140345114726360">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>III. Financial Risk Management (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2020</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsAbstract', window );"><strong>Disclosure of detailed information about financial instruments [abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory', window );">Disclosure of effect of changes in foreign exchange rates [text block]</a></td>
<td class="text"><div>
<table style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px; height: 78px;" width="100%" cellspacing="0" cellpadding="0">

<tr style="height: 17px;">
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> All amounts Long / (Short) in thousands of U.S. dollars </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;" colspan="6">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> As of December 31, </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Currency Exposure / Functional currency </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> <font>2020</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> <font>2019</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 10px; width: 70%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Argentine Peso / U.S. dollar </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 10px; width: 1%; background-color: #cceeff;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 10px; width: 1%; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 10px; width: 12%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>39,561</font> </font></p>
</td>
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; width: 1%; background-color: #cceeff;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 10px; width: 1%; background-color: #cceeff;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 10px; width: 1%; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 10px; width: 12%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>95,811</font> </font></p>
</td>
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; width: 1%; background-color: #cceeff;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 17px;">
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Euro / U.S. dollar </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>291,362</font> </font></p>
</td>
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>103,518</font> </font></p>
</td>
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Saudi Arabian Riyal / U.S. dollar </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>125,789</font> </font></p>
</td>
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>107,582</font> </font></p>
</td>
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><font style="font-size: 10pt;">)</font></td>
</tr>

</table>
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</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsByTypeOfInterestRateExplanatory', window );">Disclosure of financial instruments by type of interest rate [text block]</a></td>
<td class="text"><div>
<table style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px; height: 95px;" width="100%" cellspacing="0" cellpadding="0">

<tr style="height: 17px;">
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; height: 17px; width: 41.1243%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; height: 17px; width: 1.47929%;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; height: 17px; width: 1.47929%;"><br/></td>
<td colspan="10" style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; height: 17px; width: 55.9527%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> As of December 31, </font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; height: 17px; width: 41.1243%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; height: 17px; width: 1.47929%;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; height: 17px; width: 1.47929%;"><br/></td>
<td colspan="4" style="border-bottom: 0.75pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; height: 17px; width: 26.497%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> <font>2020</font> </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; height: 17px; width: 1.47929%;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; height: 17px; width: 1.47929%;"><br/></td>
<td colspan="4" style="border-bottom: 0.75pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; height: 17px; width: 26.497%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> <font>2019</font> </font></p>
</td>
</tr>
<tr style="height: 10px;">
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: middle; height: 10px; width: 41.1243%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: middle; height: 10px; width: 1.47929%;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; height: 10px; width: 13.4793%;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> Amount in thousands of U.S. dollars </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; height: 10px; width: 1.47929%;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; height: 10px; width: 1.47929%;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 10px; width: 11.5385%;" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> % </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; height: 10px; width: 1.47929%;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; height: 10px; width: 13.4793%;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> Amount in thousands of U.S. dollars </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; height: 10px; width: 1.47929%;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; height: 10px; width: 1.47929%;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 10px; width: 11.5385%;" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> % </font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; width: 41.1243%; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Fixed rate (*) </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; width: 1.47929%; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; width: 1.47929%; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; width: 12%; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>237,320</font> </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; width: 1.47929%; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; width: 1.47929%; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 4px; vertical-align: top; width: 11.5385%; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>38</font>% </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; width: 1.47929%; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; width: 1.47929%; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; width: 12%; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>768,002</font> </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; width: 1.47929%; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; width: 1.47929%; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 4px; vertical-align: top; width: 11.5385%; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>93</font>% </font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; height: 17px; width: 41.1243%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Variable rate </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; height: 17px; width: 1.47929%;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; width: 1.47929%;"><br/></td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px; width: 12%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>381,687</font> </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; width: 1.47929%;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; width: 1.47929%;"><br/></td>
<td style="padding: 0px 0px 0px 4px; vertical-align: top; height: 17px; width: 11.5385%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>62</font>% </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; width: 1.47929%;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; width: 1.47929%;"><br/></td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px; width: 12%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>54,150</font> </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; width: 1.47929%;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; width: 1.47929%;"><br/></td>
<td style="padding: 0px 0px 0px 4px; vertical-align: top; height: 17px; width: 11.5385%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>7</font>% </font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 41.1243%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> Total </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.47929%;"><br/></td>
<td style="border-top: 0.75pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.47929%;"><br/></td>
<td style="border-top: 0.75pt solid #000000; padding: 0px 0px 0px 4px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 12%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> <font>619,007</font> </font></font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.47929%;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.47929%;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 11.5385%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> &nbsp; </font></font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.47929%;"><br/></td>
<td style="border-top: 0.75pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.47929%;"><br/></td>
<td style="border-top: 0.75pt solid #000000; padding: 0px 0px 0px 4px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 12%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> <font>822,152</font> </font></font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.47929%;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.47929%;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 11.5385%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> &nbsp; </font></p>
</td>
</tr>

</table>
</div><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueOfFinancialInstrumentsExplanatory', window );">Disclosure of fair value of financial instruments [text block]</a></td>
<td class="text"><div>
<table style="height: 462px; margin-left: 0.1px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%" cellspacing="0" cellpadding="0">

<tr style="height: 17px;">
<td style="padding: 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; background-color: #ffffff; vertical-align: bottom; height: 27px;" rowspan="2" colspan="2" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"><font> Carrying amount</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; background-color: #ffffff; vertical-align: bottom; height: 27px;" rowspan="2" valign="bottom"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; background-color: #ffffff; vertical-align: bottom; height: 27px;" rowspan="2" valign="bottom"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; background-color: #ffffff; vertical-align: bottom; height: 17px; border-top: 1pt solid #000000;" colspan="10" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Measurement Categories </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;" valign="bottom"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;" valign="bottom"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;" colspan="10" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> At Fair Value </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;" valign="bottom"><br/></td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px; background-color: #ffffff; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> December 31, 2019 </font></p>
</td>
<td style="padding: 0px; vertical-align: top; background-color: #ffffff; height: 10px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; background-color: #ffffff; vertical-align: bottom; height: 10px;" colspan="2" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Amortized Cost </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;" valign="bottom"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;" valign="bottom"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;" colspan="2" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> FVOCI </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;" valign="bottom"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;" valign="bottom"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;" colspan="2" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> FVPL </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;" valign="bottom"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;" valign="bottom"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;" colspan="2" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Level <font>1</font></font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;" valign="bottom"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;" valign="bottom"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;" colspan="2" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Level <font>2</font></font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;" valign="bottom"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;" valign="bottom"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;" colspan="2" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Level <font>3</font></font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;" valign="bottom"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px; vertical-align: top; background-color: #ffffff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Assets </font></p>
</td>
<td style="padding: 0px; vertical-align: top; background-color: #ffffff; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px; vertical-align: top; height: 17px; background-color: #cceeff; width: 37%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> Cash and cash equivalents </font></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 17px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 6%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> <font>1,554,299</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 6%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> <font>387,602</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 6%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 6%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> <font>1,166,697</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 6%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> <font>1,166,697</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 6%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 6%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> Other investments </font></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> <font>210,376</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> <font>65,874</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> <font>144,502</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> <font>134,990</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> <font>9,512</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> &nbsp;- </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: top; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"> Fixed income (time-deposit, <font>zero</font> coupon bonds, commercial papers) </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: top; height: 10px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"> <font>65,874</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"> <font>65,874</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 8.55pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Certificates of deposits </font></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"> <font>20,637</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>20,637</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 8.55pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Commercial papers </font></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"> <font>4,993</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>4,993</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> -&nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 8.55pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Other notes </font></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"> <font>40,244</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>40,244</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> -&nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"> Bonds and other fixed income </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: top; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"> <font>144,502</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"> <font>144,502</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"> <font>134,990</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"> <font>9,512</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 8.55pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> U.S. government securities </font></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"> <font>10,211</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>10,211</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>10,211</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 8.55pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Non - U.S. government securities </font></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"> <font>28,637</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>28,637</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>19,125</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>9,512</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 8.55pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Corporates securities </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: top; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"> <font>105,654</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>105,654</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>105,654</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> Derivative financial instruments </font></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> <font>19,929</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> <font>19,929</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> &nbsp;-&nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> <font>19,929</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> Other Investments Non-current </font></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> <font>24,934</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> <font>18,012</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> <font>6,922</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> <font>18,012</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> <font>6,922</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 8.55pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Bonds and other fixed income </font></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"> <font>18,012</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>18,012</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>18,012</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 8.55pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Other investments </font></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"> <font>6,922</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>6,922</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>6,922</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> Trade receivables </font></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> <font>1,348,160</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> <font>1,348,160</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> Receivables C and NC (*) </font></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> <font>261,678</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> <font>93,239</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> <font>48,659</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> <font>48,659</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 8.55pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Other receivables </font></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"> <font>141,898</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>93,239</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>48,659</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>48,659</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 8.55pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Other receivables (non-financial) </font></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"> <font>119,780</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Total </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: top; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>1,894,875</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>211,173</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>1,193,548</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>1,319,699</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>29,441</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>55,581</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Liabilities </font></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> Borrowings C and NC </font></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> <font>822,152</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> <font>822,152</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> Trade payables </font></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> <font>555,887</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> <font>555,887</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> &nbsp;<font>-</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> Finance Lease Liabilities C and NC </font></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> <font>230,167</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> <font>230,167</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> <font>-</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> Derivative financial instruments </font></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> <font>1,814</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> <font>-</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> <font>1,814</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> <font>1,814</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Total </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: top; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>1,608,206</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>1,814</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp;- </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>1,814</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
</tr>

</table>

<table style="height: 402px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px;" width="100%" cellspacing="0" cellpadding="0">

<tr style="height: 17px;">
<td style="padding: 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; background-color: #ffffff; height: 27px; vertical-align: bottom;" rowspan="2" colspan="2" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"><font><font class="selected">Ca<font>rrying Amount</font></font><br/></font></font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; background-color: #ffffff; height: 27px; vertical-align: bottom;" rowspan="2" valign="bottom"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; background-color: #ffffff; height: 27px; vertical-align: bottom;" rowspan="2" valign="bottom"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; background-color: #ffffff; height: 17px; vertical-align: bottom; border-top: 1pt solid #000000;" colspan="10" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Measurement Categories </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; height: 17px; vertical-align: bottom;" colspan="10" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> At Fair Value </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: middle; height: 17px;"><br/></td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px; background-color: #ffffff; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> December 31, 2020 </font></p>
</td>
<td style="padding: 0px; vertical-align: top; background-color: #ffffff; height: 10px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; background-color: #ffffff; height: 10px; vertical-align: bottom;" colspan="2" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Amortized Cost </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; height: 10px; vertical-align: bottom;" colspan="2" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> FVOCI </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; height: 10px; vertical-align: bottom;" colspan="2" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> FVPL </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; height: 10px; vertical-align: bottom;" colspan="2" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Level <font>1</font></font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; height: 10px; vertical-align: bottom;" colspan="2" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Level <font>2</font></font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; height: 10px; vertical-align: bottom;" colspan="2" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Level <font>3</font></font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: middle; height: 10px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px; vertical-align: top; background-color: #ffffff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Assets </font></p>
</td>
<td style="padding: 0px; vertical-align: top; background-color: #ffffff; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px; vertical-align: top; height: 10px; background-color: #cceeff; width: 37%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> Cash and cash equivalents </font></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 10px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 6%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> <font>584,681</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 6%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> <font>486,498</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 6%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 6%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> <font>98,183</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 6%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> <font>98,183</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 6%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 6%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1%;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> Other investments </font></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> <font>872,488</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> <font>763,697</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> <font>108,791</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> <font>108,791</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"> Fixed income (time-deposit, <font>zero</font> coupon bonds, commercial papers) </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: top; height: 10px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"><font>763,697</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"><font>763,697</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-left: 7.1pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> U.S. Sovereign Bills </font></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"> <font>97,982</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>97,982</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px; vertical-align: top; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 7.1pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Non - U.S. Sovereign Bills </font></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"> <font>14,586</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>14,586</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-left: 7.1pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Certificates of deposits </font></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"> <font>222,132</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>222,132</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 7.1pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Commercial papers </font></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"> <font>268,737</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>268,737</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-left: 7.1pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Other notes </font></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"> <font>160,260</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>160,260</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: top; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"> Bonds and other fixed income </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: top; height: 10px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"> <font>108,791</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"> <font>108,791</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"> <font>108,791</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px; vertical-align: top; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 7.1pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Non - U.S. government securities </font></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"> <font>20,219</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>20,219</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>20,219</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;- </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 7.1pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Corporates securities </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: top; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"> <font>88,572</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>88,572</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>88,572</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><br/></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px; vertical-align: top; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> Derivative financial instruments </font></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> <font>11,449</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> <font>11,449</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> &nbsp;<font>-</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> <font>11,449</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> &nbsp;<font>-</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br/></td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px; vertical-align: top; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> Other Investments Non-current </font></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> <font>247,082</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> <font>239,422</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> <font>7,660</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> <font>239,422</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> <font>7,660</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px; vertical-align: top; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 7.1pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Bonds and other fixed income </font></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"> <font>239,422</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>239,422</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>239,422</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 7.1pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Other investments </font></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"> <font>7,660</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>7,660</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>7,660</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> Trade receivables </font></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> <font>968,148</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> <font>968,148</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px; vertical-align: top; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> Receivables C and NC (*) </font></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> <font>232,152</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> <font>90,330</font>&nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> <font>48,659</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><br/></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> <font>48,659</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 7.1pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Other receivables </font></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"> <font>138,989</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>90,330</font>&nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>48,659</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>48,659</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px; vertical-align: top; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 7.1pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Other receivables (non-financial) </font></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"> <font>93,163</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"> &nbsp;- </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Total </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: top; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>2,308,673</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>396,872</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>117,292</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>446,396</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>11,449</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>56,319</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Liabilities </font></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> Borrowings C and NC </font></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> <font>619,007</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> <font>619,007</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> Trade payables </font></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> <font>462,105</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> <font>462,105</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px; vertical-align: top; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> Finance Lease Liabilities C and NC </font></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> <font>257,343</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> <font>257,343</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br/></td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px; vertical-align: top; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> Derivative financial instruments </font></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> <font>3,217</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> <font>3,217</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> <font>3,217</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Total </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: top; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>1,338,455</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp;<font>-</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>3,217</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>3,217</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
</tr>

</table>
</div><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementExplanatory', window );">Disclosure of fair value measurement [text block]</a></td>
<td class="text"><div>
<table style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px; height: 120px;" width="100%" cellspacing="0" cellpadding="0">

<tr style="height: 17px;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 68.2739%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.54291%;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px; width: 29.0858%;" colspan="6">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Year ended December 31, </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px; width: 1.54291%;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 68.2739%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (all amounts in thousands of U.S. dollars) </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 1.54291%;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px; width: 13%;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>2020</font></font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px; width: 1.54291%;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px; width: 1.54291%;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px; width: 13%;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>2019</font></font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px; width: 1.54291%;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 68.2739%; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> At the beginning of the year </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 1.54291%; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 12%; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>55,581</font> </font></font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.54291%; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.54291%; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 12%; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>52,985</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.54291%; background-color: #cceeff; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 68.2739%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (Decrease) / Addition </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 1.54291%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 12%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>3,604</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.54291%;"><font style="font-size: 10pt;">)</font></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 1.54291%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 12%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2,933</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 1.54291%;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 68.2739%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Increase due to business combinations </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.54291%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 12%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>3,915</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.54291%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.54291%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 12%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.54291%;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 68.2739%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Currency translation adjustment and others </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 1.54291%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 12%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>427</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 1.54291%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 1.54291%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 12%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>337</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.54291%;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 18px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 18px; width: 68.2739%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> At the end of the year </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 18px; width: 1.54291%;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px; width: 1%;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px; width: 12%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>56,319</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px; width: 1.54291%;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px; width: 1.54291%;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px; width: 1%;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px; width: 12%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>55,581</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px; width: 1.54291%;"><br/></td>
</tr>

</table>
</div><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for the effect of changes in foreign exchange rates.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 21<br> -IssueDate 2019-01-01<br> -Section Disclosure<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=21&amp;code=ifrs-tx-2019-en-r&amp;doctype=Standard&amp;dita_xref=IAS21_g51-57_TI<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfFairValueMeasurementExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for fair value measurement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2019-01-01<br> -Section Disclosure<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=13&amp;code=ifrs-tx-2019-en-r&amp;doctype=Standard&amp;dita_xref=IFRS13_g91-99_TI<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfFairValueMeasurementExplanatory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfFairValueOfFinancialInstrumentsExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of the fair value of financial instruments. [Refer: Financial instruments, class [member]; At fair value [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 10<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_10_e&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfFairValueOfFinancialInstrumentsExplanatory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfFinancialInstrumentsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfFinancialInstrumentsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfFinancialInstrumentsByTypeOfInterestRateExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of financial instruments by type of interest rate. [Refer: Financial instruments, class [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2019-01-01<br> -Paragraph 39<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=7&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_39&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfFinancialInstrumentsByTypeOfInterestRateExplanatory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>96
<FILENAME>R54.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140345109498536">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 1 - Segment Information (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2020</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfOperatingSegmentsAbstract', window );"><strong>Disclosure of operating segments [abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfOperatingSegmentsExplanatory', window );">Disclosure of operating segments [text block]</a></td>
<td class="text"><div>
<div style="border-left: none; border-right: none;">
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; height: 192px; width: 100.02%;" width="100%">

<tr style="height: 10px;">
<td style="border-bottom: 1pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Year ended December 31, 2020 </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 10px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 10px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Tubes </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 10px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 10px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 10px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Other </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 10px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 10px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 10px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Total </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 10px;"><br/></td>
</tr>
<tr style="height: 13px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 13px; border-bottom: 2.8pt double #000000; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> IFRS - Net Sales </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; border-bottom: 2.8pt double #000000; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; border-bottom: 2.8pt double #000000; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; border-bottom: 2.8pt double #000000; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>4,844</font> </font></font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; border-bottom: 2.8pt double #000000; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; border-bottom: 2.8pt double #000000; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; border-bottom: 2.8pt double #000000; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; border-bottom: 2.8pt double #000000; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>303</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px; border-bottom: 2.8pt double #000000; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; border-bottom: 2.8pt double #000000; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; border-bottom: 2.8pt double #000000; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; border-bottom: 2.8pt double #000000; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>5,147</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px; border-bottom: 2.8pt double #000000; background-color: #cceeff;"><br/></td>
</tr>
<tr style="height: 13px;">
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 13px; width: 61%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Management view - operating (loss) </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; width: 1%;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 13px; width: 1%;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp;(<font>277</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px; width: 1%;"><font style="font-size: 10pt;">)</font></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; width: 1%;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; width: 1%;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp;(<font>50</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px; width: 1%;"><font style="font-size: 10pt;">)</font></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; width: 1%;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 13px; width: 1%;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp;(<font>327</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px; width: 1%;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 13px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Differences in cost of sales </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;(<font>138</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><font style="font-size: 10pt;">)</font></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>4</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;(<font>134</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 13px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Differences in depreciation and amortization </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;(<font>1</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br/></td>
</tr>
<tr style="height: 13px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Differences in selling, general and administrative expenses </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;(<font>2</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><font style="font-size: 10pt;">)</font></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;(<font>2</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 13px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Differences in other operating income (expenses), net </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;(<font>200</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;(<font>200</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 13px; background-color: #cceeff;">
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> IFRS - operating (loss) </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp;(<font>616</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><font style="font-size: 10pt;">)</font></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp;(<font>47</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><font style="font-size: 10pt;">)</font></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp;(<font>663</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 13px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Financial income (expense), net </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;(<font>65</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 13px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> (Loss) before equity in earnings of non-consolidated companies and income tax </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp;(<font>728</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 13px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Equity in earnings of non-consolidated companies </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>109</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br/></td>
</tr>
<tr style="height: 13px; background-color: #cceeff;">
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> (Loss) before income tax </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp;(<font>619</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 13px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"> Capital expenditures </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"> <font>189</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"> <font>4</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> <font>193</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px;"><br/></td>
</tr>
<tr style="height: 13px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"> Depreciation and amortization </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"> <font>661</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"> <font>18</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> <font>679</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br/></td>
</tr>

</table>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; -aw-import: ignore;">&nbsp;</font></p>
<div style="border-left: none; border-right: none;">
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 254px;" width="100%">

<tr style="height: 17px;">
<td style="border-bottom: 1pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Year ended December 31, 2019 </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Tubes </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Other </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Total </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; border-bottom: 2.8pt double #000000; height: 17px; background-color: #cceeff; width: 61%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> IFRS - Net Sales </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-bottom: 2.8pt double #000000; height: 17px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-bottom: 2.8pt double #000000; height: 17px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; border-bottom: 2.8pt double #000000; height: 17px; background-color: #cceeff; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>6,870</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-bottom: 2.8pt double #000000; height: 17px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-bottom: 2.8pt double #000000; height: 17px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-bottom: 2.8pt double #000000; height: 17px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; border-bottom: 2.8pt double #000000; height: 17px; background-color: #cceeff; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>424</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-bottom: 2.8pt double #000000; height: 17px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-bottom: 2.8pt double #000000; height: 17px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-bottom: 2.8pt double #000000; height: 17px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; border-bottom: 2.8pt double #000000; height: 17px; background-color: #cceeff; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>7,294</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-bottom: 2.8pt double #000000; height: 17px; background-color: #cceeff; width: 1%;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Management view - operating income </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>857</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>73</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>930</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Differences in cost of sales </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;(<font>105</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>3</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;(<font>102</font>) </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Differences in depreciation and amortization </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;(<font>1</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;(<font>1</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Differences in selling, general and administrative expenses </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;(<font>1</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Differences in other operating income (expenses), net </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>6</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>6</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> IFRS - operating income </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>756</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>77</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>833</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Financial income (expense), net </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>19</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Income before equity in earnings of non-consolidated companies and income tax </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>852</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Equity in earnings of non-consolidated companies </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>82</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Income before income tax </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>934</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"> Capital expenditures </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"> <font>338</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"> <font>12</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> <font>350</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"> Depreciation and amortization </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"> <font>523</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"> <font>17</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> <font>540</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
</tr>

</table>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; -aw-import: ignore;">&nbsp;</font></p>
<div style="border-left: none; border-right: none;">
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 221px;" width="100%">

<tr style="height: 17px;">
<td style="border-bottom: 1pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Year ended December 31, 2018 </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Tubes </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Other </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Total </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; border-bottom: 2.8pt double #000000; background-color: #cceeff; height: 17px; width: 61%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> IFRS - Net Sales </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-bottom: 2.8pt double #000000; background-color: #cceeff; height: 17px; width: 1%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-bottom: 2.8pt double #000000; background-color: #cceeff; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; border-bottom: 2.8pt double #000000; background-color: #cceeff; height: 17px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>7,233</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-bottom: 2.8pt double #000000; background-color: #cceeff; height: 17px; width: 1%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-bottom: 2.8pt double #000000; background-color: #cceeff; height: 17px; width: 1%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-bottom: 2.8pt double #000000; background-color: #cceeff; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; border-bottom: 2.8pt double #000000; background-color: #cceeff; height: 17px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>426</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-bottom: 2.8pt double #000000; background-color: #cceeff; height: 17px; width: 1%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-bottom: 2.8pt double #000000; background-color: #cceeff; height: 17px; width: 1%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-bottom: 2.8pt double #000000; background-color: #cceeff; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; border-bottom: 2.8pt double #000000; background-color: #cceeff; height: 17px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>7,659</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-bottom: 2.8pt double #000000; background-color: #cceeff; height: 17px; width: 1%;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Management view - operating income </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>702</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>81</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>783</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Differences in cost of sales </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>112</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>7</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>119</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Differences in depreciation and amortization </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;(<font>34</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;(<font>34</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Differences in selling, general and administrative expenses </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;(<font>2</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>6</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>4</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> IFRS - operating income </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>778</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>94</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>872</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Financial income (expense), net </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>37</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Income before equity in earnings of non-consolidated companies and income tax </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>909</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Equity in earnings of non-consolidated companies </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>194</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Income before income tax </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>1,103</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"> Capital expenditures </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"> <font>346</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"> <font>3</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> <font>349</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"> Depreciation and amortization </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"> <font>645</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"> <font>19</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"> <font>664</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
</tr>

</table>
</div>
</div><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfGeographicalAreasExplanatory', window );">Disclosure of geographical areas [text block]</a></td>
<td class="text"><div>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 99.836%; height: 434px;" width="100%">

<tr style="height: 26px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 26px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (all amounts in thousands of U.S. dollars) </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 26px;"><br/></td>
<td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; height: 26px; vertical-align: bottom;" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> North America </font></p>
</td>
<td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; height: 26px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; height: 26px; vertical-align: bottom;" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> South America </font></p>
</td>
<td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; height: 26px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; height: 26px; vertical-align: bottom;" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Europe </font></p>
</td>
<td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 26px;" valign="bottom"><br/></td>
<td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; height: 26px; vertical-align: bottom;" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Middle East &amp; Africa </font></p>
</td>
<td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; height: 26px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; height: 26px; vertical-align: bottom;" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Asia Pacific </font></p>
</td>
<td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; height: 26px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; height: 26px; vertical-align: bottom;" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Unallocated (*) </font></p>
</td>
<td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; height: 26px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; height: 26px; vertical-align: bottom;" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Total </font></font></p>
</td>
<td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 26px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Year ended December 31, 2020 </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 34%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Net sales </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 2%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 7%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2,179,949</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 2%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 7%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>776,235</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 2%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 7%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>642,793</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 2%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 8%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,227,532</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 2%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 7%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>320,225</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 2%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 7%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 2%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 7%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>5,146,734</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 2%;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Total assets </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>8,071,574</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,868,458</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,461,738</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>804,559</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>552,508</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>957,352</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>13,716,189</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Trade receivables </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>411,692</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>115,972</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>139,427</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>210,194</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>90,863</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>968,148</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Property, plant and equipment, net </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>3,971,101</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,050,619</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>823,057</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>242,939</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>105,465</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>6,193,181</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Capital expenditures </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>71,531</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>63,111</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>39,691</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>10,452</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>8,537</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>193,322</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Depreciation and amortization </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>408,546</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>106,827</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>84,518</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>44,259</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>34,656</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>678,806</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Year ended December 31, 2019 </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Net sales </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>3,429,911</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,391,288</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>738,880</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,382,172</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>351,804</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>7,294,055</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Total assets </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>7,885,120</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2,227,044</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2,282,775</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>958,424</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>609,663</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>879,965</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>14,842,991</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Trade receivables </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>612,809</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>176,173</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>149,321</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>319,406</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>90,451</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,348,160</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Property, plant and equipment, net </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>3,771,570</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,129,260</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>816,721</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>254,858</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>117,608</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>6,090,017</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Capital expenditures </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>169,390</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>113,999</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>55,169</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>4,578</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>7,038</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>350,174</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Depreciation and amortization </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>276,046</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>105,308</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>82,400</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>42,520</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>33,247</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>539,521</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Year ended December 31, 2018 </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Net sales </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>3,611,509</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,462,044</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>724,733</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,559,988</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>300,314</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>7,658,588</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Total assets </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>7,971,311</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2,489,522</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,913,589</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>588,746</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>482,563</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>805,568</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>14,251,299</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Trade receivables </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>791,190</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>280,801</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>215,202</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>383,358</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>66,815</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,737,366</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Property, plant and equipment, net </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>3,859,060</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,133,113</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>848,178</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>94,040</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>129,517</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>6,063,908</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Capital expenditures </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>196,220</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>68,603</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>77,467</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2,047</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>5,136</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>349,473</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Depreciation and amortization </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>441,705</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>108,558</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>82,769</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>10,389</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>20,936</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>664,357</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
</tr>

</table>
</div><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_SegmentRevenuesByMarketExplanatory', window );">Segment revenues by market [text block]</a></td>
<td class="text"><div>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100.02%; height: 86px;" width="100%">

<tr style="height: 17px;">
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Revenues Tubes (in millions of U.S. dollars) </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>2020</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>2019</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>2018</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 55%; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Oil and Gas </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 12%; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>4,073</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 12%; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>5,757</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 12%; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>6,042</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Hydrocarbon Processing and Power Generation </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>371</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>534</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>602</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Industrial and Other </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>400</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>579</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>589</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
</tr>
<tr style="height: 18px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Total </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>4,844</font> </font></p>
</td>
<td style="border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>6,870</font> </font></p>
</td>
<td style="border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>7,233</font> </font></p>
</td>
<td style="border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"><br/></td>
</tr>

</table>
</div><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfGeographicalAreasExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of geographical information.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2019-01-01<br> -Paragraph 33<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_33&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfGeographicalAreasExplanatory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Period Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfOperatingSegmentsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr>
<td><strong> Data Type:</strong></td>
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</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfOperatingSegmentsExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of operating segments. [Refer: Operating segments [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2019-01-01<br> -Paragraph 23<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_23&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfOperatingSegmentsExplanatory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_SegmentRevenuesByMarketExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Text block disclosure of segment revenues by market.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140345106949176">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 2 - Cost of Sales (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2020</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_DisclosureOfCostOfSalesAbstract', window );"><strong>Disclosure of Cost of Sales [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_DisclosureOfDetailedInformationAboutCostOfSalesTextBlock', window );">Disclosure of detailed information about cost of sales [text block]</a></td>
<td class="text"><div>
<table style="height: 340px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px;" width="100%" cellspacing="0" cellpadding="0">

<tr style="height: 17px;">
<td style="padding: 0px; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;" colspan="10">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Year ended December 31, </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (all amounts in thousands of U.S. dollars) </font></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>2020</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>2019</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>2018</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 17px;"><br/></td>
<td style="border-top: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br/></td>
<td style="border-top: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> &nbsp; </font></p>
</td>
<td style="border-top: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br/></td>
<td style="border-top: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br/></td>
<td style="border-top: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br/></td>
<td style="border-top: 1pt solid #000000; vertical-align: top; height: 17px;"></td>
<td style="border-top: 1pt solid #000000; vertical-align: top; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 55%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Inventories at the beginning of the year </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1%; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 12%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>2,265,880</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 1%; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 1%; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 1%; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 12%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>2,524,341</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 12%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>2,368,304</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Increase in inventory due to business combinations </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>199,589</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>52,966</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Plus: Charges of the year </font></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Raw materials, energy, consumables and other </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>1,545,688</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>2,709,629</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>3,400,396</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Services and fees </font></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>154,976</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>222,415</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>275,130</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Labor cost (*) </font></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>757,359</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>870,261</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>855,040</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Depreciation of property, plant and equipment </font></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>503,725</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>428,791</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>432,497</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Amortization of intangible assets </font></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>8,121</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>5,948</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>8,220</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Depreciation of right-of-use assets </font></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>40,127</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>28,727</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Maintenance expenses </font></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>107,764</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>284,758</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>185,782</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Allowance for obsolescence </font></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>35,809</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>29,138</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>25,457</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Taxes </font></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>45,162</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>100,738</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>133,308</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Other </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>59,790</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>115,663</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>119,507</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: top; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>3,458,110</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>4,849,034</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>5,435,337</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Less: Inventories at the end of the year </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> (<font>1,636,673</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><font style="font-size: 10pt; font-weight: bold;">)</font></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> (<font>2,265,880</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><font style="font-size: 10pt; font-weight: bold;">)</font></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> (<font>2,524,341</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><font style="font-size: 10pt; font-weight: bold;">)</font></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>4,087,317</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>5,107,495</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>5,279,300</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
</tr>

</table>
</div><span></span>
</td>
</tr>
</table>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of detailed information about cost of sales.</p></div>
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140345111479368">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 3 - Selling, General and Administrative Expenses (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2020</div></th></tr>
<tr class="re">
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<td class="text">&#160;<span></span>
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</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_DisclosureOfDetailedInformationAboutSellingGeneralAndAdministrativeExpensesTextBlock', window );">Disclosure of detailed information about selling, general and administrative expenses [text block]</a></td>
<td class="text"><div>
<table style="height: 235px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px;" width="100%" cellspacing="0" cellpadding="0">

<tr style="height: 17px;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br/></td>
<td colspan="9" style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Year ended December 31, </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br/></td>
</tr>
<tr style="height: 14px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 14px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (all amounts in thousands of U.S. dollars) </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 14px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 14px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>2020</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 14px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 14px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 14px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>2019</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 14px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 14px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 14px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>2018</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 14px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 55%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Services and fees </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 12%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>115,883</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 12%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>153,773</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 12%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>128,090</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Labor cost (*) </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>444,436</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>481,854</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>470,928</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Depreciation of property, plant and equipment </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>26,814</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>18,524</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>16,968</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Amortization of intangible assets </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>82,355</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>41,967</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>206,672</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Depreciation of right-of-use assets </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>17,664</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>15,564</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Commissions, freight and other selling expenses </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>310,815</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>441,442</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>491,555</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Provisions for contingencies </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>11,957</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>28,565</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>23,498</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Allowances for doubtful accounts </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>4,644</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>16,256</font>) </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,751</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Taxes </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>63,234</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>110,876</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>71,110</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Other </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>41,425</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>89,665</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>99,404</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>1,119,227</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>1,365,974</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>1,509,976</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
</tr>

</table>
</div><span></span>
</td>
</tr>
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<div style="display: none;">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<td><strong> Name:</strong></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of detailed information about selling, general and administrative expenses.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140345109481560">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 4 - Labor costs (included in Cost of sales and in Selling, general and administrative expenses) (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2020</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_DisclosureOfLaborCostsAbstract', window );"><strong>4. Labor costs (included in Cost of sales and in Selling, general and administrative expenses)</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_DisclosureOfDetailedInformationAboutLaborCostsTextBlock', window );">Disclosure of detailed information about labor costs [text block]</a></td>
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<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br/></td>
<td colspan="10" style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Year ended December 31, </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br/></td>
</tr>
<tr style="height: 15px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (all amounts in thousands of U.S. dollars) </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 15px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 15px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>2020</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 15px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 15px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 15px;" colspan="3">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>2019</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 15px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 15px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 15px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>2018</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 15px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 7pt;">&nbsp; &nbsp;</font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br/></td>
<td colspan="10" style="border-top: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 55%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Wages, salaries and social security costs </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 12%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,036,211</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"><br/></td>
<td colspan="2" style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 12%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,274,474</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 12%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,250,783</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Severance indemnities </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>142,458</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td colspan="2" style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>24,637</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>25,225</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Defined contribution plans </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>12,442</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td colspan="2" style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>12,663</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>13,217</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Pension benefits - defined benefit plans </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>11,097</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td colspan="2" style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>18,207</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>15,390</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Employee retention and long term incentive program </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>413</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><font style="font-size: 10pt;">)</font></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td colspan="2" style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>22,134</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>21,353</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: top; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>1,201,795</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: top; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: top; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: top; height: 17px;"><br/></td>
<td colspan="2" style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>1,352,115</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: top; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: top; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: top; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>1,325,968</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br/></td>
</tr>

</table>
</div><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfInformationAboutEmployeesExplanatory', window );">Disclosure of information about employees [text block]</a></td>
<td class="text"><div>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 99.8994%; height: 222px;" width="100%">

<tr style="height: 17px;">
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: middle; background-color: #ffffff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Country </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #ffffff; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>2020</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>2019</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #ffffff; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #ffffff; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #ffffff; height: 17px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>2018</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #ffffff; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 55%; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Mexico </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 12%; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>4,501</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 12%; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>5,370</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 12%; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>5,595</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Argentina </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>4,376</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>5,405</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>5,427</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Italy </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2,039</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2,144</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2,155</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> USA </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,596</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2,255</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2,382</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Romania </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,552</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,815</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,852</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Brazil </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,360</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,360</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,287</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Colombia </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>746</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,040</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,082</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Canada </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>561</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>772</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,030</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Indonesia </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>521</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>616</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>554</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Japan </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>399</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>400</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>399</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Other </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,377</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2,023</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,204</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
</tr>
<tr style="height: 18px;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>19,028</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>23,200</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>22,967</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"><br/></td>
</tr>

</table>
</div><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfInformationAboutEmployeesExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of information about employees.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 10<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_10_e&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfInformationAboutEmployeesExplanatory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of detailed information about labor costs.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_DisclosureOfDetailedInformationAboutLaborCostsTextBlock</td>
</tr>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_DisclosureOfLaborCostsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_DisclosureOfLaborCostsAbstract</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140345109838600">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 5 - Impairment charge (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2020</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfImpairmentLossAndReversalOfImpairmentLossAbstract', window );"><strong>Disclosure of impairment loss and reversal of impairment loss [abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfInformationForEachMaterialImpairmentLossRecognisedOrReversedForIndividualAssetOrCashgeneratingUnitExplanatory', window );">Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [text block]</a></td>
<td class="text"><div>
<table style="margin-left: 0.1px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 90px;" width="100%" cellspacing="0" cellpadding="0">

<tr style="height: 30px;">
<td style="border-bottom: 1pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 30px; width: 54.9677%;" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (all amounts i<font>n millions of U.S. dollars) </font></font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 30px; width: 14.9677%;" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp;</font><font style="font-family: 'Times New Roman';">Assets before <br/>impairment </font></font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 30px; width: 14.9677%;" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;Impairment </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 30px; width: 14.9677%;" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp;</font><font style="font-family: 'Times New Roman';">Assets after <br/>impairment </font></font></p>
</td>
</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: middle; width: 54.9677%; background-color: #cceeff; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> OCTG - USA </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 14.9677%; background-color: #cceeff; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>544</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 14.9677%; background-color: #cceeff; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>225</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 14.9677%; background-color: #cceeff; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>319</font> </font></p>
</td>
</tr>
<tr style="height: 15px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: middle; height: 15px; width: 54.9677%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> IPSCO </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; width: 14.9677%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,169</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; width: 14.9677%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>357</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; width: 14.9677%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>812</font> </font></p>
</td>
</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: middle; background-color: #cceeff; height: 15px; width: 54.9677%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Coiled Tubing </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 14.9677%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>108</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 14.9677%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>4</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 14.9677%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>104</font> </font></p>
</td>
</tr>
<tr style="height: 15px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: middle; height: 15px; width: 54.9677%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Rods - USA </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; width: 14.9677%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>73</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; width: 14.9677%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>36</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; width: 14.9677%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>37</font> </font></p>
</td>
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</table>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_DisclosureOfSensitivityAnalysisForAdditionalImpairmentToChangesInKeyAssumptionsTextBlock', window );">Disclosure of Sensitivity Analysis for Additional Impairment to Changes in Key Assumptions [text block]</a></td>
<td class="text"><div>
<table style="margin-left: 0.1px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 90px;" width="100%" cellspacing="0" cellpadding="0">

<tr style="height: 30px;">
<td style="border-bottom: 1pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; width: 54.9677%; height: 30px;" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (all amounts<font> in millions</font> of U.S. dollars) </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 14.9677%; height: 30px;" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> +<font>100</font>Bps Discount rate </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 14.9677%; height: 30px;" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">-<font style="border-left: none; border-right: none;"><font>1</font>00</font>Bps Growth <br/>rate</font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 14.9677%; height: 30px;" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> -<font>5</font>% Cash flows </font></p>
</td>
</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 54.9677%; background-color: #cceeff; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> OCTG - USA </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 14.9677%; background-color: #cceeff; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>60</font>) </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 14.9677%; background-color: #cceeff; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>43</font>) </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 14.9677%; background-color: #cceeff; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>16</font>) </font></p>
</td>
</tr>
<tr style="height: 15px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 54.9677%; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> IPSCO </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 14.9677%; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>117</font>) </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 14.9677%; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>77</font>) </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 14.9677%; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>41</font>) </font></p>
</td>
</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 54.9677%; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Coiled Tubing </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 14.9677%; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>12</font>) </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 14.9677%; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>6</font>) </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 14.9677%; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>5</font>) </font></p>
</td>
</tr>
<tr style="height: 15px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 54.9677%; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Rods - USA </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 14.9677%; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>5</font>) </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 14.9677%; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>3</font>) </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 14.9677%; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>2</font>) </font></p>
</td>
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<div style="display: none;">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfImpairmentLossAndReversalOfImpairmentLossAbstract</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of information for an individual asset, including goodwill, or a cash-generating unit, for which an impairment loss has been recognised or reversed. [Refer: Goodwill; Impairment loss; Reversal of impairment loss; Cash-generating units [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 36<br> -IssueDate 2019-01-01<br> -Paragraph 130<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=36&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_130&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<td style="white-space:nowrap;">ifrs-full_DisclosureOfInformationForEachMaterialImpairmentLossRecognisedOrReversedForIndividualAssetOrCashgeneratingUnitExplanatory</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140345109741688">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 6 - Other operating income and expenses (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2020</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_DisclosureOfOtherOperatingIncomeExpenseAbstract', window );"><strong>Note 5 - Other Operating Income and Expenses</strong></a></td>
<td class="text">&#160;<span></span>
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<td class="text"><div>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px; height: 255px;" width="100%">

<tr style="height: 17px;">
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
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<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br/></td>
<td colspan="10" style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Year ended December 31, </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (all amounts in thousands of U.S. dollars) </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>2020</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;" colspan="3">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>2019</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>2018</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br/></td>
<td colspan="5" style="border-top: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td colspan="5" style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"> Other operating income </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 55%; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Net income from other sales </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 1%; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 12%; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>9,891</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; height: 17px;"><br/></td>
<td colspan="2" style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 12%; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>8,651</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 12%; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>3,604</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Net rents </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>5,501</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td colspan="2" style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>5,089</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>4,909</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Other </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>18,001</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td colspan="2" style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>8,025</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>6,546</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Recovery on allowance for doubtful receivables </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td colspan="2" style="border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,239</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>33,393</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td colspan="2" style="border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>23,004</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>15,059</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: top; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #cceeff; height: 17px;"><br/></td>
<td colspan="2" style="padding: 0px 0px 0px 7px; vertical-align: top; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"> Other operating expenses </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br/></td>
<td colspan="2" style="padding: 0px 0px 0px 7px; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Contributions to welfare projects and non-profit organizations </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>12,989</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td colspan="2" style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>11,199</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>11,379</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Allowance for doubtful receivables </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,263</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td colspan="2" style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,179</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>14,252</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td colspan="2" style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>11,199</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>12,558</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="height: 17px;"></td>
<td style="height: 17px;"><br/></td>
<td style="height: 17px;"><br/></td>
<td style="height: 17px;"></td>
<td style="height: 17px;"><br/></td>
<td style="height: 17px;"><br/></td>
<td style="height: 17px;"><br/></td>
<td style="height: 17px;"></td>
<td style="height: 17px;"></td>
<td style="height: 17px;"><br/></td>
<td style="height: 17px;"><br/></td>
<td style="height: 17px;"><br/></td>
<td style="height: 17px;"></td>
<td style="height: 17px;"><br/></td>
</tr>

</table>
</div><span></span>
</td>
</tr>
</table>
<div style="display: none;">
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of detailed information about other operating income and expenses.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_DisclosureOfOtherOperatingIncomeExpenseAbstract</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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</DOCUMENT>
<DOCUMENT>
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<title></title>
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140345110617672">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 7 - Financial Results (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2020</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_DisclosureOfFinancialResultsAbstract', window );"><strong>Disclosure of Financial Results [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_DisclosureOfDetailedInformationAboutFinancialIncomeCost', window );">Disclosure of detailed information about financial income (cost) [text block]</a></td>
<td class="text"><div>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px;" width="100%">

<tr style="height: 1pt;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 53.3871%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (all amounts in thousands of U.S. dollars) </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 0.967742%;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; width: 44.2742%;" colspan="10">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Year ended December 31, </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; width: 1.29032%;"><br/></td>
</tr>
<tr style="height: 1pt;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 53.3871%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 0.967742%;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; width: 12.9839%;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>2020</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; width: 1.29032%;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; width: 1.29032%;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; width: 13.0645%;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>2019</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; width: 1.29032%;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; width: 1.29032%;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; width: 13.0645%;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>2018</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; width: 1.29032%;"><br/></td>
</tr>
<tr style="height: 1pt;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 53.3871%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 0.967742%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; width: 1.37097%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; width: 11.6129%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; width: 1.29032%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; width: 1.29032%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; width: 1.29032%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; width: 11.7742%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; width: 1.29032%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; width: 1.29032%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; width: 1.29032%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; width: 11.7742%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; width: 1.29032%;"><br/></td>
</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 53.3871%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;&nbsp;&nbsp;&nbsp; Interest Income </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 0.967742%; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.37097%; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 11.6129%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>21,625</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.29032%; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.29032%; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.29032%; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 11.7742%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>48,061</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1.29032%; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.29032%; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.29032%; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 11.7742%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>42,244</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1.29032%; background-color: #cceeff;"><br/></td>
</tr>
<tr style="height: 1pt;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 53.3871%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;&nbsp;&nbsp;&nbsp; Net result on changes in FV of financial assets at FVPL </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 0.967742%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.37097%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 11.6129%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1.29032%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.29032%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.29032%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 11.7742%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>64</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1.29032%;"><font style="font-size: 10pt;">)</font></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.29032%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.29032%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 11.7742%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>2,388</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1.29032%;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 53.3871%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;"> &nbsp;&nbsp;&nbsp;&nbsp; Impairment result on financial assets at FVTOCI </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 0.967742%; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.37097%; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; width: 11.6129%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>3,238</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; width: 1.29032%; background-color: #cceeff;"><font style="font-size: 10pt;">)</font></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.29032%; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.29032%; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; width: 11.7742%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; width: 1.29032%; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.29032%; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.29032%; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; width: 11.7742%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; width: 1.29032%; background-color: #cceeff;"><br/></td>
</tr>
<tr style="height: 1pt;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 53.3871%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Finance income (*) </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 0.967742%;"><br/></td>
<td style="border-top: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.37097%;"><br/></td>
<td style="border-top: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; width: 11.6129%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>18,387</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; width: 1.29032%;"><br/></td>
<td style="border-top: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.29032%;"><br/></td>
<td style="border-top: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.29032%;"><br/></td>
<td style="border-top: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; width: 11.7742%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>47,997</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; width: 1.29032%;"><br/></td>
<td style="border-top: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.29032%;"><br/></td>
<td style="border-top: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.29032%;"><br/></td>
<td style="border-top: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; width: 11.7742%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>39,856</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; width: 1.29032%;"><br/></td>
</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 53.3871%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Finance cost </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 0.967742%; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.37097%; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 11.6129%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> (<font>27,014</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1.29032%; background-color: #cceeff;"><font style="font-size: 10pt;">)</font></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.29032%; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.29032%; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 11.7742%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> (<font>43,381</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1.29032%; background-color: #cceeff;"><font style="font-size: 10pt;">)</font></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.29032%; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.29032%; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 11.7742%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> (<font>36,942</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1.29032%; background-color: #cceeff;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 1pt;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 53.3871%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;&nbsp;&nbsp;&nbsp; Net foreign exchange transactions results (**) </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 0.967742%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.37097%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 11.6129%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>74,422</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1.29032%;"><font style="font-size: 10pt;">)</font></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.29032%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.29032%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 11.7742%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>27,868</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1.29032%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.29032%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.29032%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 11.7742%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>28,845</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1.29032%;"><br/></td>
</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 53.3871%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;&nbsp;&nbsp;&nbsp; Foreign exchange derivatives contracts results (***) </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 0.967742%; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.37097%; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 11.6129%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>19,644</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1.29032%; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.29032%; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.29032%; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 11.7742%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>11,616</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1.29032%; background-color: #cceeff;"><font style="font-size: 10pt;">)</font></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.29032%; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.29032%; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 11.7742%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>6,576</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1.29032%; background-color: #cceeff;"><br/></td>
</tr>
<tr style="height: 1pt;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 53.3871%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;&nbsp;&nbsp;&nbsp; Other </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 0.967742%;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.37097%;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; width: 11.6129%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>1,590</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; width: 1.29032%;"><font style="font-size: 10pt;">)</font></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.29032%;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.29032%;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; width: 11.7742%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>1,585</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; width: 1.29032%;"><font style="font-size: 10pt;">)</font></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.29032%;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.29032%;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; width: 11.7742%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>1,035</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; width: 1.29032%;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 53.3871%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Other financial results </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 0.967742%; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.37097%; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; width: 11.6129%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> (<font>56,368</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; width: 1.29032%; background-color: #cceeff;"><font style="font-size: 10pt; font-weight: bold;">)</font></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.29032%; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.29032%; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; width: 11.7742%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>14,667</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; width: 1.29032%; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.29032%; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.29032%; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; width: 11.7742%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>34,386</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; width: 1.29032%; background-color: #cceeff;"><br/></td>
</tr>
<tr style="height: 1pt;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 53.3871%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Net financial results </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; width: 0.967742%;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: top; width: 1.37097%;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: top; width: 11.6129%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> (<font>64,995</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px; vertical-align: top; width: 1.29032%;"><font style="font-size: 10pt; font-weight: bold;">)</font></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: top; width: 1.29032%;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: top; width: 1.29032%;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: top; width: 11.7742%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>19,283</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px; vertical-align: top; width: 1.29032%;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: top; width: 1.29032%;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: top; width: 1.29032%;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: top; width: 11.7742%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>37,300</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: top; width: 1.29032%;"><br/></td>
</tr>

</table>
</div><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_DisclosureOfDetailedInformationAboutFinancialIncomeCost">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of detailed information about financial income (cost). [Refer: Finance income (cost)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_DisclosureOfDetailedInformationAboutFinancialIncomeCost</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<DOCUMENT>
<TYPE>XML
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<DESCRIPTION>IDEA: XBRL DOCUMENT
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140345109491560">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 8 - Income Tax (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2020</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MajorComponentsOfTaxExpenseIncomeAbstract', window );"><strong>Major components of tax expense (income) [abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_DisclosureOfDetailedInformationAboutIncomeTaxExpenseBenefitTextBlock', window );">Disclosure of detailed information about income tax expense (benefit) [text block]</a></td>
<td class="text"><div>
<table cellspacing="0" cellpadding="0" style="height: 102px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px;" width="100%">

<tr style="height: 17px;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;" colspan="10">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Year ended December 31, </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (all amounts in thousands of U.S. dollars) </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>2020</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>2019</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>2018</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 55%; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Current tax </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 12%; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>121,048</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 12%; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>299,692</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 12%; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>343,104</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Deferred tax </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>97,898</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>97,240</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>113,897</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Tax charge </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;" valign="bottom"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;" valign="bottom"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> (<font>23,150</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;" valign="bottom"><font style="font-size: 10pt; font-weight: bold;">)</font></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;" valign="bottom"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;" valign="bottom"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> (<font>202,452</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;" valign="bottom"><font style="font-size: 10pt; font-weight: bold;">)</font></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;" valign="bottom"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;" valign="bottom"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> (<font>229,207</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;" valign="bottom"><font style="font-size: 10pt; font-weight: bold;">)</font></td>
</tr>

</table>
</div><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_DisclosureOfDifferenceBetweenIncomeBeforeTaxAndTheTheoreticalAmountThatWouldAriseUsingTaxRateInEachCountryTextBlock', window );">Disclosure of difference between income before tax and the theoretical amount that would arise using tax rate in each country [text block]</a></td>
<td class="text"><div>
<table cellspacing="0" cellpadding="0" style="height: 238px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px;" width="100%">

<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;" colspan="10">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Year ended December 31, </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: top; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (all amounts in thousands of U.S. dollars) </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-bottom: 1pt solid #000000; height: 17px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>2020</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-bottom: 1pt solid #000000; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-bottom: 1pt solid #000000; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-bottom: 1pt solid #000000; height: 17px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>2019</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-bottom: 1pt solid #000000; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-bottom: 1pt solid #000000; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-bottom: 1pt solid #000000; height: 17px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>2018</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; border-bottom: 1pt solid #000000; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 55%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (Loss) Income before income tax </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 12%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>619,267</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 12%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>933,710</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 12%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,103,107</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Less Impairment charges (non deductible) </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>622,402</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Income before income tax without impairment charges </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>3,135</font> </font></p>
</td>
<td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>933,710</font> </font></p>
</td>
<td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>1,103,107</font> </font></p>
</td>
<td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Tax calculated at the tax rate in each country </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>21,052</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>186,752</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>207,422</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Effect of currency translation on tax base </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>72,936</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>53,296</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>77,552</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Changes in the tax rates </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>958</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>13</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>1,824</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Utilization of previously unrecognized tax losses </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>98</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>547</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Tax revaluation, withholding tax and others </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>29,594</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>37,036</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>57,591</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Tax charges </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> (<font>23,150</font> </font></p>
</td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 7px 0px 0px; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom"><font style="font-size: 10pt; font-weight: bold;">)</font></td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> (<font>202,452</font> </font></p>
</td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 7px 0px 0px; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom"><font style="font-size: 10pt; font-weight: bold;">)</font></td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> (<font>229,207</font> </font></p>
</td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 7px 0px 0px; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom"><font style="font-size: 10pt; font-weight: bold;">)</font></td>
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140345111516472">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 10 - Property, Plant and Equipment, Net (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2020</div></th></tr>
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<td class="text">&#160;<span></span>
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<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 75px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Year ended December 31, 2020 </font></p>
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<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 75px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 75px;" colspan="2" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Land and <br/>civil <br/>buildings</font></p>
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<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 75px;" valign="bottom"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 75px;" colspan="2" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Industrial <br/>buildings,<br/>plant and <br/>production <br/>equipment</font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 75px;" valign="bottom"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 75px;" valign="bottom"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 75px;" colspan="2" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Vehicles, <br/>furniture <br/>and <br/>fixtures</font></p>
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<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 75px;" valign="bottom"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 75px;" valign="bottom"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 75px;" colspan="2" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Work in <br/>progress</font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 75px;" valign="bottom"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 75px;" valign="bottom"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 75px;" colspan="2" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Spare <br/>parts&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">and <br/>equipment</font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 75px;" valign="bottom"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 75px;" valign="bottom"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 75px;" colspan="2" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Total </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 75px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Cost </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px; width: 22%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Values at the beginning of the year </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px; width: 1%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>799,139</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>12,468,813</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>399,724</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>108,308</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>60,602</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>13,836,586</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px; width: 1%;"><br/></td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Currency translation adjustment </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>545</font>) </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>72,650</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>443</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>2,095</font>) </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>162</font>) </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>70,291</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Increase due to business combinations (*) </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>39,622</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>440,366</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>7,195</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>16,255</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>503,438</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Additions </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>1,451</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>1,524</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>620</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>157,315</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>6,845</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>167,755</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Transfers / Reclassifications </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>5,881</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>157,473</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>15,586</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>176,589</font>) </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>2,351</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Disposals / Consumptions </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>5,964</font>) </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>61,281</font>) </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>8,811</font>) </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>968</font>) </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>5,392</font>) </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>82,416</font>) </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Values at the end of the year </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>839,584</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>13,079,545</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>414,757</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>102,226</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>61,893</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>14,498,005</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Depreciation and impairment </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Accumulated at the beginning of the year </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>121,468</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>7,302,135</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>322,966</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>7,746,569</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Currency translation adjustment </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>288</font>) </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>56,560</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>405</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>56,677</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Depreciation charge </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>11,368</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>492,973</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>26,198</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>530,539</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Impairment charge (See note <font>5</font>) </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>36,000</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>36,000</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Transfers / Reclassifications </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>1</font>) </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>349</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>475</font>) </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>127</font>) </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Disposals / Consumptions </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>89</font>) </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>57,897</font>) </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>6,848</font>) </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>64,834</font>) </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Accumulated at the end of the year </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>132,458</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>7,830,120</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>342,246</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>8,304,824</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> At December 31, 2020 </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br/></td>
<td style="border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br/></td>
<td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>707,126</font> </font></p>
</td>
<td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>5,249,425</font> </font></p>
</td>
<td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>72,511</font> </font></p>
</td>
<td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>102,226</font> </font></p>
</td>
<td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>61,893</font> </font></p>
</td>
<td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>6,193,181</font> </font></p>
</td>
<td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;"><br/></td>
</tr>

</table>
</div><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfDetailedInformationAboutPropertyPlantAndEquipmentExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of detailed information about property, plant and equipment. [Refer: Property, plant and equipment]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 16<br> -IssueDate 2019-01-01<br> -Paragraph 73<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=16&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_73&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfDetailedInformationAboutPropertyPlantAndEquipmentExplanatory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
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</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfPropertyPlantAndEquipmentAbstract</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
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<td><strong> Balance Type:</strong></td>
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</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>105
<FILENAME>R63.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140345114569144">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 11 - Intangible Assets, Net (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2020</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfIntangibleAssetsAbstract', window );"><strong>Disclosure of detailed information about intangible assets [abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillExplanatory', window );">Disclosure of reconciliation of changes in intangible assets and goodwill [text block]</a></td>
<td class="text"><div>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 262px;" width="100%">

<tr style="height: 10px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Year ended December 31, 2019 </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;" colspan="2" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Information <br/>system projects</font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;" valign="bottom"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;" valign="bottom"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;" colspan="2" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Licenses,</font><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;">&nbsp;<br/></font><font style="font-family: 'Times New Roman'; font-weight: bold;">patents and trademarks (*)</font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;" valign="bottom"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;" valign="bottom"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;" colspan="2" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Goodwill </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;" valign="bottom"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;" valign="bottom"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;" colspan="2" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Customer relationships </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;" valign="bottom"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;" valign="bottom"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;" colspan="2" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Total </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;" valign="bottom"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Cost </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 35%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Values at the beginning of the year </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 1%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>580,622</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 1%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>464,571</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 1%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>2,085,936</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>2,058,859</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>5,189,988</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 1%;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Currency translation adjustment </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>1,917</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>70</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>968</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>2,955</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Increase due to business combinations (***)&nbsp;&nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>405</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>32,869</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>81,192</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>114,466</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Additions </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>35,487</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>772</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>36,259</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Transfers / Reclassifications </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>4,665</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>4,665</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Disposals </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>5,062</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>1,531</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>6,593</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Values at the end of the year </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>604,870</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>463,742</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>2,117,837</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>2,140,051</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>5,326,500</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: left;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;">Amortization and impairment </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Accumulated at the beginning of the year </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>513,984</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>373,466</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>797,592</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>2,038,981</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>3,724,023</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Currency translation adjustment </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>1,734</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>1,734</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Amortization charge </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>28,937</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>719</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>18,259</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>47,915</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Disposals </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>4,850</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>413</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>5,263</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Accumulated at the end of the year </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>536,337</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>373,772</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>797,592</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>2,057,240</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>3,764,941</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
</tr>
<tr style="height: 18px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> At December 31, 2019 </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>68,533</font> </font></p>
</td>
<td style="border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>89,970</font> </font></p>
</td>
<td style="border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>1,320,245</font> </font></p>
</td>
<td style="border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>82,811</font> </font></p>
</td>
<td style="border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>1,561,559</font> </font></p>
</td>
<td style="border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"><br/></td>
</tr>

</table>

<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 99.8983%; height: 354px;" width="100%">

<tr style="height: 45px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 45px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Year ended December 31, 2020 </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 45px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; height: 45px; vertical-align: bottom;" colspan="2" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Information <br/>system projects</font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; height: 45px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; height: 45px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; height: 45px; vertical-align: bottom;" colspan="2" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Licenses,</font><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;">&nbsp;<br/></font><font style="font-family: 'Times New Roman'; font-weight: bold;">patents&nbsp;and<br/>trademarks&nbsp;(*)</font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 45px;" valign="bottom"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 45px;" valign="bottom"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 45px;" colspan="2" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Goodwill </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 45px;" valign="bottom"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 45px;" valign="bottom"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 45px;" colspan="2" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Customer<br/>relationships </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 45px;" valign="bottom"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 45px;" valign="bottom"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 45px;" colspan="2" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Total </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 45px;" valign="bottom"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Cost </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 35%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Values at the beginning of the year </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>604,870</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>463,742</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>2,117,837</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 1%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>2,140,051</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>5,326,500</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 1%;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Currency translation adjustment </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>1,108</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>220</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>5,058</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>3,730</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Increase due to business combinations (**)&nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>11,563</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>87,000</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>357,183</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>71,100</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>526,846</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Additions </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>24,965</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>602</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>25,567</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Transfers / Reclassifications </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>1,393</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>1,393</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Disposals </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>3,761</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>1,064</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>4,825</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Values at the end of the year </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>637,352</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>550,500</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>2,469,962</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>2,211,151</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>5,868,965</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Amortization and impairment </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Accumulated at the beginning of the year </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>536,337</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>373,772</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>797,592</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>2,057,240</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>3,764,941</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Currency translation adjustment </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>890</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>1</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>889</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Amortization charge </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>42,931</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>8,760</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>38,785</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>90,476</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Impairment charge (See note <font>5</font>) </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>586,402</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>586,402</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Transfers / Reclassifications </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>931</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>931</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Disposals </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>3,730</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>3,730</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Accumulated at the end of the year </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>577,359</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>382,531</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>1,383,994</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>2,096,025</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>4,439,909</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> At December 31, 2020 </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>59,993</font> </font></p>
</td>
<td style="border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>167,969</font> </font></p>
</td>
<td style="border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>1,085,968</font> </font></p>
</td>
<td style="border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>115,126</font> </font></p>
</td>
<td style="border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>1,429,056</font> </font></p>
</td>
<td style="border-bottom: 2px solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
</tr>

</table>
</div><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfInformationForIndividualAssetOrCashgeneratingUnitWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesExplanatory', window );">Disclosure of information for cash-generating units [text block]</a></td>
<td class="text"><div>
<table cellspacing="0" cellpadding="0" style="margin-left: 0.1px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 99.836%; height: 136px;" width="100%">

<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (all amounts in millions of U.S. dollars) </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;" colspan="6">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Tubes Segment</font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"><br/></td>
</tr>
<tr style="height: 30px;">
<td style="padding-right: 4.9pt; padding-left: 4.9pt; border-bottom: 1pt solid #000000; vertical-align: bottom; border-left: 1pt solid #000000; height: 30px;" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> CGU </font></p>
</td>
<td style="padding-right: 4.9pt; padding-left: 4.9pt; border-bottom: 1pt solid #000000; vertical-align: bottom; height: 30px;" valign="bottom"><br/></td>
<td style="padding-right: 4.9pt; padding-left: 4.9pt; border-bottom: 1pt solid #000000; vertical-align: bottom; border-left: 1pt solid #000000; height: 30px;" colspan="2" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Hydril <br/>Acquisition</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; border-bottom: 1pt solid #000000; vertical-align: bottom; height: 30px;" valign="bottom"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; border-bottom: 1pt solid #000000; vertical-align: bottom; height: 30px;" valign="bottom"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; border-bottom: 1pt solid #000000; vertical-align: bottom; height: 30px;" colspan="2" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Other</font></p>
</td>
<td style="padding-right: 4.9pt; padding-left: 5.4pt; border-bottom: 1pt solid #000000; vertical-align: bottom; height: 30px;" valign="bottom"><br/></td>
<td style="padding-right: 4.9pt; padding-left: 5.4pt; border-bottom: 1pt solid #000000; vertical-align: bottom; height: 30px;" valign="bottom"><br/></td>
<td style="padding-right: 4.9pt; padding-left: 5.4pt; border-bottom: 1pt solid #000000; border-left: 1pt solid #000000; vertical-align: bottom; height: 30px;" colspan="2" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Total</font></p>
</td>
<td style="padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; border-bottom: 1pt solid #000000; border-right: 1pt solid #000000; height: 30px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 61%; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Tamsa (Hydril and other) </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 10%; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>346</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 10%; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>19</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 10%; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>365</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Siderca (Hydril and other) </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>265</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>93</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>358</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Hydril </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>309</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>309</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br/></td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Other </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>54</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>54</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br/></td>
</tr>
<tr style="height: 18px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Total </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 18px;"><br/></td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; border-top: 1pt solid #000000; border-bottom: 2px solid #000000; background-color: #cceeff; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>920</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>166</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>1,086</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 18px;"><br/></td>
</tr>

</table>
</div><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfInformationForIndividualAssetOrCashgeneratingUnitWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of information for cash-generating units. [Refer: Cash-generating units [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 36<br> -IssueDate 2019-01-01<br> -Paragraph 134<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=36&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_134&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfInformationForIndividualAssetOrCashgeneratingUnitWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesExplanatory</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfIntangibleAssetsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfIntangibleAssetsAbstract</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of the reconciliation of changes in intangible assets and goodwill. [Refer: Intangible assets and goodwill]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 38<br> -IssueDate 2019-01-01<br> -Paragraph 118<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=38&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_118&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillExplanatory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140345109506296">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 12 - Right-of-use Assets, Net and Lease Liabilities (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2020</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PresentationOfLeasesForLesseeAbstract', window );"><strong>Presentation of leases for lessee [abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory', window );">Disclosure of quantitative information about right-of-use assets [text block]</a></td>
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<tr style="height: 60px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #ffffff; height: 60px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Year ended December 31, 2020 </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 60px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 60px;" colspan="2" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Land and Civil <br/>Buildings</font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 60px;" valign="bottom"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 60px;" valign="bottom"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 60px;" colspan="2" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Industrial <br/>Buildings, Plant <br/>and Production Equipment</font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 60px;" valign="bottom"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 60px;" valign="bottom"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 60px;" colspan="2" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Vehicles, furniture <br/>and fixtures</font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 60px;" valign="bottom"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 60px;" valign="bottom"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 60px;" colspan="2" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Total </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 60px;" valign="bottom"><br/></td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Cost </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 48%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Opening net book amount </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>36,137</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 1%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>225,389</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>14,194</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>275,720</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Currency translation adjustment </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>839</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>746</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>530</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>437</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
</tr>
<tr style="height: 12px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 12px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Increase due to business combinations (*) </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 12px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 12px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 12px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>3,461</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 12px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 12px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 12px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 12px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>13,730</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 12px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 12px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 12px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 12px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>7,556</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 12px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 12px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 12px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 12px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>24,747</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 12px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Additions </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>11,534</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>42,573</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>5,034</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>59,141</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Transfers / Reclassifications </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>439</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>458</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>136</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>117</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Disposals </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>8,800</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>8,622</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>8,835</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>26,257</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> At December 31, 2020 </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>41,932</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>273,358</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>18,615</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>333,905</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Depreciation </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Accumulated at the beginning of the year </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>8,330</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>30,581</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>3,683</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>42,594</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Currency translation adjustment </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>92</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>145</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>190</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>243</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Depreciation charge </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>13,200</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>37,671</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>6,920</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>57,791</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Transfers / Reclassifications </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>2,876</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>1,702</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>1,291</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>117</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Disposals </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>3,420</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>2,106</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>3,267</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>8,793</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Accumulated at the end of the year </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>15,142</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>67,993</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>8,817</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>91,952</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> At December 31, 2020 </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>26,790</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>205,365</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>9,798</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>241,953</font> </font></p>
</td>
<td style="border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
</tr>

</table>

<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; height: 300px; width: 100.062%;" width="100%">

<tr style="height: 30px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #ffffff; height: 30px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Year ended December 31, 2019 </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 30px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; height: 30px; vertical-align: bottom;" colspan="2" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Land and Civil <br/>Buildings</font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; height: 30px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; height: 30px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; height: 30px; vertical-align: bottom;" colspan="2" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 12px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Industrial</font><br/><font style="color: #000000; font-family: 'Times New Roman'; font-size: 12px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Buildings, Plant</font><br/><font style="color: #000000; font-family: 'Times New Roman'; font-size: 12px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">and Production Equipment</font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; height: 30px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; height: 30px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; height: 30px; vertical-align: bottom;" colspan="2" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Vehicles, furniture <br/>and fixtures</font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 30px;" valign="bottom"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 30px;" valign="bottom"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 30px;" colspan="2" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Total </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 30px;" valign="bottom"><br/></td>
</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Cost </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 15px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: middle; height: 15px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 15px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 15px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: middle; height: 15px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 15px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 15px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 15px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 15px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 15px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br/></td>
</tr>
<tr style="height: 15px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; width: 48%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Opening net book amount </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; width: 1%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>27,713</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; width: 1%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; width: 1%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>202,352</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; width: 1%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; width: 1%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>8,335</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; width: 1%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; width: 1%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>238,400</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; width: 1%;"><br/></td>
</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Currency translation adjustment </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>88</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>6</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>8</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>74</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 15px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Increase due to business combinations (**) </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>229</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>2,038</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>2,267</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;"><br/></td>
</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Additions </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>9,292</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>24,985</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>7,165</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>41,442</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br/></td>
</tr>
<tr style="height: 15px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Transfers / Reclassifications </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>496</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>496</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;"><br/></td>
</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Disposals </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>1,009</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>4,488</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>818</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>6,315</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 15px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> At December 31, 2019 </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>36,137</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>225,389</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>14,194</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>275,720</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;"><br/></td>
</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br/></td>
</tr>
<tr style="height: 15px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;"><br/></td>
</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Depreciation </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br/></td>
</tr>
<tr style="height: 15px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Accumulated at the beginning of the year </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"><font> - </font></font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"><font> - </font></font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"><font> - </font></font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"><font> - </font></font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;"><br/></td>
</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Currency translation adjustment </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>3</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>3</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>8</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>8</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br/></td>
</tr>
<tr style="height: 15px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Depreciation charge </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>8,514</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>31,869</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>3,908</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>44,291</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;"><br/></td>
</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Transfers / Reclassifications </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>62</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>62</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br/></td>
</tr>
<tr style="height: 15px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Disposals </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>181</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>1,229</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>295</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>1,705</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Accumulated at the end of the year </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>8,330</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>30,581</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>3,683</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>42,594</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br/></td>
</tr>
<tr style="height: 15px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> At December 31, 2019 </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>27,807</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>194,808</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>10,511</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br/></td>
<td style="border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>233,126</font> </font></p>
</td>
<td style="border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br/></td>
</tr>

</table>
</div><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_LeaseLiabilityEvolutionTextBlock', window );">Lease liability evolution [text block]</a></td>
<td class="text"><div>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px; height: 188px;" width="100%">

<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;" colspan="6">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Year ended December 31, </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (all amounts in thousands of U.S. dollars) </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>2020</font></font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>2019</font></font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 74%; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Opening net book amount </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 10%; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>230,167</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 10%; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>234,149</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Increase due to business combinations </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>26,046</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>2,267</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Translation differences </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>7,656</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>2,690</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Additions </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>58,536</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>36,957</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Cancellations </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>17,529</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>4,688</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Repayments (*) </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>51,666</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">)</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>43,974</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Interest accrued </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>4,133</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>2,766</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
</tr>
<tr style="height: 18px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> At December 31, </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>257,343</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>230,167</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"><br/></td>
</tr>

</table>
</div><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of quantitative information about right-of-use assets. [Refer: Right-of-use assets]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 16<br> -IssueDate 2019-01-01<br> -Paragraph 53<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=16&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_53&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PresentationOfLeasesForLesseeAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PresentationOfLeasesForLesseeAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_LeaseLiabilityEvolutionTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Text block disclosure for the evolution of the lease liability.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_LeaseLiabilityEvolutionTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>107
<FILENAME>R65.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<body>
<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140345109543784">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 13 - Investments in Non-consolidated Companies (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2020</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfUnconsolidatedStructuredEntitiesAbstract', window );"><strong>Disclosure of unconsolidated structured entities [abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfUnconsolidatedStructuredEntitiesExplanatory', window );">Disclosure of unconsolidated structured entities [text block]</a></td>
<td class="text"><div>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px; height: 172px;" width="100%">

<tr style="height: 17px;">
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #ffffff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #ffffff; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; height: 17px;" colspan="6">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Year ended December 31, </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: top; background-color: #ffffff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (all amounts in thousands of U.S. dollars) </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; background-color: #ffffff; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; height: 17px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>2020</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; height: 17px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>2019</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; width: 74%; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> At the beginning of the year </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; width: 1%; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 7px; vertical-align: bottom; width: 1%; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 10%; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>879,965</font> </font></p>
</td>
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; width: 1%; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; width: 1%; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; width: 1%; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; width: 10%; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>805,568</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 1%; height: 17px; background-color: #cceeff;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Translation differences </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>31,977</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>10,781</font> </font></p>
</td>
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Equity in earnings of non-consolidated companies </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>108,799</font> </font></p>
</td>
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>82,036</font> </font></p>
</td>
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Increase due to business combinations </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"><font>-</font></font></p>
</td>
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>20,635</font> </font></p>
</td>
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Dividends and distributions declared (*) </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>861</font> </font></p>
</td>
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>28,037</font> </font></p>
</td>
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Additions </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font></font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>19,610</font> </font></p>
</td>
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 18px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Increase / (decrease) in equity reserves and others </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 18px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 18px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 4px; vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>1,426</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 18px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 18px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 18px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 4px; vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>9,066</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px; background-color: #cceeff;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 18px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> At the end of the year </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 4px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>957,352</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 4px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>879,965</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px;"><br/></td>
</tr>

</table>
</div><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_DisclosureOfDetailedInformationAboutPrincipalNonconsolidatedCompaniesTextBlock', window );">Disclosure of detailed information about principal non-consolidated companies [text block]</a></td>
<td class="text"><div>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 99.9179%; margin-left: 0.1px; height: 129px;" width="100%">

<tr style="height: 10px;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br/></td>
<td colspan="3" style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> % ownership at December 31, </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 10px;"><br/></td>
<td colspan="5" style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Value at December 31, </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 10px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Company </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Country of incorporation </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>2020</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>2019</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>2020</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>2019</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="border-top: 1pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; width: 25%; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> a) Ternium (*) </font></p>
</td>
<td style="border-top: 1pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-top: 1pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; width: 25%; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Luxembourg </font></p>
</td>
<td style="border-top: 1pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-top: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 11%; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>11.46</font>% </font></p>
</td>
<td style="border-top: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 11%; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>11.46</font>% </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 10%; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>830,028</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 10%; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>751,105</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> b) Usiminas (**) </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Brazil </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>3.07</font>% </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>3.07</font>% </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>65,144</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>74,593</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> c) Techgen </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Mexico </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font style="border-left: none; border-right: none;"><font>22.00</font></font>% </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font style="border-left: none; border-right: none;"><font>22.00</font></font>% </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>19,536</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>9,888</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> d) Global Pipe Company </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Saudi Arabia </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font style="border-left: none; border-right: none;"><font>35.00</font></font>% </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font style="border-left: none; border-right: none;"><font>35.00</font></font>% </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font style="border-left: none; border-right: none;"><font>23,421</font></font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font style="border-left: none; border-right: none;"><font>22,550</font></font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;&nbsp;&nbsp;&nbsp; Others </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"><font> - </font></font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';"><font> - </font></font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';"><font> - </font></font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>19,223</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>21,829</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>957,352</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>879,965</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
</tr>

</table>
</div><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_DisclosureOfDetailedInformationAboutSelectedFinancialInformationTextBlock', window );">Disclosure of detailed information about selected financial information [text block]</a></td>
<td class="text"><div>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px; height: 248px;" width="100%">

<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (all amounts in thousands of U.S. dollars) </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br/></td>
<td colspan="5" style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> Ternium </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br/></td>
</tr>
<tr style="height: 10px;">
<td style="border-bottom: 1pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 10px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> <font>2020</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 10px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 10px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 10px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> <font>2019</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 74%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Non-current assets </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>8,289,460</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>8,757,320</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Current assets </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>4,566,775</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>4,178,213</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> Total assets </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> <font>12,856,235</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> <font>12,935,533</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Non-current liabilities </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2,559,485</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>3,452,535</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Current liabilities </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,853,597</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,768,125</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> Total liabilities </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> <font>4,413,082</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> <font>5,220,660</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> Equity </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> <font>8,443,153</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> <font>7,714,873</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Revenues </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>8,735,435</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>10,192,818</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Gross profit </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,635,512</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,740,378</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Net income for the year attributable to owners of the parent </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>778,468</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>564,269</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Total comprehensive income for the year, net of tax, attributable to owners of the parent </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>666,667</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>445,473</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
</tr>

</table>

<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px; height: 238px;" width="100%">

<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (all amounts in thousands of U.S. dollars) </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"><br/></td>
<td colspan="5" style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;"> &nbsp;Usiminas </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="border-bottom: 1pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>2020</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>2019</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 74%; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Non-current assets </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 10%; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>3,487,317</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 10%; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>4,335,662</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Current assets </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>2,276,368</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>2,198,449</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Total assets </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>5,763,685</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>6,534,111</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Non-current liabilities </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>1,661,605</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>1,955,395</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Current liabilities </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>861,912</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>716,930</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Total liabilities </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>2,523,517</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>2,672,325</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Equity </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>3,240,168</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>3,861,786</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Revenues </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>3,132,949</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>3,790,206</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Gross profit </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>624,199</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>478,141</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Net income for the year attributable to owners of the parent </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>106,361</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>52,779</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
</tr>

</table>
</div><span></span>
</td>
</tr>
</table>
<div style="display: none;">
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of unconsolidated structured entities. [Refer: Unconsolidated structured entities [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2019-01-01<br> -Paragraph B4<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_B4_e&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of detailed information about principal non-consolidated companies.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of detailed information about selected financial information.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140345136357368">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 14 - Receivables - Non Current (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2020</div></th></tr>
<tr class="re">
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<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_DisclosureOfDetailedInformationAboutNoncurrentReceivablesTextBlock', window );">Disclosure of detailed information about non-current receivables [text block]</a></td>
<td class="text"><div>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; margin-left: 0.1px; width: 100%; height: 171px;" width="100%">

<tr style="height: 17px;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br/></td>
<td colspan="5" style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Year ended December 31, </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (all amounts in thousands of U.S. dollars) </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font style="border-left: none; border-right: none;">2020</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font style="border-left: none; border-right: none;">2019</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 74%; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Employee advances and loans </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 10%; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>4,563</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 10%; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>6,008</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Tax credits </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>18,046</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>20,065</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Receivables from related parties </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>62,790</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>59,999</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Legal deposits </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>8,600</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>12,378</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Advances to suppliers and other advances </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>4,803</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>3,772</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Receivable Venezuelan subsidiaries </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>48,659</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>48,659</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Others </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>6,842</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>6,222</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
</tr>
<tr style="height: 18px;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>154,303</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>157,103</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"><br/></td>
</tr>

</table>
</div><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncurrentReceivablesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncurrentReceivablesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_DisclosureOfDetailedInformationAboutNoncurrentReceivablesTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure for detailed information about non-current receivables.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_DisclosureOfDetailedInformationAboutNoncurrentReceivablesTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>109
<FILENAME>R67.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140345136306744">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 15 - Inventories, Net (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2020</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfInventoriesAbstract', window );"><strong>Classes of current inventories [abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_DisclosureOfDetailedInformationAboutInventoriesTextBlock', window );">Disclosure of detailed information about inventories [text block]</a></td>
<td class="text"><div>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px; height: 171px;" width="100%">

<tr style="height: 17px;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br/></td>
<td colspan="5" style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Year ended December 31, </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; background-color: #ffffff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (all amounts in thousands of U.S. dollars) </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #ffffff; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font style="border-left: none; border-right: none;">2020</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font style="border-left: none; border-right: none;">2019</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 74%; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Finished goods </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 10%; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>691,922</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 10%; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>968,329</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Goods in process </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>417,097</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>612,888</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Raw materials </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>143,558</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>221,954</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Supplies </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>488,802</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>486,411</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Goods in transit </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>158,929</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>194,015</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>1,900,308</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>2,483,597</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Allowance for obsolescence, see note <font>24</font> (i) </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>263,635</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><font style="font-size: 10pt;">)</font></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>217,717</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 18px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: top; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>1,636,673</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: top; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>2,265,880</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 18px;"><br/></td>
</tr>

</table>
</div><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfInventoriesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfInventoriesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_DisclosureOfDetailedInformationAboutInventoriesTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of detailed information about inventories.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_DisclosureOfDetailedInformationAboutInventoriesTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>110
<FILENAME>R68.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<body>
<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140345163925592">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 16 - Receivables and Prepayments, Net (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2020</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentPrepaymentsAndCurrentAccruedIncomeAbstract', window );"><strong>Current prepayments and current accrued income [abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_DisclosureOfDetailedInformationAboutReceivablesAndPrepaymentsTextBlock', window );">Disclosure of detailed information about receivables and prepayments [text block]</a></td>
<td class="text"><div>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: &quot;times new roman&quot;; font-size: 10pt; width: 100%; margin-left: 0.1px; height: 190px;" width="100%">

<tr style="height: 17px;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br/></td>
<td colspan="5" style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Year ended December 31, </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; background-color: #ffffff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (all amounts in thousands of U.S. dollars) </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; background-color: #ffffff; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font style="border-left: none; border-right: none;">2020</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font style="border-left: none; border-right: none;">2019</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 74%; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Prepaid expenses and other receivables </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 10%; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>26,457</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 10%; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>30,579</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Government entities </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>3,075</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>1,867</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Employee advances and loans </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>4,672</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>8,189</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Advances to suppliers and other advances </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>14,661</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>17,180</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Government tax refunds on exports </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>2,723</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>670</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Receivables from related parties </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>16,217</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>19,837</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 10px; background-color: rgb(204, 238, 255);">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Miscellaneous </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 10px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>13,961</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 10px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 10px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>31,145</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 10px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>81,766</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>109,467</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Allowance for other doubtful accounts, see note <font>24</font> (i) </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>3,917</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><font style="font-size: 10pt;">)</font></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>4,892</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="border-top: 0.75pt solid rgb(0, 0, 0); border-bottom: 1.5pt solid rgb(0, 0, 0); padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br/></td>
<td style="border-top: 0.75pt solid rgb(0, 0, 0); border-bottom: 1.5pt solid rgb(0, 0, 0); padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>77,849</font> </font></p>
</td>
<td style="border-top: 0.75pt solid rgb(0, 0, 0); border-bottom: 1.5pt solid rgb(0, 0, 0); padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br/></td>
<td style="border-top: 0.75pt solid rgb(0, 0, 0); border-bottom: 1.5pt solid rgb(0, 0, 0); padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br/></td>
<td style="border-top: 0.75pt solid rgb(0, 0, 0); border-bottom: 1.5pt solid rgb(0, 0, 0); padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br/></td>
<td style="border-top: 0.75pt solid rgb(0, 0, 0); border-bottom: 1.5pt solid rgb(0, 0, 0); padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>104,575</font> </font></p>
</td>
<td style="border-top: 0.75pt solid rgb(0, 0, 0); border-bottom: 1.5pt solid rgb(0, 0, 0); padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br/></td>
</tr>

</table>
</div><span></span>
</td>
</tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of detailed information about receivables and prepayments.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140345109862632">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 17 - Current Tax Assets and Liabilities (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2020</div></th></tr>
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<td class="text">&#160;<span></span>
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<tr class="ro">
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<td style="padding: 0px 7px 0px 0px; vertical-align: top; background-color: #ffffff; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; background-color: #ffffff;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top;"><br/></td>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Year ended December 31, </font></p>
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<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top;"><br/></td>
</tr>
<tr style="height: 15px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Current tax assets </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font style="border-left: none; border-right: none;">2020</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font style="border-left: none; border-right: none;">2019</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top;"><br/></td>
</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; background-color: #cceeff; width: 74%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> V.A.T. credits </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>106,293</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>112,161</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br/></td>
</tr>
<tr style="height: 15px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Prepaid taxes </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>30,091</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>55,227</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>136,384</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>167,388</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br/></td>
</tr>

</table>
</div><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_DisclosureOfDetailedInformationAboutTaxLiabilitiesTextBlock', window );">Disclosure of detailed information about tax liabilities [text block]</a></td>
<td class="text"><div>
<table cellspacing="0" cellpadding="0" style="height: 90px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px;" width="100%">

<tr style="height: 15px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; background-color: #ffffff; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; background-color: #ffffff;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td colspan="5" style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Year ended December 31, </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
</tr>
<tr style="height: 15px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Current tax liabilities </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font style="border-left: none; border-right: none;">2020</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font style="border-left: none; border-right: none;">2019</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; background-color: #cceeff; width: 74%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Income tax liabilities </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>27,616</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>64,994</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br/></td>
</tr>
<tr style="height: 15px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> V.A.T. liabilities </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>9,933</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>9,953</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Other taxes </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>53,044</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>52,678</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br/></td>
</tr>
<tr style="height: 15px;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>90,593</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>127,625</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
</tr>

</table>
</div><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_DisclosureOfCurrentTaxReceivablesAndPayablesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_DisclosureOfCurrentTaxReceivablesAndPayablesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of detailed information about current tax assets.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_DisclosureOfDetailedInformationAboutTaxLiabilitiesTextBlock">
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of detailed information about current tax liabilities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<td style="white-space:nowrap;">ts_DisclosureOfDetailedInformationAboutTaxLiabilitiesTextBlock</td>
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140345114605736">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 18 - Trade Receivables, Net (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2020</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TradeAndOtherReceivablesAbstract', window );"><strong>Trade and other receivables [abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_DisclosureOfDetailedInformationAboutCurrentTradeReceivablesTextBlock', window );">Disclosure of detailed information about current trade receivables [text block]</a></td>
<td class="text"><div>
<table cellspacing="0" cellpadding="0" style="height: 106px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px;" width="100%">

<tr style="height: 15px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #ffffff; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #ffffff;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top;"><br/></td>
<td colspan="5" style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Year ended December 31, </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top;"><br/></td>
</tr>
<tr style="height: 15px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; background-color: #ffffff; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (all amounts in thousands of U.S. dollars) </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; background-color: #ffffff;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font style="border-left: none; border-right: none;">2020</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font style="border-left: none; border-right: none;">2019</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top;"><br/></td>
</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; background-color: #cceeff; width: 74%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Current accounts </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,017,663</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,387,494</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br/></td>
</tr>
<tr style="height: 15px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Receivables from related parties </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>4,161</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>9,448</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom;"><br/></td>
</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,021,824</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,396,942</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br/></td>
</tr>
<tr style="height: 15px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Allowance for doubtful accounts, see note <font style="border-left: none; border-right: none;">24</font> (i) </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>53,676</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom;"><font style="font-size: 10pt;">)</font></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>48,782</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>968,148</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>1,348,160</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff;"><br/></td>
</tr>

</table>
</div><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_DisclosureIfDetailedInformationAboutTheAgingOfTradeReceivablesTextBlock', window );">Disclosure if detailed information about the aging of trade receivables [text block]</a></td>
<td class="text"><div>
<div style="border-left: none; border-right: none;">
<table cellspacing="0" cellpadding="0" style="height: 146px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px;" width="100%">

<tr style="height: 15px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; background-color: #ffffff; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">(all amounts in thousands of U.S. dollars) </font></p>
</td>
<td style="border-top: 1pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.03pt; padding-left: 5.4pt; vertical-align: bottom; height: 25px;" rowspan="2" colspan="4">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Trade Receivables </font></p>
</td>
<td style="border-top: 1pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.03pt; padding-left: 5.4pt; vertical-align: bottom; height: 25px;" rowspan="2" colspan="4">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Not Due </font></p>
</td>
<td style="padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000;" colspan="7">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Past due </font></p>
</td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: bottom; border-bottom: 1pt solid #000000; height: 10px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font style="border-left: none; border-right: none;">1</font> - <font style="border-left: none; border-right: none;">180</font> days </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-bottom: 1pt solid #000000; height: 10px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> &gt; <font style="border-left: none; border-right: none;">180</font> days </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br/></td>
</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> At December 31, 2020 </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #cceeff; height: 15px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #cceeff; height: 15px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #cceeff; height: 15px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #cceeff; height: 15px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #cceeff; height: 15px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #cceeff; height: 15px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #cceeff; height: 15px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #cceeff; height: 15px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #cceeff; height: 15px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #cceeff; height: 15px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #cceeff; height: 15px;"><br/></td>
</tr>
<tr style="height: 15px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; width: 45%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Guaranteed </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; width: 11%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>191,514</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; width: 11%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>170,796</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; width: 11%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>18,778</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; width: 11%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>1,940</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; height: 15px;"><br/></td>
</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Not guaranteed </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>830,310</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>655,132</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>116,802</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>58,376</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br/></td>
</tr>
<tr style="height: 15px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Guaranteed and not guaranteed </font></p>
</td>
<td style="border-top: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"><br/></td>
<td style="border-top: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>1,021,824</font> </font></p>
</td>
<td style="border-top: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"><br/></td>
<td style="border-top: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"><br/></td>
<td style="border-top: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"><br/></td>
<td style="border-top: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>825,928</font> </font></p>
</td>
<td style="border-top: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"><br/></td>
<td style="border-top: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"><br/></td>
<td style="border-top: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"><br/></td>
<td style="border-top: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>135,580</font> </font></p>
</td>
<td style="border-top: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"><br/></td>
<td style="border-top: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"><br/></td>
<td style="border-top: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"><br/></td>
<td style="border-top: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>60,316</font> </font></p>
</td>
<td style="border-top: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"><br/></td>
</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Expected loss rate </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: middle; background-color: #cceeff; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: middle; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>0.07</font></font></p>
</td>
<td style="padding: 0px; vertical-align: middle; background-color: #cceeff; height: 15px; text-align: left;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">%</font></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: middle; background-color: #cceeff; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: middle; background-color: #cceeff; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: middle; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>0.04</font></font></p>
</td>
<td style="padding: 0px; vertical-align: middle; background-color: #cceeff; height: 15px; text-align: left;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">%</font></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: middle; background-color: #cceeff; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: middle; background-color: #cceeff; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: middle; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>0.23</font></font></p>
</td>
<td style="padding: 0px; vertical-align: middle; background-color: #cceeff; height: 15px; text-align: left;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">%</font></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: middle; background-color: #cceeff; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: middle; background-color: #cceeff; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: middle; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>0.72</font></font></p>
</td>
<td style="padding: 0px; vertical-align: middle; background-color: #cceeff; height: 15px; text-align: left;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">%</font></td>
</tr>
<tr style="height: 15px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Allowances for doubtful accounts </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>721</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>321</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>331</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>69</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Nominative allowances for doubtful accounts </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>52,955</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><font style="font-size: 10pt;">)</font></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>718</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><font style="font-size: 10pt;">)</font></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>1,011</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><font style="font-size: 10pt;">)</font></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>51,226</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 16px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Net Value </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>968,148</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>824,889</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>134,238</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>9,021</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"><br/></td>
</tr>

</table>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<div style="border-left: none; border-right: none;">
<table cellspacing="0" cellpadding="0" style="height: 162px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px;" width="100%">

<tr style="height: 15px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; background-color: #ffffff; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (all amounts in thousands of U.S. dollars) </font></p>
</td>
<td style="border-top: 1pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.03pt; padding-left: 5.4pt; vertical-align: bottom; height: 25px;" rowspan="2" colspan="4">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Trade Receivables </font></p>
</td>
<td style="border-top: 1pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.03pt; padding-left: 5.4pt; vertical-align: bottom; height: 25px;" rowspan="2" colspan="4">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Not Due </font></p>
</td>
<td style="padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000;" colspan="7">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Past due </font></p>
</td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: bottom; border-bottom: 1pt solid #000000; height: 10px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font style="border-left: none; border-right: none;">1</font> - <font style="border-left: none; border-right: none;">180</font> days </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-bottom: 1pt solid #000000; height: 10px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> &gt; <font style="border-left: none; border-right: none;">180</font> days </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> At December 31, 2019 </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #cceeff; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 45%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Guaranteed </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 11%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>234,427</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 11%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>205,764</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 11%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>26,899</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 11%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>1,764</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Not guaranteed </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>1,162,515</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>948,449</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>157,960</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>56,106</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Guaranteed and not guaranteed </font></p>
</td>
<td style="border-top: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>1,396,942</font> </font></p>
</td>
<td style="border-top: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>1,154,213</font> </font></p>
</td>
<td style="border-top: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>184,859</font> </font></p>
</td>
<td style="border-top: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>57,870</font> </font></p>
</td>
<td style="border-top: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Expected loss rate </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: middle; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>0.09</font></font></p>
</td>
<td style="padding: 0px; vertical-align: middle; background-color: #cceeff; height: 17px; text-align: left;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">%</font></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: middle; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: middle; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>0.04</font></font></p>
</td>
<td style="padding: 0px; vertical-align: middle; background-color: #cceeff; height: 17px; text-align: left;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">%</font></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: middle; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: middle; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>0.24</font></font></p>
</td>
<td style="padding: 0px; vertical-align: middle; background-color: #cceeff; height: 17px; text-align: left;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">%</font></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: middle; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: middle; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>0.57</font></font></p>
</td>
<td style="padding: 0px; vertical-align: middle; background-color: #cceeff; height: 17px; text-align: left;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">%</font></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Allowances for doubtful accounts </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>1,294</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>529</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">)</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>455</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>310</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Nominative allowances for doubtful accounts </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>47,488</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><font style="font-size: 10pt;">)</font></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>1,922</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><font style="font-size: 10pt;">)</font></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>45,566</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 18px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Net Value </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>1,348,160</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>1,153,684</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>182,482</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>11,994</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"><br/></td>
</tr>

</table>
</div>
</div><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TradeAndOtherReceivablesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TradeAndOtherReceivablesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_DisclosureIfDetailedInformationAboutTheAgingOfTradeReceivablesTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The tabular disclosure of detailed information about the aging analysis of trade receivables.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_DisclosureIfDetailedInformationAboutTheAgingOfTradeReceivablesTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_DisclosureOfDetailedInformationAboutCurrentTradeReceivablesTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of detailed information about current trade receivables.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_DisclosureOfDetailedInformationAboutCurrentTradeReceivablesTextBlock</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
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<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
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<td><strong> Balance Type:</strong></td>
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</DOCUMENT>
<DOCUMENT>
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<FILENAME>R71.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140345117858840">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 19 - Cash and Cash Equivalents and Other Investments (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2020</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_DisclosureOfCashAndCashEquivalentsAndOtherInvestmentsAbstract', window );"><strong>Disclosure of Cash and Cash Equivalents and Other Investments [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_DetailedDisclosureOfCashAndCashEquivalentsAndOtherInvestmentsTextBlock', window );">Detailed disclosure of cash and cash equivalents and other investments [text block]</a></td>
<td class="text"><div>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px; height: 258px;" width="100%">

<tr style="height: 17px;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br/></td>
<td colspan="5" style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Year ended December 31, </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; background-color: #ffffff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (all amounts in thousands of U.S. dollars) </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; background-color: #ffffff; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>2020</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>2019</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 74%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Cash and cash equivalents </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: Times;"> Cash at banks </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>117,807</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>118,314</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: Times;"> Liquidity funds </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>98,183</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>1,166,697</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: Times;"> Short &#8211; term investments </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>368,691</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>269,288</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 18px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 18px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>584,681</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>1,554,299</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px; background-color: #cceeff;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Other investments - current </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="border-top: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="border-top: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Fixed income (time-deposit, <font>zero</font> coupon bonds, commercial papers) </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>763,697</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>65,874</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Bonds and other fixed income </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>108,791</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>144,502</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 18px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 18px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>872,488</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>210,376</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px; background-color: #cceeff;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Other investments - Non-current </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="border-top: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="border-top: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Bonds and other fixed income </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>239,422</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>18,012</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Others </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>7,660</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>6,922</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 18px; background-color: #cceeff;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>247,082</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>24,934</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px; background-color: #cceeff;"><br/></td>
</tr>

</table>
</div><span></span>
</td>
</tr>
</table>
<div style="display: none;">
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The detailed disclosure of cash and cash equivalents and other investments.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_DisclosureOfCashAndCashEquivalentsAndOtherInvestmentsAbstract</td>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>114
<FILENAME>R72.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140345114791368">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 20 - Borrowings (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2020</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsAbstract', window );"><strong>Borrowings [abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsExplanatory', window );">Disclosure of detailed information about borrowings [text block]</a></td>
<td class="text"><div>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px; height: 205px;" width="100%">

<tr style="height: 17px;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td colspan="5" style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Year ended December 31, </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; background-color: #ffffff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (all amounts in thousands of U.S. dollars) </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #ffffff; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>2020</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>2019</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #ffffff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Non-current </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 74%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Bank borrowings </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>315,884</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>40,896</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Costs of issue of debt </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>145</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"><font style="font-size: 10pt;">)</font></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>16</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>315,739</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>40,880</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Current </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Bank borrowings </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>303,170</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>781,258</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Bank overdrafts </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>98</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>24</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Costs of issue of debt </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: spaces;"><font> - </font></font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>10</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>303,268</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>781,272</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 18px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Total Borrowings </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>619,007</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>822,152</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 18px;"><br/></td>
</tr>

</table>
</div><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_DisclosureOfDetailedInformationAboutTheMaturityOfBorrowingsTextBlock', window );">Disclosure of detailed information about the maturity of borrowings [text block]</a></td>
<td class="text"><div>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 113px;" width="100%">

<tr style="height: 10px;">
<td style="padding: 0px; vertical-align: middle; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 10px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"><font>1</font> year or <br/>less</font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"><font>1</font> - <font>2</font> <br/>years</font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"><font>2</font> &#8211; <font>3</font> <br/>years</font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"><font>3</font> - <font>4</font> <br/>years</font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"><font>4</font> - <font>5</font> <br/>years</font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Over <font>5</font> <br/></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">years</font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Total </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> At December 31, 2020 </font></p>
</td>
<td style="padding: 0px 7px; vertical-align: top; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 30%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Borrowings </font></p>
</td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 7%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>303,268</font> </font></p>
</td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 7%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>104,147</font> </font></p>
</td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 7%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>207,595</font> </font></p>
</td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 7%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>3,997</font> </font></p>
</td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 7%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"><font> - </font></font></p>
</td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 7%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> <font>-</font></font></p>
</td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 7%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>619,007</font> </font></p>
</td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; width: 1%;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Total borrowings </font></p>
</td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>303,268</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>104,147</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>207,595</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>3,997</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;"><font> - </font></font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;"><font> - </font></font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>619,007</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Interest to be accrued (*) </font></p>
</td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>9,829</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>5,068</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>1,014</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>22</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"><font> - </font></font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"><font> - </font></font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>15,933</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
</tr>
<tr style="height: 18px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Total </font></p>
</td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>313,097</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>109,215</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>208,609</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>4,019</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;"><font> - </font></font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;"><font> - </font></font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>634,940</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 18px;"><br/></td>
</tr>

</table>

<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 99.7548%; height: 106px;" width="100%">

<tr style="height: 10px;">
<td style="padding: 0px; vertical-align: middle; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 10px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"><font>1</font> year or <br/>less</font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"><font>1</font> - <font>2</font> <br/>years</font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"><font>2</font> &#8211; <font>3</font> <br/>years</font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"><font>3</font> - <font>4</font> <br/>years</font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"><font>4</font> - <font>5</font> <br/>years</font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Over <font>5</font> <br/>years</font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Total </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> At December 31, 2019 </font></p>
</td>
<td style="padding: 0px 7px; vertical-align: top; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px; width: 30%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Borrowings </font></p>
</td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 10px; width: 1%;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 10px; width: 1%;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px; width: 7%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>781,272</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 10px; width: 1%;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 10px; width: 1%;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 10px; width: 1%;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px; width: 7%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>17,307</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 10px; width: 1%;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 10px; width: 1%;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 10px; width: 1%;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px; width: 7%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>23,573</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 10px; width: 1%;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 10px; width: 1%;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 10px; width: 1%;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px; width: 7%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"><font> - </font></font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 10px; width: 1%;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 10px; width: 1%;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 10px; width: 1%;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px; width: 7%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"><font> - </font></font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 10px; width: 1%;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 10px; width: 1%;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 10px; width: 1%;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px; width: 7%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"><font> - </font></font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 10px; width: 1%;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 10px; width: 1%;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 10px; width: 1%;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px; width: 7%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>822,152</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 10px; width: 1%;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Total borrowings </font></p>
</td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>781,272</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>17,307</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>23,573</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;"><font> - </font></font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;"><font> - </font></font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;"><font> - </font></font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>822,152</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Interest to be accrued (*) </font></p>
</td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>11,370</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>1,045</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>117</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"><font> - </font></font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"><font> - </font></font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"><font> - </font></font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>12,532</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
</tr>
<tr style="height: 18px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Total </font></p>
</td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>792,642</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>18,352</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>23,690</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;"><font> - </font></font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;"><font> - </font></font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;"><font> - </font></font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>834,684</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px; vertical-align: bottom; height: 18px;"><br/></td>
</tr>

</table>
</div><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_DisclosureOfDetailedInformationAboutSignificantBorrowingsTextBlock', window );">Disclosure of detailed information about significant borrowings [text block]</a></td>
<td class="text"><div>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt;" width="100%">

<tr style="height: 1pt;">
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td colspan="2" style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> In million of U.S. dollars </font></p>
</td>
</tr>
<tr style="height: 1pt;">
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Disbursement date </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Borrower </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Type </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Original &amp; Outstanding </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Final maturity </font></p>
</td>
</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 26%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>2020</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 13%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Maverick </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 15%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Bilateral </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 23%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>50</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 23%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>2021</font> </font></p>
</td>
</tr>
<tr style="height: 1pt;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>2020</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Maverick </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Bilateral </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>75</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>2022</font> </font></p>
</td>
</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>2020</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Tamsa </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Bilateral </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>60</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>2023</font> </font></p>
</td>
</tr>
<tr style="height: 1pt;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>2020</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Tamsa </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Bilateral </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>80</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>2023</font> </font></p>
</td>
</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>2020</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Tamsa </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Bilateral </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>60</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>2023</font> </font></p>
</td>
</tr>
<tr style="height: 1pt;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>2020</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> SSPC </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Multiple Banks </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>81</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>2021</font> - <font>2024</font> </font></p>
</td>
</tr>

</table>
</div><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_DisclosureOfDetailedInformationAboutWeightedAverageInterestRatesOfBorrowingsTextBlock', window );">Disclosure of detailed information about weighted average interest rates of borrowings [text block]</a></td>
<td class="text"><div>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%">

<tr style="height: 13pt;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> <font>2020</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> <font>2019</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff;"><br/></td>
</tr>
<tr style="height: 13pt; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 74%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Total borrowings </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 10%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2.51</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 1%; background-color: #cceeff;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">%</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1%; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 10%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>3.18</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 1%; background-color: #cceeff;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">%</font></td>
</tr>

</table>
</div><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_DisclosureOfDetailedInformationAboutBorrowingsByCurrencyAndRateTextBlock', window );">Disclosure of detailed information about borrowings by currency and rate [text block]</a></td>
<td class="text"><div>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px; height: 137px;" width="100%">

<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: middle; background-color: #ffffff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (all amounts in thousands of U.S. dollars) </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 17px;"><br/></td>
<td colspan="5" style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Year ended December 31, </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="border-bottom: 1pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #ffffff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Currency </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Interest rates </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 17px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>2020</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 17px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>2019</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> USD </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Variable </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>274,600</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"><font> - </font></font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 37%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> USD </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 36%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Fixed </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>17,936</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>18,370</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> SAR </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Fixed </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>20,902</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>16,106</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> EUR </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Fixed </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>1,828</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>5,108</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> EUR </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Variable </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>473</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>1,296</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
</tr>
<tr style="height: 18px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Total non-current borrowings </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"><br/></td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>315,739</font> </font></p>
</td>
<td style="border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>40,880</font> </font></p>
</td>
<td style="border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"><br/></td>
</tr>

</table>

<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px;" width="100%">

<tr style="height: 1pt;">
<td style="padding: 0px 7px 0px 0px; vertical-align: middle; background-color: #ffffff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (all amounts in thousands of U.S. dollars) </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: middle; background-color: #ffffff;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #ffffff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #ffffff;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #ffffff;"><br/></td>
<td colspan="5" style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #ffffff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> Year ended December 31, </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #ffffff;"><br/></td>
</tr>
<tr style="height: 1pt;">
<td style="border-bottom: 1pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #ffffff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> Currency </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #ffffff;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #ffffff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> Interest rates </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #ffffff;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #ffffff;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> <font>2020</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #ffffff;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #ffffff;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #ffffff;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> <font>2019</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #ffffff;"><br/></td>
</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 37%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> USD </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 36%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Variable </font></p>
</td>
<td style="padding: 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding: 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>67,823</font> </font></p>
</td>
<td style="padding: 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding: 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding: 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>17,092</font> </font></p>
</td>
<td style="padding: 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br/></td>
</tr>
<tr style="height: 1pt;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> USD </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom;"><br/></td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Fixed </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2,322</font> </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>274,799</font> </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom;"><br/></td>
</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> EUR </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Variable </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,015</font> </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>80</font> </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff;"><br/></td>
</tr>
<tr style="height: 1pt;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> EUR </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom;"><br/></td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Fixed </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>3,886</font> </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>3,772</font> </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom;"><br/></td>
</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> MXN </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Fixed </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>147,997</font> </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>424,964</font> </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff;"><br/></td>
</tr>
<tr style="height: 1pt;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> ARS </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom;"><br/></td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Fixed </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>3,699</font> </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>86</font> </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom;"><br/></td>
</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> SAR </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Variable </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>37,776</font> </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>35,666</font> </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff;"><br/></td>
</tr>
<tr style="height: 1pt;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> SAR </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom;"><br/></td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Fixed </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>38,750</font> </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>24,797</font> </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom;"><br/></td>
</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Others </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Variable </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: spaces;"> &nbsp;<font>-</font></font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>16</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff;"><br/></td>
</tr>
<tr style="height: 1pt;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> Total current borrowings </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> <font>303,268</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> <font>781,272</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom;"><br/></td>
</tr>

</table>
</div><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_DisclosureOfBorrowingsEvolutionTextBlock', window );">Disclosure of borrowings evolution [text block]</a></td>
<td class="text"><div>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px; height: 171px;" width="100%">

<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #ffffff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #ffffff; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br/></td>
<td colspan="5" style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Year ended December 31, 2020 </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; background-color: #ffffff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (all amounts in thousands of U.S. dollars) </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; background-color: #ffffff; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: middle; height: 17px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Non current </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: middle; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: middle; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: middle; height: 17px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Current </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: middle; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 74%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> At the beginning of the year </font></p>
</td>
<td style="padding: 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>40,880</font> </font></p>
</td>
<td style="padding: 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>781,272</font> </font></p>
</td>
<td style="padding: 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Translation differences </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>266</font> </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;(<font>487</font> </font></p>
</td>
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Proceeds and repayments, net </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>234,455</font> </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;(<font>478,913</font> </font></p>
</td>
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Interests accrued less payments </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>426</font> </font></p>
</td>
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;(<font>12,016</font> </font></p>
</td>
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Reclassifications </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;(<font>12,940</font> </font></p>
</td>
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>12,940</font> </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Increase due to business combinations </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>52,652</font> </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>398</font> </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Overdrafts variation </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font></font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>74</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
</tr>
<tr style="height: 18px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> At the end of the year </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>315,739</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>303,268</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 18px;"><br/></td>
</tr>

</table>
</div><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of detailed information about borrowings. [Refer: Borrowings]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2019-01-01<br> -Paragraph 7<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=7&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_7&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsExplanatory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_DisclosureOfBorrowingsEvolutionTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for borrowings changes.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_DisclosureOfBorrowingsEvolutionTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_DisclosureOfDetailedInformationAboutBorrowingsByCurrencyAndRateTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of detailed information about borrowings by currency and rate.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_DisclosureOfDetailedInformationAboutBorrowingsByCurrencyAndRateTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_DisclosureOfDetailedInformationAboutSignificantBorrowingsTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of detailed information about significant borrowings.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_DisclosureOfDetailedInformationAboutSignificantBorrowingsTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_DisclosureOfDetailedInformationAboutTheMaturityOfBorrowingsTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of detailed information about the maturity of borrowings.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_DisclosureOfDetailedInformationAboutTheMaturityOfBorrowingsTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_DisclosureOfDetailedInformationAboutWeightedAverageInterestRatesOfBorrowingsTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of detailed information about weighted average interest rates of borrowings.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_DisclosureOfDetailedInformationAboutWeightedAverageInterestRatesOfBorrowingsTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
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</div></td></tr>
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</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>115
<FILENAME>R73.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140345109827768">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 21 - Deferred Income Tax (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2020</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAbstract', window );"><strong>Disclosure of temporary difference, unused tax losses and unused tax credits [abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_DisclosureOfDeferredTaxAssetsAndLiabilitiesTextBlock', window );">Disclosure of deferred tax assets and liabilities [text block]</a></td>
<td class="text"><div>
<table cellspacing="0" cellpadding="0" style="height: 101px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px;" width="100%">

<tr style="height: 10px;">
<td style="padding: 0px 7px 0px 0px; background-color: #ffffff; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (all amounts in thousands of U.S. dollars) </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;" colspan="2" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Fixed assets</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;" valign="bottom"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;" valign="bottom"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;" colspan="2" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Inventories</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;" valign="bottom"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;" valign="bottom"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;" colspan="2" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Intangible&nbsp;and&nbsp;Other</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;" valign="bottom"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;" valign="bottom"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;" colspan="2" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Total</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #ffffff; height: 10px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;"><br/></td>
</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 48%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> At the beginning of the year </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 15px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>651,339</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 15px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 15px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>19,396</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 15px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 15px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>118,062</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 15px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 15px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>788,797</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 15px;"><br/></td>
</tr>
<tr style="height: 15px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Translation differences </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>1,644</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"><font> - </font></font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>253</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>1,897</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br/></td>
</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Increase due to business combinations </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>89,306</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"><font> - </font></font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>43,397</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>132,703</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br/></td>
</tr>
<tr style="height: 15px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Charged to other comprehensive income </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"><font> - </font></font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"><font> - </font></font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>1,194</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;">)</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>1,194</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;">)</td>
</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Income statement (credit) </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px; border-bottom: 1pt solid #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>39,874</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 15px; border-bottom: 1pt solid #000000;">)</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px; border-bottom: 1pt solid #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>4,141</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 15px; border-bottom: 1pt solid #000000;">)</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px; border-bottom: 1pt solid #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>34,725</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 15px; border-bottom: 1pt solid #000000;">)</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px; border-bottom: 1pt solid #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>78,740</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 15px; border-bottom: 1pt solid #000000;">)</td>
</tr>
<tr style="height: 16px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> At December 31, 2020 </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; border-bottom: 2px solid #000000;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; border-bottom: 2px solid #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>702,415</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; border-bottom: 2px solid #000000;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; border-bottom: 2px solid #000000;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; border-bottom: 2px solid #000000;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; border-bottom: 2px solid #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>15,255</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; border-bottom: 2px solid #000000;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; border-bottom: 2px solid #000000;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; border-bottom: 2px solid #000000;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; border-bottom: 2px solid #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>125,793</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; border-bottom: 2px solid #000000;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; border-bottom: 2px solid #000000;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; border-bottom: 2px solid #000000;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; border-bottom: 2px solid #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>843,463</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; border-bottom: 2px solid #000000;"><br/></td>
</tr>

</table>

<table cellspacing="0" cellpadding="0" style="height: 121px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px;" width="100%">

<tr style="height: 10px;">
<td style="padding: 0px 7px 0px 0px; background-color: #ffffff; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (all amounts in thousands of U.S. dollars) </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;" colspan="2" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Fixed assets</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;" valign="bottom"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;" valign="bottom"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;" colspan="2" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Inventories</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;" valign="bottom"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;" valign="bottom"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;" colspan="2" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Intangible&nbsp;and&nbsp;Other</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;" valign="bottom"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;" valign="bottom"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;" colspan="2" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Total</font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #ffffff; height: 10px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;"><br/></td>
</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 48%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> At the beginning of the year </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>710,995</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>25,048</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>46,532</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>782,575</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br/></td>
</tr>
<tr style="height: 15px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Translation differences </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>347</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom;">)</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"><font> - </font></font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>4</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom;">)</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>351</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom;">)</td>
</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Increase due to business combinations </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>5,621</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"><font> - </font></font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>11,209</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>16,830</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff;"><br/></td>
</tr>
<tr style="height: 15px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Charged to other comprehensive income </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"><font> - </font></font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"><font> - </font></font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>423</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>423</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom;"><br/></td>
</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Income statement charge / (credit) </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>64,930</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff;">)</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>5,652</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff;">)</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>59,902</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>10,680</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff;">)</td>
</tr>
<tr style="height: 16px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> At December 31, 2019 </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>651,339</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>19,396</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>118,062</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>788,797</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom;"><br/></td>
</tr>

</table>

<table cellspacing="0" cellpadding="0" style="height: 107px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px;" width="100%">

<tr style="height: 10px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; background-color: #ffffff; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (all amounts in thousands of U.S. dollars) </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #ffffff; height: 10px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom;" colspan="2" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 1.1;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Provisions and allowances</font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom;" colspan="2" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> Inventories</font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom;" colspan="2" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> Tax losses</font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom;" colspan="2" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> Other</font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom;" colspan="2" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> Total</font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #ffffff; height: 10px;"><br/></td>
</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 35%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> At the beginning of the year </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 16px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>19,653</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 16px;">)</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 16px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>93,404</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 16px;">)</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 16px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>382,832</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 16px;">)</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 16px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>181,606</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 16px;">)</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 16px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>677,495</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 16px;">)</td>
</tr>
<tr style="height: 16px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Translation differences </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,804</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>513</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,996</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>644</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>4,957</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px;"><br/></td>
</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Increase due to business combinations </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 16px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>7,452</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 16px;">)</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 16px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>24,580</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 16px;">)</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 16px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>33,598</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 16px;">)</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 16px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>34,974</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 16px;">)</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 16px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>100,604</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 16px;">)</td>
</tr>
<tr style="height: 16px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Charged to other comprehensive income </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: spaces;"><font> - </font></font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: spaces;"><font> - </font></font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: spaces;"><font> - </font></font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>1,952</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px;">)</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>1,952</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px;">)</td>
</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Income statement charge / (credit) </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 16px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 16px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>4,093</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 16px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 16px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 16px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>31,534</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 16px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 16px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 16px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>65,715</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 16px;">)</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 16px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 16px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>10,930</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 16px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 16px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 16px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>19,158</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 16px;">)</td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> At December 31, 2020 </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> (<font>21,208</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">)</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> (<font>85,937</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">)</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> (<font>480,149</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">)</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> (<font>206,958</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">)</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> (<font>794,252</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">)</td>
</tr>

</table>

<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; height: 121px; width: 99.9171%;" width="100%">

<tr style="height: 10px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; background-color: #ffffff; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (all amounts in thousands of U.S. dollars) </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #ffffff; height: 10px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom;" colspan="2" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 1.1;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Provisions and allowances</font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom;" colspan="2" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> Inventories</font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom;" colspan="2" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> Tax losses</font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom;" colspan="2" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> Other</font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; background-color: #ffffff; height: 10px; vertical-align: bottom;" colspan="2" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> Total</font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #ffffff; height: 10px;"><br/></td>
</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 35%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> At the beginning of the year </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>16,116</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 1%;">)</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>86,585</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 1%;">)</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>396,257</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 1%;">)</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>86,184</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 1%;">)</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>585,142</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 1%;">)</td>
</tr>
<tr style="height: 15px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Translation differences </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>362</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>306</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>497</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>286</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>1,451</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom;"><br/></td>
</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Increase due to business combinations </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>1,160</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff;">)</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>1,413</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff;">)</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>1,172</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff;">)</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>2,238</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff;">)</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>5,983</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff;">)</td>
</tr>
<tr style="height: 15px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Charged to other comprehensive income </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"><font> - </font></font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"><font> - </font></font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"><font> - </font></font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>1,261</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom;">)</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>1,261</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom;">)</td>
</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Income statement charge / (credit) </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>2,739</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff;">)</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>5,712</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff;">)</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>14,100</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>92,209</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff;">)</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>86,560</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff;">)</td>
</tr>
<tr style="height: 16px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> At December 31, 2019 </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> (<font>19,653</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom;">)</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> (<font>93,404</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom;">)</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> (<font>382,832</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom;">)</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> (<font>181,606</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom;">)</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> (<font>677,495</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom;">)</td>
</tr>

</table>
</div><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsExplanatory', window );">Disclosure of temporary difference, unused tax losses and unused tax credits [text block]</a></td>
<td class="text"><div>
<table cellspacing="0" cellpadding="0" style="height: 58px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px;" width="100%">

<tr style="height: 16px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: middle; background-color: #ffffff; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (all amounts in thousands of U.S. dollars) </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #ffffff; height: 16px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 16px;"><br/></td>
<td colspan="5" style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> Year ended December 31, </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 16px;"><br/></td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: middle; background-color: #ffffff; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #ffffff; height: 10px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 10px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> <font>2020</font></font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 10px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 10px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 10px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> <font>2019</font></font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 10px;"><br/></td>
</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 74%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Deferred tax assets to be recovered after <font>12</font> months </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 16px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>640,603</font></font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 16px;">)</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 16px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>538,274</font></font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 16px;">)</td>
</tr>
<tr style="height: 16px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Deferred tax liabilities to be settled after <font>12</font> months </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>840,892</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>766,852</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px;"><br/></td>
</tr>

</table>
</div><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_DeferredTaxTextBlock', window );">Deferred tax [text block]</a></td>
<td class="text"><div>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px;" width="100%">

<tr style="height: 1pt;">
<td style="padding: 0px 7px 0px 0px; vertical-align: middle; background-color: #ffffff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (all amounts in thousands of U.S. dollars) </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: middle; background-color: #ffffff;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top;"><br/></td>
<td colspan="5" style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Year ended December 31, </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top;"><br/></td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: middle; background-color: #ffffff; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #ffffff; height: 10px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 10px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> <font>2020</font></font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 10px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 10px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 10px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> <font>2019</font></font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 10px;"><br/></td>
</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 74%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Deferred tax assets </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>205,590</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 1%;">)</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>225,680</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 1%;">)</td>
</tr>
<tr style="height: 1pt;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Deferred tax liabilities </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>254,801</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>336,982</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>49,211</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>111,302</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br/></td>
</tr>

</table>

<table cellspacing="0" cellpadding="0" style="height: 129px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px;" width="100%">

<tr style="height: 16px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #ffffff; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #ffffff;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td colspan="5" style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> Year ended December 31, </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: middle; background-color: #ffffff; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #ffffff; height: 10px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 10px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> <font>2020</font></font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 10px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 10px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 10px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> <font>2019</font></font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 10px;"><br/></td>
</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 74%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> At the beginning of the year </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>111,302</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>197,433</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br/></td>
</tr>
<tr style="height: 16px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Translation differences </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>6,854</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,100</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Increase due to business combinations </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>32,099</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>10,847</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br/></td>
</tr>
<tr style="height: 16px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Charged to other comprehensive income </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: spaces;"> &nbsp;(<font>3,146</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom;">)</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: spaces;"> &nbsp;(<font>838</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom;">)</td>
</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Income statement (credit) </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: spaces;"> &nbsp;(<font>97,898</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff;">)</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: spaces;"> &nbsp;(<font>97,240</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff;">)</td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> At the end of the year </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> <font>49,211</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> <font>111,302</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
</tr>

</table>
</div><span></span>
</td>
</tr>
</table>
<div style="display: none;">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of types of temporary differences, unused tax losses and unused tax credits. [Refer: Unused tax credits [member]; Unused tax losses [member]; Temporary differences [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2019-01-01<br> -Paragraph 81<br> -Subparagraph g<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=12&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_81_g&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsExplanatory</td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of deferred tax.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of deferred tax assets and liabilities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140345111203000">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 22 - Other Liabilities (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2020</div></th></tr>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_DisclosureOfOtherLiabilitiesAbstract', window );"><strong>Disclosure of Other Liabilities [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
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</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfOtherNoncurrentLiabilitiesExplanatory', window );">Disclosure of other non-current liabilities [text block]</a></td>
<td class="text"><div>
<table cellspacing="0" cellpadding="0" style="height: 102px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px;" width="100%">

<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #ffffff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #ffffff; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td colspan="5" style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Year ended December 31, </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; background-color: #ffffff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (all amounts in thousands of U.S. dollars) </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; background-color: #ffffff; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font style="border-left: none; border-right: none;">2020</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font style="border-left: none; border-right: none;">2019</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 74%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Post-employment benefits </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 1%; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 1%; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 10%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>136,811</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 10%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>144,993</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Other-long term benefits </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>64,928</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>85,473</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Miscellaneous </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>43,896</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>20,917</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>245,635</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>251,383</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
</tr>

</table>
</div><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfNetDefinedBenefitLiabilityAssetExplanatory', window );">Disclosure of net defined benefit liability (asset) [text block]</a></td>
<td class="text"><div>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px;" width="100%">

<tr style="height: 1pt;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td colspan="5" style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Year ended December 31, </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
</tr>
<tr style="height: 1pt;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (all amounts in thousands of U.S. dollars) </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font style="border-left: none; border-right: none;">2020</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font style="border-left: none; border-right: none;">2019</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top;"><br/></td>
</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 74%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Unfunded </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 1%; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 10%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>115,774</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 10%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>125,573</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; background-color: #cceeff;"><br/></td>
</tr>
<tr style="height: 1pt;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Funded </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>21,037</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>19,420</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom;"><br/></td>
</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>136,811</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>144,993</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff;"><br/></td>
</tr>

</table>

<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px; height: 205px;" width="100%">

<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #ffffff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #ffffff; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td colspan="5" style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Year ended December 31, </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (all amounts in thousands of U.S. dollars) </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font style="border-left: none; border-right: none;">2020</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font style="border-left: none; border-right: none;">2019</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 74%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Values at the beginning of the year </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>125,573</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>97,318</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Current service cost </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>4,796</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>7,978</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Interest cost </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>6,496</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>5,526</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Curtailments and settlements </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;(<font>1,237</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Remeasurements (*) </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;(<font>2,230</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>7,010</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Translation differences </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;(<font>415</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;(<font>1,567</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Increase due to business combinations </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>1,566</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>15,660</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Benefits paid from the plan </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;(<font>22,955</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;(<font>9,328</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Other </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>4,180</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>2,976</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
</tr>
<tr style="height: 18px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> At the end of the year </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>115,774</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>125,573</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"><br/></td>
</tr>

</table>

<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px; height: 86px;" width="100%">

<tr style="height: 17px;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td colspan="5" style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> Year ended December 31, </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (all amounts in thousands of U.S. dollars) </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> <font style="border-left: none; border-right: none;">2020</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> <font style="border-left: none; border-right: none;">2019</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 74%; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Present value of funded obligations </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 10%; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>176,309</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 10%; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>160,412</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Fair value of plan assets </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>157,335</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"><font style="font-size: 10pt;">)</font></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>145,160</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 18px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> Liability (*) </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> <font>18,974</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> <font>15,252</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px;"><br/></td>
</tr>

</table>

<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px; height: 170px;" width="100%">

<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td colspan="5" style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Year ended December 31, </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (all amounts in thousands of U.S. dollars) </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font style="border-left: none; border-right: none;">2020</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font style="border-left: none; border-right: none;">2019</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 74%; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> At the beginning of the year </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 10%; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>160,412</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 10%; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>146,885</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Translation differences </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>2,148</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>4,542</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Current service cost </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>850</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>721</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Interest cost </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>5,009</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>5,754</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Remeasurements (*) </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>18,025</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>12,769</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Benefits paid </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font style="border-left: none; border-right: none;"><font>9,266</font></font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;(<font style="border-left: none; border-right: none;"><font>10,259</font></font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Other </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>869</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> At the end of the year </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>176,309</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>160,412</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
</tr>

</table>
</div><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSensitivityAnalysisForActuarialAssumptionsExplanatory', window );">Disclosure of sensitivity analysis for actuarial assumptions [text block]</a></td>
<td class="text"><div>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px;" width="100%">

<tr style="height: 1pt;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff;"><br/></td>
<td colspan="4" style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Year ended December 31, </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff;"><br/></td>
</tr>
<tr style="height: 1pt;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font style="border-left: none; border-right: none;">2020</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font style="border-left: none; border-right: none;">2019</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 73%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Discount rate </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 1%; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 11%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>1</font>% - <font>7</font>% </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 11%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>1</font>% - <font>7</font>% </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; background-color: #cceeff;"><br/></td>
</tr>
<tr style="height: 1pt;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Rate of compensation increase </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>0</font>% - <font>3</font>% </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>0</font>% - <font>3</font>% </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom;"><br/></td>
</tr>

</table>

<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px; height: 61px;" width="100%">

<tr style="height: 17px;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td colspan="4" style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Year ended December 31, </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font style="border-left: none; border-right: none;">2020</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font style="border-left: none; border-right: none;">2019</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 74%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Discount rate </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: right;"><font style="font-family: 'Times New Roman';"> <font>1</font> % - <font>3</font> % </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 2%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: right;"><font style="font-family: 'Times New Roman';"> <font>3</font> % - <font>4</font> % </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1%;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Rate of compensation increase </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: right;"><font style="font-family: 'Times New Roman';"> <font>0</font> % - <font>3</font> % </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: right;"><font style="font-family: 'Times New Roman';"> <font>0</font> % - <font>3</font> % </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
</tr>

</table>
</div><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueOfPlanAssetsExplanatory', window );">Disclosure of fair value of plan assets [text block]</a></td>
<td class="text"><div>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px; height: 171px;" width="100%">

<tr style="height: 17px;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td colspan="5" style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> Year ended December 31, </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (all amounts in thousands of U.S. dollars) </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font style="border-left: none; border-right: none;">2020</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font style="border-left: none; border-right: none;">2019</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 74%; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> At the beginning of the year </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 10%; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: spaces;"> &nbsp;(<font>145,160</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 10%; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: spaces;"> &nbsp;(<font>132,438</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Translation differences </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>1,729</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: spaces;"> &nbsp;(<font>4,137</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Return on plan assets </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>4,411</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: spaces;"> &nbsp;(<font>5,018</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Remeasurements </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>10,396</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: spaces;"> &nbsp;(<font>10,507</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Contributions paid to the plan </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>5,017</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: spaces;"> &nbsp;(<font>3,589</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Benefits paid from the plan </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>9,266</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>10,259</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Other </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>112</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>270</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
</tr>
<tr style="height: 18px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> At the end of the year </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; -aw-import: spaces;"> &nbsp;(<font>157,335</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px; vertical-align: bottom; height: 18px;"><font style="font-size: 10pt; font-weight: bold;">)</font></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; -aw-import: spaces;"> &nbsp;(<font>145,160</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px; vertical-align: bottom; height: 18px;"><font style="font-size: 10pt; font-weight: bold;">)</font></td>
</tr>

</table>

<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px; height: 85px;" width="100%">

<tr style="height: 17px;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td colspan="5" style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> Year ended December 31, </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> <font style="border-left: none; border-right: none;">2020</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> <font style="border-left: none; border-right: none;">2019</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 74%; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Equity instruments </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 10%; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>49.3</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; text-align: left; height: 17px;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">%</font></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 10%; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>49.0</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; text-align: left; height: 17px;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">%</font></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Debt instruments </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>46.8</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; text-align: left; height: 17px;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">%</font></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>47.0</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; text-align: left; height: 17px;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">%</font></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Others </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>3.9</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; text-align: left; height: 17px;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">%</font></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>4.0</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; text-align: left; height: 17px;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">%</font></td>
</tr>

</table>
</div><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfOtherCurrentLiabilitiesExplanatory', window );">Disclosure of other current liabilities [text block]</a></td>
<td class="text"><div>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px; height: 86px;" width="100%">

<tr style="height: 17px;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td colspan="5" style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Year ended December 31, </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; background-color: #ffffff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (all amounts in thousands of U.S. dollars) </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; background-color: #ffffff; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font style="border-left: none; border-right: none;">2020</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font style="border-left: none; border-right: none;">2019</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 74%; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Payroll and social security payable </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 10%; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>175,175</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 10%; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>153,009</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Miscellaneous </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>27,651</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>23,255</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 18px; background-color: #cceeff;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>202,826</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>176,264</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px;"><br/></td>
</tr>

</table>
</div><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfFairValueOfPlanAssetsExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of the fair value of defined benefit plan assets. [Refer: Plan assets [member]; Defined benefit plans [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2019-01-01<br> -Paragraph 142<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=19&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_142&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfFairValueOfPlanAssetsExplanatory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfNetDefinedBenefitLiabilityAssetExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of a net defined benefit liability (asset). [Refer: Net defined benefit liability (asset)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2019-01-01<br> -Paragraph 140<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=19&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_140_a&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfNetDefinedBenefitLiabilityAssetExplanatory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfOtherCurrentLiabilitiesExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of other current liabilities. [Refer: Other current liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 10<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_10_e&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfOtherCurrentLiabilitiesExplanatory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfOtherNoncurrentLiabilitiesExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of other non-current liabilities. [Refer: Other non-current liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 10<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_10_e&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfOtherNoncurrentLiabilitiesExplanatory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfSensitivityAnalysisForActuarialAssumptionsExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of a sensitivity analysis for significant actuarial assumptions used to determine the present value of a defined benefit obligation. [Refer: Actuarial assumptions [member]; Defined benefit obligation, at present value]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2019-01-01<br> -Paragraph 145<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=19&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_145&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfSensitivityAnalysisForActuarialAssumptionsExplanatory</td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_DisclosureOfOtherLiabilitiesAbstract</td>
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140345148839976">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 23 - Non-current allowances and provisions (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2020</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_DisclosureOfNonCurrentAllowancesAndProvisionsAbstract', window );"><strong>Disclosure of Non-current allowances and provisions [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_DisclosureOfDetailedInformationAboutNoncurrentAllowancesAndProvisionsFromLiabilitiesTextBlock', window );">Disclosure of detailed information about non-current allowances and provisions from liabilities [text block]</a></td>
<td class="text"><div>
<p style="margin-top: 0pt; margin-left: 38.75pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Liabilities</font></p>
<div style="border-left: none; border-right: none;">
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px; height: 160px;" width="100%">

<tr style="height: 16px;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 16px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 16px;"><br/></td>
<td colspan="5" style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Year ended December 31, </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 16px;"><br/></td>
</tr>
<tr style="height: 16px;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 16px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 16px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>2020</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 16px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 16px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 16px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>2019</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 16px;"><br/></td>
</tr>
<tr style="height: 16px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (all amounts in thousands of U.S. dollars) </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 16px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 16px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 16px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 16px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 16px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; height: 16px;"><br/></td>
</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 74%; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Values at the beginning of the year </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 10%; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>54,599</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 10%; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>36,089</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 16px;"><br/></td>
</tr>
<tr style="height: 16px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Translation differences </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>5,739</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 16px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>1,571</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 16px;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Increase due to business combinations </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>26,542</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 16px;"><br/></td>
</tr>
<tr style="height: 16px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Additional provisions </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>478</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>19,904</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 16px;"><br/></td>
</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Reclassifications </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>557</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>5,641</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 16px;"><br/></td>
</tr>
<tr style="height: 16px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Used </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>3,219</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 16px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>5,464</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 16px;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Values at the end of the year </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 16px;"><br/></td>
<td style="border-top: 0.75pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 16px;"><br/></td>
<td style="border-top: 0.75pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>73,218</font> </font></p>
</td>
<td style="border-top: 0.75pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 16px;"><br/></td>
<td style="border-top: 0.75pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 16px;"><br/></td>
<td style="border-top: 0.75pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 16px;"><br/></td>
<td style="border-top: 0.75pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>54,599</font> </font></p>
</td>
<td style="border-top: 0.75pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 16px;"></td>
</tr>

</table>
</div>
</div><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_DisclosureOfDetailedInformationAboutNoncurrentAllowancesAndProvisionsFromLiabilitiesTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of detailed information about non-current allowances and provisions from liabilities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_DisclosureOfDetailedInformationAboutNoncurrentAllowancesAndProvisionsFromLiabilitiesTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_DisclosureOfNonCurrentAllowancesAndProvisionsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_DisclosureOfNonCurrentAllowancesAndProvisionsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
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<SEQUENCE>118
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<DESCRIPTION>IDEA: XBRL DOCUMENT
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140345109465048">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 24 - Current allowances and provisions (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2020</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_DisclosureOfCurrentAllowancesAndProvisionsAbstract', window );"><strong>Disclosure of Current allowances and provisions [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_DisclosureOfDetailedInformationAboutCurrentAllowancesAndProvisionsDeductedFromAssetsTextBlock', window );">Disclosure of detailed information about current allowances and provisions deducted from assets [text block]</a></td>
<td class="text"><div>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">(i)</font><font style="width: 26.56pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Deducted from assets</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; -aw-import: ignore;">&nbsp;</font></p>
<div>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 99.9182%; height: 143px;" width="100%">

<tr style="height: 31px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: middle; background-color: #ffffff; width: 47.0486%; height: 31px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> Year ended December 31, 2020 </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: middle; background-color: #ffffff; width: 0.954861%; height: 31px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; width: 15.1042%; height: 31px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Allowance for doubtful <br/>accounts - Trade receivables</font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; width: 1.38889%; height: 31px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; width: 1.38889%; height: 31px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; width: 15.1042%; height: 31px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> Allowance for other doubtful accounts - Other receivables </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; width: 1.38889%; height: 31px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; width: 1.38889%; height: 31px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; width: 15.1042%; height: 31px;" colspan="2">
<p style="margin-top: 0pt; margin-left: 0.65pt; margin-bottom: 0pt; text-indent: -0.65pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Allowance for <br/>inventory obsolescence</font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; width: 1.38889%; height: 31px;"><br/></td>
</tr>
<tr style="height: 16px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; background-color: #ffffff; width: 47.0486%; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (all amounts in thousands of U.S. dollars) </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; background-color: #ffffff; width: 0.954861%; height: 16px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1.38889%; height: 16px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 13.7153%; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1.38889%; height: 16px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1.38889%; height: 16px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1.38889%; height: 16px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 13.7153%; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1.38889%; height: 16px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1.38889%; height: 16px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1.38889%; height: 16px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 13.7153%; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; width: 1.38889%; height: 16px;"><br/></td>
</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 47.0486%; background-color: #cceeff; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Values at the beginning of the year </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 0.954861%; background-color: #cceeff; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.38889%; background-color: #cceeff; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 13.7153%; background-color: #cceeff; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>48,782</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1.38889%; background-color: #cceeff; height: 16px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.38889%; background-color: #cceeff; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.38889%; background-color: #cceeff; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 13.7153%; background-color: #cceeff; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>4,892</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1.38889%; background-color: #cceeff; height: 16px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.38889%; background-color: #cceeff; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.38889%; background-color: #cceeff; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 13.7153%; background-color: #cceeff; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>217,717</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1.38889%; background-color: #cceeff; height: 16px;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 16px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 47.0486%; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Translation differences </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 0.954861%; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.38889%; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 13.7153%; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>37</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1.38889%; height: 16px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.38889%; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.38889%; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 13.7153%; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>801</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1.38889%; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.38889%; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.38889%; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 13.7153%; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,560</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1.38889%; height: 16px;"><br/></td>
</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 47.0486%; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Increase due to business combinations </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 0.954861%; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1.38889%; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 13.7153%; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>1,930</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.38889%; height: 16px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1.38889%; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1.38889%; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 13.7153%; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.38889%; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1.38889%; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1.38889%; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 13.7153%; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>76,776</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.38889%; height: 16px;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 16px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 47.0486%; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (Additional) allowances </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 0.954861%; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.38889%; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 13.7153%; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>4,644</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1.38889%; height: 16px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.38889%; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.38889%; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 13.7153%; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>1,263</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1.38889%; height: 16px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.38889%; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.38889%; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 13.7153%; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>35,809</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1.38889%; height: 16px;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 47.0486%; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Used </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 0.954861%; height: 16px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1.38889%; height: 16px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 13.7153%; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,717</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.38889%; height: 16px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1.38889%; height: 16px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1.38889%; height: 16px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 13.7153%; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,437</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.38889%; height: 16px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1.38889%; height: 16px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1.38889%; height: 16px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 13.7153%; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>65,107</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.38889%; height: 16px;"><br/></td>
</tr>
<tr style="height: 16px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 47.0486%; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> At December 31, 2020 </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 0.954861%; height: 16px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.38889%; height: 16px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; width: 13.7153%; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> (<font>53,676</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px; vertical-align: bottom; width: 1.38889%; height: 16px;"><font style="font-size: 10pt; font-weight: bold;">)</font></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.38889%; height: 16px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.38889%; height: 16px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; width: 13.7153%; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> (<font>3,917</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px; vertical-align: bottom; width: 1.38889%; height: 16px;"><font style="font-size: 10pt; font-weight: bold;">)</font></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.38889%; height: 16px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1.38889%; height: 16px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; width: 13.7153%; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> (<font>263,635</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px; vertical-align: bottom; width: 1.38889%; height: 16px;"><font style="font-size: 10pt; font-weight: bold;">)</font></td>
</tr>

</table>
</div>
<div>
<div>

</div>
</div>
<p style="margin: 0px; font-size: 10pt; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;">&nbsp;</font></p>
<div>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 99.8367%; height: 123px;" width="100%">

<tr style="height: 11px;">
<td style="padding: 0px 7px 0px 0px; background-color: #ffffff; height: 11px; width: 47.1764%; vertical-align: middle;" valign="middle">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Year ended December 31, 2019 </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: middle; background-color: #ffffff; height: 11px; width: 0.955691%;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 11px; width: 15.0304%;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Allowance for doubtful <br/>accounts - Trade receivables</font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 11px; width: 1.3901%;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 11px; width: 1.3901%;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 11px; width: 15.0304%;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Allowance for other doubtful accounts - Other receivables </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 11px; width: 1.3901%;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 11px; width: 1.3901%;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 11px; width: 15.1173%;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Allowance for <br/>inventory obsolescence</font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 11px; width: 1.3901%;"><br/></td>
</tr>
<tr style="height: 16px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; background-color: #ffffff; height: 16px; width: 47.1764%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (all amounts in thousands of U.S. dollars) </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; background-color: #ffffff; height: 16px; width: 0.955691%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 1.3901%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 13.6403%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 1.3901%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 1.3901%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 1.3901%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 13.6403%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 1.3901%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 1.3901%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 1.3901%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 13.7272%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 1.3901%;"><br/></td>
</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 47.1764%; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Values at the beginning of the year </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 0.955691%; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1.3901%; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 13.6403%; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>66,535</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.3901%; height: 16px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1.3901%; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1.3901%; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 13.6403%; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>6,784</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.3901%; height: 16px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1.3901%; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 1.3901%; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 13.7272%; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>209,796</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.3901%; height: 16px;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 16px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px; width: 47.1764%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Translation differences </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px; width: 0.955691%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; width: 1.3901%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; width: 13.6403%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>9</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 16px; width: 1.3901%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; width: 1.3901%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; width: 1.3901%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; width: 13.6403%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>88</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 16px; width: 1.3901%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; width: 1.3901%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; width: 1.3901%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; width: 13.7272%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>794</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 16px; width: 1.3901%;"><br/></td>
</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 47.1764%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Increase due to business combinations </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 0.955691%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 1.3901%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 13.6403%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>1,788</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 1.3901%;"><font style="font-size: 10pt;">)</font></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 1.3901%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 1.3901%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 13.6403%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 1.3901%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 1.3901%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 1.3901%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 13.7272%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>10,761</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 1.3901%;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 16px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px; width: 47.1764%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (Additional) / reversals allowances </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px; width: 0.955691%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; width: 1.3901%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; width: 13.6403%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>16,256</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 16px; width: 1.3901%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; width: 1.3901%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; width: 1.3901%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; width: 13.6403%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>1,239</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 16px; width: 1.3901%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; width: 1.3901%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; width: 1.3901%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; width: 13.7272%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>29,138</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 16px; width: 1.3901%;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 47.1764%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Used </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 0.955691%;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 1.3901%;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 13.6403%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>3,276</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 1.3901%;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 1.3901%;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 1.3901%;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 13.6403%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>565</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 1.3901%;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 1.3901%;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 1.3901%;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 13.7272%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>31,184</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 1.3901%;"><br/></td>
</tr>
<tr style="height: 16px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px; width: 47.1764%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> At December 31, 2019 </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px; width: 0.955691%;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; width: 1.3901%;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; width: 13.6403%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> (<font>48,782</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px; vertical-align: bottom; height: 16px; width: 1.3901%;"><font style="font-size: 10pt; font-weight: bold;">)</font></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; width: 1.3901%;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; width: 1.3901%;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; width: 13.6403%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> (<font>4,892</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px; vertical-align: bottom; height: 16px; width: 1.3901%;"><font style="font-size: 10pt; font-weight: bold;">)</font></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; width: 1.3901%;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; width: 1.3901%;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; width: 13.7272%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> (<font>217,717</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px; vertical-align: bottom; height: 16px; width: 1.3901%;"><font style="font-size: 10pt; font-weight: bold;">)</font></td>
</tr>

</table>
</div>
</div><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_DisclosureOfDetailedInformationAboutCurrentAllowancesAndProvisionsFromLiabilitiesTextBlock', window );">Disclosure of detailed information about current allowances and provisions from liabilities [text block]</a></td>
<td class="text"><div>
<p style="margin-top: 0pt; margin-left: 36pt; margin-bottom: 0pt; text-indent: -36pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">(ii)</font><font style="font: 7pt 'Times New Roman'; -aw-import: spaces;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Liabilities</font></p>
<p style="margin-top: 0pt; margin-left: 36pt; margin-bottom: 0pt; line-height: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<div>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 159px;" width="100%">

<tr style="height: 31px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #ffffff; height: 31px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Year ended December 31, 2020 </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #ffffff; height: 31px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 31px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Sales risks </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 31px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 31px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 31px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Other claims and contingencies (*) </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 31px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 31px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 31px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Total </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 31px;"><br/></td>
</tr>
<tr style="height: 16px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (all amounts in thousands of U.S. dollars) </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 16px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px;"><br/></td>
</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 61%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Values at the beginning of the year </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>5,867</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>11,150</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>17,017</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 1%;"><br/></td>
</tr>
<tr style="height: 16px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Translation differences </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>5</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 16px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>975</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 16px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>980</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 16px;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Increase due to business combinations </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>116</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>398</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>514</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 16px;"><br/></td>
</tr>
<tr style="height: 16px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Additional provisions </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>9,728</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>1,751</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>11,479</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 16px;"><br/></td>
</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Reclassifications </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>557</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 16px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>557</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 16px;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 16px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Used </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>13,911</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 16px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>1,283</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 16px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>15,194</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 16px;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> At December 31, 2020 </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 16px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>1,795</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>10,484</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 16px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>12,279</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 16px;"><br/></td>
</tr>

</table>
</div>
<p style="margin-top: 0pt; margin-left: 36pt; margin-bottom: 0pt; line-height: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<div>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; height: 135px; width: 100%;" width="100%">

<tr style="height: 15px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #ffffff; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Year ended December 31, 2019 </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #ffffff; height: 15px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 15px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Sales risks </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 15px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 15px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 15px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Other claims and contingencies (*) </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 15px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 15px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 15px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Total </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 15px;"><br/></td>
</tr>
<tr style="height: 15px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (all amounts in thousands of U.S. dollars) </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 15px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 15px;"><br/></td>
</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; background-color: #cceeff; width: 61%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Values at the beginning of the year </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>6,814</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>17,469</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>24,283</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 1%;"><br/></td>
</tr>
<tr style="height: 15px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Translation differences </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>28</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>570</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>598</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Increase due to business combinations </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>505</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>8,000</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>8,505</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br/></td>
</tr>
<tr style="height: 15px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Additional / (reversals) provisions </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>11,880</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>3,219</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>8,661</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px;"><br/></td>
</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Reclassifications </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>5,641</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>5,641</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 15px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Used </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>13,304</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>4,889</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>18,193</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> At December 31, 2019 </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>5,867</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>11,150</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>17,017</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"></td>
</tr>

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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of detailed information about current allowances and provisions deducted from assets.</p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of detailed information about current allowances and provisions from liabilities.</p></div>
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140345109430840">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 25 - Derivative Financial Instruments (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2020</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsAbstract', window );"><strong>Disclosure of detailed information about financial instruments [abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_DisclosureOfDetailedInformationAboutDerivativeFinancialInstrumentsTextBlock', window );">Disclosure of detailed information about derivative financial instruments [text block]</a></td>
<td class="text"><div>
<table cellspacing="0" cellpadding="0" style="height: 164px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px;" width="100%">

<tr style="height: 10px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (all amounts in thousands of U.S. dollars) </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br/></td>
<td colspan="5" style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Year ended December 31, </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>2020</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>2019</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 74%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Derivatives hedging borrowings and investments </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>10,119</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>19,000</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Other Derivatives </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>1,330</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>929</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Contracts with positive fair values </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>11,449</font> </font></font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>19,929</font> </font></font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Derivatives hedging borrowings and investments </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;(<font>2,250</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Other Derivatives </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;(<font>967</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><font style="font-size: 10pt;">)</font></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;(<font>1,814</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Contracts with negative fair values </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;"> &nbsp;(<font>3,217</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><font style="font-size: 10pt; font-weight: bold;">)</font></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;"> &nbsp;(<font>1,814</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><font style="font-size: 10pt; font-weight: bold;">)</font></td>
</tr>
<tr style="height: 18px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Total </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>8,232</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>18,115</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 18px;"><br/></td>
</tr>

</table>
</div><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutHedgedItemsExplanatory', window );">Disclosure of detailed information about hedged items [text block]</a></td>
<td class="text"><div>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px; height: 248px;" width="100%">

<tr style="height: 10px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px; width: 27.2021%;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (all amounts in thousands of U.S. dollars) </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px; width: 13.6442%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px; width: 1.38169%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px; width: 1.38169%;"><br/></td>
<td colspan="5" style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px; width: 25.7634%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Fair Value </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px; width: 1.38169%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px; width: 1.38169%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px; width: 1.38169%;"><br/></td>
<td colspan="5" style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 10px; width: 25.7634%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Hedge Accounting Reserve </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 10px; width: 1.38169%;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="border-bottom: 1pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 13.5579%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Purchase currency </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 13.6442%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Sell currency </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 13.6442%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Term </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.38169%;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 12.3817%;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>2020</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 17px; width: 1.38169%;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 17px; width: 1.38169%;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 17px; width: 12%;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>2019</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.38169%;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.38169%;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 12.3817%;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>2020</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 17px; width: 1.38169%;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 17px; width: 1.38169%;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #ffffff; height: 17px; width: 12%;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>2019</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.38169%;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: middle; background-color: #cceeff; width: 13.5579%; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> MXN </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: middle; background-color: #cceeff; width: 13.6442%; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> USD </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: middle; background-color: #cceeff; width: 13.6442%; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>2021</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #cceeff; width: 1.38169%; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #cceeff; width: 1.38169%; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 11%; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>9,838</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1.38169%; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1.38169%; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 11%; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>18,999</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1.38169%; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1.38169%; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1.38169%; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 11%; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>156</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1.38169%; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1.38169%; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 11%; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>404</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1.38169%; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: middle; height: 17px; width: 13.5579%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> USD </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: middle; height: 17px; width: 13.6442%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> MXN </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: middle; height: 17px; width: 13.6442%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>2021</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; width: 1.38169%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; width: 1.38169%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 11%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;(<font>5</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 1.38169%;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.38169%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 11%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;(<font>576</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 1.38169%;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.38169%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.38169%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 11%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.38169%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.38169%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 11%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.38169%;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: middle; background-color: #cceeff; height: 17px; width: 13.5579%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> USD </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: middle; background-color: #cceeff; height: 17px; width: 13.6442%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> EUR </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: middle; background-color: #cceeff; height: 17px; width: 13.6442%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>2021</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px; width: 1.38169%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px; width: 1.38169%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 11%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;(<font>1,969</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 11%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 11%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>5</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 11%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: middle; height: 17px; width: 13.5579%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> EUR </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: middle; height: 17px; width: 13.6442%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> USD </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: middle; height: 17px; width: 13.6442%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>2021</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; width: 1.38169%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; width: 1.38169%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 11%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>543</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 1.38169%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.38169%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 11%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>588</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 1.38169%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.38169%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.38169%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 11%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.38169%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.38169%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 11%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.38169%;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: middle; background-color: #cceeff; height: 17px; width: 13.5579%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> JPY </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: middle; background-color: #cceeff; height: 17px; width: 13.6442%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> USD </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: middle; background-color: #cceeff; height: 17px; width: 13.6442%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>2021</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px; width: 1.38169%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px; width: 1.38169%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 11%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 11%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;(<font>190</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 11%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 11%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: middle; height: 17px; width: 13.5579%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> USD </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: middle; height: 17px; width: 13.6442%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> BRL </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: middle; height: 17px; width: 13.6442%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>2021</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; width: 1.38169%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; width: 1.38169%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 11%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>412</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 1.38169%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.38169%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 11%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;(<font>234</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 1.38169%;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.38169%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.38169%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 11%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>85</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.38169%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.38169%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 11%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.38169%;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: middle; background-color: #cceeff; height: 17px; width: 13.5579%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> JPY </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: middle; background-color: #cceeff; height: 17px; width: 13.6442%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> USD </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: middle; background-color: #cceeff; height: 17px; width: 13.6442%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>2030</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px; width: 1.38169%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px; width: 1.38169%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 11%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>94</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 11%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 11%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;(<font>4,958</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 11%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>2,149</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: middle; height: 17px; width: 13.5579%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> USD </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: middle; height: 17px; width: 13.6442%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> KWD </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: middle; height: 17px; width: 13.6442%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>2021</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; width: 1.38169%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; width: 1.38169%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 11%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;(<font>246</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 1.38169%;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.38169%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 11%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>103</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 1.38169%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.38169%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.38169%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 11%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;(<font>59</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 1.38169%;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.38169%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 11%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>38</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.38169%;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: middle; background-color: #cceeff; height: 17px; width: 13.5579%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> USD </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: middle; background-color: #cceeff; height: 17px; width: 13.6442%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> CAD </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: middle; background-color: #cceeff; height: 17px; width: 13.6442%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>2021</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px; width: 1.38169%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px; width: 1.38169%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 11%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 11%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;(<font>200</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 11%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 11%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: middle; height: 17px; width: 13.5579%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> USD </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: middle; height: 17px; width: 13.6442%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> COP </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: middle; height: 17px; width: 13.6442%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>2021</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; width: 1.38169%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; width: 1.38169%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 11%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 1.38169%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.38169%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 11%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;(<font>345</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 1.38169%;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.38169%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.38169%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 11%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 1.38169%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.38169%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 11%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.38169%;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: middle; background-color: #cceeff; height: 17px; width: 13.5579%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> USD </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: middle; background-color: #cceeff; height: 17px; width: 13.6442%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> CNY </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: middle; background-color: #cceeff; height: 17px; width: 13.6442%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>2021</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px; width: 1.38169%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 17px; width: 1.38169%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 11%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;(<font>482</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 11%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;(<font>167</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"><font style="font-size: 10pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 11%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 11%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="border-bottom: 1pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: middle; height: 17px; width: 13.5579%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Others </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: middle; height: 17px; width: 13.6442%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: middle; height: 17px; width: 13.6442%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>2021</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; width: 1.38169%;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; width: 1.38169%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 11%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>47</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 1.38169%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.38169%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 11%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>137</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 1.38169%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.38169%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.38169%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 11%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; width: 1.38169%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.38169%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; width: 11%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; width: 1.38169%;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 13.5579%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Total </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 13.6442%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="border-bottom: 2px solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 13.6442%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"><br/></td>
<td style="border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"><br/></td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 11%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>8,232</font> </font></font></p>
</td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"><br/></td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"><br/></td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"><br/></td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 11%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>18,115</font> </font></font></p>
</td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"><br/></td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"><br/></td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"><br/></td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 11%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;"> &nbsp;(<font>4,771</font> </font></p>
</td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"><font style="font-size: 10pt; font-weight: bold;">)</font></td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"><br/></td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"><br/></td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 11%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>2,591</font> </font></p>
</td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1.38169%;"><br/></td>
</tr>

</table>
</div><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_DisclosureOfDetailedInformationOfTheHedgeReserveEvolutionTextBlock', window );">Disclosure of detailed information of the hedge reserve evolution [text block]</a></td>
<td class="text"><div>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100.062%; height: 63px;" width="100%">

<tr style="height: 31px;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 31px; width: 32.9016%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;"> &nbsp; </font></font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 31px; width: 11%;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Equity Reserve <br/>Dec-18</font></font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 31px; width: 1.38169%;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 31px; width: 1.38169%;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 31px; width: 11%;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Movements <br/><font>2019</font></font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 31px; width: 1.38169%;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 31px; width: 1.38169%;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 31px; width: 11%;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Equity Reserve <br/>Dec-19</font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 31px; width: 1.38169%;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 31px; width: 1.38169%;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 31px; width: 11%;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Movements <br/><font>2020</font></font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 31px; width: 1.38169%;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 31px; width: 1.38169%;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 31px; width: 11%;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Equity Reserve <br/>Dec-20</font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 31px; width: 1.72712%;"><br/></td>
</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 32.9016%; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Foreign Exchange </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 16px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 10%; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: spaces;"> &nbsp;(<font>916</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 1.38169%; height: 16px;"><font style="font-size: 10pt;">)</font></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1.38169%; height: 16px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 16px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 10%; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>3,507</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1.38169%; height: 16px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1.38169%; height: 16px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 16px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 10%; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2,591</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1.38169%; height: 16px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1.38169%; height: 16px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 16px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 10%; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: spaces;"> &nbsp;(<font>7,362</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 1.38169%; height: 16px;"><font style="font-size: 10pt;">)</font></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1.38169%; height: 16px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 16px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 10%; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: spaces;"> &nbsp;(<font>4,771</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1.72712%; height: 16px;">)</td>
</tr>
<tr style="height: 16px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px; width: 32.9016%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Total Cash flow Hedge </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 1%;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; -aw-import: spaces;"> &nbsp;(<font>916</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px; width: 1.38169%;"><font style="font-size: 10pt; font-weight: bold;">)</font></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 1.38169%;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 1%;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> <font>3,507</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 1.38169%;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 1.38169%;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 1%;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> <font>2,591</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 1.38169%;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 1.38169%;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 1%;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; -aw-import: spaces;"> &nbsp;(<font>7,362</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 7px 0px 0px; vertical-align: bottom; height: 16px; width: 1.38169%;"><font style="font-size: 10pt; font-weight: bold;">)</font></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 1.38169%;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 1%;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; -aw-import: spaces;"> &nbsp;(<font>4,771</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 16px; width: 1.72712%;">)</td>
</tr>

</table>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of detailed information about hedged items. [Refer: Hedged items [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2019-01-01<br> -Paragraph 24B<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=7&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_24B&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfDetailedInformationAboutHedgedItemsExplanatory</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfFinancialInstrumentsAbstract</td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of detailed information about derivative financial instruments.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_DisclosureOfDetailedInformationOfTheHedgeReserveEvolutionTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of detailed information of the hedge reserve evolution.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<td><strong> Name:</strong></td>
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<DOCUMENT>
<TYPE>XML
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<FILENAME>R78.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140345136340808">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 28 - Cash Flow Disclosures (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2020</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_DisclosureOfCashFlowAbstract', window );"><strong>Disclosure of Cash Flow [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_DisclosureOfDetailedInformationAboutCashFlowDisclosuresTextBlock', window );">Disclosure of detailed information about cash flow disclosures [text block]</a></td>
<td class="text"><div>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px; height: 309px;" width="100%">

<tr style="height: 17px;">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td colspan="9" style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Year ended December 31, </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (i) </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Changes in working capital </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>2020</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>2019</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>2018</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 5%; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 56%; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Inventories </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 10%; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>828,796</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 10%; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>311,459</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; width: 10%; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>176,443</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Receivables and prepayments and current tax assets </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>74,877</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>34,368</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>30,144</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Trade receivables </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>409,163</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>428,326</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>517,579</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Other liabilities </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>34,871</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>18,295</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>22,984</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Customer advances </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>34,388</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>16,844</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>5,976</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Trade payables </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>184,442</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"><font style="font-size: 10pt;">)</font></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>180,857</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"><font style="font-size: 10pt;">)</font></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>57,066</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 18px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>1,059,135</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>523,109</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> (<font>737,952</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 18px;"><font style="font-size: 10pt; font-weight: bold;">)</font></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (ii) </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Income tax accruals less payments </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="border-top: 1.5pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="border-top: 1.5pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="border-top: 1.5pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Tax accrued </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>23,150</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>202,452</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>229,207</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Taxes paid </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>140,364</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"><font style="font-size: 10pt;">)</font></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>395,869</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"><font style="font-size: 10pt;">)</font></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>170,713</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 18px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> (<font>117,214</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 18px;"><font style="font-size: 10pt; font-weight: bold;">)</font></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> (<font>193,417</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 18px;"><font style="font-size: 10pt; font-weight: bold;">)</font></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>58,494</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 18px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (iii) </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Interest accruals less payments, net </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="border-top: 1.5pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="border-top: 1.5pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="border-top: 1.5pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Interest accrued </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>8,627</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>4,616</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>2,914</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Interest received </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>19,613</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>30,890</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>40,613</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Interest paid </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>28,778</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><font style="font-size: 10pt;">)</font></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>30,655</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><font style="font-size: 10pt;">)</font></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (<font>31,548</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 18px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> (<font>538</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px; vertical-align: bottom; height: 18px;"><font style="font-size: 10pt; font-weight: bold;">)</font></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> (<font>4,381</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px; vertical-align: bottom; height: 18px;"><font style="font-size: 10pt; font-weight: bold;">)</font></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>6,151</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px; vertical-align: bottom; height: 18px;"></td>
</tr>

</table>
</div><span></span>
</td>
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</table>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_DisclosureOfCashFlowAbstract</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of detailed information about cash flow disclosures.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_DisclosureOfDetailedInformationAboutCashFlowDisclosuresTextBlock</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
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<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
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<head>
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140345136325896">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 29 - Related Party Transactions (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2020</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesAbstract', window );"><strong>Disclosure of transactions between related parties [abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesExplanatory', window );">Disclosure of transactions between related parties [text block]</a></td>
<td class="text"><div>
<div style="border-left: none; border-right: none;">
<table cellspacing="0" cellpadding="0" style="height: 248px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px;" width="100%">

<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: top; background-color: #ffffff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: #ffffff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;(all amounts in thousands of U.S. dollars)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #ffffff; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; background-color: #ffffff; height: 17px;"><br/></td>
<td colspan="9" style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; background-color: #ffffff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Year ended December 31, </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; background-color: #ffffff; height: 17px;"><br/></td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: top; background-color: #ffffff; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding: 0px 4px 0px 0px; vertical-align: top; background-color: #ffffff; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; background-color: #ffffff; height: 10px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; background-color: #ffffff; height: 10px; vertical-align: bottom;" colspan="2" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>2020</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; background-color: #ffffff; height: 10px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; background-color: #ffffff; height: 10px;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 10px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>2019</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; background-color: #ffffff; height: 10px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; background-color: #ffffff; height: 10px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; background-color: #ffffff; height: 10px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>2018</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; background-color: #ffffff; height: 10px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: top; background-color: #ffffff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> (i) </font></p>
</td>
<td style="padding: 0px 4px 0px 0px; vertical-align: top; background-color: #ffffff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Transactions </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; background-color: #ffffff; height: 17px;"><br/></td>
<td style="border-top: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; height: 17px;"><br/></td>
<td style="border-top: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> &nbsp; </font></p>
</td>
<td style="border-top: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; height: 17px;"><br/></td>
<td style="border-top: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; height: 17px;"><br/></td>
<td style="border-top: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; height: 17px;"><br/></td>
<td style="border-top: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; height: 17px;"><br/></td>
<td style="border-top: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; height: 17px;"><br/></td>
<td style="border-top: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; height: 17px;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; background-color: #ffffff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; background-color: #ffffff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; background-color: #ffffff; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: top; background-color: #ffffff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: #ffffff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> (a) Sales of goods and services </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; background-color: #ffffff; height: 17px;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; background-color: #ffffff; height: 17px;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; background-color: #ffffff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; background-color: #ffffff; height: 17px;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; background-color: #ffffff; height: 17px;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; background-color: #ffffff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; background-color: #ffffff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; background-color: #ffffff; height: 17px;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; background-color: #ffffff; height: 17px;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; background-color: #ffffff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; background-color: #ffffff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; background-color: #ffffff; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: top; height: 17px; background-color: #cceeff; width: 5%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 59%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Sales of goods to non-consolidated parties </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 9%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>20,183</font> </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 9%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>20,577</font> </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 9%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>23,709</font> </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Sales of goods to other related parties </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>18,243</font> </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>69,972</font> </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>131,548</font> </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Sales of services to non-consolidated parties </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>5,829</font> </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>5,620</font> </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>7,641</font> </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Sales of services to other related parties </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>5,049</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>4,386</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>5,647</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>49,304</font> </font></p>
</td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> &nbsp; </font></p>
</td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>100,555</font> </font></p>
</td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> &nbsp; </font></p>
</td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>168,545</font> </font></p>
</td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> (b) Purchases of goods and services </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 1pt solid #000000; padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="border-top: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="border-top: 1pt solid #000000; padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="border-top: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="border-top: 1pt solid #000000; padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="border-top: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Purchases of goods to non-consolidated parties </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>84,485</font> </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>174,588</font> </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>245,186</font> </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Purchases of goods to other related parties </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>12,892</font> </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>51,765</font> </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>106,624</font> </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Purchases of services to non-consolidated parties </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>6,979</font> </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>9,404</font> </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>9,556</font> </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Purchases of services to other related parties </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>18,133</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>54,514</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>46,179</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>122,489</font> </font></p>
</td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> &nbsp; </font></p>
</td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>290,271</font> </font></p>
</td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> &nbsp; </font></p>
</td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>407,545</font> </font></p>
</td>
<td style="border-top: 1pt solid #000000; border-bottom: 2px solid #000000; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
</tr>

</table>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
<div style="border-left: none; border-right: none;">
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px; height: 221px;" width="100%">

<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #ffffff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #ffffff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">(all amounts in thousands of U.S. dollars)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #ffffff; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #ffffff; height: 17px;"><br/></td>
<td colspan="5" style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #ffffff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> At December 31, </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #ffffff; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #ffffff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: Arial;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #ffffff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: Arial;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #ffffff; height: 17px;"><br/></td>
<td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #ffffff; height: 17px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>2020</font> </font></p>
</td>
<td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #ffffff; height: 17px;"><br/></td>
<td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #ffffff; height: 17px;"><br/></td>
<td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #ffffff; height: 17px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>2019</font> </font></p>
</td>
<td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #ffffff; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; background-color: #ffffff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> (ii) </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #ffffff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Period-end balances </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #ffffff; height: 17px;"><br/></td>
<td style="border-top: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #ffffff; height: 17px;"><br/></td>
<td style="border-top: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #ffffff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> &nbsp; </font></p>
</td>
<td style="border-top: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #ffffff; height: 17px;"><br/></td>
<td style="border-top: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #ffffff; height: 17px;"><br/></td>
<td style="border-top: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #ffffff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> &nbsp; </font></p>
</td>
<td style="border-top: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #ffffff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> &nbsp; </font></p>
</td>
<td style="border-top: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #ffffff; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; background-color: #ffffff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #ffffff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> (a) Arising from sales / purchases of goods / services </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; background-color: #ffffff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #ffffff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #ffffff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #ffffff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #ffffff; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #ffffff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #ffffff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #ffffff; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 17px; background-color: #cceeff; width: 5%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 69%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Receivables from non-consolidated parties </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>78,721</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>78,884</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Receivables from other related parties </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>4,447</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>10,400</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Payables to non-consolidated parties </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;(<font>24,914</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><font style="font-size: 10pt;">)</font></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;(<font>19,100</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Payables to other related parties </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;(<font>2,310</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"><font style="font-size: 10pt;">)</font></td>
<td style="border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;(<font>7,048</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>55,944</font> </font></p>
</td>
<td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>63,136</font> </font></p>
</td>
<td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> (b) Financial debt </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="border-top: 1pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-top: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="border-top: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="border-top: 1pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Finance lease liabilities from non-consolidated parties </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;(<font>2,042</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><font style="font-size: 10pt;">)</font></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;(<font>2,064</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Finance lease liabilities from other related parties </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;(<font>810</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"><font style="font-size: 10pt;">)</font></td>
<td style="border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: Arial;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: Arial;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;"> &nbsp;(<font>2,852</font> </font></p>
</td>
<td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><font style="font-size: 10pt; font-weight: bold;">)</font></td>
<td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: Arial; font-weight: bold;"> &nbsp; </font></p>
</td>
<td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;"> &nbsp;(<font>2,064</font> </font></p>
</td>
<td style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"><font style="font-size: 10pt; font-weight: bold;">)</font></td>
</tr>

</table>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; -aw-import: ignore;">&nbsp;</font></p>
</div><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of transactions between the entity and its related parties. [Refer: Related parties [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 24<br> -IssueDate 2019-01-01<br> -Paragraph 18<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=24&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_18&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesExplanatory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140345153360424">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 30 - Fees Paid to the Company's Principal Accountant (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2020</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AuditorsRemunerationAbstract', window );"><strong>Auditor's remuneration [abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfAuditorsRemunerationExplanatory', window );">Disclosure of auditors' remuneration [text block]</a></td>
<td class="text"><div>
<table cellspacing="0" cellpadding="0" style="height: 106px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px;" width="100%">

<tr style="height: 15px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (all amounts in thousands of U.S. dollars) </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #ffffff;"><br/></td>
<td colspan="9" style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #ffffff; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Year ended December 31, </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #ffffff;"><br/></td>
</tr>
<tr style="height: 15px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #ffffff;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>2020</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #ffffff;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #ffffff;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #ffffff;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>2019</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #ffffff;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #ffffff;"><br/></td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #ffffff;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>2018</font> </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #ffffff;"><br/></td>
</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 15px; background-color: #cceeff; width: 61%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Audit fees </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>3,781</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>3,846</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>3,841</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br/></td>
</tr>
<tr style="height: 15px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Audit-related fees </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>134</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>50</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>43</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Tax fees </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>102</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>7</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br/></td>
</tr>
<tr style="height: 15px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> All other fees </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;"> &nbsp;<font>-</font>&nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>1</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>7</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;"><br/></td>
</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: top; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Total </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: top; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>4,017</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>3,904</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>3,891</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><br/></td>
</tr>

</table>
</div><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AuditorsRemunerationAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AuditorsRemunerationAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfAuditorsRemunerationExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of compensation to the entity's auditors.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 10<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_10_e&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfAuditorsRemunerationExplanatory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
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<head>
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140345114509576">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 32 - Business Combinations (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2020</div></th></tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BusinessCombinationsAxis=ts_IpscoTubularsIncMember', window );">Ipsco Tubulars Inc [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfBusinessCombinationsLineItems', window );"><strong>Disclosure of detailed information about business combination [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBusinessCombinationsExplanatory', window );">Disclosure of detailed information about business combination [text block]</a></td>
<td class="text"><div>
<table cellspacing="0" cellpadding="0" style="height: 97px; margin: 0px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 70%; text-indent: 0px;" width="70%">

<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> Fair value of acquired assets and liabilities: </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: middle; height: 17px;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: middle; height: 17px;"><br/></td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> $ million </font></p>
</td>
<td style="padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: middle; height: 17px;"><br/></td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 82%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; line-height: 12pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Property, Plant and Equipment </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 15%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; line-height: 12pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>503</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px;"><br/></td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; line-height: 12pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Intangible assets </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; line-height: 12pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>170</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; line-height: 12pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Working capital </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; line-height: 12pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>138</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; line-height: 12pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Cash and Cash Equivalents </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; line-height: 12pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>4</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; line-height: 12pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Borrowings </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; line-height: 12pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">(<font>53</font> </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; line-height: 12pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Provisions </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; line-height: 12pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">(<font>27</font> </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; line-height: 12pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Other assets and liabilities, net </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; line-height: 12pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">(<font>63</font> </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; line-height: 12pt; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> Net assets acquired </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; line-height: 12pt; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><font>672</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
</tr>

</table>
</div><span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BusinessCombinationsAxis=ts_SaudiSteelPipeCompanyMember', window );">Saudi Steel Pipe Company [member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfBusinessCombinationsLineItems', window );"><strong>Disclosure of detailed information about business combination [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBusinessCombinationsExplanatory', window );">Disclosure of detailed information about business combination [text block]</a></td>
<td class="text"><div>
<table cellspacing="0" cellpadding="0" style="height: 152px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 70%; margin-left: 0.1px;" width="70%">

<tr style="height: 10px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: middle; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 9pt; font-weight: bold;"> Fair value of acquired assets and liabilities: </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 10px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 10px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 9pt; font-weight: bold;"> SAR million </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 10px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 10px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 10px;" colspan="2">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 9pt; font-weight: bold;"> $ million </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; height: 10px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 64%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Property, Plant and Equipment </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 15%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 9pt;"> <font>671</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 15%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 9pt;"> <font>179</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Customer relationship </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 9pt;"> <font>305</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 9pt;"> <font>81</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Investment in associated </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 9pt;"> <font>77</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 9pt;"> <font>21</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Working capital </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 9pt;"> <font>167</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 9pt;"> <font>45</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Cash and Cash Equivalents </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 9pt;"> <font>32</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 9pt;"> <font>9</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br/></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Other Receivables </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 9pt;"> <font>11</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 9pt;"> <font>3</font> </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Borrowings </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 9pt; -aw-import: spaces;"> &nbsp;(<font>304</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><font style="font-size: 9pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 9pt; -aw-import: spaces;"> &nbsp;(<font>81</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><font style="font-size: 9pt;">)</font></td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Employees end of service benefits </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 9pt; -aw-import: spaces;"> &nbsp;(<font>59</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px;"><font style="font-size: 9pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 9pt; -aw-import: spaces;"> &nbsp;(<font>16</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px;"><font style="font-size: 9pt;">)</font></td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Deferred Tax Liabilities </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 9pt; -aw-import: spaces;"> &nbsp;(<font>47</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><font style="font-size: 9pt;">)</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 9pt; -aw-import: spaces;"> &nbsp;(<font>13</font> </font></p>
</td>
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"><font style="font-size: 9pt;">)</font></td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px 7px 0px 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> Net assets acquired </font></p>
</td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br/></td>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 9pt; font-weight: bold;"> <font>853</font> </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 9pt; font-weight: bold;"> <font>228</font> </font></p>
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<td style="border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 10px;"><br/></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of detailed information about business combinations. [Refer: Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2019-01-01<br> -Section Disclosures application of paragraphs 59 and 61<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2019-en-r&amp;doctype=Appendix&amp;subtype=B&amp;dita_xref=IFRS03_gB64-B67_TI<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Principal Subsidiaries (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2020</div></th></tr>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> Company </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Country of <br/>Incorporation</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> Main activity </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Percentage of ownership at <br/>December 31, (*)</font></p>
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<tr style="height: 17px;">
<td style="width: 6.16%; border-width: 0.75pt 1pt 1pt; border-style: solid; border-color: #000000; padding-right: 4.9pt; padding-left: 4.9pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> <font style="border-left: none; border-right: none;">2020</font> </font></p>
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<td style="width: 6.16%; border-top: 0.75pt solid #000000; border-right: 1pt solid #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> <font style="border-left: none; border-right: none;">2019</font> </font></p>
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<td style="width: 6.16%; border-top: 0.75pt solid #000000; border-right: 1pt solid #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> <font style="border-left: none; border-right: none;">2018</font> </font></p>
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<tr style="height: 17px; background-color: #cceeff;">
<td style="width: 37.5%; border-width: 0.75pt 1pt; border-style: solid solid dotted; border-color: #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> ALGOMA TUBES INC. </font></p>
</td>
<td style="width: 10.48%; border-top: 0.75pt solid #000000; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Canada </font></p>
</td>
<td style="width: 33.5%; border-top: 0.75pt solid #000000; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Manufacturing of seamless steel pipes </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font>% </font></p>
</td>
<td style="width: 6.16%; border-top: 1pt solid #000000; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font>% </font></p>
</td>
<td style="width: 6.16%; border-top: 1pt solid #000000; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font>% </font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="width: 37.5%; border-width: 0.75pt 1pt; border-style: dotted solid; border-color: #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> CONFAB INDUSTRIAL S.A. and subsidiaries </font></p>
</td>
<td style="width: 10.48%; border-top: 0.75pt dotted #000000; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Brazil </font></p>
</td>
<td style="width: 33.5%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Manufacturing of welded steel pipes and capital goods </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font>% </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font>% </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font>% </font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="width: 37.5%; border-width: 0.75pt 1pt; border-style: dotted solid; border-color: #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> DALMINE S.p.A. </font></p>
</td>
<td style="width: 10.48%; border-top: 0.75pt dotted #000000; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Italy </font></p>
</td>
<td style="width: 33.5%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Manufacturing of seamless steel pipes </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font>% </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font>% </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font>% </font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="width: 37.5%; border-width: 0.75pt 1pt; border-style: dotted solid; border-color: #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> HYDRIL COMPANY and subsidiaries (except detailed) (a) </font></p>
</td>
<td style="width: 10.48%; border-top: 0.75pt dotted #000000; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> USA </font></p>
</td>
<td style="width: 33.5%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Manufacture and marketing of premium connections </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font>% </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font>% </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font>% </font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="width: 37.5%; border-width: 0.75pt 1pt; border-style: dotted solid; border-color: #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> IPSCO TUBULARS INC. and subsidiaries </font></p>
</td>
<td style="width: 10.48%; border-top: 0.75pt dotted #000000; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> USA </font></p>
</td>
<td style="width: 33.5%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Manufacturing of welded and seamless steel pipes </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font>% </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> NA </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> NA </font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="width: 37.5%; border-width: 0.75pt 1pt; border-style: dotted solid; border-color: #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> KAZAKHSTAN PIPE THREADERS LIMITED LIABILITY PARTNERSHIP </font></p>
</td>
<td style="width: 10.48%; border-top: 0.75pt dotted #000000; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Kazakhstan </font></p>
</td>
<td style="width: 33.5%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Threading of premium products </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font>% </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font>% </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font>% </font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="width: 37.5%; border-width: 0.75pt 1pt; border-style: dotted solid; border-color: #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> MAVERICK TUBE CORPORATION and subsidiaries </font></p>
</td>
<td style="width: 10.48%; border-top: 0.75pt dotted #000000; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> USA </font></p>
</td>
<td style="width: 33.5%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Manufacturing of welded steel pipes </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font>% </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font>% </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font>% </font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="width: 37.5%; border-width: 0.75pt 1pt; border-style: dotted solid; border-color: #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> NKKTUBES </font></p>
</td>
<td style="width: 10.48%; border-top: 0.75pt dotted #000000; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Japan </font></p>
</td>
<td style="width: 33.5%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Manufacturing of seamless steel pipes </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>51</font>% </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>51</font>% </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>51</font>% </font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="width: 37.5%; border-width: 0.75pt 1pt; border-style: dotted solid; border-color: #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> P.T. SEAMLESS PIPE INDONESIA JAYA </font></p>
</td>
<td style="width: 10.48%; border-top: 0.75pt dotted #000000; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Indonesia </font></p>
</td>
<td style="width: 33.5%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Manufacturing of seamless steel products </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>89</font>% </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>89</font>% </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>89</font>% </font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="width: 37.5%; border-width: 0.75pt 1pt; border-style: dotted solid; border-color: #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> PRUDENTIAL STEEL LTD. (b) </font></p>
</td>
<td style="width: 10.48%; border-top: 0.75pt dotted #000000; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Canada </font></p>
</td>
<td style="width: 33.5%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Manufacturing of welded steel pipes </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font>% </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font>% </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font>% </font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="width: 37.5%; border-width: 0.75pt 1pt; border-style: dotted solid; border-color: #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> S.C. SILCOTUB S.A. </font></p>
</td>
<td style="width: 10.48%; border-top: 0.75pt dotted #000000; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Romania </font></p>
</td>
<td style="width: 33.5%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Manufacturing of seamless steel pipes </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font>% </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font>% </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font>% </font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="width: 37.5%; border-width: 0.75pt 1pt; border-style: dotted solid; border-color: #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> SAUDI STEEL PIPE CO. </font></p>
</td>
<td style="width: 10.48%; border-top: 0.75pt dotted #000000; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Saudi Arabia </font></p>
</td>
<td style="width: 33.5%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Manufacturing of welded<font> steel pipes </font></font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>48</font>% </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>48</font>% </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> NA </font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="width: 37.5%; border-width: 0.75pt 1pt; border-style: dotted solid; border-color: #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> SIAT SOCIEDAD ANONIMA</font></p>
</td>
<td style="width: 10.48%; border-top: 0.75pt dotted #000000; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Argentina </font></p>
</td>
<td style="width: 33.5%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Manufacturing of welded and seamless steel pipes </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font>% </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font>% </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font>% </font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="width: 37.5%; border-width: 0.75pt 1pt; border-style: dotted solid; border-color: #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> SIDERCA SOCIEDAD ANONIMA INDUSTRIAL Y COMERCIAL and subsidiaries </font></p>
</td>
<td style="width: 10.48%; border-top: 0.75pt dotted #000000; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Argentina </font></p>
</td>
<td style="width: 33.5%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Manufacturing of seamless steel pipes </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font>% </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font>% </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font>% </font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="width: 37.5%; border-width: 0.75pt 1pt; border-style: dotted solid; border-color: #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> TALTA - TRADING E MARKETING SOCIEDADE UNIPESSOAL LDA. </font></p>
</td>
<td style="width: 10.48%; border-top: 0.75pt dotted #000000; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Portugal </font></p>
</td>
<td style="width: 33.5%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Holding Company </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font>% </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font>% </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font>% </font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="width: 37.5%; border-width: 0.75pt 1pt; border-style: dotted solid; border-color: #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> TENARIS BAY CITY, INC. </font></p>
</td>
<td style="width: 10.48%; border-top: 0.75pt dotted #000000; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> USA </font></p>
</td>
<td style="width: 33.5%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Manufacturing of seamless steel pipes </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font>% </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font>% </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font>% </font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="width: 37.5%; border-width: 0.75pt 1pt; border-style: dotted solid; border-color: #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> TENARIS CONNECTIONS BV </font></p>
</td>
<td style="width: 10.48%; border-top: 0.75pt dotted #000000; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Netherlands </font></p>
</td>
<td style="width: 33.5%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Development, management and licensing of intellectual property </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font>% </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font>% </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font>% </font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="width: 37.5%; border-width: 0.75pt 1pt; border-style: dotted solid; border-color: #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> TENARIS FINANCIAL SERVICES S.A. </font></p>
</td>
<td style="width: 10.48%; border-top: 0.75pt dotted #000000; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Uruguay </font></p>
</td>
<td style="width: 33.5%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Financial company </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font>% </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font>% </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font>% </font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="width: 37.5%; border-width: 0.75pt 1pt; border-style: dotted solid; border-color: #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> TENARIS GLOBAL SERVICES (CANADA) INC. </font></p>
</td>
<td style="width: 10.48%; border-top: 0.75pt dotted #000000; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Canada </font></p>
</td>
<td style="width: 33.5%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Marketing of steel products </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font>% </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font>% </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font>% </font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="width: 37.5%; border-width: 0.75pt 1pt; border-style: dotted solid; border-color: #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> TENARIS GLOBAL SERVICES (U.S.A.) CORPORATION </font></p>
</td>
<td style="width: 10.48%; border-top: 0.75pt dotted #000000; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> USA </font></p>
</td>
<td style="width: 33.5%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Marketing of steel products </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font>% </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font>% </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font>% </font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="width: 37.5%; border-width: 0.75pt 1pt; border-style: dotted solid; border-color: #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> TENARIS GLOBAL SERVICES (UK) LTD </font></p>
</td>
<td style="width: 10.48%; border-top: 0.75pt dotted #000000; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> United Kingdom </font></p>
</td>
<td style="width: 33.5%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Holding company and marketing of steel products </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font>% </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font>% </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font>% </font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="width: 37.5%; border-width: 0.75pt 1pt; border-style: dotted solid; border-color: #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> TENARIS GLOBAL SERVICES S.A. and subsidiaries (except detailed) (c) </font></p>
</td>
<td style="width: 10.48%; border-top: 0.75pt dotted #000000; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Uruguay </font></p>
</td>
<td style="width: 33.5%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Holding company and marketing of steel products </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font>% </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font>% </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font>% </font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="width: 37.5%; border-width: 0.75pt 1pt; border-style: dotted solid; border-color: #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> TENARIS INVESTMENTS (NL) B.V. and subsidiaries </font></p>
</td>
<td style="width: 10.48%; border-top: 0.75pt dotted #000000; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Netherlands </font></p>
</td>
<td style="width: 33.5%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Holding company </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font>% </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font>% </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> NA </font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="width: 37.5%; border-width: 0.75pt 1pt; border-style: dotted solid; border-color: #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> TENARIS INVESTMENTS S.&#224;r.l.</font></p>
</td>
<td style="width: 10.48%; border-top: 0.75pt dotted #000000; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Luxembourg </font></p>
</td>
<td style="width: 33.5%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Holding company </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font>% </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font>% </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font>% </font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="width: 37.5%; border-width: 0.75pt 1pt; border-style: dotted solid; border-color: #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> TENARIS TUBOCARIBE LTDA.</font></p>
</td>
<td style="width: 10.48%; border-top: 0.75pt dotted #000000; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Colombia </font></p>
</td>
<td style="width: 33.5%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Manufacturing of welded and seamless steel pipes </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font>% </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font>% </font></p>
</td>
<td style="width: 6.16%; border-right: 1pt solid #000000; border-bottom: 0.75pt dotted #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font>% </font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="width: 37.5%; border-width: 0.75pt 1pt; border-style: dotted solid solid; border-color: #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> TUBOS DE ACERO DE MEXICO, S.A. </font></p>
</td>
<td style="width: 10.48%; border-top: 0.75pt dotted #000000; border-right: 1pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Mexico </font></p>
</td>
<td style="width: 33.5%; border-top: 0.75pt dotted #000000; border-right: 1pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px 6px 0px 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Manufacturing of seamless steel pipes </font></p>
</td>
<td style="width: 6.16%; border-top: 0.75pt dotted #000000; border-right: 1pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font>% </font></p>
</td>
<td style="width: 6.16%; border-top: 0.75pt dotted #000000; border-right: 1pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font>% </font></p>
</td>
<td style="width: 6.16%; border-top: 0.75pt dotted #000000; border-right: 1pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 4.9pt; padding-left: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font>% </font></p>
</td>
</tr>

</table>
</div><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesAbstract">
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesAbstract</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of subsidiaries. [Refer: Subsidiaries [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 27<br> -IssueDate 2019-01-01<br> -Paragraph 17<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=27&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_17_b&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 27<br> -IssueDate 2019-01-01<br> -Paragraph 16<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=27&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_16_b&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2019-01-01<br> -Paragraph B4<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_B4_a&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory</td>
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140345102141272">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>II. Accounting Policies (Details Textual)<br> $ / shares in Units, $ in Thousands</strong></div></th>
<th class="th" colspan="4">12 Months Ended</th>
</tr>
<tr>
<th class="th">
<div>Dec. 31, 2020 </div>
<div>USD ($) </div>
<div>$ / shares </div>
<div>shares</div>
</th>
<th class="th">
<div>Dec. 31, 2019 </div>
<div>USD ($) </div>
<div>$ / shares </div>
<div>shares</div>
</th>
<th class="th">
<div>Dec. 31, 2018 </div>
<div>USD ($) </div>
<div>$ / shares </div>
<div>shares</div>
</th>
<th class="th"><div>Dec. 31, 2017</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInAssociatesLineItems', window );"><strong>Disclosure of associates [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AssetsRecognisedInEntitysFinancialStatementsInRelationToStructuredEntities', window );">Goodwill or intangible assets recognized in relation to investments in non consolidated companies under the equity method</a></td>
<td class="nump">$ 0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_ImpairmentLossOnEquityMethodInvestmentInNonconsolidatedCompanies', window );">Impairment loss on equity method investment in non-consolidated companies</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">$ 0<span></span>
</td>
<td class="nump">$ 0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_AdditionalAmortizationExpenses', window );">Additional Amortization Expenses</a></td>
<td class="nump">11,100<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsAndGoodwill', window );">Total intangible assets and goodwill</a></td>
<td class="nump">1,429,056<span></span>
</td>
<td class="nump">1,561,559<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ResearchAndDevelopmentExpense', window );">Research and development expense</a></td>
<td class="nump">41,800<span></span>
</td>
<td class="nump">61,100<span></span>
</td>
<td class="nump">63,400<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_SellingGeneralAndAdministrativeExpensesAmortizationOfIntangibleAssets', window );">Selling, general and administrative expenses, amortization of intangible assets</a></td>
<td class="nump">$ 82,355<span></span>
</td>
<td class="nump">$ 41,967<span></span>
</td>
<td class="nump">$ 206,672<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfSharesAuthorised', window );">Number of shares authorised (in shares) | shares</a></td>
<td class="nump">2,500,000,000<span></span>
</td>
<td class="nump">2,500,000,000<span></span>
</td>
<td class="nump">2,500,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ParValuePerShare', window );">Par value per share (in dollars per share) | $ / shares</a></td>
<td class="nump">$ 1.00<span></span>
</td>
<td class="nump">$ 1.00<span></span>
</td>
<td class="nump">$ 1.00<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfSharesIssued', window );">Total number of shares issued (in shares) | shares</a></td>
<td class="nump">1,180,536,830<span></span>
</td>
<td class="nump">1,180,536,830<span></span>
</td>
<td class="nump">1,180,536,830<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfSharesOutstanding', window );">Number of shares outstanding at end of period (in shares) | shares</a></td>
<td class="nump">1,180,536,830<span></span>
</td>
<td class="nump">1,180,536,830<span></span>
</td>
<td class="nump">1,180,536,830<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_NumberOfVotesPerShare', window );">Number of votes, per share</a></td>
<td class="nump">1<span></span>
</td>
<td class="nump">1<span></span>
</td>
<td class="nump">1<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LiabilityAssetOfDefinedBenefitPlans', window );">Net defined benefit liability (asset) at end of period</a></td>
<td class="nump">$ 82,400<span></span>
</td>
<td class="nump">$ 99,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_EmployeeBenefitsUnitVestingPeriod', window );">Employee benefits, unit vesting period (Year)</a></td>
<td class="text">4 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_EmployeeBenefitsCompanyRedemptionPeriod', window );">Employee benefits, company redemption period (Year)</a></td>
<td class="text">7 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">10 years<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_EmployeeBenefitsEarlyRedemptionPeriod', window );">Employee benefits, early redemption period (Year)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">7 years<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_CarryingValueOfUnitsGranted', window );">Carrying value of units granted</a></td>
<td class="nump">$ 108,700<span></span>
</td>
<td class="nump">119,900<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GeographicalAreasAxis=country_IT', window );">ITALY</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInAssociatesLineItems', window );"><strong>Disclosure of associates [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_NetDefinedContributionPlanLiabilityAssetAtEndOfPeriod', window );">Net defined contribution plan liability (asset) at end of period</a></td>
<td class="nump">17,300<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GeographicalAreasAxis=country_US', window );">UNITED STATES</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInAssociatesLineItems', window );"><strong>Disclosure of associates [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_NetDefinedContributionPlanLiabilityAssetAtEndOfPeriod', window );">Net defined contribution plan liability (asset) at end of period</a></td>
<td class="nump">13,600<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DefinedBenefitPlansAxis=ts_UnfundedDefinedBenefitEmployeeRetirementPlanForCertainSeniorOfficersMember', window );">Unfunded defined benefit employee retirement plan for certain senior officers [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInAssociatesLineItems', window );"><strong>Disclosure of associates [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LiabilityAssetOfDefinedBenefitPlans', window );">Net defined benefit liability (asset) at end of period</a></td>
<td class="nump">36,900<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DefinedBenefitPlansAxis=ts_FundedPostemploymentBenefitsMember', window );">Funded post-employment benefits [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInAssociatesLineItems', window );"><strong>Disclosure of associates [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LiabilityAssetOfDefinedBenefitPlans', window );">Net defined benefit liability (asset) at end of period</a></td>
<td class="nump">176,309<span></span>
</td>
<td class="nump">160,412<span></span>
</td>
<td class="nump">$ 146,885<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DefinedBenefitPlansAxis=ts_FundedPostemploymentBenefitsMember', window );">Funded post-employment benefits [member] | Canada [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInAssociatesLineItems', window );"><strong>Disclosure of associates [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_NetDefinedContributionPlanLiabilityAssetAtEndOfPeriod', window );">Net defined contribution plan liability (asset) at end of period</a></td>
<td class="nump">10,600<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis=ts_InformationSystemProjectsMember', window );">Information system projects [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInAssociatesLineItems', window );"><strong>Disclosure of associates [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsAndGoodwill', window );">Total intangible assets and goodwill</a></td>
<td class="nump">59,993<span></span>
</td>
<td class="nump">68,533<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis=ts_LicensesPatentsTrademarksAndProprietaryTechnologyMember', window );">Licenses, patents, trademarks, and proprietary technology [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInAssociatesLineItems', window );"><strong>Disclosure of associates [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsAndGoodwill', window );">Total intangible assets and goodwill</a></td>
<td class="nump">86,700<span></span>
</td>
<td class="nump">86,700<span></span>
</td>
<td class="nump">$ 86,700<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis=ifrs-full_CustomerrelatedIntangibleAssetsMember', window );">Customer-related intangible assets [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInAssociatesLineItems', window );"><strong>Disclosure of associates [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsAndGoodwill', window );">Total intangible assets and goodwill</a></td>
<td class="nump">$ 115,126<span></span>
</td>
<td class="nump">$ 82,811<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis=ifrs-full_CustomerrelatedIntangibleAssetsMember', window );">Customer-related intangible assets [member] | Maverick acquisition [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInAssociatesLineItems', window );"><strong>Disclosure of associates [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_FinitelivedIntangibleAssetUsefulLife', window );">Finite-lived intangible asset, useful life (Year)</a></td>
<td class="text">14 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RemainingAmortisationPeriodOfIntangibleAssetsMaterialToEntity2019', window );">Remaining amortisation period of intangible assets material to entity (Year)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">0 years<span></span>
</td>
<td class="text">2 years<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_SellingGeneralAndAdministrativeExpensesAmortizationOfIntangibleAssets', window );">Selling, general and administrative expenses, amortization of intangible assets</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 109<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis=ifrs-full_CustomerrelatedIntangibleAssetsMember', window );">Customer-related intangible assets [member] | Hydrill acquisition [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInAssociatesLineItems', window );"><strong>Disclosure of associates [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_FinitelivedIntangibleAssetUsefulLife', window );">Finite-lived intangible asset, useful life (Year)</a></td>
<td class="text">10 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis=ifrs-full_CustomerrelatedIntangibleAssetsMember', window );">Customer-related intangible assets [member] | Saudi Steel Pipe Company [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInAssociatesLineItems', window );"><strong>Disclosure of associates [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_FinitelivedIntangibleAssetUsefulLife', window );">Finite-lived intangible asset, useful life (Year)</a></td>
<td class="text">9 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_FinitelivedIntangibleAssetResidualValue', window );">Finite-lived intangible asset, residual value</a></td>
<td class="nump">$ 63,800<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_FinitelivedIntangibleAssetResidualUsefulLife', window );">Finite-lived intangible asset, residual useful life (Year)</a></td>
<td class="text">7 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis=ifrs-full_CustomerrelatedIntangibleAssetsMember', window );">Customer-related intangible assets [member] | Ipsco Tubulars Inc [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInAssociatesLineItems', window );"><strong>Disclosure of associates [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_FinitelivedIntangibleAssetUsefulLife', window );">Finite-lived intangible asset, useful life (Year)</a></td>
<td class="text">3 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_FinitelivedIntangibleAssetResidualValue', window );">Finite-lived intangible asset, residual value</a></td>
<td class="nump">$ 51,300<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_FinitelivedIntangibleAssetResidualUsefulLife', window );">Finite-lived intangible asset, residual useful life (Year)</a></td>
<td class="text">2 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=ifrs-full_TopOfRangeMember', window );">Top of range [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInAssociatesLineItems', window );"><strong>Disclosure of associates [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfDiscountRatesUsedInCurrentEstimateOfValueInUse', window );">Discount rate used in current estimate of value in use</a></td>
<td class="nump">13.60%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=ifrs-full_TopOfRangeMember', window );">Top of range [member] | Information system projects [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInAssociatesLineItems', window );"><strong>Disclosure of associates [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_FinitelivedIntangibleAssetUsefulLife', window );">Finite-lived intangible asset, useful life (Year)</a></td>
<td class="text">3 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=ifrs-full_TopOfRangeMember', window );">Top of range [member] | Licenses, patents, trademarks, and proprietary technology [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInAssociatesLineItems', window );"><strong>Disclosure of associates [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_FinitelivedIntangibleAssetUsefulLife', window );">Finite-lived intangible asset, useful life (Year)</a></td>
<td class="text">10 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=ifrs-full_BottomOfRangeMember', window );">Bottom of range [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInAssociatesLineItems', window );"><strong>Disclosure of associates [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfDiscountRatesUsedInCurrentEstimateOfValueInUse', window );">Discount rate used in current estimate of value in use</a></td>
<td class="nump">8.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_JointVenturesAxis=ts_GlobalPipeCompanyMember', window );">Global Pipe Company [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInAssociatesLineItems', window );"><strong>Disclosure of associates [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_NumberOfBoardMembers', window );">Number of Board Members</a></td>
<td class="nump">5<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_JointVenturesAxis=ts_GlobalPipeCompanyMember', window );">Global Pipe Company [Member] | Saudi Steel Pipe Company [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInAssociatesLineItems', window );"><strong>Disclosure of associates [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInJointVenture', window );">Proportion of ownership interest in joint venture</a></td>
<td class="nump">35.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_NumberOfBoardMembersCanBeAppointedThroughShareholdersAgreement', window );">Number of Board Members Can be Appointed Through Shareholders Agreement</a></td>
<td class="nump">1<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=ts_UsiminasMember', window );">Usiminas [member] | The new SHA [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInAssociatesLineItems', window );"><strong>Disclosure of associates [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_SharesBoundToSHA', window );">Shares bound to SHA (in shares) | shares</a></td>
<td class="nump">483,600,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_PercentOfCompanyVotingCapital', window );">Percent of company voting capital</a></td>
<td class="nump">68.60%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=ts_TTGroupMember', window );">T/T Group [member] | The new SHA [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInAssociatesLineItems', window );"><strong>Disclosure of associates [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_PercentOfCompanyVotingCapital', window );">Percent of company voting capital</a></td>
<td class="nump">47.10%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=ts_TerniumEntititesMember', window );">Ternium entitites [member] | The new SHA [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInAssociatesLineItems', window );"><strong>Disclosure of associates [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_PercentOfCompanyVotingCapital', window );">Percent of company voting capital</a></td>
<td class="nump">39.50%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=ts_ConfabMember', window );">Confab [member] | The new SHA [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInAssociatesLineItems', window );"><strong>Disclosure of associates [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_PercentOfCompanyVotingCapital', window );">Percent of company voting capital</a></td>
<td class="nump">7.60%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=ts_NSSMCMember', window );">NSSMC [member] | The new SHA [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInAssociatesLineItems', window );"><strong>Disclosure of associates [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_PercentOfCompanyVotingCapital', window );">Percent of company voting capital</a></td>
<td class="nump">45.90%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=ts_PrevidenciaUsiminasMember', window );">Previdencia Usiminas [member] | The new SHA [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInAssociatesLineItems', window );"><strong>Disclosure of associates [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_PercentOfCompanyVotingCapital', window );">Percent of company voting capital</a></td>
<td class="nump">7.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=ts_TerniumSAMember', window );">Ternium S.A. [member] | Techgen s.a. [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInAssociatesLineItems', window );"><strong>Disclosure of associates [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInJointVenture', window );">Proportion of ownership interest in joint venture</a></td>
<td class="nump">48.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=ts_TecpetrolInternationalSAMember', window );">Tecpetrol International S.A. [member] | Techgen s.a. [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInAssociatesLineItems', window );"><strong>Disclosure of associates [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInJointVenture', window );">Proportion of ownership interest in joint venture</a></td>
<td class="nump">30.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=ts_TenarisMember', window );">Tenaris [member] | Techgen s.a. [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInAssociatesLineItems', window );"><strong>Disclosure of associates [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInJointVenture', window );">Proportion of ownership interest in joint venture</a></td>
<td class="nump">22.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInAssociatesAxis=ts_TerniumSAMember', window );">Ternium S.A. [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInAssociatesLineItems', window );"><strong>Disclosure of associates [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInAssociate', window );">Proportion of ownership interest in associate</a></td>
<td class="nump">11.46%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInAssociatesAxis=ts_UsiminasMember', window );">Usiminas [member] | CONFAB INDUSTRIAL S.A. and subsidiaries [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInAssociatesLineItems', window );"><strong>Disclosure of associates [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfVotingPowerHeldInAssociate', window );">Proportion of voting rights held in associate</a></td>
<td class="nump">5.19%<span></span>
</td>
<td class="nump">5.19%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInAssociatesAxis=ts_UsiminasMember', window );">Usiminas [member] | Ternium S.A. [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInAssociatesLineItems', window );"><strong>Disclosure of associates [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInAssociate', window );">Proportion of ownership interest in associate</a></td>
<td class="nump">5.19%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfVotingPowerHeldInAssociate', window );">Proportion of voting rights held in associate</a></td>
<td class="nump">3.07%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInAssociatesAxis=ts_UsiminasMember', window );">Usiminas [member] | Ternium S.A. [member] | Preference shares [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInAssociatesLineItems', window );"><strong>Disclosure of associates [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_NumberOfSharesSubscribedTo', window );">Number of shares subscribed to (in shares) | shares</a></td>
<td class="nump">1,300,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInAssociatesAxis=ts_UsiminasMember', window );">Usiminas [member] | Ternium S.A. [member] | Ordinary shares [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInAssociatesLineItems', window );"><strong>Disclosure of associates [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_NumberOfSharesSubscribedTo', window );">Number of shares subscribed to (in shares) | shares</a></td>
<td class="nump">36,500,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AssetsRecognisedInEntitysFinancialStatementsInRelationToStructuredEntities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of assets recognised in the entity's financial statements relating to its interests in structured entities. [Refer: Assets; Unconsolidated structured entities [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2019-01-01<br> -Paragraph 29<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_29_a&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AssetsRecognisedInEntitysFinancialStatementsInRelationToStructuredEntities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfDiscountRatesUsedInCurrentEstimateOfValueInUse">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The discount rate used in the current estimate of the present value of the future cash flows expected to be derived from an asset or cash-generating unit.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 36<br> -IssueDate 2019-01-01<br> -Paragraph 130<br> -Subparagraph g<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=36&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_130_g&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfDiscountRatesUsedInCurrentEstimateOfValueInUse</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfSignificantInvestmentsInAssociatesLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfSignificantInvestmentsInAssociatesLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IntangibleAssetsAndGoodwill">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of intangible assets and goodwill held by the entity. [Refer: Goodwill; Intangible assets other than goodwill]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IntangibleAssetsAndGoodwill</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_LiabilityAssetOfDefinedBenefitPlans">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of deficit or surplus in a defined benefit plan, adjusted for any effect of limiting a net defined benefit asset to the asset ceiling. [Refer: Defined benefit plans [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2019-01-01<br> -Paragraph 140<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=19&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_140_a&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_LiabilityAssetOfDefinedBenefitPlans</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NumberOfSharesAuthorised">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of shares authorised.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 79<br> -Subparagraph a<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_79_a_i&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NumberOfSharesAuthorised</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NumberOfSharesIssued">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of shares issued by the entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 106<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_106_d&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NumberOfSharesIssued</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NumberOfSharesOutstanding">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of shares that have been authorised and issued, reduced by treasury shares held. [Refer: Treasury shares]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 79<br> -Subparagraph a<br> -Clause iv<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_79_a_iv&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NumberOfSharesOutstanding</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ParValuePerShare">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The nominal value per share.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 79<br> -Subparagraph a<br> -Clause iii<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_79_a_iii&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ParValuePerShare</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProportionOfOwnershipInterestInAssociate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The proportion of ownership interest in an associate attributable to the entity. [Refer: Associates [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 27<br> -IssueDate 2019-01-01<br> -Paragraph 17<br> -Subparagraph b<br> -Clause iii<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=27&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_17_b_iii&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 27<br> -IssueDate 2019-01-01<br> -Paragraph 16<br> -Subparagraph b<br> -Clause iii<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=27&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_16_b_iii&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2019-01-01<br> -Paragraph 21<br> -Subparagraph a<br> -Clause iv<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_21_a_iv&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProportionOfOwnershipInterestInAssociate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProportionOfOwnershipInterestInJointVenture">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The proportion of ownership interest in a joint venture attributable to the entity. [Refer: Joint ventures [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 27<br> -IssueDate 2019-01-01<br> -Paragraph 17<br> -Subparagraph b<br> -Clause iii<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=27&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_17_b_iii&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 27<br> -IssueDate 2019-01-01<br> -Paragraph 16<br> -Subparagraph b<br> -Clause iii<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=27&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_16_b_iii&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2019-01-01<br> -Paragraph 21<br> -Subparagraph a<br> -Clause iv<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_21_a_iv&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProportionOfOwnershipInterestInJointVenture</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProportionOfVotingPowerHeldInAssociate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The proportion of the voting rights in an associate held by the entity. [Refer: Associates [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 27<br> -IssueDate 2019-01-01<br> -Paragraph 17<br> -Subparagraph b<br> -Clause iii<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=27&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_17_b_iii&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 27<br> -IssueDate 2019-01-01<br> -Paragraph 16<br> -Subparagraph b<br> -Clause iii<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=27&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_16_b_iii&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2019-01-01<br> -Paragraph 21<br> -Subparagraph a<br> -Clause iv<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_21_a_iv&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProportionOfVotingPowerHeldInAssociate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RemainingAmortisationPeriodOfIntangibleAssetsMaterialToEntity2019">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The remaining amortisation period of individual intangible assets that are material to the entity&#8217;s financial statements. [Refer: Depreciation and amortisation expense]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 38<br> -IssueDate 2019-01-01<br> -Paragraph 122<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=38&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_122_b&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RemainingAmortisationPeriodOfIntangibleAssetsMaterialToEntity2019</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ResearchAndDevelopmentExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of expenditure directly attributable to research or development activities, recognised in profit or loss.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 38<br> -IssueDate 2019-01-01<br> -Paragraph 126<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=38&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_126&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ResearchAndDevelopmentExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_AdditionalAmortizationExpenses">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of additional amortization expenses arising from re-estimation of assets useful lives, performed in accordance with IAS 38.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_AdditionalAmortizationExpenses</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_CarryingValueOfUnitsGranted">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the carrying value of units granted to date under the employee retention and long term incentive program.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_CarryingValueOfUnitsGranted</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_EmployeeBenefitsCompanyRedemptionPeriod">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the period at which the company will redeem units granted under the employee retention and long term inventive program.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_EmployeeBenefitsCompanyRedemptionPeriod</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_EmployeeBenefitsEarlyRedemptionPeriod">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the period that the company may exercise an option to for early redemption of units granted under the employee retention and long term incentive program.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_EmployeeBenefitsEarlyRedemptionPeriod</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_EmployeeBenefitsUnitVestingPeriod">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the period that units under an employee retention and long term incentive program vest ratably.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_EmployeeBenefitsUnitVestingPeriod</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_FinitelivedIntangibleAssetResidualUsefulLife">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the residual useful life of a finite-lived intangible asset.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_FinitelivedIntangibleAssetResidualUsefulLife</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_FinitelivedIntangibleAssetResidualValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the aggregate expected value at the end of their useful life of a finite-lived intangible asset.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_FinitelivedIntangibleAssetResidualValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_FinitelivedIntangibleAssetUsefulLife">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the useful life of finite-lived intangible assets.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_FinitelivedIntangibleAssetUsefulLife</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_ImpairmentLossOnEquityMethodInvestmentInNonconsolidatedCompanies">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of impairment loss on equity method investment in non-consolidated companies.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_ImpairmentLossOnEquityMethodInvestmentInNonconsolidatedCompanies</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_NetDefinedContributionPlanLiabilityAssetAtEndOfPeriod">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of deficit or surplus in a defined contribution plan, adjusted for any effect of limiting a net defined contribution asset to the asset ceiling.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_NetDefinedContributionPlanLiabilityAssetAtEndOfPeriod</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_NumberOfBoardMembers">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of Board members by the entity at a date.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_NumberOfBoardMembers</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:decimalItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_NumberOfBoardMembersCanBeAppointedThroughShareholdersAgreement">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of Board members can be appointed through the shareholders agreement by the entity at a date.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_NumberOfBoardMembersCanBeAppointedThroughShareholdersAgreement</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:decimalItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_NumberOfSharesSubscribedTo">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the amount of shares subscribed to.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_NumberOfSharesSubscribedTo</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_NumberOfVotesPerShare">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the number of votes given to each share of stock.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_NumberOfVotesPerShare</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:integerItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_PercentOfCompanyVotingCapital">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The percent of a company's voting capital represented.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_PercentOfCompanyVotingCapital</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_SellingGeneralAndAdministrativeExpensesAmortizationOfIntangibleAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of amortization of intangible assets attributable to selling, general and administrative expenses.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_SellingGeneralAndAdministrativeExpensesAmortizationOfIntangibleAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_SharesBoundToSHA">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of shares bound to SHA.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_SharesBoundToSHA</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GeographicalAreasAxis=country_IT">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GeographicalAreasAxis=country_IT</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GeographicalAreasAxis=country_US">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GeographicalAreasAxis=country_US</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DefinedBenefitPlansAxis=ts_UnfundedDefinedBenefitEmployeeRetirementPlanForCertainSeniorOfficersMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DefinedBenefitPlansAxis=ts_UnfundedDefinedBenefitEmployeeRetirementPlanForCertainSeniorOfficersMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DefinedBenefitPlansAxis=ts_FundedPostemploymentBenefitsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DefinedBenefitPlansAxis=ts_FundedPostemploymentBenefitsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GeographicalAreasAxis=ts_Canada1Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GeographicalAreasAxis=ts_Canada1Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis=ts_InformationSystemProjectsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis=ts_InformationSystemProjectsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis=ts_LicensesPatentsTrademarksAndProprietaryTechnologyMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis=ts_LicensesPatentsTrademarksAndProprietaryTechnologyMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis=ifrs-full_CustomerrelatedIntangibleAssetsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis=ifrs-full_CustomerrelatedIntangibleAssetsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BusinessCombinationsAxis=ts_MaverickAcquisitionMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BusinessCombinationsAxis=ts_MaverickAcquisitionMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BusinessCombinationsAxis=ts_HydrillAcquisitionMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BusinessCombinationsAxis=ts_HydrillAcquisitionMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BusinessCombinationsAxis=ts_SaudiSteelPipeCompanyMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BusinessCombinationsAxis=ts_SaudiSteelPipeCompanyMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BusinessCombinationsAxis=ts_IpscoTubularsIncMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BusinessCombinationsAxis=ts_IpscoTubularsIncMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
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<td style="white-space:nowrap;">dei_LegalEntityAxis=ts_TTGroupMember</td>
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<td><strong> Name:</strong></td>
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<td><strong> Name:</strong></td>
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</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>126
<FILENAME>R84.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
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<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140345106218552">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>II. Accounting Policies - Estimated Useful Lives of Property, Plant and Equipment (Details)<br> $ in Millions</strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th">
<div>Dec. 31, 2020 </div>
<div>USD ($)</div>
</th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems', window );"><strong>Disclosure of detailed information about property, plant and equipment [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_AdditionalDepreciationExpenses', window );">Additional depreciation expenses</a></td>
<td class="nump">$ 45<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ts_BuildingsAndImprovementsMember', window );">Buildings and improvements [member] | Bottom of range [member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems', window );"><strong>Disclosure of detailed information about property, plant and equipment [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment', window );">Property, plant and equipment (Year)</a></td>
<td class="text">30 years<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ts_BuildingsAndImprovementsMember', window );">Buildings and improvements [member] | Top of range [member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems', window );"><strong>Disclosure of detailed information about property, plant and equipment [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment', window );">Property, plant and equipment (Year)</a></td>
<td class="text">50 years<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ts_PlantAndProductionEquipmentMember', window );">Plant and production equipment [member] | Bottom of range [member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems', window );"><strong>Disclosure of detailed information about property, plant and equipment [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment', window );">Property, plant and equipment (Year)</a></td>
<td class="text">10 years<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ts_PlantAndProductionEquipmentMember', window );">Plant and production equipment [member] | Top of range [member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems', window );"><strong>Disclosure of detailed information about property, plant and equipment [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment', window );">Property, plant and equipment (Year)</a></td>
<td class="text">40 years<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ts_VehiclesFurnitureAndFixturesAndOtherEquipmentMember', window );">Vehicles, furniture and fixtures, and other equipment [member] | Bottom of range [member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems', window );"><strong>Disclosure of detailed information about property, plant and equipment [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment', window );">Property, plant and equipment (Year)</a></td>
<td class="text">4 years<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ts_VehiclesFurnitureAndFixturesAndOtherEquipmentMember', window );">Vehicles, furniture and fixtures, and other equipment [member] | Top of range [member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems', window );"><strong>Disclosure of detailed information about property, plant and equipment [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment', window );">Property, plant and equipment (Year)</a></td>
<td class="text">10 years<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The useful life, measured as period of time, used for property, plant and equipment. [Refer: Property, plant and equipment]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 16<br> -IssueDate 2019-01-01<br> -Paragraph 73<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=16&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_73_c&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_AdditionalDepreciationExpenses">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of additional depreciation expenses arising from re-estimation of assets useful lives, performed in accordance with IAS 16.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_AdditionalDepreciationExpenses</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ts_BuildingsAndImprovementsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ts_BuildingsAndImprovementsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RangeAxis=ifrs-full_BottomOfRangeMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=ifrs-full_BottomOfRangeMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RangeAxis=ifrs-full_TopOfRangeMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=ifrs-full_TopOfRangeMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ts_PlantAndProductionEquipmentMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ts_PlantAndProductionEquipmentMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ts_VehiclesFurnitureAndFixturesAndOtherEquipmentMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ts_VehiclesFurnitureAndFixturesAndOtherEquipmentMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
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<DESCRIPTION>IDEA: XBRL DOCUMENT
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<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140345105906376">
<tr>
<th class="tl" colspan="2" rowspan="2"><div style="width: 200px;"><strong>III. Financial Risk Management (Details Textual)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="2">12 Months Ended</th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th">
<div>Dec. 31, 2020 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2019 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2018 </div>
<div>USD ($)</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfInformationAboutTermsAndConditionsOfHedgingInstrumentsAndHowTheyAffectFutureCashFlowsLineItems', window );"><strong>Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_DebtToEquityRatio', window );">Debt to equity ratio</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">0.05<span></span>
</td>
<td class="nump">0.06<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReserveOfExchangeDifferencesOnTranslation', window );">Reserve of exchange differences on translation</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 2,300<span></span>
</td>
<td class="nump">$ 600<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Total borrowings</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">619,007<span></span>
</td>
<td class="nump">822,152<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_GainLossOnInterestRateRiskIfMarketInterestRatesWereHigher', window );">Gain (loss) on interest rate risk if market interest rates were higher</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">$ (7,100)<span></span>
</td>
<td class="num">$ (7,700)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_ConcentrationRiskPercentage', window );">Concentration Risk, percentage</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">88.00%<span></span>
</td>
<td class="nump">96.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentTradeReceivables', window );">Current trade receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 968,148<span></span>
</td>
<td class="nump">$ 1,348,160<span></span>
</td>
<td class="nump">$ 1,737,366<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_LiquidFinancialAssetsPercentage', window );">Liquid financial assets, percentage</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">12.00%<span></span>
</td>
<td class="nump">12.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_FinancialLiabilitiesFairValueAsAPercentageOfCarryingValue', window );">Financial liabilities, fair value as a percentage of carrying value</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">100.00%<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReserveOfCashFlowHedgesContinuingHedges', window );">Reserve of cash flow hedges, continuing hedges</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">$ (4,800)<span></span>
</td>
<td class="nump">$ 2,600<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_srt_CurrencyAxis=country_US', window );">UNITED STATES</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfInformationAboutTermsAndConditionsOfHedgingInstrumentsAndHowTheyAffectFutureCashFlowsLineItems', window );"><strong>Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_LiquidFinancialAssetsPercentageDenominatedByASpecificCurrency', window );">Liquid financial assets, percentage denominated by a specific currency</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">95.00%<span></span>
</td>
<td class="nump">95.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfProvisionsAxis=ts_AllowanceForDoubtfulAccountsTradeReceivablesMember', window );">Allowance for doubtful accounts - trade receivables [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfInformationAboutTermsAndConditionsOfHedgingInstrumentsAndHowTheyAffectFutureCashFlowsLineItems', window );"><strong>Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentTradeReceivables', window );">Current trade receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 53,700<span></span>
</td>
<td class="nump">$ 48,800<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PastDueStatusAxis=ts_PastDueMember', window );">Past due [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfInformationAboutTermsAndConditionsOfHedgingInstrumentsAndHowTheyAffectFutureCashFlowsLineItems', window );"><strong>Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentTradeReceivables', window );">Current trade receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">195,900<span></span>
</td>
<td class="nump">242,700<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialInstrumentsAxis=ts_GuaranteesUnderCreditInsuranceMember', window );">Guarantees under credit insurance [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfInformationAboutTermsAndConditionsOfHedgingInstrumentsAndHowTheyAffectFutureCashFlowsLineItems', window );"><strong>Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentTradeReceivables', window );">Current trade receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">134,900<span></span>
</td>
<td class="nump">178,700<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialInstrumentsAxis=ts_LetterOfCreditAndOtherBankGuaranteesMember', window );">Letter of credit and other bank guarantees [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfInformationAboutTermsAndConditionsOfHedgingInstrumentsAndHowTheyAffectFutureCashFlowsLineItems', window );"><strong>Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentTradeReceivables', window );">Current trade receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">47,800<span></span>
</td>
<td class="nump">55,200<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialInstrumentsAxis=ts_OtherGuaranteesMember', window );">Other guarantees [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfInformationAboutTermsAndConditionsOfHedgingInstrumentsAndHowTheyAffectFutureCashFlowsLineItems', window );"><strong>Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentTradeReceivables', window );">Current trade receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">8,800<span></span>
</td>
<td class="nump">600<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialInstrumentsAxis=ifrs-full_FinancialGuaranteeContractsMember', window );">Financial guarantee contracts [member] | Past due [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfInformationAboutTermsAndConditionsOfHedgingInstrumentsAndHowTheyAffectFutureCashFlowsLineItems', window );"><strong>Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentTradeReceivables', window );">Current trade receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">20,700<span></span>
</td>
<td class="nump">28,700<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfInterestRatesAxis=ifrs-full_FixedInterestRateMember', window );">Fixed interest rate [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfInformationAboutTermsAndConditionsOfHedgingInstrumentsAndHowTheyAffectFutureCashFlowsLineItems', window );"><strong>Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Total borrowings</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">237,320<span></span>
</td>
<td class="nump">$ 768,002<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ShorttermBorrowings', window );">Current borrowings</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 197,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_ConcentrationRiskPercentage', window );">Concentration Risk, percentage</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">38.00%<span></span>
</td>
<td class="nump">93.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfRisksAxis=ts_OnePercentChangeArgentinePesoUsDollarForeignExchangeRiskMember', window );">One percent change, Argentine Peso / U.S. dollar foreign exchange risk [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfInformationAboutTermsAndConditionsOfHedgingInstrumentsAndHowTheyAffectFutureCashFlowsLineItems', window );"><strong>Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReserveOfExchangeDifferencesOnTranslation', window );">Reserve of exchange differences on translation</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 400<span></span>
</td>
<td class="nump">$ 1,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfRisksAxis=ts_OnePercentChangeEuroUsDollarForeignExchangeRiskMember', window );">One percent change, Euro / U.S. dollar foreign exchange risk [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfInformationAboutTermsAndConditionsOfHedgingInstrumentsAndHowTheyAffectFutureCashFlowsLineItems', window );"><strong>Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_ForeignExchangeRiskCurrencyExposure', window );">Foreign exchange risk, currency exposure</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">2,900<span></span>
</td>
<td class="nump">1,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfRisksAxis=ts_OnePercentChangeSaudiArabianRiyalUsDollarForeignExchangeRiskMember', window );">One percent change, Saudi Arabian Riyal / U.S. dollar foreign exchange risk [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfInformationAboutTermsAndConditionsOfHedgingInstrumentsAndHowTheyAffectFutureCashFlowsLineItems', window );"><strong>Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_ForeignExchangeRiskCurrencyExposure', window );">Foreign exchange risk, currency exposure</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">5,100<span></span>
</td>
<td class="nump">4,600<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfRisksAxis=ts_OnePercentChangeSaudiArabianRiyalUsDollarForeignExchangeRiskMember', window );">One percent change, Saudi Arabian Riyal / U.S. dollar foreign exchange risk [member] | Foreign exchange derivatives contracts [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfInformationAboutTermsAndConditionsOfHedgingInstrumentsAndHowTheyAffectFutureCashFlowsLineItems', window );"><strong>Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_ForeignExchangeRiskCurrencyExposure', window );">Foreign exchange risk, currency exposure</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 1,000<span></span>
</td>
<td class="nump">$ 4,900<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr><td colspan="4"></td></tr>
<tr><td colspan="4"><table class="outerFootnotes" width="100%"><tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">Out of the $237 million fixed rate borrowings, $197 million are short-term.</td>
</tr></table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Borrowings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of outstanding funds that the entity is obligated to repay.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Borrowings</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentTradeReceivables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current trade receivables. [Refer: Trade receivables]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 78<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_78_b&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 68<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_68&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentTradeReceivables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfInformationAboutTermsAndConditionsOfHedgingInstrumentsAndHowTheyAffectFutureCashFlowsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfInformationAboutTermsAndConditionsOfHedgingInstrumentsAndHowTheyAffectFutureCashFlowsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ReserveOfCashFlowHedgesContinuingHedges">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A component of equity representing the reserve of cash flow hedges in relation to continuing hedges. [Refer: Reserve of cash flow hedges]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2019-01-01<br> -Paragraph 24B<br> -Subparagraph b<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=7&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_24B_b_ii&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ReserveOfCashFlowHedgesContinuingHedges</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ReserveOfExchangeDifferencesOnTranslation">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A component of equity representing exchange differences on translation of financial statements of foreign operations recognised in other comprehensive income and accumulated in equity. [Refer: Other comprehensive income]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 21<br> -IssueDate 2019-01-01<br> -Paragraph 52<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=21&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_52_b&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ReserveOfExchangeDifferencesOnTranslation</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ShorttermBorrowings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current borrowings. [Refer: Borrowings]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ShorttermBorrowings</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_ConcentrationRiskPercentage">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>For an entity that discloses a concentration risk in relation to quantitative amount, which serves as the "benchmark" (or denominator) in the equation, this concept represents the concentration percentage derived from the division.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_ConcentrationRiskPercentage</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_DebtToEquityRatio">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The year-end ratio of debt to total equity (where &#8220;debt&#8221; comprises financial borrowings and &#8220;total equity&#8221; is the sum of financial borrowings and equity).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_DebtToEquityRatio</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:pureItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_FinancialLiabilitiesFairValueAsAPercentageOfCarryingValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The percentage of a financial liabilities carrying amount that represents its fair value.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_FinancialLiabilitiesFairValueAsAPercentageOfCarryingValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_ForeignExchangeRiskCurrencyExposure">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of currency exposure which impact profit and loss expressed as long/(short).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_ForeignExchangeRiskCurrencyExposure</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_GainLossOnInterestRateRiskIfMarketInterestRatesWereHigher">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of potential gain (loss) on interest rate risk if the market interest rates were higher.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_GainLossOnInterestRateRiskIfMarketInterestRatesWereHigher</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_LiquidFinancialAssetsPercentage">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The percentage of assets held that are liquid.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_LiquidFinancialAssetsPercentage</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_LiquidFinancialAssetsPercentageDenominatedByASpecificCurrency">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The percentage of liquid financial assets that are denominated by a specific currency.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_LiquidFinancialAssetsPercentageDenominatedByASpecificCurrency</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_srt_CurrencyAxis=country_US">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">srt_CurrencyAxis=country_US</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfProvisionsAxis=ts_AllowanceForDoubtfulAccountsTradeReceivablesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfProvisionsAxis=ts_AllowanceForDoubtfulAccountsTradeReceivablesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PastDueStatusAxis=ts_PastDueMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PastDueStatusAxis=ts_PastDueMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr>
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<td><strong> Period Type:</strong></td>
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</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfFinancialInstrumentsAxis=ts_GuaranteesUnderCreditInsuranceMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfFinancialInstrumentsAxis=ts_GuaranteesUnderCreditInsuranceMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfFinancialInstrumentsAxis=ts_LetterOfCreditAndOtherBankGuaranteesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfFinancialInstrumentsAxis=ts_LetterOfCreditAndOtherBankGuaranteesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfFinancialInstrumentsAxis=ts_OtherGuaranteesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfFinancialInstrumentsAxis=ts_OtherGuaranteesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
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<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
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</tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfFinancialInstrumentsAxis=ifrs-full_FinancialGuaranteeContractsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfFinancialInstrumentsAxis=ifrs-full_FinancialGuaranteeContractsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td>na</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TypesOfInterestRatesAxis=ifrs-full_FixedInterestRateMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<td><strong> Period Type:</strong></td>
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</table></div>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TypesOfRisksAxis=ts_OnePercentChangeArgentinePesoUsDollarForeignExchangeRiskMember</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TypesOfRisksAxis=ts_OnePercentChangeEuroUsDollarForeignExchangeRiskMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TypesOfRisksAxis=ts_OnePercentChangeSaudiArabianRiyalUsDollarForeignExchangeRiskMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TypesOfRisksAxis=ts_OnePercentChangeSaudiArabianRiyalUsDollarForeignExchangeRiskMember</td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_HedgingInstrumentsAxis=ts_ForeignExchangeDerivativesContractsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_HedgingInstrumentsAxis=ts_ForeignExchangeDerivativesContractsMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<DOCUMENT>
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<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140345109916248">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>III. Financial Risk Management - Financial Assets and Liabilities Which Impact Profit and Loss (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfRisksAxis=ts_ArgentinePesoUsDollarForeignExchangeRiskMember', window );">Argentine Peso / U.S. dollar foreign exchange risk [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfInformationAboutTermsAndConditionsOfHedgingInstrumentsAndHowTheyAffectFutureCashFlowsLineItems', window );"><strong>Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_ForeignExchangeRiskCurrencyExposure', window );">Currency exposure / functional currency</a></td>
<td class="num">$ (39,561)<span></span>
</td>
<td class="num">$ (95,811)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfRisksAxis=ts_EuroUsDollarForeignExchangeRiskMember', window );">Euro / U.S. dollar foreign exchange risk [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfInformationAboutTermsAndConditionsOfHedgingInstrumentsAndHowTheyAffectFutureCashFlowsLineItems', window );"><strong>Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_ForeignExchangeRiskCurrencyExposure', window );">Currency exposure / functional currency</a></td>
<td class="num">(291,362)<span></span>
</td>
<td class="num">(103,518)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfRisksAxis=ts_SaudiArabianRiyalUsDollarExchangeRiskMember', window );">Saudi Arabian Riyal / US Dollar exchange risk [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfInformationAboutTermsAndConditionsOfHedgingInstrumentsAndHowTheyAffectFutureCashFlowsLineItems', window );"><strong>Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_ForeignExchangeRiskCurrencyExposure', window );">Currency exposure / functional currency</a></td>
<td class="num">$ (125,789)<span></span>
</td>
<td class="num">$ (107,582)<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfInformationAboutTermsAndConditionsOfHedgingInstrumentsAndHowTheyAffectFutureCashFlowsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfInformationAboutTermsAndConditionsOfHedgingInstrumentsAndHowTheyAffectFutureCashFlowsLineItems</td>
</tr>
<tr>
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<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_ForeignExchangeRiskCurrencyExposure">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of currency exposure which impact profit and loss expressed as long/(short).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_ForeignExchangeRiskCurrencyExposure</td>
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<td><strong> Period Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TypesOfRisksAxis=ts_EuroUsDollarForeignExchangeRiskMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TypesOfRisksAxis=ts_SaudiArabianRiyalUsDollarExchangeRiskMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<td><strong> Period Type:</strong></td>
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<DESCRIPTION>IDEA: XBRL DOCUMENT
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<html>
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<body>
<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140345123325704">
<tr>
<th class="tl" colspan="2" rowspan="2"><div style="width: 200px;"><strong>III. Financial Risk Management - Proportions of Variable-rate and Fixed-rate Debt (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="2">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfInformationAboutTermsAndConditionsOfHedgingInstrumentsAndHowTheyAffectFutureCashFlowsLineItems', window );"><strong>Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Significant borrowings as of closing date</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 619,007<span></span>
</td>
<td class="nump">$ 822,152<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_ConcentrationRiskPercentage', window );">Percentage</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">88.00%<span></span>
</td>
<td class="nump">96.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfInterestRatesAxis=ifrs-full_FixedInterestRateMember', window );">Fixed interest rate [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfInformationAboutTermsAndConditionsOfHedgingInstrumentsAndHowTheyAffectFutureCashFlowsLineItems', window );"><strong>Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Significant borrowings as of closing date</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">$ 237,320<span></span>
</td>
<td class="nump">$ 768,002<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_ConcentrationRiskPercentage', window );">Percentage</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">38.00%<span></span>
</td>
<td class="nump">93.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfInterestRatesAxis=ifrs-full_FloatingInterestRateMember', window );">Floating interest rate [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfInformationAboutTermsAndConditionsOfHedgingInstrumentsAndHowTheyAffectFutureCashFlowsLineItems', window );"><strong>Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Significant borrowings as of closing date</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 381,687<span></span>
</td>
<td class="nump">$ 54,150<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_ConcentrationRiskPercentage', window );">Percentage</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">62.00%<span></span>
</td>
<td class="nump">7.00%<span></span>
</td>
</tr>
<tr><td colspan="3"></td></tr>
<tr><td colspan="3"><table class="outerFootnotes" width="100%"><tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">Out of the $237 million fixed rate borrowings, $197 million are short-term.</td>
</tr></table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Borrowings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of outstanding funds that the entity is obligated to repay.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Borrowings</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfInformationAboutTermsAndConditionsOfHedgingInstrumentsAndHowTheyAffectFutureCashFlowsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfInformationAboutTermsAndConditionsOfHedgingInstrumentsAndHowTheyAffectFutureCashFlowsLineItems</td>
</tr>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_ConcentrationRiskPercentage">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>For an entity that discloses a concentration risk in relation to quantitative amount, which serves as the "benchmark" (or denominator) in the equation, this concept represents the concentration percentage derived from the division.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_ConcentrationRiskPercentage</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
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<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TypesOfInterestRatesAxis=ifrs-full_FixedInterestRateMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TypesOfInterestRatesAxis=ifrs-full_FixedInterestRateMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TypesOfInterestRatesAxis=ifrs-full_FloatingInterestRateMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TypesOfInterestRatesAxis=ifrs-full_FloatingInterestRateMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
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<td><strong> Balance Type:</strong></td>
<td></td>
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140345096273304">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>III. Financial Risk Management - Financial Instruments and Classification Within the Fair Value Hierarchy (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashAndCashEquivalents', window );">Cash and cash equivalents</a></td>
<td class="nump">$ 584,681<span></span>
</td>
<td class="nump">$ 1,554,299<span></span>
</td>
<td class="nump">$ 428,361<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentInvestments', window );">Other investments - current</a></td>
<td class="nump">872,488<span></span>
</td>
<td class="nump">210,376<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DerivativeFinancialAssets', window );">Derivative financial instruments</a></td>
<td class="nump">11,449<span></span>
</td>
<td class="nump">19,929<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod', window );">Other investments - non-current</a></td>
<td class="nump">247,082<span></span>
</td>
<td class="nump">24,934<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentTradeReceivables', window );">Current trade receivables</a></td>
<td class="nump">968,148<span></span>
</td>
<td class="nump">1,348,160<span></span>
</td>
<td class="nump">1,737,366<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherReceivables', window );">Other receivables</a></td>
<td class="nump">232,152<span></span>
</td>
<td class="nump">261,678<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LiabilitiesAbstract', window );"><strong>Liabilities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Borrowings C and NC</a></td>
<td class="nump">619,007<span></span>
</td>
<td class="nump">822,152<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TradeAndOtherCurrentPayables', window );">Trade payables</a></td>
<td class="nump">462,105<span></span>
</td>
<td class="nump">555,887<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LeaseLiabilities', window );">Finance Lease Liabilities C and NC</a></td>
<td class="nump">257,343<span></span>
</td>
<td class="nump">230,167<span></span>
</td>
<td class="nump">$ 234,149<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DerivativeFinancialLiabilities', window );">Derivative financial instruments</a></td>
<td class="nump">3,217<span></span>
</td>
<td class="nump">1,814<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfAssetsAxis=ifrs-full_DerivativesMember', window );">Derivatives [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DerivativeFinancialAssets', window );">Derivative financial instruments</a></td>
<td class="nump">11,449<span></span>
</td>
<td class="nump">19,929<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfAssetsAxis=ts_OtherReceivablesMember', window );">Other receivables [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherReceivables', window );">Other receivables</a></td>
<td class="nump">138,989<span></span>
</td>
<td class="nump">141,898<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfAssetsAxis=ts_OtherReceivablesNonfinancialMember', window );">Other receivables (non-Financial) [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherReceivables', window );">Other receivables</a></td>
<td class="nump">93,163<span></span>
</td>
<td class="nump">119,780<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialAssetsAxis=ts_FixedIncomeTimedepositZeroCouponBondsCommercialPapersMember', window );">Fixed Income (time-deposit, zero coupon bonds, commercial papers) [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentInvestments', window );">Other investments - current</a></td>
<td class="nump">763,697<span></span>
</td>
<td class="nump">65,874<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialAssetsAxis=ts_UsSovereignBillsMember', window );">U.S. Sovereign Bills [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentInvestments', window );">Other investments - current</a></td>
<td class="nump">97,982<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialAssetsAxis=ts_NonUsSovereignBillsMember', window );">Non - U.S. Sovereign Bills [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentInvestments', window );">Other investments - current</a></td>
<td class="nump">14,586<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialAssetsAxis=ts_CertificatesOfDepositsMember', window );">Certificates of Deposits [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentInvestments', window );">Other investments - current</a></td>
<td class="nump">222,132<span></span>
</td>
<td class="nump">20,637<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialAssetsAxis=ts_CommercialPapersMember', window );">Commercial Papers [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentInvestments', window );">Other investments - current</a></td>
<td class="nump">268,737<span></span>
</td>
<td class="nump">4,993<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialAssetsAxis=ts_OtherNotesMember', window );">Other notes [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentInvestments', window );">Other investments - current</a></td>
<td class="nump">160,260<span></span>
</td>
<td class="nump">40,244<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialAssetsAxis=ts_BondsAndOtherFixedIncomeMember', window );">Bonds and other fixed income [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentInvestments', window );">Other investments - current</a></td>
<td class="nump">108,791<span></span>
</td>
<td class="nump">144,502<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod', window );">Other investments - non-current</a></td>
<td class="nump">239,422<span></span>
</td>
<td class="nump">18,012<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialAssetsAxis=ts_UsGovernmentSecuritiesMember', window );">U.S. government securities [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentInvestments', window );">Other investments - current</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">10,211<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialAssetsAxis=ts_NonUsGovernmentSecuritiesMember', window );">Non - U.S. government securities [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentInvestments', window );">Other investments - current</a></td>
<td class="nump">20,219<span></span>
</td>
<td class="nump">28,637<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialAssetsAxis=ts_CorporatesSecuritiesMember', window );">Corporates securities [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentInvestments', window );">Other investments - current</a></td>
<td class="nump">88,572<span></span>
</td>
<td class="nump">105,654<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialAssetsAxis=ts_OtherInvestments1Member', window );">Other investments [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod', window );">Other investments - non-current</a></td>
<td class="nump">7,660<span></span>
</td>
<td class="nump">6,922<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LevelsOfFairValueHierarchyAxis=ifrs-full_Level1OfFairValueHierarchyMember', window );">Level 1 of fair value hierarchy [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashAndCashEquivalents', window );">Cash and cash equivalents</a></td>
<td class="nump">98,183<span></span>
</td>
<td class="nump">1,166,697<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentInvestments', window );">Other investments - current</a></td>
<td class="nump">108,791<span></span>
</td>
<td class="nump">134,990<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod', window );">Other investments - non-current</a></td>
<td class="nump">239,422<span></span>
</td>
<td class="nump">18,012<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentTradeReceivables', window );">Current trade receivables</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherReceivables', window );">Other receivables</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssets', window );">Total</a></td>
<td class="nump">446,396<span></span>
</td>
<td class="nump">1,319,699<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LiabilitiesAbstract', window );"><strong>Liabilities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Borrowings C and NC</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TradeAndOtherCurrentPayables', window );">Trade payables</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LeaseLiabilities', window );">Finance Lease Liabilities C and NC</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DerivativeFinancialLiabilities', window );">Derivative financial instruments</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialLiabilities', window );">Total</a></td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LevelsOfFairValueHierarchyAxis=ifrs-full_Level1OfFairValueHierarchyMember', window );">Level 1 of fair value hierarchy [member] | Derivatives [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DerivativeFinancialAssets', window );">Derivative financial instruments</a></td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LevelsOfFairValueHierarchyAxis=ifrs-full_Level1OfFairValueHierarchyMember', window );">Level 1 of fair value hierarchy [member] | Other receivables [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherReceivables', window );">Other receivables</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LevelsOfFairValueHierarchyAxis=ifrs-full_Level1OfFairValueHierarchyMember', window );">Level 1 of fair value hierarchy [member] | Other receivables (non-Financial) [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherReceivables', window );">Other receivables</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LevelsOfFairValueHierarchyAxis=ifrs-full_Level1OfFairValueHierarchyMember', window );">Level 1 of fair value hierarchy [member] | Fixed Income (time-deposit, zero coupon bonds, commercial papers) [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentInvestments', window );">Other investments - current</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LevelsOfFairValueHierarchyAxis=ifrs-full_Level1OfFairValueHierarchyMember', window );">Level 1 of fair value hierarchy [member] | U.S. Sovereign Bills [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentInvestments', window );">Other investments - current</a></td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LevelsOfFairValueHierarchyAxis=ifrs-full_Level1OfFairValueHierarchyMember', window );">Level 1 of fair value hierarchy [member] | Non - U.S. Sovereign Bills [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentInvestments', window );">Other investments - current</a></td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LevelsOfFairValueHierarchyAxis=ifrs-full_Level1OfFairValueHierarchyMember', window );">Level 1 of fair value hierarchy [member] | Certificates of Deposits [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentInvestments', window );">Other investments - current</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LevelsOfFairValueHierarchyAxis=ifrs-full_Level1OfFairValueHierarchyMember', window );">Level 1 of fair value hierarchy [member] | Commercial Papers [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentInvestments', window );">Other investments - current</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LevelsOfFairValueHierarchyAxis=ifrs-full_Level1OfFairValueHierarchyMember', window );">Level 1 of fair value hierarchy [member] | Other notes [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentInvestments', window );">Other investments - current</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LevelsOfFairValueHierarchyAxis=ifrs-full_Level1OfFairValueHierarchyMember', window );">Level 1 of fair value hierarchy [member] | Bonds and other fixed income [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentInvestments', window );">Other investments - current</a></td>
<td class="nump">108,791<span></span>
</td>
<td class="nump">134,990<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod', window );">Other investments - non-current</a></td>
<td class="nump">239,422<span></span>
</td>
<td class="nump">18,012<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LevelsOfFairValueHierarchyAxis=ifrs-full_Level1OfFairValueHierarchyMember', window );">Level 1 of fair value hierarchy [member] | U.S. government securities [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentInvestments', window );">Other investments - current</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">10,211<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LevelsOfFairValueHierarchyAxis=ifrs-full_Level1OfFairValueHierarchyMember', window );">Level 1 of fair value hierarchy [member] | Non - U.S. government securities [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentInvestments', window );">Other investments - current</a></td>
<td class="nump">20,219<span></span>
</td>
<td class="nump">19,125<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LevelsOfFairValueHierarchyAxis=ifrs-full_Level1OfFairValueHierarchyMember', window );">Level 1 of fair value hierarchy [member] | Corporates securities [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentInvestments', window );">Other investments - current</a></td>
<td class="nump">88,572<span></span>
</td>
<td class="nump">105,654<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LevelsOfFairValueHierarchyAxis=ifrs-full_Level1OfFairValueHierarchyMember', window );">Level 1 of fair value hierarchy [member] | Other investments [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod', window );">Other investments - non-current</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LevelsOfFairValueHierarchyAxis=ifrs-full_Level2OfFairValueHierarchyMember', window );">Level 2 of fair value hierarchy [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashAndCashEquivalents', window );">Cash and cash equivalents</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentInvestments', window );">Other investments - current</a></td>
<td class="text"> <span></span>
</td>
<td class="nump">9,512<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod', window );">Other investments - non-current</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentTradeReceivables', window );">Current trade receivables</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherReceivables', window );">Other receivables</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssets', window );">Total</a></td>
<td class="nump">11,449<span></span>
</td>
<td class="nump">29,441<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LiabilitiesAbstract', window );"><strong>Liabilities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Borrowings C and NC</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TradeAndOtherCurrentPayables', window );">Trade payables</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LeaseLiabilities', window );">Finance Lease Liabilities C and NC</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DerivativeFinancialLiabilities', window );">Derivative financial instruments</a></td>
<td class="nump">3,217<span></span>
</td>
<td class="nump">1,814<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialLiabilities', window );">Total</a></td>
<td class="nump">3,217<span></span>
</td>
<td class="nump">1,814<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LevelsOfFairValueHierarchyAxis=ifrs-full_Level2OfFairValueHierarchyMember', window );">Level 2 of fair value hierarchy [member] | Derivatives [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DerivativeFinancialAssets', window );">Derivative financial instruments</a></td>
<td class="nump">11,449<span></span>
</td>
<td class="nump">19,929<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LevelsOfFairValueHierarchyAxis=ifrs-full_Level2OfFairValueHierarchyMember', window );">Level 2 of fair value hierarchy [member] | Other receivables [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherReceivables', window );">Other receivables</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LevelsOfFairValueHierarchyAxis=ifrs-full_Level2OfFairValueHierarchyMember', window );">Level 2 of fair value hierarchy [member] | Other receivables (non-Financial) [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherReceivables', window );">Other receivables</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LevelsOfFairValueHierarchyAxis=ifrs-full_Level2OfFairValueHierarchyMember', window );">Level 2 of fair value hierarchy [member] | Fixed Income (time-deposit, zero coupon bonds, commercial papers) [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentInvestments', window );">Other investments - current</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LevelsOfFairValueHierarchyAxis=ifrs-full_Level2OfFairValueHierarchyMember', window );">Level 2 of fair value hierarchy [member] | U.S. Sovereign Bills [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentInvestments', window );">Other investments - current</a></td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LevelsOfFairValueHierarchyAxis=ifrs-full_Level2OfFairValueHierarchyMember', window );">Level 2 of fair value hierarchy [member] | Non - U.S. Sovereign Bills [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentInvestments', window );">Other investments - current</a></td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LevelsOfFairValueHierarchyAxis=ifrs-full_Level2OfFairValueHierarchyMember', window );">Level 2 of fair value hierarchy [member] | Certificates of Deposits [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentInvestments', window );">Other investments - current</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LevelsOfFairValueHierarchyAxis=ifrs-full_Level2OfFairValueHierarchyMember', window );">Level 2 of fair value hierarchy [member] | Commercial Papers [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentInvestments', window );">Other investments - current</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LevelsOfFairValueHierarchyAxis=ifrs-full_Level2OfFairValueHierarchyMember', window );">Level 2 of fair value hierarchy [member] | Other notes [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentInvestments', window );">Other investments - current</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LevelsOfFairValueHierarchyAxis=ifrs-full_Level2OfFairValueHierarchyMember', window );">Level 2 of fair value hierarchy [member] | Bonds and other fixed income [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentInvestments', window );">Other investments - current</a></td>
<td class="text"> <span></span>
</td>
<td class="nump">9,512<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod', window );">Other investments - non-current</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LevelsOfFairValueHierarchyAxis=ifrs-full_Level2OfFairValueHierarchyMember', window );">Level 2 of fair value hierarchy [member] | U.S. government securities [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentInvestments', window );">Other investments - current</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LevelsOfFairValueHierarchyAxis=ifrs-full_Level2OfFairValueHierarchyMember', window );">Level 2 of fair value hierarchy [member] | Non - U.S. government securities [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentInvestments', window );">Other investments - current</a></td>
<td class="text"> <span></span>
</td>
<td class="nump">9,512<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LevelsOfFairValueHierarchyAxis=ifrs-full_Level2OfFairValueHierarchyMember', window );">Level 2 of fair value hierarchy [member] | Corporates securities [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentInvestments', window );">Other investments - current</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LevelsOfFairValueHierarchyAxis=ifrs-full_Level2OfFairValueHierarchyMember', window );">Level 2 of fair value hierarchy [member] | Other investments [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod', window );">Other investments - non-current</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LevelsOfFairValueHierarchyAxis=ifrs-full_Level3OfFairValueHierarchyMember', window );">Level 3 of fair value hierarchy [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashAndCashEquivalents', window );">Cash and cash equivalents</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentInvestments', window );">Other investments - current</a></td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod', window );">Other investments - non-current</a></td>
<td class="nump">7,660<span></span>
</td>
<td class="nump">6,922<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentTradeReceivables', window );">Current trade receivables</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherReceivables', window );">Other receivables</a></td>
<td class="nump">48,659<span></span>
</td>
<td class="nump">48,659<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssets', window );">Total</a></td>
<td class="nump">56,319<span></span>
</td>
<td class="nump">55,581<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LiabilitiesAbstract', window );"><strong>Liabilities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Borrowings C and NC</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TradeAndOtherCurrentPayables', window );">Trade payables</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LeaseLiabilities', window );">Finance Lease Liabilities C and NC</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DerivativeFinancialLiabilities', window );">Derivative financial instruments</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialLiabilities', window );">Total</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LevelsOfFairValueHierarchyAxis=ifrs-full_Level3OfFairValueHierarchyMember', window );">Level 3 of fair value hierarchy [member] | Derivatives [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DerivativeFinancialAssets', window );">Derivative financial instruments</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LevelsOfFairValueHierarchyAxis=ifrs-full_Level3OfFairValueHierarchyMember', window );">Level 3 of fair value hierarchy [member] | Other receivables [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherReceivables', window );">Other receivables</a></td>
<td class="nump">48,659<span></span>
</td>
<td class="nump">48,659<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LevelsOfFairValueHierarchyAxis=ifrs-full_Level3OfFairValueHierarchyMember', window );">Level 3 of fair value hierarchy [member] | Other receivables (non-Financial) [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherReceivables', window );">Other receivables</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LevelsOfFairValueHierarchyAxis=ifrs-full_Level3OfFairValueHierarchyMember', window );">Level 3 of fair value hierarchy [member] | Fixed Income (time-deposit, zero coupon bonds, commercial papers) [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentInvestments', window );">Other investments - current</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LevelsOfFairValueHierarchyAxis=ifrs-full_Level3OfFairValueHierarchyMember', window );">Level 3 of fair value hierarchy [member] | U.S. Sovereign Bills [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentInvestments', window );">Other investments - current</a></td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LevelsOfFairValueHierarchyAxis=ifrs-full_Level3OfFairValueHierarchyMember', window );">Level 3 of fair value hierarchy [member] | Non - U.S. Sovereign Bills [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentInvestments', window );">Other investments - current</a></td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LevelsOfFairValueHierarchyAxis=ifrs-full_Level3OfFairValueHierarchyMember', window );">Level 3 of fair value hierarchy [member] | Certificates of Deposits [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentInvestments', window );">Other investments - current</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LevelsOfFairValueHierarchyAxis=ifrs-full_Level3OfFairValueHierarchyMember', window );">Level 3 of fair value hierarchy [member] | Commercial Papers [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentInvestments', window );">Other investments - current</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LevelsOfFairValueHierarchyAxis=ifrs-full_Level3OfFairValueHierarchyMember', window );">Level 3 of fair value hierarchy [member] | Other notes [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentInvestments', window );">Other investments - current</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LevelsOfFairValueHierarchyAxis=ifrs-full_Level3OfFairValueHierarchyMember', window );">Level 3 of fair value hierarchy [member] | Bonds and other fixed income [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentInvestments', window );">Other investments - current</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod', window );">Other investments - non-current</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LevelsOfFairValueHierarchyAxis=ifrs-full_Level3OfFairValueHierarchyMember', window );">Level 3 of fair value hierarchy [member] | U.S. government securities [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentInvestments', window );">Other investments - current</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LevelsOfFairValueHierarchyAxis=ifrs-full_Level3OfFairValueHierarchyMember', window );">Level 3 of fair value hierarchy [member] | Non - U.S. government securities [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentInvestments', window );">Other investments - current</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LevelsOfFairValueHierarchyAxis=ifrs-full_Level3OfFairValueHierarchyMember', window );">Level 3 of fair value hierarchy [member] | Corporates securities [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentInvestments', window );">Other investments - current</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LevelsOfFairValueHierarchyAxis=ifrs-full_Level3OfFairValueHierarchyMember', window );">Level 3 of fair value hierarchy [member] | Other investments [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod', window );">Other investments - non-current</a></td>
<td class="nump">7,660<span></span>
</td>
<td class="nump">6,922<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfFinancialAssetsAxis=ifrs-full_FinancialAssetsAtAmortisedCostCategoryMember', window );">Financial assets at amortised cost, category [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashAndCashEquivalents', window );">Cash and cash equivalents</a></td>
<td class="nump">486,498<span></span>
</td>
<td class="nump">387,602<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentInvestments', window );">Other investments - current</a></td>
<td class="nump">763,697<span></span>
</td>
<td class="nump">65,874<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod', window );">Other investments - non-current</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentTradeReceivables', window );">Current trade receivables</a></td>
<td class="nump">968,148<span></span>
</td>
<td class="nump">1,348,160<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherReceivables', window );">Other receivables</a></td>
<td class="nump">90,330<span></span>
</td>
<td class="nump">93,239<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssets', window );">Total</a></td>
<td class="nump">2,308,673<span></span>
</td>
<td class="nump">1,894,875<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LiabilitiesAbstract', window );"><strong>Liabilities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Borrowings C and NC</a></td>
<td class="nump">619,007<span></span>
</td>
<td class="nump">822,152<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TradeAndOtherCurrentPayables', window );">Trade payables</a></td>
<td class="nump">462,105<span></span>
</td>
<td class="nump">555,887<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LeaseLiabilities', window );">Finance Lease Liabilities C and NC</a></td>
<td class="nump">257,343<span></span>
</td>
<td class="nump">230,167<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DerivativeFinancialLiabilities', window );">Derivative financial instruments</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialLiabilities', window );">Total</a></td>
<td class="nump">1,338,455<span></span>
</td>
<td class="nump">1,608,206<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfFinancialAssetsAxis=ifrs-full_FinancialAssetsAtAmortisedCostCategoryMember', window );">Financial assets at amortised cost, category [member] | Derivatives [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DerivativeFinancialAssets', window );">Derivative financial instruments</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfFinancialAssetsAxis=ifrs-full_FinancialAssetsAtAmortisedCostCategoryMember', window );">Financial assets at amortised cost, category [member] | Other receivables [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherReceivables', window );">Other receivables</a></td>
<td class="nump">90,330<span></span>
</td>
<td class="nump">93,239<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfFinancialAssetsAxis=ifrs-full_FinancialAssetsAtAmortisedCostCategoryMember', window );">Financial assets at amortised cost, category [member] | Other receivables (non-Financial) [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherReceivables', window );">Other receivables</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfFinancialAssetsAxis=ifrs-full_FinancialAssetsAtAmortisedCostCategoryMember', window );">Financial assets at amortised cost, category [member] | Fixed Income (time-deposit, zero coupon bonds, commercial papers) [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentInvestments', window );">Other investments - current</a></td>
<td class="nump">763,697<span></span>
</td>
<td class="nump">65,874<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfFinancialAssetsAxis=ifrs-full_FinancialAssetsAtAmortisedCostCategoryMember', window );">Financial assets at amortised cost, category [member] | U.S. Sovereign Bills [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentInvestments', window );">Other investments - current</a></td>
<td class="nump">97,982<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfFinancialAssetsAxis=ifrs-full_FinancialAssetsAtAmortisedCostCategoryMember', window );">Financial assets at amortised cost, category [member] | Non - U.S. Sovereign Bills [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentInvestments', window );">Other investments - current</a></td>
<td class="nump">14,586<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfFinancialAssetsAxis=ifrs-full_FinancialAssetsAtAmortisedCostCategoryMember', window );">Financial assets at amortised cost, category [member] | Certificates of Deposits [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentInvestments', window );">Other investments - current</a></td>
<td class="nump">222,132<span></span>
</td>
<td class="nump">20,637<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfFinancialAssetsAxis=ifrs-full_FinancialAssetsAtAmortisedCostCategoryMember', window );">Financial assets at amortised cost, category [member] | Commercial Papers [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentInvestments', window );">Other investments - current</a></td>
<td class="nump">268,737<span></span>
</td>
<td class="nump">4,993<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfFinancialAssetsAxis=ifrs-full_FinancialAssetsAtAmortisedCostCategoryMember', window );">Financial assets at amortised cost, category [member] | Other notes [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentInvestments', window );">Other investments - current</a></td>
<td class="nump">160,260<span></span>
</td>
<td class="nump">40,244<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfFinancialAssetsAxis=ifrs-full_FinancialAssetsAtAmortisedCostCategoryMember', window );">Financial assets at amortised cost, category [member] | Bonds and other fixed income [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentInvestments', window );">Other investments - current</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod', window );">Other investments - non-current</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfFinancialAssetsAxis=ifrs-full_FinancialAssetsAtAmortisedCostCategoryMember', window );">Financial assets at amortised cost, category [member] | U.S. government securities [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentInvestments', window );">Other investments - current</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfFinancialAssetsAxis=ifrs-full_FinancialAssetsAtAmortisedCostCategoryMember', window );">Financial assets at amortised cost, category [member] | Non - U.S. government securities [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentInvestments', window );">Other investments - current</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfFinancialAssetsAxis=ifrs-full_FinancialAssetsAtAmortisedCostCategoryMember', window );">Financial assets at amortised cost, category [member] | Corporates securities [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentInvestments', window );">Other investments - current</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfFinancialAssetsAxis=ifrs-full_FinancialAssetsAtAmortisedCostCategoryMember', window );">Financial assets at amortised cost, category [member] | Other investments [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod', window );">Other investments - non-current</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfFinancialAssetsAxis=ifrs-full_FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember', window );">Financial assets at fair value through other comprehensive income, category [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashAndCashEquivalents', window );">Cash and cash equivalents</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentInvestments', window );">Other investments - current</a></td>
<td class="nump">108,791<span></span>
</td>
<td class="nump">144,502<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod', window );">Other investments - non-current</a></td>
<td class="nump">239,422<span></span>
</td>
<td class="nump">18,012<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentTradeReceivables', window );">Current trade receivables</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherReceivables', window );">Other receivables</a></td>
<td class="nump">48,659<span></span>
</td>
<td class="nump">48,659<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssets', window );">Total</a></td>
<td class="nump">396,872<span></span>
</td>
<td class="nump">211,173<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LiabilitiesAbstract', window );"><strong>Liabilities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Borrowings C and NC</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TradeAndOtherCurrentPayables', window );">Trade payables</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LeaseLiabilities', window );">Finance Lease Liabilities C and NC</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DerivativeFinancialLiabilities', window );">Derivative financial instruments</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialLiabilities', window );">Total</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfFinancialAssetsAxis=ifrs-full_FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember', window );">Financial assets at fair value through other comprehensive income, category [member] | Derivatives [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DerivativeFinancialAssets', window );">Derivative financial instruments</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfFinancialAssetsAxis=ifrs-full_FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember', window );">Financial assets at fair value through other comprehensive income, category [member] | Other receivables [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherReceivables', window );">Other receivables</a></td>
<td class="nump">48,659<span></span>
</td>
<td class="nump">48,659<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfFinancialAssetsAxis=ifrs-full_FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember', window );">Financial assets at fair value through other comprehensive income, category [member] | Other receivables (non-Financial) [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherReceivables', window );">Other receivables</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfFinancialAssetsAxis=ifrs-full_FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember', window );">Financial assets at fair value through other comprehensive income, category [member] | Fixed Income (time-deposit, zero coupon bonds, commercial papers) [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentInvestments', window );">Other investments - current</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfFinancialAssetsAxis=ifrs-full_FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember', window );">Financial assets at fair value through other comprehensive income, category [member] | U.S. Sovereign Bills [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentInvestments', window );">Other investments - current</a></td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfFinancialAssetsAxis=ifrs-full_FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember', window );">Financial assets at fair value through other comprehensive income, category [member] | Non - U.S. Sovereign Bills [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentInvestments', window );">Other investments - current</a></td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfFinancialAssetsAxis=ifrs-full_FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember', window );">Financial assets at fair value through other comprehensive income, category [member] | Certificates of Deposits [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentInvestments', window );">Other investments - current</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfFinancialAssetsAxis=ifrs-full_FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember', window );">Financial assets at fair value through other comprehensive income, category [member] | Commercial Papers [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentInvestments', window );">Other investments - current</a></td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfFinancialAssetsAxis=ifrs-full_FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember', window );">Financial assets at fair value through other comprehensive income, category [member] | Other notes [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentInvestments', window );">Other investments - current</a></td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfFinancialAssetsAxis=ifrs-full_FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember', window );">Financial assets at fair value through other comprehensive income, category [member] | Bonds and other fixed income [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentInvestments', window );">Other investments - current</a></td>
<td class="nump">108,791<span></span>
</td>
<td class="nump">144,502<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod', window );">Other investments - non-current</a></td>
<td class="nump">239,422<span></span>
</td>
<td class="nump">18,012<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfFinancialAssetsAxis=ifrs-full_FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember', window );">Financial assets at fair value through other comprehensive income, category [member] | U.S. government securities [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentInvestments', window );">Other investments - current</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">10,211<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfFinancialAssetsAxis=ifrs-full_FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember', window );">Financial assets at fair value through other comprehensive income, category [member] | Non - U.S. government securities [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentInvestments', window );">Other investments - current</a></td>
<td class="nump">20,219<span></span>
</td>
<td class="nump">28,637<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfFinancialAssetsAxis=ifrs-full_FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember', window );">Financial assets at fair value through other comprehensive income, category [member] | Corporates securities [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentInvestments', window );">Other investments - current</a></td>
<td class="nump">88,572<span></span>
</td>
<td class="nump">105,654<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfFinancialAssetsAxis=ifrs-full_FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember', window );">Financial assets at fair value through other comprehensive income, category [member] | Other investments [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod', window );">Other investments - non-current</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfFinancialAssetsAxis=ifrs-full_FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember', window );">Financial assets at fair value through profit or loss, category [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashAndCashEquivalents', window );">Cash and cash equivalents</a></td>
<td class="nump">98,183<span></span>
</td>
<td class="nump">1,166,697<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentInvestments', window );">Other investments - current</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod', window );">Other investments - non-current</a></td>
<td class="nump">7,660<span></span>
</td>
<td class="nump">6,922<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentTradeReceivables', window );">Current trade receivables</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherReceivables', window );">Other receivables</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssets', window );">Total</a></td>
<td class="nump">117,292<span></span>
</td>
<td class="nump">1,193,548<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LiabilitiesAbstract', window );"><strong>Liabilities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Borrowings C and NC</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TradeAndOtherCurrentPayables', window );">Trade payables</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LeaseLiabilities', window );">Finance Lease Liabilities C and NC</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DerivativeFinancialLiabilities', window );">Derivative financial instruments</a></td>
<td class="nump">3,217<span></span>
</td>
<td class="nump">1,814<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialLiabilities', window );">Total</a></td>
<td class="nump">3,217<span></span>
</td>
<td class="nump">1,814<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfFinancialAssetsAxis=ifrs-full_FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember', window );">Financial assets at fair value through profit or loss, category [member] | Derivatives [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DerivativeFinancialAssets', window );">Derivative financial instruments</a></td>
<td class="nump">11,449<span></span>
</td>
<td class="nump">19,929<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfFinancialAssetsAxis=ifrs-full_FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember', window );">Financial assets at fair value through profit or loss, category [member] | Other receivables [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherReceivables', window );">Other receivables</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfFinancialAssetsAxis=ifrs-full_FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember', window );">Financial assets at fair value through profit or loss, category [member] | Other receivables (non-Financial) [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherReceivables', window );">Other receivables</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfFinancialAssetsAxis=ifrs-full_FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember', window );">Financial assets at fair value through profit or loss, category [member] | Fixed Income (time-deposit, zero coupon bonds, commercial papers) [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentInvestments', window );">Other investments - current</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfFinancialAssetsAxis=ifrs-full_FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember', window );">Financial assets at fair value through profit or loss, category [member] | U.S. Sovereign Bills [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentInvestments', window );">Other investments - current</a></td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfFinancialAssetsAxis=ifrs-full_FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember', window );">Financial assets at fair value through profit or loss, category [member] | Non - U.S. Sovereign Bills [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentInvestments', window );">Other investments - current</a></td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfFinancialAssetsAxis=ifrs-full_FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember', window );">Financial assets at fair value through profit or loss, category [member] | Certificates of Deposits [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentInvestments', window );">Other investments - current</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfFinancialAssetsAxis=ifrs-full_FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember', window );">Financial assets at fair value through profit or loss, category [member] | Commercial Papers [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentInvestments', window );">Other investments - current</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfFinancialAssetsAxis=ifrs-full_FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember', window );">Financial assets at fair value through profit or loss, category [member] | Other notes [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentInvestments', window );">Other investments - current</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfFinancialAssetsAxis=ifrs-full_FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember', window );">Financial assets at fair value through profit or loss, category [member] | Bonds and other fixed income [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentInvestments', window );">Other investments - current</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod', window );">Other investments - non-current</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfFinancialAssetsAxis=ifrs-full_FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember', window );">Financial assets at fair value through profit or loss, category [member] | U.S. government securities [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentInvestments', window );">Other investments - current</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfFinancialAssetsAxis=ifrs-full_FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember', window );">Financial assets at fair value through profit or loss, category [member] | Non - U.S. government securities [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentInvestments', window );">Other investments - current</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfFinancialAssetsAxis=ifrs-full_FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember', window );">Financial assets at fair value through profit or loss, category [member] | Corporates securities [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentInvestments', window );">Other investments - current</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfFinancialAssetsAxis=ifrs-full_FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember', window );">Financial assets at fair value through profit or loss, category [member] | Other investments [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod', window );">Other investments - non-current</a></td>
<td class="nump">$ 7,660<span></span>
</td>
<td class="nump">$ 6,922<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AssetsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AssetsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Borrowings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of outstanding funds that the entity is obligated to repay.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Borrowings</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashAndCashEquivalents">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of cash on hand and demand deposits, along with short-term, highly liquid investments that are readily convertible to known amounts of cash and that are subject to an insignificant risk of changes in value. [Refer: Cash; Cash equivalents]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2019-01-01<br> -Paragraph 45<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_45&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2019-01-01<br> -Paragraph B13<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_B13_a&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2019-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 54<br> -Subparagraph i<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_54_i&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashAndCashEquivalents</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentInvestments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current investments.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentInvestments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentTradeReceivables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current trade receivables. [Refer: Trade receivables]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 78<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_78_b&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 68<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_68&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentTradeReceivables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DerivativeFinancialAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of financial assets classified as derivative instruments. [Refer: Financial assets; Derivatives [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DerivativeFinancialAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DerivativeFinancialLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of financial liabilities classified as derivative instruments. [Refer: Financial assets; Derivatives [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DerivativeFinancialLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_FinancialAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of assets that are: (a) cash; (b) an equity instrument of another entity; (c) a contractual right: (i) to receive cash or another financial asset from another entity; or (ii) to exchange financial assets or financial liabilities with another entity under conditions that are potentially favourable to the entity; or (d) a contract that will, or may be, settled in the entity&#8217;s own equity instruments and is: (i) a non-derivative for which the entity is, or may be, obliged to receive a variable number of the entity&#8217;s own equity instruments; or (ii) a derivative that will, or may be, settled other than by the exchange of a fixed amount of cash or another financial asset for a fixed number of the entity&#8217;s own equity instruments. For this purpose the entity&#8217;s own equity instruments do not include puttable financial instruments classified as equity instruments in accordance with paragraphs 16A-16B of IAS 32, instruments that impose on the entity an obligation to deliver to another party a pro rata share of the net assets of the entity only on liquidation and are classified as equity instruments in accordance with paragraphs 16C-16D of IAS 32, or instruments that are contracts for the future receipt or delivery of the entity&#8217;s own equity instruments. [Refer: Financial instruments, class [member]; Financial liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2019-01-01<br> -Paragraph 25<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=7&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_25&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2019-01-01<br> -Paragraph 35H<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=7&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_35H&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2019-01-01<br> -Paragraph 35I<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=7&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_35I&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2019-01-01<br> -Paragraph 35M<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=7&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_35M&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 5: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2019-01-01<br> -Paragraph 35N<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=7&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_35N&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_FinancialAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_FinancialLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of liabilities that are: (a) a contractual obligation: (i) to deliver cash or another financial asset to another entity; or (ii) to exchange financial assets or financial liabilities with another entity under conditions that are potentially unfavourable to the entity; or (b) a contract that will, or may be, settled in the entity&#8217;s own equity instruments and is: (i) a non-derivative for which the entity is, or may be, obliged to deliver a variable number of the entity&#8217;s own equity instruments; or (ii) a derivative that will, or may be, settled other than by the exchange of a fixed amount of cash or another financial asset for a fixed number of the entity&#8217;s own equity instruments. For this purpose, rights, options or warrants to acquire a fixed number of the entity&#8217;s own equity instruments for a fixed amount of any currency are equity instruments if the entity offers the rights, options or warrants pro rata to all of its existing owners of the same class of its own non-derivative equity instruments. Also, for those purposes the entity&#8217;s own equity instruments do not include puttable financial instruments that are classified as equity instruments in accordance with paragraphs 16A-16B of IAS 32, instruments that impose on the entity an obligation to deliver to another party a pro rata share of the net assets of the entity only on liquidation and are classified as equity instruments in accordance with paragraphs 16C-16D of IAS 32, or instruments that are contracts for the future receipt or delivery of the entity&#8217;s own equity instruments. As an exception, an instrument that meets the definition of a financial liability is classified as an equity instrument if it has all the features and meets the conditions in paragraphs 16A-16B or paragraphs 16C-16D of IAS 32. [Refer: Financial instruments, class [member]; Financial assets; Derivatives [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2019-01-01<br> -Paragraph 25<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=7&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_25&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_FinancialLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_LeaseLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of liabilities related to the entity's leases. Lease is a contract, or part of a contract, that conveys the right to use an underlying asset for a period of time in exchange for consideration.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 16<br> -IssueDate 2019-01-01<br> -Paragraph 47<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=16&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_47_b&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_LeaseLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_LiabilitiesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_LiabilitiesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of non-current investments other than investments accounted for using the equity method. [Refer: Investments accounted for using equity method; Non-current assets; Investments other than investments accounted for using equity method]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherReceivables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount receivable by the entity that it does not separately disclose in the same statement or note.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 78<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_78_b&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherReceivables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TradeAndOtherCurrentPayables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current trade payables and current other payables. [Refer: Current trade payables; Other current payables]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 54<br> -Subparagraph k<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_54_k&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TradeAndOtherCurrentPayables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfAssetsAxis=ifrs-full_DerivativesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfAssetsAxis=ifrs-full_DerivativesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfAssetsAxis=ts_OtherReceivablesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfAssetsAxis=ts_OtherReceivablesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfAssetsAxis=ts_OtherReceivablesNonfinancialMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfAssetsAxis=ts_OtherReceivablesNonfinancialMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfFinancialAssetsAxis=ts_FixedIncomeTimedepositZeroCouponBondsCommercialPapersMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfFinancialAssetsAxis=ts_FixedIncomeTimedepositZeroCouponBondsCommercialPapersMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfFinancialAssetsAxis=ts_UsSovereignBillsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfFinancialAssetsAxis=ts_UsSovereignBillsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfFinancialAssetsAxis=ts_NonUsSovereignBillsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfFinancialAssetsAxis=ts_NonUsSovereignBillsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfFinancialAssetsAxis=ts_CertificatesOfDepositsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfFinancialAssetsAxis=ts_CertificatesOfDepositsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfFinancialAssetsAxis=ts_CommercialPapersMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfFinancialAssetsAxis=ts_CommercialPapersMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfFinancialAssetsAxis=ts_OtherNotesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfFinancialAssetsAxis=ts_OtherNotesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfFinancialAssetsAxis=ts_BondsAndOtherFixedIncomeMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfFinancialAssetsAxis=ts_BondsAndOtherFixedIncomeMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfFinancialAssetsAxis=ts_UsGovernmentSecuritiesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfFinancialAssetsAxis=ts_UsGovernmentSecuritiesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfFinancialAssetsAxis=ts_NonUsGovernmentSecuritiesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfFinancialAssetsAxis=ts_NonUsGovernmentSecuritiesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfFinancialAssetsAxis=ts_CorporatesSecuritiesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfFinancialAssetsAxis=ts_CorporatesSecuritiesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfFinancialAssetsAxis=ts_OtherInvestments1Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfFinancialAssetsAxis=ts_OtherInvestments1Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_LevelsOfFairValueHierarchyAxis=ifrs-full_Level1OfFairValueHierarchyMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_LevelsOfFairValueHierarchyAxis=ifrs-full_Level1OfFairValueHierarchyMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_LevelsOfFairValueHierarchyAxis=ifrs-full_Level2OfFairValueHierarchyMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_LevelsOfFairValueHierarchyAxis=ifrs-full_Level2OfFairValueHierarchyMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_LevelsOfFairValueHierarchyAxis=ifrs-full_Level3OfFairValueHierarchyMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_LevelsOfFairValueHierarchyAxis=ifrs-full_Level3OfFairValueHierarchyMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfFinancialAssetsAxis=ifrs-full_FinancialAssetsAtAmortisedCostCategoryMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfFinancialAssetsAxis=ifrs-full_FinancialAssetsAtAmortisedCostCategoryMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfFinancialAssetsAxis=ifrs-full_FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfFinancialAssetsAxis=ifrs-full_FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfFinancialAssetsAxis=ifrs-full_FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfFinancialAssetsAxis=ifrs-full_FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>131
<FILENAME>R89.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<body>
<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140345117043336">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>III. Financial Risk Management - Changes in Level 3 Assets and Liabilities (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="2">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfAssetsLineItems', window );"><strong>Disclosure of fair value measurement of assets [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Assets', window );">At the beginning of the year</a></td>
<td class="nump">$ 14,842,991<span></span>
</td>
<td class="nump">$ 14,251,299<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Assets', window );">At the end of the year</a></td>
<td class="nump">13,716,189<span></span>
</td>
<td class="nump">14,842,991<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LevelsOfFairValueHierarchyAxis=ifrs-full_Level3OfFairValueHierarchyMember', window );">Level 3 of fair value hierarchy [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfAssetsLineItems', window );"><strong>Disclosure of fair value measurement of assets [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Assets', window );">At the beginning of the year</a></td>
<td class="nump">55,581<span></span>
</td>
<td class="nump">52,985<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseInFairValueMeasurementAssets', window );">(Decrease) / Addition</a></td>
<td class="num">(3,604)<span></span>
</td>
<td class="nump">2,933<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PurchasesFairValueMeasurementAssets', window );">Increase due to business combinations</a></td>
<td class="nump">3,915<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_CurrencyTranslationAdjustmentAndOthersFairValueMeasurementAssets', window );">Currency translation adjustment and others</a></td>
<td class="nump">427<span></span>
</td>
<td class="num">(337)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Assets', window );">At the end of the year</a></td>
<td class="nump">$ 56,319<span></span>
</td>
<td class="nump">$ 55,581<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Assets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Expiry date 2020-01-01: The amount of resources: (a) controlled by the entity as a result of past events; and (b) from which future economic benefits are expected to flow to the entity.
Effective 2020-01-01: The amount of a present economic resource controlled by the entity as a result of past events. Economic resource is a right that has the potential to produce economic benefits.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2019-01-01<br> -Paragraph 93<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=13&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_93_a&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2019-01-01<br> -Paragraph 28<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_28_c&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2019-01-01<br> -Paragraph 93<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=13&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_93_b&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2019-01-01<br> -Paragraph 93<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=13&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_93_e&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2019-01-01<br> -Paragraph 23<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_23&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Assets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfFairValueMeasurementOfAssetsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfFairValueMeasurementOfAssetsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncreaseDecreaseInFairValueMeasurementAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in the fair value measurement of assets. [Refer: At fair value [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2019-01-01<br> -Paragraph 93<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=13&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_93_e&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncreaseDecreaseInFairValueMeasurementAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PurchasesFairValueMeasurementAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase in the fair value measurement of assets resulting from purchases of those assets. [Refer: At fair value [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2019-01-01<br> -Paragraph 93<br> -Subparagraph e<br> -Clause iii<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=13&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_93_e_iii&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PurchasesFairValueMeasurementAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_CurrencyTranslationAdjustmentAndOthersFairValueMeasurementAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in the fair value measurement of assets resulting from currency translation adjustments and others.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_CurrencyTranslationAdjustmentAndOthersFairValueMeasurementAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_LevelsOfFairValueHierarchyAxis=ifrs-full_Level3OfFairValueHierarchyMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_LevelsOfFairValueHierarchyAxis=ifrs-full_Level3OfFairValueHierarchyMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
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<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140345105873352">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 1 - Segment Information (Details Textual) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfOperatingSegmentsLineItems', window );"><strong>Disclosure of operating segments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLossBeforeTax', window );">Profit (loss) before tax</a></td>
<td class="num">$ (619,267)<span></span>
</td>
<td class="nump">$ 933,710<span></span>
</td>
<td class="nump">$ 1,103,107<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ContractLiabilities', window );">Contract liabilities</a></td>
<td class="nump">$ 48,700<span></span>
</td>
<td class="nump">$ 82,700<span></span>
</td>
<td class="nump">$ 62,700<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=ts_TenarisMember', window );">Tenaris [member] | Government customers [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfOperatingSegmentsLineItems', window );"><strong>Disclosure of operating segments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PercentageOfEntitysRevenue', window );">Percentage of entity's revenue</a></td>
<td class="nump">24.00%<span></span>
</td>
<td class="nump">21.00%<span></span>
</td>
<td class="nump">15.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GeographicalAreasAxis=country_US', window );">UNITED STATES</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfOperatingSegmentsLineItems', window );"><strong>Disclosure of operating segments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PercentageOfEntitysRevenue', window );">Percentage of entity's revenue</a></td>
<td class="nump">26.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SegmentConsolidationItemsAxis=ifrs-full_EliminationOfIntersegmentAmountsMember', window );">Elimination of intersegment amounts [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfOperatingSegmentsLineItems', window );"><strong>Disclosure of operating segments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLossBeforeTax', window );">Profit (loss) before tax</a></td>
<td class="nump">$ 16,900<span></span>
</td>
<td class="nump">$ 36,200<span></span>
</td>
<td class="nump">$ 52,400<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ContractLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of an entity&#8217;s obligation to transfer goods or services to a customer for which the entity has received consideration (or the amount is due) from the customer.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 15<br> -IssueDate 2019-01-01<br> -Paragraph 105<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=15&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_105&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 15<br> -IssueDate 2019-01-01<br> -Paragraph 116<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=15&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_116_a&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ContractLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfOperatingSegmentsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfOperatingSegmentsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PercentageOfEntitysRevenue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The percentage of the entity's revenue. [Refer: Revenue]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2019-01-01<br> -Paragraph 34<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_34&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PercentageOfEntitysRevenue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProfitLossBeforeTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The profit (loss) before tax expense or income. [Refer: Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2019-01-01<br> -Paragraph 28<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_28_b&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2019-01-01<br> -Paragraph 23<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_23&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 103<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_103&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 4: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 102<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_102&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 5<br> -IssueDate 2019-01-01<br> -Paragraph 33<br> -Subparagraph b<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=5&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_33_b_i&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProfitLossBeforeTax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LegalEntityAxis=ts_TenarisMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LegalEntityAxis=ts_TenarisMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TypesOfCustomersAxis=ifrs-full_GovernmentCustomersMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TypesOfCustomersAxis=ifrs-full_GovernmentCustomersMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GeographicalAreasAxis=country_US">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GeographicalAreasAxis=country_US</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140345106656680">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 1 - Segment Information - Reportable Operating Segments (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfOperatingSegmentsLineItems', window );"><strong>Disclosure of operating segments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Revenue', window );">IFRS - Net Sales</a></td>
<td class="nump">$ 5,146,734<span></span>
</td>
<td class="nump">$ 7,294,055<span></span>
</td>
<td class="nump">$ 7,658,588<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLossFromOperatingActivities', window );">Operating (loss) income</a></td>
<td class="num">(663,071)<span></span>
</td>
<td class="nump">832,391<span></span>
</td>
<td class="nump">871,813<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_LossIncomeBeforeEquityInEarningsOfNonconsolidatedCompaniesAndIncomeTax', window );">Income (loss) before equity in earnings of non-consolidated companies and income tax</a></td>
<td class="num">(728,066)<span></span>
</td>
<td class="nump">851,674<span></span>
</td>
<td class="nump">909,113<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod', window );">Equity in earnings of non-consolidated companies</a></td>
<td class="nump">108,799<span></span>
</td>
<td class="nump">82,036<span></span>
</td>
<td class="nump">193,994<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLossBeforeTax', window );">(Loss) income before income tax</a></td>
<td class="num">(619,267)<span></span>
</td>
<td class="nump">933,710<span></span>
</td>
<td class="nump">1,103,107<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PurchaseOfPropertyPlantAndEquipmentIntangibleAssetsOtherThanGoodwillInvestmentPropertyAndOtherNoncurrentAssets', window );">Capital expenditures</a></td>
<td class="nump">193,322<span></span>
</td>
<td class="nump">350,174<span></span>
</td>
<td class="nump">349,473<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DepreciationAndAmortisationExpense', window );">Depreciation and amortization</a></td>
<td class="nump">678,806<span></span>
</td>
<td class="nump">539,521<span></span>
</td>
<td class="nump">664,357<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SegmentsAxis=ts_TubesMember', window );">Tubes [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfOperatingSegmentsLineItems', window );"><strong>Disclosure of operating segments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Revenue', window );">IFRS - Net Sales</a></td>
<td class="nump">4,844,000<span></span>
</td>
<td class="nump">6,870,000<span></span>
</td>
<td class="nump">7,233,000<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_ManagementViewOperatingIncome', window );">Management view - operating income (loss)</a></td>
<td class="num">(277,000)<span></span>
</td>
<td class="nump">857,000<span></span>
</td>
<td class="nump">702,000<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_ManagementViewDifferencesInCostOfSales', window );">Difference in cost of sales</a></td>
<td class="num">(138,000)<span></span>
</td>
<td class="num">(105,000)<span></span>
</td>
<td class="nump">112,000<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_ManagementViewDifferencesInDepreciationAndAmortization', window );">Differences in depreciation and amortization</a></td>
<td class="nump">1,000<span></span>
</td>
<td class="num">(1,000)<span></span>
</td>
<td class="num">(34,000)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_ManagementViewDifferencesInSellingGeneralAndAdiministrativeExpenses', window );">Differences in selling, general and administrative expenses</a></td>
<td class="num">(2,000)<span></span>
</td>
<td class="num">(1,000)<span></span>
</td>
<td class="num">(2,000)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_ManagementViewDifferencesInOtherOperatingIncomeExpensesNet', window );">Differences in other operating income (expenses), net</a></td>
<td class="num">(200,000)<span></span>
</td>
<td class="nump">6,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLossFromOperatingActivities', window );">Operating (loss) income</a></td>
<td class="num">(616,000)<span></span>
</td>
<td class="nump">756,000<span></span>
</td>
<td class="nump">778,000<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PurchaseOfPropertyPlantAndEquipmentIntangibleAssetsOtherThanGoodwillInvestmentPropertyAndOtherNoncurrentAssets', window );">Capital expenditures</a></td>
<td class="nump">189,000<span></span>
</td>
<td class="nump">338,000<span></span>
</td>
<td class="nump">346,000<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DepreciationAndAmortisationExpense', window );">Depreciation and amortization</a></td>
<td class="nump">661,000<span></span>
</td>
<td class="nump">523,000<span></span>
</td>
<td class="nump">645,000<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SegmentsAxis=ifrs-full_AllOtherSegmentsMember', window );">All other segments [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfOperatingSegmentsLineItems', window );"><strong>Disclosure of operating segments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Revenue', window );">IFRS - Net Sales</a></td>
<td class="nump">303,000<span></span>
</td>
<td class="nump">424,000<span></span>
</td>
<td class="nump">426,000<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_ManagementViewOperatingIncome', window );">Management view - operating income (loss)</a></td>
<td class="num">(50,000)<span></span>
</td>
<td class="nump">73,000<span></span>
</td>
<td class="nump">81,000<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_ManagementViewDifferencesInCostOfSales', window );">Difference in cost of sales</a></td>
<td class="nump">4,000<span></span>
</td>
<td class="nump">3,000<span></span>
</td>
<td class="nump">7,000<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_ManagementViewDifferencesInDepreciationAndAmortization', window );">Differences in depreciation and amortization</a></td>
<td class="num">(1,000)<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_ManagementViewDifferencesInSellingGeneralAndAdiministrativeExpenses', window );">Differences in selling, general and administrative expenses</a></td>
<td class="text"> <span></span>
</td>
<td class="nump">1,000<span></span>
</td>
<td class="nump">6,000<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_ManagementViewDifferencesInOtherOperatingIncomeExpensesNet', window );">Differences in other operating income (expenses), net</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLossFromOperatingActivities', window );">Operating (loss) income</a></td>
<td class="num">(47,000)<span></span>
</td>
<td class="nump">77,000<span></span>
</td>
<td class="nump">94,000<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PurchaseOfPropertyPlantAndEquipmentIntangibleAssetsOtherThanGoodwillInvestmentPropertyAndOtherNoncurrentAssets', window );">Capital expenditures</a></td>
<td class="nump">4,000<span></span>
</td>
<td class="nump">12,000<span></span>
</td>
<td class="nump">3,000<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DepreciationAndAmortisationExpense', window );">Depreciation and amortization</a></td>
<td class="nump">18,000<span></span>
</td>
<td class="nump">17,000<span></span>
</td>
<td class="nump">19,000<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SegmentsAxis=ifrs-full_ReportableSegmentsMember', window );">Reportable segments [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfOperatingSegmentsLineItems', window );"><strong>Disclosure of operating segments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Revenue', window );">IFRS - Net Sales</a></td>
<td class="nump">5,147,000<span></span>
</td>
<td class="nump">7,294,000<span></span>
</td>
<td class="nump">7,659,000<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_ManagementViewOperatingIncome', window );">Management view - operating income (loss)</a></td>
<td class="num">(327,000)<span></span>
</td>
<td class="nump">930,000<span></span>
</td>
<td class="nump">783,000<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_ManagementViewDifferencesInCostOfSales', window );">Difference in cost of sales</a></td>
<td class="num">(134,000)<span></span>
</td>
<td class="num">(102,000)<span></span>
</td>
<td class="nump">119,000<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_ManagementViewDifferencesInDepreciationAndAmortization', window );">Differences in depreciation and amortization</a></td>
<td class="text"> <span></span>
</td>
<td class="num">(1,000)<span></span>
</td>
<td class="num">(34,000)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_ManagementViewDifferencesInSellingGeneralAndAdiministrativeExpenses', window );">Differences in selling, general and administrative expenses</a></td>
<td class="num">(2,000)<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="nump">4,000<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_ManagementViewDifferencesInOtherOperatingIncomeExpensesNet', window );">Differences in other operating income (expenses), net</a></td>
<td class="num">(200,000)<span></span>
</td>
<td class="nump">6,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLossFromOperatingActivities', window );">Operating (loss) income</a></td>
<td class="num">(663,000)<span></span>
</td>
<td class="nump">833,000<span></span>
</td>
<td class="nump">872,000<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinanceIncomeCost', window );">Financial income (expense), net</a></td>
<td class="num">(65,000)<span></span>
</td>
<td class="nump">19,000<span></span>
</td>
<td class="nump">37,000<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_LossIncomeBeforeEquityInEarningsOfNonconsolidatedCompaniesAndIncomeTax', window );">Income (loss) before equity in earnings of non-consolidated companies and income tax</a></td>
<td class="num">(728,000)<span></span>
</td>
<td class="nump">852,000<span></span>
</td>
<td class="nump">909,000<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod', window );">Equity in earnings of non-consolidated companies</a></td>
<td class="nump">109,000<span></span>
</td>
<td class="nump">82,000<span></span>
</td>
<td class="nump">194,000<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLossBeforeTax', window );">(Loss) income before income tax</a></td>
<td class="num">(619,000)<span></span>
</td>
<td class="nump">934,000<span></span>
</td>
<td class="nump">1,103,000<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PurchaseOfPropertyPlantAndEquipmentIntangibleAssetsOtherThanGoodwillInvestmentPropertyAndOtherNoncurrentAssets', window );">Capital expenditures</a></td>
<td class="nump">193,000<span></span>
</td>
<td class="nump">350,000<span></span>
</td>
<td class="nump">349,000<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DepreciationAndAmortisationExpense', window );">Depreciation and amortization</a></td>
<td class="nump">$ 679,000<span></span>
</td>
<td class="nump">$ 540,000<span></span>
</td>
<td class="nump">$ 664,000<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DepreciationAndAmortisationExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of depreciation and amortisation expense. Depreciation and amortisation are the systematic allocations of depreciable amounts of assets over their useful lives.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2019-01-01<br> -Paragraph 23<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_23_e&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2019-01-01<br> -Paragraph 28<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_28_e&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2019-01-01<br> -Paragraph B13<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_B13_d&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2019-03-27<br><br>Reference 4: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 102<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_102&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 99<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_99&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 104<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_104&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DepreciationAndAmortisationExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfOperatingSegmentsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfOperatingSegmentsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_FinanceIncomeCost">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of income or cost associated with interest and other financing activities of the entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 85<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_85&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_FinanceIncomeCost</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProfitLossBeforeTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The profit (loss) before tax expense or income. [Refer: Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2019-01-01<br> -Paragraph 28<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_28_b&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2019-01-01<br> -Paragraph 23<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_23&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 103<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_103&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 4: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 102<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_102&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 5<br> -IssueDate 2019-01-01<br> -Paragraph 33<br> -Subparagraph b<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=5&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_33_b_i&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProfitLossBeforeTax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProfitLossFromOperatingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The profit (loss) from operating activities of the entity. [Refer: Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 32<br> -IssueDate 2019-01-01<br> -Paragraph IE33<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=32&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_IE33&amp;doctype=Illustrative%20Examples<br> -URIDate 2019-03-27<br><br>Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 85<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_85&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProfitLossFromOperatingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PurchaseOfPropertyPlantAndEquipmentIntangibleAssetsOtherThanGoodwillInvestmentPropertyAndOtherNoncurrentAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for the purchase of property, plant and equipment, intangible assets other than goodwill, investment property and other non-current assets. [Refer: Intangible assets other than goodwill; Investment property; Other non-current assets; Property, plant and equipment]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2019-01-01<br> -Paragraph 16<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_16&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PurchaseOfPropertyPlantAndEquipmentIntangibleAssetsOtherThanGoodwillInvestmentPropertyAndOtherNoncurrentAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Revenue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Expiry date 2020-01-01: The income arising in the course of an entity's ordinary activities. Income is increases in economic benefits during the accounting period in the form of inflows or enhancements of assets or decreases of liabilities that result in an increase in equity, other than those relating to contributions from equity participants.
Effective 2020-01-01: The income arising in the course of an entity's ordinary activities. Income is increases in assets, or decreases in liabilities, that result in increases in equity, other than those relating to contributions from holders of equity claims.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2019-01-01<br> -Paragraph 28<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_28_a&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2019-01-01<br> -Paragraph 23<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_23_a&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2019-01-01<br> -Paragraph 32<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_32&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2019-01-01<br> -Paragraph 33<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_33_a&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2019-01-01<br> -Paragraph 34<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_34&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 82<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_82_a&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 7: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 103<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_103&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 8: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 102<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_102&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 9: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 5<br> -IssueDate 2019-01-01<br> -Paragraph 33<br> -Subparagraph b<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=5&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_33_b_i&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 10: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2019-01-01<br> -Paragraph B12<br> -Subparagraph b<br> -Clause v<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_B12_b_v&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2019-03-27<br><br>Reference 11: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2019-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Revenue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entity's share of the profit (loss) of associates and joint ventures accounted for using the equity method. [Refer: Associates [member]; Investments accounted for using equity method; Joint ventures [member]; Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2019-01-01<br> -Paragraph 23<br> -Subparagraph g<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_23_g&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2019-01-01<br> -Paragraph 28<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_28_e&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Note Effective on first application of IFRS 9<br> -Name IFRS<br> -Number 4<br> -IssueDate 2019-01-01<br> -Paragraph 39M<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=4&amp;code=ifrs-tx-2019-en-b&amp;anchor=para_39M_b&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 82<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_82_c&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_LossIncomeBeforeEquityInEarningsOfNonconsolidatedCompaniesAndIncomeTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The (loss) income before equity in earnings of non-consolidated companies and income tax.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_LossIncomeBeforeEquityInEarningsOfNonconsolidatedCompaniesAndIncomeTax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_ManagementViewDifferencesInCostOfSales">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Differences in cost of sales under management view.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_ManagementViewDifferencesInCostOfSales</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_ManagementViewDifferencesInDepreciationAndAmortization">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Differences in depreciation and amortization under management view.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_ManagementViewDifferencesInDepreciationAndAmortization</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_ManagementViewDifferencesInOtherOperatingIncomeExpensesNet">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Differences in net other operating income (expenses) under management view.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_ManagementViewDifferencesInOtherOperatingIncomeExpensesNet</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_ManagementViewDifferencesInSellingGeneralAndAdiministrativeExpenses">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Differences in selling, general and administrative expenses under management view.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_ManagementViewDifferencesInSellingGeneralAndAdiministrativeExpenses</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_ManagementViewOperatingIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Operating income under management view.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_ManagementViewOperatingIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SegmentsAxis=ts_TubesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SegmentsAxis=ts_TubesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SegmentsAxis=ifrs-full_AllOtherSegmentsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SegmentsAxis=ifrs-full_AllOtherSegmentsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SegmentsAxis=ifrs-full_ReportableSegmentsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SegmentsAxis=ifrs-full_ReportableSegmentsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
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<head>
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140345105793208">
<tr>
<th class="tl" colspan="2" rowspan="2"><div style="width: 200px;"><strong>Note 1 - Segment Information - Geographical Information (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfOperatingSegmentsLineItems', window );"><strong>Disclosure of operating segments [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Revenue', window );">Net sales</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 5,146,734<span></span>
</td>
<td class="nump">$ 7,294,055<span></span>
</td>
<td class="nump">$ 7,658,588<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Assets', window );">Total assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">13,716,189<span></span>
</td>
<td class="nump">14,842,991<span></span>
</td>
<td class="nump">14,251,299<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentTradeReceivables', window );">Trade receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">968,148<span></span>
</td>
<td class="nump">1,348,160<span></span>
</td>
<td class="nump">1,737,366<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment, net</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">6,193,181<span></span>
</td>
<td class="nump">6,090,017<span></span>
</td>
<td class="nump">6,063,908<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PurchaseOfPropertyPlantAndEquipmentIntangibleAssetsOtherThanGoodwillInvestmentPropertyAndOtherNoncurrentAssets', window );">Capital expenditures</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">193,322<span></span>
</td>
<td class="nump">350,174<span></span>
</td>
<td class="nump">349,473<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DepreciationAndAmortisationExpense', window );">Depreciation and amortization</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">678,806<span></span>
</td>
<td class="nump">539,521<span></span>
</td>
<td class="nump">664,357<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GeographicalAreasAxis=ts_NorthAmerica1Member', window );">North America [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfOperatingSegmentsLineItems', window );"><strong>Disclosure of operating segments [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Revenue', window );">Net sales</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">2,179,949<span></span>
</td>
<td class="nump">3,429,911<span></span>
</td>
<td class="nump">3,611,509<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Assets', window );">Total assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">8,071,574<span></span>
</td>
<td class="nump">7,885,120<span></span>
</td>
<td class="nump">7,971,311<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentTradeReceivables', window );">Trade receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">411,692<span></span>
</td>
<td class="nump">612,809<span></span>
</td>
<td class="nump">791,190<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment, net</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">3,971,101<span></span>
</td>
<td class="nump">3,771,570<span></span>
</td>
<td class="nump">3,859,060<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PurchaseOfPropertyPlantAndEquipmentIntangibleAssetsOtherThanGoodwillInvestmentPropertyAndOtherNoncurrentAssets', window );">Capital expenditures</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">71,531<span></span>
</td>
<td class="nump">169,390<span></span>
</td>
<td class="nump">196,220<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DepreciationAndAmortisationExpense', window );">Depreciation and amortization</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">408,546<span></span>
</td>
<td class="nump">276,046<span></span>
</td>
<td class="nump">441,705<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GeographicalAreasAxis=ts_SouthAmerica1Member', window );">South America [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfOperatingSegmentsLineItems', window );"><strong>Disclosure of operating segments [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Revenue', window );">Net sales</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">776,235<span></span>
</td>
<td class="nump">1,391,288<span></span>
</td>
<td class="nump">1,462,044<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Assets', window );">Total assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">1,868,458<span></span>
</td>
<td class="nump">2,227,044<span></span>
</td>
<td class="nump">2,489,522<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentTradeReceivables', window );">Trade receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">115,972<span></span>
</td>
<td class="nump">176,173<span></span>
</td>
<td class="nump">280,801<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment, net</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">1,050,619<span></span>
</td>
<td class="nump">1,129,260<span></span>
</td>
<td class="nump">1,133,113<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PurchaseOfPropertyPlantAndEquipmentIntangibleAssetsOtherThanGoodwillInvestmentPropertyAndOtherNoncurrentAssets', window );">Capital expenditures</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">63,111<span></span>
</td>
<td class="nump">113,999<span></span>
</td>
<td class="nump">68,603<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DepreciationAndAmortisationExpense', window );">Depreciation and amortization</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">106,827<span></span>
</td>
<td class="nump">105,308<span></span>
</td>
<td class="nump">108,558<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GeographicalAreasAxis=ts_Europe1Member', window );">Europe [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfOperatingSegmentsLineItems', window );"><strong>Disclosure of operating segments [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Revenue', window );">Net sales</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">642,793<span></span>
</td>
<td class="nump">738,880<span></span>
</td>
<td class="nump">724,733<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Assets', window );">Total assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">1,461,738<span></span>
</td>
<td class="nump">2,282,775<span></span>
</td>
<td class="nump">1,913,589<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentTradeReceivables', window );">Trade receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">139,427<span></span>
</td>
<td class="nump">149,321<span></span>
</td>
<td class="nump">215,202<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment, net</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">823,057<span></span>
</td>
<td class="nump">816,721<span></span>
</td>
<td class="nump">848,178<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PurchaseOfPropertyPlantAndEquipmentIntangibleAssetsOtherThanGoodwillInvestmentPropertyAndOtherNoncurrentAssets', window );">Capital expenditures</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">39,691<span></span>
</td>
<td class="nump">55,169<span></span>
</td>
<td class="nump">77,467<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DepreciationAndAmortisationExpense', window );">Depreciation and amortization</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">84,518<span></span>
</td>
<td class="nump">82,400<span></span>
</td>
<td class="nump">82,769<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GeographicalAreasAxis=ts_MiddleEastAndAfricaMember', window );">Middle East and Africa [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfOperatingSegmentsLineItems', window );"><strong>Disclosure of operating segments [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Revenue', window );">Net sales</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">1,227,532<span></span>
</td>
<td class="nump">1,382,172<span></span>
</td>
<td class="nump">1,559,988<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Assets', window );">Total assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">804,559<span></span>
</td>
<td class="nump">958,424<span></span>
</td>
<td class="nump">588,746<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentTradeReceivables', window );">Trade receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">210,194<span></span>
</td>
<td class="nump">319,406<span></span>
</td>
<td class="nump">383,358<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment, net</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">242,939<span></span>
</td>
<td class="nump">254,858<span></span>
</td>
<td class="nump">94,040<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PurchaseOfPropertyPlantAndEquipmentIntangibleAssetsOtherThanGoodwillInvestmentPropertyAndOtherNoncurrentAssets', window );">Capital expenditures</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">10,452<span></span>
</td>
<td class="nump">4,578<span></span>
</td>
<td class="nump">2,047<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DepreciationAndAmortisationExpense', window );">Depreciation and amortization</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">44,259<span></span>
</td>
<td class="nump">42,520<span></span>
</td>
<td class="nump">10,389<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GeographicalAreasAxis=ts_AsiaPacific1Member', window );">Asia Pacific [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfOperatingSegmentsLineItems', window );"><strong>Disclosure of operating segments [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Revenue', window );">Net sales</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">320,225<span></span>
</td>
<td class="nump">351,804<span></span>
</td>
<td class="nump">300,314<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Assets', window );">Total assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">552,508<span></span>
</td>
<td class="nump">609,663<span></span>
</td>
<td class="nump">482,563<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentTradeReceivables', window );">Trade receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">90,863<span></span>
</td>
<td class="nump">90,451<span></span>
</td>
<td class="nump">66,815<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment, net</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">105,465<span></span>
</td>
<td class="nump">117,608<span></span>
</td>
<td class="nump">129,517<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PurchaseOfPropertyPlantAndEquipmentIntangibleAssetsOtherThanGoodwillInvestmentPropertyAndOtherNoncurrentAssets', window );">Capital expenditures</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">8,537<span></span>
</td>
<td class="nump">7,038<span></span>
</td>
<td class="nump">5,136<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DepreciationAndAmortisationExpense', window );">Depreciation and amortization</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">34,656<span></span>
</td>
<td class="nump">33,247<span></span>
</td>
<td class="nump">20,936<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GeographicalAreasAxis=ts_UnallocatedRegionMember', window );">Unallocated [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfOperatingSegmentsLineItems', window );"><strong>Disclosure of operating segments [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Revenue', window );">Net sales</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Assets', window );">Total assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">957,352<span></span>
</td>
<td class="nump">879,965<span></span>
</td>
<td class="nump">805,568<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentTradeReceivables', window );">Trade receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment, net</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PurchaseOfPropertyPlantAndEquipmentIntangibleAssetsOtherThanGoodwillInvestmentPropertyAndOtherNoncurrentAssets', window );">Capital expenditures</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DepreciationAndAmortisationExpense', window );">Depreciation and amortization</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr><td colspan="4"></td></tr>
<tr><td colspan="4"><table class="outerFootnotes" width="100%"><tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">For 2020, 2019 and 2018 includes Investments in non-consolidated companies. See note 13.</td>
</tr></table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Assets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Expiry date 2020-01-01: The amount of resources: (a) controlled by the entity as a result of past events; and (b) from which future economic benefits are expected to flow to the entity.
Effective 2020-01-01: The amount of a present economic resource controlled by the entity as a result of past events. Economic resource is a right that has the potential to produce economic benefits.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2019-01-01<br> -Paragraph 93<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=13&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_93_a&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2019-01-01<br> -Paragraph 28<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_28_c&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2019-01-01<br> -Paragraph 93<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=13&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_93_b&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2019-01-01<br> -Paragraph 93<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=13&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_93_e&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2019-01-01<br> -Paragraph 23<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_23&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Assets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentTradeReceivables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current trade receivables. [Refer: Trade receivables]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 78<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_78_b&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 68<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_68&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentTradeReceivables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DepreciationAndAmortisationExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of depreciation and amortisation expense. Depreciation and amortisation are the systematic allocations of depreciable amounts of assets over their useful lives.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2019-01-01<br> -Paragraph 23<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_23_e&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2019-01-01<br> -Paragraph 28<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_28_e&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2019-01-01<br> -Paragraph B13<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_B13_d&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2019-03-27<br><br>Reference 4: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 102<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_102&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 99<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_99&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 104<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_104&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DepreciationAndAmortisationExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfOperatingSegmentsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfOperatingSegmentsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of tangible assets that: (a) are held for use in the production or supply of goods or services, for rental to others, or for administrative purposes; and (b) are expected to be used during more than one period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 16<br> -IssueDate 2019-01-01<br> -Paragraph 73<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=16&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_73_e&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 54<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_54_a&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PurchaseOfPropertyPlantAndEquipmentIntangibleAssetsOtherThanGoodwillInvestmentPropertyAndOtherNoncurrentAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for the purchase of property, plant and equipment, intangible assets other than goodwill, investment property and other non-current assets. [Refer: Intangible assets other than goodwill; Investment property; Other non-current assets; Property, plant and equipment]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2019-01-01<br> -Paragraph 16<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_16&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PurchaseOfPropertyPlantAndEquipmentIntangibleAssetsOtherThanGoodwillInvestmentPropertyAndOtherNoncurrentAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Revenue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Expiry date 2020-01-01: The income arising in the course of an entity's ordinary activities. Income is increases in economic benefits during the accounting period in the form of inflows or enhancements of assets or decreases of liabilities that result in an increase in equity, other than those relating to contributions from equity participants.
Effective 2020-01-01: The income arising in the course of an entity's ordinary activities. Income is increases in assets, or decreases in liabilities, that result in increases in equity, other than those relating to contributions from holders of equity claims.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2019-01-01<br> -Paragraph 28<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_28_a&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2019-01-01<br> -Paragraph 23<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_23_a&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2019-01-01<br> -Paragraph 32<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_32&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2019-01-01<br> -Paragraph 33<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_33_a&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2019-01-01<br> -Paragraph 34<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_34&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 82<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_82_a&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 7: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 103<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_103&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 8: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 102<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_102&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 9: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 5<br> -IssueDate 2019-01-01<br> -Paragraph 33<br> -Subparagraph b<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=5&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_33_b_i&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 10: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2019-01-01<br> -Paragraph B12<br> -Subparagraph b<br> -Clause v<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_B12_b_v&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2019-03-27<br><br>Reference 11: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2019-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Revenue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GeographicalAreasAxis=ts_NorthAmerica1Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GeographicalAreasAxis=ts_NorthAmerica1Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GeographicalAreasAxis=ts_SouthAmerica1Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GeographicalAreasAxis=ts_SouthAmerica1Member</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GeographicalAreasAxis=ts_Europe1Member</td>
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<tr><td><div class="body" style="padding: 2px;">
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<tr>
<td><strong> Name:</strong></td>
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140345111129448">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 1 - Segment Information - Tubes Segment Revenues By Market (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfOperatingSegmentsLineItems', window );"><strong>Disclosure of operating segments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Revenue', window );">IFRS - Net Sales</a></td>
<td class="nump">$ 5,146,734<span></span>
</td>
<td class="nump">$ 7,294,055<span></span>
</td>
<td class="nump">$ 7,658,588<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SegmentsAxis=ts_TubesMember', window );">Tubes [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfOperatingSegmentsLineItems', window );"><strong>Disclosure of operating segments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Revenue', window );">IFRS - Net Sales</a></td>
<td class="nump">4,844,000<span></span>
</td>
<td class="nump">6,870,000<span></span>
</td>
<td class="nump">7,233,000<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SegmentsAxis=ts_TubesMember', window );">Tubes [member] | Oil and gas [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfOperatingSegmentsLineItems', window );"><strong>Disclosure of operating segments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Revenue', window );">IFRS - Net Sales</a></td>
<td class="nump">4,073,000<span></span>
</td>
<td class="nump">5,757,000<span></span>
</td>
<td class="nump">6,042,000<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SegmentsAxis=ts_TubesMember', window );">Tubes [member] | Hydrocarbon processing and power generation [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfOperatingSegmentsLineItems', window );"><strong>Disclosure of operating segments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Revenue', window );">IFRS - Net Sales</a></td>
<td class="nump">371,000<span></span>
</td>
<td class="nump">534,000<span></span>
</td>
<td class="nump">602,000<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SegmentsAxis=ts_TubesMember', window );">Tubes [member] | Industrial and other [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfOperatingSegmentsLineItems', window );"><strong>Disclosure of operating segments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Revenue', window );">IFRS - Net Sales</a></td>
<td class="nump">$ 400,000<span></span>
</td>
<td class="nump">$ 579,000<span></span>
</td>
<td class="nump">$ 589,000<span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Expiry date 2020-01-01: The income arising in the course of an entity's ordinary activities. Income is increases in economic benefits during the accounting period in the form of inflows or enhancements of assets or decreases of liabilities that result in an increase in equity, other than those relating to contributions from equity participants.
Effective 2020-01-01: The income arising in the course of an entity's ordinary activities. Income is increases in assets, or decreases in liabilities, that result in increases in equity, other than those relating to contributions from holders of equity claims.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2019-01-01<br> -Paragraph 28<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_28_a&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2019-01-01<br> -Paragraph 23<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_23_a&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2019-01-01<br> -Paragraph 32<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_32&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2019-01-01<br> -Paragraph 33<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_33_a&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2019-01-01<br> -Paragraph 34<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_34&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 82<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_82_a&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 7: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 103<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_103&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 8: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 102<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_102&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 9: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 5<br> -IssueDate 2019-01-01<br> -Paragraph 33<br> -Subparagraph b<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=5&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_33_b_i&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 10: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2019-01-01<br> -Paragraph B12<br> -Subparagraph b<br> -Clause v<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_B12_b_v&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2019-03-27<br><br>Reference 11: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2019-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<td><strong> Name:</strong></td>
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<tr>
<td><strong> Name:</strong></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProductsAndServicesAxis=ts_HydrocarbonProcessingAndPowerGenerationMember</td>
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</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProductsAndServicesAxis=ts_IndustrialAndOtherMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProductsAndServicesAxis=ts_IndustrialAndOtherMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>136
<FILENAME>R94.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140345123094376">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 2 - Cost of Sales - Components of Cost of Sales (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_DisclosureOfCostOfSalesAbstract', window );"><strong>Disclosure of Cost of Sales [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_InventoriesIncludingDiscontinuedOperations', window );">Inventories at the beginning of the year</a></td>
<td class="nump">$ 2,265,880<span></span>
</td>
<td class="nump">$ 2,524,341<span></span>
</td>
<td class="nump">$ 2,368,304<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_IncreaseInInventoryDueToBusinessCombinations', window );">Increase in inventory due to business combinations</a></td>
<td class="nump">199,589<span></span>
</td>
<td class="nump">52,966<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_CostOfSalesRawMaterialsEnergyConsumablesAndOther', window );">Raw materials, energy, consumables and other</a></td>
<td class="nump">1,545,688<span></span>
</td>
<td class="nump">2,709,629<span></span>
</td>
<td class="nump">3,400,396<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_CostOfSalesServicesAndFees', window );">Services and fees</a></td>
<td class="nump">154,976<span></span>
</td>
<td class="nump">222,415<span></span>
</td>
<td class="nump">275,130<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_CostOfSalesLaborCost', window );">Labor cost</a></td>
<td class="nump">757,359<span></span>
</td>
<td class="nump">870,261<span></span>
</td>
<td class="nump">855,040<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_CostOfSalesDepreciationOfPropertyPlantAndEquipment', window );">Depreciation of property, plant and equipment</a></td>
<td class="nump">503,725<span></span>
</td>
<td class="nump">428,791<span></span>
</td>
<td class="nump">432,497<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_CostOfSalesAmortizationOfIntangibleAssets', window );">Amortization of intangible assets</a></td>
<td class="nump">8,121<span></span>
</td>
<td class="nump">5,948<span></span>
</td>
<td class="nump">8,220<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_DepreciationOfRightofuseAssetsInventoryImpactOnCostOfSales', window );">Depreciation of right-of-use assets</a></td>
<td class="nump">40,127<span></span>
</td>
<td class="nump">28,727<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_CostOfSalesMaintenanceExpenses', window );">Maintenance expenses</a></td>
<td class="nump">107,764<span></span>
</td>
<td class="nump">284,758<span></span>
</td>
<td class="nump">185,782<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_CostOfSalesAllowanceForObsolescence', window );">Allowance for obsolescence</a></td>
<td class="nump">35,809<span></span>
</td>
<td class="nump">29,138<span></span>
</td>
<td class="nump">25,457<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_CostOfSalesTaxes', window );">Taxes</a></td>
<td class="nump">45,162<span></span>
</td>
<td class="nump">100,738<span></span>
</td>
<td class="nump">133,308<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_CostOfSalesOther', window );">Other</a></td>
<td class="nump">59,790<span></span>
</td>
<td class="nump">115,663<span></span>
</td>
<td class="nump">119,507<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_CostOfSalesIncludingDiscontinuedOperations', window );">Cost of sales including discontinued operations</a></td>
<td class="nump">3,458,110<span></span>
</td>
<td class="nump">4,849,034<span></span>
</td>
<td class="nump">5,435,337<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_InventoriesIncludingDiscontinuedOperations', window );">Less: Inventories at the end of the year</a></td>
<td class="num">(1,636,673)<span></span>
</td>
<td class="num">(2,265,880)<span></span>
</td>
<td class="num">(2,524,341)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CostOfSales', window );">Cost of sales</a></td>
<td class="nump">4,087,317<span></span>
</td>
<td class="nump">5,107,495<span></span>
</td>
<td class="nump">5,279,300<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_CostOfSalesLaborCostSeveranceCharges', window );">Cost of sales, labor cost severance charges</a></td>
<td class="nump">$ 81,300<span></span>
</td>
<td class="nump">$ 17,200<span></span>
</td>
<td class="nump">$ 15,000<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CostOfSales">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of costs relating to expenses directly or indirectly attributed to the goods or services sold, which may include, but are not limited to, costs previously included in the measurement of inventory that has now been sold, unallocated production overheads and abnormal amounts of production costs of inventories.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 99<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_99&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 103<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_103&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CostOfSales</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_CostOfSalesAllowanceForObsolescence">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of allowance for obsolescence attributable to cost of sales.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_CostOfSalesAllowanceForObsolescence</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_CostOfSalesAmortizationOfIntangibleAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of amortization of intangible assets attributable to cost of sales.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_CostOfSalesAmortizationOfIntangibleAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_CostOfSalesDepreciationOfPropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of depreciation of property, plant and equipment attributable to cost of sales.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_CostOfSalesDepreciationOfPropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_CostOfSalesIncludingDiscontinuedOperations">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of cost of sales including discontinued operations.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_CostOfSalesIncludingDiscontinuedOperations</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_CostOfSalesLaborCost">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of labor cost attributable to cost of sales.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_CostOfSalesLaborCost</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_CostOfSalesLaborCostSeveranceCharges">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of labor cost severance charges attributable to cost of sales.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_CostOfSalesLaborCostSeveranceCharges</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_CostOfSalesMaintenanceExpenses">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of maintenance expenses attributable to cost of sales.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_CostOfSalesMaintenanceExpenses</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_CostOfSalesOther">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of other expense attributable to cost of sales.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_CostOfSalesOther</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_CostOfSalesRawMaterialsEnergyConsumablesAndOther">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of raw materials, energy, consumables and other expense attributable to cost of sales.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_CostOfSalesRawMaterialsEnergyConsumablesAndOther</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_CostOfSalesServicesAndFees">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of services and fees expense attributable to cost of sales.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_CostOfSalesServicesAndFees</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_CostOfSalesTaxes">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of tax expense attributable to cost of sales.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_CostOfSalesTaxes</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_DepreciationOfRightofuseAssetsInventoryImpactOnCostOfSales">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the cost of sales impact of depreciation of right-of-use assets during the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_DepreciationOfRightofuseAssetsInventoryImpactOnCostOfSales</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_DisclosureOfCostOfSalesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_DisclosureOfCostOfSalesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_IncreaseInInventoryDueToBusinessCombinations">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the amount of increase in inventory during the period due to business combinations.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_IncreaseInInventoryDueToBusinessCombinations</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_InventoriesIncludingDiscontinuedOperations">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current inventories including discontinued operations.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_InventoriesIncludingDiscontinuedOperations</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
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<SEQUENCE>137
<FILENAME>R95.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140345106332072">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 3 - Selling, General and Administrative Expenses - Components of Selling, General and Administrative Expenses (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SellingGeneralAndAdministrativeExpenseAbstract', window );"><strong>Selling, general and administrative expense [abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_SellingGeneralAndAdministrativeExpensesServicesAndFees', window );">Services and fees</a></td>
<td class="nump">$ 115,883<span></span>
</td>
<td class="nump">$ 153,773<span></span>
</td>
<td class="nump">$ 128,090<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_SellingGeneralAndAdministrativeExpensesLaborCost', window );">Labor cost</a></td>
<td class="nump">444,436<span></span>
</td>
<td class="nump">481,854<span></span>
</td>
<td class="nump">470,928<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_SellingGeneralAndAdministrativeExpensesDepreciationOfPropertyPlantAndEquipment', window );">Depreciation of property, plant and equipment</a></td>
<td class="nump">26,814<span></span>
</td>
<td class="nump">18,524<span></span>
</td>
<td class="nump">16,968<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_SellingGeneralAndAdministrativeExpensesAmortizationOfIntangibleAssets', window );">Selling, general and administrative expenses, amortization of intangible assets</a></td>
<td class="nump">82,355<span></span>
</td>
<td class="nump">41,967<span></span>
</td>
<td class="nump">206,672<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_SellingGeneralAndAdministrativeExpensesDepreciationOfRightofuseAssets', window );">Depreciation of right-of-use assets</a></td>
<td class="nump">17,664<span></span>
</td>
<td class="nump">15,564<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_SellingGeneralAndAdministrativeExpensesCommissionsFreightAndOtherSellingExpenses', window );">Commissions, freight and other selling expenses</a></td>
<td class="nump">310,815<span></span>
</td>
<td class="nump">441,442<span></span>
</td>
<td class="nump">491,555<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_SellingGeneralAndAdministrativeExpensesProvisionsForContingencies', window );">Provisions for contingencies</a></td>
<td class="nump">11,957<span></span>
</td>
<td class="nump">28,565<span></span>
</td>
<td class="nump">23,498<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_SellingGeneralAndAdministrativeExpensesAllowancesForDoubtfulAccounts', window );">Allowances for doubtful accounts</a></td>
<td class="nump">4,644<span></span>
</td>
<td class="num">(16,256)<span></span>
</td>
<td class="nump">1,751<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_SellingGeneralAndAdministrativeExpensesTaxes', window );">Taxes</a></td>
<td class="nump">63,234<span></span>
</td>
<td class="nump">110,876<span></span>
</td>
<td class="nump">71,110<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_SellingGeneralAndAdministrativeExpensesOther', window );">Other</a></td>
<td class="nump">41,425<span></span>
</td>
<td class="nump">89,665<span></span>
</td>
<td class="nump">99,404<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SellingGeneralAndAdministrativeExpense', window );">Total selling, general and administrative expense</a></td>
<td class="nump">1,119,227<span></span>
</td>
<td class="nump">1,365,974<span></span>
</td>
<td class="nump">1,509,976<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_SellingGeneralAndAdministrativeExpensesLaborCostSeveranceCharges', window );">Selling, general and administrative expenses, labor cost severance charges</a></td>
<td class="nump">$ 61,200<span></span>
</td>
<td class="nump">$ 7,400<span></span>
</td>
<td class="nump">$ 10,200<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SellingGeneralAndAdministrativeExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of expense relating to selling, general and administrative activities of the entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 85<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_85&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SellingGeneralAndAdministrativeExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SellingGeneralAndAdministrativeExpenseAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SellingGeneralAndAdministrativeExpenseAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_SellingGeneralAndAdministrativeExpensesAllowancesForDoubtfulAccounts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of allowances for doubtful accounts attributable to selling, general and administrative expenses.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_SellingGeneralAndAdministrativeExpensesAllowancesForDoubtfulAccounts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_SellingGeneralAndAdministrativeExpensesAmortizationOfIntangibleAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of amortization of intangible assets attributable to selling, general and administrative expenses.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_SellingGeneralAndAdministrativeExpensesAmortizationOfIntangibleAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_SellingGeneralAndAdministrativeExpensesCommissionsFreightAndOtherSellingExpenses">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of commissions, freight and other selling expenses attributable to selling, general and administrative expenses.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_SellingGeneralAndAdministrativeExpensesCommissionsFreightAndOtherSellingExpenses</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_SellingGeneralAndAdministrativeExpensesDepreciationOfPropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of depreciation of property, plant and equipment attributable to selling, general and administrative expenses.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_SellingGeneralAndAdministrativeExpensesDepreciationOfPropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_SellingGeneralAndAdministrativeExpensesDepreciationOfRightofuseAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of amortization of depreciation of right-of-use assets attributable to selling, general and administrative expenses.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_SellingGeneralAndAdministrativeExpensesDepreciationOfRightofuseAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_SellingGeneralAndAdministrativeExpensesLaborCost">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of labor cost attributable to selling, general and administrative expenses.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_SellingGeneralAndAdministrativeExpensesLaborCost</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_SellingGeneralAndAdministrativeExpensesLaborCostSeveranceCharges">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of labor cost severance charges attributable to selling, general and administrative expenses.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_SellingGeneralAndAdministrativeExpensesLaborCostSeveranceCharges</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_SellingGeneralAndAdministrativeExpensesOther">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of other expenses attributable to selling, general and administrative expenses.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_SellingGeneralAndAdministrativeExpensesOther</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_SellingGeneralAndAdministrativeExpensesProvisionsForContingencies">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of provisions for contingencies attributable to selling, general and administrative expenses.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_SellingGeneralAndAdministrativeExpensesProvisionsForContingencies</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_SellingGeneralAndAdministrativeExpensesServicesAndFees">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of services and fees attributable to selling, general and administrative expenses.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_SellingGeneralAndAdministrativeExpensesServicesAndFees</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_SellingGeneralAndAdministrativeExpensesTaxes">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of taxes attributable to selling, general and administrative expenses.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_SellingGeneralAndAdministrativeExpensesTaxes</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
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<head>
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140345110774536">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 4 - Labor Costs - Summary of Labor Costs (Included in Cost of Sales and in Selling, General and Administrative Expenses) (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_DisclosureOfLaborCostsAbstract', window );"><strong>4. Labor costs (included in Cost of sales and in Selling, general and administrative expenses)</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ShorttermEmployeeBenefitsExpense', window );">Wages, salaries and social security costs</a></td>
<td class="nump">$ 1,036,211<span></span>
</td>
<td class="nump">$ 1,274,474<span></span>
</td>
<td class="nump">$ 1,250,783<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TerminationBenefitsExpense', window );">Severance indemnities</a></td>
<td class="nump">142,458<span></span>
</td>
<td class="nump">24,637<span></span>
</td>
<td class="nump">25,225<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PostemploymentBenefitExpenseDefinedContributionPlans', window );">Defined contribution plans</a></td>
<td class="nump">12,442<span></span>
</td>
<td class="nump">12,663<span></span>
</td>
<td class="nump">13,217<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PostemploymentBenefitExpenseDefinedBenefitPlans', window );">Pension benefits - defined benefit plans</a></td>
<td class="nump">11,097<span></span>
</td>
<td class="nump">18,207<span></span>
</td>
<td class="nump">15,390<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherLongtermBenefits', window );">Employee retention and long term incentive program</a></td>
<td class="num">(413)<span></span>
</td>
<td class="nump">22,134<span></span>
</td>
<td class="nump">21,353<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_EmployeeBenefitsExpense', window );">Total employee benefits expense</a></td>
<td class="nump">$ 1,201,795<span></span>
</td>
<td class="nump">$ 1,352,115<span></span>
</td>
<td class="nump">$ 1,325,968<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_EmployeeBenefitsExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The expense of all forms of consideration given by an entity in exchange for a service rendered by employees or for the termination of employment.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 102<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_102&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 99<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_99&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 104<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_104&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_EmployeeBenefitsExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherLongtermBenefits">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of long-term employee benefits other than post-employment benefits and termination benefits. Such benefits may include long-term paid absences, jubilee or other long-service benefits, long-term disability benefits, long-term profit-sharing and bonuses and long-term deferred remuneration. [Refer: Employee benefits expense]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2019-01-01<br> -Paragraph 158<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=19&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_158&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherLongtermBenefits</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PostemploymentBenefitExpenseDefinedBenefitPlans">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of post-employment benefit expense relating to defined benefit plans. [Refer: Defined benefit plans [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2019-01-01<br> -Paragraph 5<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=19&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_5&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PostemploymentBenefitExpenseDefinedBenefitPlans</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PostemploymentBenefitExpenseDefinedContributionPlans">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of post-employment benefit expense relating to defined contribution plans. Defined contribution plans are post-employment benefit plans under which an entity pays fixed contributions into a separate entity (a fund) and will have no legal or constructive obligation to pay further contributions if the fund does not hold sufficient assets to pay all employee benefits relating to employee service in the current and prior periods.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2019-01-01<br> -Paragraph 53<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=19&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_53&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PostemploymentBenefitExpenseDefinedContributionPlans</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ShorttermEmployeeBenefitsExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of expense from employee benefits (other than termination benefits) that are expected to be settled wholly within twelve months after the end of the annual reporting period in which the employees render the related services.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ShorttermEmployeeBenefitsExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TerminationBenefitsExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of expense in relation to termination benefits. Termination benefits are employee benefits provided in exchange for the termination of an employee's employment as a result of either: (a) an entity's decision to terminate an employee's employment before the normal retirement date; or (b) an employee's decision to accept an offer of benefits in exchange for the termination of employment. [Refer: Employee benefits expense]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2019-01-01<br> -Paragraph 171<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=19&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_171&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TerminationBenefitsExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_DisclosureOfLaborCostsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_DisclosureOfLaborCostsAbstract</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
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<td>na</td>
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<td>duration</td>
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140345102131336">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Note 4 - Labor Costs - Labor Costs (Included in Cost of Sales and in Selling, General and Administrative Expenses) - Number of Employees (Details)<br></strong></div></th>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfGeographicalAreasLineItems', window );"><strong>Disclosure of geographical areas [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfEmployees', window );">Number of employees</a></td>
<td class="nump">19,028<span></span>
</td>
<td class="nump">23,200<span></span>
</td>
<td class="nump">22,967<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GeographicalAreasAxis=country_AR', window );">ARGENTINA</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfGeographicalAreasLineItems', window );"><strong>Disclosure of geographical areas [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfEmployees', window );">Number of employees</a></td>
<td class="nump">4,376<span></span>
</td>
<td class="nump">5,405<span></span>
</td>
<td class="nump">5,427<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GeographicalAreasAxis=country_MX', window );">MEXICO</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfGeographicalAreasLineItems', window );"><strong>Disclosure of geographical areas [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfEmployees', window );">Number of employees</a></td>
<td class="nump">4,501<span></span>
</td>
<td class="nump">5,370<span></span>
</td>
<td class="nump">5,595<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GeographicalAreasAxis=country_US', window );">UNITED STATES</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfGeographicalAreasLineItems', window );"><strong>Disclosure of geographical areas [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfEmployees', window );">Number of employees</a></td>
<td class="nump">1,596<span></span>
</td>
<td class="nump">2,255<span></span>
</td>
<td class="nump">2,382<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GeographicalAreasAxis=country_IT', window );">ITALY</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfGeographicalAreasLineItems', window );"><strong>Disclosure of geographical areas [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfEmployees', window );">Number of employees</a></td>
<td class="nump">2,039<span></span>
</td>
<td class="nump">2,144<span></span>
</td>
<td class="nump">2,155<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GeographicalAreasAxis=country_RO', window );">ROMANIA</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfGeographicalAreasLineItems', window );"><strong>Disclosure of geographical areas [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfEmployees', window );">Number of employees</a></td>
<td class="nump">1,552<span></span>
</td>
<td class="nump">1,815<span></span>
</td>
<td class="nump">1,852<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GeographicalAreasAxis=country_BR', window );">BRAZIL</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfGeographicalAreasLineItems', window );"><strong>Disclosure of geographical areas [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfEmployees', window );">Number of employees</a></td>
<td class="nump">1,360<span></span>
</td>
<td class="nump">1,360<span></span>
</td>
<td class="nump">1,287<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GeographicalAreasAxis=country_CO', window );">COLOMBIA</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfGeographicalAreasLineItems', window );"><strong>Disclosure of geographical areas [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfEmployees', window );">Number of employees</a></td>
<td class="nump">746<span></span>
</td>
<td class="nump">1,040<span></span>
</td>
<td class="nump">1,082<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GeographicalAreasAxis=country_CA', window );">CANADA</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfGeographicalAreasLineItems', window );"><strong>Disclosure of geographical areas [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfEmployees', window );">Number of employees</a></td>
<td class="nump">561<span></span>
</td>
<td class="nump">772<span></span>
</td>
<td class="nump">1,030<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GeographicalAreasAxis=country_ID', window );">INDONESIA</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfGeographicalAreasLineItems', window );"><strong>Disclosure of geographical areas [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfEmployees', window );">Number of employees</a></td>
<td class="nump">521<span></span>
</td>
<td class="nump">616<span></span>
</td>
<td class="nump">554<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GeographicalAreasAxis=country_JP', window );">JAPAN</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfGeographicalAreasLineItems', window );"><strong>Disclosure of geographical areas [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfEmployees', window );">Number of employees</a></td>
<td class="nump">399<span></span>
</td>
<td class="nump">400<span></span>
</td>
<td class="nump">399<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GeographicalAreasAxis=ts_OtherGeographicalAreasMember', window );">Other geographical areas [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfGeographicalAreasLineItems', window );"><strong>Disclosure of geographical areas [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfEmployees', window );">Number of employees</a></td>
<td class="nump">1,377<span></span>
</td>
<td class="nump">2,023<span></span>
</td>
<td class="nump">1,204<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfGeographicalAreasLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfGeographicalAreasLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NumberOfEmployees">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of personnel employed by the entity at a date.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NumberOfEmployees</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:decimalItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GeographicalAreasAxis=country_AR">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GeographicalAreasAxis=country_AR</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GeographicalAreasAxis=country_MX">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GeographicalAreasAxis=country_MX</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GeographicalAreasAxis=country_US">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GeographicalAreasAxis=country_US</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GeographicalAreasAxis=country_IT">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GeographicalAreasAxis=country_IT</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GeographicalAreasAxis=country_RO">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GeographicalAreasAxis=country_RO</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GeographicalAreasAxis=country_BR">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GeographicalAreasAxis=country_BR</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GeographicalAreasAxis=country_CO">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GeographicalAreasAxis=country_CO</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GeographicalAreasAxis=country_CA">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GeographicalAreasAxis=country_CA</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GeographicalAreasAxis=country_ID">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GeographicalAreasAxis=country_ID</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GeographicalAreasAxis=country_JP">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GeographicalAreasAxis=country_JP</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GeographicalAreasAxis=ts_OtherGeographicalAreasMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GeographicalAreasAxis=ts_OtherGeographicalAreasMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
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<SEQUENCE>140
<FILENAME>R98.htm
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<html>
<head>
<title></title>
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140345110974360">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 5 - Impairment charge (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="1">1 Months Ended</th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Mar. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfImpairmentLossRecognisedOrReversedLineItems', window );"><strong>Disclosure of impairment loss recognised or reversed for cash-generating unit [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_GrowthRatesUsedInCurrentEstimateOfValueInUse', window );">Growth rate used in current estimate of value in use</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss', window );">Impairment charge</a></td>
<td class="nump">$ 622,000<span></span>
</td>
<td class="nump">$ 622,402<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_UnobservableInputsAxis=ifrs-full_DiscountRateMeasurementInputMember', window );">Discount rate, measurement input [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfImpairmentLossRecognisedOrReversedLineItems', window );"><strong>Disclosure of impairment loss recognised or reversed for cash-generating unit [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_PercentageOfReasonablyPossibleIncreaseDecreaseInKeyAssumptionResultingAdditionalImpairment', window );">Percentage of reasonably possible increase (decrease) in key assumption resulting additional impairment</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_UnobservableInputsAxis=ts_GrowthRateMeasurementInputMember', window );">Growth rate, measurement input [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfImpairmentLossRecognisedOrReversedLineItems', window );"><strong>Disclosure of impairment loss recognised or reversed for cash-generating unit [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_PercentageOfReasonablyPossibleIncreaseDecreaseInKeyAssumptionResultingAdditionalImpairment', window );">Percentage of reasonably possible increase (decrease) in key assumption resulting additional impairment</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(1.00%)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_UnobservableInputsAxis=ts_ProjectedChangeRateInFutureCashFlowsMeasurementInputMember', window );">Projected change rate in future cash flows, measurement input [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfImpairmentLossRecognisedOrReversedLineItems', window );"><strong>Disclosure of impairment loss recognised or reversed for cash-generating unit [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_PercentageOfReasonablyPossibleIncreaseDecreaseInKeyAssumptionResultingAdditionalImpairment', window );">Percentage of reasonably possible increase (decrease) in key assumption resulting additional impairment</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(5.00%)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SegmentsAxis=ts_TubesMember', window );">Tubes [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfImpairmentLossRecognisedOrReversedLineItems', window );"><strong>Disclosure of impairment loss recognised or reversed for cash-generating unit [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss', window );">Impairment charge</a></td>
<td class="nump">582,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=ifrs-full_TopOfRangeMember', window );">Top of range [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfImpairmentLossRecognisedOrReversedLineItems', window );"><strong>Disclosure of impairment loss recognised or reversed for cash-generating unit [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfDiscountRatesUsedInCurrentEstimateOfValueInUse', window );">Discount rate used in current estimate of value in use</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">13.60%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=ifrs-full_BottomOfRangeMember', window );">Bottom of range [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfImpairmentLossRecognisedOrReversedLineItems', window );"><strong>Disclosure of impairment loss recognised or reversed for cash-generating unit [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfDiscountRatesUsedInCurrentEstimateOfValueInUse', window );">Discount rate used in current estimate of value in use</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">8.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IndividualAssetsOrCashgeneratingUnitsAxis=ts_OCTGUSAMember', window );">OCTG (USA) [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfImpairmentLossRecognisedOrReversedLineItems', window );"><strong>Disclosure of impairment loss recognised or reversed for cash-generating unit [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss', window );">Impairment charge</a></td>
<td class="nump">225,000<span></span>
</td>
<td class="nump">$ 225,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IndividualAssetsOrCashgeneratingUnitsAxis=ts_IPSCOMember', window );">IPSCO [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfImpairmentLossRecognisedOrReversedLineItems', window );"><strong>Disclosure of impairment loss recognised or reversed for cash-generating unit [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss', window );">Impairment charge</a></td>
<td class="nump">357,000<span></span>
</td>
<td class="nump">357,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IndividualAssetsOrCashgeneratingUnitsAxis=ts_CoiledTubingMember', window );">Coiled Tubing [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfImpairmentLossRecognisedOrReversedLineItems', window );"><strong>Disclosure of impairment loss recognised or reversed for cash-generating unit [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss', window );">Impairment charge</a></td>
<td class="nump">4,000<span></span>
</td>
<td class="nump">4,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IndividualAssetsOrCashgeneratingUnitsAxis=ts_RodsUSAMember', window );">Rods USA [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfImpairmentLossRecognisedOrReversedLineItems', window );"><strong>Disclosure of impairment loss recognised or reversed for cash-generating unit [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss', window );">Impairment charge</a></td>
<td class="nump">$ 36,000<span></span>
</td>
<td class="nump">$ 36,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfDiscountRatesUsedInCurrentEstimateOfValueInUse">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The discount rate used in the current estimate of the present value of the future cash flows expected to be derived from an asset or cash-generating unit.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 36<br> -IssueDate 2019-01-01<br> -Paragraph 130<br> -Subparagraph g<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=36&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_130_g&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfDiscountRatesUsedInCurrentEstimateOfValueInUse</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfImpairmentLossRecognisedOrReversedLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfImpairmentLossRecognisedOrReversedLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of impairment loss or reversal of impairment loss recognised in profit or loss. [Refer: Impairment loss recognised in profit or loss; Reversal of impairment loss recognised in profit or loss]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 99<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_99&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_GrowthRatesUsedInCurrentEstimateOfValueInUse">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The growth rate used in the current estimate of the present value of the future cash flows expected to be derived from an asset or cash-generating unit.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_GrowthRatesUsedInCurrentEstimateOfValueInUse</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_PercentageOfReasonablyPossibleIncreaseDecreaseInKeyAssumptionResultingAdditionalImpairment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The reasonably possible percentage of the increase (decrease) in the key assumption resulting additional impairment.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_PercentageOfReasonablyPossibleIncreaseDecreaseInKeyAssumptionResultingAdditionalImpairment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_UnobservableInputsAxis=ifrs-full_DiscountRateMeasurementInputMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_UnobservableInputsAxis=ifrs-full_DiscountRateMeasurementInputMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_UnobservableInputsAxis=ts_GrowthRateMeasurementInputMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_UnobservableInputsAxis=ts_GrowthRateMeasurementInputMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_UnobservableInputsAxis=ts_ProjectedChangeRateInFutureCashFlowsMeasurementInputMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_UnobservableInputsAxis=ts_ProjectedChangeRateInFutureCashFlowsMeasurementInputMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SegmentsAxis=ts_TubesMember</td>
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<tr><td><div class="body" style="padding: 2px;">
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<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=ifrs-full_TopOfRangeMember</td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
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<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=ifrs-full_BottomOfRangeMember</td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
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<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IndividualAssetsOrCashgeneratingUnitsAxis=ts_OCTGUSAMember</td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
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<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IndividualAssetsOrCashgeneratingUnitsAxis=ts_IPSCOMember</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IndividualAssetsOrCashgeneratingUnitsAxis=ts_CoiledTubingMember</td>
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<td><strong> Name:</strong></td>
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140345105766984">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 5 - Impairment charge - Impairment allocated by CGU (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="1">1 Months Ended</th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Mar. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfImpairmentLossRecognisedOrReversedLineItems', window );"><strong>Disclosure of impairment loss recognised or reversed for cash-generating unit [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss', window );">Impairment charge</a></td>
<td class="nump">$ 622,000<span></span>
</td>
<td class="nump">$ 622,402<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IndividualAssetsOrCashgeneratingUnitsAxis=ts_OCTGUSAMember', window );">OCTG (USA) [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfImpairmentLossRecognisedOrReversedLineItems', window );"><strong>Disclosure of impairment loss recognised or reversed for cash-generating unit [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_AssetsBeforeImpairment', window );">Assets before impairment</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">544,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss', window );">Impairment charge</a></td>
<td class="nump">225,000<span></span>
</td>
<td class="nump">225,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_AssetsAfterImpairment', window );">Assets after impairment</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">319,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IndividualAssetsOrCashgeneratingUnitsAxis=ts_IPSCOMember', window );">IPSCO [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfImpairmentLossRecognisedOrReversedLineItems', window );"><strong>Disclosure of impairment loss recognised or reversed for cash-generating unit [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_AssetsBeforeImpairment', window );">Assets before impairment</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,169,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss', window );">Impairment charge</a></td>
<td class="nump">357,000<span></span>
</td>
<td class="nump">357,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_AssetsAfterImpairment', window );">Assets after impairment</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">812,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IndividualAssetsOrCashgeneratingUnitsAxis=ts_CoiledTubingMember', window );">Coiled Tubing [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfImpairmentLossRecognisedOrReversedLineItems', window );"><strong>Disclosure of impairment loss recognised or reversed for cash-generating unit [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_AssetsBeforeImpairment', window );">Assets before impairment</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">108,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss', window );">Impairment charge</a></td>
<td class="nump">4,000<span></span>
</td>
<td class="nump">4,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_AssetsAfterImpairment', window );">Assets after impairment</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">104,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IndividualAssetsOrCashgeneratingUnitsAxis=ts_RodsUSAMember', window );">Rods USA [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfImpairmentLossRecognisedOrReversedLineItems', window );"><strong>Disclosure of impairment loss recognised or reversed for cash-generating unit [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_AssetsBeforeImpairment', window );">Assets before impairment</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">73,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss', window );">Impairment charge</a></td>
<td class="nump">$ 36,000<span></span>
</td>
<td class="nump">36,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_AssetsAfterImpairment', window );">Assets after impairment</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 37,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfImpairmentLossRecognisedOrReversedLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of impairment loss or reversal of impairment loss recognised in profit or loss. [Refer: Impairment loss recognised in profit or loss; Reversal of impairment loss recognised in profit or loss]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 99<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_99&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount at which an asset is recognised in the statement of financial position after deducting accumulated impairment losses.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount at which an asset is recognised before deducting accumulated impairment losses.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_AssetsBeforeImpairment</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140345105804392">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 5 - Impairment charge - Additional impairment with the change in key assumptions (Details)<br> $ in Millions</strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th">
<div>Dec. 31, 2020 </div>
<div>USD ($)</div>
</th></tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IndividualAssetsOrCashgeneratingUnitsAxis=ts_OCTGUSAMember', window );">OCTG (USA) [member] | Discount rate, measurement input [member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfImpairmentLossRecognisedOrReversedLineItems', window );"><strong>Disclosure of impairment loss recognised or reversed for cash-generating unit [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_AdditionalImpairmentDueToReasonablyPossibleIncreaseDecreaseInKeyAssumption', window );">Additional impairment due to reasonably possible increase (decrease) in key assumption</a></td>
<td class="num">$ (60)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IndividualAssetsOrCashgeneratingUnitsAxis=ts_OCTGUSAMember', window );">OCTG (USA) [member] | Growth rate, measurement input [member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfImpairmentLossRecognisedOrReversedLineItems', window );"><strong>Disclosure of impairment loss recognised or reversed for cash-generating unit [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_AdditionalImpairmentDueToReasonablyPossibleIncreaseDecreaseInKeyAssumption', window );">Additional impairment due to reasonably possible increase (decrease) in key assumption</a></td>
<td class="num">(43)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IndividualAssetsOrCashgeneratingUnitsAxis=ts_OCTGUSAMember', window );">OCTG (USA) [member] | Projected change rate in future cash flows, measurement input [member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfImpairmentLossRecognisedOrReversedLineItems', window );"><strong>Disclosure of impairment loss recognised or reversed for cash-generating unit [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_AdditionalImpairmentDueToReasonablyPossibleIncreaseDecreaseInKeyAssumption', window );">Additional impairment due to reasonably possible increase (decrease) in key assumption</a></td>
<td class="num">(16)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IndividualAssetsOrCashgeneratingUnitsAxis=ts_IPSCOMember', window );">IPSCO [Member] | Discount rate, measurement input [member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfImpairmentLossRecognisedOrReversedLineItems', window );"><strong>Disclosure of impairment loss recognised or reversed for cash-generating unit [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_AdditionalImpairmentDueToReasonablyPossibleIncreaseDecreaseInKeyAssumption', window );">Additional impairment due to reasonably possible increase (decrease) in key assumption</a></td>
<td class="num">(117)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IndividualAssetsOrCashgeneratingUnitsAxis=ts_IPSCOMember', window );">IPSCO [Member] | Growth rate, measurement input [member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfImpairmentLossRecognisedOrReversedLineItems', window );"><strong>Disclosure of impairment loss recognised or reversed for cash-generating unit [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_AdditionalImpairmentDueToReasonablyPossibleIncreaseDecreaseInKeyAssumption', window );">Additional impairment due to reasonably possible increase (decrease) in key assumption</a></td>
<td class="num">(77)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IndividualAssetsOrCashgeneratingUnitsAxis=ts_IPSCOMember', window );">IPSCO [Member] | Projected change rate in future cash flows, measurement input [member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfImpairmentLossRecognisedOrReversedLineItems', window );"><strong>Disclosure of impairment loss recognised or reversed for cash-generating unit [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_AdditionalImpairmentDueToReasonablyPossibleIncreaseDecreaseInKeyAssumption', window );">Additional impairment due to reasonably possible increase (decrease) in key assumption</a></td>
<td class="num">(41)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IndividualAssetsOrCashgeneratingUnitsAxis=ts_CoiledTubingMember', window );">Coiled Tubing [member] | Discount rate, measurement input [member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfImpairmentLossRecognisedOrReversedLineItems', window );"><strong>Disclosure of impairment loss recognised or reversed for cash-generating unit [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_AdditionalImpairmentDueToReasonablyPossibleIncreaseDecreaseInKeyAssumption', window );">Additional impairment due to reasonably possible increase (decrease) in key assumption</a></td>
<td class="num">(12)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IndividualAssetsOrCashgeneratingUnitsAxis=ts_CoiledTubingMember', window );">Coiled Tubing [member] | Growth rate, measurement input [member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfImpairmentLossRecognisedOrReversedLineItems', window );"><strong>Disclosure of impairment loss recognised or reversed for cash-generating unit [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_AdditionalImpairmentDueToReasonablyPossibleIncreaseDecreaseInKeyAssumption', window );">Additional impairment due to reasonably possible increase (decrease) in key assumption</a></td>
<td class="num">(6)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IndividualAssetsOrCashgeneratingUnitsAxis=ts_CoiledTubingMember', window );">Coiled Tubing [member] | Projected change rate in future cash flows, measurement input [member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfImpairmentLossRecognisedOrReversedLineItems', window );"><strong>Disclosure of impairment loss recognised or reversed for cash-generating unit [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_AdditionalImpairmentDueToReasonablyPossibleIncreaseDecreaseInKeyAssumption', window );">Additional impairment due to reasonably possible increase (decrease) in key assumption</a></td>
<td class="num">(5)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IndividualAssetsOrCashgeneratingUnitsAxis=ts_RodsUSAMember', window );">Rods USA [Member] | Discount rate, measurement input [member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfImpairmentLossRecognisedOrReversedLineItems', window );"><strong>Disclosure of impairment loss recognised or reversed for cash-generating unit [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_AdditionalImpairmentDueToReasonablyPossibleIncreaseDecreaseInKeyAssumption', window );">Additional impairment due to reasonably possible increase (decrease) in key assumption</a></td>
<td class="num">(5)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IndividualAssetsOrCashgeneratingUnitsAxis=ts_RodsUSAMember', window );">Rods USA [Member] | Growth rate, measurement input [member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfImpairmentLossRecognisedOrReversedLineItems', window );"><strong>Disclosure of impairment loss recognised or reversed for cash-generating unit [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_AdditionalImpairmentDueToReasonablyPossibleIncreaseDecreaseInKeyAssumption', window );">Additional impairment due to reasonably possible increase (decrease) in key assumption</a></td>
<td class="num">(3)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IndividualAssetsOrCashgeneratingUnitsAxis=ts_RodsUSAMember', window );">Rods USA [Member] | Projected change rate in future cash flows, measurement input [member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfImpairmentLossRecognisedOrReversedLineItems', window );"><strong>Disclosure of impairment loss recognised or reversed for cash-generating unit [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_AdditionalImpairmentDueToReasonablyPossibleIncreaseDecreaseInKeyAssumption', window );">Additional impairment due to reasonably possible increase (decrease) in key assumption</a></td>
<td class="num">$ (2)<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfImpairmentLossRecognisedOrReversedLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfImpairmentLossRecognisedOrReversedLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_AdditionalImpairmentDueToReasonablyPossibleIncreaseDecreaseInKeyAssumption">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of additional impairment due to reasonably possible increase (decrease) in key assumption.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_AdditionalImpairmentDueToReasonablyPossibleIncreaseDecreaseInKeyAssumption</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IndividualAssetsOrCashgeneratingUnitsAxis=ts_OCTGUSAMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IndividualAssetsOrCashgeneratingUnitsAxis=ts_OCTGUSAMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_UnobservableInputsAxis=ifrs-full_DiscountRateMeasurementInputMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_UnobservableInputsAxis=ifrs-full_DiscountRateMeasurementInputMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_UnobservableInputsAxis=ts_GrowthRateMeasurementInputMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_UnobservableInputsAxis=ts_GrowthRateMeasurementInputMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_UnobservableInputsAxis=ts_ProjectedChangeRateInFutureCashFlowsMeasurementInputMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_UnobservableInputsAxis=ts_ProjectedChangeRateInFutureCashFlowsMeasurementInputMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IndividualAssetsOrCashgeneratingUnitsAxis=ts_IPSCOMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IndividualAssetsOrCashgeneratingUnitsAxis=ts_IPSCOMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IndividualAssetsOrCashgeneratingUnitsAxis=ts_CoiledTubingMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IndividualAssetsOrCashgeneratingUnitsAxis=ts_CoiledTubingMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IndividualAssetsOrCashgeneratingUnitsAxis=ts_RodsUSAMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IndividualAssetsOrCashgeneratingUnitsAxis=ts_RodsUSAMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>143
<FILENAME>R101.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<body>
<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140345105925704">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 6 - Other operating income and expenses (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_OtherOperatingIncomeAbstract', window );"><strong>Other operating income:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_OtherOperatingIncomeNetIncomeFromOtherSales', window );">Net income from other sales</a></td>
<td class="nump">$ 9,891<span></span>
</td>
<td class="nump">$ 8,651<span></span>
</td>
<td class="nump">$ 3,604<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RentalIncome', window );">Net rents</a></td>
<td class="nump">5,501<span></span>
</td>
<td class="nump">5,089<span></span>
</td>
<td class="nump">4,909<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MiscellaneousOtherOperatingIncome', window );">Other</a></td>
<td class="nump">18,001<span></span>
</td>
<td class="nump">8,025<span></span>
</td>
<td class="nump">6,546<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_OtherOperatingIncomeRecoveryOnAllowanceForDoubtfulAccounts', window );">Recovery on allowance for doubtful receivables</a></td>
<td class="text"> <span></span>
</td>
<td class="nump">1,239<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherIncome', window );">Other income</a></td>
<td class="nump">33,393<span></span>
</td>
<td class="nump">23,004<span></span>
</td>
<td class="nump">15,059<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_OtherOperatingExpensesAbstract', window );"><strong>Other operating expenses:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_OtherOperatingExpenseContributionsToWelfareProjectsAndNonprofitsOrganizations', window );">Contributions to welfare projects and non-profits organizations</a></td>
<td class="nump">12,989<span></span>
</td>
<td class="nump">11,199<span></span>
</td>
<td class="nump">11,379<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_OtherOperatingExpensesAllowanceForDoubtfulReceivables', window );">Allowance for doubtful receivables</a></td>
<td class="nump">1,263<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="nump">1,179<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherExpenseByFunction', window );">Other expense</a></td>
<td class="nump">$ 14,252<span></span>
</td>
<td class="nump">$ 11,199<span></span>
</td>
<td class="nump">$ 12,558<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_MiscellaneousOtherOperatingIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of miscellaneous other operating income. [Refer: Other operating income (expense)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_MiscellaneousOtherOperatingIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherExpenseByFunction">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of expenses that the entity does not separately disclose in the same statement or note when the entity uses the 'function of expense' form for its analysis of expenses.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 26<br> -IssueDate 2019-01-01<br> -Paragraph 35<br> -Subparagraph b<br> -Clause vii<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=26&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_35_b_vii&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 103<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_103&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 99<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_99&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherExpenseByFunction</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of operating income that the entity does not separately disclose in the same statement or note.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 26<br> -IssueDate 2019-01-01<br> -Paragraph 35<br> -Subparagraph b<br> -Clause iv<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=26&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_35_b_iv&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 103<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_103&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 102<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_102&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RentalIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of income recognised from rental activities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RentalIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_OtherOperatingExpenseContributionsToWelfareProjectsAndNonprofitsOrganizations">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of other operating expense attributable to contributions to welfare projects and non-profits organizations.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_OtherOperatingExpenseContributionsToWelfareProjectsAndNonprofitsOrganizations</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_OtherOperatingExpensesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_OtherOperatingExpensesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_OtherOperatingExpensesAllowanceForDoubtfulReceivables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of other operating expenses attributable to allowance for doubtful receivables.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_OtherOperatingExpensesAllowanceForDoubtfulReceivables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_OtherOperatingIncomeAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_OtherOperatingIncomeAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_OtherOperatingIncomeNetIncomeFromOtherSales">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of other operating income attributable to net income from other sales.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_OtherOperatingIncomeNetIncomeFromOtherSales</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_OtherOperatingIncomeRecoveryOnAllowanceForDoubtfulAccounts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of other operating income attributable to recovery on allowance for doubtful accounts.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_OtherOperatingIncomeRecoveryOnAllowanceForDoubtfulAccounts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>144
<FILENAME>R102.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<body>
<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140345109493560">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 7 - Financial Results (Details Textual) - USD ($)<br> $ in Millions</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_DisclosureOfFinancialResultsAbstract', window );"><strong>Disclosure of Financial Results [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_InterestIncomeOnFinancialAssetsDesignatedAtFairValueThroughProfitOrLoss', window );">Interest income (expense)</a></td>
<td class="nump">$ 6.5<span></span>
</td>
<td class="nump">$ 7.6<span></span>
</td>
<td class="nump">$ 3.6<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_InterestIncomeOnFinancialAssetsDesignatedAtFairValueThroughProfitOrLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of interest income on financial assets designated at fair value through profit or loss. [Refer: Interest income; Financial assets at fair value through profit or loss, designated upon initial recognition or subsequently]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_InterestIncomeOnFinancialAssetsDesignatedAtFairValueThroughProfitOrLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_DisclosureOfFinancialResultsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_DisclosureOfFinancialResultsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>145
<FILENAME>R103.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
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</head>
<body>
<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140345105803976">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 7 - Financial Results - Financial Income (Cost) (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_DisclosureOfFinancialResultsAbstract', window );"><strong>Disclosure of Financial Results [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RevenueFromInterest', window );">Interest Income</a></td>
<td class="nump">$ 21,625<span></span>
</td>
<td class="nump">$ 48,061<span></span>
</td>
<td class="nump">$ 42,244<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_NetFinancialIncomeOnChangesInFVOfFinancialAssetsAtFVTPL', window );">Net result on changes in FV of financial assets at FVPL</a></td>
<td class="text"> <span></span>
</td>
<td class="num">(64)<span></span>
</td>
<td class="num">(2,388)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ImpairmentLossOnFinancialAssets', window );">Impairment result on financial assets at FVTOCI</a></td>
<td class="num">(3,238)<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinanceIncome', window );">Finance income</a></td>
<td class="nump">18,387<span></span>
</td>
<td class="nump">47,997<span></span>
</td>
<td class="nump">39,856<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinanceCosts', window );">Finance cost</a></td>
<td class="num">(27,014)<span></span>
</td>
<td class="num">(43,381)<span></span>
</td>
<td class="num">(36,942)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GainsLossesOnExchangeDifferencesOnTranslationRecognisedInProfitOrLoss', window );">Net foreign exchange transactions results</a></td>
<td class="num">(74,422)<span></span>
</td>
<td class="nump">27,868<span></span>
</td>
<td class="nump">28,845<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_ForeignExchangeDerivativesContractsResults', window );">Foreign exchange derivatives contracts results</a></td>
<td class="nump">19,644<span></span>
</td>
<td class="num">(11,616)<span></span>
</td>
<td class="nump">6,576<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_OtherForeignExchangeResults', window );">Other</a></td>
<td class="num">(1,590)<span></span>
</td>
<td class="num">(1,585)<span></span>
</td>
<td class="num">(1,035)<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherFinanceIncomeCost', window );">Other financial results</a></td>
<td class="num">(56,368)<span></span>
</td>
<td class="nump">14,667<span></span>
</td>
<td class="nump">34,386<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_FinanceIncomeCostContinuingOperations', window );">Net financial results</a></td>
<td class="num">$ (64,995)<span></span>
</td>
<td class="nump">$ 19,283<span></span>
</td>
<td class="nump">$ 37,300<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_FinanceCosts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of costs associated with financing activities of the entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 82<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_82_b&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_FinanceCosts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_FinanceIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of income associated with interest and other financing activities of the entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 85<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_85&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_FinanceIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GainsLossesOnExchangeDifferencesOnTranslationRecognisedInProfitOrLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of exchange differences recognised in profit or loss that arise from foreign currency transactions, excluding those arising on financial instruments measured at fair value through profit or loss in accordance with IFRS 9. [Refer: At fair value [member]; Financial instruments, class [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2019-01-01<br> -Section A Statement of cash flows for an entity other than a financial institution<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2019-en-r&amp;doctype=Illustrative%20Examples&amp;dita_xref=IAS07_IE_A_TI<br> -URIDate 2019-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 21<br> -IssueDate 2019-01-01<br> -Paragraph 52<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=21&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_52_a&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GainsLossesOnExchangeDifferencesOnTranslationRecognisedInProfitOrLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ImpairmentLossOnFinancialAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of impairment loss on financial assets. [Refer: Financial assets; Impairment loss]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Note Expiry date 2021-01-01<br> -Name IFRS<br> -Number 7<br> -IssueDate 2019-01-01<br> -Paragraph 20<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=7&amp;code=ifrs-tx-2017-en-b&amp;anchor=para_20_e&amp;doctype=Standard&amp;book=b<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ImpairmentLossOnFinancialAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherFinanceIncomeCost">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of finance income or cost that the entity does not separately disclose in the same statement or note. [Refer: Finance income (cost)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 85<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_85&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherFinanceIncomeCost</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RevenueFromInterest">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of income arising from interest.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2019-01-01<br> -Paragraph 23<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_23_c&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2019-01-01<br> -Paragraph 28<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_28_e&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2019-01-01<br> -Paragraph B13<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_B13_e&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2019-03-27<br><br>Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RevenueFromInterest</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_DisclosureOfFinancialResultsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_DisclosureOfFinancialResultsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_FinanceIncomeCostContinuingOperations">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of income or cost associated with interest and other financing activities of the entity attributable to continuing operations.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_FinanceIncomeCostContinuingOperations</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_ForeignExchangeDerivativesContractsResults">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of income or cost associated with foreign exchange derivatives contracts.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_ForeignExchangeDerivativesContractsResults</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_NetFinancialIncomeOnChangesInFVOfFinancialAssetsAtFVTPL">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the net financial income on changes in fair value of financial assets at fair value through profit os loss.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_NetFinancialIncomeOnChangesInFVOfFinancialAssetsAtFVTPL</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_OtherForeignExchangeResults">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of income or cost associated with foreign exchange.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_OtherForeignExchangeResults</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
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<head>
<title></title>
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140345109599784">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 8 - Income Tax (Details Textual) - USD ($)<br> $ in Millions</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfGeographicalAreasLineItems', window );"><strong>Disclosure of geographical areas [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_AfterTaxEffectOfExpenseNotDeductibleInDeterminingProfitLoss', window );">After tax effect of expense not deductible in determining profit (loss)</a></td>
<td class="nump">$ 61<span></span>
</td>
<td class="nump">$ 66<span></span>
</td>
<td class="nump">$ 65<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_ChargeRelatedToWithholdingTaxesForIntraGroupInternationalOperations', window );">Charge related to withholding taxes for intra group international operations</a></td>
<td class="nump">$ 10<span></span>
</td>
<td class="nump">$ 34<span></span>
</td>
<td class="nump">$ 26<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfGeographicalAreasLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfGeographicalAreasLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_AfterTaxEffectOfExpenseNotDeductibleInDeterminingProfitLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount represents the difference between the after tax expense (income) and the product of the accounting profit multiplied by the applicable tax rate(s) that relates to expenses not deductible in determining profit (loss).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_AfterTaxEffectOfExpenseNotDeductibleInDeterminingProfitLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_ChargeRelatedToWithholdingTaxesForIntraGroupInternationalOperations">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the amount of charge related to withholding taxes for intra group international operations during the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_ChargeRelatedToWithholdingTaxesForIntraGroupInternationalOperations</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>147
<FILENAME>R105.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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</head>
<body>
<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140345123384696">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 8 - Income Tax - Summary of Income Tax Expense (Benefit) (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_StatementLineItems', window );"><strong>Statement Line Items [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentTaxExpenseIncome', window );">Current tax</a></td>
<td class="num">$ (121,048)<span></span>
</td>
<td class="num">$ (299,692)<span></span>
</td>
<td class="num">$ (343,104)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxExpenseIncome', window );">Deferred tax</a></td>
<td class="nump">97,898<span></span>
</td>
<td class="nump">97,240<span></span>
</td>
<td class="nump">113,897<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncomeTaxExpenseContinuingOperations', window );">Tax income (expense)</a></td>
<td class="nump">$ 23,150<span></span>
</td>
<td class="nump">$ 202,452<span></span>
</td>
<td class="nump">$ 229,207<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentTaxExpenseIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of income taxes payable (recoverable) in respect of the taxable profit (tax loss) for a period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2019-01-01<br> -Paragraph 80<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=12&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_80_a&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentTaxExpenseIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DeferredTaxExpenseIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of tax expense (income) relating to changes in deferred tax liabilities and deferred tax assets. [Refer: Deferred tax assets; Deferred tax liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2019-01-01<br> -Paragraph 81<br> -Subparagraph g<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=12&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_81_g_ii&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DeferredTaxExpenseIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncomeTaxExpenseContinuingOperations">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The aggregate amount included in the determination of profit (loss) for the period in respect of current tax and deferred tax. [Refer: Current tax expense (income); Deferred tax expense (income)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2019-01-01<br> -Paragraph 23<br> -Subparagraph h<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_23_h&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 26<br> -IssueDate 2019-01-01<br> -Paragraph 35<br> -Subparagraph b<br> -Clause viii<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=26&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_35_b_viii&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2019-01-01<br> -Paragraph 79<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=12&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_79&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2019-01-01<br> -Paragraph 81<br> -Subparagraph c<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=12&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_81_c_i&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 82<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_82_d&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2019-01-01<br> -Paragraph 81<br> -Subparagraph c<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=12&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_81_c_ii&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2019-01-01<br> -Paragraph B13<br> -Subparagraph g<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_B13_g&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncomeTaxExpenseContinuingOperations</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_StatementLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_StatementLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>148
<FILENAME>R106.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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</head>
<body>
<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140345105755288">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 8 - Income Tax - Summary of Differences Between Income Tax and Theoretical Amount Using Tax Rate in Each Country (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="1">1 Months Ended</th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Mar. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_StatementLineItems', window );"><strong>Statement Line Items [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLossBeforeTax', window );">(Loss) income before income tax</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">$ (619,267)<span></span>
</td>
<td class="nump">$ 933,710<span></span>
</td>
<td class="nump">$ 1,103,107<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss', window );">Impairment charge</a></td>
<td class="nump">$ 622,000<span></span>
</td>
<td class="nump">622,402<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_ProfitLossBeforeImpairmentLossReversalOfImpairmentLossRecognisedAndIncomeTax', window );">Income before income tax without impairment charges</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">3,135<span></span>
</td>
<td class="nump">933,710<span></span>
</td>
<td class="nump">1,103,107<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TaxExpenseIncomeAtApplicableTaxRate', window );">Tax calculated at the tax rate in each country</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">21,052<span></span>
</td>
<td class="num">(186,752)<span></span>
</td>
<td class="num">(207,422)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncomeTaxRelatingToExchangeDifferencesOnTranslationOfOtherComprehensiveIncome', window );">Effect of currency translation on tax base</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(72,936)<span></span>
</td>
<td class="num">(53,296)<span></span>
</td>
<td class="num">(77,552)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TaxEffectFromChangeInTaxRate', window );">Changes in the tax rates</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(958)<span></span>
</td>
<td class="nump">13<span></span>
</td>
<td class="num">(1,824)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TaxEffectOfTaxLosses', window );">Utilization of previously unrecognized tax losses</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">98<span></span>
</td>
<td class="nump">547<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_TaxEffectOfRevenuesExemptFromTaxationAndExpenseNotDeductibleInDeterminingTaxableProfitTaxLoss', window );">Tax revaluation, withholding tax and others</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">29,594<span></span>
</td>
<td class="nump">37,036<span></span>
</td>
<td class="nump">57,591<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncomeTaxExpenseContinuingOperations', window );">Tax charge</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 23,150<span></span>
</td>
<td class="nump">$ 202,452<span></span>
</td>
<td class="nump">$ 229,207<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of impairment loss or reversal of impairment loss recognised in profit or loss. [Refer: Impairment loss recognised in profit or loss; Reversal of impairment loss recognised in profit or loss]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 99<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_99&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncomeTaxExpenseContinuingOperations">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The aggregate amount included in the determination of profit (loss) for the period in respect of current tax and deferred tax. [Refer: Current tax expense (income); Deferred tax expense (income)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2019-01-01<br> -Paragraph 23<br> -Subparagraph h<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_23_h&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 26<br> -IssueDate 2019-01-01<br> -Paragraph 35<br> -Subparagraph b<br> -Clause viii<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=26&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_35_b_viii&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2019-01-01<br> -Paragraph 79<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=12&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_79&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2019-01-01<br> -Paragraph 81<br> -Subparagraph c<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=12&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_81_c_i&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 82<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_82_d&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2019-01-01<br> -Paragraph 81<br> -Subparagraph c<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=12&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_81_c_ii&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2019-01-01<br> -Paragraph B13<br> -Subparagraph g<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_B13_g&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncomeTaxExpenseContinuingOperations</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncomeTaxRelatingToExchangeDifferencesOnTranslationOfOtherComprehensiveIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of income tax relating to amounts recognised in other comprehensive income in relation to exchange differences on the translation of financial statements of foreign operations. [Refer: Other comprehensive income; Reserve of exchange differences on translation]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2019-01-01<br> -Paragraph 81<br> -Subparagraph ab<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=12&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_81_ab&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 90<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_90&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncomeTaxRelatingToExchangeDifferencesOnTranslationOfOtherComprehensiveIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProfitLossBeforeTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The profit (loss) before tax expense or income. [Refer: Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2019-01-01<br> -Paragraph 28<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_28_b&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2019-01-01<br> -Paragraph 23<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_23&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 103<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_103&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 4: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 102<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_102&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 5<br> -IssueDate 2019-01-01<br> -Paragraph 33<br> -Subparagraph b<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=5&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_33_b_i&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProfitLossBeforeTax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TaxEffectFromChangeInTaxRate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount that represents the difference between the tax expense (income) and the product of the accounting profit multiplied by the applicable tax rate(s) that relates to changes in the tax rate. [Refer: Accounting profit]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2019-01-01<br> -Paragraph 81<br> -Subparagraph c<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=12&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_81_c_i&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TaxEffectFromChangeInTaxRate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td>xbrli:monetaryItemType</td>
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<td><strong> Balance Type:</strong></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TaxEffectOfTaxLosses">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount that represents the difference between the tax expense (income) and the product of the accounting profit multiplied by the applicable tax rate(s) that relates to tax losses. [Refer: Accounting profit]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2019-01-01<br> -Paragraph 81<br> -Subparagraph c<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=12&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_81_c_i&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TaxEffectOfTaxLosses</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TaxExpenseIncomeAtApplicableTaxRate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The product of the accounting profit multiplied by the applicable tax rate(s). [Refer: Accounting profit; Applicable tax rate]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2019-01-01<br> -Paragraph 81<br> -Subparagraph c<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=12&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_81_c_i&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TaxExpenseIncomeAtApplicableTaxRate</td>
</tr>
<tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_ProfitLossBeforeImpairmentLossReversalOfImpairmentLossRecognisedAndIncomeTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The profit (loss) before impairment loss or reversal of impairment loss recognised and income tax expense or income.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_ProfitLossBeforeImpairmentLossReversalOfImpairmentLossRecognisedAndIncomeTax</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_StatementLineItems</td>
</tr>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_TaxEffectOfRevenuesExemptFromTaxationAndExpenseNotDeductibleInDeterminingTaxableProfitTaxLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the amount of difference between the tax expense (income) and the product of the accounting profit multiplied by the applicable tax rate(s) that relates to revenues that are exempt from taxation and to expenses not deductible in determining taxable profit (tax loss).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_TaxEffectOfRevenuesExemptFromTaxationAndExpenseNotDeductibleInDeterminingTaxableProfitTaxLoss</td>
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<td>ts_</td>
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140345105735768">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 9 - Dividends Distribution (Details Textual) - USD ($)<br> $ / shares in Units, $ in Thousands</strong></div></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
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<th class="th" colspan="1"></th>
<th class="th" colspan="1">1 Months Ended</th>
<th class="th" colspan="3">12 Months Ended</th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th"><div>Nov. 25, 2020</div></th>
<th class="th"><div>Nov. 04, 2020</div></th>
<th class="th"><div>Nov. 20, 2019</div></th>
<th class="th"><div>May 22, 2019</div></th>
<th class="th"><div>Nov. 21, 2018</div></th>
<th class="th"><div>May 23, 2018</div></th>
<th class="th"><div>Nov. 22, 2017</div></th>
<th class="th"><div>Nov. 30, 2019</div></th>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>May 06, 2019</div></th>
<th class="th"><div>May 02, 2018</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_DisclosureOfDividendsDistributionAbstract', window );"><strong>Disclosure of Dividends Distribution [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
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</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DividendsRecognisedAsDistributionsToOwnersPerShare', window );">Dividends recognised as distributions to owners per share (in dollars per share)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 0.07<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_DividendsPayableAmountPerAmericanDepositarySecurity', window );">Dividends payable, amount per ads (in dollars per share)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 0.14<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_PaymentsForDividendsApproved', window );">Payments for dividends approved</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 82,600<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DividendsPaid', window );">Dividends recognised as distributions to owners</a></td>
<td class="nump">$ 82,600<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 153,000<span></span>
</td>
<td class="nump">$ 484,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 484,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 153,000<span></span>
</td>
<td class="nump">$ 87,938<span></span>
</td>
<td class="nump">$ 485,827<span></span>
</td>
<td class="nump">$ 487,681<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_DividendsPayableAmountPerShareIncludingInterimDividend', window );">Dividends payable, amount per share including interim dividend (in dollars per share)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 0.41<span></span>
</td>
<td class="nump">$ 0.41<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_DividendsPayableAmountPerAmericanDepositarySecurityIncludingInterimDividend', window );">Dividends payable, amount per ADS including interim dividend (in dollars per share)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 0.82<span></span>
</td>
<td class="nump">$ 0.82<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DividendsPaidOrdinarySharesPerShare', window );">Dividends paid, ordinary shares per share (in dollars per share)</a></td>
<td class="nump">$ 0.07<span></span>
</td>
<td class="nump">$ 0.07<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 0.28<span></span>
</td>
<td class="nump">$ 0.13<span></span>
</td>
<td class="nump">$ 0.28<span></span>
</td>
<td class="nump">$ 0.13<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_DividendsPaidPerAmericanDepositarySecurity', window );">Dividends paid, per ADS (in dollars per share)</a></td>
<td class="nump">$ 0.14<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 0.56<span></span>
</td>
<td class="nump">$ 0.26<span></span>
</td>
<td class="nump">$ 0.56<span></span>
</td>
<td class="nump">$ 0.26<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DividendsPaid">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of dividends recognised as distributions to owners.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 107<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_107&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DividendsPaid</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DividendsPaidOrdinarySharesPerShare">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of dividends paid per ordinary share.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 34<br> -IssueDate 2019-01-01<br> -Paragraph 16A<br> -Subparagraph f<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=34&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_16A_f&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DividendsPaidOrdinarySharesPerShare</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DividendsRecognisedAsDistributionsToOwnersPerShare">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount, per share, of dividends recognised as distributions to owners.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 107<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_107&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DividendsRecognisedAsDistributionsToOwnersPerShare</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_DisclosureOfDividendsDistributionAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_DisclosureOfDividendsDistributionAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_DividendsPaidPerAmericanDepositarySecurity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of dividends paid per American Depositary Security ("ADS"). Each ADS equals two shares.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_DividendsPaidPerAmericanDepositarySecurity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_DividendsPayableAmountPerAmericanDepositarySecurity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of a dividend declared or approved, but not yet paid (Dividends payable) per American Depositary Security (ADS). Each ADS equals two shares.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_DividendsPayableAmountPerAmericanDepositarySecurity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_DividendsPayableAmountPerAmericanDepositarySecurityIncludingInterimDividend">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of a dividend payable including an interim dividend paid previously per American Depositary Security (ADS). Each ADS equals two shares.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_DividendsPayableAmountPerAmericanDepositarySecurityIncludingInterimDividend</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_DividendsPayableAmountPerShareIncludingInterimDividend">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The per share amount of a dividend payable including an interim dividend previously paid.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_DividendsPayableAmountPerShareIncludingInterimDividend</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_PaymentsForDividendsApproved">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of dividends approved by Board of Directors.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_PaymentsForDividendsApproved</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140345108387448">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Note 10 - Property, Plant and Equipment, Net (Details Textual) - USD ($)<br> $ in Millions</strong></div></th>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentAbstract', window );"><strong>Disclosure of detailed information about property, plant and equipment [abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_PropertyPlantAndEquipmentCapitalizedInterest', window );">Property, plant and equipment, capitalized interest</a></td>
<td class="nump">$ 33.6<span></span>
</td>
<td class="nump">$ 35.4<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentAbstract">
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfPropertyPlantAndEquipmentAbstract</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_PropertyPlantAndEquipmentCapitalizedInterest">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of property plant and equipment capitalized interest.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_PropertyPlantAndEquipmentCapitalizedInterest</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
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<DOCUMENT>
<TYPE>XML
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<DESCRIPTION>IDEA: XBRL DOCUMENT
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140345095450680">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 10 - Property, Plant and Equipment, Net - Components of Property, Plant and Equipment, Net (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="4">12 Months Ended</th>
</tr>
<tr>
<th class="th" colspan="2"><div>Dec. 31, 2020</div></th>
<th class="th" colspan="2"><div>Dec. 31, 2019</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems', window );"><strong>Disclosure of detailed information about property, plant and equipment [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Beginning of the year</a></td>
<td class="nump">$ 6,090,017<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">$ 6,063,908<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">End of the year</a></td>
<td class="nump">6,193,181<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">6,090,017<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ts_LandAndCivilBuildingsMember', window );">Land and civil buildings [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems', window );"><strong>Disclosure of detailed information about property, plant and equipment [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Beginning of the year</a></td>
<td class="nump">677,671<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">End of the year</a></td>
<td class="nump">707,126<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">677,671<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ts_IndustrialBuildingsPlantAndProductionEquipmentMember', window );">Industrial buildings, plant and production equipment [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems', window );"><strong>Disclosure of detailed information about property, plant and equipment [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Beginning of the year</a></td>
<td class="nump">5,166,678<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">End of the year</a></td>
<td class="nump">5,249,425<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">5,166,678<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ts_VehiclesFurnitureAndFixturesMember', window );">Vehicles, furniture and fixtures [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems', window );"><strong>Disclosure of detailed information about property, plant and equipment [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Beginning of the year</a></td>
<td class="nump">76,758<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">End of the year</a></td>
<td class="nump">72,511<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">76,758<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_ConstructionInProgressMember', window );">Construction in progress [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems', window );"><strong>Disclosure of detailed information about property, plant and equipment [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Beginning of the year</a></td>
<td class="nump">108,308<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">End of the year</a></td>
<td class="nump">102,226<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">108,308<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ts_SparePartsAndEquipmentMember', window );">Spare parts and equipment [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems', window );"><strong>Disclosure of detailed information about property, plant and equipment [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Beginning of the year</a></td>
<td class="nump">60,602<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">End of the year</a></td>
<td class="nump">61,893<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">60,602<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_GrossCarryingAmountMember', window );">Gross carrying amount [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems', window );"><strong>Disclosure of detailed information about property, plant and equipment [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Beginning of the year</a></td>
<td class="nump">13,836,586<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">13,421,982<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment', window );">Translation differences</a></td>
<td class="nump">70,291<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(43,307)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AcquisitionsThroughBusinessCombinationsPropertyPlantAndEquipment', window );">Increase due to business combinations</a></td>
<td class="nump">503,438<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">178,739<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment', window );">Additions</a></td>
<td class="nump">167,755<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">313,915<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisposalsAndRetirementsPropertyPlantAndEquipment', window );">Disposals / Consumptions</a></td>
<td class="num">(82,416)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(38,975)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment', window );">Transfers / Reclassifications</a></td>
<td class="nump">2,351<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">4,232<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">End of the year</a></td>
<td class="nump">14,498,005<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">13,836,586<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_GrossCarryingAmountMember', window );">Gross carrying amount [member] | Land and civil buildings [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems', window );"><strong>Disclosure of detailed information about property, plant and equipment [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Beginning of the year</a></td>
<td class="nump">799,139<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">732,578<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment', window );">Translation differences</a></td>
<td class="num">(545)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(1,611)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AcquisitionsThroughBusinessCombinationsPropertyPlantAndEquipment', window );">Increase due to business combinations</a></td>
<td class="nump">39,622<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">59,468<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment', window );">Additions</a></td>
<td class="nump">1,451<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">16<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisposalsAndRetirementsPropertyPlantAndEquipment', window );">Disposals / Consumptions</a></td>
<td class="num">(5,964)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(35)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment', window );">Transfers / Reclassifications</a></td>
<td class="nump">5,881<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">8,723<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">End of the year</a></td>
<td class="nump">839,584<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">799,139<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_GrossCarryingAmountMember', window );">Gross carrying amount [member] | Industrial buildings, plant and production equipment [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems', window );"><strong>Disclosure of detailed information about property, plant and equipment [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Beginning of the year</a></td>
<td class="nump">12,468,813<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">12,121,569<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment', window );">Translation differences</a></td>
<td class="nump">72,650<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(38,961)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AcquisitionsThroughBusinessCombinationsPropertyPlantAndEquipment', window );">Increase due to business combinations</a></td>
<td class="nump">440,366<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">115,908<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment', window );">Additions</a></td>
<td class="nump">1,524<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">1,178<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisposalsAndRetirementsPropertyPlantAndEquipment', window );">Disposals / Consumptions</a></td>
<td class="num">(61,281)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(27,153)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment', window );">Transfers / Reclassifications</a></td>
<td class="nump">157,473<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">296,272<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">End of the year</a></td>
<td class="nump">13,079,545<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">12,468,813<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_GrossCarryingAmountMember', window );">Gross carrying amount [member] | Vehicles, furniture and fixtures [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems', window );"><strong>Disclosure of detailed information about property, plant and equipment [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Beginning of the year</a></td>
<td class="nump">399,724<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">377,260<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment', window );">Translation differences</a></td>
<td class="nump">443<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(1,615)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AcquisitionsThroughBusinessCombinationsPropertyPlantAndEquipment', window );">Increase due to business combinations</a></td>
<td class="nump">7,195<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">1,733<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment', window );">Additions</a></td>
<td class="nump">620<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">1,107<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisposalsAndRetirementsPropertyPlantAndEquipment', window );">Disposals / Consumptions</a></td>
<td class="num">(8,811)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(7,110)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment', window );">Transfers / Reclassifications</a></td>
<td class="nump">15,586<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">28,349<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">End of the year</a></td>
<td class="nump">414,757<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">399,724<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_GrossCarryingAmountMember', window );">Gross carrying amount [member] | Construction in progress [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems', window );"><strong>Disclosure of detailed information about property, plant and equipment [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Beginning of the year</a></td>
<td class="nump">108,308<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">127,378<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment', window );">Translation differences</a></td>
<td class="num">(2,095)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(864)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AcquisitionsThroughBusinessCombinationsPropertyPlantAndEquipment', window );">Increase due to business combinations</a></td>
<td class="nump">16,255<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">1,630<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment', window );">Additions</a></td>
<td class="nump">157,315<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">299,412<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisposalsAndRetirementsPropertyPlantAndEquipment', window );">Disposals / Consumptions</a></td>
<td class="num">(968)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(2,120)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment', window );">Transfers / Reclassifications</a></td>
<td class="num">(176,589)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(317,128)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">End of the year</a></td>
<td class="nump">102,226<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">108,308<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_GrossCarryingAmountMember', window );">Gross carrying amount [member] | Spare parts and equipment [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems', window );"><strong>Disclosure of detailed information about property, plant and equipment [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Beginning of the year</a></td>
<td class="nump">60,602<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">63,197<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment', window );">Translation differences</a></td>
<td class="num">(162)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(256)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AcquisitionsThroughBusinessCombinationsPropertyPlantAndEquipment', window );">Increase due to business combinations</a></td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment', window );">Additions</a></td>
<td class="nump">6,845<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">12,202<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisposalsAndRetirementsPropertyPlantAndEquipment', window );">Disposals / Consumptions</a></td>
<td class="num">(5,392)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(2,557)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment', window );">Transfers / Reclassifications</a></td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(11,984)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">End of the year</a></td>
<td class="nump">61,893<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">60,602<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_AccumulatedDepreciationAmortisationAndImpairmentMember', window );">Accumulated depreciation, amortisation and impairment [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems', window );"><strong>Disclosure of detailed information about property, plant and equipment [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Beginning of the year</a></td>
<td class="nump">7,746,569<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">7,358,074<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment', window );">Translation differences</a></td>
<td class="nump">56,677<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(26,878)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisposalsAndRetirementsPropertyPlantAndEquipment', window );">Disposals / Consumptions</a></td>
<td class="num">(64,834)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(31,542)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment', window );">Impairment charge (See note 5)</a></td>
<td class="nump">36,000<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment', window );">Transfers / Reclassifications</a></td>
<td class="num">(127)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(400)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DepreciationPropertyPlantAndEquipment', window );">Depreciation charge</a></td>
<td class="nump">530,539<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">447,315<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">End of the year</a></td>
<td class="nump">8,304,824<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">7,746,569<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_AccumulatedDepreciationAmortisationAndImpairmentMember', window );">Accumulated depreciation, amortisation and impairment [member] | Land and civil buildings [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems', window );"><strong>Disclosure of detailed information about property, plant and equipment [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Beginning of the year</a></td>
<td class="nump">121,468<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">110,914<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment', window );">Translation differences</a></td>
<td class="num">(288)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(420)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisposalsAndRetirementsPropertyPlantAndEquipment', window );">Disposals / Consumptions</a></td>
<td class="num">(89)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(73)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment', window );">Impairment charge (See note 5)</a></td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment', window );">Transfers / Reclassifications</a></td>
<td class="num">(1)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(362)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DepreciationPropertyPlantAndEquipment', window );">Depreciation charge</a></td>
<td class="nump">11,368<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">11,409<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">End of the year</a></td>
<td class="nump">132,458<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">121,468<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_AccumulatedDepreciationAmortisationAndImpairmentMember', window );">Accumulated depreciation, amortisation and impairment [member] | Industrial buildings, plant and production equipment [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems', window );"><strong>Disclosure of detailed information about property, plant and equipment [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Beginning of the year</a></td>
<td class="nump">7,302,135<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">6,936,900<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment', window );">Translation differences</a></td>
<td class="nump">56,560<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(24,973)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisposalsAndRetirementsPropertyPlantAndEquipment', window );">Disposals / Consumptions</a></td>
<td class="num">(57,897)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(25,580)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment', window );">Impairment charge (See note 5)</a></td>
<td class="nump">36,000<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment', window );">Transfers / Reclassifications</a></td>
<td class="nump">349<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(38)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DepreciationPropertyPlantAndEquipment', window );">Depreciation charge</a></td>
<td class="nump">492,973<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">415,826<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">End of the year</a></td>
<td class="nump">7,830,120<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">7,302,135<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_AccumulatedDepreciationAmortisationAndImpairmentMember', window );">Accumulated depreciation, amortisation and impairment [member] | Vehicles, furniture and fixtures [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems', window );"><strong>Disclosure of detailed information about property, plant and equipment [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Beginning of the year</a></td>
<td class="nump">322,966<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">310,260<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment', window );">Translation differences</a></td>
<td class="nump">405<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(1,485)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisposalsAndRetirementsPropertyPlantAndEquipment', window );">Disposals / Consumptions</a></td>
<td class="num">(6,848)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(5,889)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment', window );">Impairment charge (See note 5)</a></td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment', window );">Transfers / Reclassifications</a></td>
<td class="num">(475)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DepreciationPropertyPlantAndEquipment', window );">Depreciation charge</a></td>
<td class="nump">26,198<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">20,080<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">End of the year</a></td>
<td class="nump">342,246<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">322,966<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_AccumulatedDepreciationAmortisationAndImpairmentMember', window );">Accumulated depreciation, amortisation and impairment [member] | Construction in progress [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems', window );"><strong>Disclosure of detailed information about property, plant and equipment [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Beginning of the year</a></td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment', window );">Translation differences</a></td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisposalsAndRetirementsPropertyPlantAndEquipment', window );">Disposals / Consumptions</a></td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment', window );">Impairment charge (See note 5)</a></td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment', window );">Transfers / Reclassifications</a></td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DepreciationPropertyPlantAndEquipment', window );">Depreciation charge</a></td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">End of the year</a></td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_AccumulatedDepreciationAmortisationAndImpairmentMember', window );">Accumulated depreciation, amortisation and impairment [member] | Spare parts and equipment [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems', window );"><strong>Disclosure of detailed information about property, plant and equipment [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Beginning of the year</a></td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment', window );">Translation differences</a></td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisposalsAndRetirementsPropertyPlantAndEquipment', window );">Disposals / Consumptions</a></td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment', window );">Impairment charge (See note 5)</a></td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment', window );">Transfers / Reclassifications</a></td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DepreciationPropertyPlantAndEquipment', window );">Depreciation charge</a></td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">End of the year</a></td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr><td colspan="5"></td></tr>
<tr><td colspan="5"><table class="outerFootnotes" width="100%">
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">Related to IPSCO acquisition. See note 32.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[2]</td>
<td style="vertical-align: top;" valign="top">Related to SSPC acquisition. See note 32.</td>
</tr>
</table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AcquisitionsThroughBusinessCombinationsPropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase in property, plant and equipment resulting from acquisitions through business combinations. [Refer: Business combinations [member]; Property, plant and equipment]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 16<br> -IssueDate 2019-01-01<br> -Paragraph 73<br> -Subparagraph e<br> -Clause iii<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=16&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_73_e_iii&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AcquisitionsThroughBusinessCombinationsPropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of additions to property, plant and equipment other than those acquired through business combinations. [Refer: Business combinations [member]; Property, plant and equipment]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 16<br> -IssueDate 2019-01-01<br> -Paragraph 73<br> -Subparagraph e<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=16&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_73_e_i&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DepreciationPropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of depreciation of property, plant and equipment. [Refer: Depreciation and amortisation expense; Property, plant and equipment]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 16<br> -IssueDate 2019-01-01<br> -Paragraph 73<br> -Subparagraph e<br> -Clause vii<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=16&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_73_e_vii&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 16<br> -IssueDate 2019-01-01<br> -Paragraph 75<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=16&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_75_a&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DepreciationPropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisposalsAndRetirementsPropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The decrease in property, plant and equipment resulting from disposals and retirements. [Refer: Property, plant and equipment]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 16<br> -IssueDate 2019-01-01<br> -Paragraph 73<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=16&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_73_e&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisposalsAndRetirementsPropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of impairment loss recognised in profit or loss for property, plant and equipment. [Refer: Impairment loss recognised in profit or loss; Property, plant and equipment]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 16<br> -IssueDate 2019-01-01<br> -Paragraph 73<br> -Subparagraph e<br> -Clause v<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=16&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_73_e_v&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 98<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_98_a&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in property, plant and equipment resulting from net exchange differences arising on the translation of the financial statements from the functional currency into a different presentation currency, including the translation of a foreign operation into the presentation currency of the reporting entity. [Refer: Property, plant and equipment]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 16<br> -IssueDate 2019-01-01<br> -Paragraph 73<br> -Subparagraph e<br> -Clause viii<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=16&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_73_e_viii&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in property, plant and equipment resulting from transfers. [Refer: Property, plant and equipment]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 16<br> -IssueDate 2019-01-01<br> -Paragraph 73<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=16&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_73_e&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of tangible assets that: (a) are held for use in the production or supply of goods or services, for rental to others, or for administrative purposes; and (b) are expected to be used during more than one period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 16<br> -IssueDate 2019-01-01<br> -Paragraph 73<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=16&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_73_e&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 54<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_54_a&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ts_LandAndCivilBuildingsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ts_LandAndCivilBuildingsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ts_IndustrialBuildingsPlantAndProductionEquipmentMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ts_IndustrialBuildingsPlantAndProductionEquipmentMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ts_VehiclesFurnitureAndFixturesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ts_VehiclesFurnitureAndFixturesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_ConstructionInProgressMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_ConstructionInProgressMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ts_SparePartsAndEquipmentMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ts_SparePartsAndEquipmentMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_GrossCarryingAmountMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_GrossCarryingAmountMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_AccumulatedDepreciationAmortisationAndImpairmentMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
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</table></div>
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</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>152
<FILENAME>R110.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<body>
<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140345123605688">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Note 11 - Intangible Assets, Net (Details Textual)<br> $ in Millions</strong></div></th>
<th class="th">
<div>Dec. 31, 2020 </div>
<div>USD ($)</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfReconciliationOfChangesInGoodwillLineItems', window );"><strong>Disclosure of reconciliation of changes in goodwill [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Goodwill', window );">Goodwill at end of period</a></td>
<td class="nump">$ 1,086.0<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GeographicalAreasAxis=ts_NorthAmerica1Member', window );">North America [member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfReconciliationOfChangesInGoodwillLineItems', window );"><strong>Disclosure of reconciliation of changes in goodwill [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Goodwill', window );">Goodwill at end of period</a></td>
<td class="nump">939.2<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GeographicalAreasAxis=ts_SouthAmerica1Member', window );">South America [member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfReconciliationOfChangesInGoodwillLineItems', window );"><strong>Disclosure of reconciliation of changes in goodwill [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Goodwill', window );">Goodwill at end of period</a></td>
<td class="nump">111.1<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GeographicalAreasAxis=ts_Europe1Member', window );">Europe [member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfReconciliationOfChangesInGoodwillLineItems', window );"><strong>Disclosure of reconciliation of changes in goodwill [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Goodwill', window );">Goodwill at end of period</a></td>
<td class="nump">2.0<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GeographicalAreasAxis=ts_MiddleEastAndAfricaMember', window );">Middle East and Africa [member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfReconciliationOfChangesInGoodwillLineItems', window );"><strong>Disclosure of reconciliation of changes in goodwill [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Goodwill', window );">Goodwill at end of period</a></td>
<td class="nump">$ 33.7<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfReconciliationOfChangesInGoodwillLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfReconciliationOfChangesInGoodwillLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Goodwill">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of assets representing the future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognised. [Refer: Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2019-01-01<br> -Paragraph B67<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_B67_d&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2019-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 36<br> -IssueDate 2019-01-01<br> -Paragraph 134<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=36&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_134_a&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 36<br> -IssueDate 2019-01-01<br> -Paragraph 135<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=36&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_135_a&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 54<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_54_c&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Goodwill</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GeographicalAreasAxis=ts_NorthAmerica1Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GeographicalAreasAxis=ts_NorthAmerica1Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GeographicalAreasAxis=ts_SouthAmerica1Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GeographicalAreasAxis=ts_SouthAmerica1Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GeographicalAreasAxis=ts_Europe1Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GeographicalAreasAxis=ts_Europe1Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GeographicalAreasAxis=ts_MiddleEastAndAfricaMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GeographicalAreasAxis=ts_MiddleEastAndAfricaMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>153
<FILENAME>R111.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140345105497800">
<tr>
<th class="tl" colspan="2" rowspan="2"><div style="width: 200px;"><strong>Note 11 - Intangible Assets, Net - Intangible Assets and Goodwill (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="4">12 Months Ended</th>
</tr>
<tr>
<th class="th" colspan="2"><div>Dec. 31, 2020</div></th>
<th class="th" colspan="2"><div>Dec. 31, 2019</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillLineItems', window );"><strong>Disclosure of reconciliation of changes in intangible assets and goodwill [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsAndGoodwill', window );">Values at the beginning of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 1,561,559<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsAndGoodwill', window );">Values at the end of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">1,429,056<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">$ 1,561,559<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis=ts_InformationSystemProjectsMember', window );">Information system projects [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillLineItems', window );"><strong>Disclosure of reconciliation of changes in intangible assets and goodwill [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsAndGoodwill', window );">Values at the beginning of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">68,533<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsAndGoodwill', window );">Values at the end of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">59,993<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">68,533<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis=ts_LicensesPatentsAndTrademarksMember', window );">Licenses, patents and trademarks [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillLineItems', window );"><strong>Disclosure of reconciliation of changes in intangible assets and goodwill [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsAndGoodwill', window );">Values at the beginning of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">89,970<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsAndGoodwill', window );">Values at the end of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">167,969<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">89,970<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis=ifrs-full_GoodwillMember', window );">Goodwill [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillLineItems', window );"><strong>Disclosure of reconciliation of changes in intangible assets and goodwill [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsAndGoodwill', window );">Values at the beginning of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">1,320,245<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsAndGoodwill', window );">Values at the end of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">1,085,968<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">1,320,245<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis=ifrs-full_CustomerrelatedIntangibleAssetsMember', window );">Customer-related intangible assets [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillLineItems', window );"><strong>Disclosure of reconciliation of changes in intangible assets and goodwill [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsAndGoodwill', window );">Values at the beginning of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">82,811<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsAndGoodwill', window );">Values at the end of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">115,126<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">82,811<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_GrossCarryingAmountMember', window );">Gross carrying amount [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillLineItems', window );"><strong>Disclosure of reconciliation of changes in intangible assets and goodwill [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsAndGoodwill', window );">Values at the beginning of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">5,326,500<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">5,189,988<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsAndGoodwill', window );">Currency translation adjustment</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(3,730)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(2,955)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwill', window );">Increase due to business combinations</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">526,846<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="nump">114,466<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[3]</sup></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill', window );">Additions</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">25,567<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">36,259<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughTransfersAndOtherChangesIntangibleAssetsAndGoodwill', window );">Transfers / Reclassifications</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(1,393)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(4,665)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisposalsIntangibleAssetsAndGoodwill', window );">Disposals</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(4,825)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(6,593)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsAndGoodwill', window );">Values at the end of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">5,868,965<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">5,326,500<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_GrossCarryingAmountMember', window );">Gross carrying amount [member] | Information system projects [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillLineItems', window );"><strong>Disclosure of reconciliation of changes in intangible assets and goodwill [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsAndGoodwill', window );">Values at the beginning of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">604,870<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">580,622<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsAndGoodwill', window );">Currency translation adjustment</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">1,108<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(1,917)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwill', window );">Increase due to business combinations</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">11,563<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="nump">405<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[3]</sup></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill', window );">Additions</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">24,965<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">35,487<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughTransfersAndOtherChangesIntangibleAssetsAndGoodwill', window );">Transfers / Reclassifications</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(1,393)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(4,665)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisposalsIntangibleAssetsAndGoodwill', window );">Disposals</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(3,761)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(5,062)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsAndGoodwill', window );">Values at the end of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">637,352<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">604,870<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_GrossCarryingAmountMember', window );">Gross carrying amount [member] | Licenses, patents and trademarks [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillLineItems', window );"><strong>Disclosure of reconciliation of changes in intangible assets and goodwill [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsAndGoodwill', window );">Values at the beginning of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">463,742<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">464,571<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsAndGoodwill', window );">Currency translation adjustment</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">220<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(70)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwill', window );">Increase due to business combinations</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">87,000<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[3]</sup></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill', window );">Additions</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">602<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">772<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughTransfersAndOtherChangesIntangibleAssetsAndGoodwill', window );">Transfers / Reclassifications</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisposalsIntangibleAssetsAndGoodwill', window );">Disposals</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="num">(1,064)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(1,531)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsAndGoodwill', window );">Values at the end of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">550,500<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">463,742<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_GrossCarryingAmountMember', window );">Gross carrying amount [member] | Goodwill [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillLineItems', window );"><strong>Disclosure of reconciliation of changes in intangible assets and goodwill [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsAndGoodwill', window );">Values at the beginning of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">2,117,837<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">2,085,936<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsAndGoodwill', window );">Currency translation adjustment</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(5,058)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(968)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwill', window );">Increase due to business combinations</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">357,183<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="nump">32,869<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[3]</sup></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill', window );">Additions</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughTransfersAndOtherChangesIntangibleAssetsAndGoodwill', window );">Transfers / Reclassifications</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisposalsIntangibleAssetsAndGoodwill', window );">Disposals</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsAndGoodwill', window );">Values at the end of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">2,469,962<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">2,117,837<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_GrossCarryingAmountMember', window );">Gross carrying amount [member] | Customer-related intangible assets [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillLineItems', window );"><strong>Disclosure of reconciliation of changes in intangible assets and goodwill [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsAndGoodwill', window );">Values at the beginning of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">2,140,051<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">2,058,859<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsAndGoodwill', window );">Currency translation adjustment</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwill', window );">Increase due to business combinations</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">71,100<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="nump">81,192<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[3]</sup></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill', window );">Additions</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughTransfersAndOtherChangesIntangibleAssetsAndGoodwill', window );">Transfers / Reclassifications</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisposalsIntangibleAssetsAndGoodwill', window );">Disposals</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsAndGoodwill', window );">Values at the end of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">2,211,151<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">2,140,051<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_AccumulatedDepreciationAmortisationAndImpairmentMember', window );">Accumulated depreciation, amortisation and impairment [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillLineItems', window );"><strong>Disclosure of reconciliation of changes in intangible assets and goodwill [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsAndGoodwill', window );">Values at the beginning of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">3,764,941<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">3,724,023<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsAndGoodwill', window );">Currency translation adjustment</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">889<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(1,734)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ImpairmentLossRecognisedInProfitOrLossIntangibleAssetsAndGoodwill', window );">Impairment charge</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">586,402<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughTransfersAndOtherChangesIntangibleAssetsAndGoodwill', window );">Transfers / Reclassifications</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">931<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisposalsIntangibleAssetsAndGoodwill', window );">Disposals</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(3,730)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(5,263)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AmortisationIntangibleAssetsOtherThanGoodwill', window );">Amortization charge</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">90,476<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">47,915<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsAndGoodwill', window );">Values at the end of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">4,439,909<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">3,764,941<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_AccumulatedDepreciationAmortisationAndImpairmentMember', window );">Accumulated depreciation, amortisation and impairment [member] | Information system projects [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillLineItems', window );"><strong>Disclosure of reconciliation of changes in intangible assets and goodwill [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsAndGoodwill', window );">Values at the beginning of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">536,337<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">513,984<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsAndGoodwill', window );">Currency translation adjustment</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">890<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(1,734)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ImpairmentLossRecognisedInProfitOrLossIntangibleAssetsAndGoodwill', window );">Impairment charge</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughTransfersAndOtherChangesIntangibleAssetsAndGoodwill', window );">Transfers / Reclassifications</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">931<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisposalsIntangibleAssetsAndGoodwill', window );">Disposals</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(3,730)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(4,850)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AmortisationIntangibleAssetsOtherThanGoodwill', window );">Amortization charge</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">42,931<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">28,937<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsAndGoodwill', window );">Values at the end of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">577,359<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">536,337<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_AccumulatedDepreciationAmortisationAndImpairmentMember', window );">Accumulated depreciation, amortisation and impairment [member] | Licenses, patents and trademarks [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillLineItems', window );"><strong>Disclosure of reconciliation of changes in intangible assets and goodwill [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsAndGoodwill', window );">Values at the beginning of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">373,772<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">373,466<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsAndGoodwill', window );">Currency translation adjustment</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="num">(1)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ImpairmentLossRecognisedInProfitOrLossIntangibleAssetsAndGoodwill', window );">Impairment charge</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughTransfersAndOtherChangesIntangibleAssetsAndGoodwill', window );">Transfers / Reclassifications</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisposalsIntangibleAssetsAndGoodwill', window );">Disposals</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(413)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AmortisationIntangibleAssetsOtherThanGoodwill', window );">Amortization charge</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">8,760<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">719<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsAndGoodwill', window );">Values at the end of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">382,531<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">373,772<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_AccumulatedDepreciationAmortisationAndImpairmentMember', window );">Accumulated depreciation, amortisation and impairment [member] | Goodwill [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillLineItems', window );"><strong>Disclosure of reconciliation of changes in intangible assets and goodwill [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsAndGoodwill', window );">Values at the beginning of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">797,592<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">797,592<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsAndGoodwill', window );">Currency translation adjustment</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ImpairmentLossRecognisedInProfitOrLossIntangibleAssetsAndGoodwill', window );">Impairment charge</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">586,402<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughTransfersAndOtherChangesIntangibleAssetsAndGoodwill', window );">Transfers / Reclassifications</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisposalsIntangibleAssetsAndGoodwill', window );">Disposals</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AmortisationIntangibleAssetsOtherThanGoodwill', window );">Amortization charge</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsAndGoodwill', window );">Values at the end of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">1,383,994<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">797,592<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_AccumulatedDepreciationAmortisationAndImpairmentMember', window );">Accumulated depreciation, amortisation and impairment [member] | Customer-related intangible assets [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillLineItems', window );"><strong>Disclosure of reconciliation of changes in intangible assets and goodwill [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsAndGoodwill', window );">Values at the beginning of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">2,057,240<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">2,038,981<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsAndGoodwill', window );">Currency translation adjustment</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ImpairmentLossRecognisedInProfitOrLossIntangibleAssetsAndGoodwill', window );">Impairment charge</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughTransfersAndOtherChangesIntangibleAssetsAndGoodwill', window );">Transfers / Reclassifications</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisposalsIntangibleAssetsAndGoodwill', window );">Disposals</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AmortisationIntangibleAssetsOtherThanGoodwill', window );">Amortization charge</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">38,785<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">18,259<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsAndGoodwill', window );">Values at the end of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 2,096,025<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">$ 2,057,240<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr><td colspan="5"></td></tr>
<tr><td colspan="5"><table class="outerFootnotes" width="100%">
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">Includes Proprietary Technology.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[2]</td>
<td style="vertical-align: top;" valign="top">Related to IPSCO acquisition. See note 32.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[3]</td>
<td style="vertical-align: top;" valign="top">Related to SSPC acquisition. See note 32.</td>
</tr>
</table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwill">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase in intangible assets and goodwill resulting from acquisitions through business combinations. [Refer: Business combinations [member]; Intangible assets and goodwill]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 38<br> -IssueDate 2019-01-01<br> -Paragraph 118<br> -Subparagraph e<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=38&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_118_e_i&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwill</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of additions to intangible assets other than goodwill, other than those acquired through business combinations. [Refer: Business combinations [member]; Intangible assets other than goodwill]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 38<br> -IssueDate 2019-01-01<br> -Paragraph 118<br> -Subparagraph e<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=38&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_118_e_i&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AmortisationIntangibleAssetsOtherThanGoodwill">
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of amortisation of intangible assets other than goodwill. [Refer: Depreciation and amortisation expense; Intangible assets other than goodwill]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 38<br> -IssueDate 2019-01-01<br> -Paragraph 118<br> -Subparagraph e<br> -Clause vi<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=38&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_118_e_vi&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AmortisationIntangibleAssetsOtherThanGoodwill</td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillLineItems</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The decrease in intangible assets and goodwill resulting from disposals. [Refer: Intangible assets and goodwill]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 38<br> -IssueDate 2019-01-01<br> -Paragraph 118<br> -Subparagraph e<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=38&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_118_e_ii&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisposalsIntangibleAssetsAndGoodwill</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of impairment loss recognised in profit or loss for intangible assets and goodwill. [Refer: Impairment loss recognised in profit or loss; Intangible assets and goodwill]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 38<br> -IssueDate 2019-01-01<br> -Paragraph 118<br> -Subparagraph e<br> -Clause iv<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=38&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_118_e_iv&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ImpairmentLossRecognisedInProfitOrLossIntangibleAssetsAndGoodwill</td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in intangible assets and goodwill resulting from the net exchange differences arising when the financial statements are translated from the functional currency into a different presentation currency, including the translation of a foreign operation into the presentation currency of the reporting entity. [Refer: Intangible assets and goodwill]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 38<br> -IssueDate 2019-01-01<br> -Paragraph 118<br> -Subparagraph e<br> -Clause vii<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=38&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_118_e_vii&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsAndGoodwill</td>
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<td><strong> Balance Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in intangible assets and goodwill resulting from transfers and changes that the entity does not separately disclose in the same statement or note. [Refer: Intangible assets and goodwill]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 38<br> -IssueDate 2019-01-01<br> -Paragraph 118<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=38&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_118_e&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncreaseDecreaseThroughTransfersAndOtherChangesIntangibleAssetsAndGoodwill</td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of intangible assets and goodwill held by the entity. [Refer: Goodwill; Intangible assets other than goodwill]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IntangibleAssetsAndGoodwill</td>
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<td><strong> Period Type:</strong></td>
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<td><strong> Name:</strong></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140345096233608">
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<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Note 11 - Intangible Assets, Net - Goodwill Allocated by CGU (Details)<br> $ in Millions</strong></div></th>
<th class="th">
<div>Dec. 31, 2020 </div>
<div>USD ($)</div>
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<td class="nump">$ 1,086<span></span>
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<td class="text">&#160;<span></span>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Goodwill', window );">Goodwill</a></td>
<td class="nump">365<span></span>
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</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IndividualAssetsOrCashgeneratingUnitsWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesAxis=ts_SidercaHydrilAndOtherMember', window );">Siderca (Hydril and other) [member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfInformationForIndividualAssetOrCashgeneratingUnitWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesLineItems', window );"><strong>Disclosure of information for cash-generating units [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Goodwill', window );">Goodwill</a></td>
<td class="nump">358<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IndividualAssetsOrCashgeneratingUnitsWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesAxis=ts_HydrilMember', window );">Hydril [member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfInformationForIndividualAssetOrCashgeneratingUnitWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesLineItems', window );"><strong>Disclosure of information for cash-generating units [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Goodwill', window );">Goodwill</a></td>
<td class="nump">309<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IndividualAssetsOrCashgeneratingUnitsWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesAxis=ts_OtherCguMember', window );">Other CGU [member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfInformationForIndividualAssetOrCashgeneratingUnitWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesLineItems', window );"><strong>Disclosure of information for cash-generating units [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Goodwill', window );">Goodwill</a></td>
<td class="nump">54<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SegmentsAxis=ts_TubesMember', window );">Tubes [member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfInformationForIndividualAssetOrCashgeneratingUnitWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesLineItems', window );"><strong>Disclosure of information for cash-generating units [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Goodwill', window );">Goodwill</a></td>
<td class="nump">166<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SegmentsAxis=ts_TubesMember', window );">Tubes [member] | Tamsa (Hydril and other) [member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfInformationForIndividualAssetOrCashgeneratingUnitWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesLineItems', window );"><strong>Disclosure of information for cash-generating units [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Goodwill', window );">Goodwill</a></td>
<td class="nump">19<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SegmentsAxis=ts_TubesMember', window );">Tubes [member] | Siderca (Hydril and other) [member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfInformationForIndividualAssetOrCashgeneratingUnitWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesLineItems', window );"><strong>Disclosure of information for cash-generating units [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Goodwill', window );">Goodwill</a></td>
<td class="nump">93<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SegmentsAxis=ts_TubesMember', window );">Tubes [member] | Hydril [member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfInformationForIndividualAssetOrCashgeneratingUnitWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesLineItems', window );"><strong>Disclosure of information for cash-generating units [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Goodwill', window );">Goodwill</a></td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SegmentsAxis=ts_TubesMember', window );">Tubes [member] | Other CGU [member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfInformationForIndividualAssetOrCashgeneratingUnitWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesLineItems', window );"><strong>Disclosure of information for cash-generating units [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Goodwill', window );">Goodwill</a></td>
<td class="nump">54<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SegmentsAxis=ts_TubesMember', window );">Tubes [member] | Hydrill acquisition [member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfInformationForIndividualAssetOrCashgeneratingUnitWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesLineItems', window );"><strong>Disclosure of information for cash-generating units [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Goodwill', window );">Goodwill</a></td>
<td class="nump">920<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SegmentsAxis=ts_TubesMember', window );">Tubes [member] | Hydrill acquisition [member] | Tamsa (Hydril and other) [member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfInformationForIndividualAssetOrCashgeneratingUnitWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesLineItems', window );"><strong>Disclosure of information for cash-generating units [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Goodwill', window );">Goodwill</a></td>
<td class="nump">346<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SegmentsAxis=ts_TubesMember', window );">Tubes [member] | Hydrill acquisition [member] | Siderca (Hydril and other) [member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfInformationForIndividualAssetOrCashgeneratingUnitWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesLineItems', window );"><strong>Disclosure of information for cash-generating units [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Goodwill', window );">Goodwill</a></td>
<td class="nump">265<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SegmentsAxis=ts_TubesMember', window );">Tubes [member] | Hydrill acquisition [member] | Hydril [member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfInformationForIndividualAssetOrCashgeneratingUnitWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesLineItems', window );"><strong>Disclosure of information for cash-generating units [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Goodwill', window );">Goodwill</a></td>
<td class="nump">309<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SegmentsAxis=ts_TubesMember', window );">Tubes [member] | Hydrill acquisition [member] | Other CGU [member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfInformationForIndividualAssetOrCashgeneratingUnitWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesLineItems', window );"><strong>Disclosure of information for cash-generating units [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Goodwill', window );">Goodwill</a></td>
<td class="text"> <span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfInformationForIndividualAssetOrCashgeneratingUnitWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfInformationForIndividualAssetOrCashgeneratingUnitWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Goodwill">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of assets representing the future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognised. [Refer: Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2019-01-01<br> -Paragraph B67<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_B67_d&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2019-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 36<br> -IssueDate 2019-01-01<br> -Paragraph 134<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=36&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_134_a&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 36<br> -IssueDate 2019-01-01<br> -Paragraph 135<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=36&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_135_a&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 54<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_54_c&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Goodwill</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IndividualAssetsOrCashgeneratingUnitsWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesAxis=ts_TamsaHydrilAndOtherMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IndividualAssetsOrCashgeneratingUnitsWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesAxis=ts_TamsaHydrilAndOtherMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IndividualAssetsOrCashgeneratingUnitsWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesAxis=ts_SidercaHydrilAndOtherMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IndividualAssetsOrCashgeneratingUnitsWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesAxis=ts_SidercaHydrilAndOtherMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IndividualAssetsOrCashgeneratingUnitsWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesAxis=ts_HydrilMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IndividualAssetsOrCashgeneratingUnitsWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesAxis=ts_HydrilMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IndividualAssetsOrCashgeneratingUnitsWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesAxis=ts_OtherCguMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IndividualAssetsOrCashgeneratingUnitsWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesAxis=ts_OtherCguMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SegmentsAxis=ts_TubesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SegmentsAxis=ts_TubesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BusinessCombinationsAxis=ts_HydrillAcquisitionMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BusinessCombinationsAxis=ts_HydrillAcquisitionMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>155
<FILENAME>R113.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140345105878264">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 12 - Right-of-use Assets, Net and Lease Liabilities (Details Textual) - USD ($)<br> $ in Millions</strong></div></th>
<th class="th" colspan="2">12 Months Ended</th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfMaturityAnalysisOfOperatingLeasePaymentsLineItems', window );"><strong>Disclosure of maturity analysis of operating lease payments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_LeasesPaidInAdvance', window );">Leases paid in advance</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 4.0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ExpenseRelatingToShorttermLeasesForWhichRecognitionExemptionHasBeenUsed', window );">Expense relating to short-term leases for which recognition exemption has been used</a></td>
<td class="nump">$ 1.7<span></span>
</td>
<td class="nump">$ 15.1<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ExpenseRelatingToLeasesOfLowvalueAssetsForWhichRecognitionExemptionHasBeenUsed', window );">Expense relating to leases of low-value assets for which recognition exemption has been used</a></td>
<td class="nump">$ 3.2<span></span>
</td>
<td class="nump">$ 1.3<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MaturityAxis=ifrs-full_NotLaterThanOneYearMember', window );">Not later than one year [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfMaturityAnalysisOfOperatingLeasePaymentsLineItems', window );"><strong>Disclosure of maturity analysis of operating lease payments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_RemainingLeasePaymentsToBeMadePercentage', window );">Remaining lease payments to be made, percentage</a></td>
<td class="nump">16.90%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MaturityAxis=ifrs-full_LaterThanOneYearAndNotLaterThanFiveYearsMember', window );">Later than one year and not later than five years [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfMaturityAnalysisOfOperatingLeasePaymentsLineItems', window );"><strong>Disclosure of maturity analysis of operating lease payments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_RemainingLeasePaymentsToBeMadePercentage', window );">Remaining lease payments to be made, percentage</a></td>
<td class="nump">40.50%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MaturityAxis=ifrs-full_LaterThanFiveYearsMember', window );">Later than five years [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfMaturityAnalysisOfOperatingLeasePaymentsLineItems', window );"><strong>Disclosure of maturity analysis of operating lease payments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_RemainingLeasePaymentsToBeMadePercentage', window );">Remaining lease payments to be made, percentage</a></td>
<td class="nump">42.60%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfMaturityAnalysisOfOperatingLeasePaymentsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfMaturityAnalysisOfOperatingLeasePaymentsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ExpenseRelatingToLeasesOfLowvalueAssetsForWhichRecognitionExemptionHasBeenUsed">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of the expense relating to leases of low-value assets accounted for applying paragraph 6 of IFRS 16. This expense shall not include the expense relating to short-term leases of low-value assets.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 16<br> -IssueDate 2019-01-01<br> -Paragraph 53<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=16&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_53_d&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ExpenseRelatingToLeasesOfLowvalueAssetsForWhichRecognitionExemptionHasBeenUsed</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ExpenseRelatingToShorttermLeasesForWhichRecognitionExemptionHasBeenUsed">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of the expense relating to short-term leases accounted for applying paragraph 6 of IFRS 16. This expense need not include the expense relating to leases with a lease term of one month or less. Short-term lease is a lease that, at the commencement date, has a lease term of 12 months or less. A lease that contains a purchase option is not a short-term lease.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 16<br> -IssueDate 2019-01-01<br> -Paragraph 53<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=16&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_53_c&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ExpenseRelatingToShorttermLeasesForWhichRecognitionExemptionHasBeenUsed</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_LeasesPaidInAdvance">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>It refers to the leases paid in advance as of beginning of year 2019 that were not considered as lease liabilities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_LeasesPaidInAdvance</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_RemainingLeasePaymentsToBeMadePercentage">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Percentage of total remaining payments to be made.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_RemainingLeasePaymentsToBeMadePercentage</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_MaturityAxis=ifrs-full_NotLaterThanOneYearMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_MaturityAxis=ifrs-full_NotLaterThanOneYearMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_MaturityAxis=ifrs-full_LaterThanOneYearAndNotLaterThanFiveYearsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_MaturityAxis=ifrs-full_LaterThanOneYearAndNotLaterThanFiveYearsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_MaturityAxis=ifrs-full_LaterThanFiveYearsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_MaturityAxis=ifrs-full_LaterThanFiveYearsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>156
<FILENAME>R114.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140345104873288">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 12 - Right-of-use Assets, Net and Lease Liabilities - Evolution of Right-of-use Assets (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="4">12 Months Ended</th>
</tr>
<tr>
<th class="th" colspan="2"><div>Dec. 31, 2020</div></th>
<th class="th" colspan="2"><div>Dec. 31, 2019</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfMaturityAnalysisOfOperatingLeasePaymentsLineItems', window );"><strong>Disclosure of maturity analysis of operating lease payments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RightofuseAssets', window );">Cost and Depreciation beginning of the year</a></td>
<td class="nump">$ 233,126<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RightofuseAssets', window );">Cost and Depreciation end of the year</a></td>
<td class="nump">241,953<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">$ 233,126<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_GrossCarryingAmountMember', window );">Gross carrying amount [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfMaturityAnalysisOfOperatingLeasePaymentsLineItems', window );"><strong>Disclosure of maturity analysis of operating lease payments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RightofuseAssets', window );">Cost and Depreciation beginning of the year</a></td>
<td class="nump">275,720<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">238,400<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_IncreaseDecreaseThroughNetExchangeDifferencesRightOfUseAssets', window );">Currency translation adjustment</a></td>
<td class="nump">437<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(74)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_AcquisitionsThroughBusinessCombinationsRightOfUseAssets', window );">Increase due to business combinations</a></td>
<td class="nump">24,747<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">2,267<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdditionsToRightofuseAssets', window );">Additions</a></td>
<td class="nump">59,141<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">41,442<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_IncreaseDecreaseThroughTransfersReclassificationsAndOtherChangesRightOfUseAssets', window );">Transfers / Reclassifications</a></td>
<td class="nump">117<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_DisposalsConsumptionsRightOfUseAssets', window );">Disposals</a></td>
<td class="num">(26,257)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(6,315)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RightofuseAssets', window );">Cost and Depreciation end of the year</a></td>
<td class="nump">333,905<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">275,720<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_AccumulatedDepreciationAmortisationAndImpairmentMember', window );">Accumulated depreciation, amortisation and impairment [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfMaturityAnalysisOfOperatingLeasePaymentsLineItems', window );"><strong>Disclosure of maturity analysis of operating lease payments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RightofuseAssets', window );">Cost and Depreciation beginning of the year</a></td>
<td class="nump">42,594<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_IncreaseDecreaseThroughNetExchangeDifferencesRightOfUseAssets', window );">Currency translation adjustment</a></td>
<td class="nump">243<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">8<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DepreciationRightofuseAssets', window );">Depreciation charge</a></td>
<td class="nump">57,791<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">44,291<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_IncreaseDecreaseThroughTransfersReclassificationsAndOtherChangesRightOfUseAssets', window );">Transfers / Reclassifications</a></td>
<td class="nump">117<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_DisposalsConsumptionsRightOfUseAssets', window );">Disposals</a></td>
<td class="num">(8,793)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(1,705)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RightofuseAssets', window );">Cost and Depreciation end of the year</a></td>
<td class="nump">91,952<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">42,594<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfAssetsAxis=ts_LandAndCivilBuildingsMember', window );">Land and civil buildings [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfMaturityAnalysisOfOperatingLeasePaymentsLineItems', window );"><strong>Disclosure of maturity analysis of operating lease payments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RightofuseAssets', window );">Cost and Depreciation beginning of the year</a></td>
<td class="nump">27,807<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RightofuseAssets', window );">Cost and Depreciation end of the year</a></td>
<td class="nump">26,790<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">27,807<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfAssetsAxis=ts_LandAndCivilBuildingsMember', window );">Land and civil buildings [member] | Gross carrying amount [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfMaturityAnalysisOfOperatingLeasePaymentsLineItems', window );"><strong>Disclosure of maturity analysis of operating lease payments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RightofuseAssets', window );">Cost and Depreciation beginning of the year</a></td>
<td class="nump">36,137<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">27,713<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_IncreaseDecreaseThroughNetExchangeDifferencesRightOfUseAssets', window );">Currency translation adjustment</a></td>
<td class="num">(839)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(88)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_AcquisitionsThroughBusinessCombinationsRightOfUseAssets', window );">Increase due to business combinations</a></td>
<td class="nump">3,461<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">229<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdditionsToRightofuseAssets', window );">Additions</a></td>
<td class="nump">11,534<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">9,292<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_IncreaseDecreaseThroughTransfersReclassificationsAndOtherChangesRightOfUseAssets', window );">Transfers / Reclassifications</a></td>
<td class="nump">439<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_DisposalsConsumptionsRightOfUseAssets', window );">Disposals</a></td>
<td class="num">(8,800)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(1,009)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RightofuseAssets', window );">Cost and Depreciation end of the year</a></td>
<td class="nump">41,932<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">36,137<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfAssetsAxis=ts_LandAndCivilBuildingsMember', window );">Land and civil buildings [member] | Accumulated depreciation, amortisation and impairment [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfMaturityAnalysisOfOperatingLeasePaymentsLineItems', window );"><strong>Disclosure of maturity analysis of operating lease payments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RightofuseAssets', window );">Cost and Depreciation beginning of the year</a></td>
<td class="nump">8,330<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_IncreaseDecreaseThroughNetExchangeDifferencesRightOfUseAssets', window );">Currency translation adjustment</a></td>
<td class="num">(92)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(3)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DepreciationRightofuseAssets', window );">Depreciation charge</a></td>
<td class="nump">13,200<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">8,514<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_IncreaseDecreaseThroughTransfersReclassificationsAndOtherChangesRightOfUseAssets', window );">Transfers / Reclassifications</a></td>
<td class="num">(2,876)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_DisposalsConsumptionsRightOfUseAssets', window );">Disposals</a></td>
<td class="num">(3,420)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(181)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RightofuseAssets', window );">Cost and Depreciation end of the year</a></td>
<td class="nump">15,142<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">8,330<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfAssetsAxis=ts_IndustrialBuildingsPlantAndProductionEquipmentMember', window );">Industrial buildings, plant and production equipment [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfMaturityAnalysisOfOperatingLeasePaymentsLineItems', window );"><strong>Disclosure of maturity analysis of operating lease payments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RightofuseAssets', window );">Cost and Depreciation beginning of the year</a></td>
<td class="nump">194,808<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RightofuseAssets', window );">Cost and Depreciation end of the year</a></td>
<td class="nump">205,365<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">194,808<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfAssetsAxis=ts_IndustrialBuildingsPlantAndProductionEquipmentMember', window );">Industrial buildings, plant and production equipment [member] | Gross carrying amount [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfMaturityAnalysisOfOperatingLeasePaymentsLineItems', window );"><strong>Disclosure of maturity analysis of operating lease payments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RightofuseAssets', window );">Cost and Depreciation beginning of the year</a></td>
<td class="nump">225,389<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">202,352<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_IncreaseDecreaseThroughNetExchangeDifferencesRightOfUseAssets', window );">Currency translation adjustment</a></td>
<td class="nump">746<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">6<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_AcquisitionsThroughBusinessCombinationsRightOfUseAssets', window );">Increase due to business combinations</a></td>
<td class="nump">13,730<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">2,038<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdditionsToRightofuseAssets', window );">Additions</a></td>
<td class="nump">42,573<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">24,985<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_IncreaseDecreaseThroughTransfersReclassificationsAndOtherChangesRightOfUseAssets', window );">Transfers / Reclassifications</a></td>
<td class="num">(458)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">496<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_DisposalsConsumptionsRightOfUseAssets', window );">Disposals</a></td>
<td class="num">(8,622)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(4,488)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RightofuseAssets', window );">Cost and Depreciation end of the year</a></td>
<td class="nump">273,358<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">225,389<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfAssetsAxis=ts_IndustrialBuildingsPlantAndProductionEquipmentMember', window );">Industrial buildings, plant and production equipment [member] | Accumulated depreciation, amortisation and impairment [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfMaturityAnalysisOfOperatingLeasePaymentsLineItems', window );"><strong>Disclosure of maturity analysis of operating lease payments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RightofuseAssets', window );">Cost and Depreciation beginning of the year</a></td>
<td class="nump">30,581<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_IncreaseDecreaseThroughNetExchangeDifferencesRightOfUseAssets', window );">Currency translation adjustment</a></td>
<td class="nump">145<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">3<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DepreciationRightofuseAssets', window );">Depreciation charge</a></td>
<td class="nump">37,671<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">31,869<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_IncreaseDecreaseThroughTransfersReclassificationsAndOtherChangesRightOfUseAssets', window );">Transfers / Reclassifications</a></td>
<td class="nump">1,702<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(62)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_DisposalsConsumptionsRightOfUseAssets', window );">Disposals</a></td>
<td class="num">(2,106)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(1,229)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RightofuseAssets', window );">Cost and Depreciation end of the year</a></td>
<td class="nump">67,993<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">30,581<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfAssetsAxis=ts_VehiclesFurnitureAndFixturesMember', window );">Vehicles, furniture and fixtures [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfMaturityAnalysisOfOperatingLeasePaymentsLineItems', window );"><strong>Disclosure of maturity analysis of operating lease payments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RightofuseAssets', window );">Cost and Depreciation beginning of the year</a></td>
<td class="nump">10,511<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RightofuseAssets', window );">Cost and Depreciation end of the year</a></td>
<td class="nump">9,798<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">10,511<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfAssetsAxis=ts_VehiclesFurnitureAndFixturesMember', window );">Vehicles, furniture and fixtures [member] | Gross carrying amount [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfMaturityAnalysisOfOperatingLeasePaymentsLineItems', window );"><strong>Disclosure of maturity analysis of operating lease payments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RightofuseAssets', window );">Cost and Depreciation beginning of the year</a></td>
<td class="nump">14,194<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">8,335<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_IncreaseDecreaseThroughNetExchangeDifferencesRightOfUseAssets', window );">Currency translation adjustment</a></td>
<td class="nump">530<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">8<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_AcquisitionsThroughBusinessCombinationsRightOfUseAssets', window );">Increase due to business combinations</a></td>
<td class="nump">7,556<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdditionsToRightofuseAssets', window );">Additions</a></td>
<td class="nump">5,034<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">7,165<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_IncreaseDecreaseThroughTransfersReclassificationsAndOtherChangesRightOfUseAssets', window );">Transfers / Reclassifications</a></td>
<td class="nump">136<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(496)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_DisposalsConsumptionsRightOfUseAssets', window );">Disposals</a></td>
<td class="num">(8,835)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(818)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RightofuseAssets', window );">Cost and Depreciation end of the year</a></td>
<td class="nump">18,615<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">14,194<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfAssetsAxis=ts_VehiclesFurnitureAndFixturesMember', window );">Vehicles, furniture and fixtures [member] | Accumulated depreciation, amortisation and impairment [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfMaturityAnalysisOfOperatingLeasePaymentsLineItems', window );"><strong>Disclosure of maturity analysis of operating lease payments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RightofuseAssets', window );">Cost and Depreciation beginning of the year</a></td>
<td class="nump">3,683<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_IncreaseDecreaseThroughNetExchangeDifferencesRightOfUseAssets', window );">Currency translation adjustment</a></td>
<td class="nump">190<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">8<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DepreciationRightofuseAssets', window );">Depreciation charge</a></td>
<td class="nump">6,920<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">3,908<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_IncreaseDecreaseThroughTransfersReclassificationsAndOtherChangesRightOfUseAssets', window );">Transfers / Reclassifications</a></td>
<td class="nump">1,291<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">62<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_DisposalsConsumptionsRightOfUseAssets', window );">Disposals</a></td>
<td class="num">(3,267)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(295)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RightofuseAssets', window );">Cost and Depreciation end of the year</a></td>
<td class="nump">$ 8,817<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">$ 3,683<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr><td colspan="5"></td></tr>
<tr><td colspan="5"><table class="outerFootnotes" width="100%">
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">Related to IPSCO acquisition. See note 32.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[2]</td>
<td style="vertical-align: top;" valign="top">Related to SSPC acquisition.</td>
</tr>
</table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdditionsToRightofuseAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of additions to right-of-use assets. [Refer: Right-of-use assets]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 16<br> -IssueDate 2019-01-01<br> -Paragraph 53<br> -Subparagraph h<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=16&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_53_h&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdditionsToRightofuseAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DepreciationRightofuseAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of depreciation of right-of-use assets. [Refer: Depreciation and amortisation expense; Right-of-use assets]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 16<br> -IssueDate 2019-01-01<br> -Paragraph 53<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=16&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_53_a&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DepreciationRightofuseAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfMaturityAnalysisOfOperatingLeasePaymentsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfMaturityAnalysisOfOperatingLeasePaymentsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RightofuseAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of assets that represent a lessee's right to use an underlying asset for the lease term. Underlying asset is an asset that is the subject of a lease, for which the right to use that asset has been provided by a lessor to a lessee.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 16<br> -IssueDate 2019-01-01<br> -Paragraph 53<br> -Subparagraph j<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=16&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_53_j&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RightofuseAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_AcquisitionsThroughBusinessCombinationsRightOfUseAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in right-of-use assets resulting from acquisitions through business combinations.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_AcquisitionsThroughBusinessCombinationsRightOfUseAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_DisposalsConsumptionsRightOfUseAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The decrease in right-of-use assets resulting from disposals and consumptions.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_DisposalsConsumptionsRightOfUseAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_IncreaseDecreaseThroughNetExchangeDifferencesRightOfUseAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in right-of-use assets resulting from net exchange differences arising on the translation of the financial statements from the functional currency into a different presentation currency, including the translation of a foreign operation into the presentation currency of the reporting entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_IncreaseDecreaseThroughNetExchangeDifferencesRightOfUseAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_IncreaseDecreaseThroughTransfersReclassificationsAndOtherChangesRightOfUseAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in right-of-use assets resulting from transfers, reclassifications and other changes.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_IncreaseDecreaseThroughTransfersReclassificationsAndOtherChangesRightOfUseAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_GrossCarryingAmountMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_GrossCarryingAmountMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_AccumulatedDepreciationAmortisationAndImpairmentMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_AccumulatedDepreciationAmortisationAndImpairmentMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
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</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfAssetsAxis=ts_LandAndCivilBuildingsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfAssetsAxis=ts_LandAndCivilBuildingsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfAssetsAxis=ts_IndustrialBuildingsPlantAndProductionEquipmentMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfAssetsAxis=ts_IndustrialBuildingsPlantAndProductionEquipmentMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfAssetsAxis=ts_VehiclesFurnitureAndFixturesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfAssetsAxis=ts_VehiclesFurnitureAndFixturesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
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<DESCRIPTION>IDEA: XBRL DOCUMENT
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<head>
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<link rel="stylesheet" type="text/css" href="report.css">
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140345111225464">
<tr>
<th class="tl" colspan="2" rowspan="2"><div style="width: 200px;"><strong>Note 12 - Right-of-use Assets, Net and Lease Liabilities - Evolution of Lease Liability (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="2">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PresentationOfLeasesForLesseeAbstract', window );"><strong>Presentation of leases for lessee [abstract]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LeaseLiabilities', window );">Opening net book amount</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 230,167<span></span>
</td>
<td class="nump">$ 234,149<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_LeaseLiabilitiesIncreaseDueToBusinessCombinations', window );">Increase due to business combinations</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">26,046<span></span>
</td>
<td class="nump">2,267<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_LeaseLiabilitiesTranslationDifferences', window );">Translation differences</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">7,656<span></span>
</td>
<td class="nump">2,690<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_LeaseLiabilitiesAdditions', window );">Additions</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">58,536<span></span>
</td>
<td class="nump">36,957<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_LeaseLiabilitiesCancellations', window );">Cancellations</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(17,529)<span></span>
</td>
<td class="num">(4,688)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_LeaseLiabilitiesRepayments', window );">Repayments</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="num">(51,666)<span></span>
</td>
<td class="num">(43,974)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_LeaseLiabilitiesInterestAccrued', window );">Interest accrued</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">4,133<span></span>
</td>
<td class="nump">2,766<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LeaseLiabilities', window );">Ending net book amount</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 257,343<span></span>
</td>
<td class="nump">$ 230,167<span></span>
</td>
</tr>
<tr><td colspan="3"></td></tr>
<tr><td colspan="3"><table class="outerFootnotes" width="100%"><tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">Repayments include capital and interest.</td>
</tr></table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_LeaseLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of liabilities related to the entity's leases. Lease is a contract, or part of a contract, that conveys the right to use an underlying asset for a period of time in exchange for consideration.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 16<br> -IssueDate 2019-01-01<br> -Paragraph 47<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=16&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_47_b&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_LeaseLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PresentationOfLeasesForLesseeAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PresentationOfLeasesForLesseeAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_LeaseLiabilitiesAdditions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the amount of additions to lease liabilities during the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_LeaseLiabilitiesAdditions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_LeaseLiabilitiesCancellations">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the change in lease liabilities during the period attributable to cancellations.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_LeaseLiabilitiesCancellations</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_LeaseLiabilitiesIncreaseDueToBusinessCombinations">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the increase in lease liabilities during the period due to business combinations.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_LeaseLiabilitiesIncreaseDueToBusinessCombinations</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_LeaseLiabilitiesInterestAccrued">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the change in lease liabilities during the period attributable to interest accrued.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_LeaseLiabilitiesInterestAccrued</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_LeaseLiabilitiesRepayments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the change in lease liabilities during the period from repayments.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_LeaseLiabilitiesRepayments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_LeaseLiabilitiesTranslationDifferences">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the impact of translation differences on lease liabilities during the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_LeaseLiabilitiesTranslationDifferences</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>158
<FILENAME>R116.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140345105188696">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 13 - Investments in Non-consolidated Companies (Details Textual)<br></strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th">
<div>Dec. 31, 2020 </div>
<div>USD ($) </div>
<div>$ / shares</div>
</th>
<th class="th">
<div>Dec. 31, 2019 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2018 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2020 </div>
<div>R$ / shares</div>
</th>
<th class="th">
<div>Feb. 19, 2019 </div>
<div>USD ($)</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfUnconsolidatedStructuredEntitiesLineItems', window );"><strong>Disclosure of unconsolidated structured entities [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DividendsReceivedFromAssociatesClassifiedAsInvestingActivities', window );">Dividends received from associates, classified as investing activities</a></td>
<td class="nump">$ 278,000<span></span>
</td>
<td class="nump">$ 28,974,000<span></span>
</td>
<td class="nump">$ 25,722,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_InvestmentsInSubsidiariesJointVenturesAndAssociates', window );">Total investments in subsidiaries, joint ventures and associates</a></td>
<td class="nump">$ 957,352,000<span></span>
</td>
<td class="nump">879,965,000<span></span>
</td>
<td class="nump">$ 805,568,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=ts_SeveralBanksToRefinanceObligationsMember', window );">Several banks, to refinance obligations [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfUnconsolidatedStructuredEntitiesLineItems', window );"><strong>Disclosure of unconsolidated structured entities [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_DebtServiceCoverageRatioCoveredPercent', window );">Debt service coverage ratio, covered, percent</a></td>
<td class="nump">22.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_LettersOfCreditCovered', window );">Letters of credit, covered</a></td>
<td class="nump">$ 9,800,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInAssociatesAxis=ts_TerniumAndUsiminasMember', window );">Ternium and Usiminas [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfUnconsolidatedStructuredEntitiesLineItems', window );"><strong>Disclosure of unconsolidated structured entities [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DividendsReceivedFromAssociatesClassifiedAsInvestingActivities', window );">Dividends received from associates, classified as investing activities</a></td>
<td class="nump">300,000<span></span>
</td>
<td class="nump">$ 29,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInAssociatesAxis=ts_UsiminasMember', window );">Usiminas [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfUnconsolidatedStructuredEntitiesLineItems', window );"><strong>Disclosure of unconsolidated structured entities [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FairValueOfInvestmentsInAssociatesWherePriceQuotationsPublished', window );">Fair value of investments in associates for which there are quoted market prices</a></td>
<td class="nump">113,800,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_InvestmentsInSubsidiariesJointVenturesAndAssociates', window );">Total investments in subsidiaries, joint ventures and associates</a></td>
<td class="nump">$ 65,100,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInAssociatesAxis=ts_UsiminasMember', window );">Usiminas [member] | Ordinary shares [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfUnconsolidatedStructuredEntitiesLineItems', window );"><strong>Disclosure of unconsolidated structured entities [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_ClosingPricePerShare', window );">Closing price, per share (in BRL per share) | (per share)</a></td>
<td class="nump">$ 3.02<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">R$ 15.69<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInAssociatesAxis=ts_UsiminasMember', window );">Usiminas [member] | Preference shares [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfUnconsolidatedStructuredEntitiesLineItems', window );"><strong>Disclosure of unconsolidated structured entities [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_ClosingPricePerShare', window );">Closing price, per share (in BRL per share) | (per share)</a></td>
<td class="nump">$ 2.81<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">R$ 14.61<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInAssociatesAxis=ts_UsiminasMember', window );">Usiminas [member] | CONFAB INDUSTRIAL S.A. and subsidiaries [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfUnconsolidatedStructuredEntitiesLineItems', window );"><strong>Disclosure of unconsolidated structured entities [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfVotingPowerHeldInAssociate', window );">Proportion of voting rights held in associate</a></td>
<td class="nump">5.19%<span></span>
</td>
<td class="nump">5.19%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInAssociatesAxis=ts_UsiminasMember', window );">Usiminas [member] | Ternium S.A. [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfUnconsolidatedStructuredEntitiesLineItems', window );"><strong>Disclosure of unconsolidated structured entities [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfVotingPowerHeldInAssociate', window );">Proportion of voting rights held in associate</a></td>
<td class="nump">3.07%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInAssociate', window );">Proportion of ownership interest in associate</a></td>
<td class="nump">5.19%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInAssociatesAxis=ts_TerniumSAMember', window );">Ternium S.A. [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfUnconsolidatedStructuredEntitiesLineItems', window );"><strong>Disclosure of unconsolidated structured entities [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_ClosingPricePerAmericanDepositarySecurity', window );">Closing price, per ads (in dollars per share)</a></td>
<td class="nump">$ 29.08<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FairValueOfInvestmentsInAssociatesWherePriceQuotationsPublished', window );">Fair value of investments in associates for which there are quoted market prices</a></td>
<td class="nump">668,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_InvestmentsInSubsidiariesJointVenturesAndAssociates', window );">Total investments in subsidiaries, joint ventures and associates</a></td>
<td class="nump">$ 830,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInAssociate', window );">Proportion of ownership interest in associate</a></td>
<td class="nump">11.46%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInAssociatesAxis=ts_TechgenSAMember', window );">Techgen s.a. [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfUnconsolidatedStructuredEntitiesLineItems', window );"><strong>Disclosure of unconsolidated structured entities [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_InvestmentsInSubsidiariesJointVenturesAndAssociates', window );">Total investments in subsidiaries, joint ventures and associates</a></td>
<td class="nump">$ 19,500,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInAssociate', window );">Proportion of ownership interest in associate</a></td>
<td class="nump">22.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_ProvisionForExposureToTransportationCapacityAgreements', window );">Provision for exposure to transportation capacity agreements</a></td>
<td class="nump">$ 48,800,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_ProvisionForExposureToPurchaseAndOtherServiceAgreements', window );">Provision for exposure to purchase and other service agreements</a></td>
<td class="nump">900,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_ProvisionForExposureToThePurchaseOfCleanEnergyCertificates', window );">Provision for exposure to the purchase of clean energy certificates</a></td>
<td class="nump">17,600,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_ProceedsFromRepaymentsOfLoansReceivableFromRelatedParties', window );">Proceeds From (Repayments of Loans) Receivable From Related Parties</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 40,500,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LoansAndReceivables', window );">Loans and receivables</a></td>
<td class="nump">$ 58,100,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_ProportionOfCorporateGuaranteeCoveringObligations', window );">Proportion of corporate guarantee covering obligations</a></td>
<td class="nump">22.00%<span></span>
</td>
<td class="nump">22.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInAssociatesAxis=ts_TechgenSAMember', window );">Techgen s.a. [member] | Techgen s.a. [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfUnconsolidatedStructuredEntitiesLineItems', window );"><strong>Disclosure of unconsolidated structured entities [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInAssociate', window );">Proportion of ownership interest in associate</a></td>
<td class="nump">48.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInAssociatesAxis=ts_TechgenSAMember', window );">Techgen s.a. [member] | Several banks, to refinance obligations [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfUnconsolidatedStructuredEntitiesLineItems', window );"><strong>Disclosure of unconsolidated structured entities [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DebtSecurities', window );">Debt instruments issued</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 640,000,000<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInAssociatesAxis=ts_TechgenSAMember', window );">Techgen s.a. [member] | Tecpetrol International S.A. [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfUnconsolidatedStructuredEntitiesLineItems', window );"><strong>Disclosure of unconsolidated structured entities [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInAssociate', window );">Proportion of ownership interest in associate</a></td>
<td class="nump">30.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInAssociatesAxis=ts_GlobalPipeCompanyMember', window );">Global Pipe Company [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfUnconsolidatedStructuredEntitiesLineItems', window );"><strong>Disclosure of unconsolidated structured entities [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_InvestmentsInSubsidiariesJointVenturesAndAssociates', window );">Total investments in subsidiaries, joint ventures and associates</a></td>
<td class="nump">$ 23,400,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInAssociate', window );">Proportion of ownership interest in associate</a></td>
<td class="nump">35.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInAssociatesAxis=ts_GlobalPipeCompanyMember', window );">Global Pipe Company [Member] | Saudi Steel Pipe Company [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfUnconsolidatedStructuredEntitiesLineItems', window );"><strong>Disclosure of unconsolidated structured entities [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_CorporateGuaranteeCoveringObligations', window );">Corporate Guarantee Covering Obligations</a></td>
<td class="nump">$ 131,500,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DebtSecurities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of instruments issued by the entity that represent indebtedness.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DebtSecurities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfUnconsolidatedStructuredEntitiesLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfUnconsolidatedStructuredEntitiesLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DividendsReceivedFromAssociatesClassifiedAsInvestingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash inflow representing dividends received from associates, classified as investing activities. [Refer: Associates [member]; Dividends received]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2019-01-01<br> -Paragraph 16<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_16&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DividendsReceivedFromAssociatesClassifiedAsInvestingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_FairValueOfInvestmentsInAssociatesWherePriceQuotationsPublished">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The fair value of investments in associates if there are quoted market prices for the investment. [Refer: Associates [member]; Investments in associates]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2019-01-01<br> -Paragraph 21<br> -Subparagraph b<br> -Clause iii<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_21_b_iii&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_FairValueOfInvestmentsInAssociatesWherePriceQuotationsPublished</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_InvestmentsInSubsidiariesJointVenturesAndAssociates">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of investments in subsidiaries, joint ventures and associates in an entity's separate financial statements. [Refer: Associates [member]; Joint ventures [member]; Subsidiaries [member]; Investments in subsidiaries]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 27<br> -IssueDate 2019-01-01<br> -Paragraph 10<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=27&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_10&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_InvestmentsInSubsidiariesJointVenturesAndAssociates</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_LoansAndReceivables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of non-derivative financial assets with fixed or determinable payments that are not quoted in an active market, other than: (a) those that the entity intends to sell immediately or in the near term, which shall be classified as held for trading, and those that the entity, upon initial recognition, designates as at fair value through profit or loss; (b) those that the entity, upon initial recognition, designates as available for sale; or (c) those for which the holder may not recover substantially all of its initial investment, other than because of credit deterioration, which shall be classified as available for sale. An interest acquired in a pool of assets that are not loans or receivables (for example, an interest in a mutual fund or a similar fund) is not a loan or receivable. [Refer: Derivative financial assets]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Note Expiry date 2021-01-01<br> -Name IFRS<br> -Number 7<br> -IssueDate 2019-01-01<br> -Paragraph 8<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=7&amp;code=ifrs-tx-2017-en-b&amp;anchor=para_8_c&amp;doctype=Standard&amp;book=b<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_LoansAndReceivables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProportionOfOwnershipInterestInAssociate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The proportion of ownership interest in an associate attributable to the entity. [Refer: Associates [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 27<br> -IssueDate 2019-01-01<br> -Paragraph 17<br> -Subparagraph b<br> -Clause iii<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=27&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_17_b_iii&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 27<br> -IssueDate 2019-01-01<br> -Paragraph 16<br> -Subparagraph b<br> -Clause iii<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=27&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_16_b_iii&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2019-01-01<br> -Paragraph 21<br> -Subparagraph a<br> -Clause iv<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_21_a_iv&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProportionOfOwnershipInterestInAssociate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProportionOfVotingPowerHeldInAssociate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The proportion of the voting rights in an associate held by the entity. [Refer: Associates [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 27<br> -IssueDate 2019-01-01<br> -Paragraph 17<br> -Subparagraph b<br> -Clause iii<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=27&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_17_b_iii&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 27<br> -IssueDate 2019-01-01<br> -Paragraph 16<br> -Subparagraph b<br> -Clause iii<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=27&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_16_b_iii&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2019-01-01<br> -Paragraph 21<br> -Subparagraph a<br> -Clause iv<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_21_a_iv&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProportionOfVotingPowerHeldInAssociate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_ClosingPricePerAmericanDepositarySecurity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of a closing price per American Depositary Security (ADS) as quoted on the New York Stock Exchange. Each ADS equals two shares.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_ClosingPricePerAmericanDepositarySecurity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_ClosingPricePerShare">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the quoted closing price per share of stock.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_ClosingPricePerShare</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_CorporateGuaranteeCoveringObligations">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the amount of a corporate guarantee that covers obligations made under a loan agreement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_CorporateGuaranteeCoveringObligations</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_DebtServiceCoverageRatioCoveredPercent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The percent amount of covered debt service coverage ratio.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_DebtServiceCoverageRatioCoveredPercent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_LettersOfCreditCovered">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of covered letters of credit.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_LettersOfCreditCovered</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_ProceedsFromRepaymentsOfLoansReceivableFromRelatedParties">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of proceeds from (repayments of loans) receivable from related parties.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_ProceedsFromRepaymentsOfLoansReceivableFromRelatedParties</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_ProportionOfCorporateGuaranteeCoveringObligations">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the proportion of a corporate guarantee that covers obligations made under a syndicated loan agreement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_ProportionOfCorporateGuaranteeCoveringObligations</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_ProvisionForExposureToPurchaseAndOtherServiceAgreements">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the amount of exposure related to contracts for the purchase of power generation equipment and other services related to the equipment.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_ProvisionForExposureToPurchaseAndOtherServiceAgreements</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_ProvisionForExposureToThePurchaseOfCleanEnergyCertificates">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of provision for exposure to the purchase of clean energy certificates.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_ProvisionForExposureToThePurchaseOfCleanEnergyCertificates</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_ProvisionForExposureToTransportationCapacityAgreements">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the amount of exposure risk from transportation capacity agreements.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_ProvisionForExposureToTransportationCapacityAgreements</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=ts_SeveralBanksToRefinanceObligationsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=ts_SeveralBanksToRefinanceObligationsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInAssociatesAxis=ts_TerniumAndUsiminasMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInAssociatesAxis=ts_TerniumAndUsiminasMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInAssociatesAxis=ts_UsiminasMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInAssociatesAxis=ts_UsiminasMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfShareCapitalAxis=ifrs-full_OrdinarySharesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfShareCapitalAxis=ifrs-full_OrdinarySharesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfShareCapitalAxis=ifrs-full_PreferenceSharesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfShareCapitalAxis=ifrs-full_PreferenceSharesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=ts_ConfabIndustrialSaAndSubsidiariesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=ts_ConfabIndustrialSaAndSubsidiariesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=ts_TerniumSAMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=ts_TerniumSAMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInAssociatesAxis=ts_TerniumSAMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInAssociatesAxis=ts_TerniumSAMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInAssociatesAxis=ts_TechgenSAMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInAssociatesAxis=ts_TechgenSAMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LegalEntityAxis=ts_TechgenSAMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LegalEntityAxis=ts_TechgenSAMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfRelatedPartiesAxis=ts_TecpetrolInternationalSAMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=ts_TecpetrolInternationalSAMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInAssociatesAxis=ts_GlobalPipeCompanyMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInAssociatesAxis=ts_GlobalPipeCompanyMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BusinessCombinationsAxis=ts_SaudiSteelPipeCompanyMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BusinessCombinationsAxis=ts_SaudiSteelPipeCompanyMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>159
<FILENAME>R117.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
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<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140345106369320">
<tr>
<th class="tl" colspan="2" rowspan="2"><div style="width: 200px;"><strong>Note 13 - Investments in Non-consolidated Companies - Summary of Investments in Non-consolidated Companies (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfUnconsolidatedStructuredEntitiesAbstract', window );"><strong>Disclosure of unconsolidated structured entities [abstract]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_InvestmentsInSubsidiariesJointVenturesAndAssociates', window );">At the beginning of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 879,965<span></span>
</td>
<td class="nump">$ 805,568<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_OtherComprehensiveIncomeLossBeforeTaxExchangeDifferencesOnTranslationAttributableToNonconsolidatedCompanies', window );">Translation differences</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="num">(31,977)<span></span>
</td>
<td class="num">(10,781)<span></span>
</td>
<td class="nump">$ 1,848<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_IncomeLossFromEquityMethodInvestmentsInNonconsolidatedCompanies', window );">Equity in earnings of non-consolidated companies</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">108,799<span></span>
</td>
<td class="nump">82,036<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_InvestmentsInSubsidiariesJointVenturesAndAssociatesIncreaseDueToBusinessCombinations', window );">Increase due to business combinations</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="nump">20,635<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_DividendsDeclaredByNonconsolidatedCompanies', window );">Dividends and distributions received</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="num">(861)<span></span>
</td>
<td class="num">(28,037)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_InvestmentsInSubsidiariesJointVenturesAndAssociatesAdditions', window );">Additions</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="nump">19,610<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethodIncludingDividendsDeclaredNetOfTax', window );">Increase / (decrease) in equity reserves and others</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">1,426<span></span>
</td>
<td class="num">(9,066)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_InvestmentsInSubsidiariesJointVenturesAndAssociates', window );">At the end of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 957,352<span></span>
</td>
<td class="nump">$ 879,965<span></span>
</td>
<td class="nump">$ 805,568<span></span>
</td>
</tr>
<tr><td colspan="4"></td></tr>
<tr><td colspan="4"><table class="outerFootnotes" width="100%">
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">For 2018 and 2019 Tenaris recognized its share over the effects on the adoption of IAS 29, &#8220;Financial Reporting in Hyperinflationary Economies&#8221; by Ternium in other comprehensive income as a currency translation adjustment. In 2020 Ternium changed the functional currency of its Argentine subsidiary to U.S. dollar and IAS 29 is no longer applicable.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[2]</td>
<td style="vertical-align: top;" valign="top">Related to Ternium and Usiminas. During 2020 and 2019 $0.3 million and $29.0 million respectively were collected.</td>
</tr>
</table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfUnconsolidatedStructuredEntitiesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfUnconsolidatedStructuredEntitiesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_InvestmentsInSubsidiariesJointVenturesAndAssociates">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of investments in subsidiaries, joint ventures and associates in an entity's separate financial statements. [Refer: Associates [member]; Joint ventures [member]; Subsidiaries [member]; Investments in subsidiaries]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 27<br> -IssueDate 2019-01-01<br> -Paragraph 10<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=27&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_10&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_InvestmentsInSubsidiariesJointVenturesAndAssociates</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_DividendsDeclaredByNonconsolidatedCompanies">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the amount of divdends declared by nonconsolidated companies.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_DividendsDeclaredByNonconsolidatedCompanies</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_IncomeLossFromEquityMethodInvestmentsInNonconsolidatedCompanies">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of income (loss) from equity method investments in non-consolidated companies.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_IncomeLossFromEquityMethodInvestmentsInNonconsolidatedCompanies</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_InvestmentsInSubsidiariesJointVenturesAndAssociatesAdditions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the amount of additions during the period in investments in subsidiaries, joint ventures and associates.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_InvestmentsInSubsidiariesJointVenturesAndAssociatesAdditions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_InvestmentsInSubsidiariesJointVenturesAndAssociatesIncreaseDueToBusinessCombinations">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the increase in investments in subsidiaries, joint ventures and associates during the period due to business combinations.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_InvestmentsInSubsidiariesJointVenturesAndAssociatesIncreaseDueToBusinessCombinations</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_OtherComprehensiveIncomeLossBeforeTaxExchangeDifferencesOnTranslationAttributableToNonconsolidatedCompanies">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of other comprehensive income (loss), before tax, attributable to non-consolidated companies related to exchange differences when financial statements of foreign operations are translated</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_OtherComprehensiveIncomeLossBeforeTaxExchangeDifferencesOnTranslationAttributableToNonconsolidatedCompanies</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethodIncludingDividendsDeclaredNetOfTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entity's share of the other comprehensive income of associates and joint ventures accounted for using the equity method, including dividends declared, net of tax.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethodIncludingDividendsDeclaredNetOfTax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140345123171944">
<tr>
<th class="tl" colspan="2" rowspan="2"><div style="width: 200px;"><strong>Note 13 - Investments in Non-consolidated Companies - Principal Non-consolidated Companies (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="2">12 Months Ended</th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfUnconsolidatedStructuredEntitiesLineItems', window );"><strong>Disclosure of unconsolidated structured entities [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_InvestmentsInSubsidiariesJointVenturesAndAssociates', window );">Value</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 957,352<span></span>
</td>
<td class="nump">$ 879,965<span></span>
</td>
<td class="nump">$ 805,568<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInAssociatesAxis=ts_TerniumSAMember', window );">Ternium S.A. [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfUnconsolidatedStructuredEntitiesLineItems', window );"><strong>Disclosure of unconsolidated structured entities [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInAssociate', window );">Percentage of ownership</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">11.46%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_InvestmentsInSubsidiariesJointVenturesAndAssociates', window );">Value</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 830,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInAssociatesAxis=ts_TerniumSAMember', window );">Ternium S.A. [member] | LUXEMBOURG</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfUnconsolidatedStructuredEntitiesLineItems', window );"><strong>Disclosure of unconsolidated structured entities [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInAssociate', window );">Percentage of ownership</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">11.46%<span></span>
</td>
<td class="nump">11.46%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_InvestmentsInSubsidiariesJointVenturesAndAssociates', window );">Value</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">$ 830,028<span></span>
</td>
<td class="nump">$ 751,105<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInAssociatesAxis=ts_UsiminasMember', window );">Usiminas [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfUnconsolidatedStructuredEntitiesLineItems', window );"><strong>Disclosure of unconsolidated structured entities [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_InvestmentsInSubsidiariesJointVenturesAndAssociates', window );">Value</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 65,100<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInAssociatesAxis=ts_UsiminasMember', window );">Usiminas [member] | BRAZIL</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfUnconsolidatedStructuredEntitiesLineItems', window );"><strong>Disclosure of unconsolidated structured entities [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInAssociate', window );">Percentage of ownership</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="nump">3.07%<span></span>
</td>
<td class="nump">3.07%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_InvestmentsInSubsidiariesJointVenturesAndAssociates', window );">Value</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="nump">$ 65,144<span></span>
</td>
<td class="nump">$ 74,593<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInAssociatesAxis=ts_TechgenSAMember', window );">Techgen s.a. [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfUnconsolidatedStructuredEntitiesLineItems', window );"><strong>Disclosure of unconsolidated structured entities [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInAssociate', window );">Percentage of ownership</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">22.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_InvestmentsInSubsidiariesJointVenturesAndAssociates', window );">Value</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 19,500<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInAssociatesAxis=ts_TechgenSAMember', window );">Techgen s.a. [member] | MEXICO</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfUnconsolidatedStructuredEntitiesLineItems', window );"><strong>Disclosure of unconsolidated structured entities [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInAssociate', window );">Percentage of ownership</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">22.00%<span></span>
</td>
<td class="nump">22.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_InvestmentsInSubsidiariesJointVenturesAndAssociates', window );">Value</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 19,536<span></span>
</td>
<td class="nump">$ 9,888<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInAssociatesAxis=ts_GlobalPipeCompanyMember', window );">Global Pipe Company [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfUnconsolidatedStructuredEntitiesLineItems', window );"><strong>Disclosure of unconsolidated structured entities [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInAssociate', window );">Percentage of ownership</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">35.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_InvestmentsInSubsidiariesJointVenturesAndAssociates', window );">Value</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 23,400<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInAssociatesAxis=ts_GlobalPipeCompanyMember', window );">Global Pipe Company [Member] | SAUDI ARABIA</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfUnconsolidatedStructuredEntitiesLineItems', window );"><strong>Disclosure of unconsolidated structured entities [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInAssociate', window );">Percentage of ownership</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">35.00%<span></span>
</td>
<td class="nump">35.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_InvestmentsInSubsidiariesJointVenturesAndAssociates', window );">Value</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 23,421<span></span>
</td>
<td class="nump">$ 22,550<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInAssociatesAxis=ts_OtherMember', window );">Other [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfUnconsolidatedStructuredEntitiesLineItems', window );"><strong>Disclosure of unconsolidated structured entities [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInAssociate', window );">Percentage of ownership</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_InvestmentsInSubsidiariesJointVenturesAndAssociates', window );">Value</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 19,223<span></span>
</td>
<td class="nump">$ 21,829<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr><td colspan="4"></td></tr>
<tr><td colspan="4"><table class="outerFootnotes" width="100%">
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">Including treasury shares.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[2]</td>
<td style="vertical-align: top;" valign="top">At December 31, 2020 and 2019 the voting rights were 5.19%.</td>
</tr>
</table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfUnconsolidatedStructuredEntitiesLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfUnconsolidatedStructuredEntitiesLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_InvestmentsInSubsidiariesJointVenturesAndAssociates">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of investments in subsidiaries, joint ventures and associates in an entity's separate financial statements. [Refer: Associates [member]; Joint ventures [member]; Subsidiaries [member]; Investments in subsidiaries]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 27<br> -IssueDate 2019-01-01<br> -Paragraph 10<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=27&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_10&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_InvestmentsInSubsidiariesJointVenturesAndAssociates</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProportionOfOwnershipInterestInAssociate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The proportion of ownership interest in an associate attributable to the entity. [Refer: Associates [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 27<br> -IssueDate 2019-01-01<br> -Paragraph 17<br> -Subparagraph b<br> -Clause iii<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=27&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_17_b_iii&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 27<br> -IssueDate 2019-01-01<br> -Paragraph 16<br> -Subparagraph b<br> -Clause iii<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=27&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_16_b_iii&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2019-01-01<br> -Paragraph 21<br> -Subparagraph a<br> -Clause iv<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_21_a_iv&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProportionOfOwnershipInterestInAssociate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInAssociatesAxis=ts_TerniumSAMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInAssociatesAxis=ts_TerniumSAMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GeographicalAreasAxis=country_LU">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GeographicalAreasAxis=country_LU</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInAssociatesAxis=ts_UsiminasMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInAssociatesAxis=ts_UsiminasMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GeographicalAreasAxis=country_BR">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GeographicalAreasAxis=country_BR</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInAssociatesAxis=ts_TechgenSAMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInAssociatesAxis=ts_TechgenSAMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GeographicalAreasAxis=country_MX">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GeographicalAreasAxis=country_MX</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInAssociatesAxis=ts_GlobalPipeCompanyMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInAssociatesAxis=ts_GlobalPipeCompanyMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GeographicalAreasAxis=country_SA">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GeographicalAreasAxis=country_SA</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInAssociatesAxis=ts_OtherMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInAssociatesAxis=ts_OtherMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>161
<FILENAME>R119.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<body>
<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140345105819448">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 13 - Investments in Non-consolidated Companies - Summary of Selected Financial Information (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfUnconsolidatedStructuredEntitiesLineItems', window );"><strong>Disclosure of unconsolidated structured entities [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentAssets', window );">Non-current assets</a></td>
<td class="nump">$ 9,428,517<span></span>
</td>
<td class="nump">$ 9,172,384<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentAssets', window );">Current assets</a></td>
<td class="nump">4,287,672<span></span>
</td>
<td class="nump">5,670,607<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Assets', window );">Total assets</a></td>
<td class="nump">13,716,189<span></span>
</td>
<td class="nump">14,842,991<span></span>
</td>
<td class="nump">$ 14,251,299<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentLiabilities', window );">Non-current liabilities</a></td>
<td class="nump">1,103,241<span></span>
</td>
<td class="nump">876,162<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentLiabilities', window );">Current liabilities</a></td>
<td class="nump">1,166,475<span></span>
</td>
<td class="nump">1,780,457<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Liabilities', window );">Total liabilities</a></td>
<td class="nump">2,269,716<span></span>
</td>
<td class="nump">2,656,619<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Equity', window );">Equity</a></td>
<td class="nump">11,446,473<span></span>
</td>
<td class="nump">12,186,372<span></span>
</td>
<td class="nump">11,875,492<span></span>
</td>
<td class="nump">$ 11,588,988<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncontrollingInterests', window );">Non-controlling interests</a></td>
<td class="nump">183,585<span></span>
</td>
<td class="nump">197,414<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Revenue', window );">Revenues</a></td>
<td class="nump">5,146,734<span></span>
</td>
<td class="nump">7,294,055<span></span>
</td>
<td class="nump">7,658,588<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GrossProfit', window );">Gross profit</a></td>
<td class="nump">1,059,417<span></span>
</td>
<td class="nump">2,186,560<span></span>
</td>
<td class="nump">2,379,288<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLossAttributableToOwnersOfParent', window );">Net income for the year attributable to owners of the parent</a></td>
<td class="num">(634,418)<span></span>
</td>
<td class="nump">742,686<span></span>
</td>
<td class="nump">876,063<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ComprehensiveIncomeAttributableToOwnersOfParent', window );">Total comprehensive income for the year, net of tax, attributable to owners of the parent</a></td>
<td class="num">(643,435)<span></span>
</td>
<td class="nump">690,095<span></span>
</td>
<td class="nump">$ 776,713<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInAssociatesAxis=ts_TerniumSAMember', window );">Ternium S.A. [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfUnconsolidatedStructuredEntitiesLineItems', window );"><strong>Disclosure of unconsolidated structured entities [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentAssets', window );">Non-current assets</a></td>
<td class="nump">8,289,460<span></span>
</td>
<td class="nump">8,757,320<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentAssets', window );">Current assets</a></td>
<td class="nump">4,566,775<span></span>
</td>
<td class="nump">4,178,213<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Assets', window );">Total assets</a></td>
<td class="nump">12,856,235<span></span>
</td>
<td class="nump">12,935,533<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentLiabilities', window );">Non-current liabilities</a></td>
<td class="nump">2,559,485<span></span>
</td>
<td class="nump">3,452,535<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentLiabilities', window );">Current liabilities</a></td>
<td class="nump">1,853,597<span></span>
</td>
<td class="nump">1,768,125<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Liabilities', window );">Total liabilities</a></td>
<td class="nump">4,413,082<span></span>
</td>
<td class="nump">5,220,660<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Equity', window );">Equity</a></td>
<td class="nump">8,443,153<span></span>
</td>
<td class="nump">7,714,873<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Revenue', window );">Revenues</a></td>
<td class="nump">8,735,435<span></span>
</td>
<td class="nump">10,192,818<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GrossProfit', window );">Gross profit</a></td>
<td class="nump">1,635,512<span></span>
</td>
<td class="nump">1,740,378<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLossAttributableToOwnersOfParent', window );">Net income for the year attributable to owners of the parent</a></td>
<td class="nump">778,468<span></span>
</td>
<td class="nump">564,269<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ComprehensiveIncomeAttributableToOwnersOfParent', window );">Total comprehensive income for the year, net of tax, attributable to owners of the parent</a></td>
<td class="nump">666,667<span></span>
</td>
<td class="nump">445,473<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInAssociatesAxis=ts_UsiminasMember', window );">Usiminas [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfUnconsolidatedStructuredEntitiesLineItems', window );"><strong>Disclosure of unconsolidated structured entities [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentAssets', window );">Non-current assets</a></td>
<td class="nump">3,487,317<span></span>
</td>
<td class="nump">4,335,662<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentAssets', window );">Current assets</a></td>
<td class="nump">2,276,368<span></span>
</td>
<td class="nump">2,198,449<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Assets', window );">Total assets</a></td>
<td class="nump">5,763,685<span></span>
</td>
<td class="nump">6,534,111<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentLiabilities', window );">Non-current liabilities</a></td>
<td class="nump">1,661,605<span></span>
</td>
<td class="nump">1,955,395<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentLiabilities', window );">Current liabilities</a></td>
<td class="nump">861,912<span></span>
</td>
<td class="nump">716,930<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Liabilities', window );">Total liabilities</a></td>
<td class="nump">2,523,517<span></span>
</td>
<td class="nump">2,672,325<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Equity', window );">Equity</a></td>
<td class="nump">3,240,168<span></span>
</td>
<td class="nump">3,861,786<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Revenue', window );">Revenues</a></td>
<td class="nump">3,132,949<span></span>
</td>
<td class="nump">3,790,206<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GrossProfit', window );">Gross profit</a></td>
<td class="nump">624,199<span></span>
</td>
<td class="nump">478,141<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLossAttributableToOwnersOfParent', window );">Net income for the year attributable to owners of the parent</a></td>
<td class="nump">$ 106,361<span></span>
</td>
<td class="nump">$ 52,779<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Assets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Expiry date 2020-01-01: The amount of resources: (a) controlled by the entity as a result of past events; and (b) from which future economic benefits are expected to flow to the entity.
Effective 2020-01-01: The amount of a present economic resource controlled by the entity as a result of past events. Economic resource is a right that has the potential to produce economic benefits.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2019-01-01<br> -Paragraph 93<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=13&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_93_a&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2019-01-01<br> -Paragraph 28<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_28_c&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2019-01-01<br> -Paragraph 93<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=13&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_93_b&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2019-01-01<br> -Paragraph 93<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=13&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_93_e&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2019-01-01<br> -Paragraph 23<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_23&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Assets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ComprehensiveIncomeAttributableToOwnersOfParent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of comprehensive income attributable to owners of the parent. [Refer: Comprehensive income]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 106<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_106_a&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 81B<br> -Subparagraph b<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_81B_b_ii&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ComprehensiveIncomeAttributableToOwnersOfParent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of assets that the entity (a) expects to realise or intends to sell or consume in its normal operating cycle; (b) holds primarily for the purpose of trading; (c) expects to realise within twelve months after the reporting period; or (d) classifies as cash or cash equivalents (as defined in IAS 7) unless the asset is restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period. [Refer: Assets]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2019-01-01<br> -Paragraph B12<br> -Subparagraph b<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_B12_b_i&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2019-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 66<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_66&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2019-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of liabilities that: (a) the entity expects to settle in its normal operating cycle; (b) the entity holds primarily for the purpose of trading; (c) are due to be settled within twelve months after the reporting period; or (d) the entity does not have an unconditional right to defer settlement for at least twelve months after the reporting period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2019-01-01<br> -Paragraph B12<br> -Subparagraph b<br> -Clause iii<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_B12_b_iii&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2019-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 69<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_69&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2019-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfUnconsolidatedStructuredEntitiesLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfUnconsolidatedStructuredEntitiesLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Equity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of residual interest in the assets of the entity after deducting all its liabilities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 24<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_24_a&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 32<br> -Subparagraph a<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_32_a_i&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2019-01-01<br> -Paragraph 93<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=13&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_93_a&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2019-01-01<br> -Paragraph 93<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=13&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_93_b&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2019-01-01<br> -Paragraph 93<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=13&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_93_e&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 78<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_78_e&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Equity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GrossProfit">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of revenue less cost of sales. [Refer: Cost of sales; Revenue]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 103<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_103&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GrossProfit</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Liabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Expiry date 2020-01-01: The amount of present obligations of the entity arising from past events, the settlement of which is expected to result in an outflow from the entity of resources embodying economic benefits.
Effective 2020-01-01: The amount of a present obligation of the entity to transfer an economic resource as a result of past events. Economic resource is a right that has the potential to produce economic benefits.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2019-01-01<br> -Paragraph 93<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=13&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_93_a&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2019-01-01<br> -Paragraph 93<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=13&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_93_b&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2019-01-01<br> -Paragraph 93<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=13&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_93_e&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2019-01-01<br> -Paragraph 28<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_28_d&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2019-01-01<br> -Paragraph 23<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_23&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Liabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncontrollingInterests">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of equity in a subsidiary not attributable, directly or indirectly, to a parent. [Refer: Subsidiaries [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2019-01-01<br> -Paragraph 12<br> -Subparagraph f<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_12_f&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 54<br> -Subparagraph q<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_54_q&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 10<br> -IssueDate 2019-01-01<br> -Paragraph 22<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=10&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_22&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncontrollingInterests</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncurrentAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of assets that do not meet the definition of current assets. [Refer: Current assets]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 66<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_66&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2019-01-01<br> -Paragraph B12<br> -Subparagraph b<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_B12_b_ii&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2019-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2019-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncurrentAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncurrentLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of liabilities that do not meet the definition of current liabilities. [Refer: Current liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2019-01-01<br> -Paragraph B12<br> -Subparagraph b<br> -Clause iv<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_B12_b_iv&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2019-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 69<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_69&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2019-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncurrentLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProfitLossAttributableToOwnersOfParent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The profit (loss) from continuing and discontinued operations attributable to owners of the parent. [Refer: Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 81B<br> -Subparagraph a<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_81B_a_ii&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProfitLossAttributableToOwnersOfParent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Revenue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Expiry date 2020-01-01: The income arising in the course of an entity's ordinary activities. Income is increases in economic benefits during the accounting period in the form of inflows or enhancements of assets or decreases of liabilities that result in an increase in equity, other than those relating to contributions from equity participants.
Effective 2020-01-01: The income arising in the course of an entity's ordinary activities. Income is increases in assets, or decreases in liabilities, that result in increases in equity, other than those relating to contributions from holders of equity claims.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2019-01-01<br> -Paragraph 28<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_28_a&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2019-01-01<br> -Paragraph 23<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_23_a&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2019-01-01<br> -Paragraph 32<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_32&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2019-01-01<br> -Paragraph 33<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_33_a&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2019-01-01<br> -Paragraph 34<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_34&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 82<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_82_a&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 7: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 103<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_103&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 8: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 102<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_102&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 9: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 5<br> -IssueDate 2019-01-01<br> -Paragraph 33<br> -Subparagraph b<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=5&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_33_b_i&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 10: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2019-01-01<br> -Paragraph B12<br> -Subparagraph b<br> -Clause v<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_B12_b_v&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2019-03-27<br><br>Reference 11: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2019-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Revenue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInAssociatesAxis=ts_TerniumSAMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInAssociatesAxis=ts_TerniumSAMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInAssociatesAxis=ts_UsiminasMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInAssociatesAxis=ts_UsiminasMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>162
<FILENAME>R120.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<body>
<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140345106215192">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Note 14 - Receivables - Non Current - Components of Receivables Non Current (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentReceivablesAbstract', window );"><strong>Trade and other non-current receivables [abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_NoncurrentReceivablesEmployeeAdvancesAndLoans', window );">Employee advances and loans</a></td>
<td class="nump">$ 4,563<span></span>
</td>
<td class="nump">$ 6,008<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentReceivablesFromTaxesOtherThanIncomeTax', window );">Tax credits</a></td>
<td class="nump">18,046<span></span>
</td>
<td class="nump">20,065<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentReceivablesDueFromRelatedParties', window );">Receivables from related parties</a></td>
<td class="nump">62,790<span></span>
</td>
<td class="nump">59,999<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentPrepayments', window );">Legal deposits</a></td>
<td class="nump">8,600<span></span>
</td>
<td class="nump">12,378<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_NoncurrentReceivablesAdvancesToSuppliersAndOtherAdvances', window );">Advances to suppliers and other advances</a></td>
<td class="nump">4,803<span></span>
</td>
<td class="nump">3,772<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_NoncurrentReceivablesFromInterestInVenezuelanCompanies', window );">Receivable Venezuelan subsidiaries</a></td>
<td class="nump">48,659<span></span>
</td>
<td class="nump">48,659<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherNoncurrentReceivables', window );">Others</a></td>
<td class="nump">6,842<span></span>
</td>
<td class="nump">6,222<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentReceivables', window );">Trade and other non-current receivables before the allowance for doubtful accounts</a></td>
<td class="nump">$ 154,303<span></span>
</td>
<td class="nump">$ 157,103<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncurrentPrepayments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of non-current prepayments. [Refer: Prepayments]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 78<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_78_b&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncurrentPrepayments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncurrentReceivables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of non-current trade receivables and non-current other receivables. [Refer: Non-current trade receivables; Other non-current receivables]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 54<br> -Subparagraph h<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_54_h&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 78<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_78_b&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncurrentReceivables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncurrentReceivablesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncurrentReceivablesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncurrentReceivablesDueFromRelatedParties">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of non-current receivables due from related parties. [Refer: Related parties [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 78<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_78_b&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncurrentReceivablesDueFromRelatedParties</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncurrentReceivablesFromTaxesOtherThanIncomeTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of non-current receivables from taxes other than income tax. [Refer: Receivables from taxes other than income tax]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 78<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_78_b&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncurrentReceivablesFromTaxesOtherThanIncomeTax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherNoncurrentReceivables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of non-current other receivables. [Refer: Other receivables]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 78<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_78_b&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherNoncurrentReceivables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_NoncurrentReceivablesAdvancesToSuppliersAndOtherAdvances">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of non-current receivables from advances to suppliers and other advances.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_NoncurrentReceivablesAdvancesToSuppliersAndOtherAdvances</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_NoncurrentReceivablesEmployeeAdvancesAndLoans">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of non-current receivables from employee advances and loans.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_NoncurrentReceivablesEmployeeAdvancesAndLoans</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_NoncurrentReceivablesFromInterestInVenezuelanCompanies">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of non-current receivables from interest in Venezuelan companies.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_NoncurrentReceivablesFromInterestInVenezuelanCompanies</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>163
<FILENAME>R121.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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</head>
<body>
<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140345149009304">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Note 15 - Inventories, Net - Components of Inventories (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfInventoriesAbstract', window );"><strong>Classes of current inventories [abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinishedGoods', window );">Finished goods</a></td>
<td class="nump">$ 691,922<span></span>
</td>
<td class="nump">$ 968,329<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_WorkInProgress', window );">Goods in process</a></td>
<td class="nump">417,097<span></span>
</td>
<td class="nump">612,888<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RawMaterials', window );">Raw materials</a></td>
<td class="nump">143,558<span></span>
</td>
<td class="nump">221,954<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProductionSupplies', window );">Supplies</a></td>
<td class="nump">488,802<span></span>
</td>
<td class="nump">486,411<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentInventoriesInTransit', window );">Goods in transit</a></td>
<td class="nump">158,929<span></span>
</td>
<td class="nump">194,015<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_InventoriesGross', window );">Inventories, Gross</a></td>
<td class="nump">1,900,308<span></span>
</td>
<td class="nump">2,483,597<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_InventoriesAllowanceForObsolescence', window );">Allowance for obsolescence, see note 24 (i)</a></td>
<td class="num">(263,635)<span></span>
</td>
<td class="num">(217,717)<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Inventories', window );">Total current inventories</a></td>
<td class="nump">$ 1,636,673<span></span>
</td>
<td class="nump">$ 2,265,880<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfInventoriesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfInventoriesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentInventoriesInTransit">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A classification of current inventory representing the amount of inventories in transit. [Refer: Inventories]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 2<br> -IssueDate 2019-01-01<br> -Paragraph 37<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=2&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_37&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentInventoriesInTransit</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_FinishedGoods">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A classification of current inventory representing the amount of goods that have completed the production process and are held for sale in the ordinary course of business. [Refer: Inventories]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 2<br> -IssueDate 2019-01-01<br> -Paragraph 37<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=2&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_37&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 78<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_78_c&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_FinishedGoods</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Inventories">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current inventories. [Refer: Inventories]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 2<br> -IssueDate 2019-01-01<br> -Paragraph 36<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=2&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_36_b&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 54<br> -Subparagraph g<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_54_g&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 68<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_68&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Inventories</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProductionSupplies">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A classification of current inventory representing the amount of supplies to be used for the production process. [Refer: Inventories]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 2<br> -IssueDate 2019-01-01<br> -Paragraph 37<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=2&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_37&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 78<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_78_c&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProductionSupplies</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RawMaterials">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A classification of current inventory representing the amount of assets to be consumed in the production process or in the rendering of services. [Refer: Inventories]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 2<br> -IssueDate 2019-01-01<br> -Paragraph 37<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=2&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_37&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 78<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_78_c&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RawMaterials</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_WorkInProgress">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A classification of current inventory representing the amount of assets currently in production, which require further processes to be converted into finished goods or services. [Refer: Current finished goods; Inventories]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 2<br> -IssueDate 2019-01-01<br> -Paragraph 37<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=2&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_37&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 78<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_78_c&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_WorkInProgress</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_InventoriesAllowanceForObsolescence">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of the allowance for obsolescence for inventories.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_InventoriesAllowanceForObsolescence</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_InventoriesGross">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of inventories before allowance for obsolescence.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_InventoriesGross</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140345106197400">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Note 16 - Receivables and Prepayments, Net - Summary of Receivables and Prepayments (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentPrepaymentsAndCurrentAccruedIncomeAbstract', window );"><strong>Current prepayments and current accrued income [abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_CurrentReceivablesAndPrepaymentsPrepaidExpensesAndOtherReceivables', window );">Prepaid expenses and other receivables</a></td>
<td class="nump">$ 26,457<span></span>
</td>
<td class="nump">$ 30,579<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_CurrentReceivablesAndPrepaymentsGovernmentEntities', window );">Government entities</a></td>
<td class="nump">3,075<span></span>
</td>
<td class="nump">1,867<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_CurrentReceivablesAndPrepaymentsEmployeeAdvancesAndLoans', window );">Employee advances and loans</a></td>
<td class="nump">4,672<span></span>
</td>
<td class="nump">8,189<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_CurrentReceivablesAndPrepaymentsAdvancesToSuppliersAndOtherAdvances', window );">Advances to suppliers and other advances</a></td>
<td class="nump">14,661<span></span>
</td>
<td class="nump">17,180<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentReceivablesFromTaxesOtherThanIncomeTax', window );">Government tax refunds on exports</a></td>
<td class="nump">2,723<span></span>
</td>
<td class="nump">670<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_CurrentReceivablesAndPrepaymentsReceivablesFromRelatedParties', window );">Receivables from related parties</a></td>
<td class="nump">16,217<span></span>
</td>
<td class="nump">19,837<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherCurrentReceivables', window );">Miscellaneous</a></td>
<td class="nump">13,961<span></span>
</td>
<td class="nump">31,145<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_CurrentReceivablesAndPrepaymentsGross', window );">Receivables and prepayments, gross</a></td>
<td class="nump">81,766<span></span>
</td>
<td class="nump">109,467<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_CurrentAllowanceForOtherDoubtfulAccounts', window );">Allowance for other doubtful accounts, see note 24 (i)</a></td>
<td class="num">(3,917)<span></span>
</td>
<td class="num">(4,892)<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentPrepaymentsAndOtherCurrentAssets', window );">Current prepayments and other current assets</a></td>
<td class="nump">$ 77,849<span></span>
</td>
<td class="nump">$ 104,575<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentPrepaymentsAndCurrentAccruedIncomeAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentPrepaymentsAndCurrentAccruedIncomeAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentPrepaymentsAndOtherCurrentAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current prepayments and other current assets. [Refer: Other current assets; Current prepayments]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentPrepaymentsAndOtherCurrentAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentReceivablesFromTaxesOtherThanIncomeTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current receivables from taxes other than income tax. [Refer: Receivables from taxes other than income tax]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 78<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_78_b&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentReceivablesFromTaxesOtherThanIncomeTax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherCurrentReceivables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current other receivables. [Refer: Other receivables]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 78<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_78_b&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherCurrentReceivables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_CurrentAllowanceForOtherDoubtfulAccounts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents a valuation allowance for other doubtful accounts due to an Entity within one year (or one operating cycle if longer) that are expected to be uncollectible.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_CurrentAllowanceForOtherDoubtfulAccounts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_CurrentReceivablesAndPrepaymentsAdvancesToSuppliersAndOtherAdvances">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of advances to suppliers and other advances that are attributable to current receivables and prepayments.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_CurrentReceivablesAndPrepaymentsAdvancesToSuppliersAndOtherAdvances</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_CurrentReceivablesAndPrepaymentsEmployeeAdvancesAndLoans">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of employee advances and loans that are attributable to current receivables and prepayments.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_CurrentReceivablesAndPrepaymentsEmployeeAdvancesAndLoans</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_CurrentReceivablesAndPrepaymentsGovernmentEntities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of government entities attributable to current receivables and prepayments.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_CurrentReceivablesAndPrepaymentsGovernmentEntities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_CurrentReceivablesAndPrepaymentsGross">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The gross amount of current receivables and prepayments.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_CurrentReceivablesAndPrepaymentsGross</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_CurrentReceivablesAndPrepaymentsPrepaidExpensesAndOtherReceivables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of prepaid expenses and other receivables attributable to current receivables and prepayments.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_CurrentReceivablesAndPrepaymentsPrepaidExpensesAndOtherReceivables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_CurrentReceivablesAndPrepaymentsReceivablesFromRelatedParties">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current receivables from related parties that are attributable to receivables and prepayments.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_CurrentReceivablesAndPrepaymentsReceivablesFromRelatedParties</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
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<html>
<head>
<title></title>
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140345109465048">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Note 17 - Current Tax Assets and Liabilities - Summary of Current Tax Assets (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_DisclosureOfCurrentTaxReceivablesAndPayablesAbstract', window );"><strong>Disclosure of Current Tax Receivables and Payables [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentValueAddedTaxReceivables', window );">V.A.T. credits</a></td>
<td class="nump">$ 106,293<span></span>
</td>
<td class="nump">$ 112,161<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_CurrentPrepaidTaxes', window );">Prepaid taxes</a></td>
<td class="nump">30,091<span></span>
</td>
<td class="nump">55,227<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentTaxAssetsCurrent', window );">Current tax assets, current</a></td>
<td class="nump">$ 136,384<span></span>
</td>
<td class="nump">$ 167,388<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentTaxAssetsCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The current amount of current tax assets. [Refer: Current tax assets]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 54<br> -Subparagraph n<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_54_n&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentTaxAssetsCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentValueAddedTaxReceivables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current value added tax receivables. [Refer: Value added tax receivables]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 78<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_78_b&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentValueAddedTaxReceivables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_CurrentPrepaidTaxes">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the amount of current prepaid taxes.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_CurrentPrepaidTaxes</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_DisclosureOfCurrentTaxReceivablesAndPayablesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_DisclosureOfCurrentTaxReceivablesAndPayablesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>166
<FILENAME>R124.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<body>
<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140345114784648">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Note 17 - Current Tax Assets and Liabilities - Summary of Current Tax Liabilities (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_DisclosureOfCurrentTaxReceivablesAndPayablesAbstract', window );"><strong>Disclosure of Current Tax Receivables and Payables [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_CurrentIncomeTaxLiabilities', window );">Income tax liabilities</a></td>
<td class="nump">$ 27,616<span></span>
</td>
<td class="nump">$ 64,994<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentValueAddedTaxPayables', window );">V.A.T. liabilities</a></td>
<td class="nump">9,933<span></span>
</td>
<td class="nump">9,953<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_CurrentOtherTaxLiabilities', window );">Other taxes</a></td>
<td class="nump">53,044<span></span>
</td>
<td class="nump">52,678<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentTaxLiabilitiesCurrent', window );">Current tax liabilities, current</a></td>
<td class="nump">$ 90,593<span></span>
</td>
<td class="nump">$ 127,625<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentTaxLiabilitiesCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The current amount of current tax liabilities. [Refer: Current tax liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 54<br> -Subparagraph n<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_54_n&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentTaxLiabilitiesCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentValueAddedTaxPayables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current value added tax payables. [Refer: Value added tax payables]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 78<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_78&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentValueAddedTaxPayables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_CurrentIncomeTaxLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current income tax liabilities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_CurrentIncomeTaxLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_CurrentOtherTaxLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the amount of current other tax liabilities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_CurrentOtherTaxLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_DisclosureOfCurrentTaxReceivablesAndPayablesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_DisclosureOfCurrentTaxReceivablesAndPayablesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>167
<FILENAME>R125.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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</head>
<body>
<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140345123596424">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Note 18 - Trade Receivables, Net - Summary of Current Trade Receivables (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TradeAndOtherReceivablesAbstract', window );"><strong>Trade and other receivables [abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_CurrentTradeReceivablesCurrentAccounts', window );">Current accounts</a></td>
<td class="nump">$ 1,017,663<span></span>
</td>
<td class="nump">$ 1,387,494<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TradeAndOtherCurrentReceivablesDueFromRelatedParties', window );">Receivables from related parties</a></td>
<td class="nump">4,161<span></span>
</td>
<td class="nump">9,448<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_CurrentTradeReceivablesGross', window );">Current trade receivables, gross</a></td>
<td class="nump">1,021,824<span></span>
</td>
<td class="nump">1,396,942<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_CurrentTradeReceivablesAllowanceForDoubtfulAccounts', window );">Allowance for doubtful accounts, see note 24 (i)</a></td>
<td class="num">(53,676)<span></span>
</td>
<td class="num">(48,782)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentTradeReceivables', window );">Current trade receivables</a></td>
<td class="nump">$ 968,148<span></span>
</td>
<td class="nump">$ 1,348,160<span></span>
</td>
<td class="nump">$ 1,737,366<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentTradeReceivables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current trade receivables. [Refer: Trade receivables]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 78<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_78_b&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 68<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_68&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentTradeReceivables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TradeAndOtherCurrentReceivablesDueFromRelatedParties">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current receivables due from related parties. [Refer: Related parties [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 78<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_78_b&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TradeAndOtherCurrentReceivablesDueFromRelatedParties</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TradeAndOtherReceivablesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TradeAndOtherReceivablesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_CurrentTradeReceivablesAllowanceForDoubtfulAccounts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents a valuation allowance for trade receivables due to an Entity within one year (or one operating cycle if longer) that are expected to be uncollectible.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_CurrentTradeReceivablesAllowanceForDoubtfulAccounts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_CurrentTradeReceivablesCurrentAccounts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the amount of current accounts attributable to current trade receivables.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_CurrentTradeReceivablesCurrentAccounts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_CurrentTradeReceivablesGross">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The gross amount of current trade receivables.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_CurrentTradeReceivablesGross</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
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<head>
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140345110549880">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Note 18 - Trade Receivables, Net - Summary of the Aging of Trade Receivables (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialAssetsThatAreEitherPastDueOrImpairedLineItems', window );"><strong>Disclosure of financial assets that are either past due or impaired [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_CurrentTradeReceivablesGuaranteed', window );">Guaranteed</a></td>
<td class="nump">$ 191,514<span></span>
</td>
<td class="nump">$ 234,427<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_CurrentTradeReceivablesNotGuaranteed', window );">Not guaranteed</a></td>
<td class="nump">830,310<span></span>
</td>
<td class="nump">1,162,515<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_CurrentTradeReceivablesGross', window );">Guaranteed and not guaranteed</a></td>
<td class="nump">$ 1,021,824<span></span>
</td>
<td class="nump">$ 1,396,942<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_CurrentTradeReceivablesExpectedLossRate', window );">Expected loss rate</a></td>
<td class="nump">0.07%<span></span>
</td>
<td class="nump">0.09%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_AllowanceForDoubfulAccountsNetOfNominativeAllowances', window );">Allowances for doubtful accounts</a></td>
<td class="num">$ (721)<span></span>
</td>
<td class="num">$ (1,294)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_CurrentTradeReceivablesNominativeAllowancesForDoubtfulAccounts', window );">Nominative allowances for doubtful accounts</a></td>
<td class="num">(52,955)<span></span>
</td>
<td class="num">(47,488)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentTradeReceivables', window );">Net Value</a></td>
<td class="nump">968,148<span></span>
</td>
<td class="nump">1,348,160<span></span>
</td>
<td class="nump">$ 1,737,366<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfAssetsAxis=ts_CurrentTradeReceivablesNotDueMember', window );">Current trade receivables, not due [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialAssetsThatAreEitherPastDueOrImpairedLineItems', window );"><strong>Disclosure of financial assets that are either past due or impaired [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_CurrentTradeReceivablesGuaranteed', window );">Guaranteed</a></td>
<td class="nump">170,796<span></span>
</td>
<td class="nump">205,764<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_CurrentTradeReceivablesNotGuaranteed', window );">Not guaranteed</a></td>
<td class="nump">655,132<span></span>
</td>
<td class="nump">948,449<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_CurrentTradeReceivablesGross', window );">Guaranteed and not guaranteed</a></td>
<td class="nump">$ 825,928<span></span>
</td>
<td class="nump">$ 1,154,213<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_CurrentTradeReceivablesExpectedLossRate', window );">Expected loss rate</a></td>
<td class="nump">0.04%<span></span>
</td>
<td class="nump">0.04%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_AllowanceForDoubfulAccountsNetOfNominativeAllowances', window );">Allowances for doubtful accounts</a></td>
<td class="num">$ (321)<span></span>
</td>
<td class="num">$ (529)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_CurrentTradeReceivablesNominativeAllowancesForDoubtfulAccounts', window );">Nominative allowances for doubtful accounts</a></td>
<td class="num">(718)<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentTradeReceivables', window );">Net Value</a></td>
<td class="nump">824,889<span></span>
</td>
<td class="nump">1,153,684<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfAssetsAxis=ts_CurrentTradeReceivablesPastDueLessThan180DaysMember', window );">Current trade receivables, past due, less than 180 days [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialAssetsThatAreEitherPastDueOrImpairedLineItems', window );"><strong>Disclosure of financial assets that are either past due or impaired [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_CurrentTradeReceivablesGuaranteed', window );">Guaranteed</a></td>
<td class="nump">18,778<span></span>
</td>
<td class="nump">26,899<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_CurrentTradeReceivablesNotGuaranteed', window );">Not guaranteed</a></td>
<td class="nump">116,802<span></span>
</td>
<td class="nump">157,960<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_CurrentTradeReceivablesGross', window );">Guaranteed and not guaranteed</a></td>
<td class="nump">$ 135,580<span></span>
</td>
<td class="nump">$ 184,859<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_CurrentTradeReceivablesExpectedLossRate', window );">Expected loss rate</a></td>
<td class="nump">0.23%<span></span>
</td>
<td class="nump">0.24%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_AllowanceForDoubfulAccountsNetOfNominativeAllowances', window );">Allowances for doubtful accounts</a></td>
<td class="num">$ (331)<span></span>
</td>
<td class="num">$ (455)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_CurrentTradeReceivablesNominativeAllowancesForDoubtfulAccounts', window );">Nominative allowances for doubtful accounts</a></td>
<td class="num">(1,011)<span></span>
</td>
<td class="num">(1,922)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentTradeReceivables', window );">Net Value</a></td>
<td class="nump">134,238<span></span>
</td>
<td class="nump">182,482<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfAssetsAxis=ts_CurrentTradeReceivablesPastDueGreaterThan180DaysMember', window );">Current trade receivables, past due, greater than 180 days [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialAssetsThatAreEitherPastDueOrImpairedLineItems', window );"><strong>Disclosure of financial assets that are either past due or impaired [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_CurrentTradeReceivablesGuaranteed', window );">Guaranteed</a></td>
<td class="nump">1,940<span></span>
</td>
<td class="nump">1,764<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_CurrentTradeReceivablesNotGuaranteed', window );">Not guaranteed</a></td>
<td class="nump">58,376<span></span>
</td>
<td class="nump">56,106<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_CurrentTradeReceivablesGross', window );">Guaranteed and not guaranteed</a></td>
<td class="nump">$ 60,316<span></span>
</td>
<td class="nump">$ 57,870<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_CurrentTradeReceivablesExpectedLossRate', window );">Expected loss rate</a></td>
<td class="nump">0.72%<span></span>
</td>
<td class="nump">0.57%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_AllowanceForDoubfulAccountsNetOfNominativeAllowances', window );">Allowances for doubtful accounts</a></td>
<td class="num">$ (69)<span></span>
</td>
<td class="num">$ (310)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_CurrentTradeReceivablesNominativeAllowancesForDoubtfulAccounts', window );">Nominative allowances for doubtful accounts</a></td>
<td class="num">(51,226)<span></span>
</td>
<td class="num">(45,566)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentTradeReceivables', window );">Net Value</a></td>
<td class="nump">$ 9,021<span></span>
</td>
<td class="nump">$ 11,994<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentTradeReceivables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current trade receivables. [Refer: Trade receivables]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 78<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_78_b&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 68<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_68&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentTradeReceivables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfFinancialAssetsThatAreEitherPastDueOrImpairedLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfFinancialAssetsThatAreEitherPastDueOrImpairedLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_AllowanceForDoubfulAccountsNetOfNominativeAllowances">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of allowance for doubtful accounts, net of nominative allowances.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_AllowanceForDoubfulAccountsNetOfNominativeAllowances</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_CurrentTradeReceivablesExpectedLossRate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The expected loss rate of current trade receivables.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_CurrentTradeReceivablesExpectedLossRate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_CurrentTradeReceivablesGross">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The gross amount of current trade receivables.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_CurrentTradeReceivablesGross</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_CurrentTradeReceivablesGuaranteed">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the amount current trade receivables that are guaranteed.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_CurrentTradeReceivablesGuaranteed</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_CurrentTradeReceivablesNominativeAllowancesForDoubtfulAccounts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of nominative allowances for doubtful accounts from current trade receivables.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_CurrentTradeReceivablesNominativeAllowancesForDoubtfulAccounts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_CurrentTradeReceivablesNotGuaranteed">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the amount of current trade receivables that are not guaranteed.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_CurrentTradeReceivablesNotGuaranteed</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfAssetsAxis=ts_CurrentTradeReceivablesNotDueMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfAssetsAxis=ts_CurrentTradeReceivablesNotDueMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfAssetsAxis=ts_CurrentTradeReceivablesPastDueLessThan180DaysMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfAssetsAxis=ts_CurrentTradeReceivablesPastDueLessThan180DaysMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfAssetsAxis=ts_CurrentTradeReceivablesPastDueGreaterThan180DaysMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfAssetsAxis=ts_CurrentTradeReceivablesPastDueGreaterThan180DaysMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140345123255960">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Note 19 - Cash and Cash Equivalents and Other Investments - Components of Cash and Cash Equivalents and Other Investments (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashAndCashEquivalentsAbstract', window );"><strong>Cash and cash equivalents</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BalancesWithBanks', window );">Cash at banks</a></td>
<td class="nump">$ 117,807<span></span>
</td>
<td class="nump">$ 118,314<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ShorttermDepositsClassifiedAsCashEquivalents', window );">Liquidity funds</a></td>
<td class="nump">98,183<span></span>
</td>
<td class="nump">1,166,697<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ShorttermInvestmentsClassifiedAsCashEquivalents', window );">Short &#8211; term investments</a></td>
<td class="nump">368,691<span></span>
</td>
<td class="nump">269,288<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashAndCashEquivalents', window );">Total cash and cash equivalents</a></td>
<td class="nump">584,681<span></span>
</td>
<td class="nump">1,554,299<span></span>
</td>
<td class="nump">$ 428,361<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_OtherInvestmentsCurrentAbstract', window );"><strong>Other investments - current</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_OtherInvestmentsCurrentFixedIncome', window );">Fixed income (time-deposit, zero coupon bonds, commercial papers)</a></td>
<td class="nump">763,697<span></span>
</td>
<td class="nump">65,874<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_OtherInvestmentsCurrentBondsAndOtherFixedIncome', window );">Bonds and other fixed income</a></td>
<td class="nump">108,791<span></span>
</td>
<td class="nump">144,502<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentInvestments', window );">Other investments</a></td>
<td class="nump">872,488<span></span>
</td>
<td class="nump">210,376<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_OtherInvestmentsNoncurrentAbstract', window );"><strong>Other investments - Non-current</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_OtherInvestmentsNoncurrentBondsAndOtherFixedIncome', window );">Bonds and other fixed income</a></td>
<td class="nump">239,422<span></span>
</td>
<td class="nump">18,012<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_OtherInvestmentsNoncurrentOthers', window );">Others</a></td>
<td class="nump">7,660<span></span>
</td>
<td class="nump">6,922<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod', window );">Other investments</a></td>
<td class="nump">$ 247,082<span></span>
</td>
<td class="nump">$ 24,934<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BalancesWithBanks">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of cash balances held at banks.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2019-01-01<br> -Paragraph 45<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_45&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BalancesWithBanks</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashAndCashEquivalents">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of cash on hand and demand deposits, along with short-term, highly liquid investments that are readily convertible to known amounts of cash and that are subject to an insignificant risk of changes in value. [Refer: Cash; Cash equivalents]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2019-01-01<br> -Paragraph 45<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_45&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2019-01-01<br> -Paragraph B13<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_B13_a&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2019-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 54<br> -Subparagraph i<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_54_i&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashAndCashEquivalents</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashAndCashEquivalentsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashAndCashEquivalentsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentInvestments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current investments.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentInvestments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of non-current investments other than investments accounted for using the equity method. [Refer: Investments accounted for using equity method; Non-current assets; Investments other than investments accounted for using equity method]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ShorttermDepositsClassifiedAsCashEquivalents">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A classification of cash equivalents representing short-term deposits. [Refer: Cash equivalents]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2019-01-01<br> -Paragraph 45<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_45&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ShorttermDepositsClassifiedAsCashEquivalents</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ShorttermInvestmentsClassifiedAsCashEquivalents">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A classification of cash equivalents representing short-term investments. [Refer: Cash equivalents]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2019-01-01<br> -Paragraph 45<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_45&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ShorttermInvestmentsClassifiedAsCashEquivalents</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_OtherInvestmentsCurrentAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_OtherInvestmentsCurrentAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_OtherInvestmentsCurrentBondsAndOtherFixedIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of bonds and other fixed income current investments.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_OtherInvestmentsCurrentBondsAndOtherFixedIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_OtherInvestmentsCurrentFixedIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of fixed income current investments which may include but not limited to time-deposit, zero coupon bonds, commercial papers.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_OtherInvestmentsCurrentFixedIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_OtherInvestmentsNoncurrentAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_OtherInvestmentsNoncurrentAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_OtherInvestmentsNoncurrentBondsAndOtherFixedIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of bonds and other fixed income non-current investments.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_OtherInvestmentsNoncurrentBondsAndOtherFixedIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_OtherInvestmentsNoncurrentOthers">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Others' with proposed documentation "The amount of other non-current investments.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_OtherInvestmentsNoncurrentOthers</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140345111340488">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Note 20 - Borrowings - Non-current and Current Borrowings (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_NoncurrentCostsOfIssueOfDebt', window );">Non-current costs of issue of debt</a></td>
<td class="num">$ (145)<span></span>
</td>
<td class="num">$ (16)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LongtermBorrowings', window );">Total non-current portion of non-current borrowings</a></td>
<td class="nump">315,739<span></span>
</td>
<td class="nump">40,880<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_CurrentCostsOfIssueOfDebt', window );">Current costs of issue of debt</a></td>
<td class="text"> <span></span>
</td>
<td class="num">(10)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings', window );">Total current borrowings and current portion of non-current borrowings</a></td>
<td class="nump">303,268<span></span>
</td>
<td class="nump">781,272<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Total Borrowings</a></td>
<td class="nump">619,007<span></span>
</td>
<td class="nump">822,152<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=ts_BankBorrowingsMember', window );">Bank borrowings [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_NoncurrentBorrowingsBeforeCostsOfIssueOfDebt', window );">Non-current borrowings before costs of issue of debt</a></td>
<td class="nump">315,884<span></span>
</td>
<td class="nump">40,896<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_CurrentBorrowingsBeforeCostsOfIssueOfDebt', window );">Current borrowings before costs of issue of debt</a></td>
<td class="nump">303,170<span></span>
</td>
<td class="nump">781,258<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=ts_BankOverdrafts1Member', window );">Bank overdrafts [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_CurrentBorrowingsBeforeCostsOfIssueOfDebt', window );">Current borrowings before costs of issue of debt</a></td>
<td class="nump">$ 98<span></span>
</td>
<td class="nump">$ 24<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Borrowings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of outstanding funds that the entity is obligated to repay.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Borrowings</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current borrowings and current portion of non-current borrowings. [Refer: Borrowings]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_LongtermBorrowings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The non-current portion of non-current borrowings. [Refer: Borrowings]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_LongtermBorrowings</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_CurrentBorrowingsBeforeCostsOfIssueOfDebt">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current borrowings before the costs of issue of debt.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_CurrentBorrowingsBeforeCostsOfIssueOfDebt</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_CurrentCostsOfIssueOfDebt">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of costs of issue of debt classified as current.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_CurrentCostsOfIssueOfDebt</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_NoncurrentBorrowingsBeforeCostsOfIssueOfDebt">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of non-current borrowings before the costs of issue of debt.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_NoncurrentBorrowingsBeforeCostsOfIssueOfDebt</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_NoncurrentCostsOfIssueOfDebt">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of costs of issue of debt classified as non-current.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_NoncurrentCostsOfIssueOfDebt</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=ts_BankBorrowingsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=ts_BankBorrowingsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=ts_BankOverdrafts1Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=ts_BankOverdrafts1Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>171
<FILENAME>R129.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140345105461048">
<tr>
<th class="tl" colspan="2" rowspan="1"><div style="width: 200px;"><strong>Note 20 - Borrowings - Maturity of Borrowings (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Total borrowings</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 619,007<span></span>
</td>
<td class="nump">$ 822,152<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_InterestPayable', window );">Interest to be accrued (*)</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">15,933<span></span>
</td>
<td class="nump">12,532<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_BorrowingsIncludingInterestToBeAccrued', window );">Total</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">634,940<span></span>
</td>
<td class="nump">834,684<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MaturityAxis=ifrs-full_NotLaterThanOneYearMember', window );">Not later than one year [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Total borrowings</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">303,268<span></span>
</td>
<td class="nump">781,272<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_InterestPayable', window );">Interest to be accrued (*)</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">9,829<span></span>
</td>
<td class="nump">11,370<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_BorrowingsIncludingInterestToBeAccrued', window );">Total</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">313,097<span></span>
</td>
<td class="nump">792,642<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MaturityAxis=ifrs-full_LaterThanOneYearAndNotLaterThanTwoYearsMember', window );">Later than one year and not later than two years [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Total borrowings</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">104,147<span></span>
</td>
<td class="nump">17,307<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_InterestPayable', window );">Interest to be accrued (*)</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">5,068<span></span>
</td>
<td class="nump">1,045<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_BorrowingsIncludingInterestToBeAccrued', window );">Total</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">109,215<span></span>
</td>
<td class="nump">18,352<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MaturityAxis=ifrs-full_LaterThanTwoYearsAndNotLaterThanThreeYearsMember', window );">Later than two years and not later than three years [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Total borrowings</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">207,595<span></span>
</td>
<td class="nump">23,573<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_InterestPayable', window );">Interest to be accrued (*)</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">1,014<span></span>
</td>
<td class="nump">117<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_BorrowingsIncludingInterestToBeAccrued', window );">Total</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">208,609<span></span>
</td>
<td class="nump">23,690<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MaturityAxis=ifrs-full_LaterThanThreeYearsAndNotLaterThanFourYearsMember', window );">Later than three years and not later than four years [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Total borrowings</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">3,997<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_InterestPayable', window );">Interest to be accrued (*)</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">22<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_BorrowingsIncludingInterestToBeAccrued', window );">Total</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">4,019<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MaturityAxis=ifrs-full_LaterThanFourYearsAndNotLaterThanFiveYearsMember', window );">Later than four years and not later than five years [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Total borrowings</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_InterestPayable', window );">Interest to be accrued (*)</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_BorrowingsIncludingInterestToBeAccrued', window );">Total</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MaturityAxis=ifrs-full_LaterThanFiveYearsMember', window );">Later than five years [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Total borrowings</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_InterestPayable', window );">Interest to be accrued (*)</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_BorrowingsIncludingInterestToBeAccrued', window );">Total</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=ts_OtherBorrowingsMember', window );">Other borrowings [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Total borrowings</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">619,007<span></span>
</td>
<td class="nump">822,152<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=ts_OtherBorrowingsMember', window );">Other borrowings [member] | Not later than one year [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Total borrowings</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">303,268<span></span>
</td>
<td class="nump">781,272<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=ts_OtherBorrowingsMember', window );">Other borrowings [member] | Later than one year and not later than two years [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Total borrowings</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">104,147<span></span>
</td>
<td class="nump">17,307<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=ts_OtherBorrowingsMember', window );">Other borrowings [member] | Later than two years and not later than three years [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Total borrowings</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">207,595<span></span>
</td>
<td class="nump">23,573<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=ts_OtherBorrowingsMember', window );">Other borrowings [member] | Later than three years and not later than four years [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Total borrowings</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">3,997<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=ts_OtherBorrowingsMember', window );">Other borrowings [member] | Later than four years and not later than five years [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Total borrowings</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=ts_OtherBorrowingsMember', window );">Other borrowings [member] | Later than five years [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Total borrowings</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr><td colspan="3"></td></tr>
<tr><td colspan="3"><table class="outerFootnotes" width="100%"><tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">Includes the effect of hedge accounting.</td>
</tr></table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Borrowings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of outstanding funds that the entity is obligated to repay.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Borrowings</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_InterestPayable">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of interest recognised as a liability.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_InterestPayable</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_BorrowingsIncludingInterestToBeAccrued">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of borrowings including interest to be accrued.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_BorrowingsIncludingInterestToBeAccrued</td>
</tr>
<tr>
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<td>xbrli:monetaryItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
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<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_MaturityAxis=ifrs-full_NotLaterThanOneYearMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_MaturityAxis=ifrs-full_NotLaterThanOneYearMember</td>
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<td>na</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_MaturityAxis=ifrs-full_LaterThanOneYearAndNotLaterThanTwoYearsMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td>na</td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_MaturityAxis=ifrs-full_LaterThanTwoYearsAndNotLaterThanThreeYearsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_MaturityAxis=ifrs-full_LaterThanThreeYearsAndNotLaterThanFourYearsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_MaturityAxis=ifrs-full_LaterThanThreeYearsAndNotLaterThanFourYearsMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td>na</td>
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<td></td>
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<tr>
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<td></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_MaturityAxis=ifrs-full_LaterThanFourYearsAndNotLaterThanFiveYearsMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td>na</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_MaturityAxis=ifrs-full_LaterThanFiveYearsMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=ts_OtherBorrowingsMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td>na</td>
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<tr>
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140345104856184">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Note 20 - Borrowings - Significant Borrowings as of Closing Date (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Significant borrowings as of closing date</a></td>
<td class="nump">$ 619,007<span></span>
</td>
<td class="nump">$ 822,152<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=ts_SignificantBorrowingsAsOfClosingDateMember', window );">Significant borrowings as of closing date [member] | Maverick Tube Corporation and Subsidiaries One [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Significant borrowings as of closing date</a></td>
<td class="nump">50,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=ts_SignificantBorrowingsAsOfClosingDateMember', window );">Significant borrowings as of closing date [member] | Maverick Tube Corporation and Subsidiaries Two [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Significant borrowings as of closing date</a></td>
<td class="nump">75,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=ts_SignificantBorrowingsAsOfClosingDateMember', window );">Significant borrowings as of closing date [member] | Tamsa Hydril and Other One [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Significant borrowings as of closing date</a></td>
<td class="nump">60,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=ts_SignificantBorrowingsAsOfClosingDateMember', window );">Significant borrowings as of closing date [member] | Tamsa Hydril and Other Two [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Significant borrowings as of closing date</a></td>
<td class="nump">80,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=ts_SignificantBorrowingsAsOfClosingDateMember', window );">Significant borrowings as of closing date [member] | Tamsa Hydril and Other Three [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Significant borrowings as of closing date</a></td>
<td class="nump">60,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=ts_SignificantBorrowingsAsOfClosingDateMember', window );">Significant borrowings as of closing date [member] | Saudi Steel Pipe Company [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Significant borrowings as of closing date</a></td>
<td class="nump">$ 81,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Borrowings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of outstanding funds that the entity is obligated to repay.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Borrowings</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=ts_SignificantBorrowingsAsOfClosingDateMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=ts_SignificantBorrowingsAsOfClosingDateMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=ts_MaverickTubeCorporationAndSubsidiariesOneMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=ts_MaverickTubeCorporationAndSubsidiariesOneMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=ts_MaverickTubeCorporationAndSubsidiariesTwoMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=ts_MaverickTubeCorporationAndSubsidiariesTwoMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=ts_TamsaHydrilAndOtherOneMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=ts_TamsaHydrilAndOtherOneMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=ts_TamsaHydrilAndOtherTwoMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=ts_TamsaHydrilAndOtherTwoMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=ts_TamsaHydrilAndOtherThreeMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=ts_TamsaHydrilAndOtherThreeMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=ts_SaudiSteelPipeCompanyMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=ts_SaudiSteelPipeCompanyMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>173
<FILENAME>R131.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140345109558104">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Note 20 - Borrowings - Weighted Average Interest Rates of Borrowings (Details)<br></strong></div></th>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=ifrs-full_WeightedAverageMember', window );">Weighted average [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsInterestRate', window );">Total borrowings, weighted average interest rates</a></td>
<td class="nump">2.51%<span></span>
</td>
<td class="nump">3.18%<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsInterestRate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The interest rate on borrowings. [Refer: Borrowings]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2019-01-01<br> -Paragraph 7<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=7&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_7&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsInterestRate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RangeAxis=ifrs-full_WeightedAverageMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=ifrs-full_WeightedAverageMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>174
<FILENAME>R132.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140345105146376">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Note 20 - Borrowings - Borrowings by Currency and Rate (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LongtermBorrowings', window );">Borrowings</a></td>
<td class="nump">$ 315,739<span></span>
</td>
<td class="nump">$ 40,880<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings', window );">Borrowings</a></td>
<td class="nump">303,268<span></span>
</td>
<td class="nump">781,272<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_srt_CurrencyAxis=currency_USD', window );">United States of America, Dollars | Fixed interest rate [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LongtermBorrowings', window );">Borrowings</a></td>
<td class="nump">17,936<span></span>
</td>
<td class="nump">18,370<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings', window );">Borrowings</a></td>
<td class="nump">2,322<span></span>
</td>
<td class="nump">274,799<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_srt_CurrencyAxis=currency_USD', window );">United States of America, Dollars | Floating interest rate [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LongtermBorrowings', window );">Borrowings</a></td>
<td class="nump">274,600<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings', window );">Borrowings</a></td>
<td class="nump">67,823<span></span>
</td>
<td class="nump">17,092<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_srt_CurrencyAxis=currency_SAR', window );">Saudi Arabia, Riyals | Fixed interest rate [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LongtermBorrowings', window );">Borrowings</a></td>
<td class="nump">20,902<span></span>
</td>
<td class="nump">16,106<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings', window );">Borrowings</a></td>
<td class="nump">38,750<span></span>
</td>
<td class="nump">24,797<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_srt_CurrencyAxis=currency_SAR', window );">Saudi Arabia, Riyals | Floating interest rate [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings', window );">Borrowings</a></td>
<td class="nump">37,776<span></span>
</td>
<td class="nump">35,666<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_srt_CurrencyAxis=currency_EUR', window );">Euro Member Countries, Euro | Fixed interest rate [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LongtermBorrowings', window );">Borrowings</a></td>
<td class="nump">1,828<span></span>
</td>
<td class="nump">5,108<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings', window );">Borrowings</a></td>
<td class="nump">3,886<span></span>
</td>
<td class="nump">3,772<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_srt_CurrencyAxis=currency_EUR', window );">Euro Member Countries, Euro | Floating interest rate [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LongtermBorrowings', window );">Borrowings</a></td>
<td class="nump">473<span></span>
</td>
<td class="nump">1,296<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings', window );">Borrowings</a></td>
<td class="nump">1,015<span></span>
</td>
<td class="nump">80<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_srt_CurrencyAxis=currency_MXN', window );">Mexico, Pesos | Fixed interest rate [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings', window );">Borrowings</a></td>
<td class="nump">147,997<span></span>
</td>
<td class="nump">424,964<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_srt_CurrencyAxis=currency_ARS', window );">Argentina, Pesos | Fixed interest rate [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings', window );">Borrowings</a></td>
<td class="nump">3,699<span></span>
</td>
<td class="nump">86<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_srt_CurrencyAxis=ts_OtherCurrencyMember', window );">Other currency [member] | Floating interest rate [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings', window );">Borrowings</a></td>
<td class="text"> <span></span>
</td>
<td class="nump">$ 16<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current borrowings and current portion of non-current borrowings. [Refer: Borrowings]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_LongtermBorrowings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The non-current portion of non-current borrowings. [Refer: Borrowings]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_LongtermBorrowings</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
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</table></div>
</div></td></tr>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">srt_CurrencyAxis=currency_USD</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
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<td><strong> Name:</strong></td>
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<td style="white-space:nowrap;">srt_CurrencyAxis=currency_EUR</td>
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<FILENAME>R133.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140345163930136">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 20 - Borrowings - Borrowings Evolution (Details)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th">
<div>Dec. 31, 2020 </div>
<div>USD ($)</div>
</th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsAbstract', window );"><strong>Borrowings [abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LongtermBorrowings', window );">At the beginning of the year, noncurrent</a></td>
<td class="nump">$ 40,880<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings', window );">At the beginning of the year, current</a></td>
<td class="nump">781,272<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_EffectOfTranslationDifferencesOnLongtermBorrowings', window );">Translation differences, noncurrent</a></td>
<td class="nump">266<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_EffectOfTranslationDifferencesOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings', window );">Translation differences, current</a></td>
<td class="num">(487)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_EffectOfNetProceedsAndRepaymentsOnLongtermBorrowings', window );">Proceeds and repayments, net, noncurrent</a></td>
<td class="nump">234,455<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_EffectOfNetProceedsAndRepaymentsOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings', window );">Proceeds and repayments, net, current</a></td>
<td class="num">(478,913)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_EffectOfInterestsAccruedNetOfPaymentsOnLongtermBorrowings', window );">Interests Accrued less payments, noncurrent</a></td>
<td class="nump">426<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_EffectOfInterestsAccruedNetOfPaymentsOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings', window );">Interests Accrued less payments, current</a></td>
<td class="num">(12,016)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_EffectOfReclassificationsOnLongtermBorrowings', window );">Reclassifications, noncurrent</a></td>
<td class="num">(12,940)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_EffectOfReclassificationsOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings', window );">Reclassifications, current</a></td>
<td class="nump">12,940<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_EffectOfBusinessCombinationsOnLongtermBorrowings', window );">Increase due to Business Combinations, noncurrent</a></td>
<td class="nump">52,652<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_EffectOfBusinessCombinationsOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings', window );">Increase due to Business Combinations, current</a></td>
<td class="nump">398<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_EffectOfOverdraftsVariationOnLongtermBorrowings', window );">Overdrafts variation, noncurrent</a></td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_EffectOfOverdraftsVariationOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings', window );">Overdrafts variation, current</a></td>
<td class="nump">74<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LongtermBorrowings', window );">At the end of the year, noncurrent</a></td>
<td class="nump">315,739<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings', window );">At the end of the year, current</a></td>
<td class="nump">$ 303,268<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current borrowings and current portion of non-current borrowings. [Refer: Borrowings]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_LongtermBorrowings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The non-current portion of non-current borrowings. [Refer: Borrowings]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_LongtermBorrowings</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_EffectOfBusinessCombinationsOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the effect of business combinations on current borrowing borrowings and the current portion of non-current borrowings.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_EffectOfBusinessCombinationsOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_EffectOfBusinessCombinationsOnLongtermBorrowings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the effect of business combinations on long-term borrowings.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_EffectOfBusinessCombinationsOnLongtermBorrowings</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_EffectOfInterestsAccruedNetOfPaymentsOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in the non-current portion of non-current borrowings resulting from interests accrued net of payments.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_EffectOfInterestsAccruedNetOfPaymentsOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_EffectOfInterestsAccruedNetOfPaymentsOnLongtermBorrowings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in the non-current portion of non-current borrowings resulting from interests accrued net of payments.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_EffectOfInterestsAccruedNetOfPaymentsOnLongtermBorrowings</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_EffectOfNetProceedsAndRepaymentsOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in the total current borrowings and current portion of non-current borrowings resulting from net proceeds and repayments.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_EffectOfNetProceedsAndRepaymentsOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_EffectOfNetProceedsAndRepaymentsOnLongtermBorrowings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in the non-current portion of non-current borrowings resulting from net proceeds and repayments.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_EffectOfNetProceedsAndRepaymentsOnLongtermBorrowings</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_EffectOfOverdraftsVariationOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in the current borrowings and current portion of non-current borrowings resulting from overdrafts variation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_EffectOfOverdraftsVariationOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_EffectOfOverdraftsVariationOnLongtermBorrowings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in the non-current portion of non-current borrowings resulting from overdrafts variation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_EffectOfOverdraftsVariationOnLongtermBorrowings</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_EffectOfReclassificationsOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in the total current borrowings and current portion of non-current borrowings resulting from reclassifications.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_EffectOfReclassificationsOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_EffectOfReclassificationsOnLongtermBorrowings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in the non-current portion of non-current borrowings resulting from reclassifications.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_EffectOfReclassificationsOnLongtermBorrowings</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_EffectOfTranslationDifferencesOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in the current borrowings and current portion of non-current borrowings resulting from translation differences.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_EffectOfTranslationDifferencesOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_EffectOfTranslationDifferencesOnLongtermBorrowings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in the non-current portion of non-current borrowings resulting from translation differences.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_EffectOfTranslationDifferencesOnLongtermBorrowings</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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<html>
<head>
<title></title>
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140345149391464">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Note 21 - Deferred Income Tax (Details Textual)<br> $ in Millions</strong></div></th>
<th class="th">
<div>Dec. 31, 2020 </div>
<div>USD ($)</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsLineItems', window );"><strong>Disclosure of temporary difference, unused tax losses and unused tax credits [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_RecognizedTaxLossesExpiringWithinOneYearPercentage', window );">Recognized tax losses expiring within one year, percentage</a></td>
<td class="nump">0.00%<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_RecognizedTaxLossesExpiringInTwoToFiveYearsPercentage', window );">Recognized tax losses expiring in two to five years, percentage</a></td>
<td class="nump">1.70%<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_RecognizedTaxLossesExpiringInMoreThanFiveYearsPercentage', window );">Recognized tax losses expiring in more than five years, percentage</a></td>
<td class="nump">98.30%<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_UnusedTaxLossesForWhichNoDeferredTaxAssetRecognised', window );">Unused tax losses for which no deferred tax asset recognised</a></td>
<td class="nump">$ 173.7<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_UnusedTaxLossesForWhichNoDeferredTaxAssetRecognisedPercentExpiringInLessThanOneYear', window );">Unused tax losses for which no deferred tax asset recognised, percent expiring in less than one year</a></td>
<td class="nump">4.60%<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_UnusedTaxLossesForWhichNoDeferredTaxAssetRecognisedPercentExpiringBetweenTwoAndFiveYears', window );">Unused tax losses for which no deferred tax asset recognised, percent expiring between two and five years</a></td>
<td class="nump">17.10%<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_UnusedTaxLossesForWhichNoDeferredTaxAssetRecognisedPercentExpiringInMoreThanFiveYears', window );">Unused tax losses for which no deferred tax asset recognised, percent expiring in more than five years</a></td>
<td class="nump">78.30%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GeographicalAreasAxis=country_US', window );">UNITED STATES</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsLineItems', window );"><strong>Disclosure of temporary difference, unused tax losses and unused tax credits [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_DeferredTaxAssetsRelatedToTaxableLossesOfSubsidiaries', window );">Deferred tax assets related to taxable losses of subsidiaries</a></td>
<td class="nump">$ 438.8<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_UnusedTaxLossesForWhichNoDeferredTaxAssetRecognised">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of unused tax losses for which no deferred tax asset is recognised in the statement of financial position. [Refer: Unused tax losses [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2019-01-01<br> -Paragraph 81<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=12&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_81_e&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_UnusedTaxLossesForWhichNoDeferredTaxAssetRecognised</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_DeferredTaxAssetsRelatedToTaxableLossesOfSubsidiaries">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the amount of deferred tax assets related to taxable losses of the entity's subsidiaries.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_DeferredTaxAssetsRelatedToTaxableLossesOfSubsidiaries</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_RecognizedTaxLossesExpiringInMoreThanFiveYearsPercentage">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the percentage of recognized tax losses expected to expire in more than five years.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_RecognizedTaxLossesExpiringInMoreThanFiveYearsPercentage</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_RecognizedTaxLossesExpiringInTwoToFiveYearsPercentage">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the percentage of recognized tax losses expected to expire in two to five years.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_RecognizedTaxLossesExpiringInTwoToFiveYearsPercentage</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_RecognizedTaxLossesExpiringWithinOneYearPercentage">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the percentage of recognized tax losses expected to expire within one year.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_RecognizedTaxLossesExpiringWithinOneYearPercentage</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_UnusedTaxLossesForWhichNoDeferredTaxAssetRecognisedPercentExpiringBetweenTwoAndFiveYears">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Regarding the unused tax losses for which no deferred tax asset is recognized in the statement of financial position, this element represents the percentage expiring in two to five years.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_UnusedTaxLossesForWhichNoDeferredTaxAssetRecognisedPercentExpiringBetweenTwoAndFiveYears</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_UnusedTaxLossesForWhichNoDeferredTaxAssetRecognisedPercentExpiringInLessThanOneYear">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Regarding the unused tax losses for which no deferred tax asset is recognized in the statement of financial position, this element represents the percentage expiring in less than one year.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_UnusedTaxLossesForWhichNoDeferredTaxAssetRecognisedPercentExpiringInLessThanOneYear</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_UnusedTaxLossesForWhichNoDeferredTaxAssetRecognisedPercentExpiringInMoreThanFiveYears">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Regarding the unused tax losses for which no deferred tax asset is recognized in the statement of financial position, this element represents the percentage expiring in more than five years.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_UnusedTaxLossesForWhichNoDeferredTaxAssetRecognisedPercentExpiringInMoreThanFiveYears</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GeographicalAreasAxis=country_US">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GeographicalAreasAxis=country_US</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140345104942872">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 21 - Deferred Income Tax - Deferred Tax Assets and Liabilities (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="2">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsLineItems', window );"><strong>Disclosure of temporary difference, unused tax losses and unused tax credits [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilityAsset', window );">At the beginning of the year</a></td>
<td class="nump">$ 111,302<span></span>
</td>
<td class="nump">$ 197,433<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesDeferredTaxLiabilityAsset', window );">Translation differences</a></td>
<td class="nump">6,854<span></span>
</td>
<td class="nump">1,100<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughBusinessCombinationsDeferredTaxLiabilityAsset', window );">Increase due to business combinations</a></td>
<td class="nump">32,099<span></span>
</td>
<td class="nump">10,847<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncomeTaxRelatingToComponentsOfOtherComprehensiveIncome', window );">Charged to other comprehensive income</a></td>
<td class="num">(3,146)<span></span>
</td>
<td class="num">(838)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxExpenseIncomeRecognisedInProfitOrLoss', window );">Income statement charge / (credit)</a></td>
<td class="num">(97,898)<span></span>
</td>
<td class="num">(97,240)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilityAsset', window );">At the end of the year</a></td>
<td class="nump">49,211<span></span>
</td>
<td class="nump">111,302<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfAssetsAxis=ts_DeferredTaxAssetsProvisionsAndAllowancesMember', window );">Deferred tax assets, provisions and allowances [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsLineItems', window );"><strong>Disclosure of temporary difference, unused tax losses and unused tax credits [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilityAsset', window );">At the beginning of the year</a></td>
<td class="num">(19,653)<span></span>
</td>
<td class="num">(16,116)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesDeferredTaxLiabilityAsset', window );">Translation differences</a></td>
<td class="nump">1,804<span></span>
</td>
<td class="nump">362<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughBusinessCombinationsDeferredTaxLiabilityAsset', window );">Increase due to business combinations</a></td>
<td class="num">(7,452)<span></span>
</td>
<td class="num">(1,160)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncomeTaxRelatingToComponentsOfOtherComprehensiveIncome', window );">Charged to other comprehensive income</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxExpenseIncomeRecognisedInProfitOrLoss', window );">Income statement charge / (credit)</a></td>
<td class="nump">4,093<span></span>
</td>
<td class="num">(2,739)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilityAsset', window );">At the end of the year</a></td>
<td class="num">(21,208)<span></span>
</td>
<td class="num">(19,653)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfAssetsAxis=ts_DeferredTaxAssetsInventoryMember', window );">Deferred tax assets, inventory [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsLineItems', window );"><strong>Disclosure of temporary difference, unused tax losses and unused tax credits [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilityAsset', window );">At the beginning of the year</a></td>
<td class="num">(93,404)<span></span>
</td>
<td class="num">(86,585)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesDeferredTaxLiabilityAsset', window );">Translation differences</a></td>
<td class="nump">513<span></span>
</td>
<td class="nump">306<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughBusinessCombinationsDeferredTaxLiabilityAsset', window );">Increase due to business combinations</a></td>
<td class="num">(24,580)<span></span>
</td>
<td class="num">(1,413)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncomeTaxRelatingToComponentsOfOtherComprehensiveIncome', window );">Charged to other comprehensive income</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxExpenseIncomeRecognisedInProfitOrLoss', window );">Income statement charge / (credit)</a></td>
<td class="nump">31,534<span></span>
</td>
<td class="num">(5,712)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilityAsset', window );">At the end of the year</a></td>
<td class="num">(85,937)<span></span>
</td>
<td class="num">(93,404)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfAssetsAxis=ts_DeferredTaxAssetsTaxLossMember', window );">Deferred tax assets, tax loss [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsLineItems', window );"><strong>Disclosure of temporary difference, unused tax losses and unused tax credits [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilityAsset', window );">At the beginning of the year</a></td>
<td class="num">(382,832)<span></span>
</td>
<td class="num">(396,257)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesDeferredTaxLiabilityAsset', window );">Translation differences</a></td>
<td class="nump">1,996<span></span>
</td>
<td class="nump">497<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughBusinessCombinationsDeferredTaxLiabilityAsset', window );">Increase due to business combinations</a></td>
<td class="num">(33,598)<span></span>
</td>
<td class="num">(1,172)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncomeTaxRelatingToComponentsOfOtherComprehensiveIncome', window );">Charged to other comprehensive income</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxExpenseIncomeRecognisedInProfitOrLoss', window );">Income statement charge / (credit)</a></td>
<td class="num">(65,715)<span></span>
</td>
<td class="nump">14,100<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilityAsset', window );">At the end of the year</a></td>
<td class="num">(480,149)<span></span>
</td>
<td class="num">(382,832)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfAssetsAxis=ts_DeferredTaxAssetsOtherMember', window );">Deferred tax assets, other [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsLineItems', window );"><strong>Disclosure of temporary difference, unused tax losses and unused tax credits [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilityAsset', window );">At the beginning of the year</a></td>
<td class="num">(181,606)<span></span>
</td>
<td class="num">(86,184)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesDeferredTaxLiabilityAsset', window );">Translation differences</a></td>
<td class="nump">644<span></span>
</td>
<td class="nump">286<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughBusinessCombinationsDeferredTaxLiabilityAsset', window );">Increase due to business combinations</a></td>
<td class="num">(34,974)<span></span>
</td>
<td class="num">(2,238)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncomeTaxRelatingToComponentsOfOtherComprehensiveIncome', window );">Charged to other comprehensive income</a></td>
<td class="num">(1,952)<span></span>
</td>
<td class="num">(1,261)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxExpenseIncomeRecognisedInProfitOrLoss', window );">Income statement charge / (credit)</a></td>
<td class="nump">10,930<span></span>
</td>
<td class="num">(92,209)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilityAsset', window );">At the end of the year</a></td>
<td class="num">(206,958)<span></span>
</td>
<td class="num">(181,606)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfAssetsAxis=ts_DeferredTaxAssetsMember', window );">Deferred tax assets [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsLineItems', window );"><strong>Disclosure of temporary difference, unused tax losses and unused tax credits [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilityAsset', window );">At the beginning of the year</a></td>
<td class="num">(677,495)<span></span>
</td>
<td class="num">(585,142)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesDeferredTaxLiabilityAsset', window );">Translation differences</a></td>
<td class="nump">4,957<span></span>
</td>
<td class="nump">1,451<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughBusinessCombinationsDeferredTaxLiabilityAsset', window );">Increase due to business combinations</a></td>
<td class="num">(100,604)<span></span>
</td>
<td class="num">(5,983)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncomeTaxRelatingToComponentsOfOtherComprehensiveIncome', window );">Charged to other comprehensive income</a></td>
<td class="num">(1,952)<span></span>
</td>
<td class="num">(1,261)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxExpenseIncomeRecognisedInProfitOrLoss', window );">Income statement charge / (credit)</a></td>
<td class="num">(19,158)<span></span>
</td>
<td class="num">(86,560)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilityAsset', window );">At the end of the year</a></td>
<td class="num">(794,252)<span></span>
</td>
<td class="num">(677,495)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfLiabilitiesAxis=ts_DeferredTaxLiabilitiesFixedAssetsMember', window );">Deferred tax liabilities, fixed assets [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsLineItems', window );"><strong>Disclosure of temporary difference, unused tax losses and unused tax credits [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilityAsset', window );">At the beginning of the year</a></td>
<td class="nump">651,339<span></span>
</td>
<td class="nump">710,995<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesDeferredTaxLiabilityAsset', window );">Translation differences</a></td>
<td class="nump">1,644<span></span>
</td>
<td class="num">(347)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughBusinessCombinationsDeferredTaxLiabilityAsset', window );">Increase due to business combinations</a></td>
<td class="nump">89,306<span></span>
</td>
<td class="nump">5,621<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncomeTaxRelatingToComponentsOfOtherComprehensiveIncome', window );">Charged to other comprehensive income</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxExpenseIncomeRecognisedInProfitOrLoss', window );">Income statement charge / (credit)</a></td>
<td class="num">(39,874)<span></span>
</td>
<td class="num">(64,930)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilityAsset', window );">At the end of the year</a></td>
<td class="nump">702,415<span></span>
</td>
<td class="nump">651,339<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfLiabilitiesAxis=ts_DeferredTaxLiabilitiesInventoryMember', window );">Deferred tax liabilities, inventory [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsLineItems', window );"><strong>Disclosure of temporary difference, unused tax losses and unused tax credits [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilityAsset', window );">At the beginning of the year</a></td>
<td class="nump">19,396<span></span>
</td>
<td class="nump">25,048<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesDeferredTaxLiabilityAsset', window );">Translation differences</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughBusinessCombinationsDeferredTaxLiabilityAsset', window );">Increase due to business combinations</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncomeTaxRelatingToComponentsOfOtherComprehensiveIncome', window );">Charged to other comprehensive income</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxExpenseIncomeRecognisedInProfitOrLoss', window );">Income statement charge / (credit)</a></td>
<td class="num">(4,141)<span></span>
</td>
<td class="num">(5,652)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilityAsset', window );">At the end of the year</a></td>
<td class="nump">15,255<span></span>
</td>
<td class="nump">19,396<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfLiabilitiesAxis=ts_DeferredTaxLiabilitiesIntangibleAndOtherAssetsMember', window );">Deferred tax liabilities, intangible and other assets [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsLineItems', window );"><strong>Disclosure of temporary difference, unused tax losses and unused tax credits [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilityAsset', window );">At the beginning of the year</a></td>
<td class="nump">118,062<span></span>
</td>
<td class="nump">46,532<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesDeferredTaxLiabilityAsset', window );">Translation differences</a></td>
<td class="nump">253<span></span>
</td>
<td class="num">(4)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughBusinessCombinationsDeferredTaxLiabilityAsset', window );">Increase due to business combinations</a></td>
<td class="nump">43,397<span></span>
</td>
<td class="nump">11,209<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncomeTaxRelatingToComponentsOfOtherComprehensiveIncome', window );">Charged to other comprehensive income</a></td>
<td class="num">(1,194)<span></span>
</td>
<td class="nump">423<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxExpenseIncomeRecognisedInProfitOrLoss', window );">Income statement charge / (credit)</a></td>
<td class="num">(34,725)<span></span>
</td>
<td class="nump">59,902<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilityAsset', window );">At the end of the year</a></td>
<td class="nump">125,793<span></span>
</td>
<td class="nump">118,062<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfLiabilitiesAxis=ts_DeferredTabLiabilitiesMember', window );">Deferred tab liabilities [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsLineItems', window );"><strong>Disclosure of temporary difference, unused tax losses and unused tax credits [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilityAsset', window );">At the beginning of the year</a></td>
<td class="nump">788,797<span></span>
</td>
<td class="nump">782,575<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesDeferredTaxLiabilityAsset', window );">Translation differences</a></td>
<td class="nump">1,897<span></span>
</td>
<td class="num">(351)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughBusinessCombinationsDeferredTaxLiabilityAsset', window );">Increase due to business combinations</a></td>
<td class="nump">132,703<span></span>
</td>
<td class="nump">16,830<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncomeTaxRelatingToComponentsOfOtherComprehensiveIncome', window );">Charged to other comprehensive income</a></td>
<td class="num">(1,194)<span></span>
</td>
<td class="nump">423<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxExpenseIncomeRecognisedInProfitOrLoss', window );">Income statement charge / (credit)</a></td>
<td class="num">(78,740)<span></span>
</td>
<td class="num">(10,680)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilityAsset', window );">At the end of the year</a></td>
<td class="nump">$ 843,463<span></span>
</td>
<td class="nump">$ 788,797<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DeferredTaxExpenseIncomeRecognisedInProfitOrLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of tax expense or income relating to changes in deferred tax liabilities and deferred tax assets, recognised in profit or loss. [Refer: Deferred tax assets; Deferred tax expense (income); Deferred tax liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2019-01-01<br> -Paragraph 81<br> -Subparagraph g<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=12&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_81_g_ii&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DeferredTaxExpenseIncomeRecognisedInProfitOrLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DeferredTaxLiabilityAsset">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of deferred tax liabilities or assets. [Refer: Deferred tax liabilities; Deferred tax assets]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2019-01-01<br> -Paragraph 81<br> -Subparagraph g<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=12&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_81_g_i&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DeferredTaxLiabilityAsset</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncomeTaxRelatingToComponentsOfOtherComprehensiveIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of income tax relating to amounts recognised in other comprehensive income. [Refer: Other comprehensive income]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2019-01-01<br> -Paragraph 81<br> -Subparagraph ab<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=12&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_81_ab&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 90<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_90&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncomeTaxRelatingToComponentsOfOtherComprehensiveIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncreaseDecreaseThroughBusinessCombinationsDeferredTaxLiabilityAsset">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in deferred tax liability (asset) resulting from business combinations. [Refer: Deferred tax liability (asset)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2019-01-01<br> -Paragraph 81<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=12&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_81&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncreaseDecreaseThroughBusinessCombinationsDeferredTaxLiabilityAsset</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesDeferredTaxLiabilityAsset">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in deferred tax liability (asset) resulting from the net exchange differences arising when the financial statements are translated from the functional currency into a different presentation currency, including the translation of a foreign operation into the presentation currency of the reporting entity. [Refer: Deferred tax liability (asset)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2019-01-01<br> -Paragraph 81<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=12&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_81&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesDeferredTaxLiabilityAsset</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfAssetsAxis=ts_DeferredTaxAssetsProvisionsAndAllowancesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfAssetsAxis=ts_DeferredTaxAssetsProvisionsAndAllowancesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfAssetsAxis=ts_DeferredTaxAssetsInventoryMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfAssetsAxis=ts_DeferredTaxAssetsInventoryMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfAssetsAxis=ts_DeferredTaxAssetsTaxLossMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfAssetsAxis=ts_DeferredTaxAssetsTaxLossMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfAssetsAxis=ts_DeferredTaxAssetsOtherMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfAssetsAxis=ts_DeferredTaxAssetsOtherMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfAssetsAxis=ts_DeferredTaxAssetsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfAssetsAxis=ts_DeferredTaxAssetsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfLiabilitiesAxis=ts_DeferredTaxLiabilitiesFixedAssetsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfLiabilitiesAxis=ts_DeferredTaxLiabilitiesFixedAssetsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfLiabilitiesAxis=ts_DeferredTaxLiabilitiesInventoryMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfLiabilitiesAxis=ts_DeferredTaxLiabilitiesInventoryMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfLiabilitiesAxis=ts_DeferredTaxLiabilitiesIntangibleAndOtherAssetsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfLiabilitiesAxis=ts_DeferredTaxLiabilitiesIntangibleAndOtherAssetsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfLiabilitiesAxis=ts_DeferredTabLiabilitiesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfLiabilitiesAxis=ts_DeferredTabLiabilitiesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
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<DESCRIPTION>IDEA: XBRL DOCUMENT
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<html>
<head>
<title></title>
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<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140345122966024">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Note 21 - Deferred Income Tax - Recovery Analysis of Deferred Tax Assets and Liabilities (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsLineItems', window );"><strong>Disclosure of temporary difference, unused tax losses and unused tax credits [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxAssets', window );">Deferred tax assets to be recovered after 12 months</a></td>
<td class="num">$ (205,590)<span></span>
</td>
<td class="num">$ (225,680)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilities', window );">Deferred tax liabilities to be settled after 12 months</a></td>
<td class="nump">254,801<span></span>
</td>
<td class="nump">336,982<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MaturityAxis=ifrs-full_LaterThanOneYearMember', window );">Later than one year [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsLineItems', window );"><strong>Disclosure of temporary difference, unused tax losses and unused tax credits [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxAssets', window );">Deferred tax assets to be recovered after 12 months</a></td>
<td class="num">(640,603)<span></span>
</td>
<td class="num">(538,274)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilities', window );">Deferred tax liabilities to be settled after 12 months</a></td>
<td class="nump">$ 840,892<span></span>
</td>
<td class="nump">$ 766,852<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DeferredTaxAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amounts of income taxes recoverable in future periods in respect of: (a) deductible temporary differences; (b) the carryforward of unused tax losses; and (c) the carryforward of unused tax credits. [Refer: Temporary differences [member]; Unused tax credits [member]; Unused tax losses [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2019-01-01<br> -Paragraph 81<br> -Subparagraph g<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=12&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_81_g_i&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 54<br> -Subparagraph o<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_54_o&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 56<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_56&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DeferredTaxAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DeferredTaxLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amounts of income taxes payable in future periods in respect of taxable temporary differences. [Refer: Temporary differences [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2019-01-01<br> -Paragraph 81<br> -Subparagraph g<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=12&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_81_g_i&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 54<br> -Subparagraph o<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_54_o&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 56<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_56&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DeferredTaxLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_MaturityAxis=ifrs-full_LaterThanOneYearMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_MaturityAxis=ifrs-full_LaterThanOneYearMember</td>
</tr>
<tr>
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140345111309528">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 21 - Deferred Income Tax - Net Deferred Tax Liabilities (Assets) (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="2">12 Months Ended</th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAbstract', window );"><strong>Disclosure of temporary difference, unused tax losses and unused tax credits [abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxAssets', window );">Deferred tax assets</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">$ (205,590)<span></span>
</td>
<td class="num">$ (225,680)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilities', window );">Deferred tax liabilities</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">254,801<span></span>
</td>
<td class="nump">336,982<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilityAsset', window );">Net deferred tax liability (asset)</a></td>
<td class="nump">$ 49,211<span></span>
</td>
<td class="nump">$ 111,302<span></span>
</td>
<td class="nump">$ 49,211<span></span>
</td>
<td class="nump">$ 111,302<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilityAsset', window );">At the beginning of the year</a></td>
<td class="nump">111,302<span></span>
</td>
<td class="nump">197,433<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesDeferredTaxLiabilityAsset', window );">Translation differences</a></td>
<td class="nump">6,854<span></span>
</td>
<td class="nump">1,100<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughBusinessCombinationsDeferredTaxLiabilityAsset', window );">Increase due to business combinations</a></td>
<td class="nump">32,099<span></span>
</td>
<td class="nump">10,847<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncomeTaxRelatingToComponentsOfOtherComprehensiveIncome', window );">Charged to other comprehensive income</a></td>
<td class="num">(3,146)<span></span>
</td>
<td class="num">(838)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxExpenseIncomeRecognisedInProfitOrLoss', window );">Income statement charge / (credit)</a></td>
<td class="num">(97,898)<span></span>
</td>
<td class="num">(97,240)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilityAsset', window );">At the end of the year</a></td>
<td class="nump">$ 49,211<span></span>
</td>
<td class="nump">$ 111,302<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DeferredTaxAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amounts of income taxes recoverable in future periods in respect of: (a) deductible temporary differences; (b) the carryforward of unused tax losses; and (c) the carryforward of unused tax credits. [Refer: Temporary differences [member]; Unused tax credits [member]; Unused tax losses [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2019-01-01<br> -Paragraph 81<br> -Subparagraph g<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=12&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_81_g_i&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 54<br> -Subparagraph o<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_54_o&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 56<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_56&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DeferredTaxAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DeferredTaxExpenseIncomeRecognisedInProfitOrLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of tax expense or income relating to changes in deferred tax liabilities and deferred tax assets, recognised in profit or loss. [Refer: Deferred tax assets; Deferred tax expense (income); Deferred tax liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2019-01-01<br> -Paragraph 81<br> -Subparagraph g<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=12&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_81_g_ii&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DeferredTaxExpenseIncomeRecognisedInProfitOrLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DeferredTaxLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amounts of income taxes payable in future periods in respect of taxable temporary differences. [Refer: Temporary differences [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2019-01-01<br> -Paragraph 81<br> -Subparagraph g<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=12&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_81_g_i&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 54<br> -Subparagraph o<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_54_o&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 56<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_56&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DeferredTaxLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DeferredTaxLiabilityAsset">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of deferred tax liabilities or assets. [Refer: Deferred tax liabilities; Deferred tax assets]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2019-01-01<br> -Paragraph 81<br> -Subparagraph g<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=12&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_81_g_i&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DeferredTaxLiabilityAsset</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncomeTaxRelatingToComponentsOfOtherComprehensiveIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of income tax relating to amounts recognised in other comprehensive income. [Refer: Other comprehensive income]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2019-01-01<br> -Paragraph 81<br> -Subparagraph ab<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=12&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_81_ab&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 90<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_90&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncomeTaxRelatingToComponentsOfOtherComprehensiveIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncreaseDecreaseThroughBusinessCombinationsDeferredTaxLiabilityAsset">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in deferred tax liability (asset) resulting from business combinations. [Refer: Deferred tax liability (asset)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2019-01-01<br> -Paragraph 81<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=12&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_81&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncreaseDecreaseThroughBusinessCombinationsDeferredTaxLiabilityAsset</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesDeferredTaxLiabilityAsset">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in deferred tax liability (asset) resulting from the net exchange differences arising when the financial statements are translated from the functional currency into a different presentation currency, including the translation of a foreign operation into the presentation currency of the reporting entity. [Refer: Deferred tax liability (asset)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2019-01-01<br> -Paragraph 81<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=12&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_81&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesDeferredTaxLiabilityAsset</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
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<TYPE>XML
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<DESCRIPTION>IDEA: XBRL DOCUMENT
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<head>
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140345105260424">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 22 - Other Liabilities (Details Textual) - USD ($)<br> $ in Millions</strong></div></th>
<th class="th" colspan="2">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDefinedBenefitPlansLineItems', window );"><strong>Disclosure of defined benefit plans [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_OverfundedPlan', window );">Overfunded Plan</a></td>
<td class="nump">$ 2.1<span></span>
</td>
<td class="nump">$ 4.2<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_EstimateOfContributionsExpectedToBePaidToPlan', window );">Estimate of contributions expected to be paid to plan for next annual reporting period</a></td>
<td class="nump">2.8<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DefinedBenefitPlansAxis=ts_UnfundedPostemploymentBenefitsMember', window );">Unfunded post-employment benefits [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDefinedBenefitPlansLineItems', window );"><strong>Disclosure of defined benefit plans [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ActuarialGainsLossesArisingFromChangesInDemographicAssumptionsNetDefinedBenefitLiabilityAsset', window );">Actuarial losses (gains) arising from changes in demographic assumptions, net defined benefit liability (asset)</a></td>
<td class="nump">1.6<span></span>
</td>
<td class="nump">1.3<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ActuarialGainsLossesArisingFromChangesInFinancialAssumptionsNetDefinedBenefitLiabilityAsset', window );">Actuarial losses (gains) arising from changes in financial assumptions, net defined benefit liability (asset)</a></td>
<td class="nump">$ 3.8<span></span>
</td>
<td class="nump">5.7<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DefinedBenefitPlansAxis=ts_UnfundedPostemploymentBenefitsMember', window );">Unfunded post-employment benefits [member] | Actuarial assumption of discount rates [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDefinedBenefitPlansLineItems', window );"><strong>Disclosure of defined benefit plans [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PercentageOfReasonablyPossibleIncreaseInActuarialAssumption', window );">Percentage of reasonably possible increase in actuarial assumption</a></td>
<td class="nump">1.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseInDefinedBenefitObligationDueToReasonablyPossibleIncreaseInActuarialAssumption', window );">Increase (decrease) in defined benefit obligation due to reasonably possible increase in actuarial assumption</a></td>
<td class="nump">$ 7.2<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseInDefinedBenefitObligationDueToReasonablyPossibleDecreaseInActuarialAssumption', window );">Increase (decrease) in defined benefit obligation due to reasonably possible decrease in actuarial assumption</a></td>
<td class="nump">$ 6.0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DefinedBenefitPlansAxis=ts_UnfundedPostemploymentBenefitsMember', window );">Unfunded post-employment benefits [member] | Actuarial assumption of expected rates of salary increases [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDefinedBenefitPlansLineItems', window );"><strong>Disclosure of defined benefit plans [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PercentageOfReasonablyPossibleIncreaseInActuarialAssumption', window );">Percentage of reasonably possible increase in actuarial assumption</a></td>
<td class="nump">1.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseInDefinedBenefitObligationDueToReasonablyPossibleIncreaseInActuarialAssumption', window );">Increase (decrease) in defined benefit obligation due to reasonably possible increase in actuarial assumption</a></td>
<td class="nump">$ 3.1<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseInDefinedBenefitObligationDueToReasonablyPossibleDecreaseInActuarialAssumption', window );">Increase (decrease) in defined benefit obligation due to reasonably possible decrease in actuarial assumption</a></td>
<td class="nump">2.8<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DefinedBenefitPlansAxis=ts_FundedPostemploymentBenefitsMember', window );">Funded post-employment benefits [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDefinedBenefitPlansLineItems', window );"><strong>Disclosure of defined benefit plans [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ActuarialGainsLossesArisingFromChangesInDemographicAssumptionsNetDefinedBenefitLiabilityAsset', window );">Actuarial losses (gains) arising from changes in demographic assumptions, net defined benefit liability (asset)</a></td>
<td class="nump">3.7<span></span>
</td>
<td class="nump">0.4<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ActuarialGainsLossesArisingFromChangesInFinancialAssumptionsNetDefinedBenefitLiabilityAsset', window );">Actuarial losses (gains) arising from changes in financial assumptions, net defined benefit liability (asset)</a></td>
<td class="nump">$ 14.3<span></span>
</td>
<td class="nump">$ 12.4<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DefinedBenefitPlansAxis=ts_FundedPostemploymentBenefitsMember', window );">Funded post-employment benefits [member] | Actuarial assumption of discount rates [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDefinedBenefitPlansLineItems', window );"><strong>Disclosure of defined benefit plans [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PercentageOfReasonablyPossibleIncreaseInActuarialAssumption', window );">Percentage of reasonably possible increase in actuarial assumption</a></td>
<td class="nump">1.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseInDefinedBenefitObligationDueToReasonablyPossibleIncreaseInActuarialAssumption', window );">Increase (decrease) in defined benefit obligation due to reasonably possible increase in actuarial assumption</a></td>
<td class="nump">$ 24.2<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseInDefinedBenefitObligationDueToReasonablyPossibleDecreaseInActuarialAssumption', window );">Increase (decrease) in defined benefit obligation due to reasonably possible decrease in actuarial assumption</a></td>
<td class="nump">$ 19.7<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DefinedBenefitPlansAxis=ts_FundedPostemploymentBenefitsMember', window );">Funded post-employment benefits [member] | Actuarial assumption of expected rates of salary increases [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDefinedBenefitPlansLineItems', window );"><strong>Disclosure of defined benefit plans [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PercentageOfReasonablyPossibleIncreaseInActuarialAssumption', window );">Percentage of reasonably possible increase in actuarial assumption</a></td>
<td class="nump">1.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseInDefinedBenefitObligationDueToReasonablyPossibleIncreaseInActuarialAssumption', window );">Increase (decrease) in defined benefit obligation due to reasonably possible increase in actuarial assumption</a></td>
<td class="nump">$ 1.9<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseInDefinedBenefitObligationDueToReasonablyPossibleDecreaseInActuarialAssumption', window );">Increase (decrease) in defined benefit obligation due to reasonably possible decrease in actuarial assumption</a></td>
<td class="nump">$ 1.7<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ActuarialGainsLossesArisingFromChangesInDemographicAssumptionsNetDefinedBenefitLiabilityAsset">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The decrease (increase) in a net defined benefit liability (asset) resulting from actuarial gains (losses) arising from changes in demographic assumptions that result in remeasurements of the net defined benefit liability (asset). Demographic assumptions deal with matters such as: (a) mortality; (b) rates of employee turnover, disability and early retirement; (c) the proportion of plan members with dependants who will be eligible for benefits; (d) the proportion of plan members who will select each form of payment option available under the plan terms; and (e) claim rates under medical plans. [Refer: Net defined benefit liability (asset)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2019-01-01<br> -Paragraph 141<br> -Subparagraph c<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=19&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_141_c_ii&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ActuarialGainsLossesArisingFromChangesInDemographicAssumptionsNetDefinedBenefitLiabilityAsset</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ActuarialGainsLossesArisingFromChangesInFinancialAssumptionsNetDefinedBenefitLiabilityAsset">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The decrease (increase) in a net defined benefit liability (asset) resulting from actuarial gains (losses) arising from changes in financial assumptions that result in remeasurements of the net defined benefit liability (asset). Financial assumptions deal with items such as: (a) the discount rate; (b) benefit levels, excluding any cost of the benefits to be met by employees, and future salary; (c) in the case of medical benefits, future medical costs, including claim handling costs (ie the costs that will be incurred in processing and resolving claims, including legal and adjuster's fees); and (d) taxes payable by the plan on contributions relating to service before the reporting date or on benefits resulting from that service. [Refer: Net defined benefit liability (asset)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2019-01-01<br> -Paragraph 141<br> -Subparagraph c<br> -Clause iii<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=19&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_141_c_iii&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ActuarialGainsLossesArisingFromChangesInFinancialAssumptionsNetDefinedBenefitLiabilityAsset</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfDefinedBenefitPlansLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfDefinedBenefitPlansLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_EstimateOfContributionsExpectedToBePaidToPlan">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The estimate of the expected contributions to be made to a defined benefit plan for the next annual reporting period. [Refer: Defined benefit plans [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2019-01-01<br> -Paragraph 147<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=19&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_147_b&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2019-01-01<br> -Paragraph 148<br> -Subparagraph d<br> -Clause iii<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=19&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_148_d_iii&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_EstimateOfContributionsExpectedToBePaidToPlan</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncreaseDecreaseInDefinedBenefitObligationDueToReasonablyPossibleDecreaseInActuarialAssumption">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in a defined benefit obligation that would have been caused by a decrease in a significant actuarial assumption that was reasonably possible at the end of the reporting period. [Refer: Actuarial assumptions [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2019-01-01<br> -Paragraph 145<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=19&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_145_a&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncreaseDecreaseInDefinedBenefitObligationDueToReasonablyPossibleDecreaseInActuarialAssumption</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncreaseDecreaseInDefinedBenefitObligationDueToReasonablyPossibleIncreaseInActuarialAssumption">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in a defined benefit obligation that would have been caused by an increase in a significant actuarial assumption that was reasonably possible at the end of the reporting period. [Refer: Actuarial assumptions [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2019-01-01<br> -Paragraph 145<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=19&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_145_a&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncreaseDecreaseInDefinedBenefitObligationDueToReasonablyPossibleIncreaseInActuarialAssumption</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PercentageOfReasonablyPossibleIncreaseInActuarialAssumption">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The reasonably possible percentage of the increase in the actuarial assumption used to determine the present value of defined benefit obligation. [Refer: Actuarial assumptions [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2019-01-01<br> -Paragraph 145<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=19&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_145_a&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PercentageOfReasonablyPossibleIncreaseInActuarialAssumption</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
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<tr>
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<td>num:percentItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>instant</td>
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</div></td></tr>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Defined benefit plan in which retirement benefits are payable directly from plan assets segregated and restricted to provide such benefits and for which plan assets exceed benefit obligation of plan designed to provide retirement benefits.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_OverfundedPlan</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DefinedBenefitPlansAxis=ts_UnfundedPostemploymentBenefitsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DefinedBenefitPlansAxis=ts_UnfundedPostemploymentBenefitsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ActuarialAssumptionsAxis=ifrs-full_ActuarialAssumptionOfDiscountRatesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ActuarialAssumptionsAxis=ifrs-full_ActuarialAssumptionOfDiscountRatesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ActuarialAssumptionsAxis=ifrs-full_ActuarialAssumptionOfExpectedRatesOfSalaryIncreasesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ActuarialAssumptionsAxis=ifrs-full_ActuarialAssumptionOfExpectedRatesOfSalaryIncreasesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
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</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DefinedBenefitPlansAxis=ts_FundedPostemploymentBenefitsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DefinedBenefitPlansAxis=ts_FundedPostemploymentBenefitsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
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</div>
</body>
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</DOCUMENT>
<DOCUMENT>
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<SEQUENCE>181
<FILENAME>R139.htm
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<head>
<title></title>
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140345109443112">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Note 22 - Other Liabilities - Other Noncurrent Liabilities (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_DisclosureOfOtherLiabilitiesAbstract', window );"><strong>Disclosure of Other Liabilities [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_NoncurrentPostemploymentBenefits', window );">Post-employment benefits</a></td>
<td class="nump">$ 136,811<span></span>
</td>
<td class="nump">$ 144,993<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_OtherNoncurrentBenefits', window );">Other-long term benefits</a></td>
<td class="nump">64,928<span></span>
</td>
<td class="nump">85,473<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_OtherNoncurrentMiscellaneousLiabilities', window );">Miscellaneous</a></td>
<td class="nump">43,896<span></span>
</td>
<td class="nump">20,917<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherNoncurrentLiabilities', window );">Other non-current liabilities</a></td>
<td class="nump">$ 245,635<span></span>
</td>
<td class="nump">$ 251,383<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherNoncurrentLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of non-current liabilities that the entity does not separately disclose in the same statement or note. [Refer: Non-current liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherNoncurrentLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_DisclosureOfOtherLiabilitiesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_DisclosureOfOtherLiabilitiesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_NoncurrentPostemploymentBenefits">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of non-current post-employment benefits.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_NoncurrentPostemploymentBenefits</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_OtherNoncurrentBenefits">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of other non-current benefits.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_OtherNoncurrentBenefits</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_OtherNoncurrentMiscellaneousLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of other non-current miscellaneous liabilities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_OtherNoncurrentMiscellaneousLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
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</head>
<body>
<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140345104979480">
<tr>
<th class="tl" colspan="2" rowspan="2"><div style="width: 200px;"><strong>Note 22 - Other Liabilities - Post-employment Benefits (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="2">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDefinedBenefitPlansLineItems', window );"><strong>Disclosure of defined benefit plans [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_NoncurrentPostemploymentBenefits', window );">Post-employment benefits</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 136,811<span></span>
</td>
<td class="nump">$ 144,993<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LiabilityAssetOfDefinedBenefitPlans', window );">Values at the beginning of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">99,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LiabilityAssetOfDefinedBenefitPlans', window );">At the end of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">82,400<span></span>
</td>
<td class="nump">99,000<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DefinedBenefitPlansAxis=ts_UnfundedPostemploymentBenefitsMember', window );">Unfunded post-employment benefits [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDefinedBenefitPlansLineItems', window );"><strong>Disclosure of defined benefit plans [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_NoncurrentPostemploymentBenefits', window );">Post-employment benefits</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">115,774<span></span>
</td>
<td class="nump">125,573<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LiabilityAssetOfDefinedBenefitPlans', window );">Values at the beginning of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">125,573<span></span>
</td>
<td class="nump">97,318<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentServiceCostNetDefinedBenefitLiabilityAsset', window );">Current service cost</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">4,796<span></span>
</td>
<td class="nump">7,978<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_InterestExpenseIncomeNetDefinedBenefitLiabilityAsset', window );">Interest cost</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">6,496<span></span>
</td>
<td class="nump">5,526<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_GainsLossesArisingFromCurtailmentsAndSettlementsNetDefinedBenefitLiabilityAsset', window );">Curtailments and settlements</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(1,237)<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GainLossOnRemeasurementOfNetDefinedBenefitLiabilityAsset', window );">Remeasurements</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="num">(2,230)<span></span>
</td>
<td class="nump">7,010<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughChangesInForeignExchangeRatesNetDefinedBenefitLiabilityAsset', window );">Translation differences</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(415)<span></span>
</td>
<td class="num">(1,567)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughBusinessCombinationsAndDisposalsNetDefinedBenefitLiabilityAsset', window );">Increase due to business combinations</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">1,566<span></span>
</td>
<td class="nump">15,660<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PaymentsFromPlanNetDefinedBenefitLiabilityAsset', window );">Benefits paid from the plan</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(22,955)<span></span>
</td>
<td class="num">(9,328)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughOtherChangesNetDefinedBenefitLiabilityAsset', window );">Other</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">4,180<span></span>
</td>
<td class="nump">2,976<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LiabilityAssetOfDefinedBenefitPlans', window );">At the end of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">115,774<span></span>
</td>
<td class="nump">125,573<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DefinedBenefitPlansAxis=ts_FundedPostemploymentBenefitsMember', window );">Funded post-employment benefits [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDefinedBenefitPlansLineItems', window );"><strong>Disclosure of defined benefit plans [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_NoncurrentPostemploymentBenefits', window );">Post-employment benefits</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">21,037<span></span>
</td>
<td class="nump">19,420<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LiabilityAssetOfDefinedBenefitPlans', window );">Values at the beginning of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">160,412<span></span>
</td>
<td class="nump">146,885<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentServiceCostNetDefinedBenefitLiabilityAsset', window );">Current service cost</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">850<span></span>
</td>
<td class="nump">721<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_InterestExpenseIncomeNetDefinedBenefitLiabilityAsset', window );">Interest cost</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">5,009<span></span>
</td>
<td class="nump">5,754<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GainLossOnRemeasurementOfNetDefinedBenefitLiabilityAsset', window );">Remeasurements</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="nump">18,025<span></span>
</td>
<td class="nump">12,769<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughChangesInForeignExchangeRatesNetDefinedBenefitLiabilityAsset', window );">Translation differences</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">2,148<span></span>
</td>
<td class="nump">4,542<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PaymentsFromPlanNetDefinedBenefitLiabilityAsset', window );">Benefits paid from the plan</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(9,266)<span></span>
</td>
<td class="num">(10,259)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughOtherChangesNetDefinedBenefitLiabilityAsset', window );">Other</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(869)<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LiabilityAssetOfDefinedBenefitPlans', window );">At the end of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">176,309<span></span>
</td>
<td class="nump">160,412<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DefinedBenefitObligationAtPresentValue', window );">Present value of funded obligations</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">176,309<span></span>
</td>
<td class="nump">160,412<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PlanAssetsAtFairValue', window );">Fair value of plan assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(157,335)<span></span>
</td>
<td class="num">(145,160)<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SurplusDeficitInPlan', window );">Liability</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[3]</sup></td>
<td class="nump">$ 18,974<span></span>
</td>
<td class="nump">$ 15,252<span></span>
</td>
</tr>
<tr><td colspan="3"></td></tr>
<tr><td colspan="3"><table class="outerFootnotes" width="100%">
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">For 2020 a loss of $1.6 million is attributable to demographic assumptions and a gain of $3.8 million to financial assumptions. For 2019 a loss of $1.3 million is attributable to demographic assumptions and a loss of $5.7 million to financial assumptions.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[2]</td>
<td style="vertical-align: top;" valign="top">For 2020 a loss of $3.7 million is attributable to demographic assumptions and a loss of $14.3 million to financial assumptions.For 2019 a loss of $0.4 million is attributable to demographic assumptions and a loss of $12.4 million to financial assumptions.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[3]</td>
<td style="vertical-align: top;" valign="top">In 2020 and 2019, $2.1 million and $4.2 million corresponding to a plan with a surplus balance were reclassified within other non-current assets, respectively.</td>
</tr>
</table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentServiceCostNetDefinedBenefitLiabilityAsset">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in the net defined benefit liability (asset) resulting from employee service in the current period. [Refer: Net defined benefit liability (asset)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2019-01-01<br> -Paragraph 141<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=19&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_141_a&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentServiceCostNetDefinedBenefitLiabilityAsset</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DefinedBenefitObligationAtPresentValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The present value, without deducting any plan assets, of expected future payments required to settle the obligation resulting from employee service in the current and prior periods. [Refer: Plan assets, at fair value]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2019-01-01<br> -Paragraph 57<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=19&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_57_a&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DefinedBenefitObligationAtPresentValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfDefinedBenefitPlansLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfDefinedBenefitPlansLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GainLossOnRemeasurementOfNetDefinedBenefitLiabilityAsset">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The decrease (increase) in a net defined benefit liability (asset) resulting from the remeasurement of that net defined benefit liability (asset). [Refer: Net defined benefit liability (asset)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2019-01-01<br> -Paragraph 141<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=19&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_141_c&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GainLossOnRemeasurementOfNetDefinedBenefitLiabilityAsset</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncreaseDecreaseThroughBusinessCombinationsAndDisposalsNetDefinedBenefitLiabilityAsset">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in the net defined benefit liability (asset) resulting from business combinations and disposals. [Refer: Business combinations [member]; Net defined benefit liability (asset)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2019-01-01<br> -Paragraph 141<br> -Subparagraph h<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=19&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_141_h&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncreaseDecreaseThroughBusinessCombinationsAndDisposalsNetDefinedBenefitLiabilityAsset</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncreaseDecreaseThroughChangesInForeignExchangeRatesNetDefinedBenefitLiabilityAsset">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in the net defined benefit liability (asset) resulting from changes in foreign exchange rates. [Refer: Net defined benefit liability (asset)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2019-01-01<br> -Paragraph 141<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=19&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_141_e&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncreaseDecreaseThroughChangesInForeignExchangeRatesNetDefinedBenefitLiabilityAsset</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncreaseDecreaseThroughOtherChangesNetDefinedBenefitLiabilityAsset">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in the net defined benefit liability (asset) resulting from changes that the entity does not separately disclose in the same statement or note. [Refer: Net defined benefit liability (asset)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2019-01-01<br> -Paragraph 141<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=19&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_141&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncreaseDecreaseThroughOtherChangesNetDefinedBenefitLiabilityAsset</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_InterestExpenseIncomeNetDefinedBenefitLiabilityAsset">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in the net defined benefit liability (asset) resulting from the passage of time. [Refer: Interest expense; Net defined benefit liability (asset)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2019-01-01<br> -Paragraph 141<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=19&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_141_b&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_InterestExpenseIncomeNetDefinedBenefitLiabilityAsset</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_LiabilityAssetOfDefinedBenefitPlans">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of deficit or surplus in a defined benefit plan, adjusted for any effect of limiting a net defined benefit asset to the asset ceiling. [Refer: Defined benefit plans [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2019-01-01<br> -Paragraph 140<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=19&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_140_a&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_LiabilityAssetOfDefinedBenefitPlans</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PaymentsFromPlanNetDefinedBenefitLiabilityAsset">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The decrease (increase) in the net defined benefit liability (asset) resulting from payments from the plan. [Refer: Net defined benefit liability (asset)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2019-01-01<br> -Paragraph 141<br> -Subparagraph g<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=19&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_141_g&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PaymentsFromPlanNetDefinedBenefitLiabilityAsset</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PlanAssetsAtFairValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The fair value of defined benefit plan assets. Plan assets comprise assets held by a long-term employee benefit fund and qualifying insurance policies. [Refer: At fair value [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2019-01-01<br> -Paragraph 57<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=19&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_57_a&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PlanAssetsAtFairValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SurplusDeficitInPlan">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The fair value of any plan assets, less the present value of the defined benefit obligation. [Refer: Plan assets [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2019-01-01<br> -Paragraph 57<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=19&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_57_a&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SurplusDeficitInPlan</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_GainsLossesArisingFromCurtailmentsAndSettlementsNetDefinedBenefitLiabilityAsset">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The decrease (increase) in the net defined benefit liability (asset) resulting from curtailments and settlements.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_GainsLossesArisingFromCurtailmentsAndSettlementsNetDefinedBenefitLiabilityAsset</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_NoncurrentPostemploymentBenefits">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of non-current post-employment benefits.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_NoncurrentPostemploymentBenefits</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DefinedBenefitPlansAxis=ts_UnfundedPostemploymentBenefitsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DefinedBenefitPlansAxis=ts_UnfundedPostemploymentBenefitsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DefinedBenefitPlansAxis=ts_FundedPostemploymentBenefitsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DefinedBenefitPlansAxis=ts_FundedPostemploymentBenefitsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140345105713288">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Note 22 - Other Liabilities - Actuarial Assumptions (Details)<br></strong></div></th>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=ifrs-full_BottomOfRangeMember', window );">Bottom of range [member] | Unfunded post-employment benefits [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDefinedBenefitPlansLineItems', window );"><strong>Disclosure of defined benefit plans [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ActuarialAssumptionOfDiscountRates', window );">Discount rate</a></td>
<td class="nump">1.00%<span></span>
</td>
<td class="nump">1.00%<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ActuarialAssumptionOfExpectedRatesOfSalaryIncreases', window );">Rate of compensation increase</a></td>
<td class="nump">0.00%<span></span>
</td>
<td class="nump">0.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=ifrs-full_BottomOfRangeMember', window );">Bottom of range [member] | Funded post-employment benefits [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDefinedBenefitPlansLineItems', window );"><strong>Disclosure of defined benefit plans [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ActuarialAssumptionOfDiscountRates', window );">Discount rate</a></td>
<td class="nump">1.00%<span></span>
</td>
<td class="nump">3.00%<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ActuarialAssumptionOfExpectedRatesOfSalaryIncreases', window );">Rate of compensation increase</a></td>
<td class="nump">0.00%<span></span>
</td>
<td class="nump">0.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=ifrs-full_TopOfRangeMember', window );">Top of range [member] | Unfunded post-employment benefits [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDefinedBenefitPlansLineItems', window );"><strong>Disclosure of defined benefit plans [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ActuarialAssumptionOfDiscountRates', window );">Discount rate</a></td>
<td class="nump">7.00%<span></span>
</td>
<td class="nump">7.00%<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ActuarialAssumptionOfExpectedRatesOfSalaryIncreases', window );">Rate of compensation increase</a></td>
<td class="nump">3.00%<span></span>
</td>
<td class="nump">3.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=ifrs-full_TopOfRangeMember', window );">Top of range [member] | Funded post-employment benefits [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDefinedBenefitPlansLineItems', window );"><strong>Disclosure of defined benefit plans [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ActuarialAssumptionOfDiscountRates', window );">Discount rate</a></td>
<td class="nump">3.00%<span></span>
</td>
<td class="nump">4.00%<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ActuarialAssumptionOfExpectedRatesOfSalaryIncreases', window );">Rate of compensation increase</a></td>
<td class="nump">3.00%<span></span>
</td>
<td class="nump">3.00%<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ActuarialAssumptionOfDiscountRates">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The discount rate used as the significant actuarial assumption to determine the present value of a defined benefit obligation. [Refer: Defined benefit obligation, at present value; Actuarial assumptions [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2019-01-01<br> -Paragraph 144<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=19&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_144&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ActuarialAssumptionOfDiscountRates</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ActuarialAssumptionOfExpectedRatesOfSalaryIncreases">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The expected rate of salary increases used as a significant actuarial assumption to determine the present value of a defined benefit obligation. [Refer: Defined benefit plans [member]; Defined benefit obligation, at present value; Actuarial assumptions [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2019-01-01<br> -Paragraph 144<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=19&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_144&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ActuarialAssumptionOfExpectedRatesOfSalaryIncreases</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfDefinedBenefitPlansLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfDefinedBenefitPlansLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RangeAxis=ifrs-full_BottomOfRangeMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=ifrs-full_BottomOfRangeMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DefinedBenefitPlansAxis=ts_UnfundedPostemploymentBenefitsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DefinedBenefitPlansAxis=ts_UnfundedPostemploymentBenefitsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DefinedBenefitPlansAxis=ts_FundedPostemploymentBenefitsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DefinedBenefitPlansAxis=ts_FundedPostemploymentBenefitsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RangeAxis=ifrs-full_TopOfRangeMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=ifrs-full_TopOfRangeMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
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<DOCUMENT>
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<SEQUENCE>184
<FILENAME>R142.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
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<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140345102047864">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 22 - Other Liabilities - Plan Assets (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="2">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDefinedBenefitPlansLineItems', window );"><strong>Disclosure of defined benefit plans [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LiabilityAssetOfDefinedBenefitPlans', window );">Values at the beginning of the year</a></td>
<td class="nump">$ 99,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LiabilityAssetOfDefinedBenefitPlans', window );">At the end of the year</a></td>
<td class="nump">82,400<span></span>
</td>
<td class="nump">$ 99,000<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DefinedBenefitPlansAxis=ts_FairValueOfFundedPostemploymentBenefitsMember', window );">Fair value of funded post-employment benefits [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDefinedBenefitPlansLineItems', window );"><strong>Disclosure of defined benefit plans [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LiabilityAssetOfDefinedBenefitPlans', window );">Values at the beginning of the year</a></td>
<td class="num">(145,160)<span></span>
</td>
<td class="num">(132,438)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughChangesInForeignExchangeRatesNetDefinedBenefitLiabilityAsset', window );">Translation differences</a></td>
<td class="num">(1,729)<span></span>
</td>
<td class="num">(4,137)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReturnOnPlanAssetsNetDefinedBenefitLiabilityAsset', window );">Return on plan assets</a></td>
<td class="num">(4,411)<span></span>
</td>
<td class="num">(5,018)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ActuarialGainsLossesArisingFromExperienceAdjustmentsNetDefinedBenefitLiabilityAsset', window );">Remeasurements</a></td>
<td class="num">(10,396)<span></span>
</td>
<td class="num">(10,507)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ContributionsToPlanNetDefinedBenefitLiabilityAsset', window );">Contributions paid to the plan</a></td>
<td class="num">(5,017)<span></span>
</td>
<td class="num">(3,589)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PaymentsFromPlanNetDefinedBenefitLiabilityAsset', window );">Benefits paid from the plan</a></td>
<td class="num">(9,266)<span></span>
</td>
<td class="num">(10,259)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughOtherChangesNetDefinedBenefitLiabilityAsset', window );">Other</a></td>
<td class="nump">112<span></span>
</td>
<td class="nump">270<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LiabilityAssetOfDefinedBenefitPlans', window );">At the end of the year</a></td>
<td class="num">(157,335)<span></span>
</td>
<td class="num">(145,160)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DefinedBenefitPlansAxis=ts_FundedPostemploymentBenefitsMember', window );">Funded post-employment benefits [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDefinedBenefitPlansLineItems', window );"><strong>Disclosure of defined benefit plans [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LiabilityAssetOfDefinedBenefitPlans', window );">Values at the beginning of the year</a></td>
<td class="nump">160,412<span></span>
</td>
<td class="nump">146,885<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughChangesInForeignExchangeRatesNetDefinedBenefitLiabilityAsset', window );">Translation differences</a></td>
<td class="num">(2,148)<span></span>
</td>
<td class="num">(4,542)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PaymentsFromPlanNetDefinedBenefitLiabilityAsset', window );">Benefits paid from the plan</a></td>
<td class="num">(9,266)<span></span>
</td>
<td class="num">(10,259)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughOtherChangesNetDefinedBenefitLiabilityAsset', window );">Other</a></td>
<td class="num">(869)<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LiabilityAssetOfDefinedBenefitPlans', window );">At the end of the year</a></td>
<td class="nump">$ 176,309<span></span>
</td>
<td class="nump">$ 160,412<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_EquityInstrumentsPercentContributedToFairValueOfPlanAssets', window );">Equity instruments</a></td>
<td class="nump">49.30%<span></span>
</td>
<td class="nump">49.00%<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_DebtInstrumentsPercentContributedToFairValueOfPlanAssets', window );">Debt instruments</a></td>
<td class="nump">46.80%<span></span>
</td>
<td class="nump">47.00%<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_OtherAssetsPercentContributedToFairValueOfPlanAssets', window );">Others</a></td>
<td class="nump">3.90%<span></span>
</td>
<td class="nump">4.00%<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ActuarialGainsLossesArisingFromExperienceAdjustmentsNetDefinedBenefitLiabilityAsset">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The decrease (increase) in a net defined benefit liability (asset) resulting from actuarial gains (losses) arising from experience adjustments that result in remeasurements of the net defined benefit liability (asset). Experience adjustments deal with the effects of differences between the previous actuarial assumptions and what has actually occurred. [Refer: Net defined benefit liability (asset)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2019-01-01<br> -Paragraph 141<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=19&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_141_c&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ActuarialGainsLossesArisingFromExperienceAdjustmentsNetDefinedBenefitLiabilityAsset</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ContributionsToPlanNetDefinedBenefitLiabilityAsset">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The decrease (increase) in the net defined benefit liability (asset) resulting from contributions to a defined benefit plan. [Refer: Net defined benefit liability (asset); Defined benefit plans [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2019-01-01<br> -Paragraph 141<br> -Subparagraph f<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=19&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_141_f&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ContributionsToPlanNetDefinedBenefitLiabilityAsset</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfDefinedBenefitPlansLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfDefinedBenefitPlansLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncreaseDecreaseThroughChangesInForeignExchangeRatesNetDefinedBenefitLiabilityAsset">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in the net defined benefit liability (asset) resulting from changes in foreign exchange rates. [Refer: Net defined benefit liability (asset)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2019-01-01<br> -Paragraph 141<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=19&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_141_e&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncreaseDecreaseThroughChangesInForeignExchangeRatesNetDefinedBenefitLiabilityAsset</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncreaseDecreaseThroughOtherChangesNetDefinedBenefitLiabilityAsset">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in the net defined benefit liability (asset) resulting from changes that the entity does not separately disclose in the same statement or note. [Refer: Net defined benefit liability (asset)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2019-01-01<br> -Paragraph 141<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=19&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_141&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncreaseDecreaseThroughOtherChangesNetDefinedBenefitLiabilityAsset</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_LiabilityAssetOfDefinedBenefitPlans">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of deficit or surplus in a defined benefit plan, adjusted for any effect of limiting a net defined benefit asset to the asset ceiling. [Refer: Defined benefit plans [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2019-01-01<br> -Paragraph 140<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=19&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_140_a&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_LiabilityAssetOfDefinedBenefitPlans</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PaymentsFromPlanNetDefinedBenefitLiabilityAsset">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The decrease (increase) in the net defined benefit liability (asset) resulting from payments from the plan. [Refer: Net defined benefit liability (asset)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2019-01-01<br> -Paragraph 141<br> -Subparagraph g<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=19&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_141_g&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PaymentsFromPlanNetDefinedBenefitLiabilityAsset</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ReturnOnPlanAssetsNetDefinedBenefitLiabilityAsset">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The decrease (increase) in the net defined benefit liability (asset) resulting from the return on plan assets, excluding amounts included in interest income or expense. The return on plans assets is interest, dividends and other revenue derived from the plan assets, together with realised and unrealised gains or losses on the plan assets, less any costs of managing plan assets and less any tax payable by the plan itself, other than tax included in the actuarial assumptions used to measure the present value of the defined benefit obligation. [Refer: Plan assets [member]; Net defined benefit liability (asset); Actuarial assumptions [member]; Interest expense (income), net defined benefit liability (asset)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2019-01-01<br> -Paragraph 141<br> -Subparagraph c<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=19&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_141_c_i&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ReturnOnPlanAssetsNetDefinedBenefitLiabilityAsset</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_DebtInstrumentsPercentContributedToFairValueOfPlanAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The percent that instruments representing debt (rather than equity) constitute of the fair value of defined benefit plan assets.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_DebtInstrumentsPercentContributedToFairValueOfPlanAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_EquityInstrumentsPercentContributedToFairValueOfPlanAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The percent that instruments representing equity (rather than debt) constitute of the fair value of defined benefit plan assets.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_EquityInstrumentsPercentContributedToFairValueOfPlanAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_OtherAssetsPercentContributedToFairValueOfPlanAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The percent that other types of assets not separately disclosed constitute of the fair value of defined benefit plan assets.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_OtherAssetsPercentContributedToFairValueOfPlanAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DefinedBenefitPlansAxis=ts_FairValueOfFundedPostemploymentBenefitsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DefinedBenefitPlansAxis=ts_FairValueOfFundedPostemploymentBenefitsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DefinedBenefitPlansAxis=ts_FundedPostemploymentBenefitsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DefinedBenefitPlansAxis=ts_FundedPostemploymentBenefitsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>185
<FILENAME>R143.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140345109435880">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Note 22 - Other Liabilities - Other Current Liabilities (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_DisclosureOfOtherLiabilitiesAbstract', window );"><strong>Disclosure of Other Liabilities [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_CurrentEmployeeRelatedLiabilities', window );">Payroll and social security payable</a></td>
<td class="nump">$ 175,175<span></span>
</td>
<td class="nump">$ 153,009<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_OtherCurrentMiscellaneousLiabilities', window );">Miscellaneous</a></td>
<td class="nump">27,651<span></span>
</td>
<td class="nump">23,255<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherCurrentLiabilities', window );">Other current liabilities</a></td>
<td class="nump">$ 202,826<span></span>
</td>
<td class="nump">$ 176,264<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherCurrentLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current liabilities that the entity does not separately disclose in the same statement or note. [Refer: Current liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherCurrentLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_CurrentEmployeeRelatedLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current employee related liabilities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_CurrentEmployeeRelatedLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_DisclosureOfOtherLiabilitiesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_DisclosureOfOtherLiabilitiesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_OtherCurrentMiscellaneousLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of other current miscellaneous liabilities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_OtherCurrentMiscellaneousLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>186
<FILENAME>R144.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140345111166968">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 23 - Non-current allowances and provisions - Liabilities (Details) - Provision for non-current liabilities [member] - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="2">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfOtherProvisionsLineItems', window );"><strong>Disclosure of other provisions [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherProvisions', window );">Values at the beginning of the year</a></td>
<td class="nump">$ 54,599<span></span>
</td>
<td class="nump">$ 36,089<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesOtherProvisions', window );">Translation differences</a></td>
<td class="num">(5,739)<span></span>
</td>
<td class="num">(1,571)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AcquisitionsThroughBusinessCombinationsOtherProvisions', window );">Increase due to business combinations</a></td>
<td class="nump">26,542<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdditionalProvisionsOtherProvisions', window );">Additional provisions</a></td>
<td class="nump">478<span></span>
</td>
<td class="nump">19,904<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughTransfersAndOtherChangesOtherProvisions', window );">Reclassifications</a></td>
<td class="nump">557<span></span>
</td>
<td class="nump">5,641<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProvisionUsedOtherProvisions', window );">Used</a></td>
<td class="num">(3,219)<span></span>
</td>
<td class="num">(5,464)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherProvisions', window );">Values at the end of the year</a></td>
<td class="nump">$ 73,218<span></span>
</td>
<td class="nump">$ 54,599<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AcquisitionsThroughBusinessCombinationsOtherProvisions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase in other provisions resulting from acquisitions through business combinations. [Refer: Business combinations [member]; Other provisions]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 37<br> -IssueDate 2019-01-01<br> -Paragraph 84<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=37&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_84&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AcquisitionsThroughBusinessCombinationsOtherProvisions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdditionalProvisionsOtherProvisions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of additional other provisions made. [Refer: Other provisions]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 37<br> -IssueDate 2019-01-01<br> -Paragraph 84<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=37&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_84_b&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdditionalProvisionsOtherProvisions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfOtherProvisionsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfOtherProvisionsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesOtherProvisions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in other provisions resulting from foreign currency exchange rate changes on provisions measured in a currency different from the entity's presentation currency. [Refer: Other provisions]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 37<br> -IssueDate 2019-01-01<br> -Paragraph 84<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=37&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_84&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesOtherProvisions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncreaseDecreaseThroughTransfersAndOtherChangesOtherProvisions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in other provisions resulting from transfers and changes that the entity does not separately disclose in the same statement or note. [Refer: Other provisions]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 37<br> -IssueDate 2019-01-01<br> -Paragraph 84<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=37&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_84&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncreaseDecreaseThroughTransfersAndOtherChangesOtherProvisions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherProvisions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of provisions other than provisions for employee benefits. [Refer: Provisions]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 37<br> -IssueDate 2019-01-01<br> -Paragraph 84<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=37&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_84_a&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 78<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_78_d&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherProvisions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProvisionUsedOtherProvisions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount used (ie incurred and charged against the provision) for other provisions. [Refer: Other provisions]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 37<br> -IssueDate 2019-01-01<br> -Paragraph 84<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=37&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_84_c&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProvisionUsedOtherProvisions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfProvisionsAxis=ts_ProvisionForNoncurrentLiabilitiesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfProvisionsAxis=ts_ProvisionForNoncurrentLiabilitiesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140345104876424">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 24 - Current allowances and provisions - Deducted From Assets (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="2">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfProvisionsAxis=ts_AllowanceForDoubtfulAccountsTradeReceivablesMember', window );">Allowance for doubtful accounts - trade receivables [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfOtherProvisionsLineItems', window );"><strong>Disclosure of other provisions [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AllowanceAccountForCreditLossesOfFinancialAssets', window );">Values at the beginning of the year</a></td>
<td class="num">$ (48,782)<span></span>
</td>
<td class="num">$ (66,535)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesOtherProvisions', window );">Translation differences</a></td>
<td class="num">(37)<span></span>
</td>
<td class="nump">9<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AcquisitionsThroughBusinessCombinationsOtherProvisions', window );">Increase due to business combinations</a></td>
<td class="num">(1,930)<span></span>
</td>
<td class="num">(1,788)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_IncreaseDecreaseThroughReversalsAndAdditionalAllowances', window );">(Additional) / reversals allowances</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">16,256<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_UtilisationAllowanceAccountForCreditLossesOfFinancialAssets', window );">Used</a></td>
<td class="nump">1,717<span></span>
</td>
<td class="nump">3,276<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_IncreaseDecreaseAdditionalAllowancesOtherProvisions', window );">(Additional) allowances</a></td>
<td class="num">(4,644)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AllowanceAccountForCreditLossesOfFinancialAssets', window );">Values at the end of the year</a></td>
<td class="num">(53,676)<span></span>
</td>
<td class="num">(48,782)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfProvisionsAxis=ts_AllowanceForOtherDoubtfulAccountsOtherReceivablesMember', window );">Allowance for other doubtful accounts - other receivables [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfOtherProvisionsLineItems', window );"><strong>Disclosure of other provisions [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AllowanceAccountForCreditLossesOfFinancialAssets', window );">Values at the beginning of the year</a></td>
<td class="num">(4,892)<span></span>
</td>
<td class="num">(6,784)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesOtherProvisions', window );">Translation differences</a></td>
<td class="nump">801<span></span>
</td>
<td class="nump">88<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AcquisitionsThroughBusinessCombinationsOtherProvisions', window );">Increase due to business combinations</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_IncreaseDecreaseThroughReversalsAndAdditionalAllowances', window );">(Additional) / reversals allowances</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,239<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_UtilisationAllowanceAccountForCreditLossesOfFinancialAssets', window );">Used</a></td>
<td class="nump">1,437<span></span>
</td>
<td class="nump">565<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_IncreaseDecreaseAdditionalAllowancesOtherProvisions', window );">(Additional) allowances</a></td>
<td class="num">(1,263)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AllowanceAccountForCreditLossesOfFinancialAssets', window );">Values at the end of the year</a></td>
<td class="num">(3,917)<span></span>
</td>
<td class="num">(4,892)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfProvisionsAxis=ts_AllowanceForInventoryObsolescenceMember', window );">Allowance for inventory obsolescence [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfOtherProvisionsLineItems', window );"><strong>Disclosure of other provisions [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AllowanceAccountForCreditLossesOfFinancialAssets', window );">Values at the beginning of the year</a></td>
<td class="num">(217,717)<span></span>
</td>
<td class="num">(209,796)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesOtherProvisions', window );">Translation differences</a></td>
<td class="nump">1,560<span></span>
</td>
<td class="nump">794<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AcquisitionsThroughBusinessCombinationsOtherProvisions', window );">Increase due to business combinations</a></td>
<td class="num">(76,776)<span></span>
</td>
<td class="num">(10,761)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_IncreaseDecreaseThroughReversalsAndAdditionalAllowances', window );">(Additional) / reversals allowances</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(29,138)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_UtilisationAllowanceAccountForCreditLossesOfFinancialAssets', window );">Used</a></td>
<td class="nump">65,107<span></span>
</td>
<td class="nump">31,184<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_IncreaseDecreaseAdditionalAllowancesOtherProvisions', window );">(Additional) allowances</a></td>
<td class="num">(35,809)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AllowanceAccountForCreditLossesOfFinancialAssets', window );">Values at the end of the year</a></td>
<td class="num">$ (263,635)<span></span>
</td>
<td class="num">$ (217,717)<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AcquisitionsThroughBusinessCombinationsOtherProvisions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase in other provisions resulting from acquisitions through business combinations. [Refer: Business combinations [member]; Other provisions]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 37<br> -IssueDate 2019-01-01<br> -Paragraph 84<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=37&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_84&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AcquisitionsThroughBusinessCombinationsOtherProvisions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AllowanceAccountForCreditLossesOfFinancialAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of an allowance account used to record impairments to financial assets due to credit losses. [Refer: Financial assets]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Note Expiry date 2021-01-01<br> -Name IFRS<br> -Number 7<br> -IssueDate 2019-01-01<br> -Paragraph 16<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=7&amp;code=ifrs-tx-2017-en-b&amp;anchor=para_16&amp;doctype=Standard&amp;book=b<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AllowanceAccountForCreditLossesOfFinancialAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfOtherProvisionsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfOtherProvisionsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesOtherProvisions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in other provisions resulting from foreign currency exchange rate changes on provisions measured in a currency different from the entity's presentation currency. [Refer: Other provisions]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 37<br> -IssueDate 2019-01-01<br> -Paragraph 84<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=37&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_84&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesOtherProvisions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_UtilisationAllowanceAccountForCreditLossesOfFinancialAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The decrease in an allowance account for credit losses of financial assets resulting from the utilisation of the allowance. [Refer: Allowance account for credit losses of financial assets]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Note Expiry date 2021-01-01<br> -Name IFRS<br> -Number 7<br> -IssueDate 2019-01-01<br> -Paragraph 16<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=7&amp;code=ifrs-tx-2017-en-b&amp;anchor=para_16&amp;doctype=Standard&amp;book=b<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_UtilisationAllowanceAccountForCreditLossesOfFinancialAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_IncreaseDecreaseAdditionalAllowancesOtherProvisions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of increase (decrease) due to additional allowances, of other provisions.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_IncreaseDecreaseAdditionalAllowancesOtherProvisions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_IncreaseDecreaseThroughReversalsAndAdditionalAllowances">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) through reversals and (additional) allowances.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_IncreaseDecreaseThroughReversalsAndAdditionalAllowances</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfProvisionsAxis=ts_AllowanceForDoubtfulAccountsTradeReceivablesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfProvisionsAxis=ts_AllowanceForDoubtfulAccountsTradeReceivablesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfProvisionsAxis=ts_AllowanceForOtherDoubtfulAccountsOtherReceivablesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfProvisionsAxis=ts_AllowanceForOtherDoubtfulAccountsOtherReceivablesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfProvisionsAxis=ts_AllowanceForInventoryObsolescenceMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfProvisionsAxis=ts_AllowanceForInventoryObsolescenceMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>188
<FILENAME>R146.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140345105951256">
<tr>
<th class="tl" colspan="2" rowspan="2"><div style="width: 200px;"><strong>Note 24 - Current allowances and provisions - Liabilities (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="2">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfProvisionsAxis=ts_SalesRisksMember', window );">Sales risks [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfOtherProvisionsLineItems', window );"><strong>Disclosure of other provisions [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherProvisions', window );">Values at the beginning of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 5,867<span></span>
</td>
<td class="nump">$ 6,814<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesOtherProvisions', window );">Translation differences</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(5)<span></span>
</td>
<td class="num">(28)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AcquisitionsThroughBusinessCombinationsOtherProvisions', window );">Increase due to business combinations</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">116<span></span>
</td>
<td class="nump">505<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_AdditionalProvisionsOtherProvisionsReversals', window );">Additional / (reversals) provisions</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">9,728<span></span>
</td>
<td class="nump">11,880<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughTransfersAndOtherChangesOtherProvisions', window );">Reclassifications</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProvisionUsedOtherProvisions', window );">Used</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(13,911)<span></span>
</td>
<td class="num">(13,304)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherProvisions', window );">Values at the end of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">1,795<span></span>
</td>
<td class="nump">5,867<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfProvisionsAxis=ifrs-full_MiscellaneousOtherProvisionsMember', window );">Miscellaneous other provisions [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfOtherProvisionsLineItems', window );"><strong>Disclosure of other provisions [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherProvisions', window );">Values at the beginning of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">11,150<span></span>
</td>
<td class="nump">17,469<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesOtherProvisions', window );">Translation differences</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="num">(975)<span></span>
</td>
<td class="num">(570)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AcquisitionsThroughBusinessCombinationsOtherProvisions', window );">Increase due to business combinations</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">398<span></span>
</td>
<td class="nump">8,000<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_AdditionalProvisionsOtherProvisionsReversals', window );">Additional / (reversals) provisions</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">1,751<span></span>
</td>
<td class="num">(3,219)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughTransfersAndOtherChangesOtherProvisions', window );">Reclassifications</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="num">(557)<span></span>
</td>
<td class="num">(5,641)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProvisionUsedOtherProvisions', window );">Used</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="num">(1,283)<span></span>
</td>
<td class="num">(4,889)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherProvisions', window );">Values at the end of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">10,484<span></span>
</td>
<td class="nump">11,150<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfProvisionsAxis=ts_ProvisionsForCurrentLiabilitiesMember', window );">Provision for current liabilities [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfOtherProvisionsLineItems', window );"><strong>Disclosure of other provisions [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherProvisions', window );">Values at the beginning of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">17,017<span></span>
</td>
<td class="nump">24,283<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesOtherProvisions', window );">Translation differences</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(980)<span></span>
</td>
<td class="num">(598)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AcquisitionsThroughBusinessCombinationsOtherProvisions', window );">Increase due to business combinations</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">514<span></span>
</td>
<td class="nump">8,505<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_AdditionalProvisionsOtherProvisionsReversals', window );">Additional / (reversals) provisions</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">11,479<span></span>
</td>
<td class="nump">8,661<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughTransfersAndOtherChangesOtherProvisions', window );">Reclassifications</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(557)<span></span>
</td>
<td class="num">(5,641)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProvisionUsedOtherProvisions', window );">Used</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(15,194)<span></span>
</td>
<td class="num">(18,193)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherProvisions', window );">Values at the end of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 12,279<span></span>
</td>
<td class="nump">$ 17,017<span></span>
</td>
</tr>
<tr><td colspan="3"></td></tr>
<tr><td colspan="3"><table class="outerFootnotes" width="100%"><tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">Other claims and contingencies mainly include lawsuits and other legal proceedings, including employee, tax and environmental-related claims.</td>
</tr></table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AcquisitionsThroughBusinessCombinationsOtherProvisions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase in other provisions resulting from acquisitions through business combinations. [Refer: Business combinations [member]; Other provisions]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 37<br> -IssueDate 2019-01-01<br> -Paragraph 84<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=37&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_84&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AcquisitionsThroughBusinessCombinationsOtherProvisions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfOtherProvisionsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfOtherProvisionsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesOtherProvisions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in other provisions resulting from foreign currency exchange rate changes on provisions measured in a currency different from the entity's presentation currency. [Refer: Other provisions]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 37<br> -IssueDate 2019-01-01<br> -Paragraph 84<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=37&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_84&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesOtherProvisions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncreaseDecreaseThroughTransfersAndOtherChangesOtherProvisions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in other provisions resulting from transfers and changes that the entity does not separately disclose in the same statement or note. [Refer: Other provisions]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 37<br> -IssueDate 2019-01-01<br> -Paragraph 84<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=37&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_84&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncreaseDecreaseThroughTransfersAndOtherChangesOtherProvisions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherProvisions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of provisions other than provisions for employee benefits. [Refer: Provisions]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 37<br> -IssueDate 2019-01-01<br> -Paragraph 84<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=37&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_84_a&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 78<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_78_d&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherProvisions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProvisionUsedOtherProvisions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount used (ie incurred and charged against the provision) for other provisions. [Refer: Other provisions]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 37<br> -IssueDate 2019-01-01<br> -Paragraph 84<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=37&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_84_c&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProvisionUsedOtherProvisions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_AdditionalProvisionsOtherProvisionsReversals">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of additional other provisions (reversals) made.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_AdditionalProvisionsOtherProvisionsReversals</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfProvisionsAxis=ts_SalesRisksMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfProvisionsAxis=ts_SalesRisksMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfProvisionsAxis=ifrs-full_MiscellaneousOtherProvisionsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfProvisionsAxis=ifrs-full_MiscellaneousOtherProvisionsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfProvisionsAxis=ts_ProvisionsForCurrentLiabilitiesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfProvisionsAxis=ts_ProvisionsForCurrentLiabilitiesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
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<head>
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140345164013720">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Note 25 - Derivative Financial Instruments - Net Fair Values (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfInformationAboutCreditExposuresDesignatedAsMeasuredAtFairValueThroughProfitOrLossLineItems', window );"><strong>Disclosure of information about credit exposures designated as measured at fair value through profit or loss [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DerivativeFinancialAssets', window );">Derivatives with positive fair values</a></td>
<td class="nump">$ 11,449<span></span>
</td>
<td class="nump">$ 19,929<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DerivativeFinancialLiabilities', window );">Derivatives with negative fair values</a></td>
<td class="num">(3,217)<span></span>
</td>
<td class="num">(1,814)<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_DerivativeFinancialAssetsLiabilities', window );">Total</a></td>
<td class="nump">8,232<span></span>
</td>
<td class="nump">18,115<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialInstrumentsMeasuredAtFairValueThroughProfitOrLossBecauseCreditDerivativeIsUsedToManageCreditRiskAxis=ts_DerivativesHedgingBorrowingsAndInvestmentsMember', window );">Derivatives hedging borrowings and investments [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfInformationAboutCreditExposuresDesignatedAsMeasuredAtFairValueThroughProfitOrLossLineItems', window );"><strong>Disclosure of information about credit exposures designated as measured at fair value through profit or loss [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DerivativeFinancialAssets', window );">Derivatives with positive fair values</a></td>
<td class="nump">10,119<span></span>
</td>
<td class="nump">19,000<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DerivativeFinancialLiabilities', window );">Derivatives with negative fair values</a></td>
<td class="num">(2,250)<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialInstrumentsMeasuredAtFairValueThroughProfitOrLossBecauseCreditDerivativeIsUsedToManageCreditRiskAxis=ts_OtherDerivativesMember', window );">Other derivatives [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfInformationAboutCreditExposuresDesignatedAsMeasuredAtFairValueThroughProfitOrLossLineItems', window );"><strong>Disclosure of information about credit exposures designated as measured at fair value through profit or loss [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DerivativeFinancialAssets', window );">Derivatives with positive fair values</a></td>
<td class="nump">1,330<span></span>
</td>
<td class="nump">929<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DerivativeFinancialLiabilities', window );">Derivatives with negative fair values</a></td>
<td class="num">$ (967)<span></span>
</td>
<td class="num">$ (1,814)<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DerivativeFinancialAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of financial assets classified as derivative instruments. [Refer: Financial assets; Derivatives [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DerivativeFinancialAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of financial liabilities classified as derivative instruments. [Refer: Financial assets; Derivatives [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<td style="white-space:nowrap;">ifrs-full_DerivativeFinancialLiabilities</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfInformationAboutCreditExposuresDesignatedAsMeasuredAtFairValueThroughProfitOrLossLineItems</td>
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<td>duration</td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of financial assets (liabilities) classified as derivative instruments.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<td style="white-space:nowrap;">ts_DerivativeFinancialAssetsLiabilities</td>
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<td>instant</td>
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<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_FinancialInstrumentsMeasuredAtFairValueThroughProfitOrLossBecauseCreditDerivativeIsUsedToManageCreditRiskAxis=ts_DerivativesHedgingBorrowingsAndInvestmentsMember</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<tr>
<td><strong> Name:</strong></td>
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140345105308296">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Note 25 - Derivative Financial Instruments - Foreign Exchange Derivative Contracts and Hedge Accounting (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutHedgingInstrumentsLineItems', window );"><strong>Disclosure of detailed information about hedging instruments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_DerivativeFinancialAssetsLiabilities', window );">Fair value of derivatives</a></td>
<td class="nump">$ 8,232<span></span>
</td>
<td class="nump">$ 18,115<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReserveOfCashFlowHedgesContinuingHedges', window );">Hedge accounting reserve</a></td>
<td class="num">(4,800)<span></span>
</td>
<td class="nump">2,600<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfHedgesAxis=ifrs-full_CashFlowHedgesMember', window );">Cash flow hedges [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutHedgingInstrumentsLineItems', window );"><strong>Disclosure of detailed information about hedging instruments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_DerivativeFinancialAssetsLiabilities', window );">Fair value of derivatives</a></td>
<td class="nump">8,232<span></span>
</td>
<td class="nump">18,115<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReserveOfCashFlowHedgesContinuingHedges', window );">Hedge accounting reserve</a></td>
<td class="num">(4,771)<span></span>
</td>
<td class="nump">2,591<span></span>
</td>
<td class="num">$ (916)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_HedgingInstrumentsAxis=ts_ForeignExchangeContractPurchaseCurrencyMxnSellCurrencyUsdMember', window );">Foreign exchange contract, purchase currency MXN, sell currency USD [member] | Cash flow hedges [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutHedgingInstrumentsLineItems', window );"><strong>Disclosure of detailed information about hedging instruments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_DerivativeFinancialAssetsLiabilities', window );">Fair value of derivatives</a></td>
<td class="nump">9,838<span></span>
</td>
<td class="nump">18,999<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReserveOfCashFlowHedgesContinuingHedges', window );">Hedge accounting reserve</a></td>
<td class="nump">156<span></span>
</td>
<td class="nump">404<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_HedgingInstrumentsAxis=ts_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyMxnMember', window );">Foreign exchange contract, purchase currency USD, sell currency MXN [member] | Cash flow hedges [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutHedgingInstrumentsLineItems', window );"><strong>Disclosure of detailed information about hedging instruments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_DerivativeFinancialAssetsLiabilities', window );">Fair value of derivatives</a></td>
<td class="num">(5)<span></span>
</td>
<td class="num">(576)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReserveOfCashFlowHedgesContinuingHedges', window );">Hedge accounting reserve</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_HedgingInstrumentsAxis=ts_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyEurMember', window );">Foreign exchange contract, purchase currency USD, sell currency EUR [member] | Cash flow hedges [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutHedgingInstrumentsLineItems', window );"><strong>Disclosure of detailed information about hedging instruments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_DerivativeFinancialAssetsLiabilities', window );">Fair value of derivatives</a></td>
<td class="num">(1,969)<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReserveOfCashFlowHedgesContinuingHedges', window );">Hedge accounting reserve</a></td>
<td class="nump">5<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_HedgingInstrumentsAxis=ts_ForeignExchangeContractPurchaseCurrencyEurSellCurrencyUsdMember', window );">Foreign exchange contract, purchase currency EUR, sell currency USD [member] | Cash flow hedges [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutHedgingInstrumentsLineItems', window );"><strong>Disclosure of detailed information about hedging instruments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_DerivativeFinancialAssetsLiabilities', window );">Fair value of derivatives</a></td>
<td class="nump">543<span></span>
</td>
<td class="nump">588<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReserveOfCashFlowHedgesContinuingHedges', window );">Hedge accounting reserve</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_HedgingInstrumentsAxis=ts_ForeignExchangeContractPurchaseCurrencyJpySellCurrencyUsdMember', window );">Foreign exchange contract, purchase currency JPY, sell currency USD [member] | Cash flow hedges [member] | Term, One [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutHedgingInstrumentsLineItems', window );"><strong>Disclosure of detailed information about hedging instruments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_DerivativeFinancialAssetsLiabilities', window );">Fair value of derivatives</a></td>
<td class="text"> <span></span>
</td>
<td class="num">(190)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReserveOfCashFlowHedgesContinuingHedges', window );">Hedge accounting reserve</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_HedgingInstrumentsAxis=ts_ForeignExchangeContractPurchaseCurrencyJpySellCurrencyUsdMember', window );">Foreign exchange contract, purchase currency JPY, sell currency USD [member] | Cash flow hedges [member] | Term Two [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutHedgingInstrumentsLineItems', window );"><strong>Disclosure of detailed information about hedging instruments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_DerivativeFinancialAssetsLiabilities', window );">Fair value of derivatives</a></td>
<td class="nump">94<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReserveOfCashFlowHedgesContinuingHedges', window );">Hedge accounting reserve</a></td>
<td class="num">(4,958)<span></span>
</td>
<td class="nump">2,149<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_HedgingInstrumentsAxis=ts_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyBrlMember', window );">Foreign exchange contract, purchase currency USD, sell currency BRL [member] | Cash flow hedges [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutHedgingInstrumentsLineItems', window );"><strong>Disclosure of detailed information about hedging instruments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_DerivativeFinancialAssetsLiabilities', window );">Fair value of derivatives</a></td>
<td class="nump">412<span></span>
</td>
<td class="num">(234)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReserveOfCashFlowHedgesContinuingHedges', window );">Hedge accounting reserve</a></td>
<td class="nump">85<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_HedgingInstrumentsAxis=ts_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyKwdMember', window );">Foreign exchange contract, purchase currency USD, sell currency KWD [member] | Cash flow hedges [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutHedgingInstrumentsLineItems', window );"><strong>Disclosure of detailed information about hedging instruments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_DerivativeFinancialAssetsLiabilities', window );">Fair value of derivatives</a></td>
<td class="num">(246)<span></span>
</td>
<td class="nump">103<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReserveOfCashFlowHedgesContinuingHedges', window );">Hedge accounting reserve</a></td>
<td class="num">(59)<span></span>
</td>
<td class="nump">38<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_HedgingInstrumentsAxis=ts_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyCadMember', window );">Foreign exchange contract, purchase currency USD, sell currency CAD [member] | Cash flow hedges [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutHedgingInstrumentsLineItems', window );"><strong>Disclosure of detailed information about hedging instruments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_DerivativeFinancialAssetsLiabilities', window );">Fair value of derivatives</a></td>
<td class="text"> <span></span>
</td>
<td class="num">(200)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReserveOfCashFlowHedgesContinuingHedges', window );">Hedge accounting reserve</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_HedgingInstrumentsAxis=ts_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyCopMember', window );">Foreign exchange contract, purchase currency USD, sell currency COP [member] | Cash flow hedges [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutHedgingInstrumentsLineItems', window );"><strong>Disclosure of detailed information about hedging instruments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_DerivativeFinancialAssetsLiabilities', window );">Fair value of derivatives</a></td>
<td class="text"> <span></span>
</td>
<td class="num">(345)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReserveOfCashFlowHedgesContinuingHedges', window );">Hedge accounting reserve</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_HedgingInstrumentsAxis=ts_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyCnyMember', window );">Foreign exchange contract, purchase currency USD, sell currency CNY [member] | Cash flow hedges [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutHedgingInstrumentsLineItems', window );"><strong>Disclosure of detailed information about hedging instruments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_DerivativeFinancialAssetsLiabilities', window );">Fair value of derivatives</a></td>
<td class="num">(482)<span></span>
</td>
<td class="num">(167)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReserveOfCashFlowHedgesContinuingHedges', window );">Hedge accounting reserve</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_HedgingInstrumentsAxis=ts_ForeignExchangeContractOtherMember', window );">Foreign exchange contract, Other [member] | Cash flow hedges [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutHedgingInstrumentsLineItems', window );"><strong>Disclosure of detailed information about hedging instruments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_DerivativeFinancialAssetsLiabilities', window );">Fair value of derivatives</a></td>
<td class="nump">47<span></span>
</td>
<td class="nump">137<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReserveOfCashFlowHedgesContinuingHedges', window );">Hedge accounting reserve</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfDetailedInformationAboutHedgingInstrumentsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfDetailedInformationAboutHedgingInstrumentsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ReserveOfCashFlowHedgesContinuingHedges">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A component of equity representing the reserve of cash flow hedges in relation to continuing hedges. [Refer: Reserve of cash flow hedges]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2019-01-01<br> -Paragraph 24B<br> -Subparagraph b<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=7&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_24B_b_ii&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ReserveOfCashFlowHedgesContinuingHedges</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of financial assets (liabilities) classified as derivative instruments.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_DerivativeFinancialAssetsLiabilities</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TypesOfHedgesAxis=ifrs-full_CashFlowHedgesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TypesOfHedgesAxis=ifrs-full_CashFlowHedgesMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<td><strong> Period Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_HedgingInstrumentsAxis=ts_ForeignExchangeContractPurchaseCurrencyMxnSellCurrencyUsdMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_HedgingInstrumentsAxis=ts_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyMxnMember</td>
</tr>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_HedgingInstrumentsAxis=ts_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyEurMember</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_HedgingInstrumentsAxis=ts_ForeignExchangeContractPurchaseCurrencyEurSellCurrencyUsdMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_HedgingInstrumentsAxis=ts_ForeignExchangeContractPurchaseCurrencyJpySellCurrencyUsdMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<td style="white-space:nowrap;">ifrs-full_MaturityAxis=ts_TermTwoMember</td>
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<td><strong> Name:</strong></td>
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<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_HedgingInstrumentsAxis=ts_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyKwdMember</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_HedgingInstrumentsAxis=ts_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyCadMember</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_HedgingInstrumentsAxis=ts_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyCopMember</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_HedgingInstrumentsAxis=ts_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyCnyMember</td>
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<td><strong> Name:</strong></td>
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<DESCRIPTION>IDEA: XBRL DOCUMENT
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<html>
<head>
<title></title>
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140345123287768">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 25 - Derivative Financial Instruments - Hedge Reserve Evolution (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="2">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutHedgingInstrumentsLineItems', window );"><strong>Disclosure of detailed information about hedging instruments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReserveOfCashFlowHedgesContinuingHedges', window );">Hedge accounting reserve</a></td>
<td class="nump">$ 2,600<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReserveOfCashFlowHedgesContinuingHedges', window );">Hedge accounting reserve</a></td>
<td class="num">(4,800)<span></span>
</td>
<td class="nump">$ 2,600<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfHedgesAxis=ifrs-full_CashFlowHedgesMember', window );">Cash flow hedges [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutHedgingInstrumentsLineItems', window );"><strong>Disclosure of detailed information about hedging instruments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReserveOfCashFlowHedgesContinuingHedges', window );">Hedge accounting reserve</a></td>
<td class="nump">2,591<span></span>
</td>
<td class="num">(916)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GainLossOnChangeInFairValueOfHedgedItemUsedAsBasisForRecognisingHedgeIneffectiveness', window );">Movements</a></td>
<td class="num">(7,362)<span></span>
</td>
<td class="nump">3,507<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReserveOfCashFlowHedgesContinuingHedges', window );">Hedge accounting reserve</a></td>
<td class="num">(4,771)<span></span>
</td>
<td class="nump">2,591<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_HedgingInstrumentsAxis=ts_ForeignExchangeDerivativesContractsMember', window );">Foreign exchange derivatives contracts [member] | Cash flow hedges [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutHedgingInstrumentsLineItems', window );"><strong>Disclosure of detailed information about hedging instruments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReserveOfCashFlowHedgesContinuingHedges', window );">Hedge accounting reserve</a></td>
<td class="nump">2,591<span></span>
</td>
<td class="num">(916)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GainLossOnChangeInFairValueOfHedgedItemUsedAsBasisForRecognisingHedgeIneffectiveness', window );">Movements</a></td>
<td class="num">(7,362)<span></span>
</td>
<td class="nump">3,507<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReserveOfCashFlowHedgesContinuingHedges', window );">Hedge accounting reserve</a></td>
<td class="num">$ (4,771)<span></span>
</td>
<td class="nump">$ 2,591<span></span>
</td>
</tr>
</table>
<div style="display: none;">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfDetailedInformationAboutHedgingInstrumentsLineItems</td>
</tr>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The gain (loss) on the change in fair value of the hedged item used as a basis for recognising hedge ineffectiveness. Hedge ineffectiveness is the extent to which the changes in the fair value or the cash flows of the hedging instrument are greater or less than those on the hedged item.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2019-01-01<br> -Paragraph 24B<br> -Subparagraph a<br> -Clause iv<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=7&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_24B_a_iv&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2019-01-01<br> -Paragraph 24B<br> -Subparagraph b<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=7&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_24B_b_i&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GainLossOnChangeInFairValueOfHedgedItemUsedAsBasisForRecognisingHedgeIneffectiveness</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A component of equity representing the reserve of cash flow hedges in relation to continuing hedges. [Refer: Reserve of cash flow hedges]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2019-01-01<br> -Paragraph 24B<br> -Subparagraph b<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=7&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_24B_b_ii&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ReserveOfCashFlowHedgesContinuingHedges</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TypesOfHedgesAxis=ifrs-full_CashFlowHedgesMember</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_HedgingInstrumentsAxis=ts_ForeignExchangeDerivativesContractsMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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</tr>
<tr>
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140345101871816">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 26 - Contingencies, Commitments and Restrictions On the Distribution of Profits (Details Textual)<br> $ / shares in Units, R$ in Thousands, $ in Thousands, &#8364; in Millions</strong></div></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1">12 Months Ended</th>
<th class="th" colspan="3"></th>
<th class="th" colspan="2"></th>
<th class="th" colspan="2"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th">
<div>Oct. 09, 2018 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Sep. 01, 2013 </div>
<div>$ / shares </div>
<div>shares</div>
</th>
<th class="th">
<div>Dec. 31, 2020 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2020 </div>
<div>EUR (&#8364;)</div>
</th>
<th class="th">
<div>Dec. 31, 2020 </div>
<div>BRL (R$)</div>
</th>
<th class="th">
<div>Dec. 31, 2020 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Nov. 19, 2020 </div>
<div>BRL (R$)</div>
</th>
<th class="th">
<div>Nov. 19, 2020 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Sep. 28, 2020 </div>
<div>BRL (R$)</div>
</th>
<th class="th">
<div>Sep. 28, 2020 </div>
<div>USD ($)</div>
</th>
<th class="th"><div>Dec. 31, 2019</div></th>
<th class="th">
<div>Oct. 10, 2018 </div>
<div>BRL (R$)</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfContingentLiabilitiesLineItems', window );"><strong>Contingencies, commitments and restrictions on the distribution of profits</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_TermOfSupplyContract', window );">Term of supply contract (Year)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">9 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_PerformanceGuaranteesIssued', window );">Performance Guarantees Issued</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 2,500,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInAssociatesAxis=ts_TechgenSAMember', window );">Techgen s.a. [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfContingentLiabilitiesLineItems', window );"><strong>Contingencies, commitments and restrictions on the distribution of profits</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInAssociate', window );">Proportion of ownership interest in associate</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">22.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_ProportionOfCorporateGuaranteeCoveringObligations', window );">Proportion of corporate guarantee covering obligations</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">22.00%<span></span>
</td>
<td class="nump">22.00%<span></span>
</td>
<td class="nump">22.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">22.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=ts_ConfabMember', window );">Confab [member] | Chubb [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfContingentLiabilitiesLineItems', window );"><strong>Contingencies, commitments and restrictions on the distribution of profits</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_PaymentsForSettlement', window );">Payments for settlement</a></td>
<td class="nump">$ 3,500<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_SettlementAmountOrderedToPay', window );">Settlement, amount ordered to pay | R$</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">R$ 13,100<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=ts_ConfabMember', window );">Confab [member] | Veracel Celulose S.A. [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfContingentLiabilitiesLineItems', window );"><strong>Contingencies, commitments and restrictions on the distribution of profits</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_SettlementAmountOrderedToPayInsuranceDeductible', window );">Settlement, amount ordered to pay, insurance deductible</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">R$ 69,900<span></span>
</td>
<td class="nump">$ 13,500<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_SettlementAmountOrderedToPayDamages', window );">Settlement, amount ordered to pay, damages</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">59,900<span></span>
</td>
<td class="nump">11,500<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CounterpartiesAxis=ts_TribunalDeContasDaUniaoMember', window );">Tribunal de Contas da Uniao [member] | Legal proceedings contingent liability [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfContingentLiabilitiesLineItems', window );"><strong>Contingencies, commitments and restrictions on the distribution of profits</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_EstimatedFinancialEffectOfContingentLiabilities', window );">Estimated financial effect of contingent liabilities</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">R$ 30,600<span></span>
</td>
<td class="nump">$ 5,900<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CounterpartiesAxis=ts_TribunalDeContasDaUniaoMember', window );">Tribunal de Contas da Uniao [member] | Legal proceedings contingent liability [member] | Top of range [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfContingentLiabilitiesLineItems', window );"><strong>Contingencies, commitments and restrictions on the distribution of profits</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_AllegedOverpriceThatWillBeReducedAmount', window );">Alleged overprice that will be reduced amount</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">R$ 9,000<span></span>
</td>
<td class="nump">$ 1,700<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CounterpartiesAxis=ts_TribunalDeContasDaUniaoMember', window );">Tribunal de Contas da Uniao [member] | Legal proceedings contingent liability [member] | Bottom of range [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfContingentLiabilitiesLineItems', window );"><strong>Contingencies, commitments and restrictions on the distribution of profits</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_AllegedOverpriceThatWillBeReducedAmount', window );">Alleged overprice that will be reduced amount</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">R$ 401<span></span>
</td>
<td class="nump">$ 77<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CounterpartiesAxis=ts_TransportadoraDeGasDelNorteSaMember', window );">Transportadora de Gas del Norte S.A. [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfContingentLiabilitiesLineItems', window );"><strong>Contingencies, commitments and restrictions on the distribution of profits</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_TermOfSupplyContract', window );">Term of supply contract (Year)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">14 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_PurchaseCommitments', window );">Purchase commitments</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">16,800<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CounterpartiesAxis=ts_TransportadoraDeGasDelNorteSaMember', window );">Transportadora de Gas del Norte S.A. [member] | Techgen s.a. [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfContingentLiabilitiesLineItems', window );"><strong>Contingencies, commitments and restrictions on the distribution of profits</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_TermOfSupplyContract', window );">Term of supply contract (Year)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">25 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CounterpartiesAxis=ts_PraxairSAMember', window );">Praxair S.A. [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfContingentLiabilitiesLineItems', window );"><strong>Contingencies, commitments and restrictions on the distribution of profits</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_PurchaseCommitments', window );">Purchase commitments</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">31,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CounterpartiesAxis=ts_GraftechMember', window );">Graftech [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfContingentLiabilitiesLineItems', window );"><strong>Contingencies, commitments and restrictions on the distribution of profits</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_PurchaseCommitments', window );">Purchase commitments</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">10,900<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CounterpartiesAxis=ts_AirLiquideMexicoSDeRLDeCVMember', window );">Air Liquide Mexico S. de R.L. de C.V. [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfContingentLiabilitiesLineItems', window );"><strong>Contingencies, commitments and restrictions on the distribution of profits</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_PurchaseCommitments', window );">Purchase commitments</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">19,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=ts_ConfabIndustrialSaAndSubsidiariesMember', window );">CONFAB INDUSTRIAL S.A. and subsidiaries [member] | Tax contingent liability [member] | BRAZIL</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfContingentLiabilitiesLineItems', window );"><strong>Contingencies, commitments and restrictions on the distribution of profits</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_EstimatedFinancialEffectOfContingentLiabilities', window );">Estimated financial effect of contingent liabilities</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">R$ 57,200<span></span>
</td>
<td class="nump">$ 11,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_FineImposedPercentageOfAllegedlyUndueCredits', window );">Fine imposed, percentage of allegedly undue credits</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">75.00%<span></span>
</td>
<td class="nump">75.00%<span></span>
</td>
<td class="nump">75.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=ts_ConfabIndustrialSaAndSubsidiariesMember', window );">CONFAB INDUSTRIAL S.A. and subsidiaries [member] | Companhia Sider&#250;rgica Nacional [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfContingentLiabilitiesLineItems', window );"><strong>Contingencies, commitments and restrictions on the distribution of profits</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_TagalongTenderOfferToNoncontrollingInterestsPercentage', window );">Tag-along tender offer to non-controlling interests, percentage</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">80.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_TagalongTenderOfferToNoncontrollingInterests', window );">Tag-along tender offer to non-controlling interests (in BRL per share) | $ / shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 28.8<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_TagalongTenderOfferToNoncontrollingInterestsShares', window );">Tag-along tender offer to non-controlling interests, shares (in shares) | shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">182,609,851<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_TagalongTenderOfferToNoncontrollingInterestsContingentLiability', window );">Tag-along tender offer to non-controlling interests, contingent liability</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">17.90%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=ts_DalmineSPAMember', window );">DALMINE S.p.A. [member] | Tax contingent liability related to fiscal year 2014 [member] | ITALY</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfContingentLiabilitiesLineItems', window );"><strong>Contingencies, commitments and restrictions on the distribution of profits</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_EstimatedFinancialEffectOfContingentLiabilities', window );">Estimated financial effect of contingent liabilities</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#8364; 25.7<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 31,600<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=ts_DalmineSPAMember', window );">DALMINE S.p.A. [member] | Tax contingent liability related to fiscal year 2014, principal [member] | ITALY</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfContingentLiabilitiesLineItems', window );"><strong>Contingencies, commitments and restrictions on the distribution of profits</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_EstimatedFinancialEffectOfContingentLiabilities', window );">Estimated financial effect of contingent liabilities</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">20.7<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">25,500<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=ts_DalmineSPAMember', window );">DALMINE S.p.A. [member] | Tax contingent liability related to fiscal year 2014, interest and penalties [member] | ITALY</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfContingentLiabilitiesLineItems', window );"><strong>Contingencies, commitments and restrictions on the distribution of profits</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_EstimatedFinancialEffectOfContingentLiabilities', window );">Estimated financial effect of contingent liabilities</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">5.0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">6,100<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=ts_DalmineSPAMember', window );">DALMINE S.p.A. [member] | Tax contingent liability related to fiscal year 2015 [member] | ITALY</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfContingentLiabilitiesLineItems', window );"><strong>Contingencies, commitments and restrictions on the distribution of profits</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_EstimatedFinancialEffectOfContingentLiabilities', window );">Estimated financial effect of contingent liabilities</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">10.5<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">12,900<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=ts_DalmineSPAMember', window );">DALMINE S.p.A. [member] | Tax contingent liability related to fiscal year 2015, principal [member] | ITALY</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfContingentLiabilitiesLineItems', window );"><strong>Contingencies, commitments and restrictions on the distribution of profits</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_EstimatedFinancialEffectOfContingentLiabilities', window );">Estimated financial effect of contingent liabilities</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">8.1<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">10,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=ts_DalmineSPAMember', window );">DALMINE S.p.A. [member] | Tax contingent liability related to fiscal year 2015, interest and penalties [member] | ITALY</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfContingentLiabilitiesLineItems', window );"><strong>Contingencies, commitments and restrictions on the distribution of profits</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_EstimatedFinancialEffectOfContingentLiabilities', window );">Estimated financial effect of contingent liabilities</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#8364; 2.4<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2,900<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=ts_IpscoTubularsIncMember', window );">IPSCO Tubulars, Inc. | Commitments and guarantees</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfContingentLiabilitiesLineItems', window );"><strong>Contingencies, commitments and restrictions on the distribution of profits</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_EstimatedFinancialEffectOfContingentLiabilities', window );">Estimated financial effect of contingent liabilities</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">498,300<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_MasterDistributionAgreementTerm', window );">Master distribution agreement, term (Year)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">6 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_MasterDistributionAgreementTermAvailableExtension', window );">Master distribution agreement, term, available extension (Month)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">12 months<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_PenaltiesImposed', window );">Penalties imposed</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=ts_IpscoTubularsIncMember', window );">IPSCO Tubulars, Inc. | Product liability litigation</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfContingentLiabilitiesLineItems', window );"><strong>Contingencies, commitments and restrictions on the distribution of profits</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_EstimatedFinancialEffectOfContingentLiabilities', window );">Estimated financial effect of contingent liabilities</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">17,600<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=ts_IpscoTubularsIncMember', window );">IPSCO Tubulars, Inc. | Product liability litigation | Legal proceedings contingent liability [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfContingentLiabilitiesLineItems', window );"><strong>Contingencies, commitments and restrictions on the distribution of profits</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_EstimatedFinancialEffectOfContingentLiabilities', window );">Estimated financial effect of contingent liabilities</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">15,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=ts_TenarisBayCityIncMember', window );">TENARIS BAY CITY, INC. [member] | Nucor Steel Memphis Inc. [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfContingentLiabilitiesLineItems', window );"><strong>Contingencies, commitments and restrictions on the distribution of profits</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_TermOfSupplyContract', window );">Term of supply contract (Year)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">3 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_PurchaseCommitments', window );">Purchase commitments</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 113,400<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_PurchaseCommitmentsPercentageToBeMade', window );">Purchase commitments percentage to be made</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">75.00%<span></span>
</td>
<td class="nump">75.00%<span></span>
</td>
<td class="nump">75.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfContingentLiabilitiesLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfContingentLiabilitiesLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr>
<td><strong> Data Type:</strong></td>
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</tr>
<tr>
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<tr>
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</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_EstimatedFinancialEffectOfContingentLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of the estimated financial effect of contingent liabilities. [Refer: Contingent liabilities [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 37<br> -IssueDate 2019-01-01<br> -Paragraph 86<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=37&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_86_a&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_EstimatedFinancialEffectOfContingentLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProportionOfOwnershipInterestInAssociate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The proportion of ownership interest in an associate attributable to the entity. [Refer: Associates [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 27<br> -IssueDate 2019-01-01<br> -Paragraph 17<br> -Subparagraph b<br> -Clause iii<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=27&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_17_b_iii&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 27<br> -IssueDate 2019-01-01<br> -Paragraph 16<br> -Subparagraph b<br> -Clause iii<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=27&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_16_b_iii&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2019-01-01<br> -Paragraph 21<br> -Subparagraph a<br> -Clause iv<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_21_a_iv&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProportionOfOwnershipInterestInAssociate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_AllegedOverpriceThatWillBeReducedAmount">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The reducable amount of alleged price overcharges on goods supplied under a supply contract.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_AllegedOverpriceThatWillBeReducedAmount</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_FineImposedPercentageOfAllegedlyUndueCredits">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the amount of fine imposed, expressed as a percentage of the allegedly undue credits.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_FineImposedPercentageOfAllegedlyUndueCredits</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_MasterDistributionAgreementTerm">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the term of a master distribution agreement, wherein the acquirer is the exclusive distributor of products.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_MasterDistributionAgreementTerm</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_MasterDistributionAgreementTermAvailableExtension">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the term by which the master distribution agreement term may be extended at the election of the seller of the acquired entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_MasterDistributionAgreementTermAvailableExtension</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_PaymentsForSettlement">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of payments made for settlements.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_PaymentsForSettlement</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_PenaltiesImposed">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of expenses arising from penalties imposed.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_PenaltiesImposed</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_PerformanceGuaranteesIssued">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the amount of performance guarantees issued as of the specified date.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_PerformanceGuaranteesIssued</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_ProportionOfCorporateGuaranteeCoveringObligations">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the proportion of a corporate guarantee that covers obligations made under a syndicated loan agreement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_ProportionOfCorporateGuaranteeCoveringObligations</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_PurchaseCommitments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount liable for purchase commitments.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_PurchaseCommitments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_PurchaseCommitmentsPercentageToBeMade">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The percentage of purchase commitments to be made under purchase contract.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_PurchaseCommitmentsPercentageToBeMade</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_SettlementAmountOrderedToPay">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of liability associated with amount ordered to pay in a settlement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_SettlementAmountOrderedToPay</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_SettlementAmountOrderedToPayDamages">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of settlement ordered to be pay, related to damages.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_SettlementAmountOrderedToPayDamages</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_SettlementAmountOrderedToPayInsuranceDeductible">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount ordered to pay in a settlement, related to the insurance deductible.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_SettlementAmountOrderedToPayInsuranceDeductible</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_TagalongTenderOfferToNoncontrollingInterests">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The required tag-along tender offer to non-controlling interests in an acquisition.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_TagalongTenderOfferToNoncontrollingInterests</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_TagalongTenderOfferToNoncontrollingInterestsContingentLiability">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The percentage of the tag-along tender offer to non-controlling interests accounted for as a contingent liability.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_TagalongTenderOfferToNoncontrollingInterestsContingentLiability</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_TagalongTenderOfferToNoncontrollingInterestsPercentage">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The required Tag-along tender offer to non-controlling interests in an acquisition expressed as a percentage of the price per share paid in such acquisition.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_TagalongTenderOfferToNoncontrollingInterestsPercentage</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_TagalongTenderOfferToNoncontrollingInterestsShares">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The required tag-along tender offer to non-controlling interests in an acquisition expressed in shares.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_TagalongTenderOfferToNoncontrollingInterestsShares</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_TermOfSupplyContract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The term of a supply contract.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_TermOfSupplyContract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInAssociatesAxis=ts_TechgenSAMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInAssociatesAxis=ts_TechgenSAMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LegalEntityAxis=ts_ConfabMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LegalEntityAxis=ts_ConfabMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_srt_CounterpartyNameAxis=ts_ChubbMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">srt_CounterpartyNameAxis=ts_ChubbMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_srt_CounterpartyNameAxis=ts_VeracelCeluloseSaMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">srt_CounterpartyNameAxis=ts_VeracelCeluloseSaMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CounterpartiesAxis=ts_TribunalDeContasDaUniaoMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CounterpartiesAxis=ts_TribunalDeContasDaUniaoMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfContingentLiabilitiesAxis=ifrs-full_LegalProceedingsContingentLiabilityMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfContingentLiabilitiesAxis=ifrs-full_LegalProceedingsContingentLiabilityMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RangeAxis=ifrs-full_TopOfRangeMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=ifrs-full_TopOfRangeMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RangeAxis=ifrs-full_BottomOfRangeMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=ifrs-full_BottomOfRangeMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CounterpartiesAxis=ts_TransportadoraDeGasDelNorteSaMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CounterpartiesAxis=ts_TransportadoraDeGasDelNorteSaMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CounterpartiesAxis=ts_PraxairSAMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CounterpartiesAxis=ts_PraxairSAMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CounterpartiesAxis=ts_GraftechMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CounterpartiesAxis=ts_GraftechMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CounterpartiesAxis=ts_AirLiquideMexicoSDeRLDeCVMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CounterpartiesAxis=ts_AirLiquideMexicoSDeRLDeCVMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=ts_ConfabIndustrialSaAndSubsidiariesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=ts_ConfabIndustrialSaAndSubsidiariesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfContingentLiabilitiesAxis=ifrs-full_TaxContingentLiabilityMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfContingentLiabilitiesAxis=ifrs-full_TaxContingentLiabilityMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GeographicalAreasAxis=country_BR">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GeographicalAreasAxis=country_BR</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CounterpartiesAxis=ts_CompanhiaSiderrgicaNacionalMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CounterpartiesAxis=ts_CompanhiaSiderrgicaNacionalMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=ts_DalmineSPAMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=ts_DalmineSPAMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfContingentLiabilitiesAxis=ts_TaxContingentLiabilityRelatedToFiscalYear2014Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfContingentLiabilitiesAxis=ts_TaxContingentLiabilityRelatedToFiscalYear2014Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GeographicalAreasAxis=country_IT">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GeographicalAreasAxis=country_IT</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfContingentLiabilitiesAxis=ts_TaxContingentLiabilityRelatedToFiscalYear2014PrincipalMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfContingentLiabilitiesAxis=ts_TaxContingentLiabilityRelatedToFiscalYear2014PrincipalMember</td>
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<tr>
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140345113390680">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 27 - Foreign exchange control measures in Argentina (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
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<tr class="rh">
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfInformationAboutTermsAndConditionsOfHedgingInstrumentsAndHowTheyAffectFutureCashFlowsLineItems', window );"><strong>Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_PercentageOfEntitysNetEquity', window );">Percentage of entity's net equity</a></td>
<td class="nump">8.00%<span></span>
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<td class="text">&#160;<span></span>
</td>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PercentageOfEntitysRevenue', window );">Percentage of entity's revenue</a></td>
<td class="nump">12.00%<span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfRisksAxis=ts_ArgentinePesoUsDollarForeignExchangeRiskMember', window );">Argentine Peso / U.S. dollar foreign exchange risk [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfInformationAboutTermsAndConditionsOfHedgingInstrumentsAndHowTheyAffectFutureCashFlowsLineItems', window );"><strong>Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_ForeignExchangeRiskCurrencyExposure', window );">Currency exposure / functional currency</a></td>
<td class="nump">$ 39,561<span></span>
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<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfInformationAboutTermsAndConditionsOfHedgingInstrumentsAndHowTheyAffectFutureCashFlowsLineItems', window );"><strong>Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items]</strong></a></td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_ForeignExchangeRiskCurrencyExposure', window );">Currency exposure / functional currency</a></td>
<td class="nump">$ 39,600<span></span>
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<td class="text">&#160;<span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfInformationAboutTermsAndConditionsOfHedgingInstrumentsAndHowTheyAffectFutureCashFlowsLineItems</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The percentage of the entity's revenue. [Refer: Revenue]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2019-01-01<br> -Paragraph 34<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_34&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of currency exposure which impact profit and loss expressed as long/(short).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The percentage of the entity's net equity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
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<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=ifrs-full_SubsidiariesMember</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TypesOfRisksAxis=ts_ArgentinePesoUsDollarForeignExchangeRiskMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TypesOfRisksAxis=ts_ArgentinePesoUsDollarForeignExchangeRiskMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140345123099048">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 28 - Cash Flow Disclosures - Cash Flow Disclosures (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_DisclosureOfCashFlowAbstract', window );"><strong>Disclosure of Cash Flow [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdjustmentsForDecreaseIncreaseInInventories', window );">Inventories</a></td>
<td class="nump">$ 828,796<span></span>
</td>
<td class="nump">$ 311,459<span></span>
</td>
<td class="num">$ (176,443)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_AdjustmentsForIncreaseDecreaseInReceivablesAndPrepaymentsAndCurrentTaxAssets', window );">Receivables and prepayments and Current tax assets</a></td>
<td class="nump">74,877<span></span>
</td>
<td class="num">(34,368)<span></span>
</td>
<td class="nump">30,144<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdjustmentsForDecreaseIncreaseInTradeAndOtherReceivables', window );">Trade receivables</a></td>
<td class="nump">409,163<span></span>
</td>
<td class="nump">428,326<span></span>
</td>
<td class="num">(517,579)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdjustmentsForIncreaseDecreaseInOtherLiabilities', window );">Other liabilities</a></td>
<td class="num">(34,871)<span></span>
</td>
<td class="num">(18,295)<span></span>
</td>
<td class="num">(22,984)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdjustmentsForDecreaseIncreaseInLoansAndAdvancesToCustomers', window );">Customer advances</a></td>
<td class="num">(34,388)<span></span>
</td>
<td class="nump">16,844<span></span>
</td>
<td class="nump">5,976<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdjustmentsForIncreaseDecreaseInTradeAndOtherPayables', window );">Trade payables</a></td>
<td class="num">(184,442)<span></span>
</td>
<td class="num">(180,857)<span></span>
</td>
<td class="num">(57,066)<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseInWorkingCapital', window );">Increase (decrease) in working capital</a></td>
<td class="nump">1,059,135<span></span>
</td>
<td class="nump">523,109<span></span>
</td>
<td class="num">(737,952)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_IncomeTaxAccrualsLessPaymentsAbstract', window );"><strong>Income tax accruals less payments</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_IncomeTaxesAccruedIncludingPortionOfSaleOfDiscontinuedOperations', window );">Tax accrued</a></td>
<td class="nump">23,150<span></span>
</td>
<td class="nump">202,452<span></span>
</td>
<td class="nump">229,207<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncomeTaxesPaidRefundClassifiedAsOperatingActivities', window );">Taxes paid</a></td>
<td class="num">(140,364)<span></span>
</td>
<td class="num">(395,869)<span></span>
</td>
<td class="num">(170,713)<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdjustmentsForIncomeTaxExpense', window );">Adjustments for income tax expense</a></td>
<td class="num">(117,214)<span></span>
</td>
<td class="num">(193,417)<span></span>
</td>
<td class="nump">58,494<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_InterestAccrualsLessPaymentsNetAbstract', window );"><strong>Interest accruals less payments, net</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_InterestAccrued', window );">Interest accrued</a></td>
<td class="nump">8,627<span></span>
</td>
<td class="num">(4,616)<span></span>
</td>
<td class="num">(2,914)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdjustmentsForInterestIncome', window );">Interest received</a></td>
<td class="nump">19,613<span></span>
</td>
<td class="nump">30,890<span></span>
</td>
<td class="nump">40,613<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_InterestPaidClassifiedAsOperatingActivities', window );">Interest paid</a></td>
<td class="num">(28,778)<span></span>
</td>
<td class="num">(30,655)<span></span>
</td>
<td class="num">(31,548)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdjustmentsForFinanceIncomeCost', window );">Interest income (expense)</a></td>
<td class="num">$ (538)<span></span>
</td>
<td class="num">$ (4,381)<span></span>
</td>
<td class="nump">$ 6,151<span></span>
</td>
</tr>
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<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdjustmentsForDecreaseIncreaseInInventories">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Adjustments for decrease (increase) in inventories to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Inventories; Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2019-01-01<br> -Paragraph 20<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_20_a&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdjustmentsForDecreaseIncreaseInInventories</td>
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<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdjustmentsForDecreaseIncreaseInLoansAndAdvancesToCustomers">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Adjustments for decrease (increase) in loans and advances to customers to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Loans and advances to customers; Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2019-01-01<br> -Paragraph 20<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_20&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdjustmentsForDecreaseIncreaseInLoansAndAdvancesToCustomers</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdjustmentsForDecreaseIncreaseInTradeAndOtherReceivables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Adjustments for decrease (increase) in trade and other receivables to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Trade and other receivables; Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2019-01-01<br> -Paragraph 20<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_20&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdjustmentsForDecreaseIncreaseInTradeAndOtherReceivables</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Adjustments for net finance income or cost to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Finance income (cost); Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2019-01-01<br> -Paragraph 20<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_20&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdjustmentsForFinanceIncomeCost</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdjustmentsForIncomeTaxExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Adjustments for income tax expense to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2019-01-01<br> -Paragraph 35<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_35&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdjustmentsForIncomeTaxExpense</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdjustmentsForIncreaseDecreaseInOtherLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Adjustments for increase (decrease) in other liabilities to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Other liabilities; Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2019-01-01<br> -Paragraph 20<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_20&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdjustmentsForIncreaseDecreaseInOtherLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdjustmentsForIncreaseDecreaseInTradeAndOtherPayables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Adjustments for increase (decrease) in trade and other payables to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Trade and other payables; Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2019-01-01<br> -Paragraph 20<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_20&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdjustmentsForIncreaseDecreaseInTradeAndOtherPayables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdjustmentsForInterestIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Adjustments for interest income expense to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Interest income; Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2019-01-01<br> -Paragraph 20<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_20&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdjustmentsForInterestIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncomeTaxesPaidRefundClassifiedAsOperatingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash flows from income taxes paid or refunded, classified as operating activities. [Refer: Income taxes paid (refund)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2019-01-01<br> -Paragraph 35<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_35&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2019-01-01<br> -Paragraph 14<br> -Subparagraph f<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_14_f&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncomeTaxesPaidRefundClassifiedAsOperatingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncreaseDecreaseInWorkingCapital">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in working capital.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2019-01-01<br> -Paragraph 20<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_20&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncreaseDecreaseInWorkingCapital</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_InterestPaidClassifiedAsOperatingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for interest paid, classified as operating activities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2019-01-01<br> -Paragraph 31<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_31&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_InterestPaidClassifiedAsOperatingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_AdjustmentsForIncreaseDecreaseInReceivablesAndPrepaymentsAndCurrentTaxAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Adjustments for increase (decrease) in receivables and prepayments and current tax assets to reconcile profit (loss) to net cash flow from (used in) operating activities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_AdjustmentsForIncreaseDecreaseInReceivablesAndPrepaymentsAndCurrentTaxAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_DisclosureOfCashFlowAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_DisclosureOfCashFlowAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_IncomeTaxAccrualsLessPaymentsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_IncomeTaxAccrualsLessPaymentsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
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</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_IncomeTaxesAccruedIncludingPortionOfSaleOfDiscontinuedOperations">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of income taxes accrued, including portion related to the sale of discontinued operations.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_IncomeTaxesAccruedIncludingPortionOfSaleOfDiscontinuedOperations</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_InterestAccrualsLessPaymentsNetAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_InterestAccrualsLessPaymentsNetAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_InterestAccrued">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of interest accrued during the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_InterestAccrued</td>
</tr>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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<head>
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140345123100456">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 29 - Related Party Transactions (Details Textual) - USD ($)<br> $ in Millions</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Disclosure of transactions between related parties [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfSharesIssued', window );">Total number of shares issued (in shares)</a></td>
<td class="nump">1,180,536,830<span></span>
</td>
<td class="nump">1,180,536,830<span></span>
</td>
<td class="nump">1,180,536,830<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_KeyManagementPersonnelCompensationShorttermEmployeeBenefits', window );">Key management personnel compensation, short-term employee benefits</a></td>
<td class="nump">$ 27.4<span></span>
</td>
<td class="nump">$ 33.7<span></span>
</td>
<td class="nump">$ 33.7<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_KeyManagementPersonnelCompensationSharebasedPayment', window );">Key management personnel compensation, share-based payment</a></td>
<td class="nump">$ 5.0<span></span>
</td>
<td class="nump">$ 4.8<span></span>
</td>
<td class="nump">$ 5.6<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=ts_SanFaustinSaMember', window );">San Faustin S.A. [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Disclosure of transactions between related parties [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfSharesIssued', window );">Total number of shares issued (in shares)</a></td>
<td class="nump">713,605,187<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_PercentageOfOwnershipInterest', window );">Proportion of ownership interest in associate</a></td>
<td class="nump">60.45%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=ifrs-full_KeyManagementPersonnelOfEntityOrParentMember', window );">Key management personnel of entity or parent [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Disclosure of transactions between related parties [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_PercentageOfOwnershipInterest', window );">Proportion of ownership interest in associate</a></td>
<td class="nump">0.08%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_UnitsIssuedRelatedPartyTransactions', window );">Units issued, related party transactions (in shares)</a></td>
<td class="nump">522,000<span></span>
</td>
<td class="nump">468,000<span></span>
</td>
<td class="nump">558,000<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_KeyManagementPersonnelCompensationSharebasedPayment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of compensation to key management personnel in the form of share-based payments. [Refer: Key management personnel of entity or parent [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 24<br> -IssueDate 2019-01-01<br> -Paragraph 17<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=24&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_17_e&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_KeyManagementPersonnelCompensationSharebasedPayment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_KeyManagementPersonnelCompensationShorttermEmployeeBenefits">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of compensation to key management personnel in the form of short-term employee benefits. [Refer: Key management personnel of entity or parent [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 24<br> -IssueDate 2019-01-01<br> -Paragraph 17<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=24&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_17_a&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_KeyManagementPersonnelCompensationShorttermEmployeeBenefits</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NumberOfSharesIssued">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of shares issued by the entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 106<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_106_d&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NumberOfSharesIssued</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_PercentageOfOwnershipInterest">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Percentage of the voting interest owned by the reporting entity (directly or indirectly).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_PercentageOfOwnershipInterest</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_UnitsIssuedRelatedPartyTransactions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of units issued in a related party transaction.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_UnitsIssuedRelatedPartyTransactions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfRelatedPartiesAxis=ts_SanFaustinSaMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=ts_SanFaustinSaMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfRelatedPartiesAxis=ifrs-full_KeyManagementPersonnelOfEntityOrParentMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=ifrs-full_KeyManagementPersonnelOfEntityOrParentMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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</div>
</body>
</html>
</TEXT>
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<head>
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140345122919656">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 29 - Related Party Transactions - Transactions Carried Out With Related Parties (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Disclosure of transactions between related parties [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_RevenueRelatedPartyTransactions', window );">Revenue, related party transactions</a></td>
<td class="nump">$ 49,304<span></span>
</td>
<td class="nump">$ 100,555<span></span>
</td>
<td class="nump">$ 168,545<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_PurchasesOfGoodsAndServicesRelatedPartyTransactions', window );">Purchases of goods and services, related party transactions</a></td>
<td class="nump">122,489<span></span>
</td>
<td class="nump">290,271<span></span>
</td>
<td class="nump">407,545<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_AmountsReceivablePayableRelatedPartyTransactions', window );">Amounts receivable (payable), related party transactions</a></td>
<td class="nump">55,944<span></span>
</td>
<td class="nump">63,136<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_FinanceLeaseLiabilitiesFromNonconsolidatedParties', window );">Finance lease liabilities from non-consolidated parties</a></td>
<td class="num">(2,042)<span></span>
</td>
<td class="num">(2,064)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_FinanceLeaseLiabilitiesFromOtherRelatedNonconsolidatedParties', window );">Finance lease liabilities from other related parties</a></td>
<td class="num">(810)<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_FinancialDebtRelatedParties', window );">Financial debt, related parties</a></td>
<td class="num">(2,852)<span></span>
</td>
<td class="num">(2,064)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=ifrs-full_AssociatesMember', window );">Associates [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Disclosure of transactions between related parties [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RevenueFromSaleOfGoodsRelatedPartyTransactions', window );">Sales of goods to related parties</a></td>
<td class="nump">20,183<span></span>
</td>
<td class="nump">20,577<span></span>
</td>
<td class="nump">23,709<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RevenueFromRenderingOfServicesRelatedPartyTransactions', window );">Sales of services to related parties</a></td>
<td class="nump">5,829<span></span>
</td>
<td class="nump">5,620<span></span>
</td>
<td class="nump">7,641<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PurchasesOfGoodsRelatedPartyTransactions', window );">Purchases of goods to related parties</a></td>
<td class="nump">84,485<span></span>
</td>
<td class="nump">174,588<span></span>
</td>
<td class="nump">245,186<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PurchasesOfPropertyAndOtherAssetsRelatedPartyTransactions', window );">Purchases of services to related parties</a></td>
<td class="nump">6,979<span></span>
</td>
<td class="nump">9,404<span></span>
</td>
<td class="nump">9,556<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AmountsReceivableRelatedPartyTransactions', window );">Receivables from non-consolidated parties</a></td>
<td class="nump">78,721<span></span>
</td>
<td class="nump">78,884<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AmountsPayableRelatedPartyTransactions', window );">Payables to non-consolidated parties</a></td>
<td class="num">(24,914)<span></span>
</td>
<td class="num">(19,100)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=ifrs-full_OtherRelatedPartiesMember', window );">Other related parties [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Disclosure of transactions between related parties [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RevenueFromSaleOfGoodsRelatedPartyTransactions', window );">Sales of goods to related parties</a></td>
<td class="nump">18,243<span></span>
</td>
<td class="nump">69,972<span></span>
</td>
<td class="nump">131,548<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RevenueFromRenderingOfServicesRelatedPartyTransactions', window );">Sales of services to related parties</a></td>
<td class="nump">5,049<span></span>
</td>
<td class="nump">4,386<span></span>
</td>
<td class="nump">5,647<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PurchasesOfGoodsRelatedPartyTransactions', window );">Purchases of goods to related parties</a></td>
<td class="nump">12,892<span></span>
</td>
<td class="nump">51,765<span></span>
</td>
<td class="nump">106,624<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PurchasesOfPropertyAndOtherAssetsRelatedPartyTransactions', window );">Purchases of services to related parties</a></td>
<td class="nump">18,133<span></span>
</td>
<td class="nump">54,514<span></span>
</td>
<td class="nump">$ 46,179<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AmountsReceivableRelatedPartyTransactions', window );">Receivables from non-consolidated parties</a></td>
<td class="nump">4,447<span></span>
</td>
<td class="nump">10,400<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AmountsPayableRelatedPartyTransactions', window );">Payables to non-consolidated parties</a></td>
<td class="num">$ (2,310)<span></span>
</td>
<td class="num">$ (7,048)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AmountsPayableRelatedPartyTransactions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amounts payable resulting from related party transactions. [Refer: Related parties [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 24<br> -IssueDate 2019-01-01<br> -Paragraph 20<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=24&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_20&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 24<br> -IssueDate 2019-01-01<br> -Paragraph 18<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=24&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_18_b&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AmountsPayableRelatedPartyTransactions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AmountsReceivableRelatedPartyTransactions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amounts receivable resulting from related party transactions. [Refer: Related parties [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 24<br> -IssueDate 2019-01-01<br> -Paragraph 20<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=24&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_20&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 24<br> -IssueDate 2019-01-01<br> -Paragraph 18<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=24&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_18_b&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AmountsReceivableRelatedPartyTransactions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PurchasesOfGoodsRelatedPartyTransactions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of goods purchased by the entity in related party transactions. [Refer: Related parties [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 24<br> -IssueDate 2019-01-01<br> -Paragraph 21<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=24&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_21_a&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PurchasesOfGoodsRelatedPartyTransactions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PurchasesOfPropertyAndOtherAssetsRelatedPartyTransactions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of property and other assets purchased by the entity in related party transactions. [Refer: Related parties [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 24<br> -IssueDate 2019-01-01<br> -Paragraph 21<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=24&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_21_b&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PurchasesOfPropertyAndOtherAssetsRelatedPartyTransactions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RevenueFromRenderingOfServicesRelatedPartyTransactions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of revenue arising from the rendering of services in related party transactions. [Refer: Revenue; Related parties [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 24<br> -IssueDate 2019-01-01<br> -Paragraph 21<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=24&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_21_c&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RevenueFromRenderingOfServicesRelatedPartyTransactions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RevenueFromSaleOfGoodsRelatedPartyTransactions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of revenue arising from the sale of goods in related party transactions. [Refer: Revenue; Related parties [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 24<br> -IssueDate 2019-01-01<br> -Paragraph 21<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=24&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_21_a&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RevenueFromSaleOfGoodsRelatedPartyTransactions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_AmountsReceivablePayableRelatedPartyTransactions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amounts receivable (payable) resulting from related party transactions.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_AmountsReceivablePayableRelatedPartyTransactions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_FinanceLeaseLiabilitiesFromNonconsolidatedParties">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the amount of finance lease liabilities from non-consolidated parties as of the specified date.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_FinanceLeaseLiabilitiesFromNonconsolidatedParties</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_FinanceLeaseLiabilitiesFromOtherRelatedNonconsolidatedParties">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the amount of finance lease liabilities from other related parties as of the specified date.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_FinanceLeaseLiabilitiesFromOtherRelatedNonconsolidatedParties</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_FinancialDebtRelatedParties">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the amount of financial debt with related parties.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_FinancialDebtRelatedParties</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_PurchasesOfGoodsAndServicesRelatedPartyTransactions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of purchases of goods and services in related party transactions.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_PurchasesOfGoodsAndServicesRelatedPartyTransactions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_RevenueRelatedPartyTransactions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of revenue arising from related party transactions.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_RevenueRelatedPartyTransactions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfRelatedPartiesAxis=ifrs-full_AssociatesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=ifrs-full_AssociatesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfRelatedPartiesAxis=ifrs-full_OtherRelatedPartiesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=ifrs-full_OtherRelatedPartiesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
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</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>197
<FILENAME>R155.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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							e.nextSibling.style.display='block';
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</head>
<body>
<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140345105925560">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 30 - Fees Paid to the Company's Principal Accountant - Fees Accrued for Professional Services (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdditionalInformationAbstract', window );"><strong>Additional information [abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AuditorsRemunerationForAuditServices', window );">Audit fees</a></td>
<td class="nump">$ 3,781<span></span>
</td>
<td class="nump">$ 3,846<span></span>
</td>
<td class="nump">$ 3,841<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_AuditorsRemunerationForAuditrelatedFees', window );">Audit-related fees</a></td>
<td class="nump">134<span></span>
</td>
<td class="nump">50<span></span>
</td>
<td class="nump">43<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AuditorsRemunerationForTaxServices', window );">Tax fees</a></td>
<td class="nump">102<span></span>
</td>
<td class="nump">7<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AuditorsRemunerationForOtherServices', window );">All other fees</a></td>
<td class="text"> <span></span>
</td>
<td class="nump">1<span></span>
</td>
<td class="nump">7<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AuditorsRemuneration', window );">Total</a></td>
<td class="nump">$ 4,017<span></span>
</td>
<td class="nump">$ 3,904<span></span>
</td>
<td class="nump">$ 3,891<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdditionalInformationAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdditionalInformationAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AuditorsRemuneration">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of fees paid or payable to the entity's auditors.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AuditorsRemuneration</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AuditorsRemunerationForAuditServices">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of fees paid or payable to the entity's auditors for auditing services.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AuditorsRemunerationForAuditServices</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AuditorsRemunerationForOtherServices">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of fees paid or payable to the entity's auditors for services that the entity does not separately disclose in the same statement or note.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AuditorsRemunerationForOtherServices</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AuditorsRemunerationForTaxServices">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of fees paid or payable to the entity's auditors for tax services.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AuditorsRemunerationForTaxServices</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_AuditorsRemunerationForAuditrelatedFees">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of fees paid or payable to the entity's auditors for other audit-related fees.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_AuditorsRemunerationForAuditrelatedFees</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>198
<FILENAME>R156.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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							e.nextSibling.style.display='block';
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</head>
<body>
<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140345111411272">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 31 - Principal Subsidiaries (Details Textual)<br></strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=ts_HydrilCompanyAndSubsidiariesMember', window );">HYDRIL COMPANY and subsidiaries [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Proportion of ownership interest in subsidiary</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=ts_TechnicalDrillingProductionServicesNigeriaLtdMember', window );">Technical Drilling &amp; Production Services Nigeria. Ltd [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Proportion of ownership interest in subsidiary</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">80.00%<span></span>
</td>
<td class="nump">80.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=ts_TenarisSupplyChainSAMember', window );">Tenaris Supply Chain S.A. [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Proportion of ownership interest in subsidiary</a></td>
<td class="nump">97.50%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=ts_TubularTechnicalServicesAndPipeCoatersMember', window );">Tubular Technical Services and Pipe Coaters [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Proportion of ownership interest in subsidiary</a></td>
<td class="nump">40.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=ts_AmajaTubularServicesLimitedMember', window );">Amaja Tubular Services Limited [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Proportion of ownership interest in subsidiary</a></td>
<td class="nump">49.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=ts_TubularServicesAngolaLdaMember', window );">Tubular Services Angola Lda. [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Proportion of ownership interest in subsidiary</a></td>
<td class="nump">49.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=ts_TenarisBaogangBaotouSteelPipesLtdMember', window );">Tenaris Baogang Baotou Steel Pipes Ltd [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Proportion of ownership interest in subsidiary</a></td>
<td class="nump">60.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The proportion of ownership interest in a subsidiary attributable to the entity. [Refer: Subsidiaries [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 27<br> -IssueDate 2019-01-01<br> -Paragraph 17<br> -Subparagraph b<br> -Clause iii<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=27&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_17_b_iii&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 27<br> -IssueDate 2019-01-01<br> -Paragraph 16<br> -Subparagraph b<br> -Clause iii<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=27&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_16_b_iii&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2019-01-01<br> -Paragraph 19B<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_19B_c&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProportionOfOwnershipInterestInSubsidiary</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=ts_HydrilCompanyAndSubsidiariesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=ts_HydrilCompanyAndSubsidiariesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=ts_TechnicalDrillingProductionServicesNigeriaLtdMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=ts_TechnicalDrillingProductionServicesNigeriaLtdMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=ts_TenarisSupplyChainSAMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=ts_TenarisSupplyChainSAMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=ts_TubularTechnicalServicesAndPipeCoatersMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=ts_TubularTechnicalServicesAndPipeCoatersMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=ts_AmajaTubularServicesLimitedMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
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</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=ts_TubularServicesAngolaLdaMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=ts_TubularServicesAngolaLdaMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=ts_TenarisBaogangBaotouSteelPipesLtdMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140345105699608">
<tr>
<th class="tl" colspan="2" rowspan="2"><div style="width: 200px;"><strong>Note 31 - Principal Subsidiaries - Percentage of Ownership of Each Controlled Company (Details)<br></strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=ts_HydrilCompanyAndSubsidiariesMember', window );">HYDRIL COMPANY and subsidiaries [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Percentage of ownership</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GeographicalAreasAxis=country_CA', window );">CANADA | ALGOMA TUBES INC. [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Percentage of ownership</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">100.00%<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GeographicalAreasAxis=country_CA', window );">CANADA | PRUDENTIAL STEEL LTD. [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Percentage of ownership</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1],[2]</sup></td>
<td class="nump">100.00%<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GeographicalAreasAxis=country_CA', window );">CANADA | TENARIS GLOBAL SERVICES (CANADA) INC. [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Percentage of ownership</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">100.00%<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GeographicalAreasAxis=country_BR', window );">BRAZIL | CONFAB INDUSTRIAL S.A. and subsidiaries [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Percentage of ownership</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">100.00%<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GeographicalAreasAxis=country_IT', window );">ITALY | DALMINE S.p.A. [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Percentage of ownership</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">100.00%<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GeographicalAreasAxis=country_US', window );">UNITED STATES | HYDRIL COMPANY and subsidiaries [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Percentage of ownership</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1],[3]</sup></td>
<td class="nump">100.00%<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GeographicalAreasAxis=country_US', window );">UNITED STATES | IPSCO TUBULARS INC. and subsidiaries [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Percentage of ownership</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">100.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GeographicalAreasAxis=country_US', window );">UNITED STATES | MAVERICK TUBE CORPORATION and subsidiaries [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Percentage of ownership</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">100.00%<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GeographicalAreasAxis=country_US', window );">UNITED STATES | TENARIS BAY CITY, INC. [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Percentage of ownership</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">100.00%<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GeographicalAreasAxis=country_US', window );">UNITED STATES | TENARIS GLOBAL SERVICES (U.S.A.) CORPORATION [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Percentage of ownership</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">100.00%<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GeographicalAreasAxis=country_KZ', window );">KAZAKHSTAN | Kazakhstan Pipe Threaders Limited [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Percentage of ownership</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">100.00%<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GeographicalAreasAxis=country_JP', window );">JAPAN | NKKTUBES [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Percentage of ownership</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">51.00%<span></span>
</td>
<td class="nump">51.00%<span></span>
</td>
<td class="nump">51.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GeographicalAreasAxis=country_ID', window );">INDONESIA | PT SEAMLESS PIPE INDONESIA JAYA [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Percentage of ownership</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">89.00%<span></span>
</td>
<td class="nump">89.00%<span></span>
</td>
<td class="nump">89.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GeographicalAreasAxis=country_RO', window );">ROMANIA | S.C. SILCOTUB S.A. [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Percentage of ownership</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">100.00%<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GeographicalAreasAxis=country_SA', window );">SAUDI ARABIA | Saudi Steel Pipe Company [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Percentage of ownership</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">48.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GeographicalAreasAxis=country_AR', window );">ARGENTINA | SIAT SOCIEDAD ANONIMA [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Percentage of ownership</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">100.00%<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GeographicalAreasAxis=country_AR', window );">ARGENTINA | SIDERCA S.A.I.C. and subsidiaries [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Percentage of ownership</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">100.00%<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GeographicalAreasAxis=country_PT', window );">PORTUGAL | TALTA&#8212;TRADING E MARKETING SOCIEDADE UNIPESSOAL LDA. [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Percentage of ownership</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">100.00%<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GeographicalAreasAxis=country_NL', window );">NETHERLANDS | TENARIS CONNECTIONS BV [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Percentage of ownership</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">100.00%<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GeographicalAreasAxis=country_NL', window );">NETHERLANDS | TENARIS INVESTMENTS (NL) B.V. and subsidiaries [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Percentage of ownership</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">100.00%<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GeographicalAreasAxis=country_UY', window );">URUGUAY | TENARIS FINANCIAL SERVICES S.A. [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Percentage of ownership</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">100.00%<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GeographicalAreasAxis=country_UY', window );">URUGUAY | TENARIS GLOBAL SERVICES S.A. and subsidiaries [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Percentage of ownership</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1],[4]</sup></td>
<td class="nump">100.00%<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GeographicalAreasAxis=country_GB', window );">UNITED KINGDOM | TENARIS GLOBAL SERVICES (UK) LTD [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Percentage of ownership</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">100.00%<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GeographicalAreasAxis=country_LU', window );">LUXEMBOURG | TENARIS INVESTMENTS S.&#224;r.l. [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Percentage of ownership</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">100.00%<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GeographicalAreasAxis=ts_Colombia1Member', window );">Colombia | TENARIS TUBOCARIBE LTDA. [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Percentage of ownership</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">100.00%<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GeographicalAreasAxis=country_MX', window );">MEXICO | TUBOS DE ACERO DE MEXICO S.A. [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Percentage of ownership</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">100.00%<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
</tr>
<tr><td colspan="4"></td></tr>
<tr><td colspan="4"><table class="outerFootnotes" width="100%">
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">All percentages rounded.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[2]</td>
<td style="vertical-align: top;" valign="top">See note 36.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[3]</td>
<td style="vertical-align: top;" valign="top">Tenaris Investments S.a.r.l. holds 100 % of Hydril's subsidiaries shares except for Technical Drilling &amp; Production Services Nigeria. Ltd where it held 80% for 2019 and 2018.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[4]</td>
<td style="vertical-align: top;" valign="top">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% of Tubular Services Angola Lda and 60% of Tenaris Baogang Baotou Steel Pipes Ltd.</td>
</tr>
</table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems">
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The proportion of ownership interest in a subsidiary attributable to the entity. [Refer: Subsidiaries [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 27<br> -IssueDate 2019-01-01<br> -Paragraph 17<br> -Subparagraph b<br> -Clause iii<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=27&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_17_b_iii&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 27<br> -IssueDate 2019-01-01<br> -Paragraph 16<br> -Subparagraph b<br> -Clause iii<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=27&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_16_b_iii&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2019-01-01<br> -Paragraph 19B<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_19B_c&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProportionOfOwnershipInterestInSubsidiary</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=ts_HydrilCompanyAndSubsidiariesMember</td>
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<td><strong> Data Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
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<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GeographicalAreasAxis=country_CA</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=ts_AlgomaTubesIncMember">
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<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=ts_AlgomaTubesIncMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=ts_PrudentialSteelLtdMember">
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<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=ts_PrudentialSteelLtdMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=ts_TenarisGlobalServicesCanadaIncMember">
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<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=ts_TenarisGlobalServicesCanadaIncMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GeographicalAreasAxis=country_BR">
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<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GeographicalAreasAxis=country_BR</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=ts_ConfabIndustrialSaAndSubsidiariesMember">
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<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=ts_ConfabIndustrialSaAndSubsidiariesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GeographicalAreasAxis=country_IT">
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<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GeographicalAreasAxis=country_IT</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=ts_DalmineSPAMember">
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<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=ts_DalmineSPAMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GeographicalAreasAxis=country_US">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GeographicalAreasAxis=country_US</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=ts_IPSCOTUBULARSINCAndSubsidiariesMember">
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<tr><td><div class="body" style="padding: 2px;">
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<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=ts_IPSCOTUBULARSINCAndSubsidiariesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=ts_MaverickTubeCorporationAndSubsidiariesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
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<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=ts_MaverickTubeCorporationAndSubsidiariesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=ts_TenarisBayCityIncMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=ts_TenarisBayCityIncMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=ts_TenarisGlobalServicesUsaCorporationMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=ts_TenarisGlobalServicesUsaCorporationMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GeographicalAreasAxis=country_KZ">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
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<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GeographicalAreasAxis=country_KZ</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=ts_KazakhstanPipeThreadersLimitedMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
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<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=ts_KazakhstanPipeThreadersLimitedMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GeographicalAreasAxis=country_JP">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GeographicalAreasAxis=country_JP</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=ts_NkktubesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=ts_NkktubesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GeographicalAreasAxis=country_ID">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
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<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GeographicalAreasAxis=country_ID</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=ts_PtSeamlessPipeIndonesiaJayaMember">
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<tr><td><div class="body" style="padding: 2px;">
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<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=ts_PtSeamlessPipeIndonesiaJayaMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GeographicalAreasAxis=country_RO">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GeographicalAreasAxis=country_RO</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=ts_ScSilcotubSaMember">
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<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=ts_ScSilcotubSaMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GeographicalAreasAxis=country_SA">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GeographicalAreasAxis=country_SA</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=ts_SaudiSteelPipeCompanyMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=ts_SaudiSteelPipeCompanyMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GeographicalAreasAxis=country_AR">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GeographicalAreasAxis=country_AR</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=ts_SiatSociedadAnonimaMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=ts_SiatSociedadAnonimaMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=ts_SidercaSaicAndSubsidiariesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=ts_SidercaSaicAndSubsidiariesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GeographicalAreasAxis=country_PT">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GeographicalAreasAxis=country_PT</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=ts_TaltatradingEMarketingSociedadeUnipessoalLdaMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=ts_TaltatradingEMarketingSociedadeUnipessoalLdaMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GeographicalAreasAxis=country_NL">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GeographicalAreasAxis=country_NL</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=ts_TenarisConnectionsBvMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=ts_TenarisConnectionsBvMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=ts_TenarisInvestmentsNLBVAndSubsidiariesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=ts_TenarisInvestmentsNLBVAndSubsidiariesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GeographicalAreasAxis=country_UY">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GeographicalAreasAxis=country_UY</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=ts_TenarisFinancialServicesSaMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=ts_TenarisFinancialServicesSaMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=ts_TenarisGlobalServicesSaAndSubsidiariesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=ts_TenarisGlobalServicesSaAndSubsidiariesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GeographicalAreasAxis=country_GB">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GeographicalAreasAxis=country_GB</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=ts_TenarisGlobalServicesUkLtdMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=ts_TenarisGlobalServicesUkLtdMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GeographicalAreasAxis=country_LU">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GeographicalAreasAxis=country_LU</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=ts_TenarisInvestmentsSrlMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=ts_TenarisInvestmentsSrlMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GeographicalAreasAxis=ts_Colombia1Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GeographicalAreasAxis=ts_Colombia1Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=ts_TenarisTubocaribeLtdaMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=ts_TenarisTubocaribeLtdaMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GeographicalAreasAxis=country_MX">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GeographicalAreasAxis=country_MX</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=ts_TubosDeAceroDeMexicoSaMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=ts_TubosDeAceroDeMexicoSaMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
<td></td>
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140345104802280">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 32 - Business Combinations (Details Textual)<br> &#1585;.&#1587; in Millions</strong></div></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1">11 Months Ended</th>
<th class="th" colspan="2">12 Months Ended</th>
<th class="th" colspan="1">24 Months Ended</th>
<th class="th" colspan="2"></th>
</tr>
<tr>
<th class="th">
<div>Jan. 02, 2020 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2019 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2020 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2019 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2020 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Jan. 21, 2019 </div>
<div>SAR (&#1585;.&#1587;) </div>
<div>Mt</div>
</th>
<th class="th">
<div>Jan. 21, 2019 </div>
<div>USD ($) </div>
<div>Mt</div>
</th>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BusinessCombinationsAxis=ts_IpscoTubularsIncMember', window );">Ipsco Tubulars Inc [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfBusinessCombinationsLineItems', window );"><strong>Disclosure of detailed information about business combination [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PercentageOfVotingEquityInterestsAcquired', window );">Percentage of voting equity interests acquired</a></td>
<td class="nump">100.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashTransferred', window );">Cash transferred</a></td>
<td class="nump">$ 1,067,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AcquisitiondateFairValueOfTotalConsiderationTransferred', window );">Final closing price determined</a></td>
<td class="nump">1,029,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GainRecognisedInBargainPurchaseTransaction', window );">Difference amount between closing price paid &amp; final closing price determined</a></td>
<td class="nump">$ 38,500,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_MasterDistributionAgreementTerm', window );">Master distribution agreement, term (Year)</a></td>
<td class="text">6 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GoodwillRecognisedAsOfAcquisitionDate', window );">Goodwill recognized</a></td>
<td class="nump">$ 357,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AcquisitionrelatedCostsRecognisedAsExpenseForTransactionRecognisedSeparatelyFromAcquisitionOfAssetsAndAssumptionOfLiabilitiesInBusinessCombination', window );">Acquisition-related costs</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 9,700<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GeneralAndAdministrativeExpense', window );">General and administrative expense</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 300,000<span></span>
</td>
<td class="nump">$ 9,400,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BusinessCombinationsAxis=ts_IpscoTubularsIncMember', window );">Ipsco Tubulars Inc [Member] | Tubes [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfBusinessCombinationsLineItems', window );"><strong>Disclosure of detailed information about business combination [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RevenueOfAcquiree', window );">Net revenues contributed by acquiree since the acquisition date</a></td>
<td class="nump">$ 186,700,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BusinessCombinationsAxis=ts_SaudiSteelPipeCompanyMember', window );">Saudi Steel Pipe Company [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfBusinessCombinationsLineItems', window );"><strong>Disclosure of detailed information about business combination [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PercentageOfVotingEquityInterestsAcquired', window );">Percentage of voting equity interests acquired</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">47.79%<span></span>
</td>
<td class="nump">47.79%<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashTransferred', window );">Cash transferred</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#1585;.&#1587; 530<span></span>
</td>
<td class="nump">$ 141,000,000<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RevenueOfAcquiree', window );">Net revenues contributed by acquiree since the acquisition date</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 170,600,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GoodwillRecognisedAsOfAcquisitionDate', window );">Goodwill recognized</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 32,900,000<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_ManufacturingCapacitySteelPipes', window );">Manufacturing capacity, steel pipes (Metric Ton) | Mt</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">360,000<span></span>
</td>
<td class="nump">360,000<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_TotalAssetsAndLiabilitiesAcquired', window );">Total assets and liabilities acquired</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 109,000,000<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AcquisitiondateFairValueOfTotalConsiderationTransferred">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The fair value, at acquisition date, of the consideration transferred in a business combination. [Refer: Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2019-01-01<br> -Paragraph B64<br> -Subparagraph f<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_B64_f&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AcquisitiondateFairValueOfTotalConsiderationTransferred</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AcquisitionrelatedCostsRecognisedAsExpenseForTransactionRecognisedSeparatelyFromAcquisitionOfAssetsAndAssumptionOfLiabilitiesInBusinessCombination">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of acquisition-related costs recognised as an expense for transactions that are recognised separately from the acquisition of assets and the assumption of liabilities in business combinations. [Refer: Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2019-01-01<br> -Paragraph B64<br> -Subparagraph m<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_B64_m&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AcquisitionrelatedCostsRecognisedAsExpenseForTransactionRecognisedSeparatelyFromAcquisitionOfAssetsAndAssumptionOfLiabilitiesInBusinessCombination</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashTransferred">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The fair value, at acquisition date, of cash transferred as consideration in a business combination. [Refer: Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2019-01-01<br> -Paragraph B64<br> -Subparagraph f<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_B64_f_i&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashTransferred</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfBusinessCombinationsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfBusinessCombinationsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GainRecognisedInBargainPurchaseTransaction">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of any gain recognised in a business combination in which the net of the identifiable assets acquired and the liabilities assumed exceeds the aggregate of the consideration transferred, non-controlling interest in the acquiree and fair value of the acquirer's previously held equity interest in the acquiree. [Refer: Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2019-01-01<br> -Paragraph B64<br> -Subparagraph n<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_B64_n_i&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GainRecognisedInBargainPurchaseTransaction</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GeneralAndAdministrativeExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of expense relating to general and administrative activities of the entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GeneralAndAdministrativeExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GoodwillRecognisedAsOfAcquisitionDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount recognised as of the business combination's acquisition date for goodwill. [Refer: Goodwill; Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2019-01-01<br> -Paragraph B64<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_B64&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2019-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2019-01-01<br> -Paragraph IE72<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_IE72&amp;doctype=Illustrative%20Examples<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GoodwillRecognisedAsOfAcquisitionDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PercentageOfVotingEquityInterestsAcquired">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The percentage of voting equity interests acquired in a business combination. [Refer: Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2019-01-01<br> -Paragraph B64<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_B64_c&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PercentageOfVotingEquityInterestsAcquired</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RevenueOfAcquiree">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of revenue of the acquiree since the acquisition date included in the consolidated statement of comprehensive income. [Refer: Revenue]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2019-01-01<br> -Paragraph B64<br> -Subparagraph q<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_B64_q_i&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RevenueOfAcquiree</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_ManufacturingCapacitySteelPipes">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of steel pipe manufacturing capacity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_ManufacturingCapacitySteelPipes</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
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<td><strong> Data Type:</strong></td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_MasterDistributionAgreementTerm">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the term of a master distribution agreement, wherein the acquirer is the exclusive distributor of products.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_MasterDistributionAgreementTerm</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_TotalAssetsAndLiabilitiesAcquired">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Total amount of assets and liabilities acquired.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_TotalAssetsAndLiabilitiesAcquired</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BusinessCombinationsAxis=ts_IpscoTubularsIncMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BusinessCombinationsAxis=ts_IpscoTubularsIncMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SegmentsAxis=ts_TubesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SegmentsAxis=ts_TubesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BusinessCombinationsAxis=ts_SaudiSteelPipeCompanyMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BusinessCombinationsAxis=ts_SaudiSteelPipeCompanyMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140345110556072">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Note 32 - Business Combinations - Assets and Liabilities Assumed (Details)<br> &#1585;.&#1587; in Millions, $ in Millions</strong></div></th>
<th class="th">
<div>Jan. 02, 2020 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Jan. 21, 2019 </div>
<div>SAR (&#1585;.&#1587;)</div>
</th>
<th class="th">
<div>Jan. 21, 2019 </div>
<div>USD ($)</div>
</th>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BusinessCombinationsAxis=ts_IpscoTubularsIncMember', window );">Ipsco Tubulars Inc [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfBusinessCombinationsLineItems', window );"><strong>Disclosure of detailed information about business combination [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipmentRecognisedAsOfAcquisitionDate', window );">Property, Plant and Equipment</a></td>
<td class="nump">$ 503<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate', window );">Intangible assets</a></td>
<td class="nump">170<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_WorkingCapitalRecognisedAsOfAcquisitionDate', window );">Working capital</a></td>
<td class="nump">138<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashAndCashEquivalentsRecognisedAsOfAcquisitionDate', window );">Cash and Cash Equivalents</a></td>
<td class="nump">4<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsRecognisedAsOfAcquisitionDate', window );">Borrowings</a></td>
<td class="num">(53)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_ProvisionsRecognisedAsOfAcquisitionDate', window );">Provisions</a></td>
<td class="num">(27)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_OtherAssetsAndLiabilitiesNetRecognisedAsOfAcquisitionDate', window );">Other assets and liabilities, net</a></td>
<td class="num">(63)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed', window );">Net assets acquired</a></td>
<td class="nump">$ 672<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BusinessCombinationsAxis=ts_SaudiSteelPipeCompanyMember', window );">Saudi Steel Pipe Company [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfBusinessCombinationsLineItems', window );"><strong>Disclosure of detailed information about business combination [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipmentRecognisedAsOfAcquisitionDate', window );">Property, Plant and Equipment</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#1585;.&#1587; 671<span></span>
</td>
<td class="nump">$ 179<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CustomerrelatedIntangibleAssetsRecognisedAsOfAcquisitionDate', window );">Customer relationship</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">305<span></span>
</td>
<td class="nump">81<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_InvestmentsRecognisedAsOfAcquisitionDate', window );">Investment in associated</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">77<span></span>
</td>
<td class="nump">21<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_WorkingCapitalRecognisedAsOfAcquisitionDate', window );">Working capital</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">167<span></span>
</td>
<td class="nump">45<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashAndCashEquivalentsRecognisedAsOfAcquisitionDate', window );">Cash and Cash Equivalents</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">32<span></span>
</td>
<td class="nump">9<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_OtherReceivablesRecognisedAsOfAcquisitionDate', window );">Other Receivables</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">11<span></span>
</td>
<td class="nump">3<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsRecognisedAsOfAcquisitionDate', window );">Borrowings</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(304)<span></span>
</td>
<td class="num">(81)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_EmployeeServiceBenefitsRecognisedAsOfAcquisitionDate', window );">Employees end of service benefits</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(59)<span></span>
</td>
<td class="num">(16)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilitiesRecognisedAsOfAcquisitionDate', window );">Deferred Tax Liabilities</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(47)<span></span>
</td>
<td class="num">(13)<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed', window );">Net assets acquired</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#1585;.&#1587; 853<span></span>
</td>
<td class="nump">$ 228<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsRecognisedAsOfAcquisitionDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount recognised as of the acquisition date for borrowings assumed in a business combination. [Refer: Borrowings; Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2019-01-01<br> -Paragraph B64<br> -Subparagraph i<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_B64_i&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsRecognisedAsOfAcquisitionDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashAndCashEquivalentsRecognisedAsOfAcquisitionDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount recognised as of the acquisition date for cash and cash equivalents acquired in a business combination. [Refer: Cash and cash equivalents; Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2019-01-01<br> -Paragraph B64<br> -Subparagraph i<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_B64_i&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashAndCashEquivalentsRecognisedAsOfAcquisitionDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CustomerrelatedIntangibleAssetsRecognisedAsOfAcquisitionDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount recognised as of the acquisition date for customer-related intangible assets acquired in a business combination. [Refer: Customer-related intangible assets [member]; Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2019-01-01<br> -Paragraph B64<br> -Subparagraph i<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_B64_i&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CustomerrelatedIntangibleAssetsRecognisedAsOfAcquisitionDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DeferredTaxLiabilitiesRecognisedAsOfAcquisitionDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount recognised as of the acquisition date for deferred tax liabilities assumed in a business combination. [Refer: Deferred tax liabilities; Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2019-01-01<br> -Paragraph B64<br> -Subparagraph i<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_B64_i&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DeferredTaxLiabilitiesRecognisedAsOfAcquisitionDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfBusinessCombinationsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfBusinessCombinationsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount recognised as of the acquisition date for net identifiable assets acquired or liabilities assumed in a business combination. [Refer: Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2019-01-01<br> -Paragraph B64<br> -Subparagraph i<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_B64_i&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2019-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2019-01-01<br> -Paragraph IE72<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_IE72&amp;doctype=Illustrative%20Examples<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount recognised as of the acquisition date for identifiable intangible assets acquired in a business combination. [Refer: Intangible assets other than goodwill; Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2019-01-01<br> -Paragraph B64<br> -Subparagraph i<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_B64_i&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2019-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2019-01-01<br> -Paragraph IE72<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_IE72&amp;doctype=Illustrative%20Examples<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PropertyPlantAndEquipmentRecognisedAsOfAcquisitionDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount recognised as of the acquisition date for plant, property and equipment acquired in a business combination. [Refer: Property, plant and equipment; Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2019-01-01<br> -Paragraph B64<br> -Subparagraph i<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_B64_i&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2019-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2019-01-01<br> -Paragraph IE72<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_IE72&amp;doctype=Illustrative%20Examples<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PropertyPlantAndEquipmentRecognisedAsOfAcquisitionDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_EmployeeServiceBenefitsRecognisedAsOfAcquisitionDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of employee service benefits recognised as of acquisition date.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_EmployeeServiceBenefitsRecognisedAsOfAcquisitionDate</td>
</tr>
<tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of investments recognised as of acquisition date.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount recognised as of the acquisition date for other assets and liabilities, net acquired in a business combination.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount recognised as of the acquisition date for provisions assumed in a business combination.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140345106162376">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 33 - Agreement to Build a Welded Pipe Plant in West Siberia (Details Textual) - Welded pipe plant in West Siberia [member]<br> $ in Millions</strong></div></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr>
<th class="th">
<div>Feb. 05, 2019 </div>
<div>USD ($) </div>
<div>t</div>
</th>
<th class="th">
<div>Dec. 31, 2019 </div>
<div>USD ($)</div>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfJointVenturesLineItems', window );"><strong>Disclosure of joint ventures [line items]</strong></a></td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInJointVenture', window );">Proportion of ownership interest in joint venture</a></td>
<td class="nump">49.00%<span></span>
</td>
<td class="text">&#160;<span></span>
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<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_InvestmentsInJointVentures', window );">Investments in joint ventures</a></td>
<td class="nump">$ 280.0<span></span>
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<td class="text">&#160;<span></span>
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<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_ManufacturingCapacitySteelPipes', window );">Manufacturing capacity, steel pipes (Metric Ton) | t</a></td>
<td class="nump">300,000<span></span>
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<td class="text">&#160;<span></span>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherCashPaymentsToAcquireInterestsInJointVenturesClassifiedAsInvestingActivities', window );">Other cash payments to acquire interests in joint ventures</a></td>
<td class="text">&#160;<span></span>
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<td class="nump">$ 19.6<span></span>
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<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_JointVenturesAxis=ts_WeldedPipePlantInWestSiberiaMember', window );">PAO Severstal [member]</a></td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfJointVenturesLineItems', window );"><strong>Disclosure of joint ventures [line items]</strong></a></td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
</td>
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<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInJointVenture', window );">Proportion of ownership interest in joint venture</a></td>
<td class="nump">51.00%<span></span>
</td>
<td class="text">&#160;<span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of investments in joint ventures in an entity's separate financial statements. [Refer: Joint ventures [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 27<br> -IssueDate 2019-01-01<br> -Paragraph 10<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=27&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_10&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow to acquire interests in joint ventures (other than payments for those instruments considered to be cash equivalents or those held for dealing or trading purposes), classified as investing activities. [Refer: Joint ventures [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2019-01-01<br> -Paragraph 16<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_16_c&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The proportion of ownership interest in a joint venture attributable to the entity. [Refer: Joint ventures [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 27<br> -IssueDate 2019-01-01<br> -Paragraph 17<br> -Subparagraph b<br> -Clause iii<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=27&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_17_b_iii&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 27<br> -IssueDate 2019-01-01<br> -Paragraph 16<br> -Subparagraph b<br> -Clause iii<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=27&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_16_b_iii&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2019-01-01<br> -Paragraph 21<br> -Subparagraph a<br> -Clause iv<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_21_a_iv&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of steel pipe manufacturing capacity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<td><strong> Name:</strong></td>
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<td><strong> Period Type:</strong></td>
<td>instant</td>
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</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_JointVenturesAxis=ts_WeldedPipePlantInWestSiberiaMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_JointVenturesAxis=ts_WeldedPipePlantInWestSiberiaMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LegalEntityAxis=ts_PAOPSeverstalMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LegalEntityAxis=ts_PAOPSeverstalMember</td>
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<DOCUMENT>
<TYPE>XML
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<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<body>
<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140345105758408">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 34 - Agreement to build a steel pipe premium connection threading plant in Baotou (Details) - Steel Pipe Premium Connection Threading Plant in Baotou [Member]<br> t in Thousands, $ in Millions</strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th">
<div>Dec. 31, 2020 </div>
<div>USD ($) </div>
<div>t</div>
</th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfJointVenturesLineItems', window );"><strong>Disclosure of joint ventures [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInJointVenture', window );">Proportion of ownership interest in joint venture</a></td>
<td class="nump">60.00%<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_InvestmentsInJointVentures', window );">Investments in joint ventures</a></td>
<td class="nump">$ 32.6<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_ManufacturingPlantEstimatedConstructionPeriod', window );">Manufacturing plant, estimated construction period (Year)</a></td>
<td class="text">1 year<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_ManufacturingCapacitySteelPipes', window );">Manufacturing capacity, steel pipes (Metric Ton) | t</a></td>
<td class="nump">70<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherCashPaymentsToAcquireInterestsInJointVenturesClassifiedAsInvestingActivities', window );">Other cash payments to acquire interests in joint ventures</a></td>
<td class="nump">$ 2.3<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_JointVenturesAxis=ts_SteelPipePremiumConnectionThreadingPlantInBaotouMember', window );">Inner Mongolia Baotou Steel Union Company Ltd [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfJointVenturesLineItems', window );"><strong>Disclosure of joint ventures [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInJointVenture', window );">Proportion of ownership interest in joint venture</a></td>
<td class="nump">40.00%<span></span>
</td>
</tr>
</table>
<div style="display: none;">
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of investments in joint ventures in an entity's separate financial statements. [Refer: Joint ventures [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 27<br> -IssueDate 2019-01-01<br> -Paragraph 10<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=27&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_10&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<td style="white-space:nowrap;">ifrs-full_InvestmentsInJointVentures</td>
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<td><strong> Period Type:</strong></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow to acquire interests in joint ventures (other than payments for those instruments considered to be cash equivalents or those held for dealing or trading purposes), classified as investing activities. [Refer: Joint ventures [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2019-01-01<br> -Paragraph 16<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_16_c&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherCashPaymentsToAcquireInterestsInJointVenturesClassifiedAsInvestingActivities</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The proportion of ownership interest in a joint venture attributable to the entity. [Refer: Joint ventures [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 27<br> -IssueDate 2019-01-01<br> -Paragraph 17<br> -Subparagraph b<br> -Clause iii<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=27&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_17_b_iii&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 27<br> -IssueDate 2019-01-01<br> -Paragraph 16<br> -Subparagraph b<br> -Clause iii<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=27&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_16_b_iii&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2019-01-01<br> -Paragraph 21<br> -Subparagraph a<br> -Clause iv<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_21_a_iv&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProportionOfOwnershipInterestInJointVenture</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_ManufacturingCapacitySteelPipes">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of steel pipe manufacturing capacity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_ManufacturingCapacitySteelPipes</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
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<td><strong> Data Type:</strong></td>
<td>num:massItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>instant</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_ManufacturingPlantEstimatedConstructionPeriod">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the estimated construction period of the manufacturing plant.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_JointVenturesAxis=ts_SteelPipePremiumConnectionThreadingPlantInBaotouMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_JointVenturesAxis=ts_SteelPipePremiumConnectionThreadingPlantInBaotouMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
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<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LegalEntityAxis=ts_InnerMongoliaBaotouSteelUnionCompanyLtdMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
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<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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</table></div>
</div></td></tr>
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</div>
</body>
</html>
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<DOCUMENT>
<TYPE>XML
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<FILENAME>R162.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140345106772488">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 35 - Closure of facilities at JFE's Keihin steel complex (Details)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2020</div></th></tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_UnconsolidatedStructuredEntitiesControlledByInvestmentEntityAxis=ts_JfeMember', window );">JFE [member] | NKKTUBES [member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfInformationAboutUnconsolidatedStructuredEntitiesControlledByInvestmentEntityLineItems', window );"><strong>Disclosure of information about unconsolidated structured entities controlled by investment entity [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Proportion of ownership interest in subsidiary</a></td>
<td class="nump">49.00%<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfInformationAboutUnconsolidatedStructuredEntitiesControlledByInvestmentEntityLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary">
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The proportion of ownership interest in a subsidiary attributable to the entity. [Refer: Subsidiaries [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 27<br> -IssueDate 2019-01-01<br> -Paragraph 17<br> -Subparagraph b<br> -Clause iii<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=27&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_17_b_iii&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 27<br> -IssueDate 2019-01-01<br> -Paragraph 16<br> -Subparagraph b<br> -Clause iii<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=27&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_16_b_iii&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2019-01-01<br> -Paragraph 19B<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_19B_c&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140345109741688">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Note 36 - Closure of Prudential Steel LTD (Details)<br> $ in Millions</strong></div></th>
<th class="th">
<div>Dec. 31, 2020 </div>
<div>USD ($)</div>
</th>
</tr>
<tr class="rh">
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<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
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<td class="text">&#160;<span></span>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_AdditionalInvestmentWillBeMade', window );">Additional investment will be made</a></td>
<td class="nump">$ 72<span></span>
</td>
</tr>
</table>
<div style="display: none;">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of additional investment will be made for repositioning of the industrial activities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140345114708616">
<tr>
<th class="tl" colspan="2" rowspan="2"><div style="width: 200px;"><strong>Note 37 - Cancellation of title deed in Saudi Steel Pipe Company (Details) - SAUDI ARABIA - Saudi Steel Pipe Company [member]<br> $ in Millions</strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2019</div></th>
<th class="th">
<div>Dec. 31, 2020 </div>
<div>USD ($) </div>
<div>m&#178;</div>
</th>
</tr>
<tr class="re">
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<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">811,284<span></span>
</td>
</tr>
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<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">48.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Land', window );">Land plots, carrying value | $</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 56.2<span></span>
</td>
</tr>
<tr><td colspan="3"></td></tr>
<tr><td colspan="3"><table class="outerFootnotes" width="100%"><tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of property, plant and equipment representing land held by the entity for use in operations. [Refer: Property, plant and equipment]</p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The proportion of ownership interest in a subsidiary attributable to the entity. [Refer: Subsidiaries [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 27<br> -IssueDate 2019-01-01<br> -Paragraph 17<br> -Subparagraph b<br> -Clause iii<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=27&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_17_b_iii&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 27<br> -IssueDate 2019-01-01<br> -Paragraph 16<br> -Subparagraph b<br> -Clause iii<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=27&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_16_b_iii&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2019-01-01<br> -Paragraph 19B<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_19B_c&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The area of land held by the entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_AreaOfLand1</td>
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<td><strong> Period Type:</strong></td>
<td>instant</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GeographicalAreasAxis=country_SA</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=ts_SaudiSteelPipeCompanyMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<td><strong> Balance Type:</strong></td>
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140345105890120">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 38 - Nationalization of Venezuelan Subsidiaries (Details Textual) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1">12 Months Ended</th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th"><div>Jul. 17, 2020</div></th>
<th class="th"><div>Dec. 12, 2016</div></th>
<th class="th"><div>Jan. 29, 2016</div></th>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_NationalizationOfSubsidiariesCompensationAwardPostawardInterest', window );">Nationalization of subsidiaries, compensation award post-award interest</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 83,400<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentReceivables', window );">Total trade and other non-current receivables</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">154,303<span></span>
</td>
<td class="nump">$ 157,103<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CounterpartiesAxis=country_VE', window );">VENEZUELA</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentReceivables', window );">Total trade and other non-current receivables</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">48,700<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=ts_MatesiMaterialesSiderrgicosSaMember', window );">Matesi Materiales Sider&#250;rgicos S.A [member] | VENEZUELA</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_NationalizationOfSubsidiariesCompensationAwardNotIncludingPreawardInterest', window );">Nationalization of subsidiaries, compensation award not including pre-award interest</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 87,300<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_NationalizationOfSubsidiariesPreawardInterest', window );">Nationalization of subsidiaries, pre-award interest</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">85,500<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_NationalizationOfSubsidiariesCompensationAwardIncludingPreawardInterest', window );">Nationalization of subsidiaries, compensation award including pre-award interest</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 172,800<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_NationalizationOfSubsidiariesPostawardInterestRate', window );">Nationalization of subsidiaries, post-award interest rate</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">9.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_NationalizationOfSubsidiariesCompensationAwardIncludingPrincipalAndPostAwardInterest', window );">Nationalization of subsidiaries, compensation award including including principal and post-award interest</a></td>
<td class="nump">$ 256,200<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=ts_TavsaAndComsiguaMember', window );">Tavsa and Comsigua [member] | VENEZUELA</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_NationalizationOfSubsidiariesCompensationAwardIncludingPreawardInterest', window );">Nationalization of subsidiaries, compensation award including pre-award interest</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 137,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_NationalizationOfSubsidiariesReimbursementOfLegalFees', window );">Nationalization of subsidiaries, reimbursement of legal fees</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 3,300<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_NationalizationOfSubsidiariesBasisSpreadOnVariableRate', window );">Nationalization of subsidiaries, basis spread on variable rate</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">4.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_InterestReceivable', window );">Interest receivable</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 132,400<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_InterestReceivable">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of interest recognised as a receivable.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_InterestReceivable</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncurrentReceivables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of non-current trade receivables and non-current other receivables. [Refer: Non-current trade receivables; Other non-current receivables]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 54<br> -Subparagraph h<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_54_h&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 78<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_78_b&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncurrentReceivables</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_NationalizationOfSubsidiariesBasisSpreadOnVariableRate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Percentage points added to the reference rate to compute the variable rate on the interest receivable associated with the nationalization of subsidiaries.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_NationalizationOfSubsidiariesBasisSpreadOnVariableRate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_NationalizationOfSubsidiariesCompensationAwardIncludingPreawardInterest">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount awarded, including pre-award interest, as compensation for the nationalization of subsidiaries.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_NationalizationOfSubsidiariesCompensationAwardIncludingPreawardInterest</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_NationalizationOfSubsidiariesCompensationAwardIncludingPrincipalAndPostAwardInterest">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount awarded, including principal and post-award interest, as compensation for the nationalization of subsidiaries.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_NationalizationOfSubsidiariesCompensationAwardIncludingPrincipalAndPostAwardInterest</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_NationalizationOfSubsidiariesCompensationAwardNotIncludingPreawardInterest">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount awarded, not including pre-award interest, as compensation for the nationalization of subsidiaries.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_NationalizationOfSubsidiariesCompensationAwardNotIncludingPreawardInterest</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_NationalizationOfSubsidiariesCompensationAwardPostawardInterest">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of post-award interest for compensation for the nationalization of subsidiaries.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_NationalizationOfSubsidiariesCompensationAwardPostawardInterest</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_NationalizationOfSubsidiariesPostawardInterestRate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The rate at which interest will accrue if compensation for the nationalization of subsidiaries is not received by the due date.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_NationalizationOfSubsidiariesPostawardInterestRate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_NationalizationOfSubsidiariesPreawardInterest">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of pre-award interest associated with compensation for the nationalization of subsidiaries.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_NationalizationOfSubsidiariesPreawardInterest</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_NationalizationOfSubsidiariesReimbursementOfLegalFees">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of reimbursement of legal fees associated with the nationalization of subsidiaries.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_NationalizationOfSubsidiariesReimbursementOfLegalFees</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>debit</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CounterpartiesAxis=country_VE">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CounterpartiesAxis=country_VE</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<td><strong> Balance Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=ts_MatesiMaterialesSiderrgicosSaMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<td><strong> Balance Type:</strong></td>
<td></td>
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<td><strong> Period Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=ts_TavsaAndComsiguaMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Balance Type:</strong></td>
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140345105864808">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 39 - The COVID-19 pandemic and the oil &amp; gas crisis and their impact on Tenaris's operations and financial condition (Details Textual) - USD ($)<br> $ / shares in Units, $ in Thousands</strong></div></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1">1 Months Ended</th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Nov. 25, 2020</div></th>
<th class="th"><div>Nov. 04, 2020</div></th>
<th class="th"><div>Nov. 20, 2019</div></th>
<th class="th"><div>May 22, 2019</div></th>
<th class="th"><div>Nov. 21, 2018</div></th>
<th class="th"><div>May 23, 2018</div></th>
<th class="th"><div>Nov. 22, 2017</div></th>
<th class="th"><div>Nov. 30, 2019</div></th>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_UnusualOrInfrequentItem1LineItems', window );"><strong>Unusual or Infrequent Item 1 [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DividendsPaid', window );">Dividends recognised as distributions to owners</a></td>
<td class="nump">$ 82,600<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 153,000<span></span>
</td>
<td class="nump">$ 484,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 484,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 153,000<span></span>
</td>
<td class="nump">$ 87,938<span></span>
</td>
<td class="nump">$ 485,827<span></span>
</td>
<td class="nump">$ 487,681<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DividendsPaidOrdinarySharesPerShare', window );">Dividends paid, ordinary shares per share (in dollars per share)</a></td>
<td class="nump">$ 0.07<span></span>
</td>
<td class="nump">$ 0.07<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 0.28<span></span>
</td>
<td class="nump">$ 0.13<span></span>
</td>
<td class="nump">$ 0.28<span></span>
</td>
<td class="nump">$ 0.13<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_DividendsPayableAmountPerAmericanDepositarySecurity', window );">Dividends paid, per American Depositary Security (in dollars per share)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 0.14<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_UnusualOrInfrequentItem1Axis=ts_GlobalPandemicMember', window );">Global pandemic [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_UnusualOrInfrequentItem1LineItems', window );"><strong>Unusual or Infrequent Item 1 [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_EstimatedAnnualSavingsFromTheReductionOfFixedCosts', window );">Estimated annual savings from the reduction of fixed costs</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">230,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_ReductionOfCapitalExpendituresAndResearchAndDevelopmentExpenses', window );">Reduction of capital expenditures and research and development expenses</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">157,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_UnusualOrInfrequentItem1Axis=ts_NetCashPositionMember', window );">Net cash position [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_UnusualOrInfrequentItem1LineItems', window );"><strong>Unusual or Infrequent Item 1 [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Cash', window );">Total cash</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 1,085,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Cash">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of cash on hand and demand deposits. [Refer: Cash on hand]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2019-01-01<br> -Paragraph 45<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_45&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Cash</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DividendsPaid">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of dividends recognised as distributions to owners.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 107<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_107&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DividendsPaid</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DividendsPaidOrdinarySharesPerShare">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of dividends paid per ordinary share.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 34<br> -IssueDate 2019-01-01<br> -Paragraph 16A<br> -Subparagraph f<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=34&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_16A_f&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DividendsPaidOrdinarySharesPerShare</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_DividendsPayableAmountPerAmericanDepositarySecurity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of a dividend declared or approved, but not yet paid (Dividends payable) per American Depositary Security (ADS). Each ADS equals two shares.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_DividendsPayableAmountPerAmericanDepositarySecurity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_EstimatedAnnualSavingsFromTheReductionOfFixedCosts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The estimated annual savings amount from the reduction of fixed costs.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_EstimatedAnnualSavingsFromTheReductionOfFixedCosts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_ReductionOfCapitalExpendituresAndResearchAndDevelopmentExpenses">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of reduction in capital expenditures and research and development expenses.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_ReductionOfCapitalExpendituresAndResearchAndDevelopmentExpenses</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_UnusualOrInfrequentItem1LineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_UnusualOrInfrequentItem1LineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_UnusualOrInfrequentItem1Axis=ts_GlobalPandemicMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_UnusualOrInfrequentItem1Axis=ts_GlobalPandemicMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_UnusualOrInfrequentItem1Axis=ts_NetCashPositionMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_UnusualOrInfrequentItem1Axis=ts_NetCashPositionMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>209
<FILENAME>R167.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140345105377096">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 40 - Subsequent Events (Details Textual) - USD ($)<br> $ / shares in Units, $ in Thousands</strong></div></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1">1 Months Ended</th>
<th class="th" colspan="3">12 Months Ended</th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th"><div>May 03, 2021</div></th>
<th class="th"><div>Nov. 25, 2020</div></th>
<th class="th"><div>Nov. 04, 2020</div></th>
<th class="th"><div>Nov. 20, 2019</div></th>
<th class="th"><div>May 22, 2019</div></th>
<th class="th"><div>Nov. 21, 2018</div></th>
<th class="th"><div>May 23, 2018</div></th>
<th class="th"><div>Nov. 22, 2017</div></th>
<th class="th"><div>Nov. 30, 2019</div></th>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>May 26, 2021</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfNonadjustingEventsAfterReportingPeriodLineItems', window );"><strong>Disclosure of non-adjusting events after reporting period [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DividendsPaidOrdinarySharesPerShare', window );">Dividends paid, ordinary shares per share (in dollars per share)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 0.07<span></span>
</td>
<td class="nump">$ 0.07<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 0.28<span></span>
</td>
<td class="nump">$ 0.13<span></span>
</td>
<td class="nump">$ 0.28<span></span>
</td>
<td class="nump">$ 0.13<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_DividendsPaidPerAmericanDepositarySecurity', window );">Dividends paid, per ADS (in dollars per share)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 0.14<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 0.56<span></span>
</td>
<td class="nump">$ 0.26<span></span>
</td>
<td class="nump">$ 0.56<span></span>
</td>
<td class="nump">$ 0.26<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DividendsPaid', window );">Dividends recognised as distributions to owners</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 82,600<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 153,000<span></span>
</td>
<td class="nump">$ 484,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 484,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 153,000<span></span>
</td>
<td class="nump">$ 87,938<span></span>
</td>
<td class="nump">$ 485,827<span></span>
</td>
<td class="nump">$ 487,681<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_DividendsPayableAmountPerAmericanDepositarySecurity', window );">Dividends payable, amount per ads (in dollars per share)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 0.14<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NonadjustingEventsAfterReportingPeriodAxis=ts_AnnualDividendProposalMember', window );">Annual Dividend Proposal [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfNonadjustingEventsAfterReportingPeriodLineItems', window );"><strong>Disclosure of non-adjusting events after reporting period [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare', window );">Annual dividend proposed to be distributed (in dollars per share)</a></td>
<td class="nump">$ 0.21<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnerPerAmericanDepositarySecurity', window );">Annual dividend proposed to be distributed, amount per ads (in dollars per share)</a></td>
<td class="nump">$ 0.42<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners', window );">Annual dividend proposed to be distributed</a></td>
<td class="nump">$ 248,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_DividendsPayableAmountPerShares', window );">Dividends payable, amount per share (in dollars per share)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 0.14<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_DividendsPayableAmountPerAmericanDepositarySecurity', window );">Dividends payable, amount per ads (in dollars per share)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 0.28<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ts_AnnualDividendPayable', window );">Annual dividend payable</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 165,000<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfNonadjustingEventsAfterReportingPeriodLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfNonadjustingEventsAfterReportingPeriodLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DividendsPaid">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of dividends recognised as distributions to owners.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 107<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_107&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DividendsPaid</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DividendsPaidOrdinarySharesPerShare">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of dividends paid per ordinary share.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 34<br> -IssueDate 2019-01-01<br> -Paragraph 16A<br> -Subparagraph f<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=34&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_16A_f&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DividendsPaidOrdinarySharesPerShare</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of dividends proposed or declared after the reporting period but before financial statements are authorised for issue. Such dividends are not recognised as a liability at the end of the reporting period because no obligation exists at that time.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 137<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_137_a&amp;doctype=Standard<br> -URIDate 2019-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 10<br> -IssueDate 2019-01-01<br> -Paragraph 13<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=10&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_13&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount, per share, of dividends proposed or declared before financial statements were authorised for issue but not recognised as distribution to owners.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2019-01-01<br> -Paragraph 137<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_137_a&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_AnnualDividendPayable">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of annual dividend payable.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_AnnualDividendPayable</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_DividendsPaidPerAmericanDepositarySecurity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of dividends paid per American Depositary Security ("ADS"). Each ADS equals two shares.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_DividendsPaidPerAmericanDepositarySecurity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_DividendsPayableAmountPerAmericanDepositarySecurity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of a dividend declared or approved, but not yet paid (Dividends payable) per American Depositary Security (ADS). Each ADS equals two shares.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_DividendsPayableAmountPerAmericanDepositarySecurity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_DividendsPayableAmountPerShares">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The per share amount of a dividend payable.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_DividendsPayableAmountPerShares</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnerPerAmericanDepositarySecurity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount, per American Depositary Security (ADS), of dividends proposed or declared before financial statements were authorised for issue but not recognised as distribution to owners. Each ADS equals two shares.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnerPerAmericanDepositarySecurity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NonadjustingEventsAfterReportingPeriodAxis=ts_AnnualDividendProposalMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NonadjustingEventsAfterReportingPeriodAxis=ts_AnnualDividendProposalMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>210
<FILENAME>R9999.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
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</head>
<body>
<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140345105870936">
<tr>
<th class="tl" colspan="1">Label</th>
<th class="tl"><strong>Element</strong></th>
<th class="th" colspan="1">Value</th>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BankOverdraftsClassifiedAsCashEquivalents', window );">ifrs-full_BankOverdraftsClassifiedAsCashEquivalents</a></td>
<td class="th" style="border-bottom: 0px;">ifrs-full_BankOverdraftsClassifiedAsCashEquivalents</td>
<td class="nump">$ 1,644,000<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BankOverdraftsClassifiedAsCashEquivalents', window );">ifrs-full_BankOverdraftsClassifiedAsCashEquivalents</a></td>
<td class="th" style="border-bottom: 0px;">ifrs-full_BankOverdraftsClassifiedAsCashEquivalents</td>
<td class="nump">98,000<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BankOverdraftsClassifiedAsCashEquivalents', window );">ifrs-full_BankOverdraftsClassifiedAsCashEquivalents</a></td>
<td class="th" style="border-bottom: 0px;">ifrs-full_BankOverdraftsClassifiedAsCashEquivalents</td>
<td class="nump">$ 24,000<span></span>
</td>
</tr>
</table>
<div style="display: none;"><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BankOverdraftsClassifiedAsCashEquivalents">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount that has been withdrawn from an account in excess of existing cash balances. This is considered a short-term extension of credit by the bank. [Refer: Cash and cash equivalents]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2019-01-01<br> -Paragraph 45<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2019-en-r&amp;anchor=para_45&amp;doctype=Standard<br> -URIDate 2019-03-27<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BankOverdraftsClassifiedAsCashEquivalents</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table></div>
</body>
</html>
</TEXT>
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<DOCUMENT>
<TYPE>EXCEL
<SEQUENCE>211
<FILENAME>Financial_Report.xlsx
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
